Stellantis NV (STLA) 2012 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to today's Fiat Group 2012 fourth quarter and full year results conference call. For your information, today's conference is being recorded.

女士們先生們下午好，歡迎參加今天的菲亞特集團2012年第四季及全年業績電話會議。今天的會議正在錄製中，供您參考。

And, at this time, I'd like to turn the conference over to your host, Mr. Marco Auriemma, head of Fiat Group's Investor Relations. Mr. Auriemma, please go ahead.

現在，我想將會議交給東道主、菲亞特集團投資者關係主管 Marco Auriemma 先生。奧瑞瑪先生，請繼續。

Thank you, Rowena. Good afternoon to you all, or good morning, as the case may be, and welcome to Fiat Group's fourth quarter and full year 2012 results webcast and call.

謝謝你，羅威娜。大家下午好，或早安，視具體情況而定，歡迎收看菲亞特集團 2012 年第四季和全年業績網路廣播和電話。

The earnings release issued earlier today is available, together with the conference call chart set on our investor relations website.

今天稍早發布的收益報告以及電話會議圖表可在我們的投資者關係網站上取得。

As usual, today's call will be hosted by the Chief Executive, Sergio Marchionne, and by Richard Palmer, the Chief Financial Officer. After introductory remarks, we will be available to answer all the questions you may have.

與往常一樣，今天的電話會議將由首席執行官 Sergio Marchionne 和首席財務官 Richard Palmer 主持。介紹性發言後，我們將回答您可能提出的所有問題。

Before we begin, let me just remind you that any forward-looking statements we might be making during today's call are subject to risks and uncertainties mentioned in the Safe Harbor statement included in the presentation material. As usual, the call will be governed by this language.

在我們開始之前，讓我提醒您，我們在今天的電話會議中可能做出的任何前瞻性陳述都受到演示材料中安全港聲明中提到的風險和不確定性的影響。與往常一樣，通話將受此語言管轄。

With that, I would like to turn the call over to Sergio Marchionne.

說到這裡，我想把電話轉給塞爾吉奧·馬爾喬內。

Good afternoon. Before this call started, I was trying to decide with Richard Palmer as to what part of the presentation he'd do and which one I'd do. I decided I'm going to do as little as I can.

午安.在這次電話會議開始之前，我試圖與理查德·帕爾默一起決定他將做演示的哪一部分以及我將做哪一部分。我決定盡可能少做一些事情。

So, I'm on page three. I'm going to give you the things that I think are important to me.

所以，我在第三頁。我會給你我認為對我很重要的東西。

A couple of points. For those of you who have been with Fiat during the last 10 years, 9 years, what we reported today was a record high earnings, and the record high earnings, even if I were to -- you know, the highest recorded earnings that we had were 19 -- 2008, which was the year in which we made about EUR3.3 billion, and that was a different Fiat. It was a Fiat that included all of Fiat Industrial.

有幾點。對於那些在過去 10 年、9 年裡一直在菲亞特工作的人來說，我們今天報告的是創紀錄的高收益，創紀錄的高收益，即使我想要——你知道，我們的最高記錄收益。 2008 年是19 年，這一年我們賺了約33 億歐元，那是一輛不同的菲亞特。這是一輛菲亞特，包括菲亞特工業的全部。

Those of you who are -- who have been following the saga will see the numbers for Fiat Industrial tomorrow. But this year, we ended up making EUR3.8 billion without the industrial side, which has set another historical record for 114 years worth of performance. So, I'm -- looking back at what has happened in '12, I'm incredibly delighted that the operations performed as well as they did.

那些一直關注這一傳奇故事的人明天將會看到菲亞特工業的數據。但今年，我們最終在沒有工業方面的情況下實現了 38 億歐元的收入，這創下了 114 年業績的另一個歷史記錄。所以，我——回顧 12 年發生的事情，我非常高興這些行動的表現如此出色。

There's an irrelevant item on slide three on the top portion of the graph on the right, which probably says more than I could possibly express about the transformation that this Group has gone through since 2009. In 2012, Italy as a car market for the mass market side, represented less than 10% of overall turnover. It was roughly 8% of total revenues. And it tells you something about how the Group has transformed itself from very much of a European, Italian-centric car maker to one that is now looking at the world in a completely different way.

右側圖表頂部的第三張幻燈片中有一個不相關的項目，它可能比我能夠表達的更多關於該集團自 2009 年以來所經歷的轉變。佔整體成交量不足10%。約佔總收入的8%。它還告訴您該集團如何從以歐洲、義大利為中心的汽車製造商轉型為現在以完全不同的方式看待世界的公司。

We have a significant presence, thanks to Chrysler, to the North American car market. We continue to make significant inroads in terms of maintaining our share in a growing market in Latin America, and we, I think, have laid out now what I consider to be a very clear strategy about how to eliminate our losses out of EMEA by repointing our production assets toward a different side of the car business, something which is not impacted as negatively as the mass market has been in the last five years by declining volumes, and which really gives us an opportunity to try and give -- rejuvenate two of the historical brands that have sat within this Group and that have gone, so far, unexploited.

感謝克萊斯勒，我們在北美汽車市場佔有重要地位。我們在保持拉丁美洲不斷增長的市場份額方面繼續取得重大進展，我認為我們現在已經制定了我認為非常明確的策略，透過重新指出如何消除我們在歐洲、中東和非洲地區的損失我們的生產資產轉向汽車業務的另一個方面，這一點並沒有像過去五年中大眾市場因產量下降而受到的負面影響一樣，這確實給了我們一個嘗試和給予的機會——振興其中兩個屬於該集團但迄今為止尚未開發的歷史品牌。

We shipped 4.2 million vehicles for 2012, which, obviously, is a historical record. We were also able -- and Antonio is here, too -- but we were able to issue, I guess, five bond issuances in 2012, raising about EUR2.5 billion. You may have seen from the press release this morning that we had authority renewed by our Board to go back and issue up to an additional EUR5 billion. Authority expires at the end of 2014.

2012 年我們售出了 420 萬輛汽車，這顯然是歷史記錄。我們也能夠——安東尼奧也在這裡——但我猜我們能夠在 2012 年發行五次債券，籌集約 25 億歐元。您可能從今天早上的新聞稿中看到，我們的董事會已授權我們重新發行最多 50 億歐元的債券。授權將於 2014 年底到期。

And I know that a lot of you are interested in what's happening with VEBA, so just to confirm the fact that VEBA has notified us of their intention to require registration of the securities with a view of doing an IPO of Chrysler. We're, obviously, complying with their request, and we will work with VEBA to go through the necessary steps to get us ready for an IPO.

我知道你們很多人都對 VEBA 發生的事情感興趣，所以我想確認一下 VEBA 已通知我們他們打算要求進行證券註冊，以便克萊斯勒進行 IPO。顯然，我們正在遵守他們的要求，我們將與 VEBA 合作，完成必要的步驟，為 IPO 做好準備。

I read -- the answer to the question as to what will happen, whether effectively we go public or not, is very simple. If we cannot find a way to satisfy VEBA, then I think the Company will go public. It is my objective, at the end of this process, regardless of how we get there, for Fiat and Chrysler to effectively end up being one combined corporate entity. The timing of that is unclear to me, as is the manner in which it will happen, but the objective is to effectively now corporately reflect what's happened from a leadership standpoint, which has the leadership team combined in effectively managing a global organization.

我讀到——無論我們是否有效地上市，關於將會發生什麼的問題的答案非常簡單。如果我們找不到滿足VEBA的方法，那麼我認為公司將上市。我的目標是，在這個過程結束時，無論我們如何實現這一目標，菲亞特和克萊斯勒實際上最終成為一個合併的公司實體。我不清楚具體發生的時間和方式，但目標是從領導的角度有效地集體反映所發生的情況，即領導團隊聯合起來有效管理全球組織。

The important thing about 2012 is it's not a one-off event. We're confirming our performance for 2013, in line with previously giving guidance. Operating profit, trading profit, of roughly EUR4 billion to EUR4.5 billion for the year, net income of EUR1.2 billion to EUR1.5 billion, and net industrial debt of about EUR7 billion, which reflects a pretty hefty capital expenditure program in 2013, both on Chrysler's side and on Fiat's side.

2012 年的重要一點是它不是一次性的事件。我們正在確認 2013 年的業績，與先前給予的指導一致。全年營業利潤、交易利潤約 40 億歐元至 45 億歐元，淨利潤為 12 億歐元至 15 億歐元，工業債務淨額約為 70 億歐元，這反映出該公司相當大的資本支出計劃2013年，克萊斯勒和菲亞特都是如此。

We have declared -- we have decided today, at the Board this morning, not to pay a dividend, notwithstanding the earnings generation that we have. That's purely driven by prudence and the fact that to the extent that our cash requirement -- there may be a cash requirement to try and deal with some or all or part of VEBA's interest in Chrysler, that Fiat may have the wherewithal to execute on that plan.

我們今天早上在董事會宣布，儘管我們有盈利能力，但仍不支付股息。這純粹是出於謹慎考慮，而且事實上，如果我們的現金需求——可能需要現金需求來嘗試處理 VEBA 在克萊斯勒的部分或全部或部分權益，菲亞特可能有足夠的資金來執行該計劃計劃。

Richard will tell you more about the availability liquidity within the Fiat-Chrysler world, but well in excess of EUR20 billion. And, obviously, that's more than enough to try and satisfy any requirements that VEBA may have, in the event that that would become a possibility, and something that is of interest to Fiat in terms of acquiring the remaining stake.

理查德將告訴您更多有關菲亞特克萊斯勒世界內可用流動性的信息，但遠遠超過 200 億歐元。顯然，這足以嘗試滿足 VEBA 可能提出的任何要求（如果有可能的話），而且菲亞特對收購剩餘股權也很感興趣。

On that note, I'll pass it off to Richard, who will take you through the intricacies of 2012.

關於這一點，我會將其轉告給理查德，他將帶您回顧 2012 年的錯綜複雜的情況。

Thank you and good afternoon, everybody.

謝謝大家，大家下午好。

In 2012, as mentioned, Fiat closed with an historic high result, revenues of EUR84 billion, trading profit of EUR3.8 billion, a net profit of EUR1.4 billion. The industrial debt was at EUR6.5 billion and total available liquidity was in excess of EUR20 billion.

如前所述，2012年，菲亞特創下歷史新高，營收840億歐元，營業利潤38億歐元，淨利14億歐元。工業債務為 65 億歐元，可用流動資金總額超過 200 億歐元。

In the year, as we mentioned, we successfully accessed capital markets for a total of EUR2.5 billion in the year, of which EUR0.7 billion was in Q4.

正如我們所提到的，今年我們成功進入資本市場的資金總額為25億歐元，其中第四季為7億歐元。

And we have confirmed our guidance as per the numbers we showed you in the October call for 2013, with the numbers that Mr. Marchionne just mentioned.

我們已經根據我們在 2013 年 10 月電話會議中向您展示的數字以及馬爾喬內先生剛才提到的數字確認了我們的指導。

So, we can go on to page four. Through 2012, we continued to manage the supply and demand function very carefully, which allowed the Group to conclude the year with inventory levels in all of our regions at appropriate levels for the market activity.

那麼，我們可以繼續第四頁。 2012 年，我們繼續非常謹慎地管理供需功能，這使得集團在年底時所有地區的庫存水準都處於適合市場活動的水準。

In the Americas, the Group continued to use all of the flexibility instruments available to maximize production output. And in EMEA, production stoppages in Italy, together with temporary layoffs, were used to manage the continued market fall, as well as the reduction of the workforce in Poland. Temporary layoffs in Italy were also applied to the white collar workforce, where discretionary spending was further cut.

在美洲，集團繼續使用所有可用的靈活性工具來最大限度地提高產量。在歐洲、中東和非洲地區，義大利透過停產和臨時裁員來應對持續的市場下滑以及波蘭勞動力的減少。義大利的臨時裁員也適用於白領勞動力，可自由支配支出進一步削減。

On the industrial side, our plants continue to achieve world class manufacturing awards and savings, and the program is continuing -- contributing about EUR0.5 billion of savings for the full year.

在工業方面，我們的工廠繼續獲得世界一流的製造獎項和節省成本，並且該計劃仍在繼續，全年貢獻約 5 億歐元的節省成本。

We saw some significant product introductions in 2012. In NAFTA, the Dart, the Viper, and the Ram Light Duty pickup. The Fiat New Panda and 500L were launched in EMEA, and the New Grand Siena and Jeep Compass were launched in LATAM, together with the Dodge Dart. In APAC the Fiat Viaggio was launched. In China 2012 also saw the reintroduction of the Chrysler brand into China.

2012 年，我們看到了一些重要的產品推出。 Fiat New Panda 和 500L 在歐洲、中東和非洲地區推出，New Grand Siena 和 Jeep Compass 與道奇 Dart 一起在拉丁美洲推出。在亞太地區推出菲亞特 Viaggio。在中國，2012年克萊斯勒品牌也重新引進中國。

We move on to slide five, we touch the start of the process outlined in our business plan presentation in October of repurposing Fiat's manufacturing footprint in Italy to produce vehicles for the re-launch of premium brands and for the repositioning of Fiat and the internationalization of Jeep.

我們繼續看幻燈片 5，我們觸及 10 月份業務計劃演示中概述的流程的開始，即重新利用菲亞特在意大利的製造足跡來生產汽車，以重新推出高端品牌、菲亞特的重新定位和國際化吉普車。

We will continue to use temporary layoffs to allow for flexibility during the industrialization phase of these new models.

我們將繼續採用臨時裁員的方式，以便在這些新車型的工業化階段提供靈活性。

Today we officially presented a new Maserati plant in Grugliasco, where the Group will make total investments in excess of EUR0.5 billion for plant upgrades and refurbishments in order to produce, initially, two new models, the new Quattroporte and the new Ghibli for the Maserati brand, which will be launched in the first half of this year.

今天，我們正式推出位於格魯利亞斯科的瑪莎拉蒂新工廠，集團將總投資超過 5 億歐元用於工廠升級和翻新，最初生產兩款新車型：新款 Quattroporte 和新款 Ghibli。今年上半年推出。

In Melfi, we recently announced an investment program in excess of EUR1 billion, which will be evenly split between Chrysler and Fiat. These investments are to modify the existing production processes to accommodate the new modular Small Wide architecture and to produce two new vehicles, beginning in 2014, for worldwide sales, the Fiat 500X, the latest addition to the 500 family, and the new Jeep SUV, which will be the brand's entrance into a new segment.

在梅爾菲，我們最近宣布了一項超過 10 億歐元的投資計劃，這筆資金將由克萊斯勒和菲亞特平分。這些投資將修改現有的生產流程，以適應新的模組化 Small Wide 架構，並從 2014 年開始生產兩款新車，用於全球銷售：Fiat 500X（500 系列的最新成員）和新吉普 SUV，這將是該品牌進入新細分市場的切入點。

During 2012, the production ramp-up of the Panda was concluded at Pomigliano, where we invested EUR800 million, and the plant received manufacturing quality awards within the Group and was prized with the Automotive Lean Production Award, as we've already mentioned.

2012 年，Panda 的生產在 Pomigliano 完成，我們在那裡投資了 8 億歐元，該工廠獲得了集團內的製造品質獎，並榮獲汽車精益生產獎，正如我們已經提到的。

Let's move on to page six. We can see the Jeep brand progress. 2012 was a record year, also, for Jeep, with an all-time global sales record. Vehicle sales increased about 20% to 702,000 units worldwide, with an increase in all major global regions, beating the previous record of 675,000 vehicles in -- sorry, in 1999.

