LONDON, Jan. 28, 2015 /PRNewswire/ --
- Worldwide shipments totaled 4.6 million units, an increase
of 6% driven by growth in NAFTA, APAC and EMEA. Jeep brand achieved
record volumes with global sales of over 1 million
vehicles.
- Net revenues were up 11% to €96.1 billion (+12% at constant
exchange rates - CER).
- EBIT was €3,223 million, up 7% (+9% CER). EBIT adjusted for
unusual items totaled €3,651 million (+4%) with strong improvements
for APAC, Maserati and EMEA, which posted a €28 million positive
result in the fourth quarter. NAFTA was substantially in line with
the prior year, while weak market conditions impacted performance
in LATAM.
- Net profit was €632 million. Adjusted for unusual items, the
Group closed 2014 with a net profit of €955 million, representing a
slight improvement over the prior year.
- Net industrial debt was €7.7 billion at year end, after
issuance of USD 2.9 billion Mandatory
Convertible Securities (MCS), placement of 100 million common
shares and share repurchases following completion of the merger in
Q4. Available Liquidity, including €3.2 billion in undrawn
committed credit lines, was €26.2 billion.
FIAT CHRYSLER
AUTOMOBILES - Highlights
|
|
|
4th
Quarter
|
|
Full
Year
|
|
|
2014
|
2013(*)
|
Change
|
(€
million)
|
2014
|
2013(*)
|
Change
|
|
|
1,215
|
1,171
|
44
|
Total Shipments
(000s)
|
4,608
|
4,352
|
256
|
|
|
27,084
|
23,943
|
3,141
|
Net
Revenues
|
96,090
|
86,624
|
9,466
|
|
|
1,066
|
460
|
606
|
EBIT
|
3,223
|
3,002
|
221
|
|
|
1,077
|
943
|
134
|
EBIT adjusted for
unusual items
|
3,651
|
3,521
|
130
|
|
|
2,364
|
1,701
|
663
|
EBITDA
(1)
|
8,120
|
7,637
|
483
|
|
|
529
|
(74)
|
603
|
Profit Before
Taxes
|
1,176
|
1,015
|
161
|
|
|
420
|
1,296
|
-876
|
Net Profit
|
632
|
1,951
|
-1,319
|
|
|
0.329
|
0.707
|
-
|
EPS basic (€)
(**)
|
0.465
|
0.744
|
-
|
|
|
7,654
|
11,372(2)
|
-3,718
|
Net Industrial
Debt
|
7,654
|
7,014(3)
|
640
|
|
|
26,221
|
21,741(2)
|
4,480
|
Total Available
Liquidity
|
26,221
|
22,745(3)
|
3,476
|
|
|
(*)
Recasted for the retrospective application of IFRS
11. For FY, Revenues -€192 million, EBIT +€30 million, Profit
Before Taxes +€7 million, Net Profit unchanged. For Q4, Revenues
-€58 million, EBIT +€4 million, Profit Before Taxes and Net Profit
unchanged. Shipments for both periods adjusted to include Ferrari
and Maserati shipments.
(**) Basic EPS
calculated including the MCS conversion at minimum number of shares
at 222 million
(1) EBIT plus Depreciation and
Amortization. (2) At September 30,
2014.
(3) At December 31, 2013,
recasted for the retrospective application of IFRS 11: Net
Industrial Debt +€365 million, Total Available Liquidity
+€16 million.
|
|
|
Memo
items
|
|
|
4th
Quarter
|
|
Full
Year
|
|
|
2014
|
2013
|
Change
|
(€
million)
|
2014
|
2013
|
Change
|
|
|
446
|
252
|
194
|
Net profit adjusted
for unusual items
|
955
|
943
|
12
|
|
|
0.350
|
0.026
|
-
|
EPS basic adjusted
for unusual items (€) (**)
|
0.729
|
0.099
|
-
|
|
|
From EBIT to
EBIT adjusted for unusual items
|
|
|
4th
Quarter
|
|
Full
Year
|
|
|
2014
|
2013
|
Change
|
(€
million)
|
2014
|
2013
|
Change
|
|
|
1,066
|
460
|
606
|
EBIT
|
3,223
|
3,002
|
221
|
|
|
(11)
|
(483)
|
|
Unusual items
(pre-tax) (4)
|
(428)
|
(519)
|
|
|
|
1,077
|
943
|
134
|
EBIT adjusted for
unusual items
|
3,651
|
3,521
|
130
|
|
|
(4)
Includes: Gain/(losses) on the disposal of investments,
Restructuring, Other unusual income/(expenses).
