16:54 January 28, 2015
FCA closed 2014 with a strong performance, in line with the target. Revenues grew 11% to 96.1 billion Euros and EBIT, excluding unusual items, and ‘rose to 3.7 billion euro. Net income and ’632 million euro.
Net industrial debt at the end of 2014 and’ amounted to 7.7 billion euro to 2.3 billion euro benefiting from capital transactions carried out in ‘ last quarter. The vehicles were delivered globally 4.6 million, an increase of 6% thanks to the performance in NAFTA, APAC and EMEA.
Volumes record for the Jeep brand with more than a million vehicles sold at globale.I Revenues rose 11% to 96.1 billion euro (+ 12% to equal ‘currency translation). EBIT and ‘amounted to 3.223 billion euro, an increase of 7% (+ 9% equal’ currency translation).
Excluding unusual items, EBIT and ‘amounted to 3.651 million euro (+ 4%) with strong improvements for APAC, EMEA and Maserati, which in the last quarter has made a profit of 28 million euro. NAFTA and ‘substantially in line with 2013, while the result of LATAM was affected by the weakness of the market. Net income and ‘amounted to 632 million euro compared to the 1.951 billion euro a year earlier. Excluding unusual items, net income and ‘equal to 955 million euro, a slight improvement compared to 2013. Net industrial debt at year end and’ equal to € 7.7 billion after the issuance of convertible bonds of $ 2.9 billion, the placement of 100 million common shares and the repurchase of those arising from the recesses resulting from the merger of Fiat SpA in FCA NV. The Liquidity ‘overall available, including unused credit lines of 3.2 billion euro, and it’ amounted to 26.2 billion euro. In 2014, net revenues, in particular, rose by 9.5 billion euro compared to 2013 (+ 11%, + 12% to equal ‘exchange basis), amounting to 96.1 billion euro, driven by the good performance of NAFTA (+ 15%), APAC (+ 34%) an d Maserati (+ 67%), in addition to the growth registered by EMEA (+ 4%) and Components (+ 7%). These increases were partially offset by the 13% drop recorded in LATAM (-7% to equal ‘exchange basis) due to the decrease in deliveries by 13% due to the continuing weak demand in major markets of the region. EBIT in 2014 and ‘amounted to 3.223 billion euro, an increase of 7% (+ 9% to equal’ exchange basis) compared to 3.002 billion euro in 2013. The EBIT includes net unusual for 2014 amounted to 428 million euro, compared to 519 million euro in 2013. In 2014
unusual items mainly relate to the burden of € 495 million under an agreement with the UAW signed by Chrysler (now FCA US) January 21, 2014, the burden of 98 million euro resulting from the negative impact of the devaluation of the Venezuelan Bolivar (VEF), net of non-cash and unusual income not taxable to 223 million euro corresponding to fair value of the options on about 10% stake in Chrysler, whi ch was part of the share of 41.5% which Fiat acquired by VEBA Trust January 21
2014. In 2013, the unusual items included € 390 million related to write-downs of activity ‘mainly due to the rationalization of architectures related to the new product strategy, in addition to charges of € 56 million resulting from the devaluation of rights regarding the Equity Recapture Agreement as a result of the acquisition of the minority stake in Chrysler and EUR 43 million related to the devaluation of the VEF. EBIT adjusted for these unusual items and ‘grew by € 130 million thanks to strong improvements from APAC and Maserati, with EMEA which reduced losses of € 198 million due to higher volumes, a better mix of product and industrial efficiency and purchases. In LATAM, EBIT adjusted for unusual items and ‘decreased by € 330 million due to lower volumes, the impact was negative for 51 million euro, the change in foreign exchange rates and the costs of st art-up the plant in Pernambuco for 45 million euro. NAFTA has basically confirmed the result of 2013, despite the impact of higher costs for warranty and recall campaigns. Net financial expenses amounted to 2,047 million euro, an increase of 60 million euro compared to 2013: the impact of the higher level of average debt and ‘was only partially offset by the benefits resulting from the refinancing of FCA US (formerly named Chrysler) completed in February.
Excluding the impact of equity swaps related to stock option plans, which expired in the fourth quarter of 2013 (profit of 31 million euro in 2013), the Net financial expenses are substantially in line with those of 2013. Income taxes amounted to € 544 million compared to a positive amount of EUR 936 million in 2013 which included the recognition of net deferred tax assets by FCA totaling US 1.5 billion euro. Excluding this benefit, in 2013 you would have recorded a tax expense amounted to 564 million euro. Th e most deferred tax expense charged to the 2014 for the use of part of the deferred tax assets in 2013 and ‘was largely offset by gains in taxation’ deferred that were not present in 2013. Net income for the 2014 and ‘ amounted to 632 million euro, of which 568 million attributable to owners of the parent. Excluding unusual items, net income and ‘amounting to EUR 955 million (compared to € 943 million in 2013, restated for the retroactive effect of the adoption of IFRS 11, excluding unusual items and the positive impact on taxation ‘deferred 1.5 billion euro above). Net industrial debt at 31 December 2014 and ‘equal to € 7.7 billion, compared to EUR 7.0 billion at December 31, 2013 (restated for the retroactive effect of the adoption of IFRS 11′ impact of 0, 4 billion euro). Excluding the effect of the acquisition of the minority stake in Chrysler and capital transactions completed in the fourth quarter of 2014, net industrial de bt and ‘grew by 0.3 billion euro. During the year, investments in activities ‘tangible and intangible assets, amounted to 8.1 billion Euros were almost entirely covered by the cash flow generated by the activities’ operating. At 31 December 2014, the liquidity ‘overall available, including unused credit lines of 3.2 billion euro (unchanged equal’ currency translation compared to 2013), and ‘amounted to 26.2 billion euro, an increase of EUR 3.5 billion compared to the end of 2013. The difference mainly reflects the 3.1 billion euro collected as a result of the aforementioned capital transactions completed in December 2014, the net increase of EUR 1.5 billion of medium-term loans (mainly in Brazil) and the positive impact of changes in foreign exchange rates to 1.3 billion Euros, only partly offset in outlay of 2.7 billion euro, for the acquisition of minority stake in Chrysler. DividendiIl Board of Directors has decided not to recommend the payment of a dividend on ordinary shares in order to further strengthen the financial means to support the five-year plan of the Group on 6 May 2014. Prospects for 2015 The Group sets the following targets for the 2015: – Deliveries globally in a range between 4.8 and 5.0 million vehicles; – Revenues of approximately 108 billion euro; – EBIT in a range between 4.1 and 4.5 billion euro; – Net profit in a range between 1.0 and 1.2 billion euro, with earnings per share (EPS) in the range of 0.64 and 0.77 euro; – Net industrial debt in a range between 7.5 and 8.0 billion euro. The amounts above do not include any impact from the operations relating to Ferrari previously announced.
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