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Ο όμιλος Fiat ανακοίνωσε τα οικονομικά αποτελέσματα του για το πρώτο τρίμηνο του έτους, όπου είδε τα έσοδα του να αγγίζουν τα 19,8 δις ευρώ (-2%) πουλώντας περισσότερα από 1 εκατ. αυτοκίνητα. Το εμπορικό κέρδος ανήλθε σε 618 εκατ. ευρώ (806 εκατ. ευρώ το 2012), με τα καθαρά κέρδη να ανέρχονται σε 31 εκατ. ευρώ (262 εκατ. ευρώ το 2012).


Τα καθαρά βιομηχανικά χρέη αυξήθηκαν στα 7,1 δις ευρώ (6,5 δις το 2012) με τη συνολική ταμειακή ρευστότητα, συμπεριλαμβανομένων των € 3,0 δισ. σε αχρησιμοποίητες πιστωτικές γραμμές, να αυξάνονται στα €21,3 δισεκατομμύρια (€ 20.8 δισεκατομμύρια στο τέλος του 2012). Κατά τη διάρκεια του τριμήνου, ο Όμιλος αποπλήρωσε τα ομόλογα ύψους 1 δις ευρώ, και στη θέση τους πήρε νέα ομόλογα αξίας 1,25 δις ευρώ.

Η Ferrari το πρώτο τρίμηνο του έτους πούλησε 1.798 νέα αυτοκίνητα (+4%) με τα έσοδά της να ανέρχονται σε €551 εκατ, +8%. Τα καθαρά κέρδη ανήλθαν σε 80 εκατ. ευρώ (56 εκατ. το 1ο τρίμηνο του 2012). Σε ότι αφορά τη Maserati αυτή πούλησε 1.304 αυτοκίνητα (-5%), με τα έσοδά της να ανέρχονται σε €157 εκατ.

Και μέσα σε όλα αυτά, η Chrysler ανακοίνωσε πως ο περασμένος Απρίλιος ήταν ο καλύτερος Απρίλιος των τελευταίων 6 ετών, αφού είδε τις πωλήσεις της στην Αμερική να αυξάνονται κατά 11%. Έτσι εξηγείται γιατί ο Marchionne επιθυμεί να τελειώσει όσο πιο γρήγορα μπορεί την εξαγορά της, ώστε να ενώσει τις δύο εταιρίες. Αναλυτικότερες λεπτομέρειες μπορείς να βρεις στο δελτίο τύπου που ακολουθεί.

[Πηγή: Fiat Group, Chrysler Group]

Δελτίο Τύπου

FIAT GROUP REPORTS FIRST QUARTER REVENUES IN LINE WITH PRIOR YEAR AND LOWER TRADING PROFIT

FIAT GROUP REPORTS FIRST QUARTER REVENUES IN LINE WITH PRIOR YEAR AND LOWER TRADING PROFIT REFLECTING IMPACT OF KEY PRODUCT LAUNCHES IN NAFTA.

GUIDANCE FOR THE YEAR REMAINS UNCHANGED

GROUP REVENUES WERE NEARLY €20 BILLION ON THE BACK OF WORLDWIDE SHIPMENTS OF MORE THAN 1 MILLION AND TRADING PROFIT CAME IN AT €618 MILLION.

NET INDUSTRIAL DEBT WAS €7.1 BILLION WITH LIQUIDITY STRONG AT OVER €21 BILLION.

  • Worldwide shipments for mass-market brands totaled more than 1.0 million units, in line with the prior year’s level.
  • Revenues of €19.8 billion were 2% down year-over-year and flat at constant exchange rates as increases for LATAM, APAC and Luxury and Performance brands almost fully compensated declines in NAFTA and EMEA.
  • Trading profit for the quarter totaled €618 million (€806 million for Q1 2012, restated for adoption of IAS 19 as amended). The year-over-year decrease was primarily attributable to a ~€200 million decrease in NAFTA due to lower shipment volumes, as well as industrial costs as a result of the launches of the new 2014 Jeep Grand Cherokee and 2013 Ram Heavy Duty truck line, and preparation for the Q2 2013 production launch of the all-new 2014 Jeep Cherokee. In EMEA, losses were reduced by nearly 25% from Q1 2012 and LATAM performance was consistent with a full-year target in excess of €1 billion.
  • As a consequence, net profit came in at €31 million (€262 million for Q1 2012, as restated for adoption of IAS 19 as amended).
  • Net industrial debt increased to €7.1 billion (€6.5 billion at year-end 2012) due to seasonal cash absorption for Fiat excluding Chrysler partially offset by cash generation for Chrysler.
  • Total available liquidity, inclusive of €3.0 billion in undrawn credit lines, increased to €21.3 billion (€20.8 billion at year-end 2012). During the quarter, the Group repaid a €1 billion bond at maturity and successfully tapped the debt capital market with a new €1.25 billion bond issuance.
  • Group confirms 2013 guidance.

Group revenues were €19.8 billion, 2% lower in nominal terms but flat over the prior year at constant exchange rates. NAFTA decreased 3% to €10 billion and EMEA was down 4% year-over-year to €4.4 billion. LATAM reported revenues of €2.5 billion, a 5% decrease in nominal terms (+6% at constant exchange rates), and APAC increased more than 35% to €1 billion. Luxury and Performance brands were up 4% over Q1 2012 to €0.7 billion, driven by Ferrari. For Components, revenues were €1.9 billion, down 4% over Q1 2012.

