Fiat combines Chrysler Group revenues within its data. For 2012, Group revenues totaled approximately €84 billion, increasing 12% over the prior year on a pro-forma basis (+8% at constant exchange rates).

There were strong year-over-year increases in NAFTA (+29% or 19% at constant exchange rates) and APAC (+50%). LATAM remained strong, while EMEA declined 11% on the back of a continued deterioration in European demand, particularly in Italy.

Luxury and performance brands posted a 7% increase in revenues to €2.9 billion, mainly driven by growth in North America and Asia Pacific. For Components, revenues were substantially in line with 2011 at €8.0 billion.

Trading profit was €3,814 million, a year-over-year increase of 18% on a pro-forma basis (+11% at constant exchange rates). The NAFTA region increased €1 billion to €2,693 million, driven by strong volume growth, positive pricing and favorable currency translation. LATAM performed to expectations and posted €1,063 million of trading profit maintaining double-digit trading margin despite a 25% decrease compared to the prior year, mainly attributable to cost inflation, pricing pressure and unfavorable currency translation impacts, only partially offset by higher volumes and efficiency gains. APAC reported €260 million, nearly double the prior year. EMEA recorded a loss of €704 million, with cost containment actions only partially mitigating the impact of reduced volumes and pricing pressures. Growth for Luxury and performance brands continued, with trading profit increasing €40 million to €392 million. Components contributed €176 million.

EBIT was €3,677 million. Net of unusuals, there was a year-over-year increase of 17% on a pro-forma basis to €3,921 million. For 2012, net unusuals of €244 million primarily related to the write-down of the investment in SevelNord, as well as provisions for restructuring and for disputes relating to operations terminated in prior years. For mass-market brands, EBIT by region was as follows: NAFTA €2,741 million, LATAM €1,032 million, and APAC €255 million. EMEA reported a €738 million loss (€544 million net of unusuals), compared with an €897 million loss in 2011 (€353 million net of unusuals).

Net financial expense totaled €1,641 million. Excluding Chrysler, net financial expense was €825 million, compared with €796 million for 2011. Net of the impact of the mark-to-market of the Fiat stock option related equity swaps (a €34 million gain for 2012 and €108 million loss for 2011), net financial expense increased by €171 million, mainly reflecting higher net debt levels.

Profit before taxes was €2,036 million. Excluding Chrysler, there was a loss of €621 million, compared with a profit of €1,470 million in 2011. Net of unusuals, the loss was €360 million, compared with a profit of €381 million in 2011; the €741 million difference reflects a €692 million reduction in trading profit and €29 million increase in net financial expense.

Income taxes totaled €625 million. Excluding Chrysler, income taxes were €420 million and related primarily to the taxable income of companies operating outside Europe and employment-related taxes in Italy.

Net profit was €1,411 million. Profit attributable to owners of the parent amounted to €348 million (€1,334 million in 2011). Excluding Chrysler, net result was a €1,041 million loss, compared with a €1,006 million profit for 2011; excluding unusuals, there was a €780 million loss, compared with a €106 million loss for 2011.

Net industrial debt for the Group at 31 December 2012 was €6.5 billion, an increase of €1.0 billion for the year. For Fiat excluding Chrysler, the €2.6 billion increase in net industrial debt was driven by the net loss, negative change in working capital and capital expenditure on new products: as a result, net industrial debt increased to €5.0 billion. Chrysler reported positive cash flow of €1.6 billion, thus reducing its net industrial debt to €1.5 billion, despite increased capital expenditure of €4.3 billion.

Total available liquidity, inclusive of €2.9 billion in undrawn committed credit lines, was €20.8 billion (€20.7 billion at year-end 2011), of which €11.1 billion related to Fiat excluding Chrysler (€12.3 billion at year end 2011) and €9.8 billion to Chrysler (€8.4 billion year-end 2011). The Group successfully accessed capital markets throughout the year, with a total of €2.5 billion in bond issuances (which compare with €1.5 billion of bond maturities for the year).

Fourth Quarter

Group revenues were €21.8 billion for Q4 2012, up 11% over the prior year. The increases in NAFTA (+25%), LATAM (+5%) and APAC (+42%) more than compensated for the 10% decrease in EMEA attributable to declines in market demand in Europe. For Luxury and Performance brands, revenues increased 6%. Components were substantially in line with Q4 2011.

Trading profit totaled €987 million for the quarter, up 29% compared to prior year. The NAFTA region posted a 28% increase to €646 million. For LATAM, trading profit was down €81 million to €249 million. APAC was up 10% over Q4 2011 at €46 million. For EMEA, the trading loss was nearly half the prior year level at €121 million. Luxury and Performance brands and Components contributed €128 million and €54 million, respectively.

EBIT was €907 million (€760 million in Q4 2011). For mass-market brands, EBIT by region was as follows: NAFTA increased by 13% to €652 million; LATAM was €249 million, down from €330 million in Q4 2011; APAC was down €9 million to €36 million. EMEA reduced losses to €165 million from €289 million a year ago; excluding unusuals, the loss was €85 million, compared with a loss of €178 million.

Net financial expense totaled €404 million, compared to €371 million in 2011. Net of the impact from the mark-to-market of the Fiat stock option-related equity swaps (a €4 million gain in Q4 2012 and a €7 million gain in Q4 2011), the increase of €30 million year-over-year reflects the growth in net indebtedness.

Profit before taxes was €503 million, an increase of €114 million over Q4 2011, reflecting a €147 million increase in EBIT and higher net financial expense. Income taxes totaled €115 million (€124 million in Q4 2011) and related primarily to the taxable income of companies operating outside Europe and employment-related taxes in Italy.

Net profit was €388 million (€102 million attributable to owners of the parent), a €123 million increase over the €265 million for Q4 2011. Excluding unusuals, net profit for the quarter was €500 million (€322 million in Q4 2011).

Net industrial debt for the Group decreased by €0.2 billion in the quarter to €6.5 billion. For Fiat excluding Chrysler, a €0.4 billion positive cash flow, in line with Q4 2011, took net industrial debt to €5.0 billion. Chrysler reported negative cash flow of €0.2 billion, due to normal seasonality, bringing its net industrial debt to €1.5 billion.

Total available liquidity increased by €0.8 billion in the quarter, to €20.8 billion. Total available liquidity for Fiat excluding Chrysler was €11.1 billion, improved by €1.3 billion from September-end, mainly as a result of net inflows from both the debt capital market (two bond issuances, totaling €0.7 billion, were successfully executed in the quarter) and new medium term financing. Liquidity for Chrysler was €9.8 billion, from €10.2 billion at September-end.

The Board of Directors, pending approval of Fiat S.p.A.’s 2012 financial statements on 20 February 2013, has decided not to recommend a dividend payment on Fiat shares, given the company’s desire to maintain a high level of liquidity and the existence of certain restrictions on the ability of Chrysler to pay dividends to its members.