LONDON, October 29, 2014 /PRNewswire/ --
- Worldwide shipments were 1.1 million units, an increase of
10% driven by strong sales performance in NAFTA.
- Revenues were up 14% to €23.6 billion.
- EBIT was €926 million, up 7% (+10% at constant exchange
rates - CER) with improvements in all segments except LATAM where
weak market conditions continued.
- Net profit was €188 million in line with Q3 2013.
- Net industrial debt was up €1.7 billion in the quarter, due
to normal seasonality and in line with the change in Q3
2013.
- Group confirms full-year guidance.
"The Group's third-quarter results demonstrate a solid
performance in the face of challenging market conditions
particularly in Latin America,"
said FCA CEO Sergio Marchionne, "and
we are on track to deliver on our full-year targets for 2014. With
the formal creation of FCA and its debut listing on the NYSE, we
have embarked on a new phase as a global company with even greater
possibilities."
FIAT CHRYSLER
AUTOMOBILES - Highlights
|
|
|
Nine months to
September 30
|
|
3rd
Quarter
|
|
|
2014
|
2013(*)
|
Change
|
(€
million)
|
2014
|
2013(*)
|
Change
|
|
|
3,393
|
3,181
|
212
|
Total Shipments
(000s)
|
1,099
|
1,002
|
97
|
|
|
69,006
|
62,681
|
6,325
|
Net
Revenues
|
23,553
|
20,693
|
2,860
|
|
|
2,157
|
2,542
|
-385
|
EBIT
(**)
|
926
|
862
|
64
|
|
|
5,756
|
5,936
|
-180
|
EBITDA (**)
(1)
|
2,166
|
2,030
|
136
|
|
|
647
|
1,089
|
-442
|
Profit Before
Taxes
|
415
|
369
|
46
|
|
|
212
|
655
|
-443
|
Net Profit
|
188
|
189
|
-1
|
|
|
0.132
|
0.036
|
-
|
EPS (€)
|
0.143
|
(0.013)
|
-
|
|
|
11,372
|
7,014(3)
|
4,358
|
Net Industrial
Debt
|
11,372
|
9,704(2)
|
1,668
|
|
|
21,741
|
22,745(3)
|
-1,004
|
Total Available
Liquidity
|
21,741
|
21,771(2)
|
-30
|
|
|
(*)
Adjusted for the retrospective application of IFRS
11. For Q3, Revenues -€40 million, EBIT +€6 million, Profit Before
Taxes +€2 million, Net Profit unchanged. For nine months to
September 30, Revenues -€134 million, EBIT +€26 million, Profit
Before Taxes +€7 million, Net Profit unchanged. Shipments for
both periods adjusted to include Luxury Brands.
(1)
EBIT plus Depreciation and Amortization. (2) At June
30, 2014.
(3) At December 31, 2013, adjusted for the retrospective
application of IFRS 11: Net Industrial Debt +€365 million, Total
Available Liquidity +€16 million.
|
|
|
(**) includes unusual items
of:
|
|
|
(417)
|
(36)
|
|
Total unusual items
(pre-tax) (4)
|
(36)
|
(1)
|
|
|
|
(4)
Includes: Gain/(losses) on the disposal of investments,
Restructuring, Other unusual income/(expenses).
Memo
items
|
|
|
Nine months to
September 30
|
|
3rd Quarter
|
|
|
2014
|
2013
|
Change
|
(€
million)
|
2014
|
2013
|
Change
|
|
|
509
|
691
|
-182
|
Net profit
ex-unusual items
|
224
|
190
|
34
|
|
|
0.374
|
0.072
|
-
|
EPS ex-unusual
items (€)
|
0.171
|
(0.009)
|
-
|
|
|
|
|
Revenues increased by €2.9 billion year-over-year to
€23.6 billion, driven mainly by NAFTA (+20%), APAC (+30%) and
Luxury Brands (+35%), with increases also for EMEA (+6%) and
Components (+11%). These increases were partly offset by a 12%
reduction for LATAM, where vehicle shipments were down 14% due to
continued weakness in the region's main markets.
