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Ο όμιλος Fiat και το Chrysler Group ανακοίνωσαν τα οικονομικά αποτελέσματα τους για το δεύτερο τρίμηνο του έτους. Η Fiat είδε τα έσοδα της να αγγίζουν τα 22,3 δις ευρώ (+2%) πουλώντας περισσότερα από 1,2 εκατ. αυτοκίνητα. Το εμπορικό κέρδος ξεπέρασε το 1 δις ευρώ (+9% – 947 εκατ. ευρώ το 2012), με τα καθαρά κέρδη να ανέρχονται σε 435 εκατ. ευρώ (293 εκατ. ευρώ το 2ο τρίμηνο του 2012).

Τα καθαρά βιομηχανικά χρέη μειώθηκαν σε 6,7 δις ευρώ (7,1 δις στα τέλη του 1ο εξαμήνου του 2013 με τη συνολική ταμειακή ρευστότητα, συμπεριλαμβανομένων των € 3,0 δισ. σε αχρησιμοποίητες πιστωτικές γραμμές, να αυξάνονται στα €21 δισεκατομμύρια (€ 20.8 δισεκατομμύρια στο τέλος του 2012).

Αναλυτικότερα για το εξάμηνο του 2013, τα καθαρά έσοδα του Ομίλου ανήλθαν σε €42 δις, τα εμπορικά κέρδη ανήλθαν σε €1.64 δις, τα λειτουργικά κέρδη (ΕΒΙΤ) ανήλθαν σε €1.66 δις, τα κέρδη προ φόρων ανήλθαν σε €715 εκατ, τα καθαρά κέρδη έφτασαν τα €466 εκατ, το καθαρό βιομηχανικό χρέος έφτασε τα €6,7 δις.

Η Ferrari το πρώτο τρίμηνο του έτους πούλησε 1.969 νέα αυτοκίνητα (+2%) με τα έσοδά της να ανέρχονται σε €626 εκατ, με τα καθαρά κέρδη της να ανήλθαν σε 96 εκατ. ευρώ (88 εκατ. το 1ο τρίμηνο του 2012). Σε ότι αφορά τη Maserati αυτή πούλησε 2.291 αυτοκίνητα (+29%), με τα έσοδά της να ανέρχονται σε €282 εκατ, έχοντας καθαρά κέρδη 9 εκατ. ευρώ.

Η Chrysler από τη μεριά της ανακοίνωσε πως το 2ο τρίμηνο του 2013, τα καθαρά της κέρδη αυξήθηκαν στα 507 εκατ. δολάρια (+16%). Τα καθαρά έσοδα ανήλθαν σε 18 δις δολάρια (+7%) ενώ τα τροποποιημένα λειτουργικά κέρδη αυξήθηκαν σε κατά 7% στα 808 εκατ. δολάρια.

Έχει ελεύθερες ταμειακές ροές 91 δις δολαρίων ενώ το καθαρό χρέος της ανέρχεται σε 656 εκατ. δολάρια. Το τρίτο τρίμηνο πούλησε 643.000 αυτοκίνητα (+10%) ενώ το μερίδιο της στην αγορά αυξήθηκε στο 11,4%.

Στις σχετικές ειδήσεις, η Fiat έγινε χορηγός και στο Masters World Games 2013 το οποίο θα διεξαχθεί στο Τορίνο από τις 2 έως και τις 11 Αυγούστου. Εκεί η Fiat θα προσφέρει στους διοργανωτές ένα στόλο οχημάτων που αποτελείται από το Freemont, το 500L Living, το Qubo και το Panda.

Περισσότερες λεπτομέρειες μπορείς να βρεις στο δελτίο τύπου που ακολουθεί.

[Πηγή: Fiat, Chrysler]

Δελτίο Τύπου

Οικονομικά Αποτελέσματα του Ομίλου Fiat για το Β’ Τρίμηνο του 2013

Το Β’ Τρίμηνο έκλεισε για τον Όμιλο Fiat μεαύξηση 9% των εμπορικών κερδών, που ξεπέρασαν το €1 δισ. και μειωμένο καθαρό βιομηχανικό χρέος που ανήλθε στα €6,7 δισ.

Τα έσοδα αυξήθηκαν κατά 4% φτάνοντας τα €22 δισ. ως αποτέλεσμα τουυψηλότερου όγκου  πωλήσεων. Τα καθαρά κέρδη σχεδόν διπλασιάστηκαν σε σχέση με την περυσινή περίοδο, φτάνοντας τα €435 δισ. Η ρευστότητα παρέμεινε υψηλή στα €22 δισ.

 Οικονομική επισκόπηση Β’ Τριμήνου του 2013

  • Η παγκόσμια διακίνηση οχημάτων για τις μάρκες μαζικής παραγωγής σημείωσε αύξηση 5%, φτάνοντας τα €1,2 εκατ. αυτοκίνητα.
  • Τα έσοδα του Ομίλου ανήλθαν σε €22,3 δισ., αυξημένα κατά 4% σε σύγκριση με το ίδιο διάστημα του 2012.
  • Τα εμπορικά κέρδη ξεπέρασαν το €1 δισ., σημειώνοντας αύξηση κατά 9% στην ονομαστική αξία και 12% σε σταθερή ισοτιμία .
  • Το καθαρό κέρδος ανήλθε στα €435 εκατ.(€239 εκατ.για το Β’ Τρίμηνο του 2012)
  • Το καθαρό βιομηχανικό χρέος μειώθηκε στα €6,7 δισ. (€7,1 δισ. στο τέλος του Α’ τριμήνου) ,  ως αποτέλεσμα των θετικών λειτουργικών ταμειακών ροών της Fiat.
  • Τα συνολικά διαθέσιμα, συμπεριλαμβανομένων των δεσμευμένων πιστώσεων ύψους €3 δισ., ανήλθαν σε €21 δισ.
  • Τα λειτουργικά κέρδη (ΕΒΙΤ) ανήλθαν σε €1,057 δισ. αυξημένα κατά €125 εκατ. σε σύγκριση με το ίδιο διάστημα του 2012.
  • Τα αποτελέσματα του Ομίλου είναι σύμφωνα με τους ετήσιους στόχους.

Συνολικά οικονομικά στοιχεία για το Β’ τρίμηνο του 2013

Τα έσοδα του ομίλου ήταν €22,3 δισ. το δεύτερο τρίμηνο του 2013, αυξημένα κατά 4% σε σχέση με το 2012. Τα έσοδα σε Η.Π.Α. και Καναδά(NAFTA) έφτασαν τα €11,5 δισ. σημειώνοντας αύξηση 5% . Στη Λατινική Αμερική  (Αργεντινή και Βραζιλία-LATAM) η αύξηση των εσόδων ήταν 8%, με τα έσοδα να φτάνουν στα €2,8 δισ, ενώ στην περιοχή της Ανατολικής Ασίας και της Ωκεανίας (APAC) τα έσοδα ανήλθαν σε  €1,1 δισ. σημειώνοντας αύξηση κατά 46%. Τέλος στην περιοχή της Ευρώπης, της Μέσης Ανατολής και της Αφρικής (ΕΜΕΑ) τα έσοδα μειώθηκαν κατά 3%, και ανήλθαν σε  4,8 δισ.

Αναλυτικότερα για το εξάμηνο του 2013

  • Τα καθαρά έσοδα του Ομίλου ανήλθαν σε €42 δισ.
  • Τα εμπορικά κέρδη ανήλθαν σε €1.647 εκατ.
  • Τα λειτουργικά κέρδη (ΕΒΙΤ) ανήλθαν σε €1.660 εκατ.
  • Τα κέρδη προ φόρων ανήλθαν σε €715 εκατ.
  • Τα καθαρά κέρδη έφτασαν τα €466 εκατ.
  • Το καθαρό βιομηχανικό χρέος έφτασε τα €6,7 δισ.

