2011: a strong finish to start a new life as global carco. Q4 & FY 2011 Results Review

Transcription

1 2011: a strong finish to start a new life as global carco Q4 & FY 2011 Results Review 20 Novembre, 2010

2 FY 11 Executive summary All targets achieved or exceeded Group revenues and trading profit significantly ahead of guidance, despite uneven trading conditions, particularly weak in Europe in H2 Revenues at 59.6bn Trading profit of 2.4 billion, or 4.0% margin Net income of 1.7bn ( 0.7bn ex unusuals) Net industrial debt reduced to 5.5bn, in line with guidance Total available liquidity strong at 20.7bn, well above target FY shipments of 4mn vehicles for combined companies 2012 guidance Economic activity in Eurozone in near term is uncertain and point estimates are unreliable 2012 expected performance best expressed in terms of ranges Revenues in excess of 77bn Trading profit between 3.8 to 4.5bn Net profit between 1.2 to 1.5bn Net industrial debt between 5.5 to 6.0bn Fiat s interest in Chrysler Group LLC increased to 58.5% upon achievement by Chrysler Group LLC of Ecological event February 1, 2012 Q4 & FY 2011 Results Review 2

3 The creation of global carco Key milestones CHRYSLER GROUP MEMBERS FIAT VEBA UST CANADA June 2009 INITIAL (ON A FULLY-DILUTED BASIS) 20.0% 67.7% 9.8% 2.5% JANUARY Achievement by Chrysler Group of 1 st Performance Event APRIL Achievement by Chrysler Group of 2 nd Performance Event 2011 MAY Exercise by Fiat of Incremental Equity Call Option $1,268mn JULY Purchase by Fiat from UST and Canada EDC plus UST Equity Recapture Agreement $700mn 2012 JANUARY Achievement by Chrysler Group of 3 rd Performance Event CURRENT 58.5% 41.5% FIAT VEBA Option to purchase 40% of VEBA s current interest in Chrysler Group ( Covered Interest ). Option is exercisable from July 1, 2012 until June 30, 2016 but not in excess of 20% of Covered Interest in any 6 month period. Before an IPO, exercise price is based on a market multiple not to exceed Fiat s multiple applied to Chrysler Group reported LTM EBITDA less net industrial debt. Following an IPO exercise price is based on trading price of common stock Under the Equity Recapture Agreement, holder may purchase any remaining membership interests held by VEBA at the specified threshold ($4.25bn + 9% p.a. compounded annually from Jan 1, 2010) less any proceeds previously received by VEBA February 1, 2012 Q4 & FY 2011 Results Review 3

4 Transitioning into a stronger, better geographically diversified Group NAFTA 52% EMEA 37% NAFTA 45% APAC 3% LATAM 15% EMEA Components 6% APAC 5% LATAM 37% EMEA Car substantially at break-even Luxury & Performance brands ~ 0.4bn Mass market brands ~ (0.5)bn * Assuming 12 months of Chrysler February 1, 2012 Q4 & FY 2011 Results Review 4

5 No longer a marginal player in the global ranking VW GROUP 8.3 TOYOTA 7.6 GM 7.4 RENAULT/NISSAN 6.7 HYUNDAI-KIA 6.7 FORD 5.3 FIAT-CHRYSLER FIAT/CHRYSLER 4.1 PSA 3.5 HONDA 3.1 SUZUKI 2.5 BMW 1.7 DAIMLER 1.6 SAIC 1.5 MAZDA 1.2 Source: Company data for Fiat/Chrysler; Global Insight (January 2012 release) for peers Note: JVs volumes for Saic and Changan already accounted for in related OEM CHANGAN OTHERS 1.1 ~13.0 February 1, 2012 Q4 & FY 2011 Results Review 5

6 Integration proceeding apace Integration activities now at 20% Group Executive Council formed with leaders from both organizations Quick wins and beyond Integration in Europe and Latin America of sale and service activities of Chrysler Group branded products with Fiat Introduced Fiat 500 in North America, produced in Mexico also for export in Latin America and China Started production in U.S. of 1.4L MultiAir gas engine Fiat Freemont, Lancia Thema & Voyager launched in Europe (all based on Chrysler Group products) Initial benefits from joint purchasing activities through organizational alignment, common suppliers (>55% APV in 2011), common strategies on major commodities, price benchmarking and architecture sharing World Class Manufacturing as common language with best practices totally shared Pushing on architecture convergence & component sharing with Dodge Dart now ready to enter largest retail segment in US with a vehicle derived from combined Fiat-Chrysler Compact architecture starting to yield significant benefits Cumulative synergies of 1.4bn already achieved since 2010 ( 0.9bn in 2011) with architecture development accounting for 40+%, the remainder evenly split between joint purchasing activities and World Class Manufacturing Integration expected to accelerate to 50% by end 2012 February 1, 2012 Q4 & FY 2011 Results Review 6

7 The chronic issue for the industry Underutilized production capacity % Reduction of ~2.1mn units or 13% % US, Canada, Mexico 60% 92% 59% % 82% 69% Passenger car plants only Italy 1 33% 50% Production at Termini Imerese plant terminated at 2011 year-end (removed technical production capacity of ~140k units p.a.) Rest of Europe 2 74% 118% E 1 Italy: Cassino, Melfi, Mirafiori, Pomigliano d Arco & Termini Imerese 2 Tycky (Poland) and Bursa (Turkey) including third-party supplied vehicles % 81% 82% Brazil & Argentina 75% 114% Production capacity (units mn) - Harbour definition - Source: Pwc Autofacts (Q release) Capacity utilization Harbour definition (235 days per annum/16 hours per day) Technical definition 280 days p.a./3 shifts per day for Europe & Latin America 265 days p.a./3 shifts per day at all plants (ex Saltillo where applied 2 shifts at 285 days) for North America) February 1, 2012 Q4 & FY 2011 Results Review 7

8 Tackling issues of Italian manufacturing system OBJECTIVES SET IN 2010 AND ACCOMPLISHMENTS TO DATE Commitment to permanently fix manufacturing system in Italy Flexibility in responding to market needs (peak demand, downtime, etc.) Sustainable plant utilization by leveraging on unprecedented opportunities from Chrysler volumes Designated lead plants by architecture optimizing production allocation between Fiat & Chrysler Unwavering commitment to WCM Access to temporary layoff benefit scheme during industrialization phase Rigorous containment of overhead and labor costs Targeting break-even by 2014 of European operations Ceased production at Termini Imerese at yearend 2011 Exit from Confindustria as of 31 December 2011 in order to extend application of new company agreement Signed new collective labor contract with Unions, applicable to all Fiat employees, allowing for greater flexibility as market requires, in line with agreements already reached in Pomigliano, Mirafiori and Grugliasco Optimize plant utilization with 17/18 shifts per week Up to 120 hours of annual overtime without prior approval by Unions Clearer contractual rules with laborers and unions Economic incentives for workers when operating at full capacity using flexibility tools December 2011 February 1, 2012 Q4 & FY 2011 Results Review 8

