FIAT CHRYSLER AUTOMOBILES N.V. 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 EUR96.1 billion (+12% at constant exchange
rates - CER).
-- EBIT was EUR3,223 million, up 7% (+9% CER). EBIT adjusted for unusual
items totaled EUR3,651 million (+4%) with strong improvements for APAC,
Maserati and EMEA, which posted a EUR28 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 EUR632 million. Adjusted for unusual items, the Group
closed 2014 with a net profit of EUR955 million, representing a slight
improvement over the prior year.
-- Net industrial debt was EUR7.7 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 EUR3.2 billion in undrawn
committed credit lines, was EUR26.2 billion.
FIAT CHRYSLER AUTOMOBILES - Highlights
4th Quarter Full Year
----------- ---------
2014 2013(*) Change (EUR 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 (EUR) (**) 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 -EUR192 million, EBIT +EUR30 million, Profit Before Taxes
+EUR7 million, Net Profit unchanged. For Q4, Revenues -EUR58 million,
EBIT +EUR4 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 +EUR365 million, Total Available Liquidity
+EUR16 million.
Memo items
----------
4th Quarter Full Year
----------- ---------
2014 2013 Change (EUR 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 (EUR) (**) 0.729 0.099 -
----- ----- --- ------------------------------- ----- ----- ---
From EBIT to EBIT adjusted for unusual items
--------------------------------------------
4th Quarter Full Year
2014 2013 Change (EUR 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 EUR9.5 billion year-over-year (+11%; +12% CER) to EUR96.1 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 EUR3,223 million for the year, a 7% increase (+9% CER) over the EUR3,002 million in 2013. EBIT includes unusual items which totaled EUR428 million net charge in 2014, compared with EUR519 million in 2013. In 2014 unusual items include primarily EUR495 million charge connected with the UAW Memorandum of Understanding entered into by Chrysler (now named FCA US) on January 21, 2014 and EUR98 million negative impact from the devaluation of the Venezuelan Bolivar (VEF) net of EUR223 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 EUR390 million in asset write-downs mainly associated with the rationalization of architectures associated with the new product strategy. In addition there was a EUR56 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 EUR43 million charge related to the devaluation of the VEF. EBIT adjusted for these unusual items increased by EUR130 million on the back of strong improvements for APAC and Maserati, with EMEA reducing losses by EUR198 million, benefiting primarily from higher volumes and better product mix, manufacturing and purchase efficiencies. In LATAM, EBIT adjusted for unusual items decreased by EUR330 million mainly reflecting lower volumes, EUR51 million in negative exchange rate translation impacts and EUR45 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 EUR2,047 million, EUR60 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 EUR31 million for 2013), net financial expense was substantially in line with the prior year.
Tax expense totaled EUR544 million for the year, compared with tax income of EUR936 million for 2013. In 2013, income taxes included a EUR1.5 billion positive one-time recognition of net deferred tax assets related to FCA US; excluding this item, net income tax expenses totaled EUR564 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 EUR632 million, of which EUR568 million was attributable to owners of the parent. Adjusted for unusual items, net profit was EUR955 million (as compared EUR943 million for 2013, recasted for the retrospective application of IFRS 11, adjusted for unusual items and the EUR1.5 billion positive deferred tax impact stated above).
Net industrial debt at year-end was EUR7.7 billion, compared with EUR7.0 billion at year-end 2013 (recasted for the retrospective application of IFRS 11 - EUR0.4 billion impact). Excluding the effect of the acquisition of the minority interest in Chrysler and Q4 capital transactions, net industrial debt increased by EUR0.3 billion, with capex of EUR8.1 billion almost fully covered by cash flow from operations.
Total available liquidity at year-end, including EUR3.2 billion in undrawn committed credit lines (unchanged at CER versus the prior year), totaled EUR26.2 billion, which was EUR3.5 billion higher than at year-end 2013. The difference mainly reflects the EUR3.1 billion cash proceeds from the capital transactions completed in December 2014, a EUR1.5 billion net increase in Medium-Term financing particularly in Brazil and a positive currency translation effect of EUR1.3 billion, partly offset by the EUR2.7 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 ~EUR108 billion;
-- EBIT((*)) in EUR4.1 to EUR4.5 billion range;
-- Net Income((*)) in EUR1.0 to EUR1.2 billion range, with EPS (**) in
EUR0.64 to EUR0.77 range;
-- Net Industrial Debt in EUR7.5 billion to EUR8.0 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
--------------------------------
(EUR 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 EUR365 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 -EUR67 million (-EUR73 million at September 30, 2014, ?EUR78 million
at December 31, 2013), current financial receivables from jointly-controlled financial services companies of EUR58 million (EUR71 million at September 30, 2014, EUR27
million at December 31, 2013) and accrued net financial charges of -EUR296 million (?EUR580 million at September 30,2014, -EUR550 million at December 31, 2013).