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Revenues increased by €9.5 billion year-over-year
(+11%; +12% CER) to €96.1 billion, driven mainly by NAFTA (+15%),
APAC (+34%) and Maserati (+67%), with increases also for EMEA (+4%)
and Components (+7%). These increases were partly offset by a 13%
reduction for LATAM (-7% CER), where vehicle shipments were down
13% due to continued weak demand in the region's main markets.
EBIT totaled €3,223 million for the year, a 7% increase
(+9% CER) over the €3,002 million in 2013. EBIT includes unusual
items which totaled €428 million net charge in 2014, compared with
€519 million in 2013. In 2014 unusual items include primarily €495
million charge connected with the UAW Memorandum of Understanding
entered into by Chrysler (now named FCA
US) on January 21, 2014 and
€98 million negative impact from the devaluation of the Venezuelan
Bolivar (VEF) net of €223 million non-cash and non-taxable gain
resulting from the fair value of the options representing
approximately 10% of Chrysler equity interest which was a portion
of the 41.5% stake that Fiat acquired from the VEBA Trust on
January 21, 2014. In 2013 unusual
items included €390 million in asset write-downs mainly associated
with the rationalization of architectures associated with the new
product strategy. In addition there was a €56 million write-off of
the book value of the Equity Recapture Agreement Right in
connection with the acquisition of the minority stake in Chrysler
and a €43 million charge related to the devaluation of the VEF.
EBIT adjusted for these unusual items increased by €130 million on
the back of strong improvements for APAC and Maserati, with EMEA
reducing losses by €198 million, benefiting primarily from higher
volumes and better product mix, manufacturing and purchase
efficiencies. In LATAM, EBIT adjusted for unusual items decreased
by €330 million mainly reflecting lower volumes, €51 million
in negative exchange rate translation impacts and €45 million in
start-up costs for the Pernambuco plant. NAFTA was substantially in
line with the prior year despite the impact of higher warranty and
recall costs.
Net financial expense totaled €2,047 million, €60 million
higher than 2013, with the impact of higher average debt levels
partially offset by the benefits of FCA
US (formerly named Chrysler) refinancing transactions
completed in February. Excluding the impact of stock option-related
equity swaps that expired in Q4 2013 (gain of €31 million for
2013), net financial expense was substantially in line with the
prior year.
Tax expense totaled €544 million for the year, compared
with tax income of €936 million for 2013. In 2013, income taxes
included a €1.5 billion positive one-time recognition of net
deferred tax assets related to FCA
US; excluding this item, net income tax expenses totaled
€564 million. Higher deferred tax expense in 2014 due to
utilization of a portion of the deferred tax assets recognized in
2013 were largely offset by non-recurring deferred tax benefits
which did not occur in the prior year.
Net profit for the year was €632 million, of which €568
million was attributable to owners of the parent. Adjusted for
unusual items, net profit was €955 million (as compared €943
million for 2013, recasted for the retrospective application of
IFRS 11, adjusted for unusual items and the €1.5 billion positive
deferred tax impact stated above).
Net industrial debt at year-end was €7.7 billion,
compared with €7.0 billion at year-end 2013 (recasted for the
retrospective application of IFRS 11 – €0.4 billion impact).
Excluding the effect of the acquisition of the minority interest in
Chrysler and Q4 capital transactions, net industrial debt increased
by €0.3 billion, with capex of €8.1 billion almost fully
covered by cash flow from operations.
Total available liquidity at year-end, including €3.2
billion in undrawn committed credit lines (unchanged at CER versus
the prior year), totaled €26.2 billion, which was €3.5 billion
higher than at year-end 2013. The difference mainly reflects the
€3.1 billion cash proceeds from the capital transactions completed
in December 2014, a €1.5 billion net
increase in Medium-Term financing particularly in Brazil and a positive currency translation
effect of €1.3 billion, partly offset by the €2.7 billion paid for
the acquisition of the minority interests in Chrysler.
Dividends
The Board of Directors has declined to recommend a dividend
payment on FCA common shares in order to further fund capital
requirements of the Group's five-year business plan presented on
May 6, 2014.