9 New Panda in Pomigliano plant New Panda on sale in all European markets from February, and later in 40+ countries outside Europe The widest and highly fuel-efficient powertrain offering in segment TwinAir covering 65-85hp range (99g/km CO 2 emissions) Best-in-class safety among reference competitors Available starting in H also in 4x4 version, the best off-road vehicle in A-segment Pomigliano now best-in-class plant within Fiat & Chrysler after facility upgrades First intervention in early 2008 with 100+mn investment to improve efficiency Investment of ~ 800mn for production of New Panda Implementation of highest WCM standards Highly flexible manufacturing process designed also for easier maintenance Reduced hour-per-vehicle rate Logistics optimization Best-in-class ergonomics & safety Production capacity unchanged, but utilization rate to significantly improve already in 2012 Targeting utilization rate under technical definition * greater than 60% this year (less than 9% in 2011) FY 2012 target of ~230k Pandas including Panda Classic as entry-level model * 280 days per annum/3 shifts per day February 1, 2012 Q4 & FY 2011 Results Review 9

10 1 GROUP FINANCIALS 2 AUTOS & LCVS 3 LUXURY & PERFORMANCE BRANDS 4 COMPONENTS OUTLOOK

11 1 FY 11 highlights All targets achieved or exceeded Net revenues ( bn) Chrysler contribution of 23.6bn for the period Jun-Dec Fiat ex Chrysler up 4.2% to 37.4bn Top-line resilience at FGA despite difficult trading conditions in Europe Double-digit growth for Luxury & Performance brands and Components 35.9 FY FY FY FY 11 Net profit ( bn) Reported net profit includes 1.0bn net unusual income (mainly related to measurement of ownership interest in Chrysler at consolidation, net of unusual charges) 0.1bn loss on the mark-to-market of two Fiat stock-option related equity swaps Net of above items, net profit of 0.8bn (Fiat ex Chrysler at break-even) Trading profit ( mn) Net industrial debt ( bn) Chrysler contributing 1.3bn for Jun-Dec Fiat ex Chrysler at 1.0bn, in line with 2010 performance 1.1 FY FY Dec Sep Dec Position at year-end reflecting initial consolidation of Chrysler net indebtedness ( 3.9bn), purchase of UST and Canada stakes ( 0.5bn) and Capex ( 5.5), net of cash generated from operating activities ( 5.2bn) Improvement of 0.3bn in Q4 thanks to 2.8bn cash generation from operating activities (including 1.7bn from working capital) mostly offset by Capex spending for 2.5bn Fiat ex Chrysler at 2.4 Excluding 1.4bn consideration paid for additional interest in Chrysler and negative 0.3bn financial market related non-cash items, net debt at 0.7bn, well below original guidance Trading margin Chrysler: 5.7% FGA: 1.5% Ferrari: 13.9% Maserati: 6.8% Components & Production Systems: 2.9% 3.1% 4.0% Liquidity ( bn) Total available liquidity for Fiat ex Chrysler at 12.3bn, in line with a year ago levels, and 8.4 for Chrysler Year-end position reflecting repayment of 1.1bn bond in November and full availability of new 1.95bn RCF (undrawn at Dec 31) Fiat ex Chrysler: 2.8% FY 10 FY 11 Dec Sep Dec Undrawn available committed credit lines Cash & Mktable Securities Note: FY 10 figures provided herein exclude businesses transferred to Fiat Industrial under demerger February 1, 2012 Q4 & FY 2011 Results Review 11

12 1 FY 11 highlights (cont d) Firm grasp on costs with operating flexibility at plants Rigorous alignment of production systems with market demand through use of flexibility tools such as temporary layoffs, agency contract adjustments and overtime, as required Sound global inventory at FGA, flat vs. Q3 exit (~1-month worth of sales at dealerships), 64 days supply at US dealers at yearend for Chrysler World Class Manufacturing savings of 480mn for Fiat & Chrysler combined Savings in 2011 at 7.4% of transformation cost, well above initial target WCM deployment proceeding apace involving 108 plants globally: 7 plants at Silver level, 3 plant upgrades to Bronze in the year (14 in total), first Bronze -rated plant at Chrysler expected in early 2012 Target in excess of 400mn aggregate savings for 2012 Gross purchasing savings of 2.2% in 2011 for combined Fiat & Chrysler Notwithstanding raw material price hikes, achieved 80+mn net positive performance in the year (~ 30mn in Q4) Expected net purchasing savings in excess of 300mn in 2012 on the back of further integration of purchasing operations within the Group National labor contract with Italian unions signed in December Successful refinancing of Fiat s bank & capital market maturities New bond issuances in the year for an aggregate amount of 2.5bn Closing and syndication of 3-yrs RCF for 1.95bn covering bank maturities through end of 2012 Simplification of share capital structure (BoD resolution and announcement on Oct 27) EGMs to be held at time of AGM meeting for approval of 2011 financials, indicatively scheduled for early April 12 Board of Directors is recommending a total dividend of ~ 40mn for preference and savings shares each per preference and savings share (totaling respectively 22.4mn and 17.3mn) Given Fiat s desire to maintain a high level of liquidity and that certain restrictions exist on ability of Chrysler to pay dividends to its members, Board of Directors has decided not to recommend a dividend payment on ordinary shares February 1, 2012 Q4 & FY 2011 Results Review 12

13 1 FY 11 Revenues and trading profit by business FGA 27,980 Chrysler 23,609 Ferrari 2,251 Maserati 588 Revenues ( mn) 11, % 52,967 (5,373) Magneti Marelli 5,860 Fiat Powertrain 4,450 Teksid 922 Comau 1,402 59,559 Fiat Group Automobiles FY revenue substantially unchanged over 2010 with a more favorable product mix offset by a 2.4% decline in volumes (LCVs +7.6%, passenger cars -4.6%) Trading profit impacted by volume declines for passenger cars in Europe, higher advertising costs related to new model launches and higher R&D expenditure for future products partly offset by efficiencies in purchasing and WCM Chrysler Group Automobiles Components & Production Systems Eliminations & Others FY 11 Seven-month revenues of 23.6bn on the back of 1,190k shipment units (2,011k for FY, +26% year-over-year) Trading profit at 1,345mn since consolidation, with continued positive trend in volume, mix and price from new vehicle launches Trading margin benefited from a low amortization charge for R&D with current spending relating to products still in development FGA 430 Chrysler 1,345 Ferrari 312 Maserati 40 Trading profit ( mn) 348 2, % (83) Magneti Marelli 181 Fiat Powertrain 131 Teksid 26 Comau 10 2,392 Luxury & Performance brands Revenues for Ferrari up 17.3% y-o-y to 2.3bn, Maserati at 588mn, in line with 2010 Trading profit improvement at Ferrari attributable to higher sales volumes and a more favorable product mix, partially offset by higher R&D expenditure Maserati trading profit up 66.7% on improved mix and further optimization of operating costs Components & Production Systems (Magneti Marelli, Fiat Powertrain, Teksid, Comau) Automobiles Components & Production Systems Eliminations & Others FY 11 Revenues up 10.1% with all sectors growing solidly, particularly Magneti Marelli (up 8.5%) Trading profit up 40% with Magneti Marelli nearly doubling February 1, 2012 Q4 & FY 2011 Results Review 13

