Results by Segment

Following is a summary of revenues, trading profit and EBIT by segment and a comparison with pro-forma figures for 2011 (i.e., assuming Chrysler consolidated from 1 January 2011).

NAFTA

(€ million)
20122011Change2011
pro-forma
Change
Net revenues
43,521 19,830 23,691 33,800 9,721
Trading profit
2,693 1,008 1,685 1,693 1
EBIT  2,741 1,087 1,654 1,770 971
Shipments (units in thousands)
2,115 1,033 1,082 1,783 332

Vehicle shipments in NAFTA totaled 2,115,000 units for 2012, representing a 19% increase over 2011, on a pro-forma basis. Vehicle shipments were 1,748,000 in the U.S. (up 20% over 2011 on a pro-forma basis), 255,000 in Canada, up 9%, and 98,000 in Mexico, up 22%.

The NAFTA region reported full-year 2012 net revenues of €43.5 billion, up 29% over the prior year on a pro-forma basis (+19% at constant exchange rates), due to higher volumes and positive pricing, partially offset by an unfavorable mix.

Trading profit for 2012 totaled €2,693 million, up 59% over the prior year on a pro-forma basis (+47% at constant exchange rates), with volume increases and positive net pricing partially offset by higher advertising expense and higher industrial costs, impacted by additional shifts at certain plants and higher capacity utilization. EBIT of €2,741 million reflected the strong trading profit performance.

LATAM

(€ million)
20122011Change
2011
pro-forma
Change
Net revenues
11,062 10,562 500 11,068 -6
Trading profit
1,063 1,356 -293 1,410 -347
EBIT  1,032 1,331 -299 1,385 -353
Shipments (units in thousands)
979 910 69 929 50

Vehicles shipments in the LATAM region totaled 979,000 units for 2012, representing an increase of 5% over the prior year (on a pro-forma basis) and the Group’s all-time record for the region. The Brazilian market reacted positively to government stimulus measures introduced in May which remained in place through the end of 2012. These measures will be gradually phased out during the first half of 2013.

Revenues for the region totaled €11,062 million, substantially in line with the prior year (on a pro-forma basis) with the effect of increased volumes being offset by negative currency translation impacts. At constant exchange rates, revenues were 5% higher.

Trading profit was €1,063 million, compared with €1,410 million for 2011 (on a pro-forma basis). Higher volumes and increased manufacturing efficiencies were more than offset by cost inflation (mainly labor, advertising and SG&A), pricing pressure, higher expense related to new vehicle launches and currency translation impacts. At constant exchange rates, trading profit was €1,105 million. EBIT totaled €1,032 million, including €31 million in unusual charges, compared to €1,385 million for 2011 (on a pro-forma basis).

APAC

(€ million)
20122011Change2011
pro-forma
Change
Net revenues
3,128 1,513 1,615 2,086 1,042
Trading profit 
260 88 172 144 116
EBIT  255 63 192 119 136
Shipments (units in thousands)
103 53 50 74 29

Vehicle shipments in the APAC region (excluding JVs) totaled approximately 103,000 units for 2012, up 39% over the prior year (on a pro-forma basis).

Revenues in the APAC region totaled €3,128 million, up 50% (+39% at constant exchange rates) over 2011 on a pro-forma basis, primarily driven by the strong performance of the Jeep brand.

Trading profit was €260 million, nearly double the prior year, benefiting primarily from volume growth and a favorable currency translation impact (approximately €30 million). EBIT, which also reflects the contribution from joint ventures, totaled €255 million compared to €119 million in 2011 (on a pro-forma basis).

EMEA

(€ million)
20122011Change
2011
pro-forma
Change
Net revenues
17,800 19,591 -1,791 20,078 -2,278
Trading profit/(loss)
(704) (557) -147 (512) -192
EBIT  (738) (941) 203 (897) 159
Shipments (units in thousands)
1,012 1,166 -154 1,180 -168

Passenger car and LCV shipments in the EMEA region totaled 1,012,000 units for the year, a decrease of 14% over 2011 (on a pro-forma basis).

EMEA closed the year with revenues of €17.8 billion, a decrease of 11% over 2011 (on a pro-forma basis) attributable primarily to the contraction in volumes.

There was a trading loss of €704 million (€512 million loss for 2011 on a pro-forma basis), with negative volume and price effects being only partially offset by industrial efficiencies, World Class Manufacturing synergies and benefits from cost containment actions. There was an EBIT loss of €738 million, including €194 million in unusual charges, compared to a loss of €897 million for 2011 on a pro-forma basis (including €544 million in unusual charges). Investments contributed net income of €160 million (€160 million in 2011).