2015 Outlook
The Group indicates the following guidance for 2015:
- Worldwide shipments in 4.8 to 5.0 million unit
range;
- Net revenues of ~€108 billion;
- EBIT(*) in €4.1 to €4.5
billion range;
- Net Income(*) in €1.0 to €1.2 billion range,
with EPS (**) in €0.64 to €0.77 range;
- Net Industrial Debt in €7.5 billion to €8.0 billion
range.
Figures do not include any impacts for the previously announced
capital transactions regarding Ferrari.
(*) Excluding eventual unusual items
(**) EPS calculated including the MCS conversion at minimum
number of shares at 222 million
FIAT CHRYSLER
AUTOMOBILES
Net Debt and
Available Liquidity
|
|
|
|
|
|
(€
million)
|
31.12.2014
|
|
30.09.2014
|
|
31.12.2013
(*)
|
|
|
|
Cash Maturities
(Principal)
|
(32,892)
|
|
(31,903)
|
|
(28,899)
|
|
|
|
Bank
Debt
|
(13,120)
|
|
(12,518)
|
|
(8,932)
|
|
|
|
Capital Market
Instruments (1)
|
(17,729)
|
|
(17,161)
|
|
(14,220)
|
|
|
|
Other Debt
(2)
|
(2,043)
|
|
(2,224)
|
|
(5,747)
|
|
|
|
Asset-backed
Financing (3)
|
(469)
|
|
(377)
|
|
(756)
|
|
|
|
Accruals and Other
Adjustments (4)
|
(305)
|
|
(582)
|
|
(601)
|
|
|
|
Gross
Debt
|
(33,666)
|
|
(32,862)
|
|
(30,256)
|
|
|
|
Cash & Marketable
Securities
|
23,050
|
|
18,608
|
|
19,702
|
|
|
|
Derivative
Assets/(Liabilities)
|
(233)
|
|
(196)
|
|
396
|
|
|
|
Net
Debt
|
(10,849)
|
|
(14,450)
|
|
(10,158)
|
|
|
|
Industrial
Activities
|
(7,654)
|
|
(11,372)
|
|
(7,014)
|
|
|
|
Financial
Services
|
(3,195)
|
|
(3,078)
|
|
(3,144)
|
|
|
|
|
|
|
|
|
|
|
|
|
Undrawn committed
credit lines
|
3,171
|
|
3,133
|
|
3,043
|
|
|
|
Total Available
Liquidity
|
26,221
|
|
21,741
|
|
22,745
|
|
|
(*)
Recasted for the retrospective application of IFRS 11: Net debt
at year end increased by €365 million (fully attributable to
Industrial Activities).
(1)
Includes bonds and other securities issued in the financial
markets.
(2)
Includes HCT Notes, arrangements accounted for as a lease under
IFRIC 4 – Determining whether an arrangement contains a lease, and
other non-bank financing. (At year-end 2013, also included VEBA
Trust Note).
(3)
Advances on sale of receivables and securitizations on
book.
(4)
At December 31, 2014 includes: negative adjustments for hedge
accounting on financial payables for -€67 million (-€73 million at
September 30, 2014, ‑€78 million at December 31, 2013),
current financial receivables from jointly-controlled financial
services companies of €58 million (€71 million at
September 30, 2014, €27 million at December 31, 2013) and accrued
net financial charges of -€296 million (‑€580 million at
September 30,2014, -€550 million at December 31, 2013).