EBIT totaled €926 million for the quarter, a 7% increase
(+10% CER) from €862 million for Q3 2013. Excluding unusual items,
EBIT increased by €99 million on the back of strong performance for
APAC and Luxury Brands. EMEA reduced EBIT losses by 46%, benefiting
primarily from better product mix. For NAFTA, EBIT was up €13
million, despite the impact of higher warranty and recall costs.
For LATAM, there was a decrease of €118 million reflecting lower
volumes, €15 million in higher unusual charges and €14 million in
start-up costs for the Pernambuco plant.
Net financial expense totaled €511 million, €18 million
higher than in Q3 2013. Excluding the impact of the Fiat stock
option-related equity swaps, which expired in Q4 2013 (gain of €24
million in Q3 2013), net financial expense was substantially in
line with the prior year, reflecting the benefits of the Chrysler
refinancing transactions completed in February which offset the
impact of higher average debt levels.
Income taxes totaled €227 million, compared with €180
million in Q3 2013, principally due to higher deferred tax expenses
compared to prior year.
Net profit for the quarter was €188 million, in line with
Q3 2013. Profit attributable to owners of the parent was €174
million compared with a €15 million loss for Q3 2013.
Net industrial debt at September
30, 2014 was €11.4 billion, up from €9.7 billion at
June 30, 2014. The €1.7 billion
increase primarily reflects seasonal cash absorption. Investments
in tangible and intangible assets rose to €2.1 billion, in
line with full-year guidance, from €1.8 billion in Q3 2013.
Total available liquidity was €21.7 billion, in line with
June 30, 2014. During the quarter,
operating cash absorption and bond repayments at maturity (€2.1
billion) were offset by new bond issuances (€1.6 billion) and bank
financing, as well as a favorable €0.9 billion currency translation
effect.
2014 Outlook
Group confirms full-year guidance as presented in the Q2 2014
results:
- Worldwide shipments at ~4.7 million units;
- Revenues of ≥€93 billion;
- EBIT(*) in €3.6 to €4.0
billion range;
- Net Income in ~€0.6 to €0.8 billion range, with EPS to
improve from ~€0.10 (ex-unusual items) to ~€0.44-€0.60. Includes
increased deferred tax charge of ~€0.5 billion due to the
recognition of net deferred tax assets at year-end 2013 related to
Chrysler and excludes unusual items;
- Net Industrial Debt in €9.8 billion to €10.3 billion
range. Includes cash outflows for the January 21st, 2014 closing of the
purchase of the remaining 41.5% minority stake in Chrysler Group
LLC from the VEBA Trust (€2.7 billion), in addition to the
impact of the retrospective adoption of IFRS 11, effective
January 1st, 2014 (~€0.4
billion).
(*) excluding unusual items
FIAT CHRYSLER
AUTOMOBILES
Net Debt and
Available Liquidity
|
|
|
|
|
|
(€
million)
|
30.09.2014
|
|
30.06.2014
|
|
31.12.2013
(*)
|
|
|
|
Cash Maturities
(Principal)
|
(31,903)
|
|
(30,856)
|
|
(28,899)
|
|
|
|
Bank
Debt
|
(12,518)
|
|
(11,277)
|
|
(8,932)
|
|
|
|
Capital Market
Instruments (1)
|
(17,161)
|
|
(17,349)
|
|
(14,220)
|
|
|
|
Other Debt
(2)
|
(2,224)
|
|
(2,230)
|
|
(5,747)
|
|
|
|
Asset-backed
Financing (3)
|
(377)
|
|
(545)
|
|
(756)
|
|
|
|
Accruals and Other
Adjustments (4)
|
(582)
|
|
(503)
|
|
(601)
|
|
|
|
Gross
Debt
|
(32,862)
|
|
(31,904)
|
|
(30,256)
|
|
|
|
Cash & Marketable
Securities
|
18,608
|
|
18,719
|
|
19,702
|
|
|
|
Derivative
Assets/(Liabilities)
|
(196)
|
|
73
|
|
396
|
|
|
|
Net
Debt
|
(14,450)
|
|
(13,112)
|
|
(10,158)
|
|
|
|
Industrial
Activities
|
(11,372)
|
|
(9,704)
|
|
(7,014)
|
|
|
|
Financial
Services
|
(3,078)
|
|
(3,408)
|
|
(3,144)
|
|
|
|
|
|
|
|
|
|
|
|
|
Undrawn committed
credit lines
|
3,133
|
|
3,052
|
|
3,043
|
|
|
|
Total Available
Liquidity
|
21,741
|
|
21,771
|
|
22,745
|
|
|
(*)
Adjusted 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 and 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 September 30, 2014 includes: negative adjustments for hedge
accounting on financial payables for -€73 million (-€76 million at
June 30, 2014, ‑€78 million at December 31, 2013), current
financial receivables from jointly-controlled financial services
companies of €71 million (€92 million at June 30, 2014, €27
million at December 31, 2013) and accrued net financial charges for
an amount of -€580 million (‑€519 million at June 30,2014,
-€550 million at December 31, 2013).
