2016 record for Fiat Chrysler Automobiles and the title puts the turbo at Piazza Affari (+3.33% to 10,55 euro). The car manufacturer, the italo-american, has ended the year with an adjusted net profit expansion of 47% to 2,516 billion euros, beating the expectations of the consensus Bloomberg 2,278 billion, despite a fourth quarter marked by a decline of 48% to 539 million.
Slightly under the expected revenues, which in the whole of the year remained essentially stable at 111,018 mliardi euros (consent to 111,315 billion), with 29,719 billion (+1%) in the fourth quarter, with global delivery, a total that amounted to 4,72 million vehicles, in line with the previous year. Excellent values, instead, at the operating level, with ebit adjusted, that is increased in the twelve months of the 26% 6,056 billion, also in this case, well above forecasts of the analysts at 5,555 billion, and despite a last quarter of the year and more moderate (+1% to 1,549 billion).
net industrial debt of the company fell to 4,585 billion euros, compared to 5,049 billion at 31 December 2015 is to 6,514 billion on 30 September 2016. All thanks to cash generation in the industrial, net investments to € 8.8 billion, was $ 1.8 billion, and regardless of the negative effect of exchange rates for € 1.1 billion, primarily attributable to the strengthening of the brazilian real. It has also reduced the total debt, the past in a year from 27,786 billion at the end of 2015 to 24,048 billion. Solid liquidity available at the end of the year was 23.8 billion euros.
Looking at individual regions, the performance in North America proved to be in line with what was expected by analysts, or an operation strengthened with an adjusted ebit increased by 15% year-on-year to 5,133 billion and a margin of 7.4% (+100 basis points), thanks to the improvement of the product mix, purchasing efficiencies and lower warranty costs, offset in part by lower volumes, by higher product costs related to the enrichment of the contents of the vehicles and by increased costs of production.
following the trend in the region Nafts, according to what was announced by the same Us subsidiary of the group, Fca Us will deliver on the 17th of February to the approximately 40 thousand employees, trade union members Uaw a bonus average participation to company earnings to 5 million dollars. The subsidiary has also reiterated the commitment in the completion of the first phase of the plan of industrialisation, characterised in particular by the modernization of the plants in Michigan, Illinois and Ohio. In this regard, Fca Us will invest $ 2.5 billion, creating nearly 1,700 jobs, with the objective of completing all of the initiatives in the program by the beginning of 2018.
Latin America has confirmed a market that is suffering, with revenue down 4% to 6,197 billion, but, also in this case, interventions at the level of the price/mix have allowed us to achieve a substantial improvement in ebit, as adjusted, has gone from red to 87 million a year ago to a surplus of 5 million, with a margin of 0.1%. However, the chief financial officer of Fca , Richard Palmer, said to predict a “recovery” of the turnover in Latin America in the second half of the year, while being “prepared to trend slower on the brazilian market”.
In the Apac region, there was a decrease in deliveries attributable to the transition to the production of Jeeps in China to a local joint venture. Deliveries total, or taking of the vehicles produced by the joint venture, reported that there was an increase of 23% to 233 thousand units. The performance in other areas has been reflected in this case: the adjusted ebit jumped 102% to 105 million, with a incedenza on sales passed from 1.1% to 2.9%.
To put the crown to 2016 is the performance of the erea Emea, where the group has delivered 14% of the car, with revenue expansion of 9% 21,860 billion, an ebit-adjusted 540 million (+157%) and a margin of 2.5% (+150 base points). The share of the market in Europe for cars, it is also grown by 40 basis points to 6.5% and 30 basis points to 11.6% for light commercial vehicles.
with regard To the current financial year, the company has estimated net revenues of between 115 and 120 billion euros (consent to euro 114.7 billion), an ebit of more than 7 billion (consensus 6.4 billion), an adjusted net profit exceeding 3 billion (expected to 2,84 billion) and a substantial reduction in net industrial debt, which is expected to fall below 2.5 billion euros (forecast at 4.2 billion).
“The target for 2017 confirmed the conviction of the group in the achievement of objectives for 2018,” he reiterated Fca which is moving with determination towards the realization of its business plan. Reiterated today, the group ceo, Sergio Marchionne, during a conference call that followed the publication of accounts has pointed out how they have been taken, “all the decisions of the industrial need, and our goal is to implement the plan.” A path 2014-2018 that, to date, has already been completed for 60%.
Watching the events of thorny that have involved the company in the last few weeks, the number one Fca said that the group is “in the middle of a confrontation intense” with the U.s. agency for environmental protection (Epa) on the issue of the emissions of some vehicles with diesel engines. “The discussions are going forward well,” he continued, “we’ll get to a conclusion soon enough.”
Marchionne has also confirmed his satisfaction with the re-launch of Alfa Romeo, a task which has absorbed, for today, approximately 2.5 billion, and the contribution is expected in the long term. However, the investment will be allocated to Alfa, about 5 billion, is intended, according to the ceo, to produce benefits also for other brands such as Maserati, Jeep and Dodge. Denied, finally, a discussion of a possible transaction with General Motors, “is not on the table”, he repeated to the top manager.
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