FIAT CHRYSLER AUTOMOBILES N.V. LONDON, Jan. 27, 2016 /PRNewswire/ --
-- Worldwide shipments were 4.6 million units, in line with 2014. Jeep's
strong global performance continued with record worldwide shipments of
1.3 million up 21%.
-- Adjusted EBIT(1 )was EUR5.3 billion, up 40% from EUR3.8 billion in 2014,
with NAFTA more than doubling and EMEA returning to profitability one
year ahead of plan. All segments were profitable in Q4 2015.
-- Adjusted net profit(2 )was EUR2.0 billion, up 91% compared to EUR1.1
billion in 2014. Net profit in 2015 was EUR377 million, which includes
Q3 charges for the change in estimate to reflect current regulatory and
recall environment, as well as Q4 charges for planned realignment of
NAFTA capacity to reflect market trends.
-- Net industrial debt was EUR6.0 billion at December 31, 2015 and
liquidity( )remained strong at EUR25.2 billion. After giving effect to
the January 3, 2016 Ferrari spin-off, Net industrial debt stood at
EUR5.0 billion and liquidity reduced marginally to EUR24.6 billion.
Group results in the following table include Ferrari to promote comparability with prior periods and with previously provided guidance:
FIAT CHRYSLER AUTOMOBILES - Highlights including Ferrari
--------------------------------------------------------
Three months ended December 31, Year ended December 31,
------------------------------- -----------------------
2015 2014 Change (EUR million) 2015 2014 Change
1,208 1,215 (7) Total shipments (000s) 4,610 4,608 2
----- ----- --- --------------------- ----- ----- ---
30,099 27,084 3,015 Net revenues 113,191 96,090 17,101
------ ------ ----- ------- ------ ------
1,639 1,175 464 Adjusted EBIT(1) 5,267 3,766 1,501
----- ----- --- --------------- ----- ----- -----
6,012 7,845 (4) (1,833) Net industrial debt 6,012 7,654 (1,642)
----- -------- ------ -------------------
25,239 24,877 (4) 362 Total available liquidity 25,239 26,221 (982)
------ --------- --- ------------------------- ------ ------ ----
Under IFRS, Ferrari will be presented as a discontinued operation in the financial statements for the year ended December 31, 2015 and for prior periods whereby Ferrari's results are excluded from the Group's results from continuing operations and are presented net of tax in a separate financial line item after Net profit - continuing operations; this presentation is reflected in the following table:
FIAT CHRYSLER AUTOMOBILES - Highlights (amounts exclude Ferrari unless otherwise noted)
--------------------------------------------------------------------------------------
Three months ended December 31, Year ended December 31,
------------------------------- -----------------------
2015 2014 Change (EUR million) 2015 2014 Change
29,414 26,420 2,994 Net revenues 110,595 93,640 16,955
------ ------ ----- ------- ------ ------
480 951 (471) EBIT 2,625 2,834 (209)
--- --- ---- ---- ----- ----- ----
1,530 1,060 470 Adjusted EBIT(1) 4,794 3,362 1,432
----- ----- --- --------------- ----- ----- -----
196 336 (140) Net profit - continuing operations 93 359 (266)
--- --- ---- ---------------------------------- --- --- ----
55 84 (29) Net profit from discontinued operations (Ferrari) 284 273 11
--- --- --- ------------------------------------------------ --- --- ---
251 420 (169) Net profit 377 632 (255)
--- --- ---- --- --- ----
1,041 445 596 Adjusted net profit - continuing operations(2) 1,708 772 936
----- --- --- ----- --- ---
1,121 529 592 Adjusted net profit - (including Ferrari)(2) 2,026 1,060 966
----- --- --- ------------------------------------------- ----- ----- ---
0.160 0.329 (0.169) Basic earnings per share (EPS) (including Ferrari)(EUR) 0.221 0.465 (0.244)
----- ----- ------ -----
0.736 0.417 0.319 Adjusted basic EPS (including Ferrari) (EUR)(3) 1.313 0.815 0.498
----- ----- ----- ---------------------------------------------- ----- ----- -----
0.160 0.328 (0.168) Diluted EPS (EUR) 0.221 0.460 (0.239)
----- ----- ------ ---------------- ----- ----- ------
5,049 - - Net industrial debt - continuing operations 5,049 - -
----- --- --- -------------------------------------------- ----- --- ---
24,557 - - Total available liquidity - continuing operations 24,557 - -
------ --- --- ------------------------------------------------- ------ --- ---
____________________________
(1 )Refer to page 11 for reconciliation of EBIT to Adjusted EBIT;
(2 )Refer to page 12 for reconciliation to Net profit;
(3 )Refer to page 12 for calculation of Adjusted basic EPS;
(4 )At September 30, 2015.
