Positive numbers for Fiat Industrial, who finished 2012 with a Net income up to 921 million euros, against 701 million in 2011 (+ 31 %). Trading profit was €2,079 billion, an increase of €393 million (+23,3%) year-on-year. Revenues amounted to 25,8 billion, up 6,2%. The revenue margin improved 1,2 percentage points to 8,1%, driven by the performance of CNH.
“The continued strong growth of the 'Agricultural Equipment' business – explains the company in a note – has more than compensated for weaker market conditions in the other businesses”.
The board intends to propose a total dividend for 2012 of 275 million, equal to 0,225 euro per ordinary share. In 2012, net industrial debt increased by €0,4 billion to €1,6 billion (€1,2 billion at the end of 2011).
The self-financing generated by management - explains the group - was offset by significant levels of investment, mainly relating to the expansion of CNH's production capacity and programs to comply with emissions standards, as well as by the payment of dividends for over 0,4 billion (of which 0,2 billion distributed to the minority shareholders of CNH Global). As at 31 December, available liquidity amounted to €6,2 billion (€7,3 billion as at 31 December 2011).
“Based on the performance recorded to date by the group and our expectations regarding the persistence of solid market conditions for all sectors, in particular for CNH, Fiat Industrial – continues the company – sets targets for 2013: revenue growth 5%, trading margin between 8,3% and 8,5% and net industrial debt between 1,1 and 1,4 billion euros”.
By mid-morning, the Fiat Industrial stock on the Stock Exchange lost just over one percentage point.
