Andy,
Forgot about the warhead thing - in this case it is "5", so I guess that theoretically, the penetration could go as high as "7" (HE-pen=2 + warhead =5).
I assume that the randomness in the penetration values of HE hits on armour is there to represent the difference between shell fragments hitting the vehicle (very limited effect except for open-topped vehicles) and a direct hit by the complete shell, which could have rather dramatic effects?
Anyway, I'm currently in a campaign battle as the Italians, battling the French in the Alps. Somehow the bastards managed to drag a bunch of Char B1-bis up there

. My AT-guns and puny Italian tanks are not really a match for those and the infantry seems more keen to run away than do close assaults, so I've been pounding the Char Bs with 75mm and 100mm artillery. I'd say that even if artillery may seem really deadly to AFVs when you are on the recieving end, it doesn't seem so when you need it to destroy opposing armour

The 75mm guns have made no impression, while the 100mm guns have claimed 3 Char Bs. They have only fired at tank concentrations (mostly 2-3 tanks around the target hex sometimes a few others further away) and mostly out of LOS from the artillery observer. They have now fired most of their ammo, so that is about 250 rounds of 100mm HE to claim three tanks. A likely explanation for this result could be the thick roof of the Char B - it has top armour of "3" (which is correct, I was so shocked I looked it up

)
My own pesky M13/40 tanks with top armour of "2" have been hit by French 60mm and 81mm mortars as well as 75mm and 105mm artillery, though not to the same extent that I've pounded the Char Bs. Still, I havent lost a single vehicle to enemy artillery, not even an immobilization. The supporting infantry is running away, though!
Incidentally, the bastard AI started the game by dumping a pre-emptive turn 0 barrage on the only left-right road. I did the same to the AI the difference being that I had stacked up on the road, he hadn't

This was 75mm fire and had no ill effects on the M13/40s either (a platoon of infantry had to sit pinned for a couple of turns though).
Claus B