Τορίνο, 30 Ιουλίου 2013

FIAT GROUP CLOSES SECOND QUARTER WITH TRADING PROFIT INCREASED 9% TO OVER €1 BILLION

FIAT GROUP CLOSES SECOND QUARTER WITH TRADING PROFIT INCREASED 9% TO OVER €1 BILLION AND NET INDUSTRIAL DEBT REDUCED TO €6.7 BILLION

REVENUES WERE UP 4% TO €22 BILLION DRIVEN BY HIGHER VOLUMES. NET PROFIT NEARLY DOUBLE THE PRIOR YEAR LEVEL AT €435 MILLION. LIQUIDITY REMAINED STRONG AT €21 BILLION

  • Worldwide shipments for mass-market car brands increased 5% year-over-year to 1.2 million units, with double-digit growth for LATAM and APAC, NAFTA up 4%, and EMEA down 5%.
  • Revenues totaled €22.3 billion, an increase of 4% over the prior year (+6% at constant exchange rates) with NAFTA, APAC and LATAM driving growth and EMEA reporting a 3% contraction. Luxury and Performance brands posted a 14% increase.
  • Trading profit exceeded €1.0 billion, increasing 9% in nominal terms and 12% at constant exchange rates (€947 million in Q2 2012, restated for IAS 19 as amended). The improvement was mainly attributable to a further reduction in losses in EMEA and strong year-over-year performance in APAC. Results for both NAFTA, which was up slightly over the prior year with improved momentum from the new products launched in Q1, and LATAM support the full-year Group target.
  • Net profit was €435 million (€239 million for Q2 2012, restated for IAS 19 as amended).
  • Net industrial debt was reduced to €6.7 billion (€7.1 billion at end Q1) mainly driven by positive operating cash flow for Fiat ex Chrysler.
  • Total available liquidity, including €3.0 billion in undrawn credit lines, was €21 billion, in line with Q1 despite a significant negative currency translation effect. In June, Chrysler successfully re-priced and amended its US$3 billion term loan and US$1.3 billion undrawn credit facility. Also in June, Fiat completed the renewal of its 3-year €2.0 billion revolving credit facility, subsequently increased to €2.1 billion. In July, Fiat issued a 6-year €850 million bond under the GMTN program.
  • Group confirms full-year guidance.

Group revenues were €22.3 billion for the second quarter 2013, an increase of 4% over the prior year (+6% at constant exchange rates). NAFTA revenues were up 5% to €11.5 billion (+7% at constant exchange rates). LATAM reported revenues of €2.8 billion, up 8% year-over-year (+15% at constant exchange rates). APAC was up 46% to €1.1 billion. For EMEA, revenues contracted 3% to €4.8 billion. Luxury and Performance brands increased revenues 14% to €0.9 billion, driven by Maserati. For Components, revenues were up 5% to €2.1 billion.

FIAT GROUP Highlights
H1 2013 H1 2012(*) Change (€ million) Q2 2013 Q2 2012(*) Change
2,172 2,121 51 Shipments: mass-market brands (000s) 1,155 1,102 53
42,082 41,745 337 Net revenues 22,325 21,524 801
1,647 1,753 -106 Trading profit 1,029 947 82
1,660 1,767 -107 EBIT 1,057 932 125
3,853 3,842 11 EBITDA (1) 2,199 1,973 226
715 816 -101 Profit before taxes 555 413 142
466 501 -35 Net profit/(loss) 435 239 196
501 557 -56 Net profit/(loss) ex-unusuals 423 306 117
0.049 0.05 EPS (€) 0.116 0.03
0.081 0.11 EPS ex-unusuals (€) 0.130 0.09
6,711 6,545(3) 166 Net industrial debt 6,711 7,105(2) -394
(*) Restated for adoption of IAS 19 as amended: Trading Profit/EBIT reduced by €63 million in Q2 (€123 million in H1), Profit before Taxes/Net Profit reduced by €119 million in Q2 (€236 million in H1).  (1) EBIT plus Depreciation and Amortization.(2) At 31 March 2013. (3) At 31 December 2012.

Trading profit totaled €1,029 million for the quarter (€947 million for Q2 2012, restated for IAS 19 as amended). NAFTA reported a trading profit of €668 million (€660 million for Q2 2012, restated for IAS 19 as amended), reflecting better volumes and pricing offset by higher industrial and launch-related costs. LATAM posted trading profit of €224 million (€238 million for Q2 2012), in line with the prior year net of negative currency translation effects, with higher volumes and better mix offsetting net input cost inflation. APAC posted a trading profit of €99 million, an improvement of €35 million year-over-year on the back of higher volumes. In EMEA, losses were reduced by €40 million over the prior year to €98 million, with discipline in SG&A spending and an improved product mix from the success of the Fiat 500L more than offsetting continued declines in market demand and increased pricing pressures. Luxury and Performance brands contributed €105 million, in line with Q2 2012, with Ferrari up 9% and Maserati lower year-over-year due to the launch costs for the new Quattroporte. For Components, trading profit improved 28% to €60 million, with Magneti Marelli accounting for more than 80% (+35% year-over-year).

EBIT totaled €1,057 million for the quarter (€932 million for Q2 2012, restated for IAS 19 as amended). Unusual items included a €166 million gain with a corresponding net reduction to the pension obligation following the amendments of Chrysler’s U.S. and Canadian salaried defined benefit pension plans and a €115 million charge related to the June 2013 voluntary safety recall as well as the customer satisfaction action. For mass-market brands, NAFTA was up 7% to €733 million and LATAM was €224 million (€238 million in Q2 2012). APAC increased 27% to €76 million, while EMEA reduced losses by €110 million to €74 million (Q2 2012 included a €91 million write-down on the investment in the SevelNord joint venture). EBIT for Luxury and Performance brands was €105 million (in line with Q2 2012) and for Components €60 million (+€13 million over Q2 2012).

Net financial expense totaled €502 million, a decrease of €17 million over the prior year (€519 million in Q2 2012, restated for IAS 19 as amended). Net of the marking-to-market of the Fiat stock option-related equity swaps (€21 million gain in Q2 2013 versus €9 million loss in Q2 2012), there was a €13 million increase.

Profit before taxes was €555 million (€413 million in Q2 2012, restated for IAS 19 as amended). The difference over the prior year reflected a €125 million increase in EBIT and a €17 million decrease in net financial charges.

Income taxes totaled €120 million. Excluding Chrysler, income taxes were €89 million and related primarily to taxable income of companies operating outside Italy and employment-related taxes in Italy.

Net profit was €435 million for the quarter (€239 million for Q2 2012, restated for IAS 19 as amended). There was a profit of €142 million attributable to owners of the parent (compared with a €32 million profit for Q2 2012). For Fiat excluding Chrysler, the net loss was €247 million in line with Q2 2012.

Net industrial debt at 30 June 2013 was €6.7 billion, improving from €7.1 billion at March-end. For Fiat excluding Chrysler, net industrial debt was €5.4 billion, a €0.3 billion decrease over March-end with cash from operating activities, including a seasonally positive contribution from working capital, exceeding capital expenditure of €0.9 billion for the period. Chrysler reduced net industrial debt by €0.1 billion to €1.3 billion, with capital expenditure covered by cash from operating activities.

Total available liquidity, inclusive of €3.0 billion in undrawn committed credit lines, totaled €21 billion (€21.3 billion at end Q1), with the decrease over Q1 end driven by a significant negative currency translation effect. For Fiat excluding Chrysler, total available liquidity was €10.9 billion (€11.0 billion at end Q1) and €10.1 billion for Chrysler (unchanged over end Q1 in local currency at US$13.2 billion including US$1.3 billion in undrawn committed lines).

