The Board of Directors of Fiat S.p.A. met in Turin today to:
- approve the 2012 consolidated financial statements for the Fiat Group which confirm trading profit of €3,814 million and net profit of €1,411 million, as announced on January 30, 2013;
- approve the statutory accounts of Fiat S.p.A., which report a net loss of €152 million for 2012;
- call a General Meeting of Shareholders in Turin for April 9, 2013 (single call only) to vote on the following: – proposal to approve the financial statements as of December 31, 2012 and net result allocation; – review of the Company’s Remuneration Policy and renewal of the shareholders’ authorization to purchase and dispose of own shares expiring on October 4, 2013.
As announced on January 30th, the Fiat Group 2012 consolidated financial statements (which, for the first time, consolidate Chrysler for the full year) reported a trading profit of €3,814 million. Net profit was €1,411 million and there were net unusual expenses of €244 million. For 2011, when Chrysler was consolidated starting from June 1, 2011, trading profit was €2,392 million and net profit was €1,651 million, with net unusual income of €944 million. Consolidated net equity (Group and non-controlling interests) at December 31, 2012 amounts to €13,173 million (€12,260 million at December 31, 2011).
Fiat S.p.A. separate statutory accounts at December 31, 2012 closed with a net loss of €152 million, with financial charges and operating costs only partially offset by the result from investments. Net equity at December 31, 2012 amounts to €8,902 million (€9,053 million at December 31, 2011).
The Board voted to propose to Shareholders at the Annual General Meeting the allocation of the net loss of €152,349,998 for 2012 to Retained Earnings, bringing the value of the reserve to €1,758,623,155.
The Shareholders Meeting will vote on the review of the Compensation Policy of the Company pursuant to art. 123 ter of Legislative Decree No. 58/1998 and on the renewal, for a further period of eighteen months, of the authorization already granted to purchase own shares in an amount not to exceed the legal limitation of the share capital and a maximum value of €1.2 billion, including reserves allocated for own shares already held for €259 million. The proposal, once approved, will not entail any obligation to proceed with any purchase of own shares. Such authorization is requested in order to service the incentive plans based on financial instruments already approved by the Company and, more generally, in order for the Company to have the flexibility to pursue any strategic investment opportunities that may arise for all purposes permissible under applicable laws.
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The manager responsible for preparing the Company’s financial reports, Richard Palmer, declares, pursuant to Article 154-bis (2) of Legislative Decree 58/98, that the accounting information contained in this press release corresponds to the results documented in the books, accounting and other records of the company.
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Turin, February 20, 2013
The detailed financial information associated with this release can be downloaded at http://www.fiatspa.com/en-US/media_center/FiatDocuments/2013/Febbraio/Fiat_Board_of_Directors_Meeting_2012_Annual_Report_and_calling_of_Annual_General_Meeting.pdf
