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January 25, 2010 Q4 & FY 09 Results Review 1
Older, Wiser and Ready to Re-engage
Q4 & FY 09 Results Review
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Group revenues at 50.1bn, down ~16% over record 2008 with steep declines in demand
experienced by all businesses in H1 (-23.8% Y-o-Y), substantially reduced in H2 (-6.6% Y-o-Y)
Automobiles at 28.4bn: flat unit sales at FGA yielding 26.3bn, recording highest Q4 ever
CNH at 10.1bn, down 21% on most severe decline on record in CE industry and tough comps vs. record high
2008 AG market
Iveco at 7.2bn, down 34% on a 46% decline in deliveries, especially in Europe & Heavy segment
Trading profit at 1.1bn (2.1% margin) w ith sequential quarter-by-quarter improvements in
trading margin primari ly on the back of realignment of production levels & aggress ive costcontainment
Automobiles at 719mn: FGA at 470mn in a notable mixed performance between passenger car & LCV
markets, especially WE; Ferrari at 238mn; Maserati positive despite 46% revenue shortfall
CNH at 337mn: rigorous cost containment and positive pricing partially offset revenue gap resulting from
drastic volume decline in CE and continued de-stocking for both AG & CE equipment
Iveco at 105mn: decisive cost reduction measures yielded positive trading result and margin increased
quarter-by-quarter
Net loss of 0.8bn, including unusuals of 0.6bn
Cash flow generation of 1.5bn driving drop in net industrial debt to 4.4bn, well below FY target
Realignment of production levels including significant de-stocking actions across all businesses and disciplined
management of Capex
FY '09 highlights
Ahead of guidance results...
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Liquidity at 12.4bn, 3x higher than 2008 year-end level
Guaranteeing adequate resources to cover contractual maturities well beyond 2011 and significant financial
flexibility
Re-accessed European and US capital markets in H2, raising nearly 5bn through 4 highly successful bond
issues
Taking advantage of progressive restoration of ABS market in NA
Continuing to strengthen Groups international identity, emerging stronger through a difficult year
Global strategic alliance with newly-formed Chrysler Group LLC
Framework agreement for production of cars and engines in China with GAC Group
Agreement with Kamaz to develop industrial & commercial alliance in AG&CE for Russian market
Cumulative dividends of 237mn proposed across all 3 classes of shares
2010 OUTLOOK
Top line growth of 3-6% in 2010, w ith trading profit of 1.5bn and net debt levels below 5bn
mark
Non renewal of eco-incentives scheme in WE to impact trading profit by 350 to 400 mn
FY '09 highlights (contd)
...reinforced liquidity, positive outlook for 2010
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FY '09
Revenues and trading result by business
CNH Tight grip on cost and positive pricing partially offset decline in
both AG & CE volumes attributable to market conditions
Iveco
Latin America, special vehicles business (seasonally stronger inlatter part of year) and after-sales activities, continued to provide
margin support, in addition to realignment of production levels
and rigorous cost containment measures to counter steep volume
decline
Components
FPT: significant efficiency gains in overheads, manufacturing &purchasing partially offsetting sharp drop in I&M volumes and
unfavorable sales mix
Magneti Marelli: reductions in overheads, increased productionand purchasing efficiencies contained impact of lower revenues
Automobiles
FGA: cost containment measures and volume recovery in H2partially compensating for drop in demand in H1 and lessfavorable product mix
Ferrari: efficiency gains partly offsetting lower volumes,unfavorable product mix & currency movements
Maserati: realignment of production levels and rigorous costcontainment measures partly offsetting significant decline in
volumes
FY09 H209 H109
FGA 26,293 11.8% -14.3%
Maserati 448 -48.0% -43.2%
Ferrari 1,778 -6.8% -8.0%
Revenues(mn)
28,351
50,102(5,866)
(3.5)%
(15.9)%
10,107(20.9)%
7,183
(34.1)%
10,327
(25.1)%
Automobiles CN H Iveco Components Eliminations& Others
FY'09
(14.5) (17.4)
(45.9)
(36.4)
(23.8)
9.3
(24.7)(19.1)
(11)(6.6)
H1 H1 H1 H1 H1 H2H2H2H2
H2
Automobiles CNH Iveco Components Eliminations& Others
FY'09
(59.2)
(71.2)
(98.7)(86.2)
(3.1)
(68.6) (73.1)
(5.8)
(45.7)
% chgvs. 08
H1 H1 H1 n.a. H1 H2H2H2
719
1,058
(34.8)%
337
(70.0)%
(40)
105
(63)
(87.5)%
(68.5)%
% chgvs. 08
Tradingresult(mn)
FY09 H209 H109
FGA 470 35.3% -71.3%
Maserati 11 -88.0% -77.3%
Ferrari 238 -34.9% -24.4%
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Q4 & FY 09
From trading to net result
'09 '08 '09 '08 Trading profit 488 663 -175 1,058 3,362 -2,304
Unusual items, net (425) (407) -18 (699) (390) -309
Operating income 63 256 -193 359 2,972 -2,613
Financial charges, net (218) (345) +127 (753) (947) +194Investment income, net 36 10 +26 27 162 -135
Pre-tax result (119) (79) -40 (367) 2,187 -2,554
Taxes (164) 259 -423 (481) (466) -15
Net result (283) 180 -463 (848) 1,721 -2,569
Q4 FY(mn)
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Tax effects on unusual items of ~120mn
(mn)
RestructuringFixed assets
write-downs
Other
provisions,
net
Total
(312) (135) (252) (699)
Automobiles (54) (104) (88) (246)
CNH (87) - 1 (86)
Iveco (22) - (173) (195)
Others (149) (31) 8 (172)
of which cash impact '09 (93) - (183) (276)
of which cash impact '10 (160) - (98) (258)
of which cash later years (32) - - (32)
Breakdown of unusual items
FY 09
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Financial charges breakdown
FY 09 vs. 08
AverageOutstanding
(bn)
Rate/Spread
(%)
Net Charges (mn)
2008 2009 Chg
Net Industrial Debt 2009 (5.6) 5.5% (308)
(152)Net Industrial Debt 2008 (2.4) 6.5% (156)
Cost of Carry 2009 (5.9) 3.5% (207)(137)
Cost of Carry 2008 (3.5) 2.0% (70)
Equity Swap (hedging stock option plans) (263) 117 +380
IAS 19 (interest cost on pension & OPEB) (155) (160) (5)
Ind irect taxes on banking transactions(South America)
(30) (27) +3
Others
(fees, FX, interest cost on long-term provisions, discount ofcertain receivables...)
