LONDON, Oct. 25, 2016 /PRNewswire/ --
- Worldwide combined shipments(1) of 1,123 thousand units, substantially in line with prior year; Jeep combined shipments(1) up 3%
- Net revenues of €26.8 billion, in line with Q3 2015
- Adjusted EBIT increased 29% to €1,500 million, with improvement in all segments except LATAM; EBIT was €1,341 million as compared with €225 million in Q3 2015
- Adjusted Net Profit increased over three-fold to €740 million; Net Profit of €606 million, up €1.0 billion from prior year
- Net industrial debt increased €1.0 billion from June 2016 mainly due to normal working capital seasonality
- Market share in U.S. increased to 12.5%, up 30 bps, and in Europe to 6.1%, up 40 bps; remained market leader in Brazil with 18.6% market share
FIAT CHRYSLER AUTOMOBILES - Financial Results | |||||||||||||||||
Nine months ended September 30 | Three months ended September 30 | ||||||||||||||||
2016 | 2015 (2) | Change | (€ million, except as otherwise noted) | 2016 | 2015 (2) | Change | |||||||||||
3,487 | 3,481 | 6 | — % | Combined shipments(1) ('000 units) | 1,123 | 1,138 | (15) | (1)% | |||||||||
3,327 | 3,396 | (69) | (2)% | Consolidated shipments(1) ('000 units) | 1,066 | 1,112 | (46) | (4)% | |||||||||
81,299 | 81,181 | 118 | — % | Net revenues | 26,836 | 26,798 | 38 | — % | |||||||||
3,708 | 2,147 | 1,561 | +73 % | EBIT | 1,341 | 225 | 1,116 | +496 % | |||||||||
4,507 | 3,264 | 1,243 | +38% | Adjusted EBIT(3) | 1,500 | 1,163 | 337 | +29 % | |||||||||
1,405 | (103) | 1,508 | n.m.(7) | Net profit/(loss) | 606 | (387) | 993 | n.m.(7) | |||||||||
1,977 | 613 | 1,364 | +223 % | Adjusted net profit(3) | 740 | 210 | 530 | +252 % | |||||||||
0.890 | (0.075) | 0.965 | n.m.(7) | Diluted earnings/(loss) per share (EPS) (€) | 0.388 | (0.255) | 0.643 | n.m.(7) | |||||||||
1.256 | 0.399 | 0.857 | +215 % | Adjusted diluted EPS(3) (€) | 0.474 | 0.140 | 0.334 | +239 % | |||||||||
6,514 | 5,049 (5) | 1,465 | Net industrial debt(3) | 6,514 | 5,474 (4) | 1,040 | |||||||||||
25,292 | 27,786 (5) | (2,494) | Debt | 25,292 | 25,374 (4) | (82) | |||||||||||
23,197 | 24,557 (5) | (1,360) | Available liquidity | 23,197 | 24,748 (4) | (1,551) | |||||||||||
ADJUSTED EBIT | ADJUSTED NET PROFIT | ||
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NET INDUSTRIAL DEBT | 2016 GUIDANCE | ||
| Group raises full-year guidance due to strong year-to-date operating performance:
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(1) Combined shipments include all shipments by the Group's unconsolidated joint ventures, whereas consolidated shipments only include shipments from the Group's consolidated subsidiaries (2) The Group's results 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 (3) Refer to page 7 for reconciliations of Adjusted EBIT to EBIT, Adjusted net profit to Net profit, Adjusted diluted EPS to Diluted EPS and page 8 for a reconciliation of Net industrial debt to Debt (4) At June 30, 2016 (5) At December 31, 2015 (6) These supplemental financial measures are non-GAAP; guidance is not provided on the most directly comparable IFRS financial statement line item as the income or expense excluded from Adjusted EBIT and Adjusted net profit in accordance with our policy are, by definition, not predictable and uncertain (7) Number is not meaningful
Results by segment | |||||||||
Net revenues and Adjusted EBIT by segment | |||||||||
Net revenues | Adjusted EBIT | ||||||||
Three months ended September 30 | Three months ended September 30 | ||||||||
2016 | 2015 | (€ million) | 2016 | 2015 | |||||
16,810 | 17,704 | NAFTA | 1,281 | 1,186 | |||||
1,491 | 1,515 | LATAM | (16) | 28 | |||||
861 | 842 | APAC | 21 | (83) | |||||
5,070 | 4,611 | EMEA | 104 | 20 | |||||
873 | 516 | Maserati | 103 | 12 | |||||
2,390 | 2,348 | Components | 112 | 98 | |||||
(659) | (738) | Other activities, unallocated items and adjustments | (105) | (98) | |||||
26,836 | 26,798 | Total | 1,500 | 1,163 | |||||
NAFTA | Three months ended September 30 | Change | |||||||
2016 | 2015 | Actual | CER | ||||||
Shipments (thousands of units) | 627 | 685 | (8)% | ||||||
Net revenues (€ million) | 16,810 | 17,704 | (5)% | (5) % | |||||
Adjusted EBIT (€ million) | 1,281 | 1,186 | +8 % | +8 % | |||||
Adjusted EBIT margin | 7.6 % | 6.7 % | + 90 bps | ||||||
Adjusted EBIT margin up 90 bps to 7.6%. U.S. market share(8) up 30 bps
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(8) Sales data represents sales to retail and fleet customers and limited deliveries to Group-related persons. Sales by dealers to customers are reported through a new vehicle delivery system.