(
)
Net revenues(1,2 )for the year were EUR113.2 billion, an increase of EUR17.1 billion, or 18% (+6% at constant exchange rates, or CER) from EUR96.1 billion for the prior year. Higher Net revenues in NAFTA (+33%; +13% CER), EMEA (+13%; +11% CER) and Components (+13%; +11% CER), were partially offset by decreases in LATAM (-25%; -18% CER), APAC (-22%; -31% CER) and Maserati (-13%; -22% CER).
Adjusted EBIT(1,2 )was EUR5,267 million, an increase of EUR1,501 million (+40%; +19% CER) from prior year. The increase in Adjusted EBIT was primarily attributable to increases in NAFTA (+EUR2,271 million), EMEA (+EUR254 million) and Components (+EUR110 million), partially offset by decreases in APAC (-EUR489 million), LATAM (-EUR376 million) and Maserati (-EUR170 million). Adjusted EBIT excludes a total of EUR2,203 million pre-tax impact of unusual items, of which EUR1,631 million relates to NAFTA, EUR219 million to LATAM, EUR205 million to APAC and EUR47 million to EMEA.
Net financial expense(1 )totaled EUR2,377 million, EUR330 million higher than in 2014, primarily reflecting an increase in debt levels and interest rates in Brazil, the call premiums, net of the remaining unamortized debt premiums, of EUR168 million for the prepayment of the FCA US senior secured notes due in 2019 and 2021 and unfavorable foreign currency translation, partially offset by interest cost savings resulting from the refinancing transactions and reduction in overall gross debt in 2015.
Tax expense(1) totaled EUR310 million, compared to EUR544 million in 2014, mainly due to decreased profit before taxes.
Net profit for the year was EUR377 million, compared to EUR632 million for 2014 and profit attributable to owners of the parent was EUR334 million compared to EUR568 million for 2014. Adjusted net profit for the year was EUR2,026 million, compared to EUR1,060 million for 2014.
Net industrial debt(1,2 )at December 31, 2015 was EUR6.0 billion, a decrease from EUR7.7 billion at December 31, 2014. The improvement reflects positive cash flows from operating activities of EUR9.7 billion and EUR0.7 billion of positive foreign exchange translation effects primarily related to the devaluation of the Brazilian Real, which were partially offset by capital expenditures of EUR9.2 billion. The decrease also reflects EUR0.9 billion of net cash proceeds from the IPO of 10% of Ferrari and a EUR0.3 billion cash payment to the non-controlling interest. After giving effect to the January 3, 2016 Ferrari spin-off, Net industrial debt stood at EUR5.0 billion.
Total available liquidity(1) was EUR25.2 billion at December 31, 2015, down from EUR26.2 billion at December 31, 2014. The decrease reflects bond repayments during the year totaling EUR7.3 billion which included the prepayment of the FCA US secured senior notes due in 2019 and 2021 with an aggregate principal balance of EUR5.3 billion and the repayment at maturity of two bonds with an aggregate principal balance of EUR1.9 billion. This decrease was partially offset by the issuance of unsecured senior notes due in 2020 and 2023 with an aggregate principal balance of $3.0 billion (EUR2.8 billion); net increases of EUR1.5 billion attributable to changes in bank borrowings, other debt and credit facilities; cash generated from operations net of investing activities of EUR0.7 billion; transactions related to the IPO of 10% of Ferrari of EUR0.6 billion and a favorable foreign exchange translation impact of EUR0.7 billion. Total available liquidity includes the new syndicated revolving credit facility of EUR2.5 billion entered into in June, which will expand to EUR5.0 billion following the termination of the ring-fencing of FCA US expected in Q1 2016. After giving effect to the January 3, 2016 Ferrari spin-off, total available liquidity reduced marginally to EUR24.6 billion.
____________________________
(1 )These results include Ferrari to promote comparability with prior periods and previously provided guidance. However, as a result of the approval of the Ferrari spin-off at the Extraordinary General Meeting of Shareholders on December 3, 2015, Ferrari will be treated as a discontinued operation for the year ended December 31, 2015 financial statements and for all prior periods in accordance with IFRS. In addition, Ferrari assets and liabilities will be classified as held for distribution at December 31, 2015;
(2 )Refer to page 10 for reconciliation of these results to results reflecting Ferrari's classification as a discontinued operation.
