LONDON, April 26, 2016 /PRNewswire/ --
- Worldwide shipments of 1,086 thousand units, in line with Q1
2015; Jeep worldwide shipments up 15% from Q1 2015 to 326 thousand
units
- Net revenues of €26.6 billion, 3% higher than Q1 2015 (+4% at
constant exchange rates, or CER)
- Adjusted EBIT margins up in NAFTA, doubling to 7.2%, and up
nearly four-fold to 1.9% in EMEA
- Adjusted net profit of €528 million, €497 million higher than
Q1 2015
- Net industrial debt of €6.6 billion, an increase of €1.5
billion from December 2015 due to
seasonality and foreign exchange impacts; Available liquidity of
€24.3 billion, consistent with December
2015
- Long-term debt rating raised to "BB" from "BB-" by Standard
& Poor's with "Stable" outlook confirmed
- Market share in U.S. increased to 13.2%, up 70 bps, and in
Europe to 6.7%, up 50 bps.
Maintained market leadership in Brazil with 180 bps gap to nearest competitor.
Increased Jeep sales in APAC by 17% as production localization
proceeds
- In the quarter, started production of the all-new Chrysler
Pacifica, Maserati Levante and Fiat Mobi; in China, Jeep Renegade production started in
April
|
FIAT CHRYSLER
AUTOMOBILES - Financial Results
|
Three months
ended
March 31
|
|
|
(€ million, except
shipments, which are in thousands, and per share
amounts)
|
2016
|
2015
(1)
|
Change
|
|
Shipments
|
1,086
|
1,093
|
(7)
|
(1)%
|
|
Net
revenues
|
26,570
|
25,843
|
727
|
+3%
|
|
EBIT
|
1,307
|
696
|
611
|
+88%
|
|
Adjusted EBIT
(2)
|
1,379
|
700
|
679
|
+97%
|
|
Net profit
|
478
|
27
|
451
|
n.m.(4)
|
|
Adjusted net profit
(2)
|
528
|
31
|
497
|
n.m.(4)
|
|
Adjusted diluted EPS
(2)
|
0.338
|
0.016
|
0.322
|
|
|
Net industrial debt
(2)
|
6,593
|
5,049(3)
|
1,544
|
|
|
Available
liquidity
|
24,296
|
24,557(3)
|
(261)
|
|
|
ADJUSTED
EBIT
|
|
ADJUSTED NET
PROFIT
|
- Increased 97% to
€1,379 million driven by increased margins in NAFTA and
EMEA
- Group Adjusted EBIT
margin nearly doubled to 5.2% from 2.7% in Q1 2015
- All segments
contributed positively despite continued difficult trading
conditions in LATAM and transition to localized production from
export model in APAC
|
- Increased to €528
million from €31 million driven by strong operating
performance
- Includes Net
financial expenses of €512 million, down €96 million driven by
gross debt reduction actions
- Tax expense
(including tax impact on adjustments) of €339 million, up €278
million primarily due to increased profitability in
U.S.
|
|
|
|
|
|
|
|
NET INDUSTRIAL
DEBT
|
|
2016
GUIDANCE
|
|
- Increase in Net
industrial debt of €1.5 billion driven by negative €1.3 billion
impact from working capital seasonality, exacerbated by model
change-over and reduced passenger car volumes in U.S.