(273) (168) +105
NET FINANCIAL CHARGES (947) (753) +194
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Q4 & FY 09 Cash FlowWell exceeding year-end target
(mn)
Q4 '09 FY '08 FY '09
(5,832) Net Industrial (Debt)/ Cash beginning of period 355 (5,949)
(283) Net Income 1,721 (848)
607 D&A (excl. Vehicle Buybacks) 2,802 2,667
588 Change in Funds & Others (769) 118
912 Cash Flow from Op. Act ivit ies bef. Chg. in W.C. 3,754 1,937
1,700 Change in Working Capital (3,604) 2,564
2,612 Cash Flow from Operating Activities 150 4,501
(1,235) Tangible & Intangible Capex (excl. Vehicle Buybacks) (4,973) (3,382)
1,377 Cash Flow from Opera ting Activitie s ne t o f Capex (4,823) 1,119
46 Change in Investments, Scope & Other (942) 525
1,423 Net Industrial Cash Flow (5,765) 1,644
- Capital Increase / Share Repurchases / Dividends (770) (20)
(9) FX Translation Effect 231 (93)
1,414 Change in Net Industrial Debt (6,304) 1,531
(4,418) Net Industrial (Debt)/ Cash end of period (5,949) (4,418)
Strong cashgeneration in adifficult year
Performancedriven by workingcapital (partialreversal of 2008
absorption)
Particularly strongcontribution frominventories with a2.9bn reduction(1bn in Q4)
Disciplined Capexmanagement atbelow 3.4bn
Reflecting lowmarket demandand postponementof certain projects
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2009 operational highlights & industry forecast
1. Demand conditions
2. Input cost
3. Cost structure & manufacturing capacity
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1.1 Industry outlook & sales volume
Fiat Group Automobiles
FY 09(change vs. prior
year)
FY 10E(change vs. prior year)
WE 0.5% (12)% / (16)%*
EE (26.6)% Flat
ITA (0.2)% (5)% / (20)%*
BRA 12.6% 2-3%
WE (27.4)% (5)% / (7)%*
EE (50.7)% Flat
ITA (21.4)% Flat / (10)%*
BRA 12.3% 2-3%LCVs
Passenger cars
LCVs
Italy
WE ex-Italy
RoW
LA
Passenger
cars
Unit Sales (x000)
1,085
307
84
675
2,151
432
2009 2010E
653
2,100 / 1,930*
Q4 09
Strong finish (+23.2%) for passenger car registrations,
outperforming WE market
Share gain (0.6 p.p.) in a record quarter for overall Brazilianmarket
Robust order intake
FY 09
Western Europe
Passenger cars: consistent quarterly share gains year-over-year since 2005 with share up 0.6 p.p. (2.2 p.p. in 4 years) to8.8% driven by gains in Italy (+0.9 p.p.), Germany (+1.5p.p.), France (+0.1 p.p.) & UK (+0.6 p.p.)