讓我們轉到第六頁。我們可以看到Jeep品牌的進步。 2012 年對 Jeep 來說也是創紀錄的一年，創下了全球銷售歷史。全球汽車銷量成長約 20%，達到 702,000 輛，全球所有主要地區均實現成長，打破了 1999 年創下的 675,000 輛汽車銷量紀錄。

Internationally, Jeep is gradually expanding with an annual growth rate higher than 40% over the last two years. The best performing Jeep was the Grand Cherokee. Compass and Wrangler had their best years globally, with growth rates of 20% and 16%, respectively.

在國際上，Jeep正逐步擴張，近兩年年增率超過40%。表現最好的吉普車是大切諾基。 Compass和Wrangler在全球經歷了最好的年份，成長率分別為20%和16%。

Page seven shows the financial performance with comparisons to 2011 pro forma numbers, with Chrysler consolidated from January for comparative purposes.

第七頁顯示了與 2011 年預計數據的財務表現比較，出於比較目的，克萊斯勒從 1 月開始進行合併。

The top line was up 12% to EUR84 billion, or 8% at constant exchange, and reflected volume growth of mass market brands in NAFTA, LATAM, and APAC, more than offsetting the declines in EMEA. Luxury and performance brands were up 7%, with components substantially in line with prior year.

營收成長 12%，達到 840 億歐元，以固定匯率計算成長 8%，反映出北美自由貿易區、拉丁美洲和亞太地區大眾市場品牌銷量的成長，遠遠抵銷了歐洲、中東和非洲地區的下滑。豪華和高性能品牌成長了 7%，其組成部分與去年基本持平。

Group trading profit was up 18% on a pro forma basis to EUR3.8 billion, or 11% at constant exchange, with trading margins at 4.5%. Trading profit for luxury and performance brands reached nearly EUR400 million, with a 13.5% margin, while components were at EUR176 million, with a 2.2% margin.

預計集團交易利潤成長 18%，達到 38 億歐元，以固定匯率計算成長 11%，交易利潤率為 4.5%。奢侈品牌和高性能品牌的營業利潤達到近 4 億歐元，利潤率為 13.5%，零件業務利潤為 1.76 億歐元，利潤率為 2.2%。

Net profit for the Group was EUR1.4 billion compared to EUR1.7 billion reported in 2011, which included Chrysler from June 1st. Excluding unusuals, net profit was EUR1.7 billion compared to EUR0.7 billion in 2011.

集團淨利潤為 14 億歐元，而 2011 年報告的淨利潤為 17 億歐元，其中包括自 6 月 1 日起的克萊斯勒。不計特殊情況，淨利為 17 億歐元，而 2011 年為 7 億歐元。

Profit attributable to the owners of the parent was EUR350 million.

母公司所有者應占利潤為3.5億歐元。

For Fiat, excluding Chrysler, cash flow was a negative EUR2.6 billion for the year, driven by the net loss, negative change in working capital, and CapEx for new products. In Q4 there was a positive cash flow of EUR0.4 billion, in line with Q4 2011.

對於菲亞特（不包括克萊斯勒），受淨虧損、營運資本負變動和新產品資本支出的影響，全年現金流為負 26 億歐元。第四季的正現金流為 4 億歐元，與 2011 年第四季持平。

Chrysler had a positive cash flow of EUR1.6 billion in 2012, despite increased CapEx of EUR4.3 billion, with a negative cash flow of EUR0.2 billion in Q4 due to the seasonality of the Q4 normal shutdowns for the holiday period.

儘管資本支出增加了 43 億歐元，克萊斯勒 2012 年仍實現了 16 億歐元的正現金流，但由於第四季度假期期間正常停工的季節性，第四季度的現金流為負 2 億歐元。

Group liquidity was slightly higher than year end '11, and totaled EUR20.8 billion. Fiat, ex Chrysler, was at EUR11.1 billion, and Chrysler was at EUR9.8 billion.

集團流動性略高於 2011 年底，總計 208 億歐元。菲亞特（前克萊斯勒）的市值為 111 億歐元，克萊斯勒的市值為 98 億歐元。

Moving on to page eight, as I mentioned, Group revenues were up 12% on a pro forma basis, with the mass market brands up 13%, reflecting volume growth in NAFTA of 19% at constant exchange and APAC at 50%. LATAM remained strong, while EMEA declined 11% on the back of the continued deterioration in European demand, particularly in Italy. Luxury and performance brands were up 7%, mainly driven by growth in North America and Asia-Pacific.

轉到第八頁，正如我所提到的，集團收入預計增長12%，其中大眾市場品牌增長13%，反映按固定匯率計算，北美自由貿易區的銷量增長19%，亞太地區的銷量增長50 %。拉丁美洲仍然強勁，而歐洲、中東和非洲地區由於歐洲（尤其是義大利）需求持續惡化而下降了 11%。奢侈品牌和高性能品牌成長了 7%，主要受到北美和亞太地區成長的推動。

Moving on to page -- slide nine, investment income includes EUR160 million from EMEA, and is down compared to the prior year due to investments in our Chinese JV, and non-cash impact from the RCS stake.

轉到第 9 頁，投資收入包括來自 EMEA 的 1.6 億歐元，由於對我們中國合資企業的投資以及 RCS 股權的非現金影響，投資收入與上一年相比有所下降。

Unusuals include the write-down of the investment in SevelNord that we talked about on the last call, as well as provisions for restructuring and for some disputes related to operations terminated in prior years in India.

不尋常之處包括我們在上次電話會議上談到的 SevelNord 投資的減記，以及重組條款和與前幾年在印度終止的業務相關的一些爭議的條款。

The net financial expenses for the year were EUR1.6 billion. Financial charges for Fiat, ex Chrysler, were EUR825 million, which included a EUR34 million gain on the mark to market of the Fiat stock-option-related equity swaps. This compares to EUR796 million in 2011, which, however, included EUR108 million loss for the same instrument. Net of the impact from equity swaps, the increase in net financial expense of EUR170 million mainly reflects the higher net debt level.

本年度財務費用淨額為 16 億歐元。菲亞特（前克萊斯勒）的財務費用為 8.25 億歐元，其中包括菲亞特股票選擇權相關股權互換的以市價計價收益 3,400 萬歐元。相較之下，2011 年為 7.96 億歐元，其中包括同一工具的 1.08 億歐元損失。扣除股權互換的影響，淨財務費用增加1.7億歐元，主要反映淨債務水準較高。

Income taxes primarily related to taxable income from companies operating outside Italy and employment-related taxes in Italy. For Fiat, ex Chrysler, taxes were EUR420 million, slightly lower than the prior year.

所得稅主要與義大利境外經營的公司的應稅收入以及義大利境內的就業相關稅有關。菲亞特（前克萊斯勒）的稅金為 4.2 億歐元，略低於前一年。

Page 10 shows the net -- the change in net industrial debt, which was negative EUR1 billion for the year, bringing Group net industrial debt to EUR6.5 billion, down EUR0.2 billion from September. The industrial EBITDA contributed EUR7.6 billion positive, offset by EUR7.5 billion of CapEx and EUR2.4 billion of financial charges and taxes.

第 10 頁顯示淨工業債務變化，全年為負 10 億歐元，使集團淨工業債務達到 65 億歐元，較 9 月減少 2 億歐元。工業 EBITDA 貢獻了 76 億歐元的正值，被 75 億歐元的資本支出和 24 億歐元的財務費用和稅收所抵消。

Working capital had a positive contribution for EUR0.7 billion.

營運資金貢獻了 7 億歐元。

Chrysler contributed positively at EUR1.6 billion, despite increased CapEx, reducing its net industrial debt to EUR1.5 billion, while Fiat, ex Chrysler, reported a negative cash flow of EUR2.6 billion in the year, driven by the net loss, negative change in working capital of EUR0.6 billion, and CapEx on new products for EUR3.6 billion. As a result, net industrial debt of Fiat, ex Chrysler, closed at EUR5 billion, improved by EUR0.4 billion from the September level.

儘管資本支出增加，克萊斯勒仍貢獻了 16 億歐元的積極貢獻，將其淨工業債務減少至 15 億歐元，而菲亞特（前克萊斯勒）報告稱，由於淨虧損，今年的現金流為負 26 億歐元，營運資本負變化6 億歐元，新產品資本支出36 億歐元。結果，菲亞特（前克萊斯勒）的淨工業債務收於 50 億歐元，較 9 月的水準減少了 4 億歐元。

Moving on to the review of the performance by region, page 12, the NAFTA region posted a strong financial performance on a pro forma basis. Revenues were up 29%. At constant exchange, they were up 19%.

接下來是按地區劃分的業績回顧（第 12 頁），北美自由貿易協定地區在預計的基礎上公佈了強勁的財務業績。收入增長了 29%。以不斷的匯率計算，它們上漲了 19%。

Total vehicle shipments were up 20%, with increases across all the markets. In the US 20% up, Canada up 9%, and Mexico up 17%. Trading profit was up 69%, year on year, driven by volume and pricing gains, partially offset by industrial costs and advertising costs.

汽車總出貨量成長了 20%，所有市場都有所成長。美國上漲20%，加拿大上漲9%，墨西哥上漲17%。在銷售和定價成長的推動下，貿易利潤年增 69%，但部分被工業成本和廣告成本所抵銷。

Group vehicle sales were up 18% to nearly 2 million units, primarily reflecting a 21% increase in the US. In the region, the sales of passenger cars increased approximately 40%, and SUVs and trucks by 11%. In the US and Canada combined, all brands were up significantly, posting double-digit increases.

集團汽車銷量成長 18%，達到近 200 萬輛，主要反映了美國銷量的 21% 成長。該地區乘用車銷量成長約 40%，SUV 和卡車銷量成長 11%。在美國和加拿大，所有品牌的銷售量均大幅成長，增幅達到兩位數。

The walk on page 13 details the increase of nearly EUR1 billion in NAFTA EBIT in the year. The improvement was driven by the increase in shipments of 330,000 vehicles, partially offset by some negative mix. The positive net pricing impact of about EUR500 million reflects pricing actions taken throughout the year, including due to product content enhancement.

第 13 頁詳細介紹了今年 NAFTA 息稅前利潤增加了近 10 億歐元。這項改善是由 33 萬輛汽車的出貨量增加所推動的，但部分被一些負面因素所抵消。約 5 億歐元的正向淨定價影響反映了全年採取的定價行動，包括因產品內容增強而採取的定價行動。

Industrial costs were impacted by higher manufacturing costs related to additional shifts, principally, and increased vehicle content, partially offset by purchasing and world class manufacturing efficiencies.

工業成本主要受到與額外輪班相關的製造成本上升以及車輛含量增加的影響，但部分被採購和世界一流的製造效率所抵消。

A negative change for SG&A mainly relates to higher advertising expenditures and headcount costs to support business growth.

SG&A 的負面變化主要與支持業務成長的廣告支出和員工成本增加有關。

Page 14 shows the US industry was up 13% versus last year, with cars up 19% and trucks up 9%. The Group sales outpaced the industry, posting a 21% increase for the year, with December recording the 33rd consecutive month of year-over-year sales gains.

第 14 頁顯示，美國工業比去年增長了 13%，其中汽車增長了 19%，卡車增長了 9%。集團銷售額全年成長 21%，領先產業，其中 12 月銷售額連續第 33 個月年增。

2012 market share was up 70 basis points to 11.2%, and fleet mix decreased 200 basis points versus a year ago to 26%.

2012 年市佔率成長了 70 個基點，達到 11.2%，機隊結構比一年前下降了 200 個基點，達到 26%。

In Canada, the industry was up 6% from prior year, with Group sales growing in line with the market. The Group posted its best calendar year retail sales since 2000, achieving annual sales records for Ram trucks, Jeep Wrangler, Chrysler 200, and Fiat 500, for a market share of 14.2%.

在加拿大，該產業比去年成長了 6%，集團銷售額的成長與市場一致。該集團公佈了自2000年以來最好的歷年零售額，公羊卡車、吉普牧馬人、克萊斯勒200和菲亞特500均創下年度銷售記錄，市佔率為14.2%。

Moving on to page 15, the LATAM region closed the year with an excellent performance, particularly in Brazil, where the market reached an all-time record for the industry of 3.6 million units for the year, thanks to the incentive packages introduced by the government in May last year, and the low real interest rates in Brazil's history. Q4 was the best-ever fourth quarter for the Brazilian market, which nearly reached 1 million units of sales.

翻到第15 頁，拉美地區以優異的表現結束了這一年，特別是在巴西，由於政府推出的激勵計劃，巴西市場今年的銷量達到了360 萬台，創下了該行業的歷史紀錄。第四季是巴西市場有史以來最好的第四季度，銷量接近100萬輛。

On a pro forma basis, the Group's revenues were substantially in line with the prior year, up 5% at constant exchange. Group shipments were up 5%, with Brazil up 9% to 845,000 units. Argentina was down 15%, and other LATAM markets were down slightly.

按預計，集團營收與上年基本持平，以固定匯率計算成長 5%。集團出貨量成長 5%，其中巴西成長 9%，達到 845,000 台。阿根廷下跌 15%，其他拉丁美洲市場小幅下跌。

The region posted a strong trading profit of EUR1.1 billion, maintaining double-digit margins despite a decrease in absolute terms of 25% over the prior year, or 22% at constant FX attributable primarily to cost inflation, pricing pressures, and currency translation.

該地區實現了11 億歐元的強勁貿易利潤，儘管絕對值比上一年下降了25%（按固定匯率計算下降了22%，這主要歸因於成本通膨、定價壓力和貨幣換算），但仍保持兩位數利潤率。

In the marketplace, Fiat outperformed the strong Brazilian market, reaching a 23.3% share, up 110 basis points versus 2011, and maintained market leadership for the 11th year, widening the distance from the number two player by over 30 basis points to 210 basis points. At regional level, market share was up 60 basis points to 16.8%.

在市場上，菲亞特表現優於強勁的巴西市場，市佔率達23.3%，較2011年上升110個基點，連續11年維持市場領先地位，與第二名的差距拉大30多個基點至210個基點。在地區層面，市佔率成長了 60 個基點，達到 16.8%。

The Group ended the year with appropriate inventory levels, with days' supply reduced by a week compared to year end 2011.

集團年底庫存水準適當，供應天數較 2011 年底減少一週。

Slide 16 shows the EBIT walk for LATAM. Continued price pressure, along with inflationary cost increases and higher depreciation due to new vehicle launches contributed to the decrease in EBIT, partially offset by about EUR90 million of positive contribution from higher volumes, and increased manufacturing efficiencies.

投影片 16 顯示了拉丁美洲的息稅前利潤走勢。持續的價格壓力、通貨膨脹成本增加以及新車推出帶來的折舊增加導致息稅前利潤下降，但部分被產量增加和製造效率提高帶來的約 9000 萬歐元的積極貢獻所抵消。

Page 17 moves to the market trend for LATAM. Group sales outpaced and sustained market growth in Brazil, bringing the Group to end the year with the 23.3% share I mentioned before.

第 17 頁轉向拉丁美洲的市場趨勢。集團銷售額超過了巴西市場的持續成長，使集團在年底佔據了我之前提到的 23.3% 的份額。

The 2012 market in Brazil experienced a mixed performance, with the second half particularly strong, boosted by the introduction of several economic stimulus measures by the government. These measures were in place through the end of 2012, and are expected to gradually phase out during the first half of 2013.