|
|
Results by Segment
FIAT CHRYSLER
AUTOMOBILES
Revenues and EBIT by Segment – Full Year
|
|
|
|
Net
revenues
|
|
EBIT
|
|
|
2014
|
2013
(*)
|
Change
|
(€
million)
|
2014
|
2013
(*)
|
Change
|
|
|
52,452
|
45,777
|
6,675
|
NAFTA
|
1,647
|
2,290
|
-643
|
|
|
8,629
|
9,973
|
-1,344
|
LATAM
|
177
|
492
|
-315
|
|
|
6,259
|
4,668
|
1,591
|
APAC
|
537
|
335
|
202
|
|
|
18,020
|
17,335
|
685
|
EMEA
|
(109)
|
(506)
|
397
|
|
|
2,762
|
2,335
|
427
|
Ferrari
|
389
|
364
|
25
|
|
|
2,767
|
1,659
|
1,108
|
Maserati
|
275
|
106
|
169
|
|
|
8,619
|
8,080
|
539
|
Components
(Magneti Marelli, Teksid, Comau)
|
260
|
146
|
114
|
|
|
831
|
929
|
-98
|
Other
|
(114)
|
(167)
|
53
|
|
|
(4,249)
|
(4,132)
|
-117
|
Eliminations and
adjustments
|
161(1)
|
(58)
|
219
|
|
|
96,090
|
86,624
|
9,466
|
Total
|
3,223
|
3,002
|
221
|
|
|
(*)
Recasted for the retrospective application of IFRS 11. Revenues:
Group -€192 million, APAC +€47 million, EMEA -€85 million,
Eliminations and Adjustments -€154 million. EBIT: Group +€30
million, APAC +€17 million, EMEA +€14 million, Eliminations and
Adjustments -€1 million.
(1)
Includes the unusual non-cash and non-taxable gain of €223
million recognized in Q1 2014 relating to the fair value of options
representing approximately 10% of total equity interests in
Chrysler and included in the 41.5% stake that Fiat acquired from
the VEBA Trust on January 21, 2014.
|
|
FIAT CHRYSLER
AUTOMOBILES
Revenues and EBIT by Segment – 4th
Quarter
|
|
|
|
Net
revenues
|
|
EBIT
|
|
|
2014
|
2013(*)
|
Change
|
(€
million)
|
2014
|
2013(*)
|
Change
|
|
|
15,328
|
13,303
|
2,025
|
NAFTA
|
617
|
621
|
-4
|
|
|
2,314
|
2,220
|
94
|
LATAM
|
113
|
(28)
|
141
|
|
|
1,662
|
1,336
|
326
|
APAC
|
127
|
51
|
76
|
|
|
4,989
|
4,406
|
583
|
EMEA
|
32
|
(214)
|
246
|
|
|
751
|
624
|
127
|
Ferrari
|
115
|
100
|
15
|
|
|
728
|
776
|
-48
|
Maserati
|
65
|
58
|
7
|
|
|
2,379
|
2,148
|
231
|
Components
(Magneti Marelli, Teksid, Comau)
|
110
|
14
|
96
|
|
|
229
|
244
|
-15
|
Other
|
(74)
|
(66)
|
-8
|
|
|
(1,296)
|
(1,114)
|
-182
|
Eliminations and
adjustments
|
(39)
|
(76)
|
37
|
|
|
27,084
|
23,943
|
3,141
|
Total
|
1,066
|
460
|
606
|
|
|
(*)
Recasted for the retrospective application of IFRS 11. Revenues:
Group -€58 million, APAC +€5 million, EMEA -€24 million,
Eliminations and Adjustments -€39 million. EBIT: Group +€4 million,
APAC +€3 million, EMEA +€2 million, Eliminations and Adjustments
-€1 million.
|
|
FIAT CHRYSLER
AUTOMOBILES
EBIT to EBIT adjusted for unusual items by Segment – Full
Year
|
|
|
|
2013
(*)
|
|
2014
|
|
|
EBIT
|
Unusual
items
|
EBIT adjusted for
unusual items
|
(€
million)
|
EBIT
|
Unusual
items
|
EBIT adjusted for
unusual items
|
|
|
2,290
|
71
|
2,219
|
NAFTA
|
1,647
|
(504)
|
2,151
|
|
|
492
|
(127)
|
619
|
LATAM
|
177
|
(112)
|
289
|
|
|
335
|
(1)
|
336
|
APAC
|
537
|
-
|
537
|
|
|
(506)
|
(195)
|
(311)
|
EMEA
|
(109)
|
4
|
(113)
|
|
|
364
|
-
|
364
|
Ferrari
|
389
|
(15)
|
404
|
|
|
106
|
(65)
|
171
|
Maserati
|
275
|
-
|
275
|
|
|
146
|
(60)
|
206
|
Components
(Magneti Marelli, Teksid, Comau)
|
260
|
(20)
|
280
|
|
|
(167)
|
(87)
|
(80)
|
Other
|
(114)
|
7
|
(121)
|
|
|
(58)
|
(55)
|
(3)
|
Eliminations and
adjustments
|
161(1)
|
212
|
(51)
|
|
|
3,002
|
(519)
|
3,521
|
Total
|
3,223
|
(428)
|
3,651
|
|
|
(*)
Recasted for the retrospective application of IFRS
11.