2016 Guidance
As a result of the completion of the spin-off of Ferrari on January 3, 2016, the Group's results for 2016 will no longer include the results or financial position of Ferrari. The Group indicates the following guidance:
FIAT CHRYSLER AUTOMOBILES -2016
Guidance
2016 Guidance 2015 Actual excluding
Ferrari
------------- ---------------------
Net revenues > EUR110 billion EUR111 billion
------------ ---------------- --------------
Adjusted EBIT > EUR5.0 billion EUR4.8 billion
------------- ----------------- --------------
Adjusted net profit > EUR1.9 billion EUR1.7 billion
------------------- ----------------- --------------
Net industrial debt < EUR5.0 billion EUR5.0 billion
------------------- ----------------- --------------
-- NAFTA and EMEA continue trend of improved performance
-- LATAM returns to modest profitability with Pernambuco reaching full
model production in second half of 2016
-- APAC profitability improving in second half of 2016 as Jeep
manufacturing localization in China completed
-- Maserati performance improving in second half of 2016 following Levante
launch
-- Capital expenditures in line with 2015
Net debt and available liquidity
FIAT CHRYSLER AUTOMOBILES -including Ferrari, unless otherwise noted
Net debt and available liquidity
--------------------------------
December 31,
2015(1) September 30, 2015 December 31, 2014
------------- ------------------ -----------------
(EUR million)
------------
Cash maturities (principal) (29,716) (30,617) (32,892)
Bank debt (14,507) (12,434) (13,120)
--------- ------- ------- -------
Capital market instruments(2) (13,646) (16,530) (17,729)
Other debt(3) (1,563) (1,653) (2,043)
------------ ------ ------ ------
Asset-backed financing4 (206) (179) (469)
Accruals and other adjustments5 (104) (347) (305)
------------------------------- ---- ---- ----
Gross debt (30,026) (31,143) (33,666)
----------
Cash & marketable securities 21,326 20,408 23,050
---------------------------- ------ ------ ------
Derivative assets/(liabilities) 117 473 (233)
Net debt (8,583) (10,262) (10,849)
-------- ------ ------- -------
Industrial activities (6,012) (7,845) (7,654)
---------------------
Financial services activities (2,571) (2,417) (3,195)
----------------------------- ------ ------ ------
Undrawn committed credit lines 3,913 4,469 3,171
------------------------------ ----- ----- -----
Total available liquidity 25,239 24,877 26,221
------------------------- ------ ------ ------
(1) Includes Ferrari to promote comparability with prior quarters and with previously
provided guidance. However, under IFRS, Ferrari assets and liabilities will be classified
as held for distribution at December 31, 2015; refer to page 10 for reconciliation of Net
industrial debt as reported above to Net industrial debt excluding Ferrari.
2 Includes bonds and other securities issued in the financial markets.
(3) Includes HCT Notes, arrangements accounted for as a lease under IFRIC 4 - Determining
whether an arrangement contains a lease, and other non-bank financing.
4 Advances on sale of receivables and securitizations on book.
5 At December 31 2015, includes: adjustments for hedge accounting on financial payables for
EUR(43) million (EUR(50) million at September 30, 2015; EUR(67) million at December 31,
2014), current financial receivables from jointly-controlled financial services companies
of EUR16 million (EUR32 million at September 30, 2015; EUR58 million at December 31, 2014)
and accrued net financial charges of EUR(77) million (EUR(329) million at September 30,
2015; EUR(296) million at December 31, 2014).