LCVs: share gain (+0.3 p.p.) in a steeply declining market
All brands up both in WE & EU27
Highest share in WE since 2001 for Fiat (at 7.1%) and Lancia(at 0.9%)
Alfa share up 0.1 p.p. at 0.8%, awaiting Giulietta in H1 10
Brazil: a sales record in its 33rd year; leadership maintainedwith a 24.5% share in an overall booming market, toppinghealthy 2008 level
FY 10 expectations
WE+EE
Passenger cars: market decline expected to be ~12% mainlydriven by Germany. Non renewal of eco-incentives schemes todecrease demand for an additional 4%
LCVs: market flat or slightly down, targeting share increasedriven by new products
Brazil: growth in line with market increase* in absence of incentives scheme renewal in Italy
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1.2 Succeeding in an uneven 2009 WE market
Fiat Group Automobiles
Structural shift moving market towards low ersegments with incentives accelerating process
Coherent product portfolio and eff ective life-cyclemanagement
Panda: breaking record year-over-year since launch in 2003(~310k FY registrations)
500: 190k FY registrations
Punto family: increased penetration to 8.1% (+0.3 p.p.) in B-Segment also thanks to Punto Evo (85k orders at year-end),broadening spectrum to include high-end customers
MiTo driving Alfa brand registrations up 8% vs. last year
A wide array of environmentally-friendly productofferings
Expanded offering of leading-edge engines with introduction inboth gas (MultiAir) & diesel (MultiJet II)
~60% of FGAs registrations 130 CO2 g/km (>50% for 120CO2 g/km) in 09 in Europe
Fiat brand offering widest range of CNG & LPG poweredvehicles in market (200k FY registrations)
LPG available on key products of Lancia
After 2 years of leadership, lowest level of CO2 emissions in
EU with Fiat brand ranked #1 again in Sep 09
Healthier and strengthened dealer network supportingmarket penetration
~290 new dealer appointments after completion last year ofnetwork gap closure plan
Lean organization and prompt decision-makingenabled rapid response to take full advantage ofemerging opportunities
1.4 Fire MultiAir turbo Euro 51st application on
Alfa Romeo MiTo (Sep 09)
Main benefits
Up to 10% increase in max power Up to 15% increase in low-rpm torque
Up to 10% reduction in fuelconsumption and CO2 emissions (up to25% in combination with turbo-charging & downsizing)
Lower noxious emissions (CO/HC/NOx)
Improved driveability
1.3 MultiJet II Euro 51st application on
Fiat Punto Evo (Oct 09)
Main benefits
Digital injection rate shaping bringing
CO2 emissions up to 3% lower
NOx emissions up to 20% lower
Greater accuracy in fuel injectionquantity control
Noise and driveability improvement
Main benefits
Up to 20-25% CO2 emissions reductioncompared to equivalent gas engine
Very low noxious emissions (NMHC)
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Months of Supply (as per average of latest 3 months)
Company Inventory
Dealer Inventory
1.3 Inventory trend by quarter
Fiat Group Automobiles
Total inventoryreduction of 63kunits or ~20%compared to 2008year end
Healthy months-of-supply ratio both fordealer and companyinventory
2008 2009
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1.4 Industry outlook & sales volume
CNH Agricultural Equipment
FY 09 FY 10E
Industry(change vs.
prior year)
CNH(performance
relative to mkt)
Industry(change vs.
prior year)
WW (7)% (5-10)%
NA (21)% (5-10)%
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1.5 Industry outlook & sales volume
CNH Construction Equipment
Light
Heavy
FY 09
Decline 38% in all regions
Overall industry down only 4% in quarter as market
decline slows
Market share up in LA for both Light & Heavy
equipment and stable in NA
RoW: strongest growth in markets where CNH has
limited presence
Highly competitive environment based on
aggressive de-stocking actions drove down market
share in WE
FY 10 expectations
Construction activity in LA & RoW regions should
lead to moderate global industry growth
Worldwide industry demand for Light & Heavy
Equipment up 510% as industry rebalances and
renews fleet levels in market
FY 09 FY 10E
Industry(change vs.
prior year)
CNH(performance
relative to mkt)
Industry(change vs.
prior year)
WW (45)% 0-5%
NA (49)% (0-5)%
WE (49)% Flat
LA (54)% 15-20%
RoW (36)% ~10%
WW (30)% 5-10%
NA (47)% (0-5)%
WE (56)% Flat
LA (56)% 20-25%
RoW (14)% ~10%
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1.6 Leveraging strengths in diverse markets
CNH (AG & CE Equipment)
Managing better pricing as AG products
drive profit Leverage higher-end products to increase pricing
in easing markets
Core strength in AG products
NA combines
Tractors 100+hp
Manage slowdown in CE with tight
inventory control
Inventories reduced to low levels
Focus on Parts & Service to support dealers andcustomers
Deliver superior performance on Parts &Service
2 new environmentally-efficient parts centers
opened using latest in RF radio trackingtechnology
Shortened order-to-delivery & service times
New Holland T7000 Tractor Series; mostawarded line of tractors in 13-year history ofthis award
2007 Agritechnica -- T7060 Power Command
T racto r o f th e Year
Go lden Trac to r fo r Des ign fo r 2008
2009 Agritechnica -- T7070 Auto Command
T racto r o f th e Year
Go lden Trac to r fo r Des ign fo r 2010
Deployment of Case IH CVT
Magnum 180,190,210,225
Improved efficiency and performance
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1.7 Inventory trend by quarter
CNH (AG & CE Equipment)
FY production levels 12% below retailsales; production expected toreturn to more normal pattern
FY underproduction at targeted levels(under-produced retail sales by 51%),2010 still to be characterized by tightinventory control
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1.8 Industry outlook & sales volume
Iveco (Trucks)
Industry (2.8T)(change vs. prior year)
FY 09 FY 10E
WE (34.5)% Flat / 5%
EE (54.5)% Flat
LA (12.1)% ~5%
FY 09
Industry: poor WW Truck & Commercial Vehiclemarket conditions with significant drop in allsegments and most regions, especially Europe
WE: Light (-32%); Medium (-33%); Heavy (-44%)