FIAT GROUP Highlights
(€ million) Q1 2013 Q1 2012 (*) Change
Shipments – mass-market brands (in 000s) 1,017 1,019 -2
Net revenues 19,757 20,221 -464
Trading profit 618 806 -188
EBIT 603 835 -232
EBITDA (1) 1,654 1,869 -215
Profit before taxes 160 403 -243
Net profit/(loss) 31 262 -231
Net profit/(loss) ex-unusuals 78 251 -173
EPS (€) (0.068) 0.03
EPS ex-unusuals (€) (0.049) 0.02
Net industrial debt 7,105 6,545 (2) 560
(*) Restated for adoption of IAS 19 as amended: Trading Profit/EBIT reduced by €60 million, Profit before Taxes/Net Profit reduced by €117 million.  (1) EBIT plus Depreciation and Amortization.(2) At 31 December 2012.

Trading profit totaled €618 million for the quarter. The NAFTA region reported a trading profit of €397 million, a €217 million decrease over Q1 2012 (as restated for adoption of IAS 19 as amended), attributable to a reduction in shipments due to key model launches and preparation for the Q2 production launch of the all-new 2014 Jeep Cherokee and the associated industrial costs, partly compensated for by continued favorable pricing. LATAM performed to expectations with a trading profit of €186 million (€235 million for Q1 2012), down 10% net of currency translation impacts and a less favorable production mix due to the shift of the annual shutdown of the Brazilian plant from December 2012 to February 2013 and lower volumes of Chrysler products due to import quotas from Mexico introduced during 2012. APAC posted a trading profit of €100 million, an improvement of €23 million over the prior year, with the impact of volume increases more than offsetting higher sales and marketing costs in support of the Group’s expansion in the region. In EMEA, losses were reduced by €50 million over the prior year to €157 million, with discipline in SG&A spending and better product mix more than offsetting the impacts of continued deterioration in trading conditions. Luxury and Performance brands contributed €76 million, essentially in line with Q1 2012, with Ferrari posting a 43% year-over-year improvement and results for Maserati affected by the ramp-up of the new Quattroporte, which started production in late January. For Components, Q1 trading profit was €33 million, also in line with Q1 a year ago.

EBIT was €603 million: the €232 million decrease mainly reflected lower trading profit in NAFTA and LATAM, with earnings for mass-market decreasing 36% in NAFTA to €400 million and 46% in LATAM to €127 million (including €59 million of unusual charges related to the February 2013 devaluation of the Venezuelan bolivar fuerte relative to the U.S. dollar). For APAC, EBIT increased 15% to €98 million, while EMEA reduced losses by €59 million to €111 million. For Luxury Cars and Components, EBIT was €76 million and €35 million respectively, in line with Q1 2012.

Net financial expense totaled €443 million, an increase of €11 million over Q1 2012. Net of the impact of the marking-to-market of the Fiat stock option-related equity swaps (gains of €15 million in Q1 2013 and €38 million in Q1 2012), net financial expense was down €12 million over Q1 2012.

Profit before taxes was €160 million (€403 million in Q1 2012, restated for adoption of IAS 19 as amended). The decrease of €243 million reflected the €232 million reduction in EBIT and an €11 million increase in net financial charges.

Income taxes totaled €129 million. Excluding Chrysler, income taxes were €100 million and related primarily to taxable income of companies operating outside Italy and employment-related taxes in Italy.

Net profit was €31 million for the quarter (€262 million for Q1 2012, restated for adoption of IAS 19 as amended). There was a loss of €83 million attributable to owners of the parent (compared with a €35 million profit for Q1 2012). For Fiat excluding Chrysler, the net loss was reduced by €41 million over Q1 2012 to €235 million.

Net industrial debt at 31 March 2013 was €7.1 billion, up from €6.5 billion at year-end 2012. For Fiat excluding Chrysler net industrial debt was €5.7 billion, a €0.7 billion increase over year-end 2012 entirely attributable to capital expenditure for the period: however, the change in net debt for the quarter was significantly lower at half the amount for Q1 2012. Chrysler reduced net industrial debt by €0.1 billion to €1.4 billion, with over €1 billion in positive cash flow from operating activities offset by €0.9 billion in capital expenditure.

Total available liquidity, inclusive of €3.0 billion in undrawn committed credit lines, was €21.3 billion (€20.8 billion at year-end 2012), of which €11.0 billion related to Fiat excluding Chrysler (€11.1 billion at year-end 2012) and €10.3 billion to Chrysler (€9.8 billion year-end 2012). Exchange rates development contributed €0.4 billion to the increase of total liquidity available to the Group, of which €0.3 billion related to Chrysler.