First Half

Group revenues were €42.1 billion for the period, in line with the first half of 2012 in nominal terms, but up 3% at constant exchange rates. On a regional basis, revenues in NAFTA were €21.5 billion substantially flat in nominal terms (+2% at constant exchange rates). LATAM reported revenues of €5.3 billion, a 2% improvement year-over-year (+10% at constant exchange rates). APAC increased 41% to €2.1 billion. In EMEA, revenues totaled €9.1 billion, a 3% decrease over the prior year mainly reflecting volume declines in Europe. Luxury and Performance brands increased revenues by 9% to €1.6 billion, driven by growth in Asia and North America. For Components, revenues totaled €4.1 billion (in line with H1 2012).

Trading profit totaled €1,647 million for the first half, a €106 million decrease over H1 2012. NAFTA reported a trading profit of €1,065 million,a €209 million decrease over H1 2012 (restated for IAS 19 as amended), due to first quarter results that were impacted by lower volumes and increased industrial costs related to the launches of new products. LATAM posted a trading profit of €410 million, down 13% in nominal terms and 5% at constant exchange rates; net of currency translation effects, the decrease was mainly attributable to results for Q1 which were impacted by a less favorable production mix. APAC increased 41% to €199 million. In EMEA, losses were reduced by €90 million or 26% to €255 million on the back of continued cost discipline and some improvement in product mix. For Luxury and Performance brands, trading profit increased by 3% to €181 million and Components reported a 13% increase to €93 million.

EBIT was €1,660 million (€1,767 million in H1 2012, restated for IAS 19 as amended). For mass-market brands by region, NAFTA reported EBIT of €1,133 million, a 14% decrease over H1 2012 (as restated for IAS 19 as amended) mainly reflecting lower trading profit. LATAM posted €351 million (€473 million in H1 2012) as a result of the trading profit performance and net unusual charges related to the devaluation of the Venezuelan bolivar fuerte relative to the U.S. dollar. APAC increased by 20% to €174 million. EMEA reduced losses by €169 million to €185 million (H1 2012 included a write-down on the investment in the SevelNord JV).

Net financial expense totaled €945 million, a decrease of €6 million over H1 2012. Net of the marking-to-market of the Fiat stock option-related equity swaps (gains of €36 million in H1 2013 and €29 million in H1 2012), net financial expense was in line with H1 2012.

Profit before taxes was €715 million (€816 million in H1 2012, restated for IAS 19 as amended). The €101 million decrease reflected a €107 million decrease in EBIT and the decrease in net financial expense.

Income taxes totaled €249 million. Excluding Chrysler, income taxes were €189 million and related primarily to the taxable income of companies operating outside Italy and employment-related taxes in Italy.

Net profit was €466 million for the first half of 2013 (€501 million for H1 2012, restated for IAS 19 as amended). There was a profit of €59 million attributable to owners of the parent (compared with a €67 million profit for H1 2012). For Fiat excluding Chrysler, the net loss was reduced by €42 million over H1 2012 to €482 million.

Net industrial debt at 30 June 2013 was €6.7 billion, compared to €6.5 billion at year-end 2012. Chrysler improved net industrial debt by €0.2 billion, partially offsetting absorption for the rest of the Group of €0.4 billion. Total capital expenditure for the Group was €3.5 billion (€3.2 billion in H1 2012), of which €1.6 billion related to Fiat excluding Chrysler (€1.3 billion in H1 2012).

FIAT GROUP  
Income Statement (2ndQuarter)  
2013     2012 (*)
(€ million) Fiat as reported(A) Fiat ex Chrysler   Fiat as reported (B) Fiat ex Chrysler   Change (A vs B)
Net revenues 22,325 9,404   21,524 9,240 801
Trading profit 1,029 125   947 138 82
EBIT 1,057 90   932 96 125
EBITDA (1) 2,199 677   1,973 610 226
Profit/(loss) before taxes 555 (158)   413 (156) 142
Net Profit/(loss) 435 (247)   239 (248) 196
Net Profit/(loss) ex-unusuals 423 (192)   306 (154) 117
(*) Restated for adoption of IAS 19 as amended: Trading Profit/EBIT reduced by €63 million (€6 million for Fiat ex Chrysler), Profit before Taxes/Net Profit reduced by €119 million (€2 million higher loss for Fiat ex Chrysler). (1) EBIT plus Depreciation and Amortization. 
FIAT GROUP  
Income Statement (1stHalf)  
2013     2012 (*)
(€ million) Fiat as reported(A) Fiat ex Chrysler   Fiat as reported (B) Fiat ex Chrysler   Change (A vs B)
Net revenues 42,082 17,961   41,745 17,925 337
Trading profit 1,647 150   1,753 128 -106
EBIT 1,660 155   1,767 104 -107
EBITDA (1) 3,853 1,299   3,842 1,156 11
Profit/(loss) before taxes 715 (293)   816 (313) -101
Net Profit/(loss) 466 (482)   501 (524) -35
Net Profit/(loss) ex-unusuals 501 (435)   557 (430) -56
(*) Restated for adoption of IAS 19 as amended: Trading Profit/EBIT reduced by €123 million (€10 million for Fiat ex Chrysler), Profit before Taxes/Net Profit reduced by €236 million (€5 million higher loss for Fiat ex Chrysler). (1) EBIT plus Depreciation and Amortization. 
FIAT GROUP
Net Debt and Total Available Liquidity
30.06.2013 31.03.2013 31.12.2012
(€ million) Fiat as reported   Chrysler   Fiat ex-Chrysler Fiat as reported   Chrysler   Fiat ex-Chrysler Fiat as reported   Chrysler   Fiat ex-Chrysler
Cash Maturities (Principal) (27,144) (10,087) (17,057) (27,758) (10,299) (17,459) (26,727) (10,093) (16,634)
Bank Debt (8,448)   (2,697)   (5,751) (8,701)   (2,798)   (5,903) (8,189) (2,702) (5,487)
Capital Market (1) (12,651)   (2,446)   (10,205) (12,706)   (2,499)   (10,207) (12,361) (2,425) (9,936)
Other Debt (2) (6,045)   (4,944)   (1,101) (6,351)   (5,002)   (1,349) (6,177) (4,966) (1,211)
  Asset-backed financing (3) (514) (514) (476) (476) (449) (449)
Accruals and other adjustments (4) (791) (365) (426) (716) (351) (365) (655) (210) (445)
Gross Debt (28,449)   (10,452)   (17,997) (28,950)   (10,650)   (18,300) (27,831)   (10,303)   (17,528)
Cash & Marketable Securities 17,969 9,083 8,886 18,330 9,273 9,057 17,913 8,803 9,110
Derivatives Assets/(Liabilities) 389 106 283 208 13 195 318 3 315
Net Debt (10,091)   (1,263)   (8,828) (10,412)   (1,364)   (9,048) (9,600) (1,497) (8,103)
Industrial Activities (6,711)   (1,263)   (5,448) (7,105)   (1,364)   (5,741) (6,545) (1,497) (5,048)
Financial Services (3,380)     (3,380) (3,307)     (3,307) (3,055) (3,055)
             
Undrawn committed credit lines 2,994 994 2,000 2,965 1,015 1,950 2,935 985 1,950
Total available liquidity 20,963   10,077   10,886 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 Notes, HCT Notes, IFRIC 4 and other non bank financing.(3) Advances on sale of receivable and securitization on book.(4) 30 June 2013 Includes: adjustments for hedge accounting on financial payables for -€89 million (-€102 million as of 31 March 2013, -€111 million as of 31 December 2012), current financial receivables from jointly controlled financial service companies of €57 million (€91 million as of 31 March 2013, €58 million as of 31 December 2012) and (accrued)/unearned net financial charges for an amount of -€759 million (-€705 million as of 31 March 2013, -€602 million as of 31 December 2012).
 