14 1 From trading profit to net result FY 11 ( mn; IFRS) FY 11 Fiat-Chrysler Jun Dec 11 Chrysler Fiat (ex Chrysler) FY 2011 FY 2010 Trading profit 2,392 1,345 1,047 1,112 Unusual items, net 944 (145) 1,089 (120) Operating income 3,336 1,200 2, Financial charges, net (1,282) (486) (796) (400) Investment income, net Pre-tax result 2, , Taxes (534) (70) (464) (484) Net result 1, , Unusual items, net includes unusual income of 2,121mn, of which 2,017mn related to fair value re-measurement of 30% ownership interest held in Chrysler prior to acquisition of control and of the right to receive an additional 5% ownership interest following achievement by Chrysler of third Performance Event (occurred in January 2012). Unusual expense of 1,177mn, of which 963mn ex-chrysler (including 673mn in non-cash charges) largely attributable to impact on Fiat s businesses of strategic realignment with Chrysler s manufacturing and commercial activities, further accelerated following increase of Fiat s ownership interest, and to one-off charges mainly related to realignment of certain minor activities of the Group Financial charges, net includes loss of 108mn in the mark-to-market value of two stock option-related equity swaps ( 111mn gain for 2010) February 1, 2012 Q4 & FY 2011 Results Review 14

15 1 Cash flow Q4 & FY 11 Q4 11 Fiat- Chrysler ( mn; IFRS) FY 11 Fiat-Chrysler Jun-Dec 11 Chrysler Fiat (ex Chrysler) FY 2011 FY 2010 (5,772) Net Industrial (Debt)/Cash beginning of period (542) - (542) (3,103) - Consolidation of Chrysler Net Debt (1) (3,860) (3,860) % incremental equity subscription (881) - - Purchase of UST and Canada additional stake in CG (2) (490) - (490) demerger debt allocation ,521 (5,772) Adj. Net Industrial (Debt) / Cash beginning of period (4,892) (2,979) (1,913) (582) 265 Net Income 1, , ,049 D&A 3,356 1,123 2,233 2,184 (241) Change in Funds & Others (1,240) (221) (1,019) 201 1,073 Cash Flow from Op. Activities bef. Chg. in W.C. 3,767 1,547 2,220 2,607 1,719 Change in Working Capital 1, , ,792 Cash Flow from Operating Activities 5,184 1,751 3,433 3,500 (2,457) Tangible & Intangible Capex (5,525) (1,936) (3,589) (2,859) 335 Cash Flow from Operating Activities net of Capex (341) (185) (156) Change in Investments, Scope & Others (237) (172) 338 Net Industrial Cash Flow (273) 120 (393) Capital Increase / Share Repurchases / Dividends (140) (2) (138) (545) (123) FX Translation Effect (224) (219) (5) Change in Net Industrial Debt (637) (101) (536) 40 (5,529) Net Industrial (Debt)/Cash end of period (5,529) (3,080) (2,449) (542) (1) Before 16% equity subscription by Fiat (2) Including Equity Recapture Agreement Step up for 4.3bn due to initial consolidation of Chrysler net indebtedness ( 3.9bn) and purchase of UST and Canada stakes ( 0.5bn) Positive working capital development, driven by trade payables (strong seasonal pattern in Q4) and disciplined asset management FY Capex in line with announced future product cadence Year-over-year increase of 26% for Fiat ex- Chrysler 0.3 bn negative non-cash impact from derivatives valuations and 0.2 from FX translation February 1, 2012 Q4 & FY 2011 Results Review 15

16 2 Autos & LCVs Quarterly industry volumes & outlook (mn units) NORTH AMERICA EUROPE LATIN AMERICA 13.0 EU27 + EFTA Q4 '10 Q4 '11 FY Q4 '10 Q4 '11 FY ' Q4 '10 Q4 '11 FY ' Q4 '10 Q4 '11 FY ' Passenger cars LCVs Passenger cars LCVs Q4 '10 Q4 '11 FY 11 Sustained recovery pattern since 2009 industry lows, up 11% in FY 11 vs. a year ago (Q4: +11%) Truck segment +13% for FY (54% of industry) FY passenger car market +8% FY 2012 industry demand projected to ~13.8mn units Continued robust industry for FY 11 recording 2% increase over prior year (Q4: +4%) Market demand for 2012 to remain stable over prior year European industry down 1.4% or 195k units in the year, with Q4 performance down 3.4%; demand increased in Germany (+8.8%) unable to counter double-digit decline in Italy (-10.9%) & Spain (-17.7%) and negative performance in France (-2.1%) Mixed trend in minor markets with flat performance overall Tail of eco-incentives still impacting segment trend, with demand shifted towards higher segments FY 11 industry in Europe up 7.6% driven by all major countries excl. Italy (-4.7%); double-digit increase in Germany (+15.3%), UK (+15.3%) and minor markets (+12.6% in aggregate) Most European markets recorded growth in Q4 (+6.1% overall) except Italy (-16.4%) & Spain (-13.5%) Passenger car industry expected to further decline to mn units, mainly driven by France and continued weakness in Italy ( mn units) LCV market demand projected down 3-5%, with Italy to contract the most (expected down ~10%) In particular: FY Brazilian market at record high (3.4mn units or +2.9% vs. 2010) Q4 holding up well (898k units) despite particularly strong finish a year ago Argentina up 28.8% vs. prior year to 817k units Q4 up 20.5% to 168k units Continued GDP expansion expected for FY 2012 in the region, underpinning market growth in automobile sector Brazilian market projected to ~3.6mn units or +5% vs. 11 February 1, 2012 Q4 & FY 2011 Results Review 16