-------------------------------------------------------------------------------------------
Results by Segment
Year ended December 31, 2015 and 2014
FIAT CHRYSLER AUTOMOBILES
Net revenues and Adjusted EBIT by segment - Year ended December 31,
-------------------------------------------------------------------
Net revenues Adjusted EBIT
------------ -------------
2015 2014 Change (EUR million) 2015 2014 Change
69,992 52,452 17,540 NAFTA 4,450 2,179 2,271
6,431 8,629 (2,198) LATAM (87) 289 (376)
4,885 6,259 (1,374) APAC 52 541 (489)
20,350 18,020 2,330 EMEA 213 (41) 254
2,411 2,767 (356) Maserati 105 275 (170)
9,770 8,619 1,151 Components (Magneti Marelli, Comau, Teksid) 395 285 110
844 831 13 Other (150) (116) (34)
(4,088) (3,937) (151) Unallocated items and adjustments (184) (50) (134)
------ ------ ----
110,595 93,640 16,955 Total - excluding Ferrari 4,794 3,362 1,432
------- -----
2,596 2,450 146 Ferrari, net of inter-company eliminations 473 404 69
113,191 96,090 17,101 Total - including Ferrari 5,267 3,766 1,501
------- ------ ------ ------------------------- ----- ----- -----
Three months ended December 31, 2015 and 2014
FIAT CHRYSLER AUTOMOBILES
Net revenues and Adjusted EBIT by segment - Three months ended December 31,
---------------------------------------------------------------------------
Net revenues Adjusted EBIT
------------ -------------
2015 2014 Change (EUR million) 2015 2014 Change
---- ---- ------ ------------ ---- ---- ------
18,925 15,328 3,597 NAFTA 1,336 650 686
------ ------ ----- ----- ----- --- ---
1,514 2,314 (800) LATAM 29 120 (91)
----- ---
1,008 1,662 (654) APAC 23 127 (104)
----- ----- ---- ---- --- --- ----
5,585 4,989 596 EMEA 111 90 21
----- ----- --- ---- --- --- ---
762 728 34 Maserati 14 65 (51)
--- ---
2,438 2,379 59 Components (Magneti Marelli, Comau, Teksid) 133 113 20
----- ----- --- ------------------------------------------ --- --- ---
223 229 (6) Other (41) (67) 26
--- --- ---
(1,041) (1,209) 168 Unallocated items and adjustments (75) (38) (37)
------ ------ --- --- --- ---
29,414 26,420 2,994 Total - excluding Ferrari 1,530 1,060 470
------ ------ ----- ------------------------- ----- ----- ---
685 664 21 Ferrari, net of inter-company eliminations 109 115 (6)
--- --- --- ------------------------------------------ --- --- ---
30,099 27,084 3,015 Total - including Ferrari 1,639 1,175 464
------ ------ ----- ------------------------- ----- ----- ---
NAFTA
Three months ended December 31, Year ended December 31,
------------------------------- -----------------------
2015 2014 Change (EUR million) 2015 2014 Change
---- ---- ------ ------------ ---- ---- ------
731 668 63 Shipments (000s) 2,726 2,493 233
--- --- --- ----- ----- ---
18,925 15,328 3,597 Net revenues 69,992 52,452 17,540
------ ------ ----- ------------ ------ ------ ------
1,336 650 686 Adjusted EBIT 4,450 2,179 2,271
----- --- --- ------------- ----- ----- -----
Shipments were 2,726 thousand vehicles (+9%) and sales(1) totaled 2,624 thousand vehicles (+7%). Market share in the U.S. was 12.6%, up 20 bps from prior year. In Canada, FCA was the market leader with market share of 15.2%, down 20 bps from prior year.
Net revenues were EUR70.0 billion, up 33% (+13% CER) primarily due to volume growth for the Jeep and Ram brands, positive net pricing, as well as favorable foreign currency translation effects.
Adjusted EBIT of EUR4,450 million, compared with EUR2,179 million in 2014, reflects higher volumes, positive net pricing and positive foreign currency translation effects, partially offset by increases in recall accrual rates and product costs in the second half of the year for vehicle content enhancements, net of purchasing efficiencies. The NAFTA Adjusted EBIT margins for 2015 of 6.4% (4.2% margin in 2014) and 7.1% for Q4 2015 both exceeded their respective targets.
Adjusted EBIT excludes total charges of EUR1,631 million consisting primarily of two items. As part of the NAFTA margin improvement plan, the Group will realign a portion of its capacity in the region to better match market demand. As a result, pre-tax charges of EUR834 million were recognized and excluded from Adjusted EBIT in Q4 2015, including asset impairment charges of EUR598 million and other charges of EUR236 million related to the extended downtime at certain plants associated with the implementation of the new industrial plan. Given the recent increase in both the cost and frequency of recall campaigns, the Group revised its actuarial methodology for the estimate of future recall costs during Q3 2015. As a result, an adjustment of EUR761 million was recognized in Q3 2015 for the U.S. and Canada related to the change in estimate of future recall campaign costs for vehicles sold in prior periods, which was excluded from Adjusted EBIT.
_____________________________
(1 )For US and Canada, "Sales" represents sales to end customers as reported by the Group's dealer network.
