FCA Posts Record First Quarter Results With Adjusted EBIT Nearly Doubled to €1.4 Billion, and All Segments Profitable. Adjusted Net Profit Reached €0.5 Billion. Full Year Guidance Is Confirmed.
LONDON, April 26, 2016 /PRNewswire/ --
- Worldwide shipments of 1,086 thousand units, in line with Q1 2015; Jeep worldwide shipments up 15% from Q1 2015 to 326 thousand units
- Net revenues of €26.6 billion, 3% higher than Q1 2015 (+4% at constant exchange rates, or CER)
- Adjusted EBIT margins up in NAFTA, doubling to 7.2%, and up nearly four-fold to 1.9% in EMEA
- Adjusted net profit of €528 million, €497 million higher than Q1 2015
- Net industrial debt of €6.6 billion, an increase of €1.5 billion from December 2015 due to seasonality and foreign exchange impacts; Available liquidity of €24.3 billion, consistent with December 2015
- Long-term debt rating raised to "BB" from "BB-" by Standard & Poor's with "Stable" outlook confirmed
- Market share in U.S. increased to 13.2%, up 70 bps, and in Europe to 6.7%, up 50 bps. Maintained market leadership in Brazil with 180 bps gap to nearest competitor. Increased Jeep sales in APAC by 17% as production localization proceeds
- In the quarter, started production of the all-new Chrysler Pacifica, Maserati Levante and Fiat Mobi; in China, Jeep Renegade production started in April
FIAT CHRYSLER AUTOMOBILES - Financial Results |
Three months ended |
|||||||
(€ million, except shipments, which are in thousands, and per share amounts) |
2016 |
2015 (1) |
Change |
|||||
Shipments |
1,086 |
1,093 |
(7) |
(1)% |
||||
Net revenues |
26,570 |
25,843 |
727 |
+3% |
||||
EBIT |
1,307 |
696 |
611 |
+88% |
||||
Adjusted EBIT (2) |
1,379 |
700 |
679 |
+97% |
||||
Net profit |
478 |
27 |
451 |
n.m.(4) |
||||
Adjusted net profit (2) |
528 |
31 |
497 |
n.m.(4) |
||||
Adjusted diluted EPS (2) |
0.338 |
0.016 |
0.322 |
|||||
Net industrial debt (2) |
6,593 |
5,049(3) |
1,544 |
|||||
Available liquidity |
24,296 |
24,557(3) |
(261) |
ADJUSTED EBIT |
ADJUSTED NET PROFIT |
||
|
|
||
NET INDUSTRIAL DEBT |
2016 GUIDANCE |
||
|
The Group confirms full-year guidance: |
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|
|||
(1) The Group's results for the three months ended March 31, 2015 have been re-presented to exclude Ferrari, consistent with Ferrari's classification as a discontinued operation for the year ended December 31, 2015; refer to page 8 for a reconciliation of these results to amounts previously reported (2) Refer to page 7 for reconciliations of Adjusted EBIT to EBIT, Adjusted net profit to Net profit, Adjusted diluted EPS to Diluted EPS and Net industrial debt to Debt; (3) At December 31, 2015; (4) Number is not meaningful
Results by segment
Net revenues and Adjusted EBIT by segment |
||||||||
Net revenues |
Adjusted EBIT |
|||||||
Three months ended March 31 |
Three months ended |
|||||||
2016 |
2015 |
(€ million) |
2016 |
2015 |
||||
17,136 |
16,177 |
NAFTA |
1,227 |
601 |
||||
1,311 |
1,551 |
LATAM |
11 |
(65) |
||||
949 |
1,512 |
APAC |
12 |
65 |
||||
5,040 |
4,684 |
EMEA |
96 |
25 |
||||
508 |
523 |
Maserati |
16 |
36 |
||||
2,319 |
2,435 |
Components (Magneti Marelli, Comau, Teksid) |
86 |
68 |
||||
(693) |
(1,039) |
Other activities, unallocated items and adjustments |
(69) |
(30) |
||||
26,570 |
25,843 |
Total |
1,379 |
700 |
NAFTA |
Three months ended March 31 |
Change |
|||||||
(€ million, except shipments, which are in thousands of units, and percentages) |
2016 |
2015 |
Actual |
CER |
|||||
Shipments |
649 |
633 |
+3% |
— |
|||||
Net revenues |
17,136 |
16,177 |
+6% |
+5% |
|||||
Adjusted EBIT |
1,227 |
601 |
+104% |
+101% |
|||||
Adjusted EBIT margin |
7.2% |
3.7% |
+350 bps |
— |
|||||
Market share of 12.9% (+50 bps from Q1 2015) and continued market leader in Canada
|
|
||
(5) For U.S. and Canada, "Sales" represents sales to end customers as reported by the Group's dealer network
LATAM |
Three months ended March 31 |
Change |
|||||||
(€ million, except shipments, which are in thousands of units, and percentages) |
2016 |
2015 |
Actual |
CER |
|||||
Shipments |
102 |
135 |
(24)% |
— |
|||||
Net revenues |
1,311 |
1,551 |
(15)% |
+5 % |
|||||
Adjusted EBIT |
11 |
(65) |
n.m.(4) |
n.m.(4) |
|||||
Adjusted EBIT margin |
0.8% |
(4.2)% |
n.m.(4) |
— |
|||||
Market share of 12.7% and continued market leader in Brazil, with market share of 18.1% and 180 bps lead over nearest competitor |
|
||
APAC |
Three months ended March 31 |
Change |
|||||||
(€ million, except shipments, which are in thousands of units, and percentages) |
2016 |
2015 |
Actual |
CER |
