MILAN – “Today is a special day for the first time in their history, Fiat and Chrysler held the meeting in a place other than the United States and Italy. It is a detail of little importance , is a sign that with Fca everything changed, forever. ” With these words, John Elkann, chairman of Fca, opened the meeting of shareholders held in Amsterdam. After the merger between the Lingotto and the home of Detroit, in fact, the registered office of the group has moved to Holland, while the tax is in the UK. Already with CNH Industrial, ie the company of agricultural machinery, was adopted the same corporate structure. It was un’assise-flash, terminated after less than two hours and with a final applause. The CEO, Sergio Marchionne, joked with Elkann at the end: “Yesterday (Assembly of CNH Industrial) there was no applause. The next time I carry myself a claque”. Assembly of Fca were 17 shareholders, 11 of which representatives of Exor. “I especially thank those who came from far away to participate in the work,” said Elkann.
Back in Turin, Marchionne has presented the new compensation plan to the unions: The total cost for Fca will be more than 600 million euro. The goal, Fca explains, “is to involve all the people directly to the results of productivity, quality and profitability within the business plan 2015-2018″. A model already used in Ferrari and copied from Volkswagen and Porsche. The new pay system has two additional elements to the base salary: an annual bonus that will be calculated on the results of production efficiency with an average value of 5% of base salary, and, in cases of over performance, can reach a maximum of 7.2%. And a second quarterly bonus linked to the achievement of financial results for the EMEA area, including premium brands Alfa Romeo and Maserati, contained in the Strategic Plan 2015-18. The total compensation for the four-year period is equal to 12% of base salary which may go, in case of over performance, to 20%. Considering the length of time of the plan, a portion of the bonus (equal to 6% of base salary) will be paid quarterly starting as early as 2015. In early 2019, once verified the results, the workers will receive the rest of the bonus that, maximum values of the plan, will then get to 14% of base salary. If the achievement of expected results, for an employee’s average level of contract as a skilled worker, earn up to 7 thousand euro more in four years . And if the performance had to be even higher, the bonus will grow up to 10,700 euro .
In his speech in meeting , the president had said that “ 2015 is a crucial year ” recalling “challenges” that await the group: “Enhancing our brands and hit sales targets established in each market, lead to levels of excellence establishments, implement step by step the ambitious development program that provides for the launch of 80 new models by 2015. “
This was echoed by the CEO Sergio Marchionne, who turned to the past:” We closed 2014 with strong results and in line with our expectations. ” The manager reminded data deliveries of the year, the record of that Jeep has sold over one million units and the new products launched by the group. All this on the very day in which the market data show a consistent growth for Fca in Europe in March, seasoned by a promotion by analysts at Goldman Sachs.
Focus: Fca with luxury flies Europe
Fca confirmed its financial targets in the year 2015 and aims to deliver between 4.8 million and 5 million units, net sales of around EUR 108 billion and a net profit of 1 to 1 , 2 billion euro. The manager explained that the group also expects to achieve an EBIT in the gap between 4.1 and 4.5 billion euro and to close the year with net industrial debt between 7.5 and 8 billion euro. “For the moment, no, we do not have plans.” So then answered in a small Italian shareholder who asked if after Ferrari is expected to be listed by other group companies.
“The results of Fca in Europe in the first quarter of this year are in line with the fourth quarter last year, when the European activities of the group recorded an EBIT of EUR 32 million, “said Marchionne. “We are at the beginning of the use of plants in Europe, when they go to the regime will change the results of operations.” Nothing new partner instead on coming, while Marchionne spoke of new recruits arriving in Italy. “Obviously – responded Marchionne on the possibility of new hires – and when we will be announcing details”. “
Marchionne is then returned to talk of Ferrari.” I can not answer, because we have not decided yet. “This responding to journalists who asked if next year also held the Ferrari asemblea shareholders in Amsterdam, which implies the transfer of the registered office of the company in the Dutch city, as has already happened for Industrial and CNH Fca. As for ‘ introduction of a mechanism of loyalty shares for Ferrari, Marchionne said that “it worked well. We are investigating “the issue.
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