(1
)Includes the unusual non-cash and non-taxable gain of
€223 million recognized in Q1 2014 relating to the fair value of
options representing approximately 10% of total equity interests in
Chrysler and included in the 41.5% stake that Fiat acquired from
the VEBA Trust on January 21, 2014.
|
|
FIAT CHRYSLER
AUTOMOBILES
EBIT to EBIT adjusted for unusual items by Segment – 4th
Quarter
|
|
|
|
2013
(*)
|
|
2014
|
|
|
EBIT
|
Unusual
items
|
EBIT adjusted for
unusual items
|
(€
million)
|
EBIT
|
Unusual
items
|
EBIT adjusted for
unusual items
|
|
|
621
|
1
|
620
|
NAFTA
|
617
|
(5)
|
622
|
|
|
(28)
|
(72)
|
44
|
LATAM
|
113
|
(7)
|
120
|
|
|
51
|
-
|
51
|
APAC
|
127
|
-
|
127
|
|
|
(214)
|
(194)
|
(20)
|
EMEA
|
32
|
4
|
28
|
|
|
100
|
-
|
100
|
Ferrari
|
115
|
-
|
115
|
|
|
58
|
(65)
|
123
|
Maserati
|
65
|
-
|
65
|
|
|
14
|
(56)
|
70
|
Components
(Magneti Marelli, Teksid, Comau)
|
110
|
(1)
|
111
|
|
|
(66)
|
(37)
|
(29)
|
Other
|
(74)
|
(2)
|
(72)
|
|
|
(76)
|
(60)
|
(16)
|
Eliminations and
adjustments
|
(39)
|
-
|
(39)
|
|
|
460
|
(483)
|
943
|
Total
|
1,066
|
(11)
|
1,077
|
|
|
(*)
Recasted for the retrospective application of IFRS
11.
|
|
NAFTA
|
|
|
4th
Quarter
|
|
Full
Year
|
|
|
2014
|
2013
|
Change
|
(€
million)
|
2014
|
2013
|
Change
|
|
|
668
|
651
|
17
|
Shipments
(000s)
|
2,493
|
2,238
|
255
|
|
|
15,328
|
13,303
|
2,025
|
Net
revenues
|
52,452
|
45,777
|
6,675
|
|
|
617
|
621
|
-4
|
EBIT
(*)
|
1,647
|
2,290
|
-643
|
|
|
(5)
|
1
|
|
(*)
Includes unusual items of:
|
(504)
|
71
|
|
|
|
|
|
Shipments were 2,493,000 vehicles (+11%) and
sales[1] totaled 2,459,000 vehicles
(+15%). Market share was 12.4% in the U.S. (up 100 bps) and 15.4%
in Canada (up 80 bps).
Net revenues were €52.5 billion (+15%), primarily due to
volume growth. EBIT was €1,647 million (€2,290 million
in 2013). EBIT for 2014 includes €504 million of unusual charges
primarily due to a €495 million charge connected with the UAW
Memorandum of Understanding entered into by Chrysler (now named
FCA US) on January 21, 2014. For 2013 EBIT included net
unusual income of €71 million primarily related to the impacts of a
curtailment gain and plan amendments with a corresponding net
reduction in pension obligations which was partially offset by
voluntary safety recalls and customer satisfaction actions. EBIT
adjusted for unusual items was in line with the prior year, with
higher volumes, improved pricing and purchasing efficiencies
substantially offset by increased incentives on certain vehicles,
higher industrial costs, mainly related to base material costs for
vehicle content enhancements, as well as higher warranty and recall
costs.
LATAM
|
|
|
4th
Quarter
|
|
Full
Year
|
|
|
2014
|
2013
|
Change
|
(€
million)
|
2014
|
2013
|
Change
|
|
|
217
|
227
|
-10
|
Shipments
(000s)
|
827
|
950
|
-123
|
|
|
2,314
|
2,220
|
94
|
Net
revenues
|
8,629
|
9,973
|
-1,344
|
|
|
113
|
(28)
|
141
|
EBIT
(*)
|
177
|
492
|
-315
|
|
|
(7)
|
(72)
|
|
(*)
Includes unusual items of:
|
(112)
|
(127)
|
|
|
|
|
|
Shipments totaled 827,000 units, a decrease of 13%
reflecting weaker demand in the region's main markets. In
Brazil, the Group maintained its
leadership with an overall share of 21.2% (-30 bps) and increased
the lead over our nearest competitor to 350 basis points (+80 bps).