EE (-55%) & LA (-12%)
Iveco: overall share in 2.8T WE market down 0.7
p.p. vs. last year heavily impacted by unfavorablemarket mix for Heavy, with improved performancein all segments in latter part of year
De-stocking for new and used vehicles mostlycompleted. Disciplined price management
FY 10 expectations
Industry: H1 10 substantially flat in line with H2 09with signs of recovery expected in H2 10
Iveco: Trucks and CV sales targeted to grow fasterthan market registrations
Light Medium Heavy
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1.9 Consolidated presence in China
Iveco (Trucks)
Iveco trucks unit sales by region (including JVs)
Iveco JV sales in China
2005 2008 2009
18k
107k
92k
A single, strong partner
Strategy for trucks with SAIC
Competitive advantage over peers
First-mover advantage
Up-to-date manufacturing systems
Fully localized range, including engines
Iveco strategy
Serving domestic market Exporting to international markets
Leveraging supplier base for globalsourcing
Full market coverage
Light, Medium & Heavy range
China Truck OfThe Year 2009award
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1.10 Inventory trend by quarter
Iveco (Trucks)
Overall dealer & companyinventory down ~20% vs.previous quarter
FY company de-stocking targetachieved
Dealer inventory (units) Company inventory (units)
WE+EE Trucks & Commercial Vehicles
-41%
-42%
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2 Group purchasing
Direct materials savings
Q1 09Q1 08 Q2 08 Q3 08 Q2 09 Q3 09
FY 09 Average = -2.9%
FY 08 Ave rage = -0.6%
Dec 07=100
Q4 08 Average
Q4 09 Average
FY 09 net savings at
~0.5bn or 2.3%, withFY performanceslightly above target
Continued efficiencyactions on commercial& technical savingsexpected to bringpositive net savings in
FY 10 despite someraw material priceincrease
Q4 09Q4 08
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All sectors to improve performance over prior year, with Automobile s business dependent on continued availability
of reliable eco-incentives programs to underpin demand in WE
Forecasts include a continuation of rigorous cost containment action initiated as early as latter part of 2008, implementedvigorously throughout 2009
Contraction in Capex programs expected to ease in 2010, with resumption of a normalized level of capital
commitments across all sectors, yielding a 30% to 35% rise in expend itures over 2009
Capital expenditures programs, forming part of 2007-10 industrial plan, underwent a severe contraction in 2009, in
response to uncertainty of demand function for our various businesses and tightening of credit markets
2010 targets
Revenues in 52-53bn range, up between 3% and 6% Trading profit of ~1.5bn
Positive net income of 200 to 300mn
Net debt levels below 5bn
Targets subject to continued availability of eco-incentives in European automotive market, ex Germany where non-renewal of
2009 incentive scheme assumed. If incentives not available in 2010, European demand for automobiles would be negatively
impacted. In Italy alone volumes would decrease by ~20% impacting all car producers, more importantly those particularly
active in A & B segments, and Fiat in particular holding ~30% share
In such a case
Revenues would be 2.5bn lower
Trading profit for both Automobiles and Components would drop by 350-400mn
Shortfall in profits would impact net income on a 100% basis due to unavailability of tax relief, and would balloon debtdisproportionately, pushing overall levels above 5bn mark
Even in these circumstances, Fiat able to post a trading profit in excess of 1bn and have more than adequate financial
resources to transition to 2011 and later years, when a normalized trading environment expected
If eco-incentive schemes extended into 10, Automobiles & Components sectors expected to improve performance over 09
2010 outlook
After uneven trading conditions in 09, a year of transition & stabilization
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Save the date
Fiat 2010-14 Business Plan
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January February March April May June July August September October December
March 26, 2010Annual GeneralMeeting
July 21, 2010Q2 & H1 Results
October 21, 2010Q3 Results
2010 financial calendar
November
April 21, 2010Q1 Results andFiat Investor Day
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Appendix
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Unit Sales (x000)
FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09
Revenues (mn)
Trading P rofit (mn)
Fiat Group Automobiles
Closed a challenging 2009 recording highest Q4 revenues ever
5,600
FY 09FY 08
6,829
FY revenues down 2.4% to 26.3bn (substantiallyunchanged on constant currency)
Passenger cars up 5.7% to 1,843k units
LCVs down 24.8% to 307k units
Key markets leading volume increase
Germany: 149k cars, nearly 2x 08 levels
Italy: +6.2% to 653k cars
Brazil: 12.6% to 750k units, including LCV
Q2
Q1
Q3
Q4
7,770
6,636
5,702
6,905
6,541
7,247
(30)
FY 09FY 08
193
Q2
Q1
Q3
Q4
243
190
65
155
155
190-18.4%
-36.2%
n.a.
+192.3%
-1.4%
-11.1%
-18.0%
+27.1%
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Fiat Group Automobiles
Trading profit variance & margin
Volume increase driven bypassenger cars (+100kunits) totally offset by LCVs(-102k units)
Price/ Mix negative effectmainly due to reduced LCV
volumes in WE Purchasing savings
proceeding apace
WCM efficiencies partlyoffsetting uneven absorptionacross factories
SG&A cost reduction at FYtarget
Other mainly relates to FXtranslation effect
(168)
30 0
(130)
69 1
(456)
230
(3 )
6
470
FY '08 Volume Price Mix PurchasingNe t
ProductionCost
Absorp.SG&AR&D FY '09Other
2.6%
1.8%
(mn)
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Fiat Group Automobiles
Registrations & market share
WESTERN EUROPE
Passenger cars
Fiat brand share at 7.1% (+0.5 p.p.); Lanciashare at 0.9% (+0.1 p.p.); Alfa Romeo share at0.8% (+0.1 p.p.)
FGA at 8.8% in WE (+0.6 p.p.)
Italy +0.9 p.p.
Germany +1.5 p.p. UK +0.6 p.p.
WE ex-Italy: +0.5 p.p.
LCVs
WE market share at 12.6% (+0.3 p.p.)
