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20 Novembre, 2010
Q2 2013 Results Review
July 30, 2013
July 30, 2013 Q2 2013 Results Review 2
Cer ta i n i n fo rmat i on i nc l uded i n th i s p r esenta t i on ,
i nc l ud i ng , w i thout l im i ta t i on , any f o recas t s i nc l uded
he re i n , i s f o rwa rd l ook i ng and i s sub j ec t t o impo r tan t
r i sks and unce r ta i n t i e s tha t c ou l d cause a c tua l resu l t s
t o d i f f e r mate r i a l l y . The Group ‟ s bus i nesses i nc l ude
i t s au t omot i ve , au t omot i ve - re l a ted and o the r sec t o rs ,
and i t s ou t l ook i s p r edominant l y ba sed on i t s
i n te rp re ta t i on o f wha t i t cons i der s t o be the key
economi c f ac to r s a f f ec t i ng t hese bus i nesses . Fo rwa rd -
l ook i ng s ta tements w i th r ega rd to the G roup ' s
bus i nesses i nvo l ve a number o f impo r tan t f ac to rs tha t
a r e sub jec t t o change, i nc l ud i ng , bu t no t l im i ted to :
the many i n te r r e l a ted f ac to rs tha t a f fe c t consumer
con f i dence and wo r l dw ide demand fo r au t omot i ve and
au tomot i ve - re l a ted produc t s and changes i n consumer
pre fe rences tha t cou l d reduce re l a t i ve demand fo r the
Group ‟ s p roduc t s ; gove rnmenta l p r og rams ; gene ra l
e conomi c cond i t i ons i n each o f the Group ' s ma rket s ;
l eg i s l a t i on , pa r t i cu l a r l y tha t re l a t i ng to au tomot i ve -
r e l a ted i s sues , the env i r onment , t r ade and commerce
and i n f ras t ruc t u re deve l opment ; a c t i ons o f
c ompet i t o rs i n the va r i ous i ndus t r i es i n wh i ch the
G roup competes ; p roduc t i on d i f f i cu l t i es , i nc l ud i ng
capac i t y and supp ly cons t ra i n t s , excess i nvento ry
l eve l s , and the impac t o f veh i c l e de fec t s and/o r
p roduc t reca l l s ; l abo r r e l a t i ons ; i n te res t ra tes and
cu r r ency exchange r a tes ; ou r ab i l i ty t o rea l i ze
bene f i t s and syne rg ie s f rom ou r g l oba l a l l i ance among
the Group ‟ s members ; subs tan t i a l debt and l im i t s on
l i qu i d i t y tha t may l im i t ou r ab i l i t y t o execute the
Group ‟ s combined bus i ness p l ans ; po l i t i c a l and c i v i l
un res t ; ea r thquakes and o the r r i sks and uncer ta i n t i es .
Any o f the assumpt i ons unde r l y i ng th i s p resent a t i on o r
any o f the c i r cumstances o r da ta ment i oned i n th i s
p r esenta t i on may change . Any fo rwa rd - l ook i ng
s ta t ements c onta i ned i n th i s p resent a t i on speak on l y
a s o f the da te o f th i s p r esenta t i on . We exp ress l y
d i s c l a im a duty t o p rov i de upda tes t o any f o rwa rd -
l ook i ng s ta t ements . F i a t does not a ssume and
exp ress l y d i s c l a ims any l i ab i l i t y i n connec t i on w i th
any i nac cu ra c i es i n any o f these f o rwa rd - l ook i ng
s ta t ements o r i n connec t i on w i th any use by any th i rd
pa r ty o f such f o rwa rd - l ook i ng s ta t ements . Th i s
p r esenta t i on does not r ep resent i nves tment adv i ce o r
a recommendat i on f or t he pu rchase o r sa l e o f f i nanc i a l
p r oduc t s and/o r o f any k i nd o f f i nanc i a l se rv i ces .
F i na l l y , th i s p resent a t i on does not r ep resent an
i nves tment so l i c i t a t i on i n I t a l y , pu rsuant t o Sec t i on 1 ,
l e t t e r ( t ) o f Leg i s l a t i ve Dec ree no . 58 o f F eb rua ry 24 ,
1998, as amended, no r does i t r ep resent a s im i l a r
so l i c i t a t i on as c ontempl a ted by t he l aws i n any o the r
c oun t r y o r s t a te .
