Operating income

Operating income in 2013 totalled euro 791.0 million, with an Ebit margin of 12.9%, in line with 2012 (euro 792.5 million). This result benefited from the positive contribution made by volumes (euro +98 million), the improved price/mix component (euro +47 million), the lower cost of raw materials (euro +136 million), and gross efficiency gains (euro +74 million), which offset the negative impact of the change in consolidation translation rates (euro -62.7 million), higher production costs, including amortisation and depreciation, the previously mentioned plant conversion costs at Settimo Torinese, start-up costs in Mexico and Russia, and higher commercial costs for development of the premium segment.

This result was also impacted by euro 25.5 million in restructuring charges resulting from ongoing organisational streamlining measures. In 2012 restructuring charges totalled euro 39.1 million.