LATAM
Three months ended December 31, Year ended December 31,
------------------------------- -----------------------
2015 2014 Change (EUR million) 2015 2014 Change
---- ---- ------ ------------ ---- ---- ------
140 217 (77) Shipments (000s) 553 827 (274)
--- --- --- --------------- --- --- ----
1,514 2,314 (800) Net revenues 6,431 8,629 (2,198)
----- ----- ---- ------------ ----- ----- ------
29 120 (91) Adjusted EBIT (87) 289 (376)
--- --- --- ------------- --- --- ----
Shipments were 553 thousand vehicles, a decrease of 33% reflecting continued macroeconomic weakness in the region resulting in poor trading conditions in Brazil and Argentina. The Group remained the market leader in Brazil increasing its lead over its nearest competitor to 380 bps (+30 bps from 2014) with market share at 19.5%, which decreased 170 bps due to strong competition and pricing pressures. The all-new Jeep Renegade continued its growth trend reaching 29.7% segment market share in Brazil in Q4 2015. In Argentina, overall market share declined from 13.4% in 2014 to 11.9% in 2015 mainly due to continued import restrictions.
Net revenues were EUR6.4 billion, down 25% (-18% CER) primarily due to reduced shipments, which was partially offset by positive pricing actions.
Adjusted EBIT was negative EUR87 million in 2015, down from EUR289 million in 2014, primarily related to lower volumes and higher input cost inflation, Pernambuco start-up costs and the all-new Jeep Renegade commercial launch costs, partially offset by favorable net pricing and product mix mainly attributable to the all-new Jeep Renegade. Adjusted EBIT excludes total charges of EUR219 million, of which EUR83 million was due to the devaluation of the Argentinian Peso resulting from changes in monetary policy and EUR80 million was due to the adoption of the Venezuelan government's Marginal Currency System, or SIMADI exchange rate, at June 30, 2015.
APAC
Three months ended December 31, Year ended December 31,
------------------------------- -----------------------
2015 2014 Change (EUR million) 2015 2014 Change
---- ---- ------ ------------ ---- ---- ------
26 57 (31) Shipments (000s) 149 220 (71)
--- --- --- --------------- --- --- ---
1,008 1,662 (654) Net revenues 4,885 6,259 (1,374)
----- ----- ---- ------------ ----- ----- ------
23 127 (104) Adjusted EBIT 52 541 (489)
--- --- ---- ------------- --- --- ----
Shipments (excluding JVs) totaled 149 thousand vehicles, down 32%, driven by the interruption of supply due to the Tianjin (China) port explosion in early August, strong competition from local producers and the transition to local production in China, as well as reduced shipments in Australia resulting from price increases. Similarly, Group retail sales (including JVs) were 42 thousand vehicles lower than 2014 at 215 thousand vehicles.
Net revenues were EUR4.9 billion, down 22% (-31% at CER), primarily as a result of the decrease in shipments and increased incentives in China.
Adjusted EBIT was EUR52 million, a decrease of EUR489 million from 2014 driven by lower volumes, unfavorable net pricing and foreign exchange effects, partially offset by reduced marketing costs. Adjusted EBIT excludes total charges of EUR205 million, of which EUR142 million relates to the write-down of inventory and incremental incentives recognized in Q3 2015 for vehicles damaged in the Tianjin port explosion (expected to be recovered through insurance).
EMEA
Three months ended December 31, Year ended December 31,
------------------------------- -----------------------
2015 2014 Change (EUR million) 2015 2014 Change
---- ---- ------ ------------ ---- ---- ------
299 261 38 Shipments (000s) 1,142 1,024 118
--- --- --- --------------- ----- ----- ---
5,585 4,989 596 Net revenues 20,350 18,020 2,330
----- ----- --- ------------ ------ ------ -----
111 90 21 Adjusted EBIT 213 (41) 254
--- --- --- ------------- --- --- ---
Passenger car and light commercial vehicle (LCV) shipments totaled 1,142 thousand units, up 12% over 2014. Passenger car shipments were up 12% to 899 thousand units and LCVs were up 10% to 243 thousand units. European passenger car market share (EU28+EFTA) was up 30 bps to 6.1% (+60 bps to 28.3% in Italy). For LCVs, estimated European market share(2) (EU28+EFTA) was 11.3% (80 bps to 45.7% in Italy).
Net revenues were EUR20.4 billion, up 13% (+11% CER) resulting from higher volumes and favorable product mix driven by the all-new Jeep Renegade and Fiat 500X, as well as positive net pricing mainly driven by pricing actions in non-European Union markets and foreign exchange effects.
Adjusted EBIT for 2015 was EUR213 million, compared with negative EUR41 million for 2014. The improvement was primarily attributable to increased shipments, positive net pricing and more favorable product mix, reflecting the continued success of the Fiat 500 family and the Jeep brand as well as cost efficiencies, which were partially offset by higher costs for U.S. imported vehicles due to a stronger U.S. Dollar and increased marketing costs. Adjusted EBIT excludes total charges of EUR47 million which primarily relate to asset impairments.