Results by Segment

Second Quarter

FIAT GROUP Revenues and EBIT by segment – 2ndQuarter  
 
Revenues EBIT (1)  
2013 2012 Change (€ million) 2013 2012 (1) Change  
11,497 10,979 518 NAFTA (mass-market brands) 733 687 46
2,839 2,624 215 LATAM (mass-market brands) 224 238 -14
1,117 763 354 APAC (mass-market brands) 76 60 16
4,780 4,920 -140 EMEA (mass-market brands) (74) (184) 110
885 778 107 Luxury and Performance Brands (Ferrari, Maserati) 105 104 1
2,119 2,022 97 Components (Magneti Marelli, Teksid, Comau) 60 47 13
242 263 -21 Other (51) (12) -39
(1,154) (825) -329 Eliminations and adj. (16) (8) -8
22,325 21,524 801 Total 1,057 932 125
(1) Restated for adoption of IAS 19 as amended: EBIT reduced by €57 million for NAFTA and €6 million for Eliminations and Adjustments.  

First Half

FIAT GROUP Revenues and EBIT by segment – 1stHalf   
 
Revenues EBIT (1)  
2013 2012 Change (€ million) 2013 2012 (1) Change  
21,509 21,354 155 NAFTA (mass-market brands) 1,133 1,312 -179
5,307 5,211 96 LATAM (mass-market brands) 351 473 -122
2,085 1,477 608 APAC (mass-market brands) 174 145 29
9,130 9,428 -298 EMEA (mass-market brands) (185) (354) 169
1,569 1,438 131 Luxury and Performance Brands (Ferrari, Maserati) 181 175 6
4,055 4,037 18 Components (Magneti Marelli, Teksid, Comau) 95 82 13
469 480 -11 Other (78) (48) -30
(2,042) (1,680) -362 Eliminations and adj. (11) (18) 7
42,082 41,745 337 Total 1,660 1,767 -107
(1) Restated for adoption of IAS 19 as amended: EBIT reduced by €113 million for NAFTA, €1 million for Components and €9 million for Eliminations and Adjustments.  

MASS-MARKET BRANDS

NAFTA

Second Quarter

NAFTA 2nd Quarter
(€ million) 2013 2012 (1) change
Net revenues 11,497 10,979 518
Trading profit 668 660 8
EBIT 733 687 46
Shipments (in 000s) 572 549 23
(1)  Restated for adoption of IAS 19 as amended: Trading Profit/EBIT reduced by €57 million.

Vehicle shipments in NAFTA totaled 572,000 units for Q2 2013, representing a 4% increase versus Q2 2012. In the U.S., vehicle shipments were 468,000 (up 5%), in Canada 80,000 (up 9%) and 24,000 for Mexico and other. The quarter benefited from full production of the 2014 Jeep Grand Cherokee and 2013 Ram Heavy-Duty pickups.

Vehicle sales[1] in the NAFTA region totaled 582,000 for the quarter, an increase of 10% over Q2 2012. Sales increased 10% in the U.S. to 479,000 and 9% in Canada to 81,000, outpacing the market in both countries. In the U.S., the Group has posted 39 consecutive months of year-over-year sales gains, and the best second quarter sales since 2007.

The U.S. vehicle market finished Q2 2013 up 8% to 4.2 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 128,000 for the quarter, up 1% year-over-year, with increases for all currently produced vehicles, including the Jeep Grand Cherokee (+27%), Jeep Compass (+30%), Jeep Patriot (+14%) and the Jeep Wrangler (+12%). Dodge, the Group’s number one selling brand in the region, posted sales of 159,000 vehicles, up 18% from the prior year mainly driven by the new Dart (22,000 vehicles – sales just beginning in 2012), the Durango (+42%), the Challenger (+19%), and the Charger (+11%). The Ram truck brand posted an increase of 31% to 96,000 vehicles, the best second quarter sales since 2007, with sales increases for both light-duty and heavy-duty pickups, which were up 41% and 12%, respectively. Chrysler brand sales totaled 84,000 vehicles during Q2 2013, down 5% from the same period last year primarily due to reduced sales of the Chrysler 300.

The Canadian vehicle market increased 5% year-over-year to 538,000 vehicles. The Group’s total market share was up 0.6 p.p. year-over-year to 15.1%, mainly driven by strong performances of the Ram light-duty pickup, Jeep Grand Cherokee, Dodge Avenger and Dodge Dart. The month of June was the 43rd consecutive month of year-over-year sales growth.

Fiat brand sales in the U.S. and Canada were stable at more than 14,000 vehicles for the quarter. The new 500L was launched in the U.S. in May, expanding the existing line-up which includes the Fiat 500 and Fiat 500 Cabrio.

The NAFTA region reported revenues of €11.5 billion, up 5% over the prior year (+7% at constant exchange rate), primarily due to the higher shipment volumes.

Trading profit for Q2 2013 was up 1% over the prior year to €668 million, primarily attributable to higher shipments following the key model launches in Q1 and improved pricing, partly offset by increased industrial costs related to new product launches and content enhancements. EBIT was €733 million, reflecting the trading profit performance for the period and positive net unusual items. There was an unusual gain of €166 million with a corresponding net reduction to the pension obligation following the amendments of Chrysler’s U.S. and Canadian salaried defined benefit pension plans. The U.S. plans were amended in order to comply with IRS regulations, consequently the accrual of future benefits will cease effective December 31, 2013, and Chrysler decided to enhance the retirement factors. The Canada amendment also ceases the accrual of future benefits effective December 31, 2014, and enhances the retirement factors. Unusual charges also included charge related to the June 2013 voluntary safety recall for the 1993-1998 Jeep Grand Cherokee and the 2002-2007 Jeep Liberty, as well as the customer satisfaction action for the 1999-2004 Jeep Grand Cherokee.

During the quarter, the Group received various awards and recognitions, including the 2013 Chrysler 200 Convertible, Dodge Durango and Dodge Dart being named “Best 2013 Total Quality” in their respective segments by Strategic Vision’s Total Quality Index. In addition, the 2013 Chrysler Town & Country was named the “2013 Minivan of Texas” by the Texas Auto Writers Association, “Best 2013 Total Quality” in its segment by Strategic Vision’s Total Quality Index, and “Highest-Ranking Minivan” by the J.D. Power 2013 Initial Quality Study. The Jeep Grand Cherokee, the most awarded SUV ever, continues to win additional awards, including the Cars.com/USA Today “Midsize SUV Challenge” and “Official Winter Vehicle of New England” by the New England Motor Press Association, while the 2013 Ram 1500 pickup was named a “2013 Automobile Magazine All-Star”.

First Half

NAFTA 1st Half
(€ million) 2013 2012 (1) change
Net revenues 21,509 21,354 155
Trading profit 1,065 1,274 -209
EBIT 1,133 1,312 -179
Shipments (in 000s) 1,082 1,068 14
(1)  Restated for adoption of IAS 19 as amended: Trading Profit/EBIT reduced by €113 million.

Vehicle shipments in NAFTA totaled 1,082,000 units for H1 2013, representing a 1% increase over H1 2012. In the U.S., vehicle shipments were 888,000 (up 3% over H1 2012), in Canada 150,000 (up 1%). Shipments for Mexico and other were 44,000.

Vehicle sales in the NAFTA region totaled 1,090,000 for the period, an increase of 9% over H1 2012. Sales increased 9% in the U.S. to 908,000. In Canada, sales increased 7% to 139,000 vehicles, and vehicle sales in Mexico were 43,000.

The U.S. vehicle market in H1 2013 was up 7% to 8.0 million vehicles. Overall market share was 11.4% in H1 2013, compared to 11.2% in H1 2012. Jeep vehicle sales totaled 229,000 for the period, down 5% year-over-year, primarily due to lower production associated with the key product launches in H1 2013. Dodge posted a 22% increase in sales to 318,000 vehicles, led by the Dodge Dart which in 2013 contributed for the full period. The Ram brand posted a sales increase of 23% to 175,000 vehicles. Chrysler brand sales totaled 164,000 vehicles for H1 2013, down 2% compared with the prior year.