FIAT GROUP  
Income Statement  
Q1 2013     Q1 2012 (*)
(€ million) Fiat as reported(A) Fiat ex Chrysler   Fiat as reported (B) Fiat ex Chrysler   Change (A vs B)
Net revenues 19,757 8,557   20,221 8,685 -464
Trading profit 618 25   806 (10) -188
EBIT 603 65   835 8 -232
EBITDA (1) 1,654 622   1,869 546 -215
Profit/(loss) before taxes 160 (135)   403 (157) -243
Net Profit/(loss) 31 (235)   262 (276) -231
Net Profit/(loss) ex-unusuals 78 (243)   251 (276) -173
(*) Restated for adoption of IAS 19 as amended: Trading Profit/EBIT reduced by €60 million (€4 million for Fiat ex Chrysler), Profit before Taxes/Net Profit reduced by €117 million (€3 million higher loss for Fiat ex Chrysler). (1) EBIT plus Depreciation and Amortization 
FIAT GROUP
Net Debt and Available Liquidity
31.03.2013 31.12.2012
(€ million) Fiat as reported   Chrysler   Fiat ex-Chrysler Fiat as reported   Chrysler   Fiat ex-Chrysler
Cash Maturities (Principal) (27,758) (10,299) (17,459) (26,727) (10,093) (16,634)
Bank Debt (8,701)   (2,798)   (5,903) (8,189) (2,702) (5,487)
Capital Market (1) (12,706)   (2,499)   (10,207) (12,361) (2,425) (9,936)
Other Debt (2) (6,351)   (5,002)   (1,349) (6,177) (4,966) (1,211)
  Asset-backed financing (3) (476) (476) (449) (449)
Accruals and other adjustments(4) (716) (351) (365) (655) (210) (445)
Gross Debt (28,950)   (10,650)   (18,300) (27,831)   (10,303)   (17,528)
Cash & Marketable Securities 18,330 9,273 9,057 17,913 8,803 9,110
Derivatives Assets/(Liabilities) 208 13 195 318 3 315
Net Debt (10,412)   (1,364)   (9,048) (9,600) (1,497) (8,103)
Industrial Activities (7,105)   (1,364)   (5,741) (6,545) (1,497) (5,048)
Financial Services (3,307)     (3,307) (3,055) (3,055)
         
Undrawn committed credit lines 2,965 1,015 1,950 2,935 985 1,950
Total available liquidity 21,295   10,288   11,007 20,848 9,788 11,060
(1) Includes bonds and other securities issued in the financial markets.(2) Includes VEBA Trust Note, HCT Notes, IFRIC 4 and other non-bank financing.(3) Advances on sale of receivables and securitizations on book.

(4)At 31 March 2013 includes: adjustments for hedge accounting on financial payables of –€102 million (-€111 million at 31 December 2012), current financial receivables from jointly-controlled financial services companies of €91 million (€58 million at 31 December 2012) and (accrued)/unearned net financial charges of -€705 million (-€602 million at 31 December 2012).

 
FIAT GROUP Revenues and EBIT by segment – 1st Quarter  
 
Revenues EBIT  
2013 2012 Change  (€ million) 2013 2012 (1) Change  
10,012 10,375 -363 NAFTA (mass-market brands) 400 625 (1) -225
2,468 2,587 -119 LATAM (mass-market brands) 127 235 -108
968 714 254 APAC (mass-market brands) 98 85 13
4,350 4,508 -158 EMEA (mass-market brands) (111) (170) 59
684 660 24 Luxury and performance cars (Ferrari, Maserati) 76 71 5
1,936 2,015 -79 Components (Magneti Marelli, Teksid, Comau) 35 35 (1)
227 217 10 Other (27) (36) 9
(888) (855) -33 Eliminations and adjustments 5 (10) (1) 15
19,757 20,221 -464 Total 603 835 -232
(1) Restated for adoption of IAS 19 as amended: EBIT reduced by €56 million for NAFTA, €1 million for Components and €3 million for Eliminations and Adjustments.  

MASS-MARKET BRANDS

NAFTA

1st Quarter
(€ million) 2013 2012 (1) Change
Net revenues 10,012 10,375 -363
Trading profit 397 614 -217
EBIT 400 625 -225
Shipments (in 000) 510 519 -9
(1)  Restated for adoption of IAS 19 as amended: Trading Profit/EBIT reduced by €56 million

Vehicle shipments in NAFTA totaled 510,000 units for Q1 2013, representing a 2% decrease versus Q1 2012. In the U.S., vehicle shipments were 420,000 (down 0.5%), in Canada 70,000 (down 7%) and 20,000 in Mexico.

During the quarter, the Group leveraged dealer inventory, reducing existing stock to compensate for lower production volumes associated with key product changeovers.

Vehicle sales[1] in the NAFTA region totaled 508,000 for the quarter, an increase of 7% over Q1 2012. Sales increased 8% in the U.S. to 429,000 and 4% in Canada to 58,000, outpacing the market in both countries. In the U.S., the Group has posted 36 consecutive months of year-over-year sales gains. Similar to Q1 2012, the Group was the market leader in Canada.

The U.S. vehicle market closed Q1 2013 up 6% to 3.75 million vehicles. The Group’s overall market share was up 0.2 p.p. over the prior year to 11.4%. Jeep vehicle sales totaled 101,000 for the quarter, down 12% year-over-year, primarily due to the phase-out of the Jeep Liberty, pending the production launch of the all-new 2014 Jeep Cherokee in Q2 2013, and a 12% decline for the Grand Cherokee attributable to changeover to the new 2014 model. Dodge, the Group’s number one selling brand in the region, posted vehicle sales of 159,000 during Q1 2013, up 26% from the prior year mainly driven by sales of the new Dart (23,000 vehicles – not available in Q1 2012), the Avenger (+48%), the Challenger (+38%), the Journey (+27%) and the Durango (+23%). The Ram truck brand posted a sales increase of 14% to 79,000 vehicles, reflecting sales increases for both light-duty and heavy-duty pickups, up 19% and 18%, respectively. Chrysler brand sales totaled 80,000 vehicles during Q1 2013, up slightly from the same period last year.