2012年巴西市場表現參差不齊，下半年在政府多項經濟刺激措施的推動下表現尤為強勁。這些措施已於 2012 年底實施，預計在 2013 年上半年逐步取消。

At the end of September, the Brazilian government also approved the so-called Inovar-Auto program to ensure continued growth for the Brazilian car industry and to foster long-term development of the domestic car industry through subsidized incentive programs tied to local investments in energy efficiency projects, R&D and engineering, and domestic production. Given its high level of localization, the Group is well positioned to fully benefit from this program.

9月底，巴西政府還批准了所謂的Inovar-Auto計劃，以確保巴西汽車工業的持續增長，並透過與當地能源投資相關的補貼激勵計劃促進國內汽車工業的長期發展效率項目、研發和工程以及國內生產。鑑於其高水平的本地化，該集團處於有利地位，可以充分受益於該計劃。

Slide 18 deals with the market trend and business dynamics in APAC. The region enjoyed stable trading conditions in the quarter, with demand increasing in most of the Group's key markets.

第 18 張投影片介紹了亞太地區的市場趨勢和業務動態。本季該地區的貿易狀況穩定，集團大部分主要市場的需求均增加。

The Jeep brand was a key contributor to the growth in revenues, which were up 50%. Shipments increased almost 40%. The trading profit was EUR260 million, nearly double the prior year, benefiting primarily from growth in volumes and some favorable currency translation. Trading margin increased to 8.3%.

Jeep 品牌是營收成長的主要貢獻者，營收成長了 50%。出貨量成長了近 40%。交易利潤為 2.6 億歐元，幾乎是去年的兩倍，主要受益於交易量的成長和一些有利的貨幣換算。交易保證金增加至8.3%。

Retail sales, including JVs, were up 28% to 115,000 vehicles on the back of strong performance of Jeep, Fiat, and Alfa Romeo. In particular, the Jeep sales, which account for more than 60% of total APAC sales, were almost double last year's level. Also, the Chrysler brand doubled its volume with the return of the all-new 300C and the Grand Voyager.

由於吉普車、菲亞特和阿爾法羅密歐的強勁表現，包括合資企業在內的零售銷量增長了 28%，達到 115,000 輛。特別是佔亞太地區總銷量60%以上的Jeep銷量幾乎是去年水準的兩倍。此外，隨著全新 300C 和 Grand Voyager 的回歸，克萊斯勒品牌的銷量翻了一番。

In India, the newly formed Group-owned distribution company is on track to take over distribution of Fiat Group sales in 2013. In Australia, Chrysler became the sole distributor for Fiat, Alfa Romeo, and Abarth brands in the country from May.

在印度，新成立的集團旗下分銷公司預計於 2013 年接管菲亞特集團的銷售分銷業務。

Moving to page 19, EBIT in APAC improved from EUR119 million last year to EUR255 million for the year, reflecting the positive contribution from volume across all APAC countries, improved net pricing, and lower incentives, and results from JVs, particularly the improved performance in India. On the negative side, industrial costs were impacted by taxes and duties and higher selling expenses to support the continued growth in these markets.

翻到第19 頁，亞太地區的息稅前利潤從去年的1.19 億歐元增至本年度的2.55 億歐元，反映了亞太地區所有國家銷量、淨定價改善、激勵措施降低以及合資企業業績的積極貢獻，特別是業績的改善印度。不利的一面是，工業成本受到稅收和關稅以及更高的銷售費用的影響，以支持這些市場的持續成長。

Moving on to page 20, sales were up 28% in the year, driven by the strong performance in all key markets, where we outperformed the industry by 12 -- which grew by 12%. In Q4, sales were up 40% in a market which grew by less than 10%.

翻到第 20 頁，在所有主要市場的強勁表現的推動下，這一年的銷售額增長了 28%，我們的表現比行業高出 12%，即增長了 12%。第四季度，在增幅不到 10% 的市場中，銷售額成長了 40%。

In China, Group sales were up 45% to 57,000 units for 2012, on the back of a more than 100% improvement by Jeep and the recent launch of the Fiat Viaggio. Q4 sales were more than double last year, with the Fiat Viaggio sales accounting for almost one-third.

在中國，由於吉普車和最近推出的菲亞特 Viaggio 銷量增長超過 100%，集團 2012 年銷量增長了 45%，達到 57,000 輛。去年第四季的銷量增加了一倍多，其中菲亞特 Viaggio 的銷量幾乎佔三分之一。

The Group continued to gain share in Australia, up 55 basis points to 2.1%, where it posted the best full-year sales improvement in the market, up 50%, against an 11% increase for the overall market.

該集團在澳洲的市佔率持續增加，成長了 55 個基點，達到 2.1%，該集團在澳洲的全年銷售額增幅最高，達到 50%，而整個市場的增幅為 11%。

In Japan, sales were up 35%, led by Alfa and Jeep. Sales improved 23% for the year in South Korea, despite a slightly contracting market, driven, again, by Jeep and Chrysler.

在日本，銷量成長了 35%，其中阿爾法 (Alfa) 和吉普 (Jeep) 領先。儘管市場在吉普車和克萊斯勒的推動下略有收縮，但今年韓國的銷量仍成長了 23%。

Moving to EMEA on page 21, difficult trading conditions persisted throughout the year, particularly in the Southern European countries, and also the German market contracted in the second half. Both passenger car and LCV segments were at historic lows in Europe, the lowest levels since 1995 and 1996, respectively, with a competitive environment characterized by structural over capacity and persistent pricing pressure, particularly in the mass market segment.

轉向第 21 頁的歐洲、中東和非洲地區，貿易環境全年持續困難，特別是在南歐國家，德國市場在下半年也萎縮。歐洲的乘用車和輕型商用車市場均處於歷史低點，分別是 1995 年和 1996 年以來的最低水平，競爭環境的特徵是結構性產能過剩和持續的價格壓力，特別是在大眾市場領域。

Revenues were for the full year were down 11%, mainly reflecting the volume decline. Total passenger cars and LCV shipments were down about 14% for the year, mostly attributable to Italy, followed by France and Germany. In particular, EMEA passenger cars were down 14% to 810,000 units and LCVs were down 15% to 202,000 units.

全年營收下降 11%，主要反映銷量下降。今年乘用車和輕型商用車總出貨量下降約 14%，主要歸因於義大利，其次是法國和德國。特別是，歐洲、中東和非洲乘用車下降 14%，至 81 萬輛，輕型商用車下降 15%，至 20.2 萬輛。

The full-year trading loss was in line with our expectations at EUR700 million, with the Q4 loss nearly halved versus the same quarter of last year. Industrial efficiencies, WCM synergies, and disciplined SG&A spending were unable to cancel the negative volume and price effects, although the result shows the effect of further cost containment actions taken in the second half.

全年交易虧損 7 億歐元符合我們的預期，第四季虧損較去年同期幾乎減半。儘管結果顯示了下半年採取的進一步成本控制措施的效果，但工業效率、WCM協同效應和嚴格的SG&A支出無法抵消銷售和價格的負面影響。

As a result of disciplined management of the supply and demand functions in the Company, dealer inventory level at year end was stable at around two months' supply. This resulted in an average capacity utilization rate of plants in EMEA of slightly lower than 70% under the Harbor definition, 44% under the Technical definition.

由於公司對供需部門的嚴格管理，年末經銷商庫存水準穩定在兩個月左右的供應量。這導致 EMEA 工廠的平均產能利用率在港口定義下略低於 70%，在技術定義下為 44%。

Page 22 shows the walk for EBIT for EMEA. As we already mentioned, the decline in '12 was mainly due to the effect of the lower volumes and continued pressure on pricing. On the positive side, the improvement in costs, both in the industrial area and in SG&A, recovered some of the loss in volume.

第 22 頁顯示了 EMEA 的 EBIT 變更。正如我們已經提到的，12 年的下降主要是由於銷售下降和價格持續面臨壓力的影響。從積極的一面來看，工業領域和銷售、一般管理費用的改善彌補了部分銷售損失。

Page 23 deals with the passenger car segment in Europe. The industry was down nearly 8%, with declines in most major markets. A double-digit slump in demand was experienced in Italy, France, and Spain, while Germany was also slightly down, year over year. The only exception was the UK market, which ran counter to trend with 5% year-over-year growth.

第 23 頁涉及歐洲的乘用車市場。該產業下跌近 8%，大多數主要市場均出現下滑。義大利、法國和西班牙的需求出現了兩位數的下滑，而德國的需求也較去年同期略有下降。唯一的例外是英國市場，與去年同期相比成長了 5%，與趨勢相反。

Group sales were down nearly 16%, so just short of 800,000 vehicles, representing a 60 basis point decrease in Group share, year over year, almost attributable to unfavorable market mix, as the Italian market weight was further squeezed by 170 basis points, compared to 2011.

集團銷量下降近 16%，僅低於 80 萬輛，集團份額年減 60 個基點，幾乎歸因於不利的市場結構，因為義大利市場權重進一步被擠壓了 170 個基點。

In Italy, the market demand was down 20%, reaching the lowest level since 1979, and the worst year-over-year decline since 1993. The Group's share gain of 20 basis points reflected positive performance in the A segment and SUV and small MPV segments.

在義大利，市場需求下降20%，達到1979年以來的最低水平，也是自1993年以來最嚴重的同比跌幅。

Looking at the LCVs on slide 24, in 2012 the market was down nearly 12%, with the decline driven mainly by the Italian market, even if all major markets posted double-digit declines.

從幻燈片 24 上的輕型商用車來看，2012 年市場下降了近 12%，下降的主要原因是義大利市場，儘管所有主要市場都出現了兩位數的下降。

Fiat Professional brand sales were down 18% to 185,000 units, with Ducato ranked among the best-selling commercial vehicles in its category for the sixth consecutive year, and registering its higher-ever segment share.

Fiat Professional 品牌銷量下降 18%，至 185,000 輛，其中 Ducato 連續第六年躋身同類最暢銷商用車之列，並創下了歷史最高的細分市場份額。

Market share in Europe for the year was down about 80 basis points, mostly attributable to unfavorable market mix, with share loss in Italy attributable to significant fleet renewal activity in 2011. Share in Q4 was stable, year over year.

今年歐洲的市佔率下降了約80 個基點，主要是由於不利的市場組合，而義大利的市佔率下降則歸因於2011 年重大的機隊更新活動。 。

On slide 25, we look at another strong year for the Group's luxury brands. Ferrari revenues were up 8% to EUR2.4 billion, driven by volumes and favorable product mix. In the year shipped a total of more 7,300 street cars, representing a 5% increase over the prior year, and an all-time record for the brand.

在投影片 25 中，我們回顧了集團奢侈品牌又一個強勁的一年。在產量和有利的產品組合的推動下，法拉利收入成長 8%，達到 24 億歐元。全年街車出貨量總計超過 7,300 輛，較上年增長 5%，創該品牌歷史最高紀錄。

Eight-cylinder models there was a 3% increase, year over year, and 12 cylinder models were up 11%, driven primarily by the new FF and the new F12 Berlinetta, which contributed in the fourth quarter.

八缸車型年增 3%，12 缸車型成長 11%，這主要是由新款 FF 和新款 F12 Berlinetta 推動的，這兩款車型在第四季度做出了貢獻。

In terms of markets, North America remained the number one market for Ferrari, where shipments were up 15%. In Europe, the UK recorded the best year-over-year performance, followed by Switzerland and Germany. Shipments in Italy declined by nearly 50%, reaching 300 units, the lowest level since 1993. China, Hong Kong, and Taiwan were all up.

從市場來看，北美仍是法拉利的第一大市場，出貨量成長了15%。在歐洲，英國的年比表現最佳，其次是瑞士和德國。義大利出貨量下降近50%，達到300台，為1993年以來的最低水準。

Trading profit was up 12% to EUR350 million in 2012 on the back of higher volumes, more favorable product mix, and positive contributions from licensing and financial services. Margins improved by 50 basis points to 14.4% for the year, with the fourth quarter margin improving to 17.5% versus 15.5% in the prior year.

由於更高的銷量、更有利的產品組合以及授權和金融服務的積極貢獻，2012 年營業利潤增長了 12%，達到 3.5 億歐元。今年利潤率提高了 50 個基點，達到 14.4%，第四季利潤率提高到 17.5%，而去年同期為 15.5%。

Maserati revenues increased 8% to EUR634 million, benefiting from higher volumes and positive currency impact. Nearly 6,300 units were shipped in 2012, corresponding to a 2% year-over-year increase.

瑪莎拉蒂營收成長 8%，達到 6.34 億歐元，受益於銷量增加和正面的匯率影響。 2012年出貨量接近6,300台，較去年同期成長2%。

The US remained the number one market, with about 3,000 units, the best volume shipment performance in eight years, with China confirmed as the brand's second-largest market. The Middle East grew by 37%, while Europe was down 30% versus a year ago.

美國仍是第一大市場，出貨量約為3,000台，是八年來最好的出貨量表現，中國確認為該品牌的第二大市場。中東地區年增 37%，歐洲則較去年同期下降 30%。

2012 trading profit was EUR42 million, in line with last year's level, thanks to the positive impact of higher volumes and continued improvements in operating costs, offset by production startup costs for the new models being launched in 2013.

2012 年營業利潤為 4,200 萬歐元，與去年水準持平，這得益於產量增加和營運成本持續改善的正面影響，並被 2013 年推出的新車型的生產啟動成本所抵消。

Components on page 26, Magneti Marelli revenues in 2012 were substantially in line with the prior year, with the lighting business up 13%, electronics up 21%, and the aftermarket business up 2%. Instead, there were decreases for the remaining businesses.

第 26 頁的零件顯示，馬瑞利 2012 年營收與上年基本持平，其中照明業務成長 13%，電子產品成長 21%，售後市場業務成長 2%。相反，其餘業務的數量有所減少。

Overall, Magneti Marelli had positive performance in Germany, NAFTA, and China, will difficult trading conditions in other European markets remained. Performance in Brazil was mixed, with first half weak, but improvements in the second half.

總體而言，馬瑞利在德國、北美自由貿易協定和中國都有積極的表現，但其他歐洲市場的艱難交易狀況仍然存在。巴西隊的表現好壞參半，上半場表現疲軟，但下半場有所改善。

The year-over-year decline in trading profit was primarily attributable to lower volumes in EMEA, costs associated with a significant number of production startups in the NAFTA region, and cost inflation in Brazil, which were only partly offset by cost containment and efficiency gains during the year.

貿易利潤較去年同期下降的主要原因是歐洲、中東和非洲地區銷量下降、北美自由貿易區地區大量生產新創企業產生的成本以及巴西的成本通膨，但成本控制和效率提升僅部分抵消了這些影響年內。

The order intake, at EUR1.6 billion for the year, was in line with Group's expectations.

全年訂單金額為 16 億歐元，符合集團預期。

Teksid revenues were down 15%, with trading profit performance reflecting the impact as volume declined.

Teksid 收入下降 15%，交易利潤表現反映了銷量下降的影響。

Revenues for Comau were up 6%, with trading profit for the year totaling EUR36 million, a EUR26 million increase, year on year, principally attributable to body welding, and powertrain systems activities.

柯馬收入成長 6%，全年營業利潤總計 3,600 萬歐元，年增 2,600 萬歐元，主要歸功於車身焊接和動力總成系統業務。

On page 28 you can see in NAFTA the recently launched Ram 1500 pickup is the best in class for fuel economy and is equipped with the leading-edge technology of the 8-speed transmission. This product was named the Motor Trend Truck of the Year, along with receiving six other prestigious awards.