Share in Italy down to 39.9.% driven by phase-out ofDobl (new model available in market in early 2010)and a sharp drop in camper segment, where FiatProfessional has a lions share of market
BRAZIL
Leadership maintained w ith a 24.5%share in an overall booming market,topping healthy 2008 level
8.8
32.8
FY 09
+0.9 p.p.
+0.6 p.p.
Passenger cars(market share; %)
12.6
39.9
-3.4 p.p.
+0.3 p.p.
FY 09
LCVs(market share; %)
2005 2006 2007 20092008
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q3Q1 Q2 Q4
2005 2006 2007 20092008
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q3Q1 Q2 Q4
Italy
WE
Italy
WE
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Luxury Auto Brands
(mn)
Revenues Trading Profit Revenues Trading Profit
Revenues down ~46% over last year
4,489 units sold, with 48.7% decline attributable tosignificant drop in companys reference markets
Overall market share maintained, with improvement inQuattroportes segment
Trading profit underpinned by realignment ofproduction levels and rigorous cost containmentmeasures partly offsetting significant decline involumes
1,778
FY 09FY 08
1,921
238
FY 09FY 08
339
448
FY 09FY 08
825
11
FY 09FY 08
72
Revenues down ~7% on lower sales volumes andunfavorable sales mix
6,235 units sold, down 4.5% with reference marketdown ~40% globally
Deliveries of 8-cylinder vehicles up, driven by successof California
Trading margin at 13.4%
Efficiency gains partly offsetting negative impact ofvolumes and product mix (both particularly favorablein 08) in addition to unfavorable currency movements
458 Italia
GranTurismo ConvertiblePresented at Detroit Motorshow
for US market
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Agricultural and Construction Equipment
Focus on cash and tight cost controls, disciplined management
FY revenues down ~21% to 10.1bn impacted by most
severe decline on record in CE markets and tough comps
vs. exceptionally strong 2008 AG levels, particularly for
combines
Target company & dealer inventory levels achieved
Progressive slowdown of global demand in AG from peak
highs in 2008
Total combine unit deliveries down 20%; total tractor unitdeliveries down 25%
NA revenues down slightly due to network de-stocking
actions and softening tractor sales partially offset by
strength in combines
Slowdown in remaining regions attributable to overall
industry decline, network de-stocking actions & tight credit
markets
Worldw ide CE industry retail volume down 38%
Overall wholesales decline in both Light & Heavy equipment
in all regions impacted also by de-stocking actions
Light equipment FY unit deliveries down 63% (down 46%
in Q4)
Heavy equipment FY unit deliveries down 55% (down
22% in Q4)
Revenues (mn)
Trading P rofit (mn)
2,598
FY 09FY 08
2,977
Q2
Q1
Q3
Q4
3,631
3,122
3,051
2,860
2,268
2,381
FY 09FY 08
Q2
Q1
Q3
Q4
198
399
284
241
123
6699
49
-27.4%
-21.2%
-12.7%
-22.0%
-76.8%
-69.2%
-75.3%
-58.9%
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January 25, 2010 Q4 & FY 09 Results Review 31
Agricultural and Construction Equipment
Trading profit variance & margin
Low er industry volumes,de-stocking andunfavorable product mix
Positive AG & CE pricing,despite market conditions
Targeted headcountreduction and SG&A costcontainment programs
Reduced R&D includeimpact of synergies w ithFPT on Tier IV development
Other includes lowerearnings at CNH Capital
(mn)
148
(265)(827)
1,122
358
(266)
8.8%
3.3%
337
67
F Y '08 Volume/ M ix P ricing, Ne t P roductionCost
SG&A Other FY 09R& D
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January 25, 2010 Q4 & FY 09 Results Review 32
FY revenues down 34.1% to 7.2bn mainly
due to lower sales volumes in a poor
European market, softened by more resilient
after-sales and special vehicles businesses
Q4 positively impacted by strong seasonality of
special vehicles & LA Overall wholesale volumes down 45.9% to
104k units
Sales by geographic area
WE down 47% to 67k units with sharp declines in
all key markets: Italy -31%, Germany -43%,
France -46%, Spain -60% & UK -73%
EE down 73%
LA down 19% in an improved market in latter part
of year
Sales by segment
Light down 42%
Medium down 41%
Heavy down 62%
Trucks and Commercial Vehicles
Tight cost management yielding 1.5% FY trading margin
Revenues (mn)
Trading P rofit (mn)
1,523
FY 09FY 08
2,970
Q2
Q1
Q3
Q4
3,122
2,441
2,361
1,773
1,715
2,172
(12)
FY 09FY 08
222
Q2
Q1
Q3
Q4
248
181
187
2277
-29.7%
-43.2%
-48.7%
-8.0%
-87.8%
-92.7%
n.a.
-11.0%
18
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Trucks and Commercial Vehicles
Trading profit variance & margin
174
(905)
(63)
838
(65)
28 36 -
62
105
FY '08Volume/
MixPrice Purchasing
ProductionCost
SG&AR&D FY '09Other
7.7%
BB/used
(mn)
1.5%
Volume drop in all
business segments
Pricing impacted by
de-stocking actions in
Europe, partially
offset by LA & aftersales margins
Purchasing savings &
improved
manufacturing
efficiency through
WCM and labor
flexibility
Overhead costs cut by
20+% from ongoing
actions
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January 25, 2010 Q4 & FY 09 Results Review 34
Trucks and Commercial Vehicles
Market shares by region
WE market shareFY 09
14.1% 1 24.3% 9.3%
Change vs. FY 08 -1.1 p.p. -0.7 p.p. -1.0 p.p.