The Canadian vehicle market grew 2% year-over-year to 901,000 vehicles. Total market share was 15.5% in H1 2013, up 0.8 p.p. from H1 2012.

Fiat 500 sales in the U.S. and Canada totaled 26,000 cars for H1 2013, substantially in line with H1 2012.

The NAFTA region reported revenues of €21.5 billion in H1 2013, up 1% (2% at constant exchange rate) over the same period last year primarily due to higher volumes.

Trading profit for H1 2013 was €1,065 million, down 16% over the same period last year (€1,274 million for H1 2012 restated for adoption of IAS 19 as amended) due to first quarter results that were impacted by a reduction in shipments and increased industrial costs related to the launch of new products. EBIT was €1,133 million (€1,312 million in H1 2012), reflecting the trading profit performance for the period.

LATAM

Second Quarter

LATAM 2nd Quarter
(€ million) 2013 2012 change
Net revenues 2,839 2,624 215
Trading profit 224 238 -14
EBIT 224 238 -14
Shipments (in 000s) 258 226 32
 

In Q2 2013, Group shipments in the LATAM region increased 14% year-over-year to a total of 258,000 vehicles.

In Brazil, the passenger car and LCV market was up 7% over the prior year to 921,000 units, the industry’s best ever Q2 performance.

The Group strengthened its leadership in the Brazilian market, with overall share at 22.1%, 3.5 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 new Palio. In addition, the Siena and Grand Siena posted a 44% year-over-year increase in sales and sales of the Strada were up 29% over the prior year to close the quarter with a 53% segment share.

The Group shipped 215,000 passenger cars and LCVs in Brazil, representing an 11% increase over Q2 2012. In April, the Group launched the Ram 2500 Laramie, the only full-size truck in the market. During the quarter, Fiat brand launched special versions of the Grand Siena and Strada, both the best selling vehicles in their respective segments: the Grand Siena Sublime and Strada Mangalarga Marchador.

In Argentina, where the market was up 21% over Q2 2012 to 240,000 units, Group sales totaled approximately 31,000 units with share up 1.6 p.p. to 12.8%. In the A/B segment, share was 14.7%, with the Palio recording significant year-over-year growth (+96% vs. Q2 2012). Group shipments in Argentina totaled 29,000 vehicles, a 46% increase over the same period in 2012 facilitated by improved customs clearance for vehicle imports from Brazil.

For other LATAM countries, shipments totaled approximately 14,000 units, an increase of 14% compared with Q2 2012 mainly attributable to the Fiat brand.

The LATAM region reported net revenues of €2.8 billion, an increase of 8% (15% at constant exchange rates) driven by volume growth.

Trading profit and EBIT was €224 million for the quarter (€238 million for Q2 2012). Net of unfavorable currency translation impacts, trading profit was in line with Q2 2012, with the positive impact of higher volumes and favorable mix compensating for inflationary increases in industrial costs and SG&A.

First Half

LATAM 1st Half
(€ million) 2013 2012 change
Net revenues 5,307 5,211 96
Trading profit 410 473 -63
EBIT 351 473 -122
Shipments (in 000s) 488 441 47
 

In H1 2013, shipments in the LATAM region totaled 488,000 units, 11% higher than the prior year.

In Brazil, the passenger car and LCV market was up 5% over H1 2012 to 1,710,000 units, an all-time industry record for the first six months. The Group confirmed its leadership of the Brazilian market, with an overall share of 22.5%, in line with H1 2012 (22.4%). Fiat models held a combined 27.1% share of the A and B segments.

The Group shipped a total of 406,000 passenger cars and LCVs in Brazil during the first half, representing a 9% growth over H1 2012.

In Argentina, where the market was up 9% to 481,000 units, the Group sold approximately 60,000 units. Share for the period was up 0.8 percentage points over the prior year to 12.5%. Shipments increased by 28% to 58,000 vehicles.

In other LATAM countries, approximately 24,000 units were shipped, in line with H1 2012.

The LATAM region reported net revenues of €5.3 billion, 2% higher than H1 2012 in nominal terms, mainly reflecting the volume trend. At constant exchange rates, revenues increased 10%.

In nominal terms, trading profit for the period reduced 13% to €410 million (-5% at constant exchange rates).

EBIT was €351 million and reflects the trading profit performance for the period and a €47 million net foreign currency exchange loss related to the February 2013 devaluation of the Venezuelan bolivar fuerte relative to the U.S. dollar and transactions that settled subsequent to February 2013 devaluation of the Venezuelan bolivar fuerte (Bsf) at the 4.3 vs. 6.3 rate.

APAC

Second Quarter

APAC 2nd Quarter
(€ million) 2013 2012 change
Net revenues 1,117 763 354
Trading profit 99 64 35
EBIT 76 60 16
Shipments (in 000s) 38 26 12

Vehicle shipments in the APAC region (excluding JVs) totaled approximately 38,000 units in Q2 2013, up 46% from a year ago.

Regional demand[2] rose year-over-year led by growth in China and Australia, while Japan, India and South Korea were down over the prior year.

Group retail sales, including JVs, totaled 46,000 units for the quarter, a 75% increase over the prior year compared with 6% for the industry, driven by performance in China and Australia. By brand, Jeep sales, accounting for almost half of total Group sales in the region, were up 14% over the prior year. Fiat brand sales were more than triple the Q2 2012 level propelled by the launch, in Q3 2012, of the Chinese-produced Fiat Viaggio, the Group’s second best-selling nameplate in the region after the Jeep Compass. The return of the Dodge Journey to China earlier in the year was well-received, with Q2 sales making it the Group’s third best-selling vehicle in the region.

APAC revenues totaled €1,117 million, up 46% over Q2 2012.

Trading profit totaled €99 million, increasing more than 50% over the €64 million for Q2 2012 driven by volume growth, which was partially offset by an increase in industrial and SG&A expenses to support business expansion plans. EBIT was €76 million (€60 million in Q2 2012) with trading profit performance not fully reflected mainly due to start-up costs for the Chinese joint venture.

The Shanghai Auto Show in April was the venue for the Asian debut of the all-new 2014 Jeep Cherokee and the new 2014 Jeep Grand Cherokee with 8-speed automatic transmission, which was rolled out in China and Australia during the quarter.

The Group’s newly-formed sales operations in India completed the transition from the previous joint venture, allowing the Group to take direct control over all commercial and marketing activities. Industrial activities continue to be managed through the joint venture with Tata.

First Half

APAC 1st Half
(€ million) 2013 2012 change
Net revenues 2,085 1,477 608
Trading profit 199 141 58
EBIT 174 145 29
Shipments (in 000s) 70 51 19

Vehicle shipments in the region totaled approximately 70,000 units for the first half of the year, up 37% over the same period in 2012.

Group retail sales, including JVs, totaled 84,000 units for the period, increasing a significant 60% over H1 2012 – compared with 6% for the industry – driven by performance in China and Australia.

Revenues in APAC were €2,085 million, up more than 40% over the €1,477 million in H1 2012.

Trading profit reached €199 million, up 41% over H1 2012 (€141 million), primarily reflecting volume growth, which was partially offset by an increase in industrial and SG&A expenses to support development in the region.

EBIT was €174 million (€145 million in H1 2012) with the trading profit improvement offset in part by start-up costs for the Chinese joint venture.

EMEA

Second Quarter

EMEA 2nd Quarter
(€ million) 2013 2012 change
Net revenues 4,780 4,920 -140
Trading profit/(loss) (98) (138) 40
EBIT (74) (184) 110
Shipments (in 000s) 287 301 -14

In the EMEA region, passenger car and LCV shipments totaled 287,000 units for the second quarter, representing a decrease of around 14,000 units (-5%) over Q2 2012.

Passenger car shipments totaled 234,000 units (-5%) and LCV shipments were 53,000 units (-3%).

