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10 2010 in summary 11 Structure: Fiat & Fiat Industrial 12 Fiat Group Brands 16 Fiat Industrial Group Brands 20 Fiat & Fiat Industrial Worldwide 22 Operating Responsibly





2010 RESULTS ( billion) Revenues Trading Profit Net Profit Net Industrial Debt (**) Liquidity

(*) (**) Net of eliminations between Fiat and Fiat Industrial At 31 December 2010, Net industrial debt split between Fiat post Demerger and Fiat Industrial reflects the Net industrial debt attributable to the two groups on a stand-alone basis. The settlement of intercompany financial payables and receivables, outstanding at 31 December 2010 between Fiat post Demerger and Fiat Industrial occurred in January 2011. Had these transactions occurred before year end, this would have increased the Fiat reported post demerger cash (and conversely decreased the Fiat Industrial cash), with no effect on the above mentioned stand-alone reported Net industrial debt of the two groups at 31 December 2010.

Fiat Group pre Demerger

56.3 (*) 2.2 0.6 2.4 15.9 35.9 1.1 0.2 0.5 12.2 21.3 1.1 0.4 1.9 3.7


( million)

Trading Profit

( million)

56,258 2010 50,102 2009 2008 0


2010 2009 59,564(*) 2008 50,000 60,000

2,204 1,058 3,362 0 1,000 2,000 3,000 4,000

10,000 20,000 30,000 40,000

Following adoption of the improvement to IAS 16 in 2009, revenues for 2008 were increased by 184 million

Debt ( million)

Profit/(Loss) ( million)

2010 2,442 2009 4,418 2008 5,949 0

14,932 2010 2009 17,954 2008 7,500 10,000 12,500 15,000 17,500 20,000 -1,000 -500 (848)




2,500 5,000






Fiat Group

Industrial Activities





Fiat is a global group whose activities are focused in the automobile sector. It designs, produces and sells cars for the mass market under the Fiat, Lancia, Alfa Romeo and Fiat Professional brands and luxury and performance cars under the Ferrari and Maserati brands. The Group also operates in the components sector through Magneti Marelli, Teksid and Fiat Powertrain and in the production systems sector through Comau. Fiat's industrial capabilities, market positioning and strategic development programs make it one of the world's most solid and competitive groups. Following the demerger, the Fiat Group's industrial and financial services activities are carried out through companies located in approximately 40 countries and it has commercial relationships with customers in approximately 140 countries. The Group's principal businesses are:


AUTOMOBILES Fiat Practical, versatile and responsive ­ made for consumers who are increasingly focused on environmental issues and technological innovation. The brand produces models that offer practical and affordable technology combined with unmistakable Italian design. In recent years, it has also placed a strong emphasis on the ecological profile of its products. As a result of its constant commitment to developing concrete solutions that are deployable now, Fiat has achieved the lowest average CO2 emissions among the top selling brands in Europe for more than 3 years running (source: JATO Dynamics). Alfa Romeo Sportiness, technology, comfort and elegance contribute to the distinctive design and personality that are Alfa Romeo. Celebrating its 100th anniversary in 2010, this historic Italian marque continues to embody the values recognized by generations of auto enthusiasts ­ agility, spirit, and style, a style born from the unique balance between attractive proportions and advanced technology that offers optimum power, fuel consumption and ecological performance. Lancia Class, exclusivity and unmistakable Italian style are the hallmarks of Lancia. For more than 100 years, the brand has been producing models whose elegant originality complements their day-to-day versatility: models such as the compact Ypsilon, the Musa city limousine and the Delta, which blends style with a bold and innovative spirit. Abarth Relaunched in 2007, Abarth is today synonymous with spirited performance and sporting emotion. The Scorpion offers cars that are ultra-modern yet true to the brand's traditional spirit, packed with technology and performance born for the racetrack. Models include the Abarth Punto Evo, the 500C and the limited edition Abarth 695 Tributo Ferrari released in 2010, as well as tuning kits and exclusive versions for racing enthusiasts. Fiat Professional Fiat Professional's relationship with its customers is a partnership between professionals. With its full range of light commercial vehicles, the brand's mission is to support both small and large companies in growing their businesses. Customers seeking productivity, ease of use and fuel efficiency rely on the know-how and innovation of Fiat Professional ­ their ally in meeting the challenges of the market. Maserati Models that are set apart by their styling, elegance and technological sophistication. Cars such as the Quattroporte, a sedan of unmistakable style that represents the ideal balance between luxury and performance; or the GranTurismo, the first 2-door, 4-seater modern coupé that combines power and elegance, futuristic design with surprising practicality; or the GranCabrio, the brand's first ever 4-seater cabriolet. Maserati's excellence is often the result of experience gained on the racetrack. Indeed, it has a long and glorious racing heritage that continues today with the MC12, winner of 14 FIA GT Championships since its debut in 2004, and the new GranTurismo MC Trofeo, which, as of 2010, now has its own mono-brand trophy.