In Argentina, Group market share
was 13.4% (+140 bps). For other LATAM countries, the decrease in
shipments was due to weak trading conditions in Venezuela.
Net revenues were €8.6 billion, down 13% (-7% CER)
primarily due to lower volumes. EBIT decreased from
€492 million to €177 million, reflecting lower volumes and €51
million in negative exchange rate translation impacts, with
positive net pricing and mix offsetting higher industrial and other
costs, including €45 million in start-up costs for the Pernambuco
plant. EBIT includes unusual charges of €112 million in 2014
(€127 million in 2013) primarily reflecting the impact of
devaluation of VEF.
APAC
|
|
|
4th
Quarter
|
|
Full
Year
|
|
|
2014
|
2013
|
Change
|
(€
million)
|
2014
|
2013
|
Change
|
|
|
57
|
48
|
9
|
Shipments
(000s)
|
220
|
163
|
57
|
|
|
1,662
|
1,336
|
326
|
Net
revenues
|
6,259
|
4,668
|
1,591
|
|
|
127
|
51
|
76
|
EBIT
(*)
|
537
|
335
|
202
|
|
|
-
|
-
|
|
(*)
Includes unusual items of:
|
-
|
(1)
|
|
|
|
(1)
Adjusted for retrospective application of IFRS 11. For FY,
Revenues increased by €47 million, EBIT increased by €17
million. For Q4, Revenues increased by €5 million and EBIT
increased by €3 million.
|
|
Shipments (excluding JVs) totaled 220,000 vehicles
(+35%). Group retail sales (including JVs) were up 34% to
267,000 vehicles with sales gains in the Region's major
markets.
Net revenues were €6.3 billion, a 34% increase
mainly driven by higher volumes. EBIT totaled
€537 million, an increase of €202 million or 60% driven
by higher volumes and a better product mix, partially offset by
increased marketing spending to support volume expansion in the
region, in addition to higher incentives in response to the
increasingly competitive trading environment, particularly in
China.
EMEA
|
|
|
4th
Quarter
|
|
Full
Year
|
|
|
2014
|
2013(1)
|
Change
|
(€
million)
|
2014
|
2013(1)
|
Change
|
|
|
261
|
236
|
25
|
Shipments
(000s)
|
1,024
|
979
|
45
|
|
|
4,989
|
4,406
|
583
|
Net
revenues
|
18,020
|
17,335
|
685
|
|
|
32
|
(214)
|
246
|
EBIT
(*)
|
(109)
|
(506)
|
397
|
|
|
4
|
(194)
|
|
(*)
Includes unusual items of:
|
4
|
(195)
|
|
|
|
(1)
Adjusted for retrospective application of IFRS 11. For FY,
Revenues decreased by €85 million, EBIT increased by €14
million. For Q4, Revenues decreased by €24 million and EBIT
increased by €2 million.
|
|
Passenger car and light commercial vehicle (LCV)
shipments totaled 1,024,000 vehicles, up 5% over 2013.
Passenger car shipments were up 4% to 804,000 and LCVs were up 8%
to 220,000. European share (EU28+EFTA) for passenger cars was down
20 basis points to 5.8% (27.7% in Italy and 3.3% in other markets). For LCVs,
European share[2] (EU28+EFTA) was down 10
basis points to 11.5% (44.9% in Italy; +90 bps).
Net revenues were €18.0 billion (+4%) on the back of
higher volumes and better mix, mainly driven by LCV, Fiat 500
family and Jeep brand sales. There was an EBIT loss of €109
million for the year, compared with a €506 million loss for 2013.
The result for 2014 included net unusual income of €4 million,
compared with net unusual expense of €195 million for 2013, which
included the write-off of previously capitalized R&D related to
new model development for Alfa Romeo products which were switched
to a new platform considered more appropriate for the brand. EBIT
adjusted for unusual items improved by €198 million primarily on
the back of a more favorable product mix, increased volumes and
industrial efficiencies, which were partially offset by competitive
pricing pressures and higher advertising expense primarily to
support the growth of the Jeep brand.