In Europe (EU27+EFTA), the passenger car market registered a further year-over-year decline (-4% to 3.3 million vehicles) with significant decreases for all major markets except Spain (+2%), where a second government incentive plan was introduced, and the UK (+13%), which benefited from fleet renewal activity. The market was down 8% in Italy and France, and 4% in Germany. For the rest of Europe, demand was down 9% overall.

Group brands recorded a combined 6.3% share of the European market, down 0.5 p.p. over Q2 2012, reflecting the continued reduction in Italy’s overall weighting in the European market. The 500 and Fiat Panda, the two best selling models in the A segment, posted shares of 14.3% and 13.5%, respectively. The 500L topped 18,000 units during the quarter, competing for leadership of the Small MPV segment with a 16.1% share.

In Italy, Group market share was 29.3%, down 1.9 p.p. over Q2 2012 that was impacted by the recovery of sales delayed from Q1 due to the car hauler strikes. The Group gained share in Spain (+0.3 p.p. to 3.8%) and France (+0.3 p.p. to 3.5%), and remained stable in the United Kingdom (3.1%). By contrast, share in Germany was down 0.5 p.p. to 2.8%. Additionally, the Group’s performance was affected by supply shortages for components for certain models.

The European light commercial vehicle market (EU27+EFTA) registered a 3% decrease over Q2 2012 to 414,000 units, with overall demand again reflecting the sharp decline in Italy (-22%).

Fiat Professional closed the quarter with a 13.5% share[3] of the market, in line with the prior year. Excluding Italy, the Group’s European market share was 11.4% for the quarter, representing a 0.6 p.p. year-over-year increase. The Fiat Ducato was the most popular model in its segment with 34,000 units sold and share up 1.2 p.p. over Q2 2012 to 22.9%. Group market share in Italy was 43.6%, decreasing 0.7 p.p. over Q2 2012.

EMEA closed the quarter with revenues of €4,780 million, down 3% over the same period in 2012. The trading performance improved €40 million or nearly 29% over the prior year, with a reported trading loss of €98 million for the quarter. This result was achieved through continued discipline on cost management and better mix, mostly attributable to the success of the 500L, which more than offset lower volumes and continued pricing pressures. EBIT was negative at €74 million (negative €184 million in Q2 2012, including a €91 million write-down on the investment in SevelNord) and included a €39 million positive result from investments (€45 million in Q2 2012).

During the quarter, Fiat unveiled the latest model in the 500 family, the 500L Living. The most spacious vehicle in its category, the Living version of the 500L offers a best-in-class trunk capacity in just 4.35 meters and 5+2 seating configuration.

Fiat was awarded “Best Green Engine of the Year 2013” for the eco-performing and fun-to-drive natural gas TwinAir Turbo. In addition, the City Brake Control system, which automatically activates the brakes to avoid collisions at speeds up to 30 km/h, received the “Euro NCAP Advanced” award. The device is currently available on the Panda and 500L.

For Jeep, the new 2014 Grand Cherokee was launched in markets across Europe and the brand began taking orders for the new Jeep Compass, which has undergone a major interior and exterior refresh and is equipped with a full range of safety features.

Finally, the Pomigliano plant received the Gold Award for its achievement in World Class Manufacturing, making it the Group’s first assembly plant to receive this prestigious recognition.

First Half

EMEA 1st Half
(€ million) 2013 2012 change
Net revenues 9,130 9,428 -298
Trading profit (loss) (255) (345) 90
EBIT (185) (354) 169
Shipments (in 000s) 532 561 -29

During the first half, the Group shipped a total of 532,000 passenger cars and LCVs in the EMEA region, a decrease of approximately 29,000 units (-5%) over H1 2012.

Passenger car shipments totaled 428,000 units, down 6.5% over the first six months of 2012, with significant decreases in Italy and Germany. LCV shipments totaled 104,000 units, an increase of 1% despite contractions in demand in Italy and Germany.

For the first six month of 2013, the European passenger car market (EU27+EFTA) was down 7% to 6.4 million vehicles, with the overall decrease mainly due to lower demand in Italy (-10%), France (-11%) and Germany (-8%).

Group brands recorded a 6.3% combined share of the European market for the first half, a 0.3 percentage point year-over-year decline primarily attributable to the unfavorable market mix. In Italy, market share was down 0.3 p.p. over H1 2012 to 29.2%.

The European light commercial vehicle market (EU27+EFTA) registered a 6% decline for the first half of the year, with overall performance reflecting significant contractions in Italy (-23%), France (-10%) and Germany (-7%).

Fiat Professional closed the first half with an overall European market share of 12.6%, gaining 0.2 p.p. over the same period in 2012 despite an unfavorable market mix.

EMEA closed the first half with revenues of €9,130 million, down 3% over the same period in 2012, mainly reflecting volume declines.

There was a €255 million trading loss for the first half, a €90 million improvement over the €345 million loss in H1 2012. EBIT was negative at €185 million, compared with a negative €354 million in H1 2012 (including unusual charges of €91 million). The result from investments was €77 million (€81 million in H1 2012).

LUXURY AND PERFORMANCE BRANDSFerrari, Maserati – 2nd Quarter
(€ million) 2013 2012 (1) change  
Ferrari
Net revenues 626 588 38
Trading profit 96 88 8
EBIT 96 88 8
Maserati
Net revenues 282 211 71
Trading profit 9 15 -6
EBIT 9 15 -6
LUXURY AND PERFORMANCE BRANDS
Net revenues (*) 885 778 107
Trading profit (*) 105 104 1
EBIT 105 104 1

 

LUXURY AND PERFORMANCE BRANDSFerrari, Maserati – 1st Half
(€ million) 2013 2012 (1) change  
Ferrari
Net revenues 1,177 1,099 78
Trading profit 176 144 32
EBIT 176 144 32
Maserati
Net revenues 439 375 64
Trading profit 5 31 -26
EBIT 5 31 -26
LUXURY AND PERFORMANCE BRANDS
Net revenues (*) 1,569 1,438 131
Trading profit (*) 181 175 6
EBIT 181 175 6
(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 second quarter, Ferrari shipped a total of 1,969 street cars, a 2% increase over Q2 2012 driven by positive performance for 12-cylinder models (+29%), particularly the F12 Berlinetta. For 8-cylinder models, volumes were down 5% over the prior year.

The U.S. remained Ferrari’s no. 1 market with 481 street cars shipped during the quarter (+6% over Q2 2012), representing 24% of total shipments. Volumes were also higher in Europe, with gains in the UK (+17%), Germany (+8%) and Switzerland (+6%) more than offsetting contractions in Italy (-9%) and France (-17%). Results were also positive in the Middle East, with shipments up 13% over Q2 2012. In Asia Pacific, shipments to the dealer network were down 9%.

Ferrari’s second quarter revenues totaled €626 million, representing a 6% increase over the prior year.

Trading profit and EBIT totaled €96 million, compared with €88 million in Q2 2012, reflecting both higher sales volumes and strong contributions from licensing activities and the personalization program. Trading margin was strong at 15.3%.

In May, Ferrari announced that 2013 production would be maintained below the prior year’s level to preserve the brand’s exclusivity and residual values for Ferrari vehicles, with earnings growth being driven by the personalization program and brand opportunities (licensing, retail, e-commerce, etc.), in addition to improvements in product mix.

During the first half, Ferrari shipped a total of 3,767 street cars, a 3% increase over the same period in 2012, with growth primarily driven by 12-cylinder models (+14%). The U.S. remained Ferrari’s largest market with 937 street cars shipped during the period (+10%), representing 25% of worldwide shipments. Growth in the UK (+6%), Switzerland (+13%) and the Middle East (+39%) more than compensated for declines in several European markets, particularly France (-17%) and Italy (-38%). For Asia Pacific, there was a 2% year-over-year increase in volumes.

First half revenues totaled €1,177 million, a 7% gain over H1 2012 primarily attributable to higher sales volumes.