EE market shareFY 09
13.2% 2 30.1% 2 11.0% 2
Change vs. FY 08 -2.0 p.p. -3.6 p.p. -0.2 p.p.
Brazil market shareFY 09
27.0% 3.7% 11.9%
Change vs. FY 08 +1.9 p.p. +1.4 p.p. -3.3 p.p.
1 2.8-6T at 7.9% (-0.5 p.p.) vs. last year2 Estimates
Light(3.5-6T)
Medium Heavy
WE market share 3.5Tat 13.6% (9.2% 2.8T),with slight decline inshare reflectingunfavorable market mix
Continued strongcompetition in Lightsegment from car-basedvehicles
Improved penetration in Q4in all segments vs. previousquarter
Brazil
Market share 3.5T at8.3%; Q4 share up 0.4 p.p.vs. last year
Market share loss in Heavysegment due to marginprotection and excessmanufacturing capacity inmarket
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Components
FPT Powertrain Technologies
Revenues (mn)
P&CV
I&M
Other & Elim.-mn
Other & Elim.(8) mn
4,952
3,358
3,650
7,000
FY '08 FY '09
1,580
3,372
Trading Profit variance (mn) & margin
-29%
Passenger & Commercial Vehicles
Revenues down ~8%: ~2.3mn engines (down 63k or ~3%,
with third-party sales declining 50+%) and ~2.2mn
transmissions (+9%)
Industrial & Marine
Revenues down 53%: engine sales at 268k (-51%),
gearboxes at 53k (-50%) & axles at 105k (-62%)
Start of production of F1C engines
Offering of leading-edge powertrains compliant with
strictest emissions standards expanded across
businesses
Technobest 2009-awarded Fire MultiAir
Euro 5 1.3-liter Small Diesel Engine with MultiJet II injection
system technology
Small off-road engines available to meet Tier IV interim
requirements
Range of 5 EEV compliant diesel engines for Iveco NewEcoDaily, also available in twin-stage turbo version, CNG,
bi-fuel (gas & CNG)
Small trading loss for FY (59mn profit in H2)
Significant efficiency gains in overheads, manufacturing &
purchasing partially offsetting sharp drop in I&M volumes &
unfavorable sales mixFY '08 Volume
/MixPrice Purchasing
NetProduction
CostR& DSG&A FY '09Other
166
62
52
6
2,4%
63
(2 )
13
(385)
(25)-0.5%
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January 25, 2010 Q4 & FY 09 Results Review 36
5,447
1,123
FY '08 FY '09
837
4,528
728
578
Components
Teksid, Marelli, Comau
Trading Result (mn)
Teksid
Comau
Marelli
Revenues (mn)
FY '08 FY '09
TeksidComau
Marelli
174
41
25
(28)(12)
21
Comau
FY revenues down ~35% (down 31% on a comparablebasis) mainly driven by Body Welding
Services growth in Mercosur unable to offset order decline in EU
Trading result primarily attributable to lower businessvolumes for Body Welding and Die-cutting
Teksid
FY revenues down ~31% w ith ~27% volume decline inCast Iron business and ~6% volume drop in Aluminumbusiness
Trading result reflected significant contraction involumes
Magneti Marelli
FY revenues down ~17% (down 14% on a comparablebasis) primarily attributable to fall in volumes in H1,slowing in H2
Most significant volume declines in Europe (ex Poland) and US
Growth of Engine Control Units in China & India, strong sales
performance for Exhaust Systems in Brazil (both third-party sales
& Fiat)
Notw ithstanding lower volumes, a trading profit of 25mnposted on the back of reductions in overheads, increasedproduction and purchasing efficiencies
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January 25, 2010 Q4 & FY 09 Results Review 37
Q4 09
Revenues & trading result
(mn) Q4 '09 Change 2009/ 2008Cons. Industrial Financial Cons. Industrial Financial
Revenues
Fiat Group 13,601 13,323 369 +468 +504 -41
of which
Automobiles 7,815 7,773 49 +1,482 +1,488 -9
FGA 7,247 7,213 43 +1,545 +1,556 -9
Ferrari 491 483 6 -11 -16
Maserati 129 129 -100 -100
CNH 2,381 2,164 267 -670 -639 -49Iveco 2,172 2,127 53 -189 -204 +15
Components 2,872 2,872 +118 +118Others & Elim. (1,639) (1,613) -273 -259 +2
CNH ($) 3,540 3,216 396 -451 -448 -22
Trading result
Fiat Group 488 445 43 -175 -141 -34
of which
Automobiles 257 245 12 +55 +53 +2
FGA 190 180 10 +125 +123 +2
Ferrari 62 60 2 -34 -34
Maserati 5 5 -36 -36