FERRARI
|
|
|
4th
Quarter
|
|
Full
Year
|
|
|
2014
|
2013(1)
|
Change
|
(€
million)
|
2014
|
2013(1)
|
Change
|
|
|
1.975
|
1,664
|
311
|
Shipments (units)
(1)
|
7,255
|
7,000
|
255
|
|
|
751
|
624
|
127
|
Net
revenues
|
2,762
|
2,335
|
427
|
|
|
115
|
100
|
15
|
EBIT
(*)
|
389
|
364
|
25
|
|
|
-
|
-
|
|
(*)
Includes unusual items of:
|
(15)
|
-
|
|
|
|
(1)
Non-type approved vehicles included.
|
|
Net revenues were €2.8 billion (+18%), with
7,255 units (+4%). EBIT was €389 million, including an
unusual charge of €15 million in compensation costs related to the
resignation of the former chairman. EBIT adjusted for unusual items
was up €40 million with higher volumes and improved sales mix.
MASERATI
|
|
|
4th
Quarter
|
|
Full
Year
|
|
|
2014
|
2013
|
Change
|
(€
million)
|
2014
|
2013
|
Change
|
|
|
10,020
|
7,845
|
2,175
|
Shipments
(units)
|
36,448
|
15,393
|
21,055
|
|
|
728
|
776
|
-48
|
Net
revenues
|
2,767
|
1,659
|
1,108
|
|
|
65
|
58
|
7
|
EBIT
(*)
|
275
|
106
|
169
|
|
|
-
|
(65)
|
|
(*)
Includes unusual items of:
|
-
|
(65)
|
|
|
|
|
|
Maserati shipped 36,448 vehicles (+137%) on the back of
continued strong performance for the Quattroporte and Ghibli.
Net revenues totaled €2.8 billion (€1.7 billion for
2013) the increase due to higher shipments. EBIT increased
to €275 million from €106 million in 2013, which included €65
million in unusual items related to the write-down of previously
capitalized R&D related to development of a new model which was
switched to a platform considered more appropriate for the brand.
There was a €104 million increase in EBIT adjusted for unusual
items reflecting volume growth.
COMPONENTS
|
|
|
4th
Quarter
|
|
Full
Year
|
|
|
2014
|
2013
|
Change
|
(€
million)
|
2014
|
2013
|
Change
|
|
|
|
|
|
Magneti
Marelli
|
|
|
|
|
|
1,730
|
1,533
|
197
|
Net
revenues
|
6,500
|
5,988
|
512
|
|
|
80
|
60
|
20
|
EBIT (*)
|
204
|
169
|
35
|
|
|
(1)
|
3
|
|
(*)
Includes unusual items of:
|
(20)
|
1
|
|
|
|
|
|
|
Teksid
|
|
|
|
|
|
159
|
157
|
2
|
Net
revenues
|
639
|
688
|
-49
|
|
|
(1)
|
(63)
|
62
|
EBIT (*)
|
(4)
|
(70)
|
66
|
|
|
-
|
(59)
|
|
(*)
Includes unusual items of:
|
-
|
(60)
|
|
|
|
|
|
|
Comau
|
|
|
|
|
|
518
|
475
|
43
|
Net
revenues
|
1,550
|
1,463
|
87
|
|
|
31
|
17
|
14
|
EBIT (*)
|
60
|
47
|
13
|
|
|
-
|
-
|
|
(*)
Includes unusual items of:
|
-
|
(1)
|
|
|
|
|
|
|
COMPONENTS
|
|
|
|
|
|
2,379
|
2,148
|
231
|
Net revenues
(**)
|
8,619
|
8,080
|
539
|
|
|
110
|
14
|
96
|
EBIT (*)
|
260
|
146
|
114
|
|
|
(1)
|
(56)
|
|
(*)
Includes unusual items of:
|
(20)
|
(60)
|
|
|
|
(**) Net of
eliminations.
|
|
Magneti Marelli
Net revenues were €6.5 billion, a 9% increase over 2013
(+11% CER), with performance positive in North America, China and Europe, but down in Brazil. EBIT was €204 million, an
increase of €35 million year-over-year. EBIT includes unusual
charges of €20 million for 2014 (unusual income of €1 million for
2013). EBIT adjusted for these unusual charges, increased by €56
million, mainly reflecting higher volumes and the benefit of cost
containment actions and efficiencies.