Ferrari The company's history officially began in 1947 when the first car emerged from the gates of no. 4 Via Abetone Inferiore in Maranello. That historic two-seater ­ the 125 S ­ went on to win the Rome Gran Prix in 1947 and rapidly evolved into a refined GT roadster. Ferrari has traveled a long way since then, but its mission has remained the same: to make unique sports cars that represent the finest in Italian auto design and craftsmanship, both on and off the track. The essence of excellence and sportiness, Ferrari needs no introduction. Numerous Formula1 titles (16 times winner of the Constructors' championship and 15 times winner of the Drivers' championship) are its calling card. And, of course, the impressive line-up of legendary GT models: cars that are unique for their design, technology and luxurious styling and that represent the best in Italian the world over. COMPONENTS AND PRODUCTION SYSTEMS Fiat Powertrain Fiat Powertrain specializes in the research, development, production and sale of engines and transmissions and is one of the largest players in its field globally. The company produces engines ranging in output from 60 to 235 hp and transmissions with torque from 143 to 400 Nm for application on passenger cars and light commercial vehicles. Its R&D capabilities and know-how in engineering and production processes ensure excellence in innovating and developing solutions. Magneti Marelli The company is an international leader in the design and production of leading-edge automotive systems and components: from lighting to engine control systems, from electronics to suspension systems, from exhaust systems to components for the aftermarket and motorsport. Through a process of continuous innovation, Magneti Marelli seeks to leverage its know-how and the Group's expertise in electronics to develop intelligent systems and solutions that contribute to the evolution of safe and environmentally-sustainable mobility, as well as enhancing the passenger experience. The company has been a major contributor to the enormous technological advances achieved in the automotive sector in recent years. Teksid Teksid is the largest producer of gray and nodular iron castings in the world and places significant emphasis on production quality to meet the specific and increasingly demanding needs of the automotive industry. The company produces engine blocks, cylinder heads, engine components, and parts for transmissions, gearboxes and suspensions. In addition, Teksid Aluminum is a world leader in production technologies for aluminum cylinder heads and engine components. Teksid's competitive advantages include: 80 years of experience; a high level of automation; continuous upgrading of technology focused on improving quality standards; and close integration with the product development of its customers, which include the major global producers of cars, trucks, tractors and diesel engines. Comau Comau makes "the machines that make machines": body welding and assembly robots; and machining and assembly for mechanical systems. Customers are delivered a turnkey solution that includes design, production, installation, production startup and follow-up maintenance. With 40 years of experience in industrial automation, Comau is a leader in the search for innovative technologies to continuously improve processes. Constant investment in R&D has enabled the company to position itself as an international full-service provider of engineering solutions to the automotive industry, as well as the aerospace, petrochemical, steel and foundry industries. Through its Ecomau solutions, Comau supports customers in the application of energy-saving production technologies through upgrades to existing plant and equipment and provision of new plant and equipment.