CNH 99 60 39 -142 -123 -19Iveco 77 86 (9) -110 -91 -19Components 77 77 +45 +45Others & Elim. (22) (23) 1 -23 -25 2
CNH ($) 144 87 57 -166 -148 -18
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FY 09
Revenues & trading result
(mn) FY Change 2009/ 2008Cons. Industrial Financial Cons. Industrial Financial
Revenues
Fiat Group 50,102 48,917 1,467 -9,462 -9,518 -68
of which
Automobiles 28,351 28,190 190 -1,029 -1,042 +16
FGA 26,293 26,151 168 -644 -649 +8
Ferrari 1,778 1,759 22 -143 -151 +8
Maserati 448 448 -377 -377
CNH 10,107 9,165 1,129 -2,674 -2,649 -98Iveco 7,183 7,052 151 -3,711 -3,793 +14Components 10,327 10,327 -3,466 -3,466
Others & Elim. (5,866) (5,817) (3) 1,418 1,432
CNH ($) 14,097 12,783 1,574 -4,700 -4,593 -230
Trading result
Fiat Group 1,058 890 168 -2,304 -2,148 -156
of which
Automobiles 719 678 41 -383 -382 -1
FGA 470 435 35 -221 -216 -5Ferrari 238 232 6 -101 -105 +4
Maserati 11 11 -61 -61
CNH 337 184 153 -785 -673 -112Iveco 105 131 (26) -733 -689 -44Components (40) (40) -442 -442Others & Elim. (63) (63) +39 +38 +1
CNH ($) 470 257 213 -1,180 -1,003 -177
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January 25, 2010 Q4 & FY 09 Results Review 39
Fiat Group Automobiles
Q4 09 market & market share (ex Ferrari & Maserati)
Passenger CarsQ4 Unit %
Units 000 2009 2008 Change Change
WE Market 3,322.9 2,733.9 589.0 21.5%
Registrations 279.7 226.9 52.7 23.2%
Mkt Share % 8.4% 8.3% 0.1
Italy Market 545.5 450.2 95.3 21.2%
Registrations 171.9 142.6 29.3 20.5%
Mkt Share % 31.5% 31.7% -0.2
Germany Market 816.4 718.6 97.8 13.6%
Registrations 27.9 20.9 7.0 33.7%
Mkt Share % 3.4% 2.9% 0.5
France Market 655.2 474.5 180.7 38.1%
Registrations 26.6 20.7 5.8 28.1%
Mkt Share % 4.1% 4.4% -0.3
U.K. Market 478.0 337.4 140.6 41.7%
Registrations 20.0 9.5 10.5 110.0%
Mkt Share % 4.2% 2.8% 1.4
Spain Market 276.2 213.3 62.9 29.5%
Registrations 7.0 7.3 -0.3 -3.5%
Mkt Share % 2.6% 3.4% -0.8
Poland Market 81.0 85.0 -4.0 -4.7%
Registrations 7.4 7.8 -0.5 -6.0%
Mkt Share % 9.1% 9.2% -0.1
Brazil Market 657.0 473.2 183.8 38.8%
Registrations 161.5 112.0 49.5 44.2%
Mkt Share % 24.6% 23.7% 0.9
Light CommercialVehicles
Q4 Unit %
Units 000 2009 2008 Change Change
WE Market 362.1 410.2 -48.0 -11.7%
Registrations 43.6 51.2 -7.6 -14.8%
Mkt Share % 12.0% 12.5% -0.5
Italy Market 51.8 55.0 -3.1 -5.7%
Registrations 20.5 23.8 -3.4 -14.1%
Mkt Share % 39.5% 43.3% -3.8
Germany Market 58.5 74.2 -15.7 -21.1%
Registrations 5.3 7.3 -2.0 -27.6%
Mkt Share % 9.1% 9.9% -0.8
France Market 103.5 108.1 -4.6 -4.3%
Registrations 7.4 7.8 -0.4 -5.6%
Mkt Share % 7.1% 7.2% -0.1
U.K. Market 45.8 52.6 -6.8 -13.0%
Registrations 1.6 2.1 -0.6 -26.0%
Mkt Share % 3.5% 4.1% -0.6
Spain Market 30.0 27.9 2.2 7.7%
Registrations 2.6 2.4 0.2 7.8%Mkt Share % 8.7% 8.7% 0.0
Poland Market 10.3 15.2 -4.9 -32.4
Registrations 3.0 3.7 -0.7 -19.0%
Mkt Share % 29.0% 24.2% 4.8
Brazil Market 140.8 102.1 38.7 37.9%
Registrations 32.8 24.8 8.0 32.3%
Mkt Share % 23.3% 24.2% -0.9
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Fiat Group Automobiles
FY 09 market & market share (ex Ferrari & Maserati)
Passenger CarsFull Year Unit %
Units 000 2009 2008 Change Change
WE Market 13,632.9 13,561.2 71.7 0.5%Registrations 1,194.0 1114.2 79.8 7.2%
Mkt Share % 8.8% 8.2% 0.6
Italy Market 2,158.0 2,161.7 -3.7 -0.2%Registrations 707.1 688.6 18.5 2.7%
Mkt Share % 32.8% 31.9% 0.9
Germany Market 3,807.2 3,090.0 717.1 23.2%
Registrations 179.4 99.3 80.1 80.7%Mkt Share % 4.7% 3.2% 1.5
France Market 2,268.7 2,050.3 218.4 10.7%Registrations 98.9 88.6 10.3 11.6%
Mkt Share % 4.4% 4.3% 0.1
U.K. Market 1,995.0 2,131.8 -136.8 -6.4%Registrations 69.4 61.3 8.1 13.3%
Mkt Share % 3.5% 2.9% 0.6
Spain Market 952.8 1,161.2 -208.4 -17.9
Registrations 23.8 41.7 -17.8 -42.8%Mkt Share % 2.5% 3.6% -1.1
Poland Market 320.1 319.9 0.2 0.1%Registrations 33.0 30.1 2.9 9.8%
Mkt Share % 10.3% 9.4% 0.9