Luxury and Performance Brands (Ferrari, Maserati)

(€ million) 2012 2011 Change
Ferrari      
Net revenues 2,433 2,251 182
Trading profit 350 312 38
EBIT  350 318 32
Maserati      
Net revenues 634 588 46
Trading profit 42 40 2
EBIT  42 40 2
LUXURY AND PERFORMANCE BRANDS
     
Net revenues (*) 2,898 2,699 199
Trading profit 392 352 40
EBIT  392 358 34
(*) Net of eliminations.

Ferrari

In 2012, Ferrari shipped a total of 7,318 street cars, representing a 5% increase over the prior year and an all-time record for the brand. For 8-cylinder models, there was a 3% year-over-year increase. Shipments of 12-cylinder models were up 11%, driven primarily by the new FF and the new F12 Berlinetta, which contributed in the fourth quarter.

Ferrari reported 2012 revenues of €2,433 million, increasing 8% over 2011 on the strength of higher volumes, a more favorable product mix and the contribution from the “personalization” program.

Trading profit and EBIT totaled €350 million for the year (trading margin: 14.4%). The increase in trading profit over 2011 (€312 million) reflected higher volumes, a more favorable product mix and positive contributions from licensing and financial services.

Maserati

In 2012, Maserati shipped a total of 6,288 cars, a 2% increase over 2011. In the U.S., shipments totaled 2,904 vehicles, representing the best volume performance in 8 years and confirming the U.S. as the brand’s number one market.

Revenues totaled €634 million for the year, up 8% over 2011 primarily due to higher sales volumes.

Maserati closed the year with trading profit and EBIT of €42 million (trading margin: 6.6%), in line with 2011. The positive impact of higher volumes and continued improvements in operating costs were offset by significant costs incurred during the year in connection with the production start-up of new models in 2013.

Components and Production Systems (Magneti Marelli, Teksid, Comau)

(€ million) 2012 2011 Change
Magneti Marelli      
Net revenues 5,828 5,860 -32
Trading profit 140 181 -41
EBIT  130 9 121
Teksid      
Net revenues 780 922 -142
Trading profit - 26 -26
EBIT  4 1 3
Comau      
Net revenues 1,482 1,402 80
Trading profit 36 10 26
EBIT  33 (120) 153
COMPONENTS AND PRODUCTION SYSTEMS
   
Net revenues (*) 8,030 8,122 -92
Trading profit 176 217 -41
Unusual income/(expense) (11) (312) 301
EBIT  167 (110) 277
(*) Net of eliminations.

Magneti Marelli

Magneti Marelli posted 2012 revenues of €5,828 million, substantially in line with the prior year. The strong performance in the German market (although slowing in the fourth quarter), NAFTA and China largely compensated for difficult trading conditions in other European markets and a mixed performance in Brazil, which was particularly weak in the first half of the year.

Top-line performance was positive for Lighting (+13%), which benefited from strong demand from German customers and new technological content for products launched during the second half of 2011. Electronic Systems also reported robust performance (+21%) on the back of higher sales of telematic and body products to external customers. The After Market business line also posted a marginal improvement in revenues (+2%), with increases in the U.S. and Mercosur more than offsetting declines in Europe. The remaining business lines reported decreases.

Trading profit totaled €140 million for the year, compared to €181 million for 2011. The year-over-year decline was primarily attributable to lower volumes in Europe, costs associated with the significant number of production start-ups in the NAFTA region and cost inflation in Brazil, only partially offset by cost containment and efficiency gains achieved during the year. EBIT was €130 million compared to €9 million for 2011, which included €154 million in unusual charges.

Teksid

Revenues for 2012 totaled €780 million, down 15% on the prior year. The Cast Iron business unit recorded a 16% decrease in volumes, attributable primarily to lower demand in the heavy vehicle segment in most core markets. For the Aluminum business unit, volumes were down 5% on the prior year.

Teksid closed the year with trading result at breakeven, compared with a €26 million profit in 2011. The decrease was primarily attributable to volume declines. EBIT was €4 million, compared with €1 million in 2011, which included €28 million in unusual charges.

Comau

Comau posted revenues of €1,482 million for 2012, a 6% increase over 2011 primarily attributable to the Powertrain Systems activities.

Order intake for the period totaled €1,557 million, down 3% over 2011. At 31 December 2012, the order backlog totaled €876 million (+5% over year-end 2011).

Trading profit for the year totaled €36 million, compared to €10 million for 2011. The increase was principally attributable to the Body Welding and Powertrain Systems activities. EBIT totaled €33 million, compared with a loss of €120 million for 2011, which included unusual charges of €130 million.

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