在第 28 頁，您可以在 NAFTA 中看到最近推出的 Ram 1500 皮卡在燃油經濟性方面是同類產品中最好的，並配備了領先的 8 速變速箱技術。該產品被評為 Motor Trend 年度卡車，並獲得其他六個著名獎項。

In Q3, the Dodge Dart was launched and was named Most Environmentally Progressive Car for the year 2013.

第三季度，道奇 Dart 上市，並被評為 2013 年度最環保進步車。

At the 2013 Detroit Auto Show, the Group introduced the 2014 model year Jeep Grand Cherokee, with a new 3 liter EcoDiesel V-6 engine, with best-in-class 30 miles per gallon, and the new 8-speed automatic transmission. We also introduced the upper-scale Summit model and the SRT model, with revised sports styling, improved towing, and improved fuel economy, again, with the 8-speed transmission.

在 2013 年底特律車展上，該集團推出了 2014 年 Jeep 大切諾基，配備新型 3 升 EcoDiesel V-6 發動機，每加侖可行駛 30 英里，並配備新型 8 速自動變速箱。我們也推出了高檔Summit車型和SRT車型，改進了運動風格，改進了牽引力，並提高了燃油經濟性，同樣配備了8速變速箱。

Major contributors to the 18% sales growth in the US and Canada are shown on the right hand side of this chart.

圖表右側顯示了美國和加拿大 18% 銷售額成長的主要貢獻者。

Moving to slide 29, 2012 was a record year for the Group in Latin America, with a new all-time production record and sales in Brazil, where the Group posted the best performance in its 36-year operating history in the country.

轉到投影片 29，2012 年是集團在拉丁美洲創紀錄的一年，巴西的生產和銷售創下了新的歷史記錄，集團在巴西創下了 36 年經營歷史中的最佳業績。

The 11% growth of the Group's sales in Brazil had a significant contribution from the A and B segments, where sales were up 18%, and resulted in regaining the segment leadership with 117 basis points of distance versus the nearest competitor.

該集團在巴西的銷售額增長了11%，其中A 和B 細分市場的銷售額增長了18%，做出了重大貢獻，並以與最接近的競爭對手117 個基點的距離重新奪回了細分市場的領先地位。

The Fiat Strada was another strong contributor to the year's performance with over 100,000 units sold in the year.

Fiat Strada 是今年業績的另一個強勁貢獻者，全年銷量超過 100,000 輛。

Moving to slide 30, which deals with APAC, there was a successful launch in September of the all-new Fiat Viaggio in China, whose volumes in Q4 accounted for almost one-third of the total Group sales in the country. Our two upcoming new versions and a broader distribution network throughout China will support volume expansion for the Viaggio in 2013.

轉向涉及亞太地區的幻燈片 30，9 月份，全新菲亞特 Viaggio 在中國成功上市，其第四季度銷量幾乎佔集團在中國總銷量的三分之一。我們即將推出的兩個新版本以及遍布中國的更廣泛的分銷網絡將支持 Viaggio 在 2013 年的銷售擴張。

In December 2012, the Chrysler brand made its return to China, with the China Ypsilon, the first small hatchback in the Chrysler brand lineup, launched alongside the all-new Chrysler 300C.

2012年12月，克萊斯勒品牌重返中國，克萊斯勒品牌陣容中首款小型掀背車China Ypsilon與全新克萊斯勒300C一同上市。

As far as EMEA is concerned on slide 31, the Group launched the 500L in September, available across Europe during the last quarter of the year. In Europe, the 500L reached a segment share of 9% in Q4, and ranked number one and number four, respectively, in Italy and Europe, in its relevant segment in December.

就幻燈片 31 中的 EMEA 而言，該集團於 9 月推出了 500L，並於今年最後一個季度在整個歐洲上市。在歐洲，500L第四季的細分市佔率達到9%，並在12月份在義大利和歐洲的相關細分市場中分別排名第一和第四。

The model offerings will expand in 2013 with the addition of the TwinAir Turbo and the 1.6L MultiJet II, and also CNG and Trekking models, along with a 7-seater version.

2013 年，此車型系列將進一步擴大，新增 TwinAir Turbo 和 1.6L MultiJet II，以及 CNG 和 Trekking 車型以及 7 人座版本。

The new Panda was the most solid city car in Europe -- most sold city car in Europe, with total shipments of nearly 190,000 units in 2012. Alternative fuel-powered models accounted for over 20% of total sales.

新款Panda是歐洲最堅固的城市汽車－歐洲最暢銷的城市汽車，2012年總出貨量接近19萬輛。

The all-new Panda 4x4 was awarded SUV of the year for 2012 by TopGear magazine, and in Q4 represented 17% of Panda sales in Europe.

全新Panda 4x4被TopGear雜誌評為2012年度SUV，第四季佔Panda歐洲銷售的17%。

Now move to slide 32 for the industry outlook for 2013. The US industry is expected to grow by mid single digits over the prior year to a projected level of 15.5 million units. The Canadian market in 2013 is projected to remain substantially stable at 1.7 million units. LATAM is expected, also, to grow by mid single digit, with the Brazilian industry expected to post a 5% increase over 2012, and Argentina with growth of around 2%. In the APAC region, demand for 2013 is projected up 5%, driven by strong growth in China and India, offset by some contractions in Japan and Australia, as the industry normalizes after a strong recovery in 2012.

現在轉到投影片 32，了解 2013 年產業前景。 2013年加拿大市場預計將基本穩定在170萬台。拉丁美洲預計也將實現中等個位數成長，巴西工業預計將比 2012 年成長 5%，阿根廷成長約 2%。在亞太地區，2013 年的需求預計將成長5%，這主要得益於中國和印度的強勁成長，但隨著該產業在2012 年強勁復甦後的正常化，日本和澳洲的一些收縮抵消了這一影響。

In the EMEA region, the passenger car market in Europe is expected to remain substantially stable in 2013 versus prior year. Among the major markets, Italy and Germany are projected to be stable, with Spain slightly up, and UK slightly down. The LCV market is projected to decline further, by around 5% in Europe, with Italy stabilizing.

在歐洲、中東和非洲地區，預計 2013 年歐洲乘用車市場將與前一年相比基本保持穩定。主要市場中，義大利和德國預計穩定，西班牙小幅上升，英國小幅下降。預計歐洲輕型商用車市場將進一步下滑 5% 左右，其中義大利趨於穩定。

On the back of these market assumptions, turning to page 33, the Group is targeting shipments in the 4.3 million to 4.5 million units range for their mass market brands in 2013, of which half will be in NAFTA. LATAM and EMEA are expected to account for about 1 million units each, and APAC is aiming to almost double last year's shipments.

根據這些市場假設，請參閱第 33 頁，集團的目標是 2013 年其大眾市場品牌的出貨量在 430 萬至 450 萬台之間，其中一半將在北美自由貿易協定中。預計拉丁美洲和歐洲、中東和非洲地區的出貨量將分別約為 100 萬台，而亞太地區的目標是將去年的出貨量幾乎翻倍。

Finally, on slide 34, we confirm the targets underpinning the Group's plans, presented on 30th of October 2012, with guidance for 2013 as shown.

最後，在投影片 34 中，我們確認了 2012 年 10 月 30 日提出的支援集團計畫的目標，以及如圖所示的 2013 年指引。

Thank you, sirs. Rowena, now we can get started with the Q&A session. Please go ahead.

謝謝你們，先生們。 Rowena，現在我們可以開始問答環節了。請繼續。

Thank you. (Operator Instructions). And we'll take our first question from Martino de Ambroggi from Equita.

謝謝。 （操作員說明）。我們將回答 Equita 的 Martino de Ambroggi 提出的第一個問題。

Yes, thank you for taking my questions. I can imagine you cannot share with us your strategy on how you can get Chrysler minority, but could you elaborate on what can absolutely cannot be done in order to exclude some scenarios? And the second part of the question, if -- are you already planning some potential possible divestiture?

是的，謝謝您回答我的問題。我可以想像您無法與我們分享您如何獲得克萊斯勒少數股權的策略，但是您能否詳細說明為了排除某些情況絕對不能做什麼？問題的第二部分，如果—您是否已經計劃進行一些潛在的剝離？

The second question is on price pressure in Europe. I noticed in Q4 the effect slightly improved, but do you see any change going forward for the current year?

第二個問題是關於歐洲的價格壓力。我注意到第四季度的效果略有改善，但您認為今年會有什麼變化嗎？

And last is on Brazil. We can expect after the improvement for trading profit this year in Brazil? Thank you.

最後是巴西。今年巴西貿易利潤改善後我們可以期待嗎？謝謝。

Let me deal with the answers.

讓我來處理一下答案。

The pricing pressures in Europe have not lessened. I think we've -- I just saw the wire coming across saying that Carlos Ghosn has forecast a doom -- gloom and doom scenario for Europe until 2020. I don't think anybody's going to survive if it lasts that long, until 2020. I think we're talking about science fiction here, but certainly we do not expect that pricing will improve in the first half of 2013.

歐洲的價格壓力並未減輕。我想我們已經——我剛剛看到電報說卡洛斯·戈恩（Carlos Ghosn）預測歐洲在2020 年之前將面臨厄運——悲觀和厄運的情景。年，沒有人能夠倖存下來。 我認為我們在這裡談論的是科幻小說，但我們當然不期望 2013 年上半年的定價會有所改善。

We may see a restoration of some pricing power in the second half, but I think we need to watch it very, very carefully. The market is still encumbered with this whole issue about demand/supply balances. I don't think we're going to see a significant improvement in time -- in that situation until some of the capacity that has been announced to be taken out, the Ford reductions and the French reductions effectively are executed and we get some relief on supply.

我們可能會在下半年看到一些定價能力的恢復，但我認為我們需要非常非常仔細地觀察。市場仍然受到供需平衡問題的困擾。我認為我們不會看到時間上的顯著改善——在這種情況下，直到已宣布取消的部分產能、福特減產和法國減產得到有效執行，我們才得到一些緩解關於供應。

The issue on the trading profit -- the issue on trading profits in Brazil, we do expect the continuation of double-digit margin performance. I think to the extent that we expect the numbers to be up in volume in 2013, we would also expect an improvement in the absolute number. The important thing for us to maintain double-digit performance and remain as close to the leadership position as we've been able to do now for, I guess, 11 years.

關於交易利潤的問題——關於巴西的交易利潤的問題，我們確實預期利潤率將繼續保持兩位數的表現。我認為，如果我們預計 2013 年的數量會增加，那麼我們也預期絕對數量會有所改善。對我們來說，重要的是保持兩位數的業績並保持盡可能接近領先地位，我想，我們已經做到了 11 年了。

The answer to your first question I find intriguing. It's not a question of revealing strategy. I'm going to tell you the secret to try and deal with the VEBA position. It's called cash. There's no mystery in this. The only thing that's going to make VEBA go away is cash. That's all. It's fundamentally a question of price.

我覺得你第一個問題的答案很有趣。這不是揭示策略的問題。我將告訴您嘗試處理 VEBA 職位的秘訣。這就是所謂的現金。這並沒有什麼神秘之處。唯一能讓 VEBA 消失的就是現金。就這樣。從根本上來說，這是一個價格問題。

The question of price is the question of timing when their cash gets delivered and we'll work with VEBA in terms of meeting their expectations. If we cannot resolve -- if Fiat cannot help VEBA in that process, let the market help them. I mean, the whole process in providing for an IPO clause starting January 2013 as part of the deal that we signed in 2009 was to give them an exit from Chrysler.

價格問題就是他們的現金交付時間的問題，我們將與 VEBA 合作以滿足他們的期望。如果我們無法解決——如果菲亞特在過程中無法幫助 VEBA，那就讓市場幫助他們。我的意思是，作為我們在 2009 年簽署的協議的一部分，從 2013 年 1 月開始提供 IPO 條款的整個過程就是讓他們退出克萊斯勒。

As we all know, they're not long-term holders of the position. They have to satisfy claims under the trust that VEBA has, and so, the faster we do it, the better it is. Obviously, it's up to them to decide when they exit, but fundamentally, it's a question of money.

眾所周知，他們並不是該職位的長期持有者。他們必須滿足 VEBA 信任下的要求，因此，我們做得越快越好。顯然，何時退出由他們自己決定，但從根本上來說，這是一個錢的問題。

And you're asking if we're planning divestitures to meet that target, you've seen the liquidity numbers are sitting within -- that are sitting within the Fiat-Chrysler world. Certainly the Fiat side has enough cash resources to try and deal with this in the event that an opportunity were to arise.

你問我們是否計劃剝離以實現該目標，你已經看到了菲亞特克萊斯勒世界中的流動性數字。當然，菲亞特方面​​擁有足夠的現金資源，可以在機會出現時嘗試處理這個問題。

But it's no use talking about divestitures today, and I think we need to kill the speculation about what may be on the block, going forward. There's nothing planned. We will manage our way through the process and when we have something to announce, we'll announce it.

但今天談論資產剝離是沒有用的，我認為我們需要消除對未來可能發生的資產的猜測。沒有什麼計劃。我們將管理整個流程，當我們有什麼要宣布的時候，我們就會宣布。

Okay, thank you. Very clear. Thank you.

好的謝謝。非常清楚。謝謝。

We'll take our next question from Philippe Houchois from UBS. Please go ahead, sir.

我們將接受瑞銀 (UBS) 的 Philippe Houchois 所提出的下一個問題。請繼續，先生。

Yes, thank you. A few questions.

是的，謝謝。幾個問題。

Could you tell us what is the pretax benefit of your capitalized development costs at the Group level for the full year?

您能否告訴我們全年集團層級資本化開發成本的稅前收益是多少？

The -- can you tell us -- you've answered my question on that before, several times, but I just want to ask it again, is, have you had to pledge any of your assets to refinance in the past two quarters? Because I didn't ask you on the back of Q3.

您能否告訴我們，您之前已經多次回答過我的問題，但我只想再問一遍，在過去兩個季度中，您是否必須抵押任何資產進行再融資？因為Q3後面我沒有問你。

The answer is no. The answer to that question is no.

答案是不行。這個問題的答案是否定的。

I expected no again. I just have to ask every few quarters.

我預計不會再有。我只需每隔幾季詢問一次即可。

Then I have a question on the -- if I look at the Q3 report of Chrysler, there is, on page 33, a payable to Fiat of about -- of exactly $533 million. What is that, and how has it changed since then, i.e., how much payment of cash has there been from Chrysler to Fiat or how should we read that payable?

然後我有一個問題，如果我看克萊斯勒的第三季報告，第 33 頁上有一項應付菲亞特的款項約為 5.33 億美元。那是什麼，從那時起它發生了怎樣的變化，即從克萊斯勒向菲亞特支付了多少現金，或者我們應該如何解讀應付帳款？

And then lastly, as you don't give us the production clearly any more on Europe. You've given a guidance of net debt. The big moving part on your cash flow for Europe is the change in production and impact on working capital. Could you give us a guidance on what you plan to produce in 2013 in Europe, versus last year? Percentage will be fine.

最後，因為您不再向我們清楚地提供有關歐洲的製作情況。您已經給出了淨債務指引。歐洲現金流中最重要的部分是生產的變化和對營運資本的影響。您能為我們介紹一下您 2013 年與去年相比在歐洲計畫生產的產品嗎？百分比就可以了。

I think Richard can take you on.

我認為理查德可以對付你。

Hello, Philippe.

你好，菲利普。

Hi.

你好。

So, the effect of capitalized R&D is on page 41 on the backup.

因此，資本化研發的影響在第 41 頁的備份。

Right.