The Canadian vehicle market declined 2% year-over-year to 363,000 vehicles. The Group’s total market share was up 1.0 percentage point year-over-year to 16.0%, mainly driven by strong performance for the Ram pickup truck, Jeep Compass and new sales of the Dodge Dart.

Fiat branded U.S. and Canada sales, consisting of the Fiat 500 and Fiat 500 Cabrio, were 11,000 vehicles for the quarter, up slightly over the same period last year.

The NAFTA region reported revenues of €10 billion, down 3% over the prior year, primarily due to lower shipment volumes.

Trading profit for Q1 2013 was down 35% over the prior year to €397 million, primarily attributable to a reduction in shipments due to key model launches and preparation for the Q2 production launch of the all-new 2014 Jeep Cherokee and the associated industrial costs partly compensated for by continued favorable pricing. EBIT was €400 million, reflecting the trading profit performance for the period.

During the quarter, the Group received various awards and recognitions, including six awards for the Dodge Dart, twelve Group models being included in the “2013 IIHS Top Safety Picks”, and the 2013 Ram 1500 winning the “2013 North American Truck/Utility of the Year”, Motor Trend’s “2013 Truck of the Year”, and Four Wheeler Magazine “2013 Pickup Truck of the Year”.

LATAM

1st Quarter
(€ million) 2013 2012 Change
Net revenues 2,468 2,587 -119
Trading profit 186 235 -49
EBIT 127 235 -108
Shipments (in 000) 230 215 15
 

In Q1 2013, Group shipments in the LATAM region increased 7% year-over-year to a total of 230,000 vehicles.

In Brazil, the passenger car and light commercial vehicle market was up 2% over the prior year to 789,000 units, representing an all-time record for the first quarter.

The Group strengthened its leadership in the Brazilian market, with overall share at 22.9% (the best Q1 share in Brazil since 2010) an increase of 0.2 p.p. over Q1 2012 and 3.0 p.p. ahead of the nearest competitor. Group products continued to perform well, taking a combined 27% share of the A/B segment, driven by the continued success of the Novo Palio. In addition, the Siena and Grand Siena posted a 115% year-over-year jump in sales and Strada sales were up 6% over the prior year to close the quarter with a 49% segment share.

The Group shipped 191,000 passenger cars and light commercial vehicles in Brazil, representing an 8% increase over Q1 2012. In March Fiat launched the Novo Uno MY 2014 with the addition of the College version and the Dodge Durango was also introduced during the quarter.

In May 2012, the Brazilian government reduced IPI tax up to 7% to boost vehicle sales. The reduced rates were originally set to be phased out during H1 2013, with progressive quarterly rate increases starting in January. In March 2013, the government extended the scheme to year-end 2013 and, as a result, the partial increase has been applied only in January.

In Argentina, where the market was in line with the prior year at 241,000 units, Group sales totaled approximately 29,000 units with share up 0.1 p.p. to 12.2%. In the A/B segment, share was 15.1%, with the Palio recording significant year-over-year growth (+156% vs. Q1 2012).

Group shipments in Argentina totaled 29,000 vehicles, increasing 14% over the prior year on the back of improved supply of imported vehicles from Brazil.

For other LATAM countries, shipments totaled approximately 10,000 units, a decrease of 24% mainly attributable to the political uncertainty in Venezuela.

The LATAM region reported revenues of €2.5 billion, down 5% in nominal terms due to negative currency translation impacts, but up 6% at constant exchange rates as a result of volume growth.

Trading profit was €186 million for the quarter (€235 million for Q1 2012). Net of unfavorable currency translation impacts (€25 million), trading profit was down 10%, with the positive impact of volume growth more than offset by higher industrial costs resulting from a less favoraproduction mix, due to the shift of the annual shutdown of the Brazilian plant from December 2012 to February 2013, and lower volumes of Chrysler products due to the effect of import quotas from Mexico introduced during 2012 in addition to the cost of new advertising campaigns in Brazil. Performance for the quarter was consistent with a full-year target for the LATAM region in excess of €1 billion.

EBIT was €127 million and reflects the trading profit performance for the period and a €59 million foreign currency exchange loss related to the February 2013 devaluation of the Venezuelan bolivar fuerte relative to the U.S. dollar.

APAC

1st Quarter
(€ million) 2013 2012 Change
Net revenues 968 714 254
Trading profit 100 77 23
EBIT 98 85 13
Shipments (in 000s) 32 25 7

Vehicle shipments in the APAC region (excluding JVs) totaled approximately 32,000 units for Q1 2013, up 28% from a year ago.

Regional demand was higher compared to Q1 2012 led primarily by growth in China and Australia, but with Japan, India and South Korea down over the prior year.

Group retail sales, including JVs, totaled 39,000 units for the first quarter, up 45% over the prior year significantly outperforming the market (+6%), mainly due to the strong performance in China (+109%) and Australia (+65%). Jeep brand sales were up 26% over the prior year with robust growth in Australia (+45%), China (+25%) and South Korea (+50%). The locally-produced Fiat Viaggio was once again the Group’s second best-selling nameplate in the region (after the Jeep Compass).

APAC revenues totaled €968 million, up 36% over Q1 2012 (+38% at constant exchange rates).

Trading profit was €100 million, up 30% compared with €77 million for Q1 2012, mainly driven by volume growth partially offset by industrial costs and SG&A to support business expansion plans. EBIT, which also reflects the contribution from joint ventures, totaled €98 million, compared with €85 million in Q1 2012.

