Subsequent Events and Outlook


No subsequent events to be reported.


In 2015, the Group expects improved profitability in the Commercial Vehicles and Construction Equipment segments, structural cost improvements from the full-year benefit of the Group’s Efficiency Program, and a decline in research and development expense as a result of the completion of the transition to the Euro VI/Tier 4B engine products. These actions are expected to mitigate, but not fully offset, the continuing negative impact of challenging trading conditions in the agricultural row crop sector, as well as the negative translation impact on the Group’s consolidated accounts from the recent significant appreciation of the U.S. dollar.

The Group expects to reduce capital expenditures compared to the prior year, based on the completion of the engine emissions transition and the completion of the new greenfield operations in China during 2014. Net industrial debt is expected to benefit from actions to realign the finished goods inventory to new market demand levels, particularly in the Agricultural Equipment segment.

March 2, 2015

The Board of Directors

Sergio Marchionne
Richard J. Tobin
Jacqueline A. Tammenoms Bakker
John Elkann
Mina Gerowin
Maria Patrizia Grieco
Léo W. Houle
Peter Kalantzis
John Lanaway
Guido Tabellini
Jacques Theurillat