Fiat Industrial's significant industrial base, extensive product range and global presence make it a leader in the global capital goods sector. Created through the demerger from Fiat S.p.A., the Group operates through businesses that are all major international players in their industry sectors: CNH-Case New Holland, Iveco and FPT Industrial. These three sectors design, produce and sell tractors, agricultural and construction equipment (CNH), trucks, commercial vehicles, buses, special vehicles (Iveco), in addition to engines and transmissions for those vehicles and engines for marine applications (FPT Industrial). The Group carries out its industrial and financial services activities through companies located in approximately 45 countries and has commercial relationships with customers in approximately 190 countries. It activities are divided into the following sectors:


AGRICULTURAL AND CONSTRUCTION EQUIPMENT (CNH ­ Case New Holland) From the very beginning, the sector's brands played a key role in the development of the agricultural and construction equipment industries in Europe and the United States. Today, CNH offers customers in these two segments the best technology available. Agricultural equipment is sold under the New Holland Agriculture and Case IH brands, as well as the Steyr brand in Europe. Construction equipment is sold under the New Holland Construction and Case Construction brands, as well as the Kobelco brand in North America. CNH not only provides customers products of the highest quality that are adaptable to their specific needs and guarantee the maximum in productivity, it also offers full service support (CNH Parts & Service) and a comprehensive range of financing solutions tailored to the customer's profile (CNH Capital). The sector's brands are: Case IH Agriculture The Case IH Agriculture brand and red logo embody a tradition of leadership in the agricultural equipment market. The brand is synonymous with incomparable performance, low operating costs and reliability. The range of tractors, balers and combine harvesters reflects the heritage of leading agricultural equipment producers and brands such as Case, International Harvester and David Brown, to name but a few. Each brand has played an important role in the history and development of Case IH. Today, Case IH is recognized as a global provider of powerful, reliable and high productivity equipment, principally for large grain producers, and it boasts an organization of field personnel committed to providing high-quality professional services for optimized management of agricultural businesses. New Holland Agriculture Since 1895, New Holland has been providing solutions that improve farming efficiency and productivity through the use of accessible technology. In 2006, the Clean Energy Leader strategy was launched for the active promotion of renewable fuels, emissions reduction systems and sustainable agricultural technology. New Holland offers cash crop producers, livestock farmers, contractors, vineyards and groundcare professionals the largest choice of easy-to-operate tractors, harvesters and material handling equipment: more than 80 product lines and over 300 models. New Holland complements the widest agricultural equipment offering in the world with efficient Parts & Service support and a range of financial services tailored to the agricultural industry. A professional global dealer network also guarantees total assistance and expert advice. Maintaining close relationships with customers in every segment, New Holland is a reliable partner for every farmer. Steyr Steyr has been the leading producer of tractors in Austria for more than 60 years. Its distinctive red and white trademark, first used in 1967 with the launch of the Plus series, is today synonymous with high-quality, reliable products. Steyr's tractors are produced for the "premium" segment, in which it holds a significant share in Austria. It exports 60% of production and its principal export markets are Germany, Switzerland, France, Italy, Belgium, the Netherlands, Luxembourg, Scandinavia and Southern and Eastern Europe. Nineteen different tractor models are manufactured at the St. Valentin plant in Austria, where significant investment has been made recently. The Steyr Kompakt, 9000 MT, Profi series and CVT series, as well as the municipal and forestry range of products, testify to the company's ability to respond rapidly to the ever-changing demands of the market.