Safe Harbor Statement
July 30, 2013 Q2 2013 Results Review 3
Q2 „13 Executive summary
• Worldwide shipments for mass-market car brands up 5% year-over-year to 1.2mn units
Double-digit growth for LATAM & APAC, NAFTA up 4%, and EMEA down 5%
• Strong quarterly results, underpinning unchanged FY guidance
Revenues at €22.3bn
Trading profit in excess of €1.0bn
EBIT of €1.1bn
Net profit of €435mn
Net industrial debt reduced to €6.7bn
Available liquidity strong at €21bn (including €3.0bn in undrawn committed credit lines)
• Group successfully concluded several transactions in debt capital markets
Chrysler successfully re-priced its $3.0bn term loan and $1.3bn undrawn credit facility, while amending certain loan covenants to be consistent with Company‟s bond agreement
Fiat renewed its 3-year €2.0bn revolving credit facility, subsequently increased to €2.1bn
At beginning of July, Fiat issued a 6-year €850mn bond under GMTN program (6.75% fixed coupon)
• VEBA
On July 8, Fiat notified VEBA of its exercise of its option to purchase a third tranche of interest held by VEBA in Chrysler Group LLC, representing ~3.3% of Chrysler‟s outstanding equity, for ~$255mn (following completion of purchase of 3 tranches, Fiat to hold 68.49% of Chrysler‟s outstanding equity)
Chrysler continuing to work on preparation for eventual IPO
July 30, 2013 Q2 2013 Results Review 4
• Unabated implementation of
WCM program continuing
across Group‟s plants
Integrated manufacturing
methodology applying highest
worldwide standards in safety,
environment, maintenance, logistics
and quality
• Pomigliano plant received
“Gold” award in Q2
Group‟s 1st assembly plant to
receive this prestigious recognition
MAJOR ACHIEVEMENTS TO DATE
September
KEY STEPS
June
November
June
“Bronze” status
“Silver” status
“Gold” status
Received prestigious international “Automotive Lean Production 2012” award in OEM category
• Safety front and center
540+ days without any injuries
• Strong commitment from shop floor to top management
100% people involvement
34 suggestions for improvement per person in 2012
• Significant improvement in product quality
Wide application of tools for process control
New Panda recording best quality tracking index among peers
• Environmental impact strongly reduced
CO2 emissions (tons/car) down 50% vs. 2007 levels
Waste (kg/car) reduced by 70% vs. 2007 levels
• Yearly percent savings (as percent of transformation costs) at Pomigliano plant above Group‟s average
World Class Manufacturing Pomigliano plant – Striving for excellence
July 30, 2013 Q2 2013 Results Review 5
21,524
Q2 „13 Q2 „12
Net profit (€mn)
Net industrial debt (€bn)
Liquidity (€bn)
Trading profit (€mn)
EBIT (€mn)
947 1,029
932 1,057
Cash & Mktable Securities
Undrawn committed credit lines
Net revenues (€mn)
239
435
6.7
Mar 31 „13
7.1
3.0
21.3 21.0
3.0
18.3 18.0
• Group revenues increased 4% driven by NAFTA, APAC and LATAM (EMEA reporting a 3% contraction) with double-digit growth for Luxury and Performance
• A 9% improvement in nominal terms (+12% at
constant exchange rates)
Trading margin of 4.6%
• Mass-market brands
NAFTA: €668mn (+5.8% margin)
LATAM: €224mn (+7.9% margin)
APAC: €99mn (+8.9% margin)
EMEA: -€98mn (-2.1% margin)
• Luxury & Performance Brands: €105mn
(+11.9% margin)
• Components: €60mn (+2.8% margin)
• Mass-market brands
NAFTA: €733mn
LATAM: €224mn
APAC: €76mn
EMEA: -€74mn
• Luxury and Performance brands: €105mn
• Components: €60mn
• Profit of €142mn attributable to owners of the parent
(€32mn profit for Q2 2012)
• Loss of €247mn, in line with Q2 2012, for Fiat excl.