Trading profit and EBIT totaled €176 million for the first half, up €32 million over the €144 million in H1 2012. Trading margin improved to 15.0% from 13.1%.

Maserati

Maserati shipped a total of 2,291 vehicles during the second quarter, representing a 29% increase over the 1,772 units shipped in Q2 2012. The continued success of the GranTurismo and GranCabrio, in addition to the commercial launch of the new Quattroporte, all contributed to the result and the brand posted significant year-over-year gains in nearly all markets.

Revenues totaled €282 million for the second quarter, increasing 34% over the corresponding period in 2012.

Trading profit and EBIT came in at €9 million, decreasing from €15 million in Q2 2012 primarily as a result of higher costs associated with the launch of the new Quattroporte.

The Shanghai Motor Show in April was the chosen venue for the world debut of the new Maserati Ghibli, a top-of-the-range E-segment model that is expected to generate significant growth for Maserati over the next few years.

In mid-May, the international press was invited to Balocco to test drive the V6 rear-wheel drive (RWD) and all-wheel drive (AWD) versions of the new Quattroporte. The AWD version represents an all-time first for the brand.

In late June, the international press had the opportunity to test 3 versions of the new Ghibli – the Ghibli, the Ghibli S and the first ever turbo-diesel in Maserati’s 99-year history, the Ghibli Diesel.

For the first half of 2013, brand shipments were up 14% over the same period in 2012 to 3,595 vehicles and revenues increased 17% to €439 million.

Trading profit and EBIT totaled €5 million for the period, compared with €31 million in H1 2012. As for the quarter, the decrease was mainly attributable to higher costs associated with the launch of the Quattroporte.

COMPONENTS AND PRODUCTION SYSTEMS Magneti Marelli, Teksid, Comau – 2nd Quarter
(€ million) 2013 2012 Change  
Magneti Marelli
Net revenues 1,587 1,467 120
Trading profit 50 37 13
EBIT 49 38 11
Teksid
Net revenues 189 204 -15
Trading profit (1) 3 -4
EBIT 1 4 -3
Comau
Net revenues 358 365 -7
Trading profit 11 7 4
EBIT 10 6 4
COMPONENTS AND PRODUCTION SYSTEMS
Net revenues (*) 2,119 2,022 97
Trading profit 60 47 13
Unusual (charges)/gain (1) (3) 2
EBIT 60 47 13
(*) Net of eliminations.

 

COMPONENTS AND PRODUCTION SYSTEMS Magneti Marelli, Teksid, Comau – 1st Half
(€ million) 2013 2012 change  
Magneti Marelli
Net revenues 3,056 2,918 138
Trading profit 80 66 14
EBIT 81 66 15
Teksid
Net revenues 362 427 -65
Trading profit (7) 6 -13
EBIT (5) 8 -13
Comau
Net revenues 665 722 -57
Trading profit 20 10 (1) 10
EBIT 19 9 (1) 10
COMPONENTS AND PRODUCTION SYSTEMS
Net revenues (*) 4,055 4,037 18
Trading profit 93 82 (1) 11
Unusual (charges)/gain (2) (3) 1
EBIT 95 82 (1) 13
(1) Restated for adoption of IAS 19 as amended: Trading Profit/EBIT reduced by €1 million in H1. (*) Net of eliminations.

Magneti Marelli

For the second quarter, Magneti Marelli reported revenues of €1,587 million, representing an 8% increase over the same period in 2012.

NAFTA, China and Brazil registered increases (at constant exchange rates), while Europe was substantially unchanged over the prior year despite contractions in Germany and the Czech Republic.

The Lighting business line posted higher revenues (+16%) on the back of performance in China, as well as NAFTA where several new products were launched during the second half of 2012. In Europe, revenues were substantially unchanged over Q2 2012. For the Electronic Systems business line, revenues were up 15% year-over-year primarily reflecting higher sales of telematics box and navigation systems to non-captive customers. Revenues were also higher for the Powertrain business line (+11%) with sales to Chrysler making a significant contribution.

Trading profit for the quarter totaled €50 million, compared with €37 million for Q2 2012, with the benefit of higher revenues being partially offset by higher costs associated with the launch of new high-tech products in NAFTA. EBIT totaled €49 million (€38 million for Q2 2012).

For the first half, Magneti Marelli reported revenues of €3,056 million, up 5% over the same period in 2012.

Trading profit was €80 million and EBIT €81 million (both €66 million for H1 2012).

Teksid

The sector posted revenues of €189 million for the second quarter, a 7% decline over the same period in 2012 attributable to lower volumes for the Cast Iron business unit (-6%) in Europe and NAFTA. For the Aluminum business unit, volumes were up 23% over the prior year.

Teksid closed the quarter with a trading loss of €1 million (trading profit of €3 million in Q2 2012), primarily reflecting the decrease in volumes for the Cast Iron business unit. EBIT was a positive €1 million for the quarter, compared with €4 million in Q2 2012.

For the first half, Teksid recorded revenues of €362 million, a 15% year-over-year decrease attributable to lower volumes for the Cast Iron business unit.

There was a trading loss of €7 million for the first half, compared with a profit of €6 million for the same period in 2012. At EBIT level, the sector reported a €5 million loss, compared with an €8 million profit in H1 2012.

Comau

For Q2 2013, Comau had revenues of €358 million, substantially in line with the second quarter of 2012.

Order intake for Systems totaled €491 million, a 75% increase over the second quarter of 2012 attributable primarily to the Body Welding operations.

Trading profit totaled €11 million, compared with €7 million in Q2 2012, and EBIT totaled €10 million, compared with €6 million. The increase was mainly attributable to the Body Welding operations.

For the first half, revenues came in at €665 million, an 8% year-over-year decrease, attributable primarily to Powertrain Systems and Service activities.

In H1 2013, order intake for Systems totaled €813 million, representing an increase of approximately 18% over the first half of 2012. At 30 June 2013, the order backlog totaled €1,094 million, a 25% increase over year-end 2012.

Comau closed the first half with trading profit of €20 million, doubling the €10 million of the corresponding period in 2012. EBIT was €19 million, compared with €9 million for the same period in 2012.

Significant events

  • On April 9th , Fiat S.p.A. shareholders approved the 2012 Financial Statements and the Motion for Allocation of 2012 Net Result. 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 of €1.2 billion, inclusive of the €259 million in own shares already held.
  • On June 21st, Chrysler Group LLC announced that it took advantage of market conditions and its improved credit profile to reduce the interest rate for its US$3.0 billion Tranche B Term Loan and its undrawn US$1.3 billion revolving credit facility. In addition, certain loan covenants were amended to be consistent with those in the Company’s bond agreement. The interest rate re-pricing is expected to reduce annual interest cost by approximately US$50 million. In addition, a call premium of US$29.5 million was paid in connection with the transaction.
  • On the same date, Fiat S.p.A. signed an agreement for a €2 billion 3-year committed revolving credit facility intended to replace the €1.95 billion 3-year revolving credit facility originally signed in July 2011. The syndication was successfully completed with 19 banks on July 18. As a result of the positive response, the facility was increased as of that date from € 2.0 billion to € 2.1 billion.
  • On June 28th, in connection with its participation in the recapitalization of RCS MediaGroup SpA (RCS) Fiat announced it had purchased 10,700,000 rights on the regulated market entitling it to subscribe to 32,100,000 new RCS ordinary shares. Additionally, Fiat committed to subscribing to its pro rata share of the RCS capital increase for a total of 34,608,429 ordinary shares, as well as purchasing additional rights offered by other members of the RCS shareholder agreement entitling it to subscribe to a further 9,082,788 RCS ordinary shares. In total, Fiat subscribed to 75,791,217 new RCS ordinary shares for a total amount of nearly €94 million (including cost of the rights). Following completion of the RCS capital increase on July 17, Fiat holds 87,327,360 RCS ordinary shares, representing 20.55% of new ordinary share capital.
  • On July 8th, Fiat notified United Auto Workers’ Retiree Medical Benefits Trust (VEBA) of its exercise of its option to purchase a third tranche of the interest held by VEBA in Chrysler Group LLC, representing approximately 3.3% of Chrysler’s outstanding equity. Fiat’s calculation of the net amount payable to purchase this third tranche is US$ 254.7 million. On 3 July 2012, Fiat exercised its option to purchase a first tranche of VEBA’s equity interest in Chrysler, corresponding to approximately 3.3% of Chrysler’s outstanding equity. On 26 September 2012, Fiat sought a declaratory judgment in Delaware Chancery Court to confirm the price to be paid. The determination of the Court is still pending. On 3 January 2013, Fiat exercised its option to purchase a second tranche of VEBA’s equity interest in Chrysler, corresponding to approximately 3.3% of Chrysler’s outstanding equity. Following completion of the purchase of the three tranches, Fiat will hold 68.49% of Chrysler’s outstanding equity.
  • On July 9th, Fiat CEO Sergio Marchionne presented plans for future activities at the plant of Sevel (a 50/50 JV between Fiat and PSA Group for the production of Light Commercial Vehicles) located in Atessa, Italy, where the Ducato is currently produced. Approximately €700 million is to be invested in the existing facility over 5 years. Together with application of World Class Manufacturing standards, this will enable Sevel to further improve its standing as one of the most advanced automotive production facilities in the world.
  • On July 12th, Fiat issued an €850 million bond (fixed coupon 6.75%, due October 2019). 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.