|
|
Results by Segment
FIAT CHRYSLER
AUTOMOBILES
Revenues and EBIT by segment – 3rd
Quarter
|
|
|
|
Revenues
|
|
EBIT
|
|
|
2014
|
2013
(*)
|
Change
|
(€
million)
|
2014
|
2013
(*)
|
Change
|
|
|
13,134
|
10,965
|
2,169
|
NAFTA
(mass-market brands)
|
549
|
536
|
13
|
|
|
2,162
|
2,446
|
-284
|
LATAM
(mass-market brands)
|
51
|
169
|
-118
|
|
|
1,578
|
1,215
|
363
|
APAC
(mass-market brands)
|
169
|
99
|
70
|
|
|
4,080
|
3,843
|
237
|
EMEA
(mass-market brands)
|
(63)
|
(116)
|
53
|
|
|
1,248
|
922
|
326
|
Luxury Brands
(Ferrari, Maserati)
|
179
|
131
|
48
|
|
|
2,086
|
1,877
|
209
|
Components
(Magneti Marelli, Teksid, Comau)
|
48
|
37
|
11
|
|
|
200
|
216
|
-16
|
Other
|
(4)
|
(23)
|
19
|
|
|
(935)
|
(791)
|
-144
|
Eliminations and
adjustments
|
(3)
|
29
|
-32
|
|
|
23,553
|
20,693
|
2,860
|
Total
|
926
|
862
|
64
|
|
|
(*)
Adjusted for the retrospective application of IFRS 11. Revenues:
Group -€40 million, APAC +€10 million, EMEA -€17 million,
Eliminations and Adjustments -€33 million. EBIT: Group +€6 million,
APAC +€3 million, EMEA +€3 million.
|
|
FIAT CHRYSLER
AUTOMOBILES
Revenues and EBIT by segment – Nine months to September
30,
|
|
|
|
Revenues
|
|
EBIT
|
|
|
2014
|
2013(*)
|
Change
|
(€
million)
|
2014
|
2013(*)
|
Change
|
|
|
37,124
|
32,474
|
4,650
|
NAFTA
(mass-market brands)
|
1,030
|
1,669
|
-639
|
|
|
6,315
|
7,753
|
-1,438
|
LATAM
(mass-market brands)
|
64
|
520
|
-456
|
|
|
4,597
|
3,332
|
1,265
|
APAC
(mass-market brands)
|
410
|
284
|
126
|
|
|
13,031
|
12,929
|
102
|
EMEA
(mass-market brands)
|
(141)
|
(292)
|
151
|
|
|
3,861
|
2,491
|
1,370
|
Luxury Brands
(Ferrari, Maserati)
|
484
|
312
|
172
|
|
|
6,240
|
5,932
|
308
|
Components
(Magneti Marelli, Teksid, Comau)
|
150
|
132
|
18
|
|
|
602
|
685
|
-83
|
Other
|
(40)
|
(101)
|
61
|
|
|
(2,764)
|
(2,915)
|
151
|
Eliminations and
adjustments
|
200(1)
|
18
|
182
|
|
|
69,006
|
62,681
|
6,325
|
Total
|
2,157
|
2,542
|
-385
|
|
|
(*)
Adjusted for the retrospective application of IFRS 11. Revenues:
Group -€134 million, APAC +€42 million, EMEA -€61 million,
Eliminations and Adjustments -€115 million. EBIT: Group +€26
million, APAC +€14 million, EMEA +€12 million.
