The wind blowing in Detroit is good for Fiat's coffers. Thanks to the contribution of Chrysler, the Lingotto closed the second quarter of 2011 with a net profit of 1.237 billion euros. A result largely influenced by the atypical net income of 1.058 million euros. In turn, these numbers are driven by the consolidation of Chrysler into Fiat effective June XNUMX. According to the Italian group, the data reflect the double-digit growth of sports and luxury brands, but also of the components sector and production systems.
If, on the other hand, we exclude Chrysler from the accounts, Fiat's net profit excluding atypical components would be 76 million euros, an improvement of 68 million euros compared to the second quarter of 2010. In the April-June period of this year, revenues were of 13,2 billion (10 billion excluding Chrysler, for a growth of 6,5%) and Fiat's trading profit also increased, up to 525 million euros.
Without considering the numbers of the Detroit house, the latter figure drops 375 million euros, still up by 22,1% compared to last year. Net industrial debt amounted to 3,4 billion (but if we do not include the US company it remains below one billion) and total consolidated liquidity stood at 19,2 billion (12,2 excluding Chryser).
In this period, things are going so well at Lingotto that the targets for 2011 have been revised upwards. Once again the decisive factor was the consolidation of Chrysler, but the other businesses of the Fiat group are also experiencing a phase of growth. Expected liquidity is equal to approximately 18 billion euro, investments equal to approximately 5,5 billion euro. Working towards the achievement of the objectives, Lingotto "will continue to implement the strategy of targeted alliances, in order to optimize capital commitments and reduce risks", underlines the company.
In any case, Fiat and Chrysler "will continue to remain separate in terms of financial management, including the raising of funds on the market and liquidity management". Furthermore, Torino "has not assumed any guarantee, undertaking or similar obligation in relation to any financial obligation of Chrysler, nor has it assumed any obligation or undertaking to finance Chrysler in the future."
In spite of everything, around 16 pm in Piazza Affari, the Fiat share lost more than 30%, probably due to forecasts on debt, which should rise to between 4 and 5 billion euros by the end of the year.