During the quarter, the Group increased focus on development of the Fiat, Alfa Romeo and Fiat Professional brands in the region, targeting significant growth in the Australian market. In South Korea, the Fiat brand was re-introduced with the launch of the Fiat 500, 500C and Freemont. The Fiat Viaggio continued to gain momentum in China, picking up 59 media awards since its introduction in September 2012, including 2012 “Sedan of the Year” by China Mainstream Media Alliance.

Dodge Journey was re-launched in China in February with new and improved features. The Shanghai Auto Show in April was the venue for the Asian debut of the all-new 2014 Jeep Cherokee, the new 2014 model year Jeep Grand Cherokee with 8-speed automatic transmission, the 10th Anniversary special edition of the Jeep Wrangler Rubicon and the all-new Chrysler 300S.

EMEA

1st Quarter
(€ million) 2013 2012 Change
Net revenues 4,350 4,508 -158
Trading profit/(loss) (157) (207) 50
EBIT (111) (170) 59
Shipments (in 000) 245 260 -15

Passenger car and LCV shipments in the EMEA region totaled 245,000 units for the first quarter, representing a decrease of around 15,000 units (-6%) over Q1 2012.

The Group shipped a total of 195,000 passenger cars (-8% year-over-year) and 50,000 LCVs (+5%).

In Europe (EU27+EFTA), the passenger car market registered a significant year-over-year decline (-10% to 3.1 million vehicles) with sales down in all major markets except the UK, where there was a 7% increase. In Italy, the market was down 13%, reaching the lowest level since 1980 despite improved demand for LPG and CNG-powered vehicles.

There were double-digit shipment decreases in France (-15%), Germany (-13%) and Spain (-11%). Elsewhere in Europe, there was an average 13% decrease in demand. The impact of the economic downturn was also evident in northern Europe, with markets such as Finland and Sweden recording year-over-year declines of 42% and 18%, respectively.

Group brands recorded a combined 6.4% share of the European market, a 0.1 percentage point gain over Q1 2012 (+0.2 p.p. over Q4). The Fiat Panda and 500, the two best-selling models in the A segment, posted shares of 14.7% and 12.7%, respectively. The 500L also performed well, ranking second in the Small MPV segment – just a few months after launch – with a 16.6% share.

In Italy, the Group increased market share 1.1 p.p. over Q1 2012 to 29.0%, benefiting also from its performance in the alternative fuel segment, where market demand was up 48% year-over-year. For other major markets, share was higher in Spain (+0.4 p.p. to 3.8%) and substantially flat year-over-year in France (3.6%), the UK (3.0%) and Germany (2.9%).

The Europeanlight commercial vehicle market (EU27+EFTA) registered a 10% decrease over Q1 2012 to 376,000 units, with overall demand again reflecting the sharp decline in Italy (-24%).

Fiat Professional closed the quarter with an estimated 11.6% share[2], a 0.4 p.p. increase over Q1 2012 driven by positive performance in all major European markets. Excluding Italy, the Group’s European market share was 9.4% for the quarter, representing a 0.8 percentage point year-over-year increase. Group share of the Italian market was 43.5%, representing an increase of 1.2 p.p. over Q1 2012. With 25,000 units sold, the Fiat Ducato was one of the most popular models in its segment with a 19.7% share (+1.8 p.p. over Q1 2012).

EMEA closed the quarter with revenues of €4,350 million, down 4% over the same period in 2012. The trading performance improved €50 million or nearly 25% over the prior year, with a reported trading loss of €157 million for the quarter. That result was achieved on the back of disciplined SG&A spending and better mix, mostly relating to the 500L, which more than offset lower volumes and continued pricing pressures. EBIT was negative at €111 million (negative €170 million for Q1 2012), including €38 million in result from investments (slightly up over Q1 2012).

During the quarter, the Fiat brand presented the 1.6L MultiJet II and 0.9L TwinAir Turbo engine versions (both 105 hp) of the 500L, as well as unveiling the Trekking model at the Geneva Motor Show.

Alfa Romeo unveiled the 4C sport coupé in Geneva to be released in the exclusive Launch Edition, followed a few months later by the standard production version.

The Jeep brand revealed the European premiere of the new 2014 Grand Cherokee and 2014 Compass, in addition to the 10th Anniversary special edition of the Wrangler Rubicon.

LUXURY AND PERFORMANCE BRANDS

Ferrari, Maserati
(€ million) Q1 2013 Q1 2012 (1) Change  
Ferrari
Net revenues 551 511 40
Trading profit 80 56 24
EBIT 80 56 24
Maserati
Net revenues 157 164 -7
Trading profit/(loss) (4) 16 -20
EBIT (4) 16 -20
LUXURY AND PERFORMANCE BRANDS
Net revenues (*) 684 660 24
Trading profit (*) 76 71 5
EBIT 76 71 5
(1)  Ferrari and Maserati stand-alone have been restated to reflect the allocation to Maserati of its activities in China conducted, from a legal entity standpoint, through the local Ferrari subsidiary. (*) Net of eliminations.

Ferrari

During the first quarter, Ferrari shipped a total of 1,798 street cars, representing a 4% increase over the prior year driven primarily by 8-cylinder models (+5%) and, in particular, the contribution of the 458 Spider. For 12-cylinder models, sales were in line with the prior year with positive performance for the new F12 Berlinetta.