New Holland Construction New Holland Construction is an undisputed leader in the global construction equipment market. The black and yellow markings symbolize the best in know-how and experience from Fiat Kobelco, Kobelco, O&K, New Holland and Fiat Allis. The blending of their individual strengths and successes gave birth to a brand with a rich heritage and a pioneer in the development of advanced and sophisticated earth-moving technology. In addition to a comprehensive range of products, New Holland Construction has dedicated significant resources and investment to creation of an extensive dealer network that operates with the following philosophy: listen to customers, take a personal approach to their problems and rapidly find a solution. Case Construction Since it was founded in Racine, Wisconsin (U.S.A.) more than 160 years ago, Case Construction has built a reputation as a premium manufacturer of a wide range of technologically-advanced products for the construction equipment industry. With more than 90 models carrying the Case name and colors, the brand's product line-up boasts a solution to meet almost every requirement. Equipment such as skid steer loaders, mini excavators, backhoe loaders, crawler and wheel excavators, and wheel loaders have been designed to face extreme climate conditions and operate in high-risk situations. Over more than a century, Case has earned an enviable reputation as supplier to the armed forces and other specialist organizations around the world engaged in activities such as dismantling land mines and re-building communities devastated by natural disasters. Kobelco Kobelco manufactures and sells a full line of compact, mid-size and full-size excavators ranging from 1.9 to 88 tons. Particular attention is given to power and precision and every Kobelco excavator is designed and manufactured to exceed customer expectations. Kobelco excavators are sold through over 250 distribution outlets in North America and customers are supported by a network of experienced dealers and field service representatives. TRUCKS AND COMMERCIAL VEHICLES (Iveco) A range of light, medium and heavy vehicles for the transportation and distribution of goods that are cost effective to operate and minimize environmental impacts (Iveco). Commuter buses and touring coaches designed for optimum environmental performance (Iveco Irisbus). Quarry and mining equipment purpose-built to move heavy materials across any terrain with absolute reliability (Iveco Astra). Special vehicles that can be deployed rapidly and effectively for firefighting (Iveco Magirus), as well as civil defense and peace-keeping missions (Iveco Defence Vehicles). Iveco guarantees its customers the highest level of after-sales support worldwide and, through Iveco Capital, offers advanced financial services solutions for the purchase, lease or rental of its products. The Group operates through the following brands:


Iveco Iveco is one of the world leaders in road transportation. It designs, manufactures and sells a wide range of light, medium and heavy commercial vehicles for on-road and off-road use. Alongside its main product offer, the company also offers after-sales and financing services, in addition to services related to used vehicles. From the beginning, the company has been committed to safe, efficient and ecological mobility. It is the only producer to offer ecological diesel and natural gas engines on its entire range of vehicles. Iveco was the first full-line truckmaker to invest significantly in natural gas technology, developing components and optimized configurations for use with CNG. From light segment vehicles (EcoDaily), to medium (Eurocargo) and heavy (Stralis), all products are equipped with engines that meet the Enhanced Environmentally-friendly Vehicle standard (EEV), the strictest emissions standard currently in effect in Europe. Iveco Irisbus Iveco Irisbus is one of the major European manufacturers in the passenger transport sector and is steadily expanding its activities globally, selling its products in more than 40 countries. This has been achieved through continuous investment in research and development and the use of cutting-edge manufacturing technologies. Iveco Irisbus offers a complete range of vehicles for transporting people: coaches for short and long-range touring, buses for urban and inter-city transport, and mini-buses. One of the features that sets Iveco Irisbus apart is its approach to testing ­ which for years has been conducted in close collaboration with the operators of public transport ­ on alternative fuels and new vehicle concepts, focusing in particular on environmental impact, passenger comfort and running costs. Iveco Astra Astra is synonymous with endurance and reliability the world over. Not even African roads or the most challenging desert conditions can stop Astra vehicles whose safety performance and productivity serve as a standard bearer for Italian technology around the world. The company, which was founded in 1946, has been part of the Iveco sector since 1986. It has behind it more than 60 years of experience designing and producing vehicles to carry out the most challenging tasks in extreme climate conditions. Astra builds vehicles that can enter the most inaccessible quarries and mines and move huge quantities of heavy material, such as rock or mud. The product range includes mining and construction vehicles, rigid and articulated dumptrucks, and special vehicles. The company is also strongly committed to reducing emissions levels for its vehicles and, on the production side, it seeks to optimize waste collection and use for the maximum recovery and recycling possible. Iveco Magirus For 140 years, Magirus has been making equipment to deal with the most serious emergencies: fires, floods, earthquakes and explosions. Its story begins in 1864, when the business was started up by Conrad Magirus, chief of the local fire brigade in Ulm (Germany), who invented the first ever firefighting ladder. With many commercial successes and recognitions received over the years, the company is today a major player globally in the firefighting and emergency equipment sector. Iveco Magirus actively collaborates with firefighters from Siberia to Africa, and from China to Japan. It is through a close relationship with those at the front line in emergency response that the best and most reliable technological solutions are developed. COMPONENTS FPT Industrial FPT Industrial is specialized in the design, production and sale of propulsion and transmission systems for on- and off-road trucks and commercial vehicles, as well as engines for marine application and power generation. With an extensive product portfolio (5 engine families ranging in output from 50 hp to 870 hp and transmissions with maximum torque from 300 to 400 Nm), and a strong emphasis on research and development, FPT Industrial is one of the world's leading producers of powertrains for industrial application.





