"Fiat S.p.A." Registered Office: via Nizza 250, Turin Share capital ...
"Fiat S.p.A." Registered Office: via Nizza 250, Turin Share capital ...
"Fiat S.p.A." Registered Office: via Nizza 250, Turin Share capital ...
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
pletely different position compared to VOLKSWAGEN,<br />
and the Company can be considered to have reached<br />
VOLKSWAGEN’s level now, on its own and risking a<br />
lot, going to America at an apparently bad time to<br />
acquire a company which had been managed by Ger-<br />
mans for ten years without ever producing results<br />
such as those that have been achieved in partner-<br />
ship with FIAT;<br />
he believes, in all humility and frankness, that<br />
the path followed by FIAT over the past nine years<br />
has been an acceptable one.<br />
<strong>Share</strong>holders gave a round of applause.<br />
The CEO Sergio MARCHIONNE<br />
recognized that more could have been done, but he<br />
asked that the Company be given the opportunity to<br />
move forward and create a future;<br />
he considers the level of financial resources<br />
maintained by the Group to be necessary, but<br />
agrees that the level of liquidity reported in FI-<br />
AT’s financial statements of 20.8 billion at year-<br />
end 2012 is very high;<br />
he observed that this level of liquidity is the<br />
result of several factors, firstly the continuing<br />
uncertainty at both the industrial and financial<br />
level, at least when it comes to managing European<br />
40