Letter from the Chairman

John ElkannDear Shareholders,

I am pleased to present Fiat Group’s 2012 Annual Report. We closed the year with all targets achieved or exceeded, including revenues of nearly €84 billion and trading profit above €3.8 billion. Worldwide shipments of passenger cars and light commercial vehicles increased to more than 4 million units.

Beyond the financial figures, however, there is another fact which stands out: that growth was not driven by our performance in one geographic region or market segment alone. As a result of the integration with Chrysler, we now have an extensive presence and full product offering in every major economic region in the world. That completeness is the strength of our Group – like the difference between having a four-wheel drive rather than simply two. The benefits have been quite evident in recent months with the severe crisis in the European market. Despite demand in Europe falling to levels not recorded since 1996, Fiat-Chrysler improved overall performance on the back of results achieved in the Americas and Asia.

At year end we also announced our intention to further capitalize on the intrinsic value of premium brands such as Jeep, Maserati and Alfa Romeo. That strategic decision was not only a response to current difficulties in Europe, but also part of our long-term objective to more fully leverage the Group’s potential – beginning with its know-how in technology and design – in support of ambitious development plans around the globe.

I would also like to bring your attention to a new feature in this year’s Annual Report. As a sign of the importance our Group places on responsible growth, we decided to dedicate a larger section of this year’s edition to sustainability. Our objective was to provide even more complete information to stakeholders and this will ultimately lead to an integrated report that reflects the strong inter-relationship between the economic, environmental and social dimensions.

That is how the Group intends to continue to grow, seizing every new development opportunity with determination and commitment.


/s/ John Elkann

John Elkann


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