正確的。

It's about EUR1 billion between US GAAP and IFRS.

US GAAP 和 IFRS 之間的差距約為 10 億歐元。

Okay. Yes, but you give us an impact in after-tax there.

好的。是的，但是你給我們帶來了稅後影響。

Sorry?

對不起？

You give us the Chrysler impact. I'm just thinking about the Group, the contribution to EBIT of capitalization minus amortization.

您為我們帶來了克萊斯勒的影響。我只是在考慮集團對資本減去攤銷的息稅前利潤的貢獻。

Well, in the rest of the Group it should be -- I'll need to check, but I think it's basically a wash on the rest of the Group, because our R&D number is, basically, pretty stable. So, the benefit is, obviously, on the Chrysler side, where we just implemented IFRS and, so, therefore, our capitalization number is bigger than the amortization number.

嗯，在集團的其他公司中，應該是——我需要檢查一下，但我認為這基本上是對集團其他公司的打擊，因為我們的研發數字基本上相當穩定。因此，顯然，好處是在克萊斯勒方面，我們剛剛實施了國際財務報告準則，因此，我們的資本化數字大於攤銷數字。

Okay.

好的。

But on the rest of the Group, it's basically a wash, because we've been doing this IFRS process for a long time now.

但對於集團的其他公司來說，這基本上是一次清洗，因為我們已經執行這個 IFRS 流程很久了。

Okay. All right.

好的。好的。

On the payables to Fiat for Chrysler, Chrysler -- Fiat buys vehicles from Chrysler for our European distribution, and that's what that payable alludes to.

關於克萊斯勒向菲亞特支付的應付款項，克萊斯勒——菲亞特從克萊斯勒購買車輛用於我們的歐洲分銷，這就是應付款項所暗示的。

Just on the sale of Fiat 500s in the US and stuff like that, yes?

就在美國銷售菲亞特 500 之類的，是嗎？

It's the sale of Fiat Freemonts and Lancia-badged vehicles in Europe sourced out of the US.

這是在歐洲銷售從美國採購的菲亞特弗里蒙特和藍旗亞汽車。

Right. Okay, so, it's normal trading. There's no additional transfer of cash between the two?

正確的。好吧，這是正常的交易。兩者之間沒有額外的現金轉移嗎？

On the one side, and on the other side it's the Fiat 500 going into South America for Fiat and the Journey, as well.

一方面，另一方面，Fiat 500 也將進入南美，為菲亞特和 Journey 提供服務。

Right, okay.

對了，好吧。

There's nothing -- it's pretty flat.

什麼都沒有——非常平坦。

Production in Europe, as we said, we said, basically, we think the European market's pretty flat. We would hope to be slightly up because of the new products coming in for 2013, and so working capital we expect to be positive, compared to the negative number we had in 2012.

正如我們所說，歐洲的生產基本上我們認為歐洲市場相當穩定。由於 2013 年將推出新產品，我們希望營運資金略有上升，因此與 2012 年的負數相比，我們預計營運資金將為正數。

Right, okay. Great. Thank you very much.

對了，好吧。偉大的。非常感謝。

And we'll take our next question from Alberto Villa from Intermonte. Please go ahead.

我們將回答來自 Intermonte 的 Alberto Villa 的下一個問題。請繼續。

Yes, good afternoon. Two questions, if I may.

是的，下午好。如果可以的話，有兩個問題。

The first one is on the target of net profit you have given for 2013 of EUR1.2 billion, EUR1.5 billion. Does that include the impact you're showing at slide 43 regarding the new IFRS 19 impact?

第一個是你們給的2013年淨利目標是12億歐元、15億歐元。這是否包括您在投影片 43 中展示的有關新 IFRS 19 影響的影響？

Yes.

是的。

Okay. The second question is on the bond program, if you can elaborate a little bit on what you're expecting you could issue this year regarding the EUR5 billion program you have been renewing during the Board of Directors today?

好的。第二個問題是關於債券計劃，您能否詳細說明您對今年可能發行的債券計劃的預期，以及您今天在董事會上更新的 50 億歐元計劃？

The EUR5 billion is only the authority that we have and it's the maximum amount that we could issue under the Board authority that was granted.

50 億歐元只是我們擁有的權力，也是我們根據董事會授予的權力可以發行的最高金額。

We normally don't indicate the timing of a bond issuance. There's nothing that has been planned for today or tomorrow.

我們通常不會表明債券發行的時間。今天或明天沒有任何計劃。

Right.

正確的。

But, obviously, our ability to refinance -- you saw the activity in 2012. There were five bond issuances that raised EUR2.5 billion. So, we do roll over the debt. I think we want to have the opportunity to step into the market whenever the market is adequately conducive to capital raising, and I think we needed the authority behind us to get it done. It's big enough for us to deal with a variety of things, whatever they may be.

但顯然，我們的再融資能力——您已經看到了 2012 年的活動。所以，我們確實展期了債務。我認為只要市場夠有利於融資，我們就希望有機會進入市場，而且我認為我們需要背後的權威來完成這件事。它足夠大，足以讓我們處理各種各樣的事情，無論它們是什麼。

But I think that the important thing is that there's nothing planned right now, but they will be used to roll over debt and maintain the level of liquidity that we have in the system. I think that continues to be a key objective.

但我認為重要的是，目前還沒有任何計劃，但它們將用於展期債務並維持系統中的流動性水平。我認為這仍然是一個關鍵目標。

But we understand that it's a pretty expensive carry. As you've seen from the interest expense line, it is really -- it's creating a big dent in our P&L, but it's a price that we have to pay, given the uncertainty that we see in the market and given the possibility of having to move strategically on issues that we'll be facing.

但我們知道這是一個相當昂貴的攜帶。正如您從利息支出線中看到的那樣，這確實對我們的損益造成了很大的影響，但考慮到我們在市場上看到的不確定性以及考慮到以下情況的可能性，這是我們必須付出的代價：就我們將面臨的問題採取策略行動。

Okay. But just -- markets now look better for this kind of corporate debt, so it might be the case that you'll be issuing more than to refinance bonds in the next --?

好的。但只是——市場現在看起來對這種公司債務更好，所以你可能會在接下來發行更多的債券而不是再融資債券——？

When you mean "this corporate debt," you mean junk?

當你說「這種公司債務」時，你指的是垃圾嗎？

No, I mean any kind of corporate debt I would say.

不，我指的是任何類型的公司債務。

Thank you very much. Mr. Villa, I didn't want you to think of me as being the stinker in the room, but, no, I understand the credit markets are sufficiently liquid to allow us to raise bonds.

非常感謝。維拉先生，我不想讓你認為我是房間裡的臭蟲，但是，不，我知道信貸市場的流動性足以讓我們籌集債券。

Okay, thank you.

好的謝謝。

And we thank you very much.

我們非常感謝你。

(Operator Instructions). And we'll talk our next question from Stephen Reitman from Societe Generale. Please go ahead.

（操作員說明）。我們將討論法國興業銀行史蒂芬雷特曼提出的下一個問題。請繼續。

Yes, good afternoon. Could you comment a little bit about utilization rates in the Italian and the Polish plant, impact of the move for the Panda or the new Panda, at least, to Pomigliano from Tychy?

是的，下午好。您能否評論一下義大利和波蘭工廠的利用率，以及將 Panda 或新 Panda 至少從蒂黑搬遷至波米利亞諾的影響？

And also, on the ramp-up of the 500L in Serbia, please?

另外，關於 500L 在塞爾維亞的升級，好嗎？

Well, clearly the move of the Panda means that we have Pomigliano working at more than zero, because, obviously, they didn't have any vehicles left. So, we have a positive effect on the Italian plants, and, obviously, Poland's had -- because the 500 is still there, and the Ford cars, so there we have a good utilization rate, but it's not as high as it has been historically, because there's one less vehicle there.

嗯，很明顯，熊貓的移動意味著我們讓波米利亞諾的工作時間大於零，因為，顯然，他們沒有剩下任何車輛。所以，我們對義大利工廠產生了積極的影響，顯然，波蘭的工廠也有——因為 500 仍然在那裡，還有福特汽車，所以我們在那裡有很好的利用率，但沒有以前那麼高了從歷史上看，因為那裡少了一輛車。

Just to reinforce -- Richard is skating on ice on this one. It was not an economically driven decision. I mean, I think that there's a negative, even, impact as a result of having moved the car out of Poland into Pomigliano. I'm not going to tell you what that number is, but it was part of our commitment to revitalize the Italian industrial infrastructure.

只是為了強調一下——理查德正在冰上滑冰。這不是一個經濟驅動的決定。我的意思是，我認為將汽車從波蘭移至波米利亞諾會產生負面影響。我不會告訴你這個數字是多少，但這是我們振興義大利工業基礎設施承諾的一部分。

I think when you add up the positive benefit of all these things, including the commitment that we made to Pomigliano, I think we're better off, in the medium to long term, even though in the short term, I think, we're paying a price for the dislocation of activity out of Poland.

我認為，當你把所有這些事情的積極好處加起來，包括我們對波米利亞諾所做的承諾時，我認為從中長期來看，我們的情況會更好，即使在短期內，我認為，我們'正在為波蘭以外的活動混亂付出代價。

It was a very difficult choice that we've had to make, and we found it very unpleasant to reduce headcount by 1,600 people in Poland, which is what has happened. I think that workforce has undoubtedly delivered historically well beyond our expectations, and we need to find a way and we're working diligently now to find another car that can replace the Panda that was displaced and that can utilize the architecture that's installed in Tychy.

這是我們必須做出的一個非常艱難的選擇，我們發現在波蘭減少 1,600 名員工非常令人不快，而這正是發生的情況。我認為，毫無疑問，勞動力的表現在歷史上遠遠超出了我們的預期，我們需要找到一種方法，我們現在正在努力尋找另一輛汽車，可以取代被取代的熊貓，並且可以利用蒂黑安裝的架構。

But it has to be done to try and balance demand and supply. They paid the price, unfortunately, for that reallocation.

但必須努力平衡需求和供給。不幸的是，他們為這種重新分配付出了代價。

In the medium to long term, I think, on an EBIT basis it'll be positive for the house.

我認為，從中長期來看，以息稅前利潤為基礎，這對公司來說是有利的。

And on the 500L, please?

請問500L的嗎？

It's ramping up. I think we made about 25,500 Ls in the fourth quarter. So, we're ramping up production.

它正在加速。我認為我們第四季度的收入約為 25,500 L。因此，我們正在提高產量。

And, obviously, one of the biggest outlets of that car is going to be the US market. We've shown the car to dealers when we had a dealer meeting in September. The car is going to do well in the United States. We've got to make sure that we don't end up repeating the same mistake that was made on the powertrain side with the launch of the Dodge Dart. So, we need to be very, very careful about how we launch it.

顯然，該車最大的銷售市場之一將是美國市場。我們在九月召開經銷商會議時向經銷商展示了這輛車。這款車在美國將會表現出色。我們必須確保我們最終不會重蹈道奇 Dart 推出時在動力系統方面所犯的同樣錯誤。因此，我們需要非常非常小心地啟動它。

We're working diligently now to make sure that it has the right power grid at some point in time during its launch phase, but I'm hopeful that that car will do well in the US. And it certainly has the right cost structure, and it's certainly a significant addition to the 500 offering at present in the US.

我們現在正在努力工作，以確保它在發布階段的某個時間點擁有正確的電網，但我希望這款車在美國表現良好。而且它確實具有正確的成本結構，而且它無疑是對目前美國 500 款產品的重要補充。

Thank you. And also, just briefly, with the -- with the wait for the new products that you've outlined, that you outlined, basically, in your product plan from the end of October, can you give a bit more detail on what impact -- what help you will be getting from the government, from the Italian government, to tide you over in terms of covering workforce costs and the like, while your plants in Italy are significantly underutilized?

謝謝。而且，簡單地說，隨著您概述的新產品的等待，您基本上在 10 月底的產品計劃中概述了這些新產品，您能否提供更多關於影響的細節 - - 當您在意大利的工廠利用率嚴重不足時，您將從義大利政府獲得什麼幫助來幫助您解決勞動成本等問題？

Well, there are two measures that are available under the Italian system. The first one is a sort of classic unemployment insurance, which is funded by -- it's funded by the state, but it's based on contributions that are made by the Company.

義大利的體係有兩種措施可供選擇。第一個是一種經典的失業保險，由國家資助，但基於公司的繳款。

And then there is an extraordinary unemployment insurance plan, which is used for restructuring exercises. In all plants, they go through this conversion with -- in anticipation of a product launch utilize the extraordinary type of unemployment insurance, and it is funded by the state.

還有一個特別的失業保險計劃，用於重組活動。在所有工廠中，他們都會在產品發布之前進行這種轉換，利用特殊類型的失業保險，並由國家資助。

So, there is a cost, a residual cost, left for the company, but the bulk of the carrying costs are on the back of the government.

因此，公司有一定的成本，即剩餘成本，但大部分成本都由政府承擔。

Thank you.

謝謝。

For that period of time as we convert over. We've announced that plan now for the Melfi plant as we convert it to produce the two SUVs. There was one that was utilized in connection with Grugliasco, and Grugliasco has been using that extraordinary unemployment insurance scheme, and it was using it from 2006, which was when it ceased production.

對於我們轉換過來的那段時間。我們現在已經宣布了梅爾菲工廠的計劃，我們將其改造為生產這兩款 SUV。其中一項是與 Grugliasco 一起使用的，Grugliasco 一直在使用這項特殊的失業保險計劃，並且從 2006 年開始使用它，當時它停止了生產。

But now, these people are coming back, one at a time. We've got over 500 people on staff now. We're going to bring the remainder of the Grugliasco people in, hopefully by the end of this year, as the second car launches.

但現在，這些人又回來了，一次一個。我們現在有超過 500 名員工。我們將把剩下的格魯利亞斯科人帶進來，希望在今年年底，隨著第二輛汽車的推出。

Thank you.

謝謝。

And we'll take our next question from Charles Winston from Redburn. Please go ahead.

我們將回答來自 Redburn 的 Charles Winston 的下一個問題。請繼續。

Yes, hi. Thanks for taking my question.

是的，嗨。感謝您提出我的問題。

It's just to focus on your net debt target, if possible, the EUR7 billion, which I'm slightly struggling with, but I guess a couple of questions. First, relating to that --

這只是為了關注你的淨債務目標，如果可能的話，70億歐元，我對此有點掙扎，但我想有幾個問題。首先，與此相關——

You're not the only one that's struggling with that number, trust me. I struggle with it every day.

你不是唯一一個在這個數字上掙扎的人，相信我。我每天都在為此掙扎。

A couple of things. Does it include cash out for the 2 times 3.3%? In other words, are you assuming that you've exercised on the options? And is there assumption of any pension contributions?

有幾件事。是否包含2倍3.3%的提現？換句話說，您是否假設您已經行使了這些選擇權？是否有任何退休金繳款的假設？

But then, if I could actually just get a little bit more detailed, let's assume EUR7.5 billion of CapEx, cash tax and finance costs going to be at least EUR2.5 billion. So, you've got EUR10 billion out the door.

但是，如果我能說得更詳細一點的話，我們假設 75 億歐元的資本支出、現金稅和財務成本至少為 25 億歐元。因此，您已經獲得了 100 億歐元。

Your EBITDA, based on your own guidance for the combined entity, is going to be a bit over EUR8 billion. So -- and you're talking about EUR400 million and EUR500 million increase in debt.