(1)
Includes the unusual non-cash and non-taxable gain of €223
million recognized in Q1 2014 resulting from the fair value of the
options represented approximately 10% of Chrysler equity interest
which was a portion of the 41.5% stake that Fiat acquired from the
VEBA Trust on January21, 2014.
|
|
NAFTA
|
|
|
Nine months to
September 30
|
|
3rd
Quarter
|
|
|
2014
|
2013
|
Change
|
(€
million)
|
2014
|
2013
|
Change
|
|
|
1,825
|
1,587
|
238
|
Shipments
(000s)
|
613
|
505
|
108
|
|
|
37,124
|
32,474
|
4,650
|
Net
revenues
|
13,134
|
10,965
|
2,169
|
|
|
1,030
|
1,669
|
-639
|
EBIT
(*)
|
549
|
536
|
13
|
|
|
(499)
|
70
|
|
(*)
Includes unusual items of:
|
(5)
|
1
|
|
|
|
|
|
Shipments were 613,000 vehicles (+21%) and
sales[1] totaled 633,000 vehicles
(+18%). Market share was 12.3% in the U.S. (up 110 bps) and 14.9%
in Canada (up 60 bps).
Revenues were €13.1 billion (+20%) primarily due to
volume growth. EBIT was €549 million (€536 million in
Q3 2013), with higher volumes, improved pricing and purchasing
efficiencies substantially offset by increased incentives on
certain vehicles, unfavorable mix, higher industrial costs, mainly
related to base material costs for vehicle content enhancements, as
well as higher warranty and recall costs. EBIT margin was 4.2% in
Q3 2014, compared with 4.9% for the same period in 2013.
LATAM
|
|
|
Nine months to
September 30
|
|
3rd
Quarter
|
|
|
2014
|
2013
|
Change
|
(€
million)
|
2014
|
2013
|
Change
|
|
|
610
|
723
|
-113
|
Shipments
(000s)
|
202
|
235
|
-33
|
|
|
6,315
|
7,753
|
-1,438
|
Net
revenues
|
2,162
|
2,446
|
-284
|
|
|
64
|
520
|
-456
|
EBIT
(*)
|
51
|
169
|
-118
|
|
|
(105)
|
(55)
|
|
(*)
Includes unusual items of:
|
(11)
|
4
|
|
|
|
|
|
Shipments were 202,000, a decrease of 14% reflecting poor
conditions in the principal markets in the region. In Brazil, the Group maintained its leadership
with an overall share of 21.4% (+10 bps), with a 3.6 percentage
points lead over the nearest competitor. In Argentina, Group market share was 14.1% (+170
bps). For other LATAM countries, the decrease in shipments was
mainly attributable to poor trading conditions in Venezuela.
Revenues were €2.2 billion, down 12% primarily due to
lower volumes. EBIT decreased from €169 million to €51
million. Excluding unusual items, EBIT decreased by €103 million,
reflecting lower volumes, with positive net pricing and mix
offsetting higher industrial and other costs, including €14 million
in start-up costs for the Pernambuco plant.
APAC
|
|
|
Nine months to
September 30
|
|
3rd
Quarter
|
|
|
2014
|
2013(1)
|
Change
|
(€
million)
|
2014
|
2013(1)
|
Change
|
|
|
163
|
115
|
48
|
Shipments
(000s)
|
55
|
45
|
10
|
|
|
4,597
|
3,332
|
1,265
|
Net
revenues
|
1,578
|
1,215
|
363
|
|
|
410
|
284
|
126
|
EBIT
(*)
|
169
|
99
|
70
|
|
|
-
|
(1)
|
|
(*)
Includes unusual items of:
|
-
|
1
|
|
|
|
(1)
Adjusted for retrospective application of IFRS 11. For Q3,
Revenues increased by €10 million, EBIT increased by €3
million. For the nine months to September 30, Revenues increased by
€42 million and EBIT increased by €14 million.
|
|
Shipments (excluding JVs) totaled 55,000 vehicles (+22%).