17 2 Autos & LCVs US & Canada Business dynamics in Q4 and FY 2011 QUARTERLY MARKET SHARE (%) US Sales for Chrysler Group products outpacing industry growth (market recorded at least 10% growth for 2 straight years, first time since 1984) December marked the 21st-consecutive month of year-over-year vehicle sales gains Steady increase in market share primarily resulting from momentum of 16 new and significantly refreshed products FY 2011 share at 10.5%, up 130 bps vs Retail sales (excl. fleet) up 43% for FY (+45% in Q4) FY retail of retail market share * up 200 bps to 9.4% (Q4 up 240 bps to 10.0%) Fleet mix at 28% for FY 2011, down from 36% in 2010 (23% in Q4, down from 28%) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q FY share 11.0% 8.8% 2010 FY share 13.0% 9.2% 2011 FY share 14.3% 10.5% * Company calculation; retail sales (excluding fleet) versus industry retail sales (excluding fleet) CANADA FY 2011 share at 14.3%, up 130 bps from 2010 Retail sales (excl. fleet) increased 13% in FY Retail of retail market share * increased to 12.9% in FY, up 150 bps from 2010 Q4 share at 12.9%, up 30 bps from a year ago Retail sales (excl. fleet) up 4% in Q4 vs. prior year Retail of retail market share * increased to 12.2% in Q4, up 30 bps from a year ago February 1, 2012 Q4 & FY 2011 Results Review 17

18 2 Autos & LCVs Key vehicle contributors to sales growth in US & Canada Units (000s) +310 (+24%) 1, Canada 94 (New) Chrysler (New) Dodge Durango 46 (+50%) Jeep Grand Cherokee 55 (+22%) (+31%) (+68%) (20) Jeep Compass & Patriot Jeep Wrangler Ram Trucks Other & phased out models 1, Canada 1,369 US 1,085 US +26% SALES +13% FY 2010 FY 2011 February 1, 2012 Q4 & FY 2011 Results Review 18

19 2 Autos & LCVs Dodge Dart, a groundbreaking compact sedan in the heart of the North American market Dodge is entering the largest retail segment in US with an all-new world-class vehicle derived from combined Fiat-Chrysler Compact architecture Style, technology, customization and quality not typically found in a compact car 13.8% Compact Car Segment 21.2% Mid-size interior roominess with compact car fuel economy and pricing, all wrapped up with unmistakable Dodge passion and style All other car & truck segments Class-leading technology and safety features US Canada Segment s most powerful and fuel-efficient lineup of engines Named Most Significant Vehicle at the North American International Auto Show by Autoweek Editors and Smash Hit of the Show by Motor Trend Magazine The single largest retail segment in both US and Canada (sedans representing ~85% of all compact cars in US) Compact car segment expected to grow to 2.5mn vehicles in 2014 Dodge Caliber FY 2011 compact car segment share at 1.9% (40k units) February 1, 2012 Q4 & FY 2011 Results Review 19

20 2 Autos & LCVs EU27+EFTA Passenger car business dynamics in 2011 Italy Italy FY % 12.9% FY 2011 EU27+EFTA FY share at 6.9% in EU27+EFTA, 80 bps lower than 2010, substantially driven by unfavorable country & segment mix European sales of 940k units in the year, down 11.3% Combined A- & B-segment weight down 350 bps, accounting for 60 bps of FGA share loss Italy: FY share down 90 bps to 29.4%, fully attributable to tail of eco-incentives (-230 bps in Q vs. prior year) Europe excl. Italy down 30 bps to 3.6% * Including Jeep & Chrysler QUARTERLY MARKET SHARE * (%) Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q FY share 31.6% 8.0% 2007 FY share 32.2% 8.4% 2008 FY share 32.5% 8.4% 2009 FY share 33.0% 8.8% FY share 30.3% 7.7% 2011 FY share 29.4% 6.9% Reduced weight of Italian market in EU27+EFTA by 130bps SEGMENT WEIGHT IN ITALY (2010 vs. 2011) Aggregate A,B, C segments reduced weight of 474 bps Aggregate FGA share in A,B,C segments up 221 bps FGA segment share gain of 345 bps 20.1% 17.4% FGA segment share gain of 224 bps 35.2% 31.8% FGA segment share gain of 500 bps 12.5% 13.8% FY 10 FY 11 FY 10 FY 11 FY 10 FY 11 A B C SEGMENT WEIGHT IN EU27+EFTA (2010 vs. 2011) Aggregate A,B,C segments reduced weight of 382 bps Aggregate FGA share in A,B,C segments down 30 bps FGA segment share loss of 76 bps 10.3% 8.9% FGA segment share loss of 39 bps FGA segment share gain of 104 bps 26.7% 24.7% 20.9% 20.5% FY 10 FY 11 FY 10 FY 11 FY 10 FY 11 A B C February 1, 2012 Q4 & FY 2011 Results Review 20

21 2 Autos & LCVs EU27+EFTA FY 11 sales highlights by brand FY share at 5.0%, 100 bps lower vs. last year Unfavorable segment and geographical mix impacted sales unit performance across all markets except Germany (+2.5%) & Netherlands (7.5%) Within its core segments Fiat maintained leading position A-segment (brand share at 28.7% in FY): #1 position for Panda with 500 ranked #2 B-segment: Punto entered top-5 ranking (6.3% share) Very good reception of Freemont underpinning FGA over-performance (+80 bps) in a booming SUV segment (up ~21%) in Europe Strengthened position in multi-purpose vehicle segment (14.8% share) FY sales up 18.7% to 131k units (+24.6% in Europe excl. Italy) thanks to full contribution of Giulietta FY share up 20 bps vs. last year to 1.0% Alfa Romeo increased volumes in all major European markets Italy: +12.0% (3.3% share, up 70bps) Germany: +21.4% France: +24.5% UK: +30.9% Spain: +37.1% FY share at 0.8%, flat over 2010 FY sales down 6% with sequential quarterly improvement driven by very good market acceptance of New Ypsilon launched in June H1 down 17.1% H2 up 11.1% Strong sales performance in Q4 (+12.2%) with Europe excl. Italy up 29.1% FY sales up 61.8% vs on the back of rejuvenated product line-up and stronger distribution through FGA network Italy: % France: % Germany: +71.7% Spain: +21.2% FY share almost doubled, the largest gain amongst all brands Sales up 85% in Q4 with Italy +125% February 1, 2012 Q4 & FY 2011 Results Review 21

22 2 Autos & LCVs EU27+EFTA LCV business dynamics in 2011 QUARTERLY MARKET SHARE * (%) NEW PRODUCT INTROS IN EU27+EFTA Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q FY share 45.3% 10.9% 2007 FY share 42.1% 11.7% 2008 FY share 43.3% 12.3% 2009 FY share 39.9% 12.6% 2010 FY share 44.0% 12.7% Fiat Professional sales in Europe up 5.6% to 224.4k units in the year Volume gains in all key markets, except Italy & Spain whose decline is fully attributable to deteriorated market demand in Q4 FY share in Europe at 12.5%, below record highs in but topping historical performance thanks to highly competitive product range EU27+EFTA: share loss of 20 bps as result of unfavorable country mix Italy: 40 bps share gain driven by strong performance of small vans and car derived vehicles EU-ex Italy: brand outperformed market with 11.5% sales increase (20 bps share gain) on back of New Ducato and Doblò * Due to unavailability of data from Italy since Jan 2011, figures reported for 2011 for that country are an extrapolation. As there are no current market figures, possibility of a margin of error for EU totals exists 2011 FY share 44.4% 12.5% New Fiat Ducato launched in May with extended range of Euro5 diesel engines, a best-selling van whose 5 generations received international awards and sold 2.3+ million units since 1981 Share of 17.8% in FY 11, the best ever performance in its relevant segment Latest product introduction (July) rounding out Fiat Professional product offerings, the most up-to-date and complete of any EU producer February 1, 2012 Q4 & FY 2011 Results Review 22

