Chrysler 2011 Annual Report Download - page 79

Report on
Operations
78
Financial
Review –
Fiat Group
Following is a summary of the principal components of operating profit, by sector:
Trading profit/(loss)
Gains/(losses) on
disposal of investments Restructuring costs
Other unusual income/
(expense) Operating profit/(loss)
(€ million) 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010
Fiat Group Automobiles 430 607 1-78 90 1,523 (2) 1,876 515
Chrysler 1,345 ---(7) -(152) -1,200 -
Maserati 40 24 ------40 24
Ferrari 312 303 6----(1) 318 302
Components (Magneti Marelli) 181 98 -116 26 (138) -27 73
Fiat Powertrain 131 140 310 -(3) -19 134 172
Metallurgical Products (Teksid) 26 17 ----(28) -(2) 17
Production Systems (Comau) 10 (6) ----(130) -(120) (6)
Other Businesses and Eliminations (83) (71) 11 115 5(50) (30) (137) (105)
Total Fiat Group 2,392 1,112 21 12 102 118 1,025 (14) 3,336 992
Profit/(loss)
Net financial expense for 2011 totaled €1,282 million. Excluding Chrysler, net financial expense was €796 million (€400 million in 2010). Net of the result
from the marking-to-market of the two Fiat stock option-related equity swaps (€108 million loss for 2011, compared to €111 million gain for 2010), net
financial expense for Fiat excluding Chrysler increased by €177 million over the prior year (from €511 to €688 million), reflecting higher cost of carry in
2011 and a non-recurring gain in 2010.
Income from investments totaled €131 million (of which €1 million relating to Chrysler), up from €114 million for 2010. The figure primarily relates to the
Group’s share of the profit or loss of investees recognized using the equity method (€146 million in 2011 vs. €120 million in 2010), broken down by sector
as follows: Fiat Group Automobiles €146 million (€131 million in 2010), Magneti Marelli -€18 million (-€5 million in 2010), other sectors €3 million (-€12
million in 2010).
Profit before taxes was €2,185 million. Excluding Chrysler, profit before taxes was €1,470 million (€706 million for 2010). The €764 million increase mainly
reflected a €1,209 million positive difference in net unusual items, which was partially offset by higher net financial expense.
Income taxes for 2011 totaled €534 million. Excluding Chrysler, income taxes were €464 million (€484 million for 2010) and related primarily to taxable
income of companies operating outside Italy and employment-related taxes in Italy.
Net profit for 2011 was €1,651 million (€222 million for 2010). Excluding Chrysler, unusuals and the mark-to-market of the two Fiat stock option-related
equity swaps, the net result was break-even, compared with a profit of €231 million for 2010.
Profit attributable to owners of the parent was €1,334 million (€378 million for 2010).