Group retail sales (including JVs) were up 25% to 66,000
vehicles.
Revenues were €1.6 billion (+30%) mainly driven by
higher volumes and better mix. EBIT was €169 million, an
increase of €70 million or 71% driven by higher volumes and a
better product mix, partially offset by increased sales and
marketing spending to support volume expansion in the region.
EMEA
|
|
|
Nine months to
September 30
|
|
3rd
Quarter
|
|
|
2014
|
2013(1)
|
Change
|
(€
million)
|
2014
|
2013(1)
|
Change
|
|
|
763
|
743
|
20
|
Shipments
(000s)
|
218
|
211
|
7
|
|
|
13,031
|
12,929
|
102
|
Net
revenues
|
4,080
|
3,843
|
237
|
|
|
(141)
|
(292)
|
151
|
EBIT
(*)
|
(63)
|
(116)
|
53
|
|
|
-
|
(1)
|
|
(*)
Includes unusual items of:
|
-
|
6
|
|
|
|
(1)
Adjusted for retrospective application of IFRS 11. For Q3
Revenues decreased by €17 million, EBIT increased by €3
million. For nine months to September 30, Revenues decreased by
€61 million, EBIT increased by €12 million.
|
|
Passenger car and light commercial vehicle (LCV)
shipments totaled 218,000 units, up 3% over Q3 2013.
Passenger car shipments were up 1% to 169,000 and LCVs were up 13%
to 49,000. European share (EU28+EFTA) for passenger cars was down
10 bps to 5.5% (27.5% in Italy and
3.2% in other markets). For LCVs, European
share[2] (EU28+EFTA) was up 30 bps to 10.9%
(43.5% in Italy).
Revenues were €4.1 billion (+6%) on the back of higher
volumes, as well as better mix driven by LCVs and Jeep brand sales.
EBIT loss for Q3 2014 was €63 million, compared with a €116
million loss for the same quarter in 2013. The €53 million
improvement in EBIT was primarily attributable to a more favorable
product mix – reflecting the success of the Fiat 500 family, new
Fiat Ducato and Jeep brand – in addition to increased volumes and
industrial efficiencies, which were partially offset by competitive
pricing pressures and higher advertising expense related to the
launch of the Jeep Renegade.
LUXURY
BRANDS
|
|
|
Nine months to
September 30
|
|
3rd
Quarter
|
|
|
2014
|
2013
|
Change
|
(€
million)
|
2014
|
2013
|
Change
|
|
|
|
|
|
Ferrari
|
|
|
|
|
|
5,280
|
5,336
|
-56
|
Shipments (units)
(*)
|
1,612
|
1,499
|
113
|
|
|
2,011
|
1,711
|
300
|
Net
revenues
|
662
|
534
|
128
|
|
|
274
|
264
|
10
|
EBIT
|
89
|
88
|
1
|
|
|
|
|
|
Maserati
|
|
|
|
|
|
26,428
|
7,548
|
18,880
|
Shipments
(units)
|
8.896
|
3,953
|
4.943
|
|
|
2,039
|
883
|
1,156
|
Net
revenues
|
652
|
444
|
208
|
|
|
210
|
48
|
162
|
EBIT
|
90
|
43
|
47
|
|
|
|
|
|
LUXURY
BRANDS
|
|
|
|
|
|
31,708
|
12,884
|
18,824
|
Shipments
(units)
|
10,508
|
5,452
|
5,056
|
|
|
3,861
|
2,491
|
1,370
|
Net revenues
(**)
|
1,248
|
922
|
326
|
|
|
484
|
312
|
172
|
EBIT
|
179
|
131
|
48
|
|
|
(*)
Non-type approved vehicles included.
(**) Net of
eliminations.
|
|
Ferrari
Revenues were €662 million (+24%), with 1,610 street cars
shipped (+8%). EBIT was €89 million, including €15 million
in compensation costs related to the resignation of the former
chairman. Net of this item, EBIT was up €16 million with improved
sales mix driven by the LaFerrari.