23 2 Autos & LCVs Latin America Business dynamics in 2011 QUARTERLY MARKET SHARE * (PASSENGER CARS & LCVS; %) Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q FY share 25.6% 10.8% 12.0 * Includes FGA & Chrysler Group brands 2007 FY share 26.1% 11.0% 2008 FY share 24.8% 11.9% FY share 24.6% 10.7% 2010 FY share 23.0% 11.2% FY share 22.2% 11.6% LATIN AMERICA Combined FY share of Fiat & Chrysler at 16.8% in the region (Chrysler up ~33% vs to 56k units) BRAZIL Undisputed market leader in 2011 and for nearly all of last decade FY overall share in line with expectations (180 bps over nearest competitor) while maintaining price discipline New tax regime (effective Dec 16, 2011) expected to mitigate increasing competition of importers with no local production Passenger car share impacted also by delay in customs clearance of Sienas & Palios from Argentina Gap over nearest competitor of 700 bps in LCVs Sound inventory levels (dealer stock at 25 days supply at year-end) ARGENTINA FY share at 11.6%, a 40 bps gain driven by robust performance of New Uno and Strada Double Cab COMMERCIAL & PRODUCT HIGHLIGHTS Brazil: growing FY share in core segments Fiat share in A/B segment up 100 bps to 28.2% driven by strong performance of New Uno & 500 (+70 bps and +30 bps, respectively) Robust sales of Fiat Bravo driving share to 7.5% in C2 segment (320 bps gain vs. 2010) First-time entry in SUV segment by Fiat with Freemont achieving 2.9% segment share in just 4 months of sales Strong product momentum driving sales of Chrysler brands up, Jeep in particular (Cherokee 2x, Gran Cherokee more than 3x) Two consecutive awards of Carro do Ano 2011 edition to New Uno 2012 edition to New Palio, plus 5 additional awards including Best compact of 2012 Argentina FY share gain in A/B segment of 160 bps to 15.0% on the back of sequential quarterly growth for New Uno (launched in Q4 2010) First-time leader in pick-up segment: Strada recorded a 850 bps share increase to 51.1% with Double Cab version driving increase (~70% mix) Chrysler brands reported the best year ever with 6.3k registrations Excellent performance of Fiat 500 (imported from Mexico since September) Q4 sales of 3.7k units in Latin America, nearly 11x higher than a year ago February 1, 2012 Q4 & FY 2011 Results Review 23

24 2 Autos & LCVs Key product introductions in 2011 JEEP WRANGLER LANCIA/CHRYSLER YPSILON DOBLO WORK-UP LANCIA/CHRYSLER THEMA FIAT FREEMONT FIAT DUCATO JEEP COMPASS LANCIA/CHRYSLER VOYAGER FIAT FREEMONT AWD JEEP GRAND CHEROKEE CHRYSLER 200 CONVERTIBLE DODGE CHALLENGER SRT8 JEEP WRANGLER FIAT 500 CABRIO DODGE CHARGER SRT8 CHRYSLER 300 SRT8 JEEP GRAND CHEROKEE SRT8 FIAT 500 FIAT NEW UNO 3-DOOR FIAT IDEA FIAT NEW PALIO (IMPORTED FROM MEXICO) FIAT FREEMONT JEEP GRAND CHEROKEE JEEP PATRIOT FIAT 500 (IMPORTED FROM MEXICO) JEEP WRANGLER JEEP COMPASS Refresh February 1, 2012 Q4 & FY 2011 Results Review 24

25 2 Autos & LCVs and new model launches and refreshes in 2012 FIAT PANDA LANCIA/CHRYSLER FLAVIA CONVERTIBLE FIAT COMPACT MPV FIAT PANDA VAN LANCIA/CHRYSLER THEMA AWD 500 ABARTH DODGE DART RAM LD FIAT 500 EV DODGE VIPER 2 NEW MODEL 2 NEW MODELS 4 NEW REFRESHES 1 NEW MODEL 2 REFRESHES 1 REFRESH FIAT FREEMONT (CHINA) FIAT C-SEDAN (CHINA) CHRYSLER VOYAGER (CHINA) ALFA ROMEO GIULIETTA CHRYSLER YPSILON (JAPAN) CHRYSLER 300 Refresh February 1, 2012 Q4 & FY 2011 Results Review 25

26 2 Fiat-Chrysler FY shipments unit volumes (excluding JVs) Millions of units ~0.1 APAC APAC Latin America Latin America 0.6 NAFTA ~2.0 NAFTA EMEA EMEA FY 2011 * FY 2012E * Includes 12 months of Chrysler February 1, 2012 Q4 & FY 2011 Results Review 26

27 3 Luxury & performance brands Ferrari Shipments at record high FY revenue of 2.3bn, +17.3% vs ,195 shipments, up 9.5% primarily driven by 12- cylinder models, FF in particular North America Ferrari s #1 market (+8% vs. 2010) China, Hong Kong and Taiwan up 63% Germany +15%, France +12%, UK +23% Double-digit increases in Mid-East, Australia and Africa FY trading profit up 3% to 312mn ( 100mn in Q4) Improvement attributable to higher sales volumes and a more favorable product mix, partially offset by higher R&D expenditure Margin at 14% (Q4: 15.5%) CALIFORNIA FF 599 GTB FIORANO EUROPEAN TOP % 458 ITALIA 599 GTO USA 27.2% JAPAN 3.8% CHINA, HONG KONG & TAIWAN 10.8% OTHERS 22.5% 458 SPIDER SA APERTA (LIMITED EDITION) February 1, 2012 Q4 & FY 2011 Results Review 27

28 3 Luxury & performance brands Maserati Strong exit of the year with Q4 margin at ~10% FY revenue of 0.6bn, nearly flat vs. last year 6,159 shipments, up 8.5% North America +20% China nearly doubling over last year Japan +22% QUATTROPORTE FY trading profit 1.7x last year s level to 40mn on the back of improved mix and further optimization of operating costs Margin improved by 270 bps to 6.8% GRANTURISMO GRANTURISMO MC STRADALE USA 39.6% EUROPEAN TOP % JAPAN 3.7% GRANCABRIO OTHERS 20.4% CHINA, HONG KONG & TAIWAN 13.7% BRAND NEW SUV CONCEPT (KUBANG) February 1, 2012 Q4 & FY 2011 Results Review 28