|||||
Shipments |
25 |
47 |
(47)% |
— |
|||||
Net revenues |
949 |
1,512 |
(37)% |
(36)% |
|||||
Adjusted EBIT |
12 |
65 |
(82)% |
(82)% |
|||||
Adjusted EBIT margin |
1.3% |
4.3% |
(300) bps |
— |
|||||
Jeep sales up 17% driven by first full quarter of locally-produced Jeep Cherokee sales in China
|
|
||
EMEA |
Three months ended March 31 |
Change |
|||||||
(€ million, except shipments, which are in thousands of units, and percentages) |
2016 |
2015 |
Actual |
CER |
|||||
Shipments |
304 |
271 |
+12% |
— |
|||||
Net revenues |
5,040 |
4,684 |
+8% |
+8% |
|||||
Adjusted EBIT |
96 |
25 |
n.m.(4) |
n.m.(4) |
|||||
Adjusted EBIT margin |
1.9% |
0.5% |
+140 bps |
— |
|||||
Continued profit and margin improvement along with growth in market share |
|
||
MASERATI |
Three months ended March 31 |
Change |
|||||||
(€ million, except shipments, which are in units, and percentages) |
2016 |
2015 |
Actual |
CER |
|||||
Shipments |
6,295 |
7,306 |
(14)% |
— |
|||||
Net revenues |
508 |
523 |
(3)% |
(3)% |
|||||
Adjusted EBIT |
16 |
36 |
(56)% |
(53)% |
|||||
Adjusted EBIT margin |
3.1% |
6.9% |
(380) bps |
— |
|||||
Production of Levante began in February at Mirafiori plant |
|
(6) Due to unavailability of market data for Italy, the figures reported are an extrapolation and discrepancies with actual data could exist
COMPONENTS (Magneti Marelli, Comau and Teksid) |
Three months ended March 31 |
Change |
|||||||
(€ million, except percentages) |
2016 |
2015 |
Actual |
CER |
|||||
Net revenues |
2,319 |
2,435 |
(5)% |
—% |
|||||
Adjusted EBIT |
86 |
68 |
+26% |
+25% |
|||||
Adjusted EBIT margin |
3.7% |
2.8% |
+90 bps |
— |
|||||
Continued Adjusted EBIT margin improvement driven by Magneti Marelli |
|
||
Brand Activity
Jeep |
|
||
Maserati |
|
||
Chrysler |
|
||
Fiat |
|
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Fiat Professional |
|
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Abarth |
|
Reconciliations
Adjusted EBIT to EBIT |
Three months ended March 31 |
||||
(€ million) |
2016 |
2015 |
|||
Adjusted EBIT(7) |
1,379 |
700 |
|||
NAFTA capacity realignment |
(51) |
— |
|||
Venezuela currency devaluation |
(19) |
— |
|||
Restructuring costs |
(7) |
(4) |
|||
Other |
5 |
— |
|||
Total adjustments |
(72) |
(4) |
|||
EBIT |
1,307 |
696 |
Adjusted net profit to Net profit |
Three months ended March 31 |
||||
(€ million) |
2016 |
2015 |
|||
Adjusted net profit (8) |
528 |
31 |
|||
Adjustments (as above) |
(72) |
(4) |
|||
Tax impact on adjustments |
22 |
— |
|||
Adjustments, net of taxes |
(50) |
(4) |
|||
Net profit |
478 |
27 |
Adjusted diluted EPS to Diluted EPS |
Three months ended March 31 |
||||
2016 |
2015 |
||||
Adjusted diluted EPS (€/share) (9) |
0.338 |
0.016 |
|||
Adjustments, net of taxes (€ million) |
(50) |
(4) |
|||
Impact of adjustments on Diluted EPS (€/share) |
(0.032) |
(0.003) |
|||
Diluted EPS (€/share) |
0.306 |
0.013 |
|||
Weighted average number of shares outstanding for diluted earnings per share (thousand) |
1,540,451 |
1,508,310 |
Net industrial debt to Debt |
At March 31, 2016 |
At December 31, 2015 |
|||
Net industrial debt (10) |
6,593 |
5,049 |
|||
Net financial services debt |
1,442 |
1,499 |
|||
Net debt |
8,035 |
6,548 |
|||
Intercompany financial receivables/(payables), net (11) |
— |
(39) |
|||
Current financial receivables from jointly-controlled financial services companies |
35 |
16 |
|||
Other financial assets/(liabilities), net |
63 |
117 |
|||
Current securities |
459 |
482 |
|||
Cash and cash equivalents |
17,963 |
20,662 |
|||
Debt |
26,555 |
27,786 |
For the three months ended March 31, 2015, the following is a reconciliation of the Group's results as reported herein (re-presented to exclude Ferrari) to the Group's results previously reported
Three months ended March 31, 2015 |
||||||||
(€ million, except shipments, which are in thousands) |
Results - excluding Ferrari (as reported herein) |
Ferrari, net of intercompany (12) |
Results - including Ferrari (previously reported) |
|||||
Shipments |
1,093 |
2 |
1,095 |
|||||
Net revenues |
25,843 |
553 |
26,396 |
|||||
EBIT |
696 |
96 |
792 |
|||||
Adjusted EBIT |
700 |
100 |
800 |
|||||
Net profit |
27 |
65 |
92 |