Maserati
Three months ended December 31, Year ended December 31,
------------------------------- -----------------------
2015 2014 Change (EUR million) 2015 2014 Change
---- ---- ------ ------------ ---- ---- ------
9,971 10,020 (49) Shipments (units) 32,474 36,448 (3,974)
----- ------ --- ---------------- ------ ------ ------
762 728 34 Net revenues 2,411 2,767 (356)
--- --- --- ------------ ----- ----- ----
14 65 (51) Adjusted EBIT 105 275 (170)
--- --- --- ------------- --- --- ----
Net revenues totaled EUR2.4 billion, down 13% (-22% lower at CER) from 2014, primarily due to decreased Quattroporte volumes resulting from weaker segment demand in the U.S. and China.
Adjusted EBIT decreased to EUR105 million from EUR275 million in 2014 primarily due to lower volumes, unfavorable mix and an increase in industrial costs related to the start-up costs for the all-new Levante to be launched in 2016.
_____________________________
(2 )Due to unavailability of market data for Italy, the figures reported are an extrapolation and discrepancies with actual data could exist.
Components
Three months ended December 31, Year ended December 31,
------------------------------- -----------------------
2015 2014 Change (EUR million) 2015 2014 Change
---- ---- ------ ------------ ---- ---- ------
Magneti Marelli
---------------
1,843 1,730 113 Net revenues 7,262 6,500 762
----- ----- --- ------------ ----- ----- ---
105 83 22 Adjusted EBIT 321 229 92
--- --- --- ------------- --- --- ---
Comau
-----
472 518 (46) Net revenues 1,952 1,550 402
--- --- --- ------------ ----- ----- ---
25 31 (6) Adjusted EBIT 72 60 12
--- --- --- ------------- --- --- ---
Teksid
------
138 159 (21) Net revenues 631 639 (8)
--- --- --- ------------ --- --- ---
3 (1) 4 Adjusted EBIT 2 (4) 6
--- --- --- ------------- --- --- ---
COMPONENTS
----------
2,438 2,379 59 Net revenues (*) 9,770 8,619 1,151
----- ----- --- --------------- ----- ----- -----
133 113 20 Adjusted EBIT 395 285 110
--- --- --- ------------- --- --- ---
(*) Net of eliminations
------------------------
Magneti Marelli
Net revenues were EUR7.3 billion, a 12% increase over 2014, primarily driven by positive performance in the lighting and electronic systems businesses.
Adjusted EBIT was EUR321 million, an increase of EUR92 million from 2014 primarily related to higher volumes, cost containment actions and efficiencies. Adjusted EBIT margin improved to 4.4% in 2015 from 3.5% in 2014.
Comau
Net revenues were EUR2.0 billion, a 26% increase from 2014, primarily due to body assembly, powertrain and robotics businesses.
Adjusted EBIT increased by EUR12 million from 2014 to EUR72 million primarily due to increased volumes.
Teksid
Net revenues were EUR631 million, a 1% decrease from 2014, primarily attributable to a 10% decrease in cast iron business volumes, partially offset by a 21% increase in aluminum business volumes.
Adjusted EBIT was EUR2 million compared to negative EUR4 million in 2014.
Brand activity in the quarter
Marking the return of the Jeep brand production in China, production of the Jeep Cherokee began in November at our joint-venture plant in Changsha, with deliveries of the first Chinese-made Jeep Cherokee in December. FCA expects that by the end of 2016, the Jeep Renegade and the all-new Jeep C-SUV will also be locally produced in China.
Two new special edition models, the new Jeep Wrangler Backcountry and the new Jeep Grand Cherokee SRT Night, were unveiled at the 2015 Los Angeles Auto Show in November. The new Jeep Wrangler Backcountry has a winter capability design theme and will be available with a unique deep purple exterior color. The new Jeep Grand Cherokee SRT Night with its 6.4-liter V-8 engine, has a stealth-like appearance in the form of a black roof, rear spoiler, and 20-inch wheels.
The Jeep Renegade was named the "2016 Car of the Year" in Brazil during the annual automotive industry award ceremony hosted by Autoesporte magazine (Editora Globo) in Brazil.
The all-new Fiat 124 Spider, which was also introduced at the 2015 Los Angeles Auto Show, revives the historic nameplate nearly 50 years after its original introduction and brings its classic Italian styling and performance to a new generation. The Fiat 124 Spider, which is expected to be available in EMEA and NAFTA in Q2 2016, delivers the Italian roadster experience with driving excitement, technology and safety combined with iconic Italian design.