29 4 Magneti Marelli Diversified portfolio, excellence in core business FY Revenues up 8.5% to 5.9bn reflecting strong performance in Lighting and Electronic Systems Strong performance in Germany, Brazil and China, in addition to sustained recovery in North America Demand in LCV segment also made a positive contribution FY trading profit nearly double to 181mn from 98mn in 2010 Increased sales volumes and manufacturing efficiencies more than offset cost pressures from higher materials prices Margin at 3.1%, up 130 bps vs. a year ago OPERATIONAL UPDATE New orders of 1.9bn in the year, more than a third in Q4 Major order intake in Lighting and Electronic Systems Captive business accounting for less than 30% with Chrysler growing significantly Growing strategic partnerships Agreement with Mopar to enhance and grow service and parts business JV with Chinese automotive components maker Wanxiang Qianchao for production of shock absorbers JV in Serbia with Johnson Controls for the manufacturing of Compact MPV dashboard Exhaust Systems Suspension Systems Plastic C. and M. Shock Absorbers After Market FY '10 FY '11 +14% ( mn) ( mn) 1,586 5,402 1,808 Automotive Lighting 31% 41% % 12% -(1)% 957 Powertrain 5,860 FY '10 FY '11 Powertrain Electronic Systems RoW 623 China NAFTA +16% 722 Electronics Mercosur European BCC +10.9% EU ( mn) +7.6% +4.3% +46.3% +6.0% +7.3% February 1, 2012 Q4 & FY 2011 Results Review 29

30 4 Fiat Powertrain Excellent, concrete, affordable eco-friendly powertrain solutions for now and then FY revenues at 4.4bn, up 6% on higher volumes in LA, partly offset by decline in Europe Engines up 0.2% vs. prior year to 2,352k units Gas engine volumes down partly offset by strong performance in Latin America Diesel engine volumes up 9.7% driven by applications on Giulietta and LCVs Transmissions up 2.0% to 2,278k units Trading profit at 131mn, down 9mn vs. a year ago Favorable sales mix & efficiencies in overhead and manufacturing costs only partially offsetting increased raw material costs (with greater impact in H2) and higher R&D associated with new products Diesel engine portfolio for both FGA & Chrysler Group rounded out with 2 state-of-the-art products through acquisition of Penske Corp s 50% stake in VM Motori, jointly managed with GM 3.0 V6 to complete top-power requirements Cost competitive and highly reliable 2.8L 4-cyl. to equip SUVs & MPVs Four awards for TwinAir engine confirming leadership in developing and producing small displacement engines with a high technological content and low environmental impact 0.9L TwinAir Turbo CO 2 level well below 100 g/km for both gas & CNG versions of 0.9L 2-cyl spark ignition engine on A-segment vehicles Signed agreement in June for supply of 1.6 MultiJet II 120hp diesel engine starting January 2013 Three-year agreement signed on Jan 18, 2012 to supply Maruti Suzuki India up to 100k 1.3L MultiJet 75hp engines per year (deliveries started Jan 2012) February 1, 2012 Q4 & FY 2011 Results Review 30

31 Leader in sustainability A way of doing business Leading position for 3 rd consecutive year in Dow Jones Sustainability World and Dow Jones Sustainability Europe Indexes The only Italian company rated in both Global 500 Carbon Disclosure Leadership Index and Carbon Performance Leadership Index 94 Metrics Fiat Score Highest Average of assessed companies Disclosure 93/100 Performance in reducing carbon emissions A (max score) ECONOMIC Average Fiat SpA Highest ENVIRONMENTAL SOCIAL Average Average Fiat SpA Highest Fiat SpA Highest Member of ASPI (Advanced Sustainability Performance) Eurozone Index, the 120 best companies in Eurozone selected by Vigeo following an assessment based on their social, environmental and governance practices and performance February 1, 2012 Q4 & FY 2011 Results Review 31

32 Outlook Fiat-Chrysler remains fully committed to strategic direction laid out in the 5-year plans outlined in November 2009 for Chrysler and April 2010 for Fiat Having reviewed economic and trading conditions in the 4 operating regions encompassing activities of Fiat-Chrysler Group Expectations of performance in North America, Latin America and Asia-Pacific are confirmed Recent events in last 12 months, and more particularly in H2 2011, have cast doubt on volume assumptions governing overall market and our own development plans for Europe until 2014 Level of uncertainty regarding economic activity in Eurozone in foreseeable future made specific point projections of financial performance unreliable As a result, Group is providing guidance for FY 2012 in terms of ranges, ranging from continuing depressed trading conditions to a gradual stabilization and recovery at the very end of 2012 Revenues in excess of 77bn Trading profit in 3.8 to 4.5bn range Net profit between 1.2bn to 1.5bn Net industrial debt between 5.5bn to 6.0bn As events unfold throughout remainder of the year, Group expects to fully articulate effect of Eurozone economic climate on its 2014 plan when releasing Q results February 1, 2012 Q4 & FY 2011 Results Review 32

33 2012 financial calendar February 22 Consolidated and parent company financial statements for 2011 Early April AGM, EGM and special EGMs of Preference and Savings shareholders July 31 Q2 & H1 Results February March April May June July August September October November December April 26 Q1 Results October 30 Q3 Results February 1, 2012 Q4 & FY 2011 Results Review 33

34 APPENDIX

35 Q4 11 Reported revenues & trading profit ( mn) Q4 11 Q4 10 Cons. Industrial Financial Cons. Industrial Financial Revenues 19,644 19, ,452 9, of which Automobiles 17,984 17, ,779 7, FGA 6,895 6, ,120 7, Chrysler 11,000 11, Ferrari Maserati Components 2,933 2,933-2,883 2,883 - Others & Elim. (1,562) (1,555) - (1,568) (1,563) - Trading profit of which Automobiles FGA (15) (33) Chrysler Ferrari Maserati Components Others & Elim. (19) (19) February 1, 2012 Q4 & FY 2011 Results Review 35

36 FY 11 Reported revenues & trading profit ( mn) FY 11 FY 10 Cons, Industrial Financial Cons, Industrial Financial Revenues 59,559 59, ,880 35, of which Automobiles 52,967 52, ,130 29, FGA 27,980 27, ,860 27, Chrysler (7 months) 23,609 23, Ferrari 2,251 2, ,919 1, Maserati Components 11,965 11,965-10,865 10,865 - Others & Elim. (6,456) (6,428) - (6,274) (6,254) - Trading profit 2,392 2, ,112 1, of which Automobiles 2,127 2, FGA Chrysler (7 months) 1,345 1, Ferrari Maserati Components Others & Elim. (4) (4) February 1, 2012 Q4 & FY 2011 Results Review 36