- Also impacted by
€0.4 billion unfavorable foreign exchange translation
- Capital
expenditures of €1.8 billion in the quarter
- Removed the FCA US
ring-fencing. Second tranche of RCF now available for total RCF of
€5.0 billion
|
The Group confirms
full-year guidance:
|
|
- Net revenues >
€110 billion
- Adjusted EBIT >
€5.0 billion
- Adjusted net profit
> €1.9 billion
- Net industrial debt
< €5.0 billion
|
|
|
|
|
|
(1) The Group's results for the three months ended March 31, 2015 have been re-presented to exclude
Ferrari, consistent with Ferrari's classification as a discontinued
operation for the year ended December 31,
2015; refer to page 8 for a reconciliation of these results
to amounts previously reported (2) Refer to page 7 for
reconciliations of Adjusted EBIT to EBIT, Adjusted net profit to
Net profit, Adjusted diluted EPS to Diluted EPS and Net industrial
debt to Debt; (3) At December 31,
2015; (4) Number is not meaningful
Results by segment
|
Net revenues and
Adjusted EBIT by segment
|
|
Net
revenues
|
|
Adjusted
EBIT
|
|
Three months ended
March 31
|
|
Three months
ended
March 31
|
|
2016
|
2015
|
(€
million)
|
2016
|
2015
|
|
17,136
|
16,177
|
NAFTA
|
1,227
|
601
|
|
1,311
|
1,551
|
LATAM
|
11
|
(65)
|
|
949
|
1,512
|
APAC
|
12
|
65
|
|
5,040
|
4,684
|
EMEA
|
96
|
25
|
|
508
|
523
|
Maserati
|
16
|
36
|
|
2,319
|
2,435
|
Components (Magneti
Marelli, Comau, Teksid)
|
86
|
68
|
|
(693)
|
(1,039)
|
Other activities,
unallocated items and adjustments
|
(69)
|
(30)
|
|
26,570
|
25,843
|
Total
|
1,379
|
700
|
|
NAFTA
|
Three months ended
March 31
|
|
Change
|
|
(€ million, except
shipments, which are in thousands of units, and
percentages)
|
2016
|
2015
|
|
Actual
|
CER
|
|
Shipments
|
649
|
633
|
|
+3%
|
—
|
|
Net
revenues
|
17,136
|
16,177
|
|
+6%
|
+5%
|
|
Adjusted
EBIT
|
1,227
|
601
|
|
+104%
|
+101%
|
|
Adjusted EBIT
margin
|
7.2%
|
3.7%
|
|
+350 bps
|
—
|
|
|
Market share
of 12.9% (+50 bps from Q1 2015) and continued market leader in
Canada
|
|
- Retail
sales(5) totaled 634 thousand units (+8% from Q1
2015)
- Shipments up 3%
primarily driven by Jeep, Ram and minivans: U.S. +19 thousand units
(+3%), Canada -1 thousand units (-2%), Mexico -2 thousand units
(-11%)
- Net revenues
increase due to higher shipments, positive vehicle mix, improved
net pricing and favorable foreign exchange translation
- Adjusted EBIT
increase primarily due to higher net revenues, a decrease in
advertising spend, purchasing savings and lower recall campaign
costs, partially offset by higher manufacturing and product costs
for content enhancements
- Adjusted EBIT
excludes total net charges of €49 million primarily related to the
net incremental costs for the implementation of the Group's plan to
realign existing NAFTA capacity to better meet market demand for
pickup trucks and UVs
|
|
|
|
(5) For U.S. and Canada,
"Sales" represents sales to end customers as reported by the
Group's dealer network
|
LATAM
|
Three months ended
March 31
|
|
Change
|
|
(€ million, except
shipments, which are in thousands of units, and
percentages)
|
2016
|
2015
|
|
Actual
|
CER
|
|
Shipments
|
102
|
135
|
|
(24)%
|
—
|
|
Net
revenues
|
1,311
|
1,551
|
|
(15)%
|
+5
%
|
|
Adjusted
EBIT
|
11
|
(65)
|
|
n.m.(4)
|
n.m.(4)
|
|
Adjusted EBIT
margin
|
0.8%
|
(4.2)%
|
|
n.m.(4)
|
—
|
|
|
Market share of
12.7% and continued market leader in Brazil, with market share of
18.1% and 180 bps lead over nearest competitor
|
|
- Decrease in
shipments reflects poor trading conditions in Brazil due to
continued macroeconomic weakness: Brazil down 37 thousand units;
Argentina up 4 thousand units
- Net revenues
decrease primarily due to lower shipments and unfavorable foreign
exchange impacts, partially offset by favorable vehicle mix related
to newly launched Jeep Renegade and Fiat Toro
- Adjusted EBIT
increase primarily due to favorable vehicle mix, a decrease in
marketing costs and manufacturing efficiencies, partially offset by
lower shipments, higher industrial costs from new product launches
and input cost inflation
- Adjusted EBIT
excludes total charges of €24 million primarily related to the
re-measurement of net monetary assets in Venezuela after adoption
of the new floating exchange rate
|
|
|
|
|
|
APAC
|
Three months ended
March 31
|
|
Change
|
|
(€ million, except
shipments, which are in thousands of units, and
percentages)
|
2016
|
2015
|
|
Actual
|
CER
|
|
Shipments
|
25
|
47
|
|
(47)%
|
—
|
|
Net
revenues