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, 30 July 2013

The Board of Directors met today at the headquarters of Fiat S.p.A in Turin, Italy.

On July 30, at 5.30 p.m. CET, management will hold a conference call to present the 2013 second 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 made available on the website prior to the call.


[1] “Sales” represents sales to end customers as reported by the Chrysler dealer network.

[2] Reflects the aggregate of key markets where the Group competes (i.e. China, India, Australia, Japan, South Korea).

[3]Due to unavailability of market data for Italy since January 2011, the figures reported are an extrapolation and marginal discrepancies with actual data could exist.

Chrysler Group Reports Second-Quarter Net Income of $507 Million

Modified Operating Profit for the Quarter was $808 million, from $755 Million a Year Ago
  • Chrysler Group LLC net income for the second quarter of 2013 was $507 million, an increase of 16 percent from $436 million a year ago
  • Net revenue for the quarter was $18.0 billion, up 7 percent from a year ago
  • Modified Operating Profit(b) increased 7 percent to $808 million in the second quarter, from $755 million a year earlier
  • Free Cash Flow(e) for the second quarter totaled $91 million; Cash(d) as of June 30, 2013, was $11.9 billion, comparable with March 31, 2013, and slightly lower than $12.1 billion a year ago
  • Net Industrial Debt(f) was $656 million at June 30, 2013, up slightly from $619 million at March 31, 2013, and $432 million a year ago
  • Worldwide vehicle shipments were 660,000 for the quarter, up 5 percent from 630,000 a year ago
  • Strong worldwide vehicle sales for the second quarter of 643,000, up 10 percent from a year ago, were driven primarily by a 17 percent increase in U.S. retail sales
  • U.S. market share was 11.4 percent for the second quarter, compared with 11.2 percent a year ago; Chrysler Group market share was 15.1 percent in Canada, up from 14.5 percent a year ago
  • Full-year 2013 Modified Operating Profit and net income guidance revised

July 30, 2013 , Auburn Hills, Mich. – Chrysler Group LLC today reported its preliminary second-quarter 2013 results, including net income of $507 million, an increase of 16 percent from $436 million in the same quarter a year earlier. The second quarter marks the Company’s eighth consecutive quarter of positive net income.

Net revenue was $18.0 billion for the second quarter of 2013, an increase of 7 percent from $16.8 billion for the same period last year, primarily driven by an increase in vehicle shipments, including the new Jeep Grand Cherokee and Ram pickup trucks. Net revenue totaled $33.4 billion for the first half of 2013.

“Chrysler Group is poised for a very strong performance in the second half of the year, with the new Jeep Grand Cherokee and Ram 1500 pickup earning best-in-class recognition, and the all-new Jeep Cherokee now rolling off the line,” Chrysler Group LLC Chairman and CEO Sergio Marchionne said. “As we have highlighted previously, the timing of product launches and capacity increases causes this year’s performance to be biased to the second half, and a continued aggressive drive for excellence and flawless execution will be essential to attain the targets we’ve set for ourselves.”

Modified Operating Profit was $808 million, or 4.5 percent of revenue, in the second quarter, versus $755 million reported in the prior year. The 7 percent increase was primarily due to higher shipment volumes and positive pricing, partially offset by higher industrial and launch-related costs, as well as a $151 million charge related to the voluntary safety recall for the 1993-1998 Jeep Grand Cherokee and the 2002-2007 Jeep Liberty, and the customer satisfaction action for the 1999-2004 Jeep Grand Cherokee. Modified Operating Profit was $1.2 billion for the first half of the year.

Η Fiat είναι Χορηγός του «World Masters Games 2013».

  • Ένας στόλος αυτοκινήτων θα συνοδεύσει τους άνω των 30 ετών αθλητές, που συμμετέχουν στις διεθνείς εκδηλώσεις στο Τορίνο.
  • «Sport for all» είναι η ιδέα που διαπνέει την διοργάνωση, μία έννοια που ακολουθεί την Fiat σε πολλούς τομείς.

Η Fiat συμμετέχει, ως Χορηγός, στα «Masters World Games 2013», που θα πραγματοποιηθούν στο Τορίνο 2-11 Αύγουστου. Είναι η πιο σημαντική παγκόσμια αθλητική εκδήλωση αφιερωμένη στους αθλητές που έχουν ξεπεράσει τα 30 έτη ηλικίας, που διοργανώνεται κάθε 4 χρόνια, συμπεριλαμβάνοντας τους τριπλάσιους συμμετέχοντες από τους θερινούς Ολυμπιακούς αγώνες. Η Fiat προσφέρει στους διοργανωτές ένα στόλο οχημάτων που αποτελείται από το Freemont, το 500L Living, το Qubo και το Panda.

Στο πνεύμα του «Sport for All», ο Όμιλος Fiat πάντα υποστήριζε τον κόσμο του αθλητισμού: οι διάφορες μάρκες έχουν συνδέσει την εικόνα τους με πολλά αθλητικά γεγονότα και αθλήματα, όπως ποδόσφαιρο, μπάσκετ, ιστιοπλοΐα, αγώνες αυτοκινήτων, αγώνες μοτοσικλέτας, ράγκμπι, πυγμαχία, ξιφασκία και τα χειμερινά σπορ στο χιόνι και τον πάγο.

Οι κύριες χορηγίες τα τελευταία χρόνια περιλαμβάνουν τους χειμερινούς Ολυμπιακούς Αγώνες στο Τορίνο το 2006, όταν ο Όμιλος Fiat προσέφερε περισσότερα από 3.000 αυτοκίνητα και 1.200 πούλμαν ως Κύριος Χορηγός. Επιπλέον η Fiat είναι υπερήφανος Χορηγός των ιταλικών εθνικών ομάδων ποδοσφαίρου μέχρι το 2014 και θα συνοδεύσει τις ομάδες στους αγώνες του Παγκοσμίου Κυπέλλου στη Βραζιλία. Η Fiat θα είναι στο πλευρό των Ιταλών αθλητών για μια ακόμη φορά το 2014 στους Χειμερινούς Ολυμπιακούς Αγώνες στο Σότσι (Ρωσία), παρέχοντάς τους ένα στόλο από αυτοκίνητα που φέρουν ειδικά σχέδια που συνδέονται με την Ιταλική Ολυμπιακή Επιτροπή, της οποίας η μάρκα είναι Επίσημος Χορηγός για την τριετή περίοδο 2012-2014.