37 Q Chrysler Net income reconciliation (from IFRS to US GAAP) Three Months ended December 31, 2011 Euros USD Chrysler Net Income IFRS Reconciling Items: Capitalization of development costs 1) (191) (263) Other (111) (158) (302) (421) Chrysler Net Income - US GAAP ) Under IFRS, development costs for vehicle project production are capitalized as intangible assets if the development costs can be measured reliably and the economic feasibility of the product support the view that the development expenditure will generate future economic benefits. Capitalized development costs include all direct and indirect costs that could be directly attributable to the development process. These costs are subsequently amortized to expense on a straight-line basis from the start of production over the estimated production cycle. Under US GAAP, with the exception of certain software development costs, development costs are expensed as incurred in accordance with ASC 730, Research and Development Costs February 1, 2012 Q4 & FY 2011 Results Review 37

38 Chrysler Net debt reconciliation (from IFRS to US GAAP) Euros December 31, 2011 USD Chrysler Net Debt - IFRS 3,080 3,986 Unamortized purchase accounting adjustments 1) (575) (743) Classification and other differences: Accrued interest (255) (330) Other (814) (1,054) Net Industrial Debt - US GAAP 2,266 2,932 1) In connection with the transaction, all financial liabilities were re-measured to their fair value as of the first date of consolidation. The unamortized balance primarily relates to the fair value adjustment on the VEBA Trust Note February 1, 2012 Q4 & FY 2011 Results Review 38

39 Chrysler Group LLC Net revenues & trading profit NET REVENUES ( MN) VEHICLE SHIPMENTS (000) 16,443 20,284 3,325 23, H2 10 Pro-forma 597 H2 11 TRADING PROFIT ( MN) 1,195 June Jun-Dec 11 1,345 Q1 '10 Q2 '10 Q3 '10 Q4 '10 Q1 '11 Q2 '11 Q3 '11 Q4 '11 Jun 1-Dec 31, 2011, net revenues driven primarily by increased demand for 16 all-new or significantly refreshed cars and trucks launched in 2010 Q4 revenues up 42% driven by 42% year-over-year increase in vehicle shipments and improved pricing and mix Strong finish in 2011 with shipments increasing year-over-year to the highest quarterly level since company formation Trading profit benefitting from increased shipments and improved pricing and mix, partially offset by increased advertising of new products and higher industrial costs H2 10 Pro-forma H2 11 June 11 Jun-Dec 11 February 1, 2012 Q4 & FY 2011 Results Review 39

40 Chrysler Group LLC Trading profit variance & margin ( mn) % H2 '10 proforma Volume Mix & Net Price (9) Industrial Costs (194) (196) 1, % 150 1, % * SG&A Other H2 '11 June '11 Jun-Dec '11 Unadjusted volume increase of 223k units in H2 10 vs. H2 11 on continued success of new and significantly refreshed products Total 179k shipments units in June 2011 Mix and net price improved primarily due to 2011 model year vehicle launches and increased US retail penetration SG&A primarily reflects increased advertising expenditures Other mainly related to one-time change in inventory valuation reserves in 2010 February 1, 2012 Q4 & FY 2011 Results Review 40

41 Chrysler Group LLC FY worldwide vehicle shipments Units (000s) +26% / / , Int l Mexico Canada Contract Mfg 1,602 1, , Contract Mfg 1,139 1, U.S FY 2010 FY 2011 FY 2010 FY 2011 February 1, 2012 Q4 & FY 2011 Results Review 41

42 Chrysler Group LLC FY worldwide vehicle sales Units (000s) +22% / / ,855 1, Int l Mexico 1,516 1, Canada ,085 Fleet Mix 36% 1,369 Fleet Mix 28% +284 U.S FY 2010 FY 2011 FY 2010 FY 2011 Note Contract manufactured vehicles by Chrysler Group for other companies are excluded from Chrysler Group s worldwide vehicle sales (63k in FY 2011 and 16k in FY 2010) February 1, 2012 Q4 & FY 2011 Results Review 42

43 Fiat Group Automobiles Net revenues & trading profit NET REVENUES ( MN) Unit Shipments (000) ,766 1,697 1,980 2,234 2,153 2,151 2,082 2,033 FY 10 FY 11 FY 04 FY 05 FY 06 FY 07 FY 08 FY 09 FY 10 FY 11 TRADING PROFIT ( MN) FY 10 FY 11 FY net revenue flat at 28bn Decline of 2.4% in volumes countered by more favorable product mix Passenger cars: 1,613k shipments, down 4.6% or 79k LCVs: shipments at 420k, up 30k or 7.6% Strong FY performance in Latin America, driven by Argentina, fully offset by persisting weakness in Europe (but with a double digit growth in Germany) Argentina & Brazil combined at 865k (+4%), with Argentina at 92k units, up 23k or 33.2% Decline in the domestic market in line with industry performance, notwithstanding an unfavorable segment mix, partially offset by good performance in Germany, 124k and +14.8% February 1, 2012 Q4 & FY 2011 Results Review 43

44 Fiat Group Automobiles Trading profit variance & margin ( mn) % (78) (72) 70 FY '10 Volume Price & Mix Purchasing, net (12) (15) Production cost & absorption (86) % * R&D SG&A Other FY '11 Excluding 20k Jeep increase, overall shipments down ~69k units A more favorable mix (LCVs, Jeep, New Ypsilon & first FY contribution of Giulietta) more than offset by highly competitive market in EU, particularly in lower spectrum of market WCM program efficiencies more than offset by uneven under-absorption in Italian plants Higher R&D spending in line with cadence of future products SG&A increase driven by advertising in EU and overall higher spending in LA Other relates to FX translation February 1, 2012 Q4 & FY 2011 Results Review 44

45 Fiat Group Automobiles Q4 11 market & market share ex Dodge (Europe only), Ferrari & Maserati Passenger Cars Units 000 Q Unit Change % Change Light Commercial Vehicles 2 Units 000 Q Unit Change % Change EU27+EFTA Market 3, , Registrations Market Share 6.3% 6.9% -0.6 Italy Market Registrations Market Share 28.5% 28.8% -0.3 Germany Market Registrations Market Share 2.5% 2.7% -0.2 France Market Registrations Market Share 3.4% 3.7% -0.3 U.K. Market Registrations Market Share 2.7% 3.2% -0.5 Spain Market Registrations Market Share 3.0% 3.1% -0.1 Poland Market Registrations Market Share 7.0% 6.8% 0.2 EU27+EFTA Market Registrations Market Share 10.8% 11.9% -1.1 Italy Market Registrations Market Share 41.9% 42.4% -0.5 Germany Market Registrations Market Share 8.4% 8.6% -0.2 France Market Registrations Market Share 7.0% 7.4% -0.4 U.K. Market Registrations Market Share 3.4% 3.3% 0.1 Spain Market Registrations Market Share 8.4% 9.1% -0.7 Poland Market Registrations Market Share 25.2% 24.5% 0.7 Brazil 1 Market Registrations Market Share 21.8% 21.8% 0.0 Brazil 1 Market Registrations Market Share 21.0% 24.2% Including Chrysler Group vehicles 2 Due to unavailability of data from Italy since Jan 2011, figures reported for 2011 for that country are an extrapolation. As they are no current market figures, possibility of a margin of error for EU totals exists February 1, 2012 Q4 & FY 2011 Results Review 45