|
949
|
1,512
|
|
(37)%
|
(36)%
|
|
Adjusted
EBIT
|
12
|
65
|
|
(82)%
|
(82)%
|
|
Adjusted EBIT
margin
|
1.3%
|
4.3%
|
|
(300) bps
|
—
|
|
|
Jeep sales up 17%
driven by first full quarter of locally-produced Jeep Cherokee
sales in China
|
|
- Decrease in
shipments (excluding JVs) due to transition to local Jeep
production in China JV and lower volumes in Australia due to
pricing to offset negative foreign exchange impacts. Sales
including JV produced units were 53 thousand units, down from 59
thousand units, with a 17% increase in Jeep sales due to early
success of locally produced Jeep Cherokee in China
- Net revenues
decrease primarily as a result of lower shipments and unfavorable
mix from shipment of vehicles affected by Tianjin port explosion in
Q3 2015
- Adjusted EBIT
decrease driven by lower net revenues, partially offset by a
reduction in direct marketing costs, which are now incurred by
China JV, and improved results from China JV
|
|
|
|
|
EMEA
|
Three months ended
March 31
|
|
Change
|
|
(€ million, except
shipments, which are in thousands of units, and
percentages)
|
2016
|
2015
|
|
Actual
|
CER
|
|
Shipments
|
304
|
271
|
|
+12%
|
—
|
|
Net
revenues
|
5,040
|
4,684
|
|
+8%
|
+8%
|
|
Adjusted
EBIT
|
96
|
25
|
|
n.m.(4)
|
n.m.(4)
|
|
Adjusted EBIT
margin
|
1.9%
|
0.5%
|
|
+140 bps
|
—
|
|
|
Continued profit
and margin improvement along with growth in market
share
|
|
- European market
share (EU28+EFTA) for passenger cars up 50 bps to 6.7% (up 90 bps
to 29.1% in Italy) and down 10 bps to 10.9% for light commercial
vehicles (LCVs)(6) (down 70 bps to 44.7% in
Italy)
- Passenger car
shipments up 13% to 240 thousand units and LCVs shipments up 8% to
64 thousand units
- Net revenues
increase due to higher volumes and favorable vehicle mix driven by
Jeep Renegade, Fiat 500X and Fiat Tipo, partially offset by
unfavorable net pricing related to higher incentives in
EU
- Adjusted EBIT
increase driven by increase in net revenues as well as
manufacturing and purchasing efficiencies, partially offset by
higher research and development costs
|
|
|
|
|
MASERATI
|
Three months ended
March 31
|
|
Change
|
|
(€ million, except
shipments, which are in units, and percentages)
|
2016
|
2015
|
|
Actual
|
CER
|
|
Shipments
|
6,295
|
7,306
|
|
(14)%
|
—
|
|
Net
revenues
|
508
|
523
|
|
(3)%
|
(3)%
|
|
Adjusted
EBIT
|
16
|
36
|
|
(56)%
|
(53)%
|
|
Adjusted EBIT
margin
|
3.1%
|
6.9%
|
|
(380) bps
|
—
|
|
|
Production
of Levante began in February at Mirafiori
plant
|
|
- Shipments down due
to lower volumes in North America (-16%) and Europe (-8%),
partially offset by increase in China (+36%)
- Net revenues
decrease due to lower volumes, partially offset by positive mix and
foreign exchange impacts
- Adjusted EBIT
decrease primarily due to lower volumes
|
(6) Due to unavailability of market data for Italy, the figures reported are an
extrapolation and discrepancies with actual data could
exist
|
COMPONENTS (Magneti
Marelli, Comau and Teksid)
|
Three months ended
March 31
|
Change
|
|
(€ million, except
percentages)
|
2016
|
2015
|
Actual
|
CER
|
|
Net
revenues
|
2,319
|
2,435
|
(5)%
|
—%
|
|
Adjusted
EBIT
|
86
|
68
|
+26%
|
+25%
|
|
Adjusted EBIT
margin
|
3.7%
|
2.8%
|
+90 bps
|
—
|
|
|
Continued Adjusted
EBIT margin improvement driven by Magneti Marelli
|
|
- Net revenues
decrease reflects volume declines at Comau and Teksid, which more
than offset higher volumes at Magneti Marelli
- Adjusted EBIT
increase with favorable mix more than offsetting higher industrial
costs
- Magneti Marelli
order intake was €653 million (+17% vs Q1 2015) with non-captive at
53%
- Comau order backlog
was €972 million, in line with year-end 2015, but lower than at end
of Q1 2015
|
|
|
|
Brand Activity
|
Jeep
|
|
- 2016 marks
75th anniversary of Jeep brand
- Global expansion
plan continues with Jeep introduced to India market at the
2016 EXPO in New Delhi and production of Jeep Renegade
started in China JV on April 18
- Jeep
Renegade named "4x4 of the Year 2016" and best in "Mid-range SUV
sub-£30,000" category by 4x4 Magazine in the United
Kingdom
|
|
|
|
Maserati
|
|
- Production of
all-new Maserati Levante started on February 29 in Mirafiori
(Italy) plant, available in Europe in Q2 2016
- Levante is the
first SUV in Maserati history; complements Maserati
range which now covers entirety of global luxury automotive
market
- Announced agreement
with JP Morgan Chase for private label financing in U.S.