Maserati
Maserati shipped 8,896 vehicles (3,953 in Q3 2013) with
continuing strong performance for the Quattroporte and Ghibli.
Revenues totaled €652 million (€444 million for Q3 2013).
EBIT increased to €90 million from €43 million in Q3 2013 on
the back of volume growth.
COMPONENTS
|
|
|
Nine months to
September 30
|
|
3rd
Quarter
|
|
|
2014
|
2013
|
Change
|
(€
million)
|
2014
|
2013
|
Change
|
|
|
|
|
|
Magneti
Marelli
|
|
|
|
|
|
4,770
|
4,455
|
315
|
Net
revenues
|
1,604
|
1,399
|
205
|
|
|
124
|
109
|
15
|
EBIT
|
37
|
28
|
9
|
|
|
|
|
|
Teksid
|
|
|
|
|
|
480
|
531
|
-51
|
Net
revenues
|
152
|
169
|
-17
|
|
|
(3)
|
(7)
|
4
|
EBIT
|
2
|
(2)
|
4
|
|
|
|
|
|
Comau
|
|
|
|
|
|
1,032
|
988
|
44
|
Net
revenues
|
335
|
323
|
12
|
|
|
29
|
30
|
-1
|
EBIT
|
9
|
11
|
-2
|
|
|
|
|
|
COMPONENTS
|
|
|
|
|
|
6,240
|
5,932
|
308
|
Net revenues
(*)
|
2,086
|
1,877
|
209
|
|
|
150
|
132
|
18
|
EBIT
|
48
|
37
|
11
|
|
|
(*) Net of
eliminations.
|
|
Magneti Marelli
Revenues were €1,604 million, a 15% increase over Q3
2013. Performance was positive in North
America and Europe, down in
Brazil and in line with Q3 2013 in
China. EBIT was €37
million, an increase of €9 million year-over-year (€16 million
excluding unusual items), mainly reflecting higher volumes.
Teksid
Revenues were €152 million, substantially unchanged on a
constant scope of operations. Volumes were down 12% for the Cast
Iron business unit (on a constant scope of operations) and up 17%
for the Aluminum business. EBIT was €2 million, compared
with a €2 million loss in Q3 2013.
Comau
Revenues were €335 million with a 4% increase mainly
attributable to the Body Welding business. EBIT was €9
million a €2 million decrease from €11 million for Q3 2013. Order
intake for Systems totaled €484 million, a 19% increase over the
third quarter of 2013 attributable primarily to the Body Welding
business.
Brand activity in the quarter
The highlight of the third quarter was the launch 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 Jeep brand's first entry in the small SUV segment.
Fiat launched a teaser campaign for the latest addition
to the 500 family, the 500X, just days prior to the Paris Motor
Show, where the vehicle was given its debut presentation. The new
Fiat Panda Cross and Fiat Freemont Cross were also presented during
the quarter.
At The International Motor Show (the "IAA") in Hannover, Fiat Professional gave the
world premiere presentation of the new Doblò.
In the state of Texas, which is
the largest pickup truck and SUV market in the U.S., the Texas Auto
Writers Association awarded the 2015 Jeep Grand Cherokee "SUV of
Texas" for the 5th consecutive
year, the 2015 Jeep Cherokee "Compact SUV of Texas" for the 2nd consecutive year, the
Ram 2500 Heavy Duty "Heavy Duty Truck of Texas" for the 2nd consecutive year and the
3.0-liter EcoDiesel (in the Jeep Grand Cherokee and Ram 1500) "Best
Powertrain".
*********
This document, and in particular the section entitled "2014
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 October 29, at 2
p.m. GMT, management will hold a conference call to present the
2014 third 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 website prior to
the call.