From the very beginning, Fiat has always had a significant international dimension and today the Group boasts an extensive global presence. By employing a global vision but interacting at the local level, the two Groups are prepared to confront new challenges, to achieve the maximum in each market and to react rapidly to the needs of their millions of customers.






27.3% 45.8% 44 30

11.7% 29.2% 16 13


33.0% 29 13

32.1% 25 21


3.1% 1.2% 6 3

24.4% 15.7% 11 13

17.9% 36.2%




27.9% 18 5

17.3% 8 4


8.7% 6.4% 16 7

14.5% 6.1% 8 4

28.7% 12.8%





Fiat Group has long been committed to promoting increasingly sustainable development, in the firm belief that growth only has value if it is achieved responsibly. Making social and environmental considerations part of its strategic processes has become an integral part of Fiat's daily business.

This is not an arbitrary commitment, but rather is increasingly central to how the Group operates, with top management leading the way. The Group Executive Council (GEC) ­ the decision-making body headed by the Chief Executive Officer of Fiat S.p.A. and made up of the CEOs of the operating sectors and the heads of certain functions ­ defines the strategic approach, approves the guidelines and Sustainability Plan and is periodically informed on the Group's environmental and social performance. In addition, the Nominating, Corporate Governance and Sustainability Committee (a sub-committee of the Board of Directors) evaluates proposals relating to strategic guidelines on sustainability and reviews the annual Sustainability Report. Fiat's commitment to environmentally and socially sustainable development was also recognized by leading sustainability rating agencies and international organizations. In 2010, Fiat S.p.A. was named as a sustainability leader for the second year running, maintaining its place in the Dow Jones Sustainability World and Dow Jones Sustainability Europe indexes, the most prestigious equity indexes that only admit companies that are best-in-class in terms of economic, environmental and social performance. Fiat received a score of 93/100 from SAM, specialists in sustainability investing, compared to an average of 70/100 for the pool of "Automobiles" sector companies analyzed. Other European companies specialized in Socially Responsible Investing (SRI) also acknowledged Fiat's performance, with Sustainalytics recognizing it as the leading automobile company and Oekom Research awarding it a "Prime" rating. Fiat Group also participated in the review conducted by the Carbon Disclosure Project, achieving the highest score (among automobile companies included in the world's 500 largest corporations by market capitalization) for the level of disclosure on issues linked to climate change and a "B" grade (on a scale from D-worst to A-best) for its climate change mitigation initiatives. Finally, Fiat Group took third place in the 2010 CSR Online Awards (established by strategic communications consultancy, Lundquist) for online communication in the area of corporate social responsibility. Although these are major achievements, they are not the final objective. Fiat is committed to maintaining high standards and constantly improving performance on several fronts: the environment and sustainable mobility; attention to the needs of individuals, both inside and outside the company; and ethical and transparent conduct.



In relation to sustainable mobility, for example, after three years as leader, Fiat Automobiles was again confirmed as having the lowest average CO2 emissions of the top selling brands in Europe (source: Jato Dynamics, September 2010). To minimize its environmental footprint, the Group has expanded the action plan established in 2009, initially focused on reducing energy consumption and CO2 emissions, to include challenging new targets for the reduction of water consumption, waste generation and major harmful emissions by the end of 2014. On the social front, the Group continued to manage the effects of the difficult economic environment on employees with responsibility and transparency and further enhanced its human capital development program. The commitment to health and safety in the workplace also continued through targeted training and other initiatives. Programs in support of the social and economic development of local communities achieved significant results again in 2010, particularly in Brazil. A detailed description of the Group's environmental and social initiatives is provided in the Fiat Group Sustainability Report, also available in an interactive version on the Group's Sustainability website. A progress report on existing projects and new targets for continuous improvement in the Group's sustainability performance are outlined in the Sustainability Plan.


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