Fiat Industrial meets targets for 2012, says Marchionne

Chairman confirms objectives for 2013

Fiat Industrial meets targets for 2012, says Marchionne

Turin, April 8 - Fiat Industrial, the holding company of the non-automotive assets of Fiat SpA, recorded a net profit of 921 million euros in 2012, up 31% over the previous year, according to results presented at a shareholders' meeting on Monday. Revenue grew by 6.2% to reach 25.8 billion euros while trading profit was up 23.3% to 2.07 billion euros on the back of continued strong performance from US agricultural and construction equipment manufacturer CNH Global NV. Consequently the company is to pay out a total dividend of 275 million euros, translating into 0.225 euros per ordinary share. "In 2012, its second year after splitting from (Fiat) Auto, Fiat Industrial has met all its targets," said Chairman Sergio Marchionne. The CEO of automobile manufacturer Fiat SpA also confirmed 2013 targets of a 5% increase in revenues, a trading margin of between 8.3% and 8.5% and net industrial debt of between 1.1 billion euros and 1.4 billion euros. Fiat Industrial became operational on January 1, 2011, as the result of a spin off of non-car making industries from Fiat. Its main assets are truck and tractor makers Iveco and CNH, of which it owns around 88%.

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