market
|
|
|
|
Chrysler
|
|
- Production of
all-new Chrysler Pacifica started on February 29 in Windsor
(Canada) plant
- Unsurpassed highway
fuel-economy rating in its segment
- Named to Ward's "10
Best Interiors List" for 2016
- Announced
industry's first hybrid minivan available in the second half of
2016
|
|
|
Fiat
|
|
- Production of
all-new Fiat Mobi started on March 7 in Betim (Brazil)
plant
- All-new model
focused on urban mobility
|
|
|
Fiat
Professional
|
|
- Fiat Ducato
named "Best Motorhome Base Vehicle 2016" by readers of "Promobil",
the German magazine specializing in the motorhome sector, its ninth
international award
|
|
|
Abarth
|
|
- Abarth 595
and 695 win "Best Cars 2016" competition of the German automotive
magazine, "Auto Motor und Sport"
- Debut of
Abarth 124 spider at Geneva International Motor Show in
March
|
|
Reconciliations
|
Adjusted EBIT to
EBIT
|
Three months ended
March 31
|
|
(€
million)
|
2016
|
|
2015
|
|
Adjusted
EBIT(7)
|
1,379
|
|
700
|
|
NAFTA capacity
realignment
|
(51)
|
|
—
|
|
Venezuela currency
devaluation
|
(19)
|
|
—
|
|
Restructuring
costs
|
(7)
|
|
(4)
|
|
Other
|
5
|
|
—
|
|
Total
adjustments
|
(72)
|
|
(4)
|
|
EBIT
|
1,307
|
|
696
|
|
Adjusted net profit
to Net profit
|
Three months ended
March 31
|
|
(€
million)
|
2016
|
|
2015
|
|
Adjusted net
profit (8)
|
528
|
|
31
|
|
Adjustments (as
above)
|
(72)
|
|
(4)
|
|
Tax impact on
adjustments
|
22
|
|
—
|
|
Adjustments, net
of taxes
|
(50)
|
|
(4)
|
|
Net
profit
|
478
|
|
27
|
|
Adjusted diluted EPS
to Diluted EPS
|
Three months ended
March 31
|
|
2016
|
|
2015
|
|
Adjusted diluted
EPS (€/share) (9)
|
0.338
|
|
0.016
|
|
Adjustments, net of
taxes (€ million)
|
(50)
|
|
(4)
|
|
Impact of adjustments
on Diluted EPS (€/share)
|
(0.032)
|
|
(0.003)
|
|
Diluted EPS
(€/share)
|
0.306
|
|
0.013
|
|
Weighted average
number of shares outstanding for diluted earnings per share
(thousand)
|
1,540,451
|
|
1,508,310
|
|
Net industrial debt
to Debt
|
At March 31,
2016
|
|
At December 31,
2015
|
|
Net industrial
debt (10)
|
6,593
|
|
5,049
|
|
Net financial
services debt
|
1,442
|
|
1,499
|
|
Net debt
|
8,035
|
|
6,548
|
|
Intercompany
financial receivables/(payables), net (11)
|
—
|
|
(39)
|
|
Current financial
receivables from jointly-controlled financial services
companies
|
35
|
|
16
|
|
Other financial
assets/(liabilities), net
|
63
|
|
117
|
|
Current
securities
|
459
|
|
482
|
|
Cash and cash
equivalents
|
17,963
|
|
20,662
|
|
Debt
|
26,555
|
|
27,786
|
For the three months ended March 31,
2015, the following is a reconciliation of the Group's
results as reported herein (re-presented to exclude Ferrari) to the
Group's results previously reported
|
Three months ended
March 31, 2015
|
|
(€ million, except
shipments, which are in thousands)
|
Results
-
excluding Ferrari
(as reported herein)
|
|
Ferrari, net of
intercompany (12)
|
|
Results
-
including Ferrari
(previously reported)
|
|
Shipments
|
1,093
|
|
2
|
|
1,095
|
|
Net
revenues
|
25,843
|
|
553
|
|
26,396
|
|
EBIT
|
696
|
|
96
|
|
792
|
|
Adjusted
EBIT
|
700
|
|
100
|
|
800
|
|
Net profit
|
27
|
|
65
|
|
92
|
(7) Adjusted EBIT is calculated as EBIT excluding:
gains/(losses) on the disposal of investments, restructuring,
impairments, asset write-offs and other unusual income/(expenses)
that are considered rare or discrete events that are infrequent in
nature; (8) Adjusted net profit is calculated as Net profit/(loss)
excluding post-tax impacts of the same items excluded from Adjusted
EBIT: gains/(losses) on the disposal of investments, restructuring,
impairments, asset write-offs and other unusual income/(expenses)
that are considered rare or discrete events that are infrequent in
nature; (9) Adjusted diluted EPS is calculated by adjusting Diluted
EPS for the impact of the same items excluded from Adjusted EBIT;
(10) Net industrial debt is computed as: debt plus other financial
liabilities related to industrial activities less (i) cash and cash
equivalents, (ii) current securities, (iii) current financial
receivables from Group or jointly controlled financial services
entities and (iv) other financial assets; therefore, debt, cash and