LATAM | Three months ended September 30 | Change | |||||||
2016 | 2015 | Actual | CER | ||||||
Shipments (thousands of units) | 111 | 140 | (21)% | ||||||
Net revenues (€ million) | 1,491 | 1,515 | (2)% | (7) % | |||||
Adjusted EBIT (€ million) | (16) | 28 | n.m.(7) | n.m.(7) | |||||
Adjusted EBIT margin | (1.1)% | 1.8 % | n.m.(7) | ||||||
Remained market leader in Brazil, with market share of 18.6% |
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APAC | Three months ended September 30 | Change | |||||||
2016 | 2015 | Actual | CER | ||||||
Shipments (thousands of units) | 22 | 30 | (27)% | ||||||
Net revenues (€ million) | 861 | 842 | +2% | +2% | |||||
Adjusted EBIT (€ million) | 21 | (83) | n.m.(7) | n.m.(7) | |||||
Adjusted EBIT margin | 2.4 % | (9.9)% | n.m.(7) | ||||||
Jeep sales up 76% driven by ongoing transition to localized production in China |
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EMEA | Three months ended September 30 | Change | |||||||
2016 | 2015 | Actual | CER | ||||||
Shipments (thousands of units) | 295 | 250 | +18 % | ||||||
Net revenues (€ million) | 5,070 | 4,611 | +10 % | +12 % | |||||
Adjusted EBIT (€ million) | 104 | 20 | +420 % | +414 % | |||||
Adjusted EBIT margin | 2.1 % | 0.4% | +170 bps | ||||||
Continued profit and margin improvement together with market share growth |
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MASERATI | Three months ended September 30 | Change | |||||||
2016 | 2015 | Actual | CER | ||||||
Shipments (units) | 10,656 | 6,916 | +54 % | ||||||
Net revenues (€ million) | 873 | 516 | +69 % | +73 % | |||||
Adjusted EBIT (€ million) | 103 | 12 | +758 % | +779 % | |||||
Adjusted EBIT margin | 11.8% | 2.3 % | +950 bps | ||||||
Return to double-digit Adjusted EBIT margin at 11.8% |
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(9) Due to unavailability of market data for LCVs in Italy, the figures reported are an extrapolation and discrepancies with actual data could exist
COMPONENTS (Magneti Marelli, Comau and Teksid) | Three months ended September 30 | Change | |||||||
2016 | 2015 | Actual | CER | ||||||
Net revenues (€ million) | 2,390 | 2,348 | +2 % | +2% | |||||
Adjusted EBIT (€ million) | 112 | 98 | +14 % | +18% | |||||
Adjusted EBIT margin | 4.7% | 4.2 % | + 50 bps | ||||||
Continued strong performance with Adjusted EBIT margin up to 4.7% |
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Brand Activity
Jeep |
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Maserati |
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Alfa Romeo |
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Chrysler |
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Fiat |
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Abarth |
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Dodge |
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Ram |
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Reconciliations
Nine months ended September 30 | Adjusted EBIT to EBIT | Three months ended September 30 | ||||||
2016 | 2015 | (€ million) | 2016 | 2015 | ||||
4,507 | 3,264 | Adjusted EBIT (10) | 1,500 | 1,163 | ||||
(414) | — | Recall campaigns - airbag inflators | — | — | ||||
(157) | — | Planned recall - in litigation with supplier | (157) | — | ||||
(156) | — | NAFTA capacity realignment | — | — | ||||
— | (761) | Change in estimate for future recall campaign costs | — | (761) | ||||
— | (142) | Tianjin (China) port explosions | — | (142) | ||||
(19) | (80) | Venezuela currency devaluation | — | — | ||||