Brazil Market 2,520.2 2,237.3 283.0 12.6%Registrations 619.0 557.2 61.8 11.1%
Mkt Share % 24.6% 24.9% -0.3
Light CommercialVehicles
Full Year Unit %
Units 000 2009 2008 Change Change
WE Market 1,416.6 1,950.2 -533.6 -27.4%Registrations 178.9 240.4 -61.5 -25.6
Mkt Share % 12.6% 12.3% 0.3
Italy Market 181.1 230.6 -49.4 -21.4%Registrations 72.2 99.8 -27.6 -27.6
Mkt Share % 39.9% 43.3% -3.4
Germany Market 239.5 318.4 -78.9 -24.8%
Registrations 28.6 37.0 -8.4 -22.7%Mkt Share % 11.9% 11.6% 0.3
France Market 381.5 469.8 -88.3 -18.8%Registrations 33.8 38.0 -4.2 -11.0%
Mkt Share % 8.9% 8.1% 0.8
U.K. Market 194.4 301.2 -106.8 -35.5%Registrations 7.1 12.7 -5.6 -44.2%
Mkt Share % 3.7% 4.2% -0.5
Spain Market 105.7 164.2 -58.5 -35.6%
Registrations 9.1 14.9 -5.8 -39.0%Mkt Share % 8.6% 9.1% -0.5
Poland Market 40.1 56.6 -16.5 -29.1%Registrations 10.3 12.1 -1.9 -15.3%
Mkt Share % 25.6% 21.4% 4.2
Brazil Market 489.9 436.4 53.5 12.3%Registrations 118.0 100.5 17.4 17.3%
Mkt Share % 24.1% 23.0% 1.1
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Fiat Group Automobiles
Worldwide unit sales by region, Cars+LCVs (unit/000)*
Brazil
Italy
WE ex
Italy
RoW
+2.7%
-5.9%
-8.1%
1,595
-7.6%
1,725
- 39.4%
+30.1% -0.1%
+55.8%
+25.9%
+28.4%
-16.2%428
556 2,153 2,151
+12.6%
+0.5%
-0.7%
-34.5%
* Incl. sales w/buyback, excl. JVs and Ferrari & Maserati
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Fiat Group Automobiles
Worldwide unit sales by brand, Cars+LCVs (unit/000)*
* Incl. sales w/buyback, excl. JVs and Ferrari & Maserati
LCV
Lancia
Fiat
Alfa
-32.9%
+1.8%
-1.9%
1,595
-7.6%
1,725
-2.0%
+30.1% -0.1%
+5.6%
+37.9%
+39.0%
+2.0%428
556 2,153 2,151
-24.8%
+5.9%
-1.0%
+9.2%
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Fiat Group Automobiles
Production volumes, sales volume & registrations
RegistrationsUnits sold
Production
Registrations & Sales
WW Passenger Cars & LCV(000 units)
2005 2006 2007 2008 2009
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Net debt breakdown
(bn)
Sept. 30, 09 Dec. 31, 09
Cons. Ind. Fin. Cons. Ind. Fin.
25.9 13.2 12.7 Gross Debt* 28.5 15.6 12.9
(0.1) (0.1) -Derivatives M-to-M, Net
(0.2) (0.2) -
(8.4) (7.3) (1.1) Cash & Mktable Securities (12.4) (11.0) (1.4)
17.4 5.8 11.6 Net Debt 15.9 4.4 11.5
* Net of intersegment receivables
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Gross debt
(bn)
OutstandingSept. 30, '09
OutstandingDec. 31, '09
19.3 Cash Maturities 21.3
8.2 Bank Debt 8.49.8 Capital Market* 11.6
1.3 Other Debt 1.3
6.5 Securitization and Sale of Receivables (on book) 7.1
4.0 ABS / Securitization 4.90.9 Warehouse Facilities 0.6
1.6 Sale of Receivables 1.6
0.1 Adjust. for Hedge Accounting on Fin. Payables 0.1
25.9 Gross Debt 28.5
8.4 Cash & Mktable Securities 12.4
0.1 Derivatives Fair Value 0.2
17.4 Net Debt 15.9
0.0 Available Committed Lines 0.0
* Excluding Bond fair value, including interest accruals
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Debt maturity schedule
(bn)
OutstandingDec. 31, '09
2010 2011 2012 2013 2014 Beyond
8.4 Bank Debt 3.5 2.1 1.6 0.7 0.2 0.3
11.6 Capital Market * 1.5 2.6 1.4 1.7 1.6 2.8
1.3 Other Debt 0.9 0.1 - 0.1 - 0.2
21.3 Total Cash Maturities 5.9 4.8 3.0 2.5 1.8 3.3
12.4 Cash & Mktable Securities0.5 of which ABS related
4.6 Sale of Receivables (IFRS de-recognition compliant)
3.0 of which receivables sold to financial services JVs (FGA Capital, Iveco Finance Holding Ltd)
* Excluding Bond fair value, including interest accruals
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Safe Harbor Statement
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Fiat Investor Relations team
Marco Auriemma phone: +39-011-006-3290 Vice President
Federico Donati phone: +39-011-006-2756
Alexandra Deschner phone: +39-011-006-2380
Maristella Borotto phone: +39-011-006-2709
fax: +39-011-006-3796
email: [email protected]
website:
www.fiatgroup.com
Contacts
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