The US remained Ferrari’s no. 1 market with 456 street cars shipped during the quarter (+14% over Q1 2012) and accounted for 25% of total sales. Volumes were also higher in the Asia-Pacific region, with a total of 336 cars shipped (+18% over 2012), on the back of double-digit growth in Japan and continued positive performance in Australia. In China, shipments were substantially in line with the prior year. In Europe, there was a decrease in shipments over Q1 2012, with positive performance in Switzerland (+19% to 114 vehicles) only partially offsetting declines in other major markets, particularly Italy (-54% to 56 vehicles) where the downward trend that began in 2012 continued. In the Middle East, volumes were up 74% year-over-year with 141 cars shipped and, in South Africa, shipments rose 45% to 32 vehicles.

Ferrari reported first quarter revenues of €551 million, an 8% increase over the same period in 2012 driven primarily by higher sales volumes.

Trading profit and EBIT totaled €80 million (€56 million for Q1 2012). The increase reflected higher sales volumes, as well as the contribution from licensing and the personalization program.

During the quarter, Ferrari presented the new limited edition LaFerrari at the Geneva Motor Show in March. Only 499 units will be made and orders for more than double that amount have already been received.

In a study recently released by Brand Finance, the world’s leading brand valuation consultancy, Ferrari was named “most powerful brand” achieving the highest brand rating in the Global 500.

Maserati

During the first quarter, Maserati shipped 1,304 vehicles, a decrease of 5% over the 1,371 vehicles shipped in Q1 2012. Volumes for the Quattroporte were down year-over-year as a result of the changeover to the new model, which entered production in January. As a consequence, shipments for the quarter were down over the prior year in greater China (China-Hong Kong-Taiwan) (-16%), Japan (-14%) and in the Middle East (-48%). By contrast, shipments in Latin America were up 56%, 42% in Europe and 1% in the US.

Maserati posted revenues of €157 million for the quarter, down 4% over the same period in 2012.

The trading and EBITloss of €4 million, compared with a €16 million profit for Q1 2012, primarily reflected lower volumes and higher selling costs associated with the launch of the new Quattroporte.

The Detroit Motor Show in January was the venue for the world premiere of the new Quattroporte, where Maserati presented both the 530 hp V8 and 410 hp V6 versions.

At the beginning of March, the four-seater GranTurismo MC Stradale was unveiled at the Geneva Motor Show, which was also the venue for the European premiere of the new Quattroporte.

COMPONENTS AND PRODUCTION SYSTEMS

COMPONENTS AND PRODUCTION SYSTEMS Magneti Marelli, Teksid, Comau
(€ million) Q1 2013 Q1 2012 Change  
Magneti Marelli
Net revenues 1,469 1,451 18
Trading profit 30 29 1
EBIT 32 28 4
Teksid
Net revenues 173 223 -50
Trading profit/(loss) (6) 3 -9
EBIT (6) 4 -10
Comau
Net revenues 307 357 -50
Trading profit 9 3 (1) 6
EBIT 9 3 (1) 6
COMPONENTS AND PRODUCTION SYSTEMS
Net revenues (*) 1,936 2,015 -79
Trading profit 33 35 (1) -2
EBIT 35 35 (1)
(1) Restated for adoption of IAS 19 as amended: Trading Profiti/EBIT reduced by €1 million. (*) Net of eliminations.

Magneti Marelli

Magneti Marelli reported revenues of €1,469 million for the first quarter, representing a 1% increase over the same period in 2012 (+4% at constant exchange rates).

Positive performances (at constant exchange rates) in NAFTA, China and Brazil were partially offset by contractions in Europe (particularly in Italy, Poland, Germany and the Czech Republic).

The Lighting business line posted higher revenues (+7%) on the back of performance in China, as well as NAFTA where several new products were launched during the second half of 2012. Those increases were only partially offset by a general decline in Europe. For the Electronic Systems business line, revenues were up 20% year-over-year primarily due to sales of telematics box and navigation systems to non-captive customers. Revenues for the Powertrain business line were also higher (+3%) with a significant contribution from sales of components for the Dodge Dart. The remaining business lines reported decreases.

Trading profit for the quarter was €30 million, in line with Q1 2012 (€29 million). The increase in revenues was partially offset by costs associated with new product launches.

EBIT totaled €32 million (€28 million for Q1 2012), including the contribution of €2 million from joint ventures (negative €1 million for Q1 2012).

Teksid

The sector posted revenues of €173 million for the first quarter, a 22% decline over the same period in 2012, with lower volumes for the Cast Iron business unit (-18%) in both Europe and Latin America. For the Aluminum business unit, volumes were up 2% over the prior year.

Teksid closed the quarter with a trading loss of €6 million (trading profit of €3 million in Q1 2012), primarily reflecting the decrease in volumes for the Cast Iron business unit. The sector reported an EBIT loss of €6 million, compared with a €4 million profit for the same period in 2012.

Comau

Comau reported revenues of €307 million for Q1 2013, a decrease of 14% over the prior year attributable primarily to Powertrain Systems and Service activities in Latin America.

Order intake for Systems totaled €323 million, representing an approximately 20% decrease over the first quarter of 2012 attributable primarily to Powertrain Systems. At 31 March 2013, the order backlog totaled €930 million, a 6% increase over year-end 2012.

