FIAT GROUP CLOSED THIRD-QUARTER WITH WORLDWIDE SHIPMENTS UP 11% TO OVER 1 MILLION UNITS AND TRADING PROFIT OF NEARLY €1 BILLION.

GROUP REVENUES REACHED €20.4 BILLION, TRADING PROFIT INCREASED 12% TO €951 MILLION AND NET PROFIT MORE THAN DOUBLED TO €286 MILLION FOR THE QUARTER. 

NET INDUSTRIAL DEBT AT €6.7 BILLION REFLECTS SEASONALITY, WITH OPERATIONAL CASH ABSORPTION BETTER THAN Q3 2011 AND CASH GENERATION EXPECTED IN Q4. AVAILABLE LIQUIDITY REDUCED TO €20.0 BILLION DUE IN PART TO GROSS DEBT REDUCTION OF €1.7 BILLION.
YEAR-TO-DATE PERFORMANCE IN-LINE WITH RECONFIRMED FULL-YEAR EARNINGS GUIDANCE.

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• Revenues increased 16% as strong year-over-year volume growth in NAFTA, LATAM and APAC more than offset declines in EMEA, reflecting the continued deterioration in trading conditions, particularly severe in Italy.
• Trading profit for the quarter totaled €951 million (€851 million for Q3 2011) with strong performance in NAFTA, LATAM and APAC, while EMEA reported a trading loss of €238 million. Luxury brands improved on prior year's strong performance.
• Worldwide shipments for mass-market car brands totaled more than 1.0 million units, up 11% over prior year (total of 3.1 million units year-to-date).
• Net industrial debt increased to €6.7 billion (€5.4 billion at end Q2) due to seasonal cash absorption related to Fiat excluding Chrysler, accentuated by market conditions in Europe. Slightly positive contribution from Chrysler, despite summer seasonality and significant capital expenditure.
• Total available liquidity, inclusive of €3.0 billion in undrawn credit lines, was €20.0 billion. The decrease from €22.7 billion at end Q2, primarily reflects operating-related cash absorption and gross debt reduction of €1.7 billion (€1.4 billion excluding translation FX effects).
• Group confirms guidance at the lower end of the range with revenues of about €83 billion and trading profit in excess of €3.8 billion. Net industrial debt expected to reduce to approximately €6.5 billion from Q3 levels.

Group revenues were up 16% (+9% at constant exchange rates ) over the prior year to €20.4 billion, with NAFTA growing by 38% (+22% at constant exchange rates) to €10.8 billion and APAC by 39% to €0.8 billion. LATAM increased to €3.0 billion and EMEA was down 13%, with continued decline in demand, particularly in Italy and in the smaller car segments. Luxury and Performance brands increased revenues by 4% to €0.7 billion, mainly driven by growth in North America. Components reported revenues of approximately €2.0 billion, substantially in line with Q3 2011.

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