Interim Consolidated Income Statement
Unaudited
|
|
For the three
months
ended September
30,
|
For the nine
months
ended September 30,
|
(€
million)
|
|
2014
|
2013(*)
|
2014
|
2013(*)
|
Net
revenues
|
|
23,553
|
20,693
|
69,006
|
62,681
|
Cost of
sales
|
|
20,356
|
17,747
|
59,694
|
53,706
|
Selling, general and
administrative costs
|
|
1,717
|
1,580
|
5,151
|
4,842
|
Research and
development costs
|
|
598
|
556
|
1,825
|
1,615
|
Other
income/(expenses)
|
|
44
|
24
|
133
|
(13)
|
Result from
investments:
|
|
36
|
29
|
105
|
73
|
Share of the profit
and (loss) of equity method investees
|
|
36
|
29
|
88
|
57
|
Other income and
(expenses) from investments
|
|
-
|
-
|
17
|
16
|
Gains on the disposal
of investments
|
|
3
|
6
|
11
|
8
|
Restructuring
costs/(income)
|
|
15
|
14
|
23
|
9
|
Other unusual
income/(expenses)
|
|
(24)
|
7
|
(405)
|
(35)
|
EBIT
|
|
926
|
862
|
2,157
|
2,542
|
Net financial
expenses
|
|
(511)
|
(493)
|
(1,510)
|
(1,453)
|
Profit before
taxes
|
|
415
|
369
|
647
|
1,089
|
Tax
expenses
|
|
227
|
180
|
435
|
434
|
Profit from
continuing operations
|
|
188
|
189
|
212
|
655
|
Net
profit
|
|
188
|
189
|
212
|
655
|
|
|
|
|
|
|
Net profit/(loss)
for the period attributable to:
|
|
|
|
|
|
Owners of the
parent
|
|
174
|
(15)
|
160
|
44
|
Non-controlling
interests
|
|
14
|
204
|
52
|
611
|
(*) Adjusted for the retrospective
application of IFRS 11.
Translation of financial statements denominated in a currency
other than the Euros
The principal exchange rates used to translate other currencies
into Euro were as follows:
|
For the nine months
ended September 30, 2014
|
At September 30,
2014
|
At December 31,
2013
|
For the nine months
ended September 30, 2013
|
At September 30,
2013
|
U.S. Dollar
("U.S.$")
|
1.355
|
1.258
|
1.379
|
1.317
|
1.351
|
Brazilian
Real
|
3.103
|
3.082
|
3.258
|
2.792
|
3.041
|
Chinese
Renminbi
|
8.356
|
7.726
|
8.349
|
8.122
|
8.265
|
Serbian
Dinar
|
116.240
|
118.851
|
114.642
|
112.690
|
114.604
|
Polish
Zloty
|
4.175
|
4.178
|
4.154
|
4.201
|
4.229
|
Argentine
Peso
|
10.818
|
10.668
|
8.988
|
6.950
|
7.819
|
Pound
Sterling
|
0.812
|
0.777
|
0.834
|
0.852
|
0.836
|
Swiss
Franc
|
1.218
|
1.206
|
1.228
|
1.232
|
1.223
|
Interim Consolidated statement of financial position
Unaudited
(€
million)
|
|
At September
30,
2014
|
At December 31,
2013(*)
|
Assets
|
|
|
|
Intangible
assets
|
|
21,813
|
19,514
|
Goodwill and
intangible assets with indefinite useful lives
|
|
13,550
|
12,440
|
Other intangible
assets
|
|
8,263
|
7,074
|
Property, plant and
equipment
|
|
25,321
|
23,233
|
Investments and other
financial assets:
|
|
2,079
|
2,052
|
Investments
accounted for using the equity method
|
|
1,461
|
1,388
|
Other investments
and financial assets
|
|
618
|
664
|
Defined benefit plan
assets
|
|
72
|
105
|
Deferred tax
assets
|
|
3,365
|
2,903
|
Total Non-current
assets
|
|
52,650
|
47,807
|
Inventories
|
|
12,978
|
10,278
|
Trade
receivables
|
|
3,030
|
2,544
|
Receivables from
financing activities
|
|
3,689
|
3,671
|
Current tax
receivables
|
|
341
|
312
|
Other current
assets
|
|
2,683
|
2,323
|
Current financial
assets:
|
|
604
|
815
|
Current
investments
|
|
36
|
35
|
Current
securities
|
|
213
|
247
|
Other financial
assets
|
|
355
|
533
|
Cash and cash
equivalents
|
|
18,395
|
19,455
|
Total Current
assets
|
|
41,720
|
39,398
|
Assets held for
sale
|
|
26
|
9
|
Total
Assets
|
|
94,396
|
87,214
|
Equity and
liabilities
|
|
|
|
Equity:
|
|
10,713
|
12,584
|
Equity attributable
to owners of the parent
|
|
10,413
|
8,326
|
Non-controlling
interest
|
|
300
|
4,258
|
Provisions:
|
|
19,212
|
17,427
|
Employee
benefits
|
|
8,866
|
8,326
|
Other
provisions
|
|
10,346
|
9,101
|
Deferred tax
liabilities
|
|
202
|
278
|
Debt
|
|
32,933
|
30,283
|
Other financial
liabilities
|
|
551
|
137
|
Other current
liabilities
|
|
11,611
|
8,963
|
Current tax
payables
|
|
328
|
314
|
Trade
payables
|
|
18,846
|
17,207
|
Liabilities held for
sale
|
|
-
|
21
|
Total Equity and
liabilities
|
|
94,396
|
87,214
|
(*) Adjusted for the retrospective
application of IFRS 11.