根據您自己對合併後實體的指導，您的 EBITDA 將略高於 80 億歐元。那麼，您談論的是 4 億歐元和 5 億歐元的債務增加。

That implies that you're expecting to get well over EUR1 billion out of working cap, despite the fact you've said that working cap out of Chrysler will be reduced. You said that on the Chrysler call.

這意味著您預計將從工作上限中獲得超過 10 億歐元，儘管您已經說過克萊斯勒的工作上限將會減少。你在克萊斯勒電話會議上這麼說過。

So, therefore, are we really talking about getting on for EUR1 billion coming out of working cap on the Fiat side? And, obviously, my math there has just excluded any further payouts to pension and the buyout of the 2 times 3.3%. So, anything you can help there.

因此，我們真的在談論從菲亞特方面​​的工作上限中獲得 10 億歐元嗎？而且，顯然，我的數學只是排除了任何進一步的退休金支出和 2 倍 3.3% 的買斷。因此，您可以提供任何幫助。

I think Richard -- yes, I think Richard Palmer has said the working capital will decrease in Chrysler in 2012.

我想理查德——是的，我想理查德·帕爾默說過 2012 年克萊斯勒的營運資金將會減少。

Yes, the cash out would decrease, absolutely. So -- in which case, I'm still struggling with the math. It's -- given your minimum, even if we use the minimum, EUR7.5 billion.

是的，現金支出絕對會減少。所以——在這種情況下，我仍然在數學上掙扎。即使我們使用最低金額，它也是 75 億歐元。

Yes, well, the working capital for Fiat in -- Fiat, ex Chrysler, excluding Chrysler was negative for 2012.

是的，好吧，菲亞特——菲亞特（前克萊斯勒）公司（不包括克萊斯勒）2012 年的營運資金為負值。

Yes.

是的。

And we expect that number to be positive for 2013.

我們預計 2013 年這一數字將為正值。

Yes.

是的。

That's the change in working capital. So, we'll get generation of cash from working capital in 2013, whereas in 2012 we had a negative cash effect to working capital of over EUR600 million.

這就是營運資金的改變。因此，我們將在 2013 年從營運資本中獲得現金，而 2012 年我們對營運資本的負面現金影響超過 6 億歐元。

I understand that. But, forgive me, you're talking in your own guidance about the EMEA side of Fiat being reasonably flat and a little -- a bit of growth in Brazil, but not huge.

我明白那個。但是，請原諒我，您在自己的指導中談論的是菲亞特在歐洲、中東和非洲地區的增長相當平穩，並且在巴西有一點增長，但不是很大。

In other words, the sorts of increase in revenue you're talking about, you're just not going to be able to pull EUR1 billion or hundreds of millions out of Fiat that I can see, unless you start paying people even later than you do currently. It just seems impossible.

換句話說，就你所說的收入增長而言，我認為你無法從菲亞特獲得 10 億歐元或數億歐元，除非你比你更晚開始向人們付款目前做。這似乎是不可能的。

Well, if you look at the -- on the one side, on the Chrysler side, we're going to say, we say, $1 billion, yes? We said that's probably not -- it's a quite conservative number if we hit the volume numbers we looked at. But say it's a $1 billion. So, on the Chrysler side, we generate about EUR800 million.

好吧，如果你看一下——克萊斯勒方面，我們會說，我們說，10 億美元，是嗎？我們說過，這可能不是——如果我們達到我們所看到的銷售數字，這將是一個相當保守的數字。但假設這是 10 億美元。因此，在克萊斯勒方面，我們創造了大約 8 億歐元。

So, on the -- we're saying we're going to have a net debt impact negative of EUR500 million, so, basically, on the Fiat side, we're looking at, potentially, utilizing -- having negative cash flow about EUR1.3 billion. Yes? And, basically, the EUR1.3 billion, year on year, we're going to have slightly higher CapEx, but we're going to have higher EBITDA and higher working capital, take us down from the EUR2.6 billion number we had this year to a EUR1.5 billion number for 2013. EBITDA will be up.

因此，我們說我們將產生 5 億歐元的負淨債務影響，因此，基本上，在菲亞特方面​​，我們正在考慮潛在地利用負現金流量13億歐元。是的？而且，基本上，與去年同期相比 13 億歐元，我們的資本支出將略高，但我們將擁有更高的 EBITDA 和更高的營運資本，這將使我們從 26 億歐元的數字下降今年到2013 年將達到15 億歐元。

Right, okay. So, it's based on the assumption that EBITDA within Fiat is up and you've then got a sort of getting on for a EUR1 billion swing on the working capital?

對了，好吧。那麼，這是基於這樣的假設：菲亞特內部的 EBITDA 上升，然後您就可以在營運資本上增加 10 億歐元？

Yes.

是的。

Okay. And so, therefore, your guidance, by definition, excludes any further payments for the 2 times 3.3% and excludes any further pension contributions. Is that correct?

好的。因此，根據定義，您的指導不包括 2 倍 3.3% 的任何進一步付款，也不包括任何進一步的退休金繳款。那是對的嗎？

It excludes any potential purchase of equity from the VEBA, yes. On pension contributions, on the Fiat, ex Chrysler, side, there are no pension contributions. But on the Chrysler side there are pension contributions in the number.

是的，它排除了任何可能從 VEBA 購買股權的情況。在退休金繳款方面，菲亞特（前克萊斯勒）方面沒有退休金繳款。但克萊斯勒方面則有退休金繳款。

Okay, clear. Thank you.

好的，清楚了。謝謝。

They're not required.

它們不是必需的。

We'll now take our next question from Teo Lasarte from Bank of America. Please go ahead.

現在我們將回答來自美國銀行的 Teo Lasarte 的下一個問題。請繼續。

Thank you. Good afternoon.

謝謝。午安.

Just a question regarding your holdings in Chrysler. And you spoke about this on the call earlier, but in terms of potentially refinancing the Chrysler debt, my question is, would VEBA, as a shareholder in Chrysler, and also as a debt holder, as a creditor to Chrysler for the notes, would they have any say in terms of refinancing the Chrysler bonds and loans? Is that solely down to the economics of it?

只是一個關於您在克萊斯勒的持股的問題。你早些時候在電話會議上談到了這一點，但就克萊斯勒債務的潛在再融資而言，我的問題是，作為克萊斯勒的股東，同時作為債務持有人，作為克萊斯勒票據的債權人，VEBA 是否會這樣做？這僅僅取決於它的經濟性嗎？

That's down to the Board of Chrysler, I would say.

我想說，這取決於克萊斯勒董事會。

I mean, I don't know how to answer your question. Obviously, there are contractual terms that govern the borrowings, and we have to respect those terms. And that's the way in which the holders of the instrument will express their view as to whether we can or cannot act on the borrowing.

我的意思是，我不知道該如何回答你的問題。顯然，借款有合約條款，我們必須尊重這些條款。這就是工具持有人表達他們對我們是否可以對借款採取行動的看法的方式。

I'm not sure that I understand the question.

我不確定我是否理解這個問題。

So, from the point of view of VEBA themselves, as a creditor, they have no say in terms of whether the Chrysler debt is refinanced or not?

那麼，從VEBA本身的角度來看，作為債權人，對於克萊斯勒債務是否再融資，他們沒有發言權？

No, no. If you're talking about VEBA, VEBA has no rights.

不，不。如果您談論的是 VEBA，則 VEBA 沒有任何權利。

Okay, thank you.

好的謝謝。

There's no terms associated with those notes, no terms or conditions other than a repayment (inaudible).

沒有與這些票據相關的條款，除了還款（聽不清楚）之外沒有任何條款或條件。

And we'll take our next question from Richard Hilgert from Morningstar. Please go ahead.

我們將回答來自晨星公司的理查德希爾格特的下一個問題。請繼續。

Thanks. Good afternoon to everyone.

謝謝。大家下午好。

In Brazil, the amount of decline in the profitability over there was somewhat concerning. Was some of that associated with product launches at all? And can you be a little bit more detailed about how much of that came from the cost pressures down there and the pricing?

在巴西，獲利能力的下降幅度有些令人擔憂。其中一些與產品發布有關嗎？您能否更詳細地說明其中有多少來自那裡的成本壓力和定價？

So, in the -- let's say in the first half of the year, there was an increase in imports into the Brazilian market, which did affect pricing. To a large extent, with the new incentive measures made from July and then the Inovar-Auto program, from 2013, we don't expect those types of price pressures to continue in the next few years, because, basically, there's been moves by the government to incentivize and protect the local industry.

因此，假設今年上半年，巴西市場的進口量增加，確實影響了定價。在很大程度上，隨著從 7 月開始實施的新激勵措施以及從 2013 年開始實施的 Inovar-Auto 計劃，我們預計此類價格壓力不會在未來幾年持續下去，因為基本上，政府鼓勵和保護當地工業。

Clearly, we are the biggest localized producer in Brazil. We invest a lot of money down there. We have heavily localized products and suppliers. So, from that point of view, we don't expect that trend to continue, but there was a price impact, for sure.

顯然，我們是巴西最大的在地化生產商。我們在那裡投資了很多錢。我們擁有高度本地化的產品和供應商。因此，從這個角度來看，我們預計這種趨勢不會持續下去，但價格肯定會受到影響。

The second -- there was some impact of costs as we launched a few products in 2012. But, I mean, that's normal business. We launch products every year in Brazil.

第二個——我們在 2012 年推出了一些產品，因此受到了一些成本的影響。我們每年都會在巴西推出產品。

How many launches were there?

有多少次發射？

There was the new Siena. There were three, I think, new Siena, Palio -- there were three. I can't remember the third, but there were three, I think.

有新的錫耶納。我想，有三個，新錫耶納，派力奧——有三個。我不記得第三個了，但我想應該有三個。

Okay. In your assumptions for Italy, and, considering the progress that you've made there, along with the comments that were made earlier about the extraordinary insurance for the employees, if volume in Italy were down another, say, 10% in 2013 from 2012, would the losses still be reduced, year over year?

好的。在您對義大利的假設中，考慮到您在那裡取得的進展，以及先前關於員工特別保險的評論，如果義大利的數量在 2013 年比 2012 年再下降 10% ，損失還會同比減少嗎？

The answer to your question is definitely not. We would be losing about, probably about 45,000 cars. And so, on that drop, we would lose all the contribution from the 45,000 vehicles. So, by definition, we would not be able to meet that target.

你的問題的答案是肯定不是。我們可能會損失約 45,000 輛汽車。因此，在這次下降中，我們將失去 45,000 輛車的所有貢獻。因此，根據定義，我們將無法實現該目標。

But you're talking about numbers that -- just a reminder, we were at 2.5 million in '07, right?

但你所說的數字——只是提醒一下，我們 07 年的數字是 250 萬，對嗎？

Okay.

好的。

So, I mean, 140,000 vehicles below the 1.4 million that we got would take us to 1.260 million. And I don't -- to be perfectly honest, I don't have a series that goes back that far. You'd have to go back into prehistoric times.

所以，我的意思是，如果我們現有的 140 萬輛汽車少了 14 萬輛，我們的汽車保有量就會達到 126 萬輛。我沒有——說實話，我沒有一個系列可以追溯到那麼遠。你必須回到史前時代。

Let me give you an answer on this -- I'm not that Richard tried to get you an answer on the Brazilian stuff. It was clear, from the way in which we reported first half earnings that Brazil was under pressure and we were clear. In the first six months of the year, we made about EUR470 million in trading profit for the -- in Latin America. That number went up to EUR590 million in the second half of the year.

讓我給你一個答案——我並不是理查德試圖讓你得到關於巴西問題的答案。從我們報告上半年收益的方式來看，很明顯巴西正面臨壓力，我們對此也很清楚。今年前六個月，我們在拉丁美洲賺了約 4.7 億歐元的貿易利潤。下半年這一數字增至 5.9 億歐元。

And this reflects the market conditions that Richard described, i.e., the fact that in the first half of the year the industry had been left exposed to a non-barriered environment. And all the measures that were put in place in the second half of -- or effective the second half of 2012 effectively started restoring the profitability of the business.

這反映了理查德所描述的市場狀況，即上半年該行業處於無障礙環境中。 2012 年下半年採取或生效的所有措施有效地開始恢復業務的獲利能力。

And the product launches that impacted operations eroded the operating performance, but fundamentally, the business is on its way back. I mean, pricing is beginning to recover in Latin America and that's, really, the big issue from our standpoint. It's not just volumes.

影響營運的產品發布削弱了營運績效，但從根本上說，業務正在復甦。我的意思是，拉丁美洲的定價開始復甦，從我們的角度來看，這確實是一個大問題。這不僅僅是數量。

I know that we sold more cars in Brazil than we ever sold in our history, but we're not running a grocery store. So, volume to us is important to a point.

我知道我們在巴西銷售的汽車比我們歷史上銷售的汽車還要多，但我們不是在經營雜貨店。因此，成交量對我們來說很重要。

So, margin retention is key. I think all the indications are that for 2013, we will not see restoration of margins to what they used to be back in 2010 and 2011, but certainly they're going to be maintained at adequate levels that are certainly sufficient to maintain double-digit performance in the area.

因此，保留利潤是關鍵。我認為所有跡像都表明，2013 年，我們不會看到利潤率恢復到 2010 年和 2011 年的水平，但肯定會保持在足夠的水平，足以維持兩位數的水平在該地區的表現。

Okay. One last question, then. On the Chrysler bond indentures, I believe there's a $500 million carve-out for cash bucket for any transfers from Chrysler to the parent.

好的。那麼最後一個問題。在克萊斯勒債券契約上，我相信有 5 億美元的現金桶用於從克萊斯勒到母公司的任何轉移。

With the refinancing coming up in May, would you anticipate, then, having access to that $500 million bucket? Or would the credit agreement still cause you to not have access to that bucket? And, obviously, if you did, would this mean better allocation of capital for you, given all of the capital expenditures that you're expecting on both sides of the Atlantic?

隨著 5 月再融資的到來，您是否預計能夠獲得這 5 億美元的資金？或者信貸協議仍然會導致您無法使用該儲存桶嗎？而且，顯然，如果您這樣做了，考慮到您預計大西洋兩岸的所有資本支出，這是否意味著您可以更好地分配資本？

The $500 million restricted payment basket is on the term loan, just to be clear, not on the bonds. And, obviously, as you said, the term loan has a -- on the May 24th second anniversary, the change in terms of the early payment penalty. That's the only thing that changes on that date.

需要明確的是，5 億美元的限制性支付籃子是定期貸款，而不是債券。而且，顯然，正如您所說，定期貸款在 5 月 24 日兩週年之際，提前還款罰款發生了變化。這是那天唯一改變的事情。

So, that restricted payments basket is, there for total dividends, and, obviously, as we discussed on the last call, if we paid any dividends out of Chrysler, they'd go to the two equity shareholders per proportion. Nothing else changes on that date, and so this restricted payment basket remains. I don't think we have any intention of utilizing it.

因此，受限制的支付籃子是針對總股息的，顯然，正如我們在上次電話會議中討論的那樣，如果我們從克萊斯勒支付任何股息，它們將按比例分配給兩位股東。該日期沒有其他任何變化，因此這個受限制的付款籃子仍然存在。我認為我們沒有任何利用它的意圖。

Okay.

好的。

Thank you.

謝謝。

We'll take our next question from [Richard Smith] from Citi. Please go ahead, sir.

我們將接受花旗銀行 [Richard Smith] 的下一個問題。請繼續，先生。

Hi, there. Just a very quick question. You mentioned your aim, ultimately, is to -- is for Fiat and Chrysler to operate as one sort of single unit. And, assuming you can come to an agreement with VEBA on a sort of buyout valuation, what other steps do you see as necessary to execute on the plan?

