Chrysler 2010 Annual Report Download - page 73

REPORT ON
OPERATIONS
FINANCIAL
REVIEW –
FIAT GROUP
72
Following is a summary of the principal components of operating profit, broken down by sector:
Gains/(losses) on
Trading the disposal of Restructuring Other unusual Operating
profit/(loss) investments costs income/(expense) profit/(loss)
(€ million) 2010 2009 2010 2009 2010 2009 2010 2009 2010 2009
Fiat Group Automobiles 607 470 - - 90 54 (2) (199) 515 217
Maserati 24 11 - - - - - - 24 11
Ferrari 303 238 - 2 - - (1) 5 302 245
Fiat Powertrain 140 104 10 - (3) 21 19 (6) 172 77
Components (Magneti Marelli) 98 25 1 (3) 26 62 - - 73 (40)
Metallurgical Products (Teksid) 17 (12) - - - 4 - 2 17 (14)
Production Systems (Comau) (6) (28) - 1 - 5 - - (6) (32)
Other Businesses and Eliminations (71) (72) 1 3 5 22 (30) 5 (105) (86)
Total Continuing Operations 1,112 736 12 3 118 168 (14) (193) 992 378
Agricultural and Construction
Equipment (CNH) 755 337 4 1 5 87 - - 754 251
Trucks and Commercial Vehicles (Iveco) 270 105 - - 19 22 (11) (173) 240 (90)
FPT Industrial 65 (131) - - 33 35 (3) (25) 29 (191)
Eliminations and Other 2 11 (1) - 1 - (6) - (6) 11
Total Discontinued Operations 1,092 322 3 1 58 144 (20) (198) 1,017 (19)
Total Fiat Group 2,204 1,058 15 4 176 312 (34) (391) 2,009 359
Profit/(loss)
Net financial expense for 2010 totaled €905 million for the Group (€753 million for 2009) with the increase primarily due to the cost of maintaining
a higher level of liquidity. For Continuing Operations, net financial expense was €400 million (€352 million for 2009) and included a €111 million
gain in the mark-to-market value of two stock option-related equity swaps (a €117 million gain for 2009). For Discontinued Operations, net financial
expense totaled €505 million (€401 million for 2009).
Investment income totaled €178 million, up from the €27 million figure for 2009 mainly due an increase in earnings for joint venture companies.
For Continuing Operations, investment income totaled €114 million (€77 million in 2009). For Discontinued Operations, investment income was
€64 million (loss of €50 million in 2009).
Fiat Group recorded profit before taxes of €1,282 million (loss before taxes of €367 million for 2009), €706 million of which related to Continuing
Operations (profit before taxes of €103 million for 2009) and reflected the higher operating result (+€614 million), as well as an increase in investment
income (+€37 million), partially offset by a €48 million increase in net financial expense. Discontinued Operations closed 2010 with a profit before
taxes of €576 million, compared to a loss before taxes of €470 million for 2009. The increase reflects the higher operating result (+€1,036 million)
and an increase in investment income (+€114 million), partially offset by a €104 million increase in net financial expense.
Income taxes for 2010 for Fiat Group totaled €682 million (€481 million for 2009), of which €90 million for IRAP (€99 million for 2009) and €8 million for
taxes relating to prior periods (€24 million for 2009) with the remainder relating to the taxable income of companies operating outside Italy. For Continuing
Operations, income taxes totaled €484 million (€448 million for 2009) and for Discontinued Operations, they came to €198 million (€33 million for 2009).
For 2010, Fiat Group recorded a profit of €600 million (loss of €848 million for 2009), €222 million for Continuing Operations (loss of €345 million
for 2009) and €378 million for Discontinued Operations (loss of €503 million for 2009).
Profit attributable to owners of the parent for 2010 was €520 million (loss of €838 million for 2009), €179 million for Continuing Operations
(loss of €374 million for 2009) and €341 million for Discontinued Operations (loss of €464 million for 2009).