Trading profit and EBIT were €9 million, compared to €3 million for the corresponding period in 2012. The increase was mainly attributable to the Body Welding operations. Significant Events

  • On January 9th, Chrysler Group announced that it had received a demand from the United Auto Workers’ Retiree Medical Benefits Trust (VEBA), pursuant to the terms of the Shareholders Agreement, seeking registration of approximately 16.6% of Chrysler Group’s outstanding equity interests currently owned by VEBA.
  • On January 18th, Fiat Group Automobiles S.p.A. (FGA) and Mazda Motor Corporation (Mazda) signed a final agreement for the development and manufacture of a new roadster for the Mazda and Alfa Romeo brands based on Mazda’s next-generation MX-5 rear-wheel-drive architecture. Each model will be powered by proprietary engines unique to the respective brands. Both vehicles will be manufactured at the Mazda plant in Hiroshima, Japan. Production of the Alfa Romeo model is scheduled to begin in 2015.
  • On February 6th, Chrysler Group announced an agreement with Santander Consumer USA Inc. (SCUSA) in which SCUSA will provide a full range of wholesale and retail financing services to Chrysler Group’s dealers and consumers under the Chrysler Capital brand name. The new private-label financing arrangement is scheduled to launch on May 1, 2013.
  • On February 25th, Fitch Ratings lowered its rating on Fiat S.p.A.’s long-term debt from BB to BB-. The short-term rating was confirmed at B. The outlook is negative.
  • On March 15th, Fiat issued a €1.25 billion bond (fixed coupon 6.625%, due March 2018). The Notes – issued by Fiat Finance and Trade Ltd. S.A. and guaranteed by Fiat S.p.A under the GMTN Program – were rated B1 by Moody’s, BB- by Standard & Poor’s and BB- by Fitch.
  • On April 9th, shareholders of Fiat S.p.A. approved the 2012 Financial Statements and the motion for allocation of 2012 net result. On the same date, shareholders also approved the Compensation Policy, pursuant to Article 123-ter of Legislative Decree 58/98, and renewed authorization for share buy-backs up to a maximum amount of €1.2 billion, inclusive of the €259 million in Fiat shares already held.

2013 Outlook

Group confirms 2013 guidance as follows:

  • Revenues in the €88 – €92 billion range
  • Trading profit in the €4.0 – €4.5 billion range
  • Net profit in the €1.2 – €1.5 billion range
  • Net industrial debt of ~€7.0 billion

The manager responsible for preparing the Company’s financial reports, Richard Palmer, declares, pursuant to Article 154-bis (2) of Legislative Decree 58/98, that the accounting information contained in this press release corresponds to the results documented in the books, accounting and other records of the Company.

*********

This press release, and in particular the section entitled “2013 Outlook”, contains forward-looking statements. These statements 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: volatility and deterioration of capital and financial markets, including further worsening of the Eurozone sovereign debt crisis, changes in commodity prices, changes in general economic conditions, economic growth and other changes in business conditions, weather, floods, earthquakes or other natural disasters, changes in government regulation (in each case, in Italy or abroad), production difficulties, including capacity and supply constraints and many other risks and uncertainties, most of which are outside of the Group’s control.

The terms “Fiat”, “Fiat Group” or simply “Group” are used to identify Fiat S.p.A. together with its direct and indirect subsidiaries which include, beginning 1 June 2011, Chrysler Group LLC and its direct and indirect subsidiaries following the acquisition of control. Fiat and Chrysler will continue to manage financial matters, including funding and cash management, separately. Additionally, Fiat has not provided guarantees or security or undertaken any other similar commitment in relation to any financial obligation of Chrysler, nor does it have any commitment to provide funding to Chrysler in the future.

Turin, 29 April 2013

The Board of Directors met today at the headquarters of Chrysler Group LLC in Auburn Hills, Michigan.

On April 29, at 6.00 p.m. CET, management will hold a conference call to present the 2013 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’s website: www.fiatspa.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 Chrysler dealer network.

[2] Due to unavailability of official data for the LCV market since January 2011, the figures reported are an extrapolation and there may be discrepancies compared with actual data. 

Chrysler Group LLC Reports April 2013 U.S. Sales Increased 11 Percent; Best April Sales in Six Years

  • Best April sales since 2007
  • 37th-consecutive month of year-over-year sales gains
  • Seven Chrysler Group vehicles set sales records for month of April
  • Dodge Dart compact car records highest monthly sales since 2012 vehicle launch
  • Dodge Durango sales up 65 percent; best April sales since 2005
  • Jeep® Grand Cherokee sales up 27 percent; best April sales since 2005
  • Ram Truck brand sales up 49 percent; largest percentage sales gain of any Chrysler Group brand in April

May 1, 2013 , Auburn Hills, Mich. – Chrysler Group LLC today reported U.S. sales of 156,698 units, an 11 percent increase compared with sales in April 2012 (141,165 units), and the group’s best April sales since 2007.

The Jeep®, Dodge, Ram Truck and FIAT brands each posted year-over-year sales gains in April compared with the same month a year ago. The Ram Truck brand’s 49 percent increase was the largest sales gain of any Chrysler Group brand in April. Chrysler Group extended its streak of year-over-year sales gains to 37-consecutive months in April.

“Chrysler Group’s best April sales in six years helped to maintain our sales momentum and drove us to our 37th-consecutive month of year-over-year sales gains,” said Reid Bigland, Head of U.S. Sales. “Our sales last month were solid across the board with seven Chrysler Group vehicles recording their best April sales ever.”