(7) Adjusted EBIT is calculated as EBIT excluding: gains/(losses) on the disposal of investments, restructuring, impairments, asset write-offs and other unusual income/(expenses) that are considered rare or discrete events that are infrequent in nature; (8) Adjusted net profit is calculated as Net profit/(loss) excluding post-tax impacts of the same items excluded from Adjusted EBIT: gains/(losses) on the disposal of investments, restructuring, impairments, asset write-offs and other unusual income/(expenses) that are considered rare or discrete events that are infrequent in nature; (9) Adjusted diluted EPS is calculated by adjusting Diluted EPS for the impact of the same items excluded from Adjusted EBIT; (10) Net industrial debt is computed as: debt plus other financial liabilities related to industrial activities less (i) cash and cash equivalents, (ii) current securities, (iii) current financial receivables from Group or jointly controlled financial services entities and (iv) other financial assets; therefore, debt, cash and other financial assets/liabilities pertaining to Financial Services entities are excluded from the computation of Net industrial debt; (11) includes financial receivables due from discontinued operations (€98 million at December 31, 2015) and financial payables due to discontinued operations (€137 million at December 31, 2015); (12) the amounts presented for Ferrari are not representative of the income statement of Ferrari on a stand-alone basis, as these amounts are net of intercompany transactions
This document, and in particular the section entitled "2016 Guidance", contains forward-looking statements. These statements may include terms such as "may", "will", "expect", "could", "should", "intend", "estimate", "anticipate", "believe", "remain", "on track", "design", "target", "objective", "goal", "forecast", "projection", "outlook", "prospects", "plan", or similar terms. Forward-looking statements are not guarantees of future performance. Rather, they are based on the Group's current expectations and projections about future events and, by their nature, are subject to inherent risks and uncertainties. They relate to events and depend on circumstances that may or may not occur or exist in the future and, as such, undue reliance should not be placed on them. Actual results may differ materially from those expressed in such statements as a result of a variety of factors, including: the Group's ability to reach certain minimum vehicle sales volumes; developments in global financial markets and general economic and other conditions; changes in demand for automotive products, which is highly cyclical; the Group's ability to enrich the product portfolio and offer innovative products; the high level of competition in the automotive industry; the Group's ability to expand certain of the Group's brands internationally; changes in the Group's credit ratings; the Group's ability to realize anticipated benefits from any acquisitions, joint venture arrangements and other strategic alliances; potential shortfalls in the Group's defined benefit pension plans; the Group's ability to provide or arrange for adequate access to financing for the Group's dealers and retail customers; the Group's ability to access funding to execute the Group's business plan and improve the Group's business, financial condition and results of operations; various types of claims, lawsuits and other contingent obligations against the Group; disruptions arising from political, social and economic instability; material operating expenditures in relation to compliance with environmental, health and safety regulation; developments in labor and industrial relations and developments in applicable labor laws; increases in costs; disruptions of supply or shortages of raw materials; exchange rate fluctuations, interest rate changes, credit risk and other market risks; political and civil unrest; earthquakes or other disasters and other risks and uncertainties.
Any forward-looking statements contained in this document speak only as of the date of this document and the Company does not undertake any obligation to update or revise publicly forward-looking statements. Further information concerning the Group and its businesses, including factors that could materially affect the Company's financial results, is included in the Company's reports and filings with the U.S. Securities and Exchange Commission, the AFM and CONSOB.
On April 26, 2016, at 1p.m. BST, management will hold a conference call to present the 2016 first quarter results to financial analysts and institutional investors. The call can be followed live and a recording will be available later on the Group website (http://www.fcagroup.com/en-us/pages/home.aspx). The supporting document will be made available on the Group website prior to the call.
SOURCE Fiat Chrysler Automobiles
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