After the world preview at the Istanbul Motor Show last May, the all-new Fiat Tipo was presented to the international press in November, launched in Italy in December and is being sold in over forty countries across EMEA. This four-door compact sedan embodies Italian design that delivers personality and style without forgoing functionality. The new Fiat Tipo won the prestigious AUTOBEST award and was voted "The Best Buy Car of Europe in 2016" by 26 jury members from all over Europe, making Fiat the first brand in AUTOBEST history to win this European competition three times.
The following are reconciliations of the Group's financial results as reported herein to the Group's financial results reflecting Ferrari's classification as a discontinued operation as they will be presented within the Group's 2015 consolidated financial statements in accordance with IFRS.
FIAT CHRYSLER AUTOMOBILES - Highlights
Year ended December 31, 2014 Year ended December 31, 2015
---------------------------- ----------------------------
Results Ferrari - Results Results Ferrari - Results
including discontinued excluding including discontinued excluding
Ferrari operations, Ferrari Ferrari operations, Ferrari
net of net of
inter- inter-
company company
eliminations (EUR million) eliminations
---------- ------------ --------- ------------ ---------- ------------ ---------
96,090 2,450 93,640 Net revenues 113,191 2,596 110,595
------ ----- ------ ------------ ------- ----- -------
3,766 404 3,362 Adjusted EBIT 5,267 473 4,794
----- --- ----- ------------- ----- --- -----
FIAT CHRYSLER AUTOMOBILES - Highlights
Three months ended December 31, Three months ended December 31,
2014 2015
-------------------------------- --------------------------------
Results Ferrari - Results Results Ferrari - Results
including discontinued excluding including discontinued excluding
Ferrari operations, Ferrari Ferrari operations, Ferrari
net of net of
inter- inter-
company company
eliminations (EUR million) eliminations
---------- ------------ --------- ------------ ---------- ------------ ---------
27,084 664 26,420 Net revenues 30,099 685 29,414
------ --- ------ ------------ ------ --- ------
1,175 115 1,060 Adjusted EBIT 1,639 109 1,530
----- --- ----- ------------- ----- --- -----
Reconciliation of Net industrial debt as reported to Net industrial debt excluding Ferrari
FIAT CHRYSLER AUTOMOBILES - Net Industrial Debt
At December 31, 2015
--------------------
(EUR million) Net Ferrari Net industrial debt excluding
industrial Spin- Ferrari
debt as off
reported
------------ ---------- ------- -----------------------------
Net industrial debt (6,012) (963) (5,049)
------------------- ------ ---- ------
Ferrari plans to release their annual results on February 2, 2016. Ferrari's results on a stand-alone basis may differ from their results within the Group due to consolidation adjustments for elimination of inter-company transactions and differences in definitions of net debt and net industrial debt measures.
Reconciliation of Adjusted EBIT(1)
FIAT CHRYSLER AUTOMOBILES - EBIT to Adjusted EBIT reconciliation
Three months ended
December 31, Year ended December 31,
------------------- -----------------------
2015 2014 (EUR million) 2015 2014
---- ---- ------------ ---- ----
480 951 EBIT - excluding Ferrari 2,625 2,834
- - Change in estimate for future
recall campaign costs 761 -
- - NHTSA Consent Order and Amendment 144 -
83 - Currency devaluations - LATAM 163 98
- - Tianjin (China) port explosion 142 -
834 - NAFTA capacity realignment 834 -
103 98 Other impairments and asset write-
offs 118 115
30 11 Other 7 315 (2)
--- --- ---
1,050 109 Total adjustments -excluding
Ferrari 2,169 528
----- --- ----------------------------- ----- ---
1,530 1,060 Adjusted EBIT - excluding Ferrari 4,794 3,362
---------------------------------
109 115 Adjusted EBIT - Ferrari 473 404
1,639 1,175 Adjusted EBIT - including Ferrari 5,267 3,766
----- ----- --------------------------------- ----- -----
____________________________
(1 )Adjusted EBIT is calculated as EBIT excluding: gains/(losses) on the disposal of investments, restructuring, impairments, asset write-offs and other unusual income/(expenses) that are considered rare or discrete events that are infrequent in nature.
(2) Primarily includes the EUR495 million charge in Q1 2014 recognized in connection with the UAW Memorandum of Understanding entered into by FCA US in January 2014 partly offset by the EUR223 million gain on the re-measurement to fair value of the previously exercised options on approximately 10 percent of FCA US equity interest in connection with FCA's acquisition of the remaining 41.5 percent ownership interest in FCA US that was previously not owned.