你好呀。只是一個非常簡短的問題。您提到您的最終目標是讓菲亞特和克萊斯勒作為一個單一單位運作。而且，假設您可以與 VEBA 就某種收購估值達成協議，您認為執行該計劃還需要採取哪些其他步驟？

To ensure that we have the proper, adequate structure to deal with the takeout.

確保我們有適當、充足的結構來處理外賣。

Okay. Does that -- does that involve changing the financing structure at Chrysler, or what's the kind of moves around that, that would be required?

好的。這是否涉及改變克萊斯勒的融資結構，或需要採取哪些措施來解決這個問題？

Certainly, the leverage capability within Chrysler. Obviously, we'd have to look at all the bond structures of Chrysler, but overall, we would have to be satisfied that the combined entity has the right wherewithal to operate, given its cash requirements and its capital expenditure profile.

當然，克萊斯勒內部的槓桿能力。顯然，我們必須考慮克萊斯勒的所有債券結構，但總的來說，鑑於其現金需求和資本支出狀況，我們必須確信合併後的實體擁有適當的營運資金。

It is highly unlikely, before you go off the deep end of the bowl here, that we're going to -- that Fiat is going to raise capital to try and deal with that issue, because that's a bizarre concept. It has enough tangible assets within the fold that if push came to shove, we would get to them first, before we did anything that that was that value-destructive in this environment.

在你深入討論之前，我們不太可能——菲亞特將籌集資金來嘗試解決這個問題，因為這是一個奇怪的概念。它擁有足夠的有形資產，如果情況緊急，我們會先處理它們，然後再做任何在這種環境下破壞價值的事情。

And so, we have a variety of levers available. We are looking at all these things.

因此，我們有多種可用的槓桿。我們正在關注所有這些事情。

In the absence of a solution, internally to Fiat, then I think that we will be more than glad to accompany VEBA on an IPO and deal with the issue at a subsequent date. It's that simple. It's not a matter of life and death that I do it now or that I allow VEBA to go float and then deal with the overhang later. It is what it is. I don't have to execute it in 2013. If I can't find the resources within Fiat or we can't come to terms, or I can't find the structure that works, then we'll just accompany VEBA out on an IPO and we'll see what the market will bear.

如果菲亞特內部沒有找到解決方案，那麼我認為我們將非常樂意配合 VEBA 進行 IPO，並在隨後的日期處理該問題。就是這麼簡單。我現在做這件事或讓 VEBA 漂浮然後稍後處理懸垂的問題都不是生死攸關的問題。就是這樣。我不必在 2013 年執行它。承受什麼。

Okay, thank you.

好的謝謝。

Thanks very much.

非常感謝。

We'll take our next question from [Paul Hartley[ from Bank of America. Please go ahead.

我們將接受美國銀行的 [Paul Hartley] 提出的下一個問題。請繼續。

It's actually Fraser Hill from Bank of America. Just one final question on the pension side and the disclosure today on IAS 19. I think you've shown, roughly, a 40 -- sorry, EUR470 million delta on the P&L year on year in 2013. What exactly is the cash delta, year on year, both in aggregate, and then, I guess, split between the two parts of the business, Fiat and Chrysler?

它實際上是美國銀行的弗雷澤山。關於退休金方面的最後一個問題以及今天關於 IAS 19 的披露。 ，兩者合計，然後，我猜，在菲亞特和克萊斯勒這兩個業務部門之間劃分？

The cash delta is not a significant number, because the service costs are higher, but not significant. So, basically, that is all amortization of -- it's all related to the interest charge on the deficit, not cash.

現金增量並不是一個重要的數字，因為服務成本較高，但並不重要。所以，基本上，這都是攤銷——都與赤字的利息費用有關，而不是現金。

Okay, thanks.

好的謝謝。

We'll take our next question from Max Warburton from Bernstein. Please go ahead.

我們將回答伯恩斯坦的馬克斯·沃伯頓的下一個問題。請繼續。

Hello, Max, where are you?

你好，麥克斯，你在哪裡？

I'm in Singapore. It's about 1 o'clock in the morning, so if I mess up this question, please excuse me.

我在新加坡。現在是凌晨 1 點左右，所以如果我搞砸了這個問題，請原諒。

Well, you messed it up when you were in the same time zone, so that's no excuse. Go on.

好吧，當你們在同一時區時，你把事情搞砸了，所以這不是藉口。繼續。

Okay. Well, it'll be business as usual.

好的。嗯，一切都會照常進行。

Could we just spend a couple of minutes talking about Maserati and, actually, Alfa. Obviously, it's topical today with the new plant.

我們能花幾分鐘談談瑪莎拉蒂，實際上，談談阿爾法嗎？顯然，這是今天新工廠的熱門話題。

This new product, the Quattroporte, I know Mr. Wester gets very upset when people say it has Chrysler 300C elements in it. But is it safe to assume that the cost structure of this car is vastly different from its predecessor and when we start to think about contribution margins, it's a bit of a game changer?

這款新產品，Quattroporte，我知道當人們說它有克萊斯勒 300C 元素時，韋斯特先生會非常不高興。但可以肯定的是，這輛車的成本結構與其前身有很大不同，當我們開始考慮邊際貢獻時，它會改變遊戲規則嗎？

And then, when it comes to the Ghibli, can you just confirm, is that the same platform and/or are there any differences in the cost of that car?

然後，當涉及 Ghibli 時，您能否確認一下，這是相同的平台和/或該車的成本是否有任何差異？

And when we think about what the total project could generate, are we basically looking at the same base cost for the two cars, and very different pricing points?

當我們考慮整個專案可以產生什麼時，我們是否基本上會考慮兩輛車相同的基本成本，以及截然不同的定價點？

So, first question, Maserati, and then secondly, on the SUV, how do I (inaudible) this question? I mean the -- when you think about the Maserati plan, which is going to be a bigger contributor, the two sedans or the SUV? I'm just trying to think about the phasing of the profit growth. Thanks.

那麼，第一個問題，瑪莎拉蒂，然後第二個問題，關於 SUV，我如何（聽不清楚）這個問題？我的意思是——當你考慮瑪莎拉蒂計劃時，兩款轎車或SUV哪一個將做出更大的貢獻？我只是想考慮利潤成長的階段性。謝謝。

All right. Let me deal with -- let me help Mr. Wester, because Harald and I have worked together on this project now for a number of months.

好的。讓我來處理——讓我幫助韋斯特先生，因為哈拉爾德和我已經在這個項目上合作了好幾個月了。

There are parts of their car which have their origin, structurally, from an architecture standpoint, from the Chrysler 300. Having said that, everything else in that car is Maserati-specific, going from transmission to the engine, to the body, which is unique to Maserati, not just in shape, but the fact that there is -- 80% of the car on the outside, is aluminum.

從架構的角度來看，他們汽車的某些部件的結構起源於克萊斯勒 300。處不僅在於形狀，還在於汽車外部80% 的零件是鋁製的。

It's a completely different ball of wax. The only thing we took was some very basic structure out of the 300 on which we could develop the next generation Quattroporte.

這是一個完全不同的蠟球。我們唯一採用的是 300 中的一些非常基本的結構，我們可以在其上開發下一代 Quattroporte。

As far as your question about costing is concerned, of the two vehicles, this car, by definition, because of the way in which the car has been designed, and the industrial size of the project, the industrialization level associated, on a per unit cost, is cheaper. What is not cheaper is the cost of having done the R&D investment and having done the industrialization phase of this, because the original Quattroporte was done and designed as part of a process which is very similar to Ferrari's production processes, which is limited by volumes. I mean, you can only get to about 6,000 vehicles out of the assembly plant. You had other restrictions, in terms of the volume that you could drive through that process itself.

就你關於成本計算的問題而言，在這兩種車輛中，這輛車，根據定義，因為汽車的設計方式，以及項目的工業規模，相關的工業化水平，每單位成本，比較便宜。並不便宜的是研發投資和工業化階段的成本，因為最初的 Quattroporte 是作為流程的一部分完成和設計的，該流程與法拉利的生產流程非常相似，而後者受到產量的限制。我的意思是，組裝廠只能生產大約 6,000 輛汽車。就您可以透過該過程本身驅動的數量而言，您還有其他限制。

So, CapEx higher, engineering and development, about the same, the unit cost is lower because of the industrialization level associated with the project.

因此，資本支出較高，工程和開發大致相同，由於與項目相關的工業化水平，單位成本較低。

The Ghibli is off the same architecture. It's been modified. Obviously, it's a different wheelbase. And the engine applications are different.

吉卜力採用相同的架構。已修改。顯然，這是一個不同的軸距。而且引擎的應用也不同。

So, it will have very little to do with the large car, other than the fact that it shares some basic underpinnings and the transmission. The engine itself is different and so is everything else on the inside. Obviously, the body is completely different.

因此，除了共享一些基本的基礎結構和變速箱之外，它與大型汽車沒有什麼關係。引擎本身不同，內部的其他一切也不同。顯然，身體已經完全不同了。

Does that answer your question?

這是否回答你的問題？

The other one -- the other question you asked me is who's going to generate more profit? These two cars compared to the SUV, by far.

另一個 - 你問我的另一個問題是誰將產生更多利潤？這兩款車與SUV相比，相差甚遠。

So, I'm not sure I understand the answer. The two cars generate more profit than the SUV, you think?

所以，我不確定我是否理解答案。您認為這兩款車比 SUV 產生的利潤還要多？

Correct.

正確的。

Okay.

好的。

Also, because the volumes are different.

另外，因為體積不同。

Okay. But if we think about the whole project, you're talking about 50,000 units for the whole thing, when it's in full flight. And I guess there's a number of people on this call who remember Porsche, sort of pre-VW, when it was -- and pre-Cayenne, I mean, we all remember how much Porsche could make on 50,000 units, basically. And --

好的。但如果我們考慮整個項目，當它全面投入使用時，整個項目需要 50,000 個單位。我想這次電話會議上有很多人還記得保時捷，在大眾汽車出現之前，以及在卡宴之前，我的意思是，我們都記得保時捷基本上可以透過 50,000 輛汽車賺多少錢。和 -

How much?

多少？

I think it was -- they were making EUR600 million, EUR700 million, I think, at one point, before Cayenne came along.

我認為，在卡宴出現之前，他們一度賺了 6 億歐元、7 億歐元。

That's not a bad number, Max.

這不是一個壞數字，麥克斯。

Okay. Interesting.

好的。有趣的。

Off 50,000 cars, that's not a bad number.

相對 50,000 輛汽車來說，這個數字還不錯。

Okay. Okay. Yes, that's helpful.

好的。好的。是的，這很有幫助。

Moving on to Alfa, obviously, it's at a very different stage. I mean, the Maseratis are done and they're coming. We've -- I think you said something public in the states a couple of weeks about the 4C being delayed, and then, more positively, this MX-5-based car coming.

轉向阿爾法，顯然，它處於一個非常不同的階段。我的意思是，瑪莎拉蒂已經完成了，他們即將到來。我們——我想你幾週前在美國公開說過 4C 的推遲，然後，更積極的是，這款基於 MX-5 的汽車即將上市。

So, we've got sports cars coming, but when it comes to proper product, SUVs, sedans, et cetera, how many products have we actually got that have got like an engineering number attached to them, that have got like a staff development program, that are actually going through the system? How many cars are actually coming?

所以，我們已經推出了跑車，但是當談到合適的產品，SUV、轎車等時，我們實際上有多少產品附有工程編號，有員工發展程序，實際上正在通過系統？實際上有多少輛車來？

There are three cars that are going through the process, in addition to the 4C. And that's in addition to the two cars that already exist, the MiTo and the Giuletta, which are present in the European marketplace.

除了 4C 之外，還有三輛汽車正在經歷這個過程。除此之外，歐洲市場上已有兩款車 MiTo 和 Giuletta 上市。

In the broader sense, are you happy with those products now? Because, I mean, there's been a -- I mean, you've been pretty open about delaying stuff. Have you basically got a program that, from your point of view, if something goes wrong, it's going to arrive in the market?

從更廣泛的意義上來說，您現在對這些產品滿意嗎？因為，我的意思是，你對推遲事情一直持開放態度。從你的角度來看，你是否有一個程序，如果有問題，它就會進入市場？

The answer is yes, subject to reservations on the adequacy of the powertrain that we're offering, which I'm still not clear on. But we're working the final details of those issues, because I told you this before, and I mentioned this on -- even when I met with the journalists in Detroit, that one of the things we need to make sure, when we re-launch Alfa is that the powertrains match the badge.

答案是肯定的，但對我們提供的動力系統的充足性持保留態度，對此我仍不清楚。但我們正在研究這些問題的最終細節，因為我之前告訴過你們這一點，而且我在底特律會見記者時也提到過這一點，這是我們需要確保的事情之一，當我們-推出阿爾法是動力總成與徽章相符。

And so, we've been working now with -- on a project, and, hopefully, we'll be in a position to announce it within the next 30 days, where Ferrari is going to act as -- is going to take a much more significant role in the powertrain development on the premium end. They already work with Maserati to make all the engines that work their way into the Ghibli and to the Quattroporte, and they will also provide the powertrain for the SUV.

因此，我們現在一直在合作一個項目，希望我們能夠在未來 30 天內宣布該項目，法拉利將在該項目中採取行動在高端動力總成開發中發揮更重要的作用。他們已經與瑪莎拉蒂合作生產 Ghibli 和 Quattroporte 的所有發動機，他們還將為 SUV 提供動力系統。

We need to find, and we are finding a way to make Ferrari relevant for the Alfa Romeo powertrain world, because that's an inherent strength of the house, and I think that if we did not exploit, we would be depriving Alfa of a huge attribute in terms of coming back into the United States as a viable premium sports car brand.

我們需要找到，而且我們正在尋找一種方法，使法拉利與阿爾法羅密歐動力總成世界相關，因為這是該公司的固有優勢，我認為如果我們不加以利用，我們將剝奪阿爾法的一個巨大屬性作為一個可行的高端跑車品牌重返美國。

So, that's -- the answer to your question is that I'm happy with everything we've done, subject to the process, hopefully going to clear in 30 days.

所以，你的問題的答案是，我對我們所做的一切感到滿意，根據流程，希望能在 30 天內解決。

Okay. Thanks. Thanks on both sides.

好的。謝謝。感謝雙方。

We'll take our next question from Jose Asumendi from JPMorgan. Please go ahead.

我們將接受摩根大通的 Jose Asumendi 提出的下一個問題。請繼續。

Many thanks. A couple of questions, please.

非常感謝。請教幾個問題。

I guess for Richard, if you go to slide 22 and you're looking at the bridge for EMEA, I'm just wondering within your budget planning for '13 whether you're planning for a higher net pricing effect in comparison to what we (inaudible) in '12? And also, if you could please share any thoughts in terms of the tailwind we could see from industrial costs and SG&A?

我想對於理查德來說，如果您轉到幻燈片22 並且您正在查看EMEA 的橋樑，我只是想知道在您13 年的預算規劃中，與我們相比，您是否正在計劃更高的淨定價效應（聽不清楚）12 年？另外，您能否分享我們對工業成本和銷售管理費用（SG&A）帶來的有利影響的任何想法？

And I guess the last one would be on, I was hoping to get some feel on Mirafiori, and I was just wondering if you could just share some thoughts as to what you plan to produce there, and just any thoughts you could share with us?

