Fiat Industrial SpA reported unaudited consolidated earnings results for the fourth quarter and full year ended December 2012. The company reported net sales increased by 2.8% during fourth quarter of 2012, primarily due to the CNH performance. The company had strong trading profit growth of 10.9% during fourth quarter, primarily due to volumes in CNH, price realization in the AG business, industrial efficiencies and overhead reductions in Iveco, an improvement in financial services at both CNH and Iveco. All of these partially offset by the depressed truck volume and pricing due to market conditions. The company had very strong cash flows in fourth quarter primarily due to inventory reductions due to a 19% and the production versus retail in the AG sector and 21% in Construction Equipment. Net revenues were €7,014 million against €6,820 million a year ago. Operating profit was €361 million against €393 million a year ago. Profit before taxes was €246 million against €233 million a year ago. Profit for the period was €161 million or €0.122 per share against €144 million or €0.101 per share a year ago. Profit attributable to owners of the parent was €148 million against €123 million a year ago.

The company's net income was up €200 million over 2011. Full year trading profit of €2,079,000,000 billion, 23.3% higher compared to 2011. Net results increased by €220 million or 31% due to the strong operating results, lower financial expenses and lower tax rate. Cash flow from operations reached €1.4 billion, with €325 million of working capital absorption primarily due to the Truck business slowdown in Latin America and Europe. CapEx reached €1.3 billion, €353 million higher than 2011 primarily due to new product launches at CNH and CNH capacity expansion in China, India, Brazil and Argentina as well as engine emissions compliance programs. Net debt as on December 31, 2012 was €15,994 million against €14,549 million a year ago. The main variances for net debt are due to the dividend payments of €400 million during 2012, which includes the €197 million of onetime dividend to CNH shareholders and change in working capital as mentioned before. Net revenues were €25,785 million against €24,289 million a year ago. Operating profit was €1,862 million against €1,629 million a year ago. Profit before taxes was €1,485 million against €1,169 million a year ago. Profit for the period was €921 million or €0.663 per share against €701 million or €0.511 per share a year ago. Profit attributable to owners of the parent was €810 million against €624 million a year ago. Cash from operating activities before change in working capital was €1,760 million against €1,715 million a year ago.

For year 2013 guidance of increased revenues by 5% and trading margin improvement from 8.1% in 2012 to a range of 8.3% to 8.5% and net industrial debt between €1.1 billion to €1.4 billion.

The Board resolved to propose to Shareholders at the Annual General Meeting a distribution of a dividend of €0.225 per ordinary share representing a total distribution of around 275 million for the year 2012. The dividend will be payable on April 25, 2013 (ex-dividend date being April 22, 2013) with record date on April 24, 2013.