Reconciliation of Adjusted net profit(1)
Adjusted net profit - continuing operations (i.e. excluding Ferrari)
-------------------------------------------------------------------
Three months ended
December 31, Year ended December 31,
------------------ -----------------------
2015 2014 (EUR million) 2015 2014
---- ---- ---- ----
196 336 Net profit from continuing operations 93 359
1,050 109 Adjustments (as above) - excluding Ferrari adjustments 2,169 528
(205) - Tax impact of adjustments (554) (115)
---- ---- ----
845 109 Total adjustments, net of tax - excluding Ferrari 1,615 413
--- --- ------------------------------------------------- ----- ---
1,041 445 Adjusted net profit - continuing operations 1,708 772
----- --- ------------------------------------------- ----- ---
Adjusted net profit - including Ferrari
Three months ended
December 31, Year ended December 31,
------------------ -----------------------
2015 2014 (EUR million) 2015 2014
---- ---- ---- ----
251 420 Net profit 377 632
1,075 109 Adjustments (as above) - including Ferrari adjustments 2,203 543
(205) - Tax impact on adjustments (554) (115)
----
870 109 Total adjustments, net of taxes 1,649 428
--- --- ------------------------------- ----- ---
1,121 529 Adjusted net profit 2,026 1,060
----- --- ------------------- ----- -----
_____________________________
(1 )Adjusted net profit is calculated as Net profit excluding post-tax impacts of the same items excluded from Adjusted EBIT: gains/(losses) on the disposal of investments, restructuring, impairments, asset write-offs and other unusual income/(expenses) that are considered rare or discrete events that are infrequent in nature.
Calculation of Adjusted basic EPS (1)
Adjusted basic EPS
Three months ended December
31, Year ended December 31,
---------------------------- -----------------------
2015 2014 2015 2014
---- ---- ---- ----
0.160 0.329 Basic EPS (EUR/share) 0.221 0.465
870 109 Adjustments, net of taxes (EUR
million) 1,649 428
0.576 0.088 Total impact of adjustments on
Basic EPS (EUR/share) 1.092 0.350
----- ----- ----- -----
0.736 0.417 Adjusted basic EPS (EUR/share) 1.313 0.815
----- ----- ------------------------------ ----- -----
1,511,390 1,238,757 Weighted average number of
shares (thousand) 1,510,555 1,222,346
_____________________________
(1 ) Adjusted basic EPS is calculated by adjusting Basic EPS for the impact of the same items excluded from Adjusted EBIT.
*********
This document, and in particular the section entitled "2016 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", or similar terms. Forward-looking statements are not guarantees of future performance. Rather, they are based on the Group's current expectations and projections about future events and, by their nature, are subject to inherent risks and uncertainties. They relate to events and depend on circumstances that may or may not occur or exist in the future and, as such, undue reliance should not be placed on them. Actual results may differ materially from those expressed in such statements as a result of a variety of factors, including: the Group's ability to reach certain minimum vehicle sales volumes; developments in global financial markets and general economic and other conditions; changes in demand for automotive products, which is highly cyclical; the Group's ability to enrich the product portfolio and offer innovative products; the high level of competition in the automotive industry; the Group's ability to expand certain of the Group's brands internationally; changes in the Group's credit ratings; the Group's ability to realize anticipated benefits from any acquisitions, joint venture arrangements and other strategic alliances; potential shortfalls in the Group's defined benefit pension plans; the Group's ability to provide or arrange for adequate access to financing for the Group's dealers and retail customers; the Group's ability to access funding to execute the Group's business plan and improve the Group's business, financial condition and results of operations; various types of claims, lawsuits and other contingent obligations against the Group; disruptions arising from political, social and economic instability; material operating expenditures and other effects from and in relation to compliance with environmental, health and safety regulation; developments in labor and industrial relations and developments in applicable labor laws; increases in costs, disruptions of supply or shortages of raw materials; exchange rate fluctuations, interest rate changes, credit risk and other market risks; political and civil unrest; earthquakes or other disasters and other risks and uncertainties.
Any forward-looking statements contained in this document speak only as of the date of this document and the Company does not undertake any obligation to update or revise publicly forward-looking statements. Further information concerning the Group and its businesses, including factors that could materially affect the Company's financial results, is included in the Company's reports and filings with the U.S. Securities and Exchange Commission, the AFM and CONSOB.
On January 27, 2016, at 3:30p.m.GMT, management will hold a conference call to present the 2015 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 (http://www.fcagroup.com/en-us/pages/home.aspx). The supporting document will be made available on the website prior to the call.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/fca-closed-2015-with-a-strong-performance-well-in-excess-of-full-year-guidance-300210310.html
SOURCE Fiat Chrysler Automobiles
