“2012 was a particularly significant year for Fiat Industrial, because it marked the start of another historic process, which has unleashed great potential for the company. We have recorded growing results, hitting all targets. Trading profit showed a double-digit increase”. With these words the president of Fiat Industrial, Sergio Marchionne, opened the meeting of 1.294 shareholders of the company, who will have to approve the budget 2012closed with a net profit of 921 million euros (+31% on 2011) and a trading profit of 2,07 billion. The company will distribute a total dividend of 275 million euros (240 million the previous year): 0,225 euros will go to each ordinary share, against 0,185 last year.
Marchionne then specified that Fiat Industrial targets "will be updated at the end of April", in conjunction with the results for the first quarter of 2013. As for the merger with Cnh, will be submitted to the respective shareholders' meetings “for it to become effective probably during the third quarter of 2013“, explained the manager again, underlining that the operation “is the result of a long simplification process started more than two years ago. From a strategic point of view, this is a step that we believe is necessary, because it responds to a logic of growth and simplification, as well as autonomy and efficiency".
The merger will create "one of the largest and strongest groups in the sector, present on markets all over the world and free to create its own destiny" which will have "the necessary flexibility" to "seize the growth and consolidation opportunities that may arise ”, concluded Marchionne.
At the end of the morning, the Fiat Industrial stock on the Stock Exchange hovered around parity.