other financial assets/liabilities pertaining to Financial Services
entities are excluded from the computation of Net industrial debt;
(11) includes financial receivables due from discontinued
operations (€98 million at December 31, 2015) and financial
payables due to discontinued operations (€137 million at
December 31, 2015); (12) the amounts presented for Ferrari are
not representative of the income statement of Ferrari on a
stand-alone basis, as these amounts are net of intercompany
transactions
This document, and in particular the section entitled "2016
Guidance", contains forward-looking statements. These statements
may include terms such as "may", "will", "expect", "could",
"should", "intend", "estimate", "anticipate", "believe", "remain",
"on track", "design", "target", "objective", "goal", "forecast",
"projection", "outlook", "prospects", "plan", or similar terms.
Forward-looking statements are not guarantees of future
performance. Rather, they are based on the Group's current
expectations and projections about future events and, by their
nature, are subject to inherent risks and uncertainties. They
relate to events and depend on circumstances that may or may not
occur or exist in the future and, as such, undue reliance should
not be placed on them. Actual results may differ materially from
those expressed in such statements as a result of a variety of
factors, including: the Group's ability to reach certain minimum
vehicle sales volumes; developments in global financial markets and
general economic and other conditions; changes in demand for
automotive products, which is highly cyclical; the Group's ability
to enrich the product portfolio and offer innovative products; the
high level of competition in the automotive industry; the Group's
ability to expand certain of the Group's brands internationally;
changes in the Group's credit ratings; the Group's ability to
realize anticipated benefits from any acquisitions, joint venture
arrangements and other strategic alliances; potential shortfalls in
the Group's defined benefit pension plans; the Group's ability to
provide or arrange for adequate access to financing for the Group's
dealers and retail customers; the Group's ability to access funding
to execute the Group's business plan and improve the Group's
business, financial condition and results of operations; various
types of claims, lawsuits and other contingent obligations against
the Group; disruptions arising from political, social and economic
instability; material operating expenditures in relation to
compliance with environmental, health and safety regulation;
developments in labor and industrial relations and developments in
applicable labor laws; increases in costs; disruptions of supply or
shortages of raw materials; exchange rate fluctuations, interest
rate changes, credit risk and other market risks; political and
civil unrest; earthquakes or other disasters and other risks and
uncertainties.
Any forward-looking statements contained in this document
speak only as of the date of this document and the Company does not
undertake any obligation to update or revise publicly
forward-looking statements. Further information concerning the
Group and its businesses, including factors that could materially
affect the Company's financial results, is included in the
Company's reports and filings with the U.S. Securities and Exchange
Commission, the AFM and CONSOB.
On April 26, 2016, at
1p.m. BST, management will hold a
conference call to present the 2016 first quarter results to
financial analysts and institutional investors. The call can be
followed live and a recording will be available later on the Group
website (http://www.fcagroup.com/en-us/pages/home.aspx). The
supporting document will be made available on the Group website
prior to the call.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/fca-posts-record-first-quarter-results-with-adjusted-ebit-nearly-doubled-to-14-billion-and-all-segments-profitable-adjusted-net-profit-reached-05-billion-full-year-guidance-is-confirmed-300257465.html
SOURCE Fiat Chrysler Automobiles