— | (81) | U.S. National Highway Traffic Safety Administration (NHTSA) consent order | — | — | ||||
(66) | (25) | Restructuring reversal/(costs) | 1 | (13) | ||||
(16) | (15) | Impairment expense | (16) | (11) | ||||
13 | — | Gains on disposal of investments | 8 | — | ||||
16 | (13) | Other | 5 | (11) | ||||
(799) | (1,117) | Total adjustments | (159) | (938) | ||||
3,708 | 2,147 | EBIT | 1,341 | 225 | ||||
Nine months ended September 30 | Adjusted net profit to Net profit/(loss) | Three months ended September 30 | ||||||
2016 | 2015 | (€ million) | 2016 | 2015 | ||||
1,977 | 613 | Adjusted net profit (11) | 740 | 210 | ||||
(799) | (1,117) | Adjustments (as above) | (159) | (938) | ||||
227 | 401 | Tax impact on adjustments | 25 | 341 | ||||
(572) | (716) | Total adjustments, net of taxes | (134) | (597) | ||||
1,405 | (103) | Net profit/(loss) | 606 | (387) | ||||
Nine months ended September 30 | Adjusted diluted EPS to Diluted EPS | Three months ended September 30 | ||||||
2016 | 2015 | 2016 | 2015 | |||||
1.256 | 0.399 | Adjusted diluted EPS (€/share) (12) | 0.474 | 0.140 | ||||
(572) | (716) | Total adjustments, net of taxes (€ million) | (134) | (597) | ||||
(0.366) | (0.474) | Impact of adjustments on Diluted EPS (€/share) | (0.086) | (0.395) | ||||
0.890 | (0.075) | Diluted EPS (€/share) | 0.388 | (0.255) | ||||
1,563,044 | 1,510,274 | Weighted average number of shares outstanding for diluted EPS (thousand) | 1,565,634 | 1,511,370 | ||||
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(10) 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; (11) Adjusted net profit is calculated as Net profit excluding post-tax impacts of the same items excluded from Adjusted EBIT; (12) Adjusted diluted EPS is calculated by adjusting Diluted EPS for the impact of the same items excluded from Adjusted EBIT
Net industrial debt to Debt | At September, 2016 | At June 30, 2016 | ||
(€ million) | ||||
Net industrial debt (13) | 6,514 | 5,474 | ||
Net financial services debt | 1,708 | 1,689 | ||
Net debt | 8,222 | 7,163 | ||
Current financial receivables from jointly-controlled financial services companies | 62 | 50 | ||
Other financial assets/(liabilities), net | 48 | (397) | ||
Current securities | 334 | 414 | ||
Cash and cash equivalents | 16,626 | 18,144 | ||
Debt | 25,292 | 25,374 | ||
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 for the three and nine months ended September 30, 2015.
Nine months ended September 30, 2015 | Three months ended September 30, 2015 | ||||||||||||
Results - | Ferrari, net of | Results - | (€ million, except as otherwise noted) | Results - | Ferrari, net of | Results - | |||||||
3,396 | 6 | 3,402 | Consolidated shipments ('000 units) | 1,112 | 2 | 1,114 | |||||||
81,181 | 1,911 | 83,092 | Net revenues | 26,798 | 670 | 27,468 | |||||||
2,147 | 353 | 2,500 | EBIT | 225 | 135 | 360 | |||||||
3,264 | 364 | 3,628 | Adjusted EBIT | 1,163 | 140 | 1,303 | |||||||
(103) | 229 | 126 | Net profit/(loss) | (387) | 88 | (299) | |||||||
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(13) 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 (14) 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 transactions between Ferrari and other companies of the Group
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 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 October 25, 2016, at 1.30 p.m. BST, management will hold a conference call to present the 2016 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 Group website prior to the call.
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SOURCE Fiat Chrysler Automobiles
