Fiat Group revenues were €21.5 billion for the quarter. Excluding Chrysler, revenues totaled €9.2 billion, a 7.5% decrease over Q2 2011 mainly reflecting volume declines in Europe, where difficult trading conditions continued for both passenger cars and light commercial vehicles, particularly in Italy, as a result of the economic climate. Luxury and Performance brands increased revenues by 8.7% to €0.8 billion, driven by growth in Asia and North America. Components were down 4.9% to €2.0 billion, mainly due to the weakness of the European car industry.

Trading profit for Q2 2012 was €1.0 billion. The NAFTA region reported trading profit of €717 million, LATAM €238 million and APAC €64 million, while EMEA recorded a loss of €138 million. Luxury and performance brands and the components businesses contributed €104 million and €47 million, respectively. Trading profit for Fiat excluding Chrysler was €144 million, compared to €375 million in Q2 2011, reflecting lower volumes in Europe and, to a lesser extent, Latin America, which were only partially compensated for by industrial efficiencies, cost containment actions and further realization of group synergies.

EBIT was €995 million (€102 million excluding Chrysler). For mass-market brands by region on a pro-forma basis EBIT was as follows: NAFTA increased by 80% to €744 million, driven by strong volume growth; LATAM was €238 million, down from €352 million in Q2 2011, due to lower volumes, price pressure and currency translation impacts; APAC more than tripled to €60 million, with improvements in both volumes and margins. EMEA reported a €184 million loss, down from €406 million a year earlier. This year includes €91 million in unusuals represented by the write-down of the investment in the SevelNord JV following the agreement with PSA whereas Q2 2011 included €372 million of unusuals due to product portfolio rationalization following the acquisition of control of Chrysler. Excluding unusuals, the loss was €93 million in Q2 2012 compared to €34 million in Q2 2011. Net financial expense totaled €463 million. Excluding Chrysler, net financial expense was €256 million, compared to €160 million in Q2 2011, reflecting higher debt levels (with a €9 million loss from the mark-to-market value of the Fiat stock option-related equity swaps, compared to zero in Q2 2011).

Profit before taxes was €532 million. Excluding Chrysler, there was a loss of €154 million, compared to a profit of €1,504 million in Q2 2011. Net of unusuals, the loss was €60 million, compared to a profit of €223 million in Q2 2011; the €283 million difference reflects a €187 million reduction in EBIT ex-unusuals and a €96 million increase in net financial expense.

Income taxes totaled €174 million. Excluding Chrysler, income taxes were €92 million and related primarily to the taxable income of companies operating outside Italy and employment-related taxes in Italy. Net profit was €358 million for the quarter (€103 million after minorities). Excluding Chrysler, there was a €246 million loss as compared to a €1,380 million profit for Q2 2011; excluding unusual charges, loss was €152 million in Q2 2012 compared to €76 million profit in Q2 2011.

Net industrial debt at 30 June 2012 was €5.4 billion, a reduction of more than €0.3 billion for the quarter. In Q2, Chrysler generated €0.6 billion in cash, after investing approximately €1 billion in capital expenditure. Excluding Chrysler, net industrial debt was €4.1 billion, with the €0.2 billion increase equally attributable to cash absorbed by operations, including €0.7 billion capex, and non-cash items. Capital expenditure for the Group totaled €1.7 billion.

Total available liquidity inclusive of undrawn committed credit lines (€3.0 billion, unchanged over end Q1 net of currency translation impacts), improved to €22.7 billion (€21.4 billion at end Q1), of which €12.1 billion related to Fiat excluding Chrysler and €10.6 billion to Chrysler. At the beginning of July, a €600 million bond was issued under the GMTN Program, completing full coverage of bond maturities for 2012 and one-third for 2013.

First Half

Group revenues were €41.7 billion for the period. Excluding Chrysler, revenues totaled €17.9 billion, a 6.6% decrease over H1 2011 mainly reflecting volume declines in Europe. Luxury and Performance brands increased revenues by 10% to €1.4 billion, driven by growth in Asia and North America. Components were down 1.6% to €4.0 billion.

Trading profit for H1 2012 was €1,876 million. Trading profit for Fiat excluding Chrysler was €138 million, compared to €626 million in H1 2011. For Luxury and Performance brands, trading profit increased 15.1% to €175 million, while Components reported a 19.4% decrease to €83 million.

EBIT was €1,890 million. Excluding Chrysler, EBIT was €114 million. For mass-market brands by region on a pro-forma basis: NAFTA EBIT increased by 80% to €1,425 million, driven by strong volume growth; for LATAM, EBIT was €473 million, down from €658 million in H1 2011; APAC nearly tripled to €145 million, with both volume and margin improvements. EMEA reported a €354 million loss, which includes €90 million of unusuals due to the write-down of the Sevel Nord JV, compared to a loss of €472 million in H1 2011 which included unusuals of €373 million due to the product portfolio rationalization following the acquisition of the control of Chrysler.

Excluding unusuals, the loss was €264 million in H1 2012 compared to €99 million in H1 2011. Net financial expense totaled €838 million. Excluding Chrysler, net financial expense was €422 million, compared to €298 million, reflecting higher debt levels with a marginal positive impact from the mark-to-market of the Fiat stock option-related equity swaps.

Profit before taxes was €1,052 million. Excluding Chrysler, there was a €308 million loss compared to €1,657 million profit in H1 2011. Net of unusuals, the loss was €214 million in H1 2012 as compared to a profit of €376 million; the €590 million reduction over H1 2011 reflects a €466 million decrease in EBIT and higher net financial expense.

Income taxes totaled €315 million. Excluding Chrysler, income taxes were €211 million and related primarily to the taxable income of companies operating outside Italy and employment-related taxes in Italy. Net profit was €737 million for the first half (€207 million after minorities). Excluding Chrysler, there was a €519 million loss as compared to a €1,417 million profit for H1 2011; excluding unusuals, the loss was €425 million in H1 2012 compared to a €113 million profit in H1 2011.

Net industrial debt at 30 June 2012 was €5.4 billion, compared to €5.5 billion at year-end 2011. Chrysler improved net industrial debt by €1.7 billion, more than offsetting absorption for the rest of the Group of €1.6 billion (of which €1.4 billion in Q1). Total capital expenditure for the Group was €3.2 billion, of which €1.3 billion related to Fiat excluding Chrysler, in line with H1 2011.