Interim Consolidated Statement of Cash
Flows
Unaudited
|
|
For the nine
months
ended September
30,
|
(€
million)
|
|
2014
|
2013(*)
|
Cash and cash
equivalents at beginning of the period
|
|
19,455
|
17,666
|
Cash flows
from/(used in) operating activities:
|
|
|
|
Net profit for the
period
|
|
212
|
655
|
Amortization and
depreciation
|
|
3,599
|
3,394
|
Net (gains)/losses on
disposal of tangible and intangible assets
|
|
(1)
|
18
|
Net (gains)/losses on
disposal of investments
|
|
(9)
|
(8)
|
Other non-cash
items
|
|
197
|
33
|
Dividends
received
|
|
60
|
93
|
Change in
provisions
|
|
689
|
(224)
|
Change in deferred
taxes
|
|
(51)
|
(59)
|
Change in items due
to buy-back commitments and GDP vehicles
|
|
280
|
125
|
Change in working
capital
|
|
(726)
|
(205)
|
Total
|
|
4,250
|
3,822
|
Cash flows
from/(used in) investing activities:
|
|
|
|
Investments in
property, plant and equipment and intangible assets
|
|
(5,350)
|
(5,284)
|
Capital increases in
joint ventures, associates and unconsolidated
subsidiaries
|
|
(16)
|
(126)
|
Proceeds from the
sale of tangible and intangible assets
|
|
32
|
33
|
Proceeds from
disposal of other interests
|
|
11
|
2
|
Net change in
receivables from financing activities
|
|
128
|
(402)
|
Change in current
securities
|
|
41
|
(6)
|
Other
changes
|
|
35
|
24
|
Total
|
|
(5,119)
|
(5,759)
|
Cash flows
from/(used in) financing activities:
|
|
|
|
Issuance of
bonds
|
|
4,588
|
2,500
|
Repayment of
bonds
|
|
(2,150)
|
(1,000)
|
Issuance of other
medium-term borrowings
|
|
3,950
|
1,519
|
Repayment of other
medium-term borrowings
|
|
(5,241)
|
(1,460)
|
Net change in other
financial payables and other financial
assets/liabilities
|
|
509
|
81
|
Increase in share
capital
|
|
3
|
4
|
Dividends
paid
|
|
-
|
(1)
|
Distribution for
certain tax obligation of the VEBA
|
|
(45)
|
-
|
Acquisition of
non-controlling interests
|
|
(2,691)
|
-
|
Distribution for tax
withholding obligations on behalf of non-controlling
interests
|
|
-
|
(5)
|
Total
|
|
(1,077)
|
1,638
|
Translation exchange
differences
|
|
886
|
(525)
|
Total change in
cash and cash equivalents
|
|
(1,060)
|
(824)
|
Cash and cash
equivalents at end of the period
|
|
18,395
|
16,842
|
(*) Adjusted for the retrospective
application of IFRS 11. Cash and cash equivalents: +€9 million at
beginning of the period, +€15 million at end of the period.
[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.
SOURCE Fiat Chrysler Automobiles