我想最後一個會開始，我希望對 Mirafiori 有一些感覺，我只是想知道你是否可以分享一些關於你計劃在那裡製作什麼的想法，以及你可以與我們分享的任何想法？

Let me deal with your second question. We're not going to make any comments on Mirafiori. That's something that we refuse to do until we're ready to announce the program. And so, we have a meeting with the unions tonight. They'll be asking the same question, and the answer that I gave you is the same I'll give them. We'll announce it when we're ready.

讓我來回答你的第二個問題。我們不會對 Mirafiori 發表任何評論。在我們準備好宣布該計劃之前，我們拒絕這樣做。因此，我們今晚將與工會舉行會議。他們會問同樣的問題，我給你的答案和我給他們的答案是一樣的。準備好後我們會宣布。

And I'll pass it on to Richard for details on the EMEA profit reconciliation.

我會將其轉交給 Richard，以了解有關 EMEA 利潤調節的詳細資訊。

Hello, Jose. I think the easiest way to look at EMEA is in the second half of 2012, we took -- we continued to take cost actions. Like we said before, in Q4 we lost about EUR120 million at the trading profit level, half what we lost in the year before.

你好，何塞。我認為觀察 EMEA 最簡單的方法是在 2012 年下半年，我們繼續採取成本行動。正如我們之前所說，第四季度我們在交易利潤水準上損失了約 1.2 億歐元，是去年損失的一半。

So, we've taken significant costs down. We expect to continue to take costs out through 2013. And the run rate that we're coming out of 2012 at is much better than the run rate we came in at.

因此，我們大幅降低了成本。我們預計 2013 年將繼續削減成本。

In terms of pricing, I don't think we expect pricing to get better in 2013. So, our assumption is, through the first half, that we'll continue to have similar pricing levels, and, then, hopefully, as we come out into the second half of the year, we'll see some sort of slight recovery in the European marketplace.

在定價方面，我認為我們預計 2013 年的定價不會變得更好。下半年，我們將看到歐洲市場出現某種程度的輕微復甦。

Okay, thank you.

好的謝謝。

By the way, one of the things that nobody asked, and I forgot to say it, both on the Chrysler call and on this call, is -- and we might as well give you the heads up -- I mentioned, and you saw from the Chrysler slides on the product launches, that we will probably be underproducing compared to Q1 2012 in Chrysler.

順便說一句，在克萊斯勒電話會議和這次電話會議上，沒有人問過的一件事，我忘了說，是——我們不妨提前提醒你——我提到過，你看到了從克萊斯勒產品發布投影片來看，與克萊斯勒2012 年第一季相比，我們的產量可能會不足。

And so, the performance of Chrysler, first quarter of 2013, is expected to be lower than it was in 2012, and it's purely because of product launches. We have one plant that's been completely down compared to Q1 of 2012. It's the Liberty producer. We've produced 31,000 cars which are not there this year.

因此，克萊斯勒2013年第一季的業績預計將低於2012年，而這純粹是因為產品的推出。與 2012 年第一季相比，我們有一家工廠完全停產。我們已經生產了 31,000 輛汽車，但今年沒有。

We've got the Jeep Grand Cherokee, which is coming up, and we need to see whether we can match production of 2012. I'm not so sure, as a result of the ramp-up.

我們已經有了吉普大切諾基，即將推出，我們需要看看我們是否能夠與 2012 年的產量相匹配。

And we've got the launch of a heavy-duty truck, which is also going on, as we speak.

我們還推出了一款重型卡車，就在我們說話的時候，這件事也在進行中。

So, overall, volume will be down compared to 2012. That's our best read of it today. Which means that we'll have a -- it'll have an impact on margins and on gross margins and overall performance. But it's a Q1 event. And I want to make sure that we don't surprise anybody when we release numbers for the end of the quarter.

因此，總體而言，成交量將比 2012 年下降。這意味著我們將對利潤率、毛利率和整體業績產生影響。但這是第一季的事件。我想確保當我們發布季度末的數據時，不會讓任何人感到驚訝。

Richard, just one thing. On the industrial cost on the EMEA bridge, do you expect -- I mean, this is a category where I'm really struggling to forecast. Is it -- should we expect a significant wind in '13 or is that too optimistic?

理查德，只有一件事。關於歐洲、中東和非洲大橋上的工業成本，你預期嗎？我們是否應該期待 13 年會出現強風，或者這是否過於樂觀？

We continue to work on the industrial cost, so I would expect to continue to get some efficiencies out of the system.

我們將繼續致力於降低工業成本，因此我希望能夠繼續提高系統的效率。

Okay.

好的。

And we'll take our next question from Massimo Vecchio from Mediobanca. Please go ahead, sir.

我們將接受 Mediobanca 的 Massimo Vecchio 提出的下一個問題。請繼續，先生。

Good afternoon. I was wondering if you can share with us the assumptions behind the trading profit range for 2013? What has to happen to hit the EUR4 billion and what is the upside? What is the best-case scenario for the EUR4.5 billion?

午安.我想知道您能否與我們分享 2013 年交易利潤範圍背後的假設？要達到 40 億歐元，會發生什麼事？ 45 億歐元的最佳情況是什麼？

And then I have a second question around the -- on your strategy to export from the Italian plants, mostly based on Maserati and Alfa Romeo. At that time, in the third quarter results, there were discussions (inaudible). I don't know if it was anything official, that you may receive kind of incentives for exports. Are these incentives embedded in your plan, and, basically, do you expect, still, to receive it, also, after the Italian election?

然後我有第二個問題，關於你們從義大利工廠出口的策略，主要是瑪莎拉蒂和阿爾法羅密歐。當時，在第三季業績中，有討論（聽不清楚）。我不知道這是否是官方的消息，你們可能會收到某種出口激勵措施。這些激勵措施是否已納入您的計劃中？

Thanks.

謝謝。

Well, let me deal with the easy question first, which is the last one you've asked. We were diligently involved with discussions with the government about a project that was intended, not just for Fiat, but to make the conditions for export for anybody who was interested in export and operating industrial assets out of this country, to make their life somewhat easier.

好吧，讓我先解決一個簡單的問題，這是你問的最後一個問題。我們積極參與與政府討論的一個項目，該項目的目的不僅是為了菲亞特，也是為了為任何有興趣向國外出口和經營工業資產的人創造出口條件，讓他們的生活更輕鬆一些。

And there were things that were asked that were purely facilitating measures that would have allowed for the export of products out of Italy into other parts of the world to be done more efficiently for the producer. We asked for no incentives. We asked for no funding. We just wanted somebody to make our lives easier in so doing.

所提出的一些要求純粹是便利措施，使生產商能夠更有效地將產品從義大利出口到世界其他地區。我們不要求任何激勵措施。我們要求不提供任何資金。我們只是希望有人能讓我們的生活變得更輕鬆。

The project, I think, had a glorious start and I think it just fizzed away as the elections were called.

我認為這個項目有一個輝煌的開始，但隨著選舉的召開，它就消失了。

So, I'm -- whoever wins the election in February, I sincerely hope, resurrects this plan, because it is important, not just for Fiat, but anybody who is operating assets in this jurisdiction.

因此，我真誠地希望，無論誰贏得二月份的選舉，都能重啟該計劃，因為它不僅對菲亞特很重要，而且對在該司法管轄區運營資產的任何人都很重要。

The answer to your question about why we put a range of EUR4 billion to EUR4.5 billion, as an overall target, fundamentally, we could outperform out of the US and we could outperform out of Latin America. So, we have made some prudent assumptions about how these businesses will perform.

關於為什麼我們將 40 億至 45 億歐元的範圍作為總體目標的問題的答案，從根本上說，我們可以超越美國，也可以超越拉丁美洲。因此，我們對這些業務的表現做出了一些謹慎的假設。

If we do better than that, the number will be higher than the EUR4 billion. If not, we'll be within the range. So, we have usually guided the market within what we consider to be a minimum acceptable level of performance and EUR4 billion is that level for 2013.

如果我們做得更好，這個數字將高於 40 億歐元。如果沒有，我們就會在範圍內。因此，我們通常將市場引導至我們認為可接受的最低業績水平，2013 年的水平為 40 億歐元。

So, the upside lies in the US and Brazil, basically?

那麼，優勢主要在於美國和巴西嗎？

The upside lies in the Americas, in general.

整體而言，優勢在於美洲。

Okay. All right. Thank you very much.

好的。好的。非常感謝。

You're back, Philippe.

你回來了，菲利普。

Our final question and a follow-up question comes from Philippe Houchois from UBS. Please go ahead.

我們的最後一個問題和後續問題來自瑞銀集團的 Philippe Houchois。請繼續。

Thank you. A couple of follow-ups. The EUR4.8 billion write-down straight to equity, does it matter in any way? I've looked at, quickly, even the Fiat S.p.A. parent has EUR90 billion equity or so. So, I'm just wondering, am I -- should I worry about this, or barking in the wrong tree?

謝謝。一些後續行動。 48 億歐元直接減記為股本，這有關係嗎？我很快就查了一下，就連菲亞特公司的母公司也擁有約 900 億歐元的股權。所以，我只是想知道，我是——我應該擔心這個，還是在錯誤的樹上吠叫？

Don't worry about it. Find another tree.

別擔心。尋找另一棵樹。

Yes, right. And the EMEA profit walk is interesting, because you have a EUR253 million benefit from industrial costs, EUR196 million on the SG&A. I'm guessing a lot of that is Cassa Integrazione benefit. So, how sustainable is that? Should we see those costs come back on your P&L next year? At what point does Cassa run out of money? Could you give some clarification on all that?

是的，沒錯。歐洲、中東和非洲地區的利潤走勢很有趣，因為工業成本帶來了 2.53 億歐元的收益，SG&A 帶來了 1.96 億歐元的收益。我猜其中很大一部分是 Cassa Integrazione 的好處。那麼，這有多可持續？我們是否應該在明年將這些成本計入您的損益表？卡薩什麼時候沒錢了？您能否對這一切做出一些澄清？

I sincerely hope that the Cassa doesn't run out of money. Otherwise, it's an indication of the non-solvency of the country. But beyond that issue, to the extent that we're not utilizing Cassa Integrazione, it simply means that we utilize these people in active production processes.

我真誠地希望卡薩不要缺錢。否則，就表示該國沒有償付能力。但除此之外，就我們沒有利用 Cassa Integrazione 而言，這僅僅意味著我們在活躍的生產流程中利用了這些人員。

So, none of them -- I mean, from a P&L standpoint, the resumption of activities is going to be beneficial to the P&L. I don't know if that answers your question.

所以，我的意思是，從損益的角度來看，活動的恢復不會有利於損益。我不知道這是否回答了你的問題。

Well, one thing I'm trying to understand on Cassa is you put money back into Cassa and you work, and you take money out. Your draws have been net negative for Cassa for some time, I guess. So, at what point do you not? I mean, the system may not go out of business, but you may run out of credit? You may run out of credit?

嗯，我想了解的一件事是，你把錢放回卡薩，然後你工作，然後你把錢拿出來。我猜卡薩的平局已經有一段時間是淨負值了。那麼，什麼時候你不這麼做呢？我的意思是，系統可能不會停業，但你可能會耗盡信用？您可能會耗盡信用嗎？

There is no limit to the utilization by a user. You need to understand that when the system was set up and it was originally structured, it was designed to allow for ups and downs of the economic cycle.

用戶的使用沒有限制。你需要明白，當系統建立和最初建造時，它的設計是考慮到經濟週期的起伏。

Sure.

當然。

What we have lived through in the last five years is a very unusual, consistent decline in activity, and it was never foreseen, as far as the original plan, that we would go on for this long.

過去五年我們所經歷的是一種非常不尋常的、持續的活動下降，就最初的計劃而言，我們從未預見到我們會持續這麼長時間。

In other jurisdictions, as you well know, if this thing had continued for this length of time, you would have had permanent reductions in headcount. The system would have just -- we would have reduced heads, which is something that we have avoided to do in the jurisdiction, for a variety of reasons, and, therefore, the problem persists.

如您所知，在其他司法管轄區，如果這種情況持續這麼長的時間，您將永久減少員工人數。這個系統本來會減少人頭，但由於各種原因，我們在管轄範圍內避免這樣做，因此問題仍然存在。

But given the plans that we have in place, everybody is going to come back on payroll with the next 36 months.

但考慮到我們已經制定的計劃，每個人都將在接下來的 36 個月內重新領取薪水。

Right.

正確的。

Doing a different type of activity, understand it. They're not going to come back in and produce mass production. They're being re-shifted into other areas, and we opened the plant at Grugliasco today. The level of complexity in the manufacture of that vehicle is substantially higher than it is to produce the Panda.

做不同類型的活動，理解它。他們不會回來大規模生產。他們正在重新轉移到其他地區，今天我們在格魯利亞斯科開設了工廠。該車輛製造的複雜程度遠高於生產 Panda 的複雜程度。

So, utilization of headcount is disproportional to the number of units being produced, if you benchmark it against a mass-produced car.

因此，如果將其與批量生產的汽車進行比較，則員工的利用率與生產的車輛數量不成比例。

Makes sense. The -- if I can squeeze one last one, is can you say a word about the credit quality of your dealer network in Italy? And if it gets very weak, at what point can you not take part in a recovery, if there is one, because of your dealer network?

說得通。如果我可以擠出最後一點，您能談談您在義大利的經銷商網路的信用品質嗎？如果它變得非常疲軟，在什麼時候你不能因為你的經銷商網路而參與復甦（如果有的話）？

I think the dealer network is being stressed, and we have known this for a while, but it's not just the Italian dealer network. I think it's the whole European side that is suffering.

我認為經銷商網路正在承受壓力，我們已經知道這一點有一段時間了，但這不僅僅是義大利經銷商網路。我認為整個歐洲都在受苦。

I think they've been able to meander through. I don't think there's any -- there are any -- I think they have readjusted their cost structure now. I think they're living through this period of restricted volumes. They've handled it relatively well, given the toughness of the environment.

我認為他們已經能夠蜿蜒通過。我不認為有任何——有任何——我認為他們現在已經重新調整了成本結構。我認為他們正在經歷這個數量有限的時期。考慮到環境的嚴峻性，他們處理得相對較好。

I don't think that if activity were to resume, that we're going to suffer as a result of inability to distribute. I think the system is still in place, so it can be reactivated anyway.

我認為，如果活動恢復，我們不會因無法分發而遭受損失。我認為系統仍然存在，因此無論如何都可以重新激活。

That's not my problem, to be honest. I've got bigger problems. It ain't that one.

老實說，這不是我的問題。我有更大的問題。不是那個。

All right. Okay. Well, thank you for all those answers.

好的。好的。嗯，謝謝大家的回答。

Thanks.

謝謝。

That will conclude the question-and-answer session. I would now like to turn the call back over to Marco Auriemma for any additional or closing remarks.

問答環節就此結束。我現在想將電話轉回給 Marco Auriemma，以徵求任何補充或結束語。

Thank you, Rowena. We would like to thank everyone for joining the call today. My team and I look forward to following up any further questions. The release of the Group earnings results for the first quarter 2013 is scheduled on April 29th. (Inaudible). 'Bye.

謝謝你，羅威娜。我們要感謝大家今天加入電話會議。我和我的團隊期待跟進任何進一步的問題。集團定於 4 月 29 日發布 2013 年第一季獲利結果。 （聽不清楚）。 '再見。

That will conclude today's conference call. Thank you for your participation, ladies and gentlemen. You may now disconnect.

今天的電話會議到此結束。女士們、先生們，感謝您的參與。您現在可以斷開連線。