The Dodge Durango’s 65 percent sales increase was the largest sales gain of any Dodge brand vehicle in April and second only to the Ram Cargo Van’s 110 percent sales gain among Chrysler Group vehicles. Jeep brand sales rebounded in April as all Jeep brand models except Jeep Liberty, which is no longer in production, posted sales gains last month. Sales of the flagship Jeep Grand Cherokee were up 27 percent in April compared with the same month a year ago, its best April sales in eight years.

Seven Chrysler Group vehicles set sales records in the month of April. The Jeep Compass compact SUV and the Jeep Wrangler each logged their best April sales ever, as did the Dodge Challenger, Dodge Journey, Fiat 500, and Ram Cargo Van. The all-new Dodge Dart compact car had its best sales month since the vehicle was launched in June last year.

Chrysler Group finished the month with a 66-days supply of inventory (415,019 units). U.S. industry sales figures for April are projected at an estimated 15.4 million units Seasonally Adjusted Annual Rate (SAAR).

April 2013 U.S. Sales Highlights by Brand

Ram Truck Brand

Ram Truck brand sales were up 49 percent, the largest percentage sales gain of any Chrysler Group brand in April. It was the brand’s best April sales since 2007.

Sales of the Ram pickup truck were up 49 percent in April, the pickup truck’s 36th-consecutive month of year-over-year sales gains. The 49 percent sales gain was the pickup truck’s best April sales in six years. Sales of the Light Duty Ram pickup were up 54 percent, driven by the Quad Cab pickups, while Heavy Duty Ram sales were up 30 percent. The Ram Cargo Van set a sales record for the month of April with its 110 percent sales gain.

The Ram 1500 Laramie Longhorn earned a spot on Ward’s 10 Best Interiors for 2013 list in April. WardsAuto editors selected the top passenger compartments after spending February and March evaluating 46 vehicles that are all-new or feature significantly-upgraded interiors. WardsAuto said the Ram 1500 is a spectacular, emotive interior that sets a high standard other automakers will be hard-pressed to emulate.

Dodge Brand

Dodge brand sales were up 18 percent, the brand’s best April sales since 2008 and its 23nd-consecutive month of year-over-year sales gains. Sales of the Dodge Durango full-size SUV were up 65 percent, its best April sales in eight years. Production of the new 2014 Dodge Durango, with its standard state-of-the-art, class-exclusive eight-speed automatic transmission, is scheduled to begin in the third quarter of this year. The Durango’s sales gain was the largest percentage increase of any Dodge brand model in the month.

The Dodge Journey full-size crossover and the Dodge Challenger each set a sales record for the month of April. Sales of the Challenger increased 17 percent, while Journey sales were up 14 percent.

The all-new Dodge Dart continued on its upward sales trend with its month-over-month increase in April, the compact car’s best monthly sales since Dodge dealers began selling the model in June last year.

Two Dodge brand models earned awards this week at the Texas Auto Writers Association’s (TAWA) 2013 Auto Roundup at the Texas Motor Speedway. The Dodge Challenger SRT8 392 took home the award for Performance Coupe of Texas, while the Dodge Journey Crew earned the Activity Vehicle of Texas award. After a day of demanding driving at the racetrack in Fort Worth, journalists voted on their favorites and Chrysler Group secured seven of the possible 19 awards – the most of any participating manufacturer at the event.

Jeep® Brand

Improving Jeep production in April helped Jeep brand sales to rebound with an 2 percent year-over-year sales gain for the month, the brand’s best April sales since 2007. All Jeep models in production recorded sales gains in April compared with the same month a year ago.

The Jeep Compass compact SUV and the Jeep Wrangler each set a sales record for the month of April. Sales of the Compass were up 23 percent, while sales of the Jeep Wrangler, winner of Four Wheeler magazine’s prestigious 2013 Four Wheeler of the Year Award, were up 10 percent in April.

The Jeep Grand Cherokee’s 27 percent increase was its best sales month so far this year and its best April sales in eight years. The Jeep Grand Cherokee SRT earned TAWA’s Performance Utility of Texas award at this week’s Auto Roundup in Texas.

FIAT Brand

The Fiat 500 set a sales record for the month of April with its 1 percent increase. It was the model’s 14th-consecutive month of year-over-year sales gains. The Fiat 500 Abarth, with its 22 percent sales gain, had the largest year-over-year percentage increase of any of the 500 models in April. The Fiat 500 Turbo took home the award for Sub-Compact Car of Texas during this week’s TAWA Auto Roundup at the Texas Motor Speedway.

This summer, the all-new 2013 Fiat 500e electric vehicle will join the 500 model lineup in the state of California. The 500e will be offered to California residents at launch with a $199 a month/$999 due at signing lease for 36 months, same as the current lease offer on a Fiat 500 Pop powered by a gas engine.

Chrysler Brand

The Chrysler Town & Country minivan logged a 4 percent sales increase in April, its best April sales in three years. The Town & Country this year won the Polk Automotive Loyalty Award in the “Minivan” category for a record 12th-consecutive time. Chrysler brand sales were down 13 percent compared with the same month a year ago.

Two Chrysler brand models earned awards this week at TAWA’s Auto Roundup. The Chrysler Town & Country Limited minivan took home the award for Minivan of Texas, while the Chrysler 300C John Varvatos Luxury Edition earned the Best New Interior award.

The Chrysler brand has two special edition models coming to dealerships shortly. Production of the 2013.5 Chrysler 200 S Special Edition began in April. It will begin arriving in dealerships this month. The 2013 Chrysler 300C John Varvatos Limited Edition is expected to arrive in dealerships later this quarter.