46 Fiat Group Automobiles FY 11 market & market share ex Dodge (Europe only), Ferrari & Maserati Passenger Cars Units 000 FY Unit Change % Change Light Commercial Vehicles 2 Units 000 FY Unit Change % Change EU27+EFTA Market 13, , Registrations , Market Share 6.9% 7.7% -0.8 Italy Market 1, , Registrations Market Share 29.4% 30.3% -0.9 Germany Market 3, , Registrations Market Share 3.1% 3.2% -0.1 France Market 2, , Registrations Market Share 3.6% 4.0% -0.4 U.K. Market 1, , Registrations Market Share 3.0% 3.2% -0.2 Spain Market Registrations Market Share 3.1% 3.3% -0.2 Poland Market Registrations Market Share 7.3% 8.2% -0.9 EU27+EFTA Market 1, , Registrations Market Share 12.5% 12.7% -0.2 Italy Market Registrations Market Share 44.4% 44.0% 0.4 Germany Market Registrations Market Share 11.7% 10.6% 1.1 France Market Registrations Market Share 8.8% 8.5% 0.3 U.K. Market Registrations Market Share 3.8% 3.8% 0.0 Spain Market Registrations Market Share 9.0% 8.7% 0.3 Poland Market Registrations Market Share 21.7% 23.1% -1.4 Brazil 1 Market 2, , Registrations Market Share 22.1% 22.7% -0.6 Brazil 1 Market Registrations Market Share 22.6% 24.1% Including Chrysler Group brands 2 Due to unavailability of data from Italy since Jan 2011, figures reported for 2011 for that country are an extrapolation. As they are no current market figures, possibility of a margin of error for EU totals exists February 1, 2012 Q4 & FY 2011 Results Review 46

47 Fiat Group Automobiles Worldwide unit shipments by region, Cars & LCVs (unit/000) * (2.4)% 2,082 2,033 (1.3)% % 176 RoW RoW 1, % 1, (2.7)% 525 EU27 excl. Italy EU27 excl. Italy 406 (0.5)% (10.7)% 559 Italy Italy 489 (11.0)% 435 (5.5)% Brazil % % 48 (9.4)% (9.6)% % Brazil 201 (4.1)% 193 Sep YTD '10 Sep YTD '11 Q4 '10 Q4 '11 FY '10 FY '11 * Incl. shipments w/buyback, Chrysler Group shipments in Europe, ex JVs and Ferrari & Maserati February 1, 2012 Q4 & FY 2011 Results Review 47

48 Fiat Group Automobiles Worldwide unit shipments by brand, Cars & LCVs (unit/000) * (2.4)% 2, % 2, (1.3)% 1, % 1, ,474 (8.6)% 1,347 1,125 (8.3)% 1,032 (5.5)% % 6.3x % 313 Sep YTD '10 Sep YTD '11 79 (9.7)% (15.6)% 30.3% 2.3x % 107 Q4 '10 Q4 '11 * Incl. shipments w/buyback, Chrysler Group shipments in Europe, ex JVs and Ferrari & Maserati 7 9.1% x % 420 FY '10 FY '11 February 1, 2012 Q4 & FY 2011 Results Review 48

49 Fiat Group Automobiles Worldwide production volumes, shipments & registrations Production & Purchases ( 000 units) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q Sales & Shipments Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Sales Shipments February 1, 2012 Q4 & FY 2011 Results Review 49

50 Fiat Group Automobiles Inventory trend by quarter Company inventory flat, less than 30 days supply Dealer inventory slightly up vis-à-vis expected shipments for Q1 12 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q Months of Supply (as per average of latest 3 months) Company Inventory Dealer Inventory February 1, 2012 Q4 & FY 2011 Results Review 50

51 Components Teksid & Comau 1, , FY 10 FY 11 FY 10 FY 11 FY 10 FY 11 (6) FY 11 FY 10 Revenues up 18.8% for full-year Cast Iron up 14.3%, mainly driven by components for heavy vehicles with positive performances in Mercosur, NAFTA & Europe Aluminum business unit down 8.0% FY trading profit up 52.9%, reflecting positive trend in volumes FY revenue up 37.0% All business lines up A 16mn swing in trading profit mainly driven by Body Welding, Powertrain Systems and Robotics Order intake of 1,608mn, up 32.5% vs. last year, with increases for all business lines February 1, 2012 Q4 & FY 2011 Results Review 51

52 Fiat ex Chrysler Net debt breakdown ( bn) Sep 30, 11 Dec 31, 11 Cons. Ind. Fin. Cons. Ind. Fin Gross Debt * (0.1) (0.1) - Derivatives M-to-M, Net (0.1) (0.1) - (11.1) (10.9) (0.2) Cash & Mktable Securities (10.3) (10.2) (0.1) Net Debt * Net of intersegment receivables Note: Numbers may not add due to rounding February 1, 2012 Q4 & FY 2011 Results Review 52

53 Fiat ex Chrysler Gross debt ( bn) Outstanding Sept 30, 11 Outstanding Dec 31, Cash Maturities Bank Debt Capital Market (1) Other Debt Securitization and Sale of Receivables (on book) ABS / Securitization Warehouse Facilities Sale of Receivables Adjust. for Hedge Accounting on Fin. Payables Gross Debt 16.2 (11.1) Cash & Mktable Securities (10.3) (0.1) Derivatives Fair Value (0.1) 5.8 Net Debt Undrawn committed credit lines 2.0 (1) Excluding fair value of bonds, including interest accruals Note: Numbers may not add due to rounding February 1, 2012 Q4 & FY 2011 Results Review 53

54 Chrysler Gross debt ( bn) Outstanding Sep 30, 11 Outstanding Dec 31, Cash Maturities (1) Bank Debt Capital Market Other Debt Securitization and Sale of Receivables (on book) ABS / Securitization Gross Debt 10.5 (7.0) Cash & Mktable Securities (7.4) (0.0) Derivatives Fair Value Net Debt Undrawn committed credit lines 1.0 (1) Including accrued interest Note: Numbers may not add due to rounding February 1, 2012 Q4 & FY 2011 Results Review 54