Teksid
Net revenues were €0.6 billion, a 3% increase on a
constant scope of operations. Volumes were down 4% for the Cast
Iron business unit (on a constant scope of operations) and up 24%
for the Aluminum business. There was an EBIT loss of €4
million, compared with a loss of €70 million for 2013. EBIT
includes unusual charges of €60 million for 2013, mainly related to
impairment of assets in the Cast Iron business unit.
Comau
Net revenues were €1.6 billion, with a 6% increase mainly
attributable to the Body Welding business. EBIT totaled €60
million, a €13 million increase over the €47 million for 2013.
Order intake (mainly for Systems) totaled €1,789 million, a 12%
year-over-year increase. At December 31,
2014, the order backlog totaled €1,585 million, representing
a 15% increase over year-end 2013.
Brand Activity in 2014
The Jeep brand set an all-time annual record in 2014 with
global sales of just over 1 million vehicles. From a product
standpoint, the highlight of the year was the presentation in March
and launch in September of the Jeep Renegade, the first FCA vehicle
designed in the U.S. and crafted in Italy for sales to customers in more than 100
countries worldwide. The Renegade marks the brand's first entry in
the small SUV segment. In addition, the new Jeep Cherokee was
launched in Chile and China in Q1 and in EMEA, Australia and Japan in Q2.
In Q2, Chrysler launched the all-new Chrysler 200
mid-size sedan, which is produced at the Sterling Heights (Michigan) Assembly Plant, the third
FCA US vehicle derived from the
"Compact U.S. Wide" architecture.
Fiat gave the debut presentation of the 500X, a
cross-over and the latest addition to the 500 family, at the Paris
Motor Show. The 500X will be produced at the Group's Melfi plant in
Italy, alongside the Jeep
Renegade, for sale in markets worldwide. The new Fiat Panda Cross
and Fiat Freemont Cross were presented during the third quarter.
The new Fiat Linea was unveiled at the New Delhi Motor Show in
February and launched in India in
March and Brazil in April.
After an absence of some 20 years, Alfa Romeo returned to
the U.S. market with the launch of the 4C Coupé mini supercar in
November and the newly-presented Alfa Romeo 4C Spider was named
"Most Beautiful Car 2014" in the Sports Cars and Convertibles
category of the Auto Bild Design Award 2014. In June, the
brand also presented the MY2014 Giulietta and MiTo "Quadrifoglio
Verde" to the international press.
Fiat Professional debuted the sixth generation of the
highly successful Fiat Ducato, which has sold 2.7 million units
since the nameplate was first launched in 1981. The Ducato
continued its strong performance in 2014, taking the lead in the
OEM ranking in its segment in Europe for the first year ever, and
registering a further gain in market share - which has increased
continuously since 2008 - to an all-time record of 20.9%. Available
in more than 80 countries around the world, in 2013 the vehicle was
introduced in North America as the
Ram ProMaster. In Q3, at the International Show for Commercial
Vehicles in Hannover ("IAA"), Fiat
Professional gave the world premiere presentation of the new
Doblò.
At the Geneva Motor Show in March, Maserati presented the
Alfieri concept, named after the brand's founder, a prototype coupé
with a range of stylistic features that will appear on future
Maserati models. Maserati also showcased the Ermenegildo Zegna
version of the Quattroporte, which will be produced in a limited
run of 100 vehicles to commemorate the brand's 100th
anniversary.
*********
This document, and in particular the section entitled "2015
Outlook", 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", "intend", 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; the
Group's ability to integrate its operations; 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; 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 natural 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 January 28, at 2:00 p.m. GMT, management will hold a conference
call to present the 2014 Full Year results to financial analysts
and institutional investors. The call can be followed live and a
recording will be available later on the Group website
(www.fcagroup.com). The supporting document will be available on
the website prior to the call.
[1] For US and Canada,
"Sales" represents sales to end customers as reported by the
Group's dealer network.
[2] Due to unavailability of market data for Italy since January
2012, the figures reported are an extrapolation and
discrepancies with actual data could exist.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/fca-closed-2014-with-strong-performance-in-line-with-full-year-guidance-300026956.html
SOURCE Fiat Chrysler Automobiles