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Results by Segment
FIAT CHRYSLER AUTOMOBILES
Revenues and EBIT by Segment - Full Year
----------------------------------------
Net revenues EBIT
------------ ----
2014 2013 (*) Change (EUR 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 -EUR192 million, APAC +EUR47 million, EMEA -EUR85 million,
Eliminations and Adjustments -EUR154 million. EBIT: Group +EUR30
million, APAC +EUR17 million, EMEA +EUR14 million, Eliminations and
Adjustments -EUR1 million.
(1) Includes the unusual non-cash and non-taxable gain of EUR223
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 (EUR 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 -EUR58 million, APAC +EUR5 million, EMEA -EUR24 million,
Eliminations and Adjustments -EUR39 million. EBIT: Group +EUR4
million, APAC +EUR3 million, EMEA +EUR2 million, Eliminations and
Adjustments -EUR1 million.
--------------------------------------------------------------------
FIAT CHRYSLER AUTOMOBILES
EBIT to EBIT adjusted for unusual items by Segment - Full Year
--------------------------------------------------------------
2013 (*) 2014
------- ----
EBIT Unusual items EBIT adjusted for unusual (EUR million) EBIT Unusual items EBIT adjusted for unusual
items 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 EUR223
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 (EUR million) EBIT Unusual items EBIT adjusted for unusual
items 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 (EUR 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 EUR52.5 billion (+15%), primarily due to volume growth. EBIT was EUR1,647 million (EUR2,290 million in 2013). EBIT for 2014 includes EUR504 million of unusual charges primarily due to a EUR495 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 EUR71 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 (EUR 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 EUR8.6 billion, down 13% (-7% CER) primarily due to lower volumes. EBIT decreased from EUR492 million to EUR177 million, reflecting lower volumes and EUR51 million in negative exchange rate translation impacts, with positive net pricing and mix offsetting higher industrial and other costs, including EUR45 million in start-up costs for the Pernambuco plant. EBIT includes unusual charges of EUR112 million in 2014 (EUR127 million in 2013) primarily reflecting the impact of devaluation of VEF.
APAC
4th Quarter Full Year
----------- ---------
2014 2013 Change (EUR 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 EUR47 million, EBIT increased by EUR17
million. For Q4, Revenues increased by EUR5 million and EBIT
increased by EUR3 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 EUR6.3 billion, a 34% increase mainly driven by higher volumes. EBIT totaled EUR537 million, an increase of EUR202 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 (EUR 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 EUR85 million, EBIT increased by EUR14
million. For Q4, Revenues decreased by EUR24 million and EBIT
increased by EUR2 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 EUR18.0 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 EUR109 million for the year, compared with a EUR506 million loss for 2013. The result for 2014 included net unusual income of EUR4 million, compared with net unusual expense of EUR195 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 EUR198 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 (EUR 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 EUR2.8 billion (+18%), with 7,255 units (+4%). EBIT was EUR389 million, including an unusual charge of EUR15 million in compensation costs related to the resignation of the former chairman. EBIT adjusted for unusual items was up EUR40 million with higher volumes and improved sales mix.
MASERATI
4th Quarter Full Year
----------- ---------
2014 2013 Change (EUR 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 EUR2.8 billion (EUR1.7 billion for 2013) the increase due to higher shipments. EBIT increased to EUR275 million from EUR106 million in 2013, which included EUR65 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 EUR104 million increase in EBIT adjusted for unusual items reflecting volume growth.
COMPONENTS
4th Quarter Full Year
----------- ---------
2014 2013 Change (EUR 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 EUR6.5 billion, a 9% increase over 2013 (+11% CER), with performance positive in North America, China and Europe, but down in Brazil. EBIT was EUR204 million, an increase of EUR35 million year-over-year. EBIT includes unusual charges of EUR20 million for 2014 (unusual income of EUR1 million for 2013). EBIT adjusted for these unusual charges, increased by EUR56 million, mainly reflecting higher volumes and the benefit of cost containment actions and efficiencies.
Teksid
Net revenues were EUR0.6 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 EUR4 million, compared with a loss of EUR70 million for 2013. EBIT includes unusual charges of EUR60 million for 2013, mainly related to impairment of assets in the Cast Iron business unit.
Comau
Net revenues were EUR1.6 billion, with a 6% increase mainly attributable to the Body Welding business. EBIT totaled EUR60 million, a EUR13 million increase over the EUR47 million for 2013. Order intake (mainly for Systems) totaled EUR1,789 million, a 12% year-over-year increase. At December 31, 2014, the order backlog totaled EUR1,585 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 100(th) anniversary.
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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.
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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