Chrysler
• Income taxes of €120mn
Fiat excl. Chrysler amounted to €89mn related
primarily to taxable income of companies operating
outside Italy and employment-related taxes in Italy
• Reduction in net industrial debt mainly driven by positive operating cash flow for Fiat ex Chrysler
• Group liquidity inclusive of undrawn credit lines in line with Q1 levels despite a significant impact in negative currency translation
• Fiat excl. Chrysler at €10.9bn (€11.0bn at end Q1)
• Chrysler at €10.1bn (unchanged over Q1-end in local currency at $13.2bn including $1.3bn in undrawn committed lines)
Q2 „13
Q2 „13 Q2 „12 (1)
Q2 „13
Jun 30 „13
Mar 31 „13 Jun 30 „13
22,325
(1) Restated for adoption of IAS 19 as amended (Trading Profit/EBIT reduced by €63mn; Net Profit reduced by €119mn) Note: Graphs not to scale
Q2 „12 (1)
Q2 „12 (1)
Q2 „13 financial highlights All regions contributing to improvement in profitability
July 30, 2013 Q2 2013 Results Review 6
11.0
2.6 0.8
4.9
0.8 2.0
(0.6)
21.5
11.5
2.8 1.1
4.8
0.9 2.1
(0.9)
22.3
NAFTA LATAM APAC EMEA Ferrari &Maserati
Components Other &Eliminations
Fiat Group
MASS-MARKET BRANDS
687
238 60
(184)
104 47
(20)
932 733
224 76
(74)
105 60
(67)
1,057
NAFTA LATAM APAC EMEA Ferrari &Maserati
Components Other &Eliminations
Fiat Group
MASS-MARKET BRANDS
Q2 2012 Q2 2013
(1) 2012 restated for adoption of IAS 19 as amended (NAFTA: -€57mn; Components: -€1; Eliminations and Adjustments: -€6mn)
Note: Graphs not to scale
Group revenues up 4% (+6% at constant exchange rates)
• NAFTA up 5% (+7% in USD terms)
• LATAM up 8% (+15% at constant exchange rates)
• APAC up 46%
• EMEA down 3%
• Luxury and Performance brands up 14%, driven by Maserati
EBIT performance reflecting further reduction in trading losses in EMEA, a strong performance in APAC with results in NAFTA and LATAM supportive of FY Group target
• NAFTA up 7%
• LATAM in line with Q2 2012 net of unfavorable currency translation impacts
• APAC up 27%
• Net of unusuals, EBIT losses in EMEA reduced by €34mn
• Luxury and Performance brands in line with Q2 2012
(1) (1) (1)
(1)
Q2 „13 financial highlights Performance by segment
EBIT before unusuals • 2012: €(93)mn • 2013: €(59)mn
EBIT before unusuals • 2012: €999mn • 2013: €1,045mn
EBIT before unusuals • 2012: €660mn • 2013: €667mn
July 30, 2013 Q2 2013 Results Review 7
Note
(1) Restated for adoption of IAS 19 as amended (Trading Profit/EBIT reduced by €63mn; Profit before Taxes/Net Profit reduced by €119mn)
(2) “Financial charges, net” includes a €21mn gain from the mark-to-market value of stock option-related equity swaps (€9mn loss in Q2 „12)
€mn (unless otherwise stated)
Fiat Group Fiat ex Chrysler
Q2 „13 Q2 „12 (1) Q2 „13 Q2 „12 (1)
Worldwide Shipments (mass-market brands - Units „000)
1,155 1,102 530 507
Net Revenues 22,325 21,524 9,404 9,240
Trading Profit % of revenues
1,029 +4.6%
947 +4.4%
125 +1.3%
138 +1.5%
Investment income, net 16 52 20 52
EBIT BEFORE UNUSUALS 1,045 999 145 190
Unusual items, net 12 (67) (55) (94)
EBIT 1,057 932 90 96
EBITDA 2,199 1,973 677 610
Financial charges, net 2) (502) (519) (248) (252)
Pre-tax result 555 413 (158) (156)
Taxes (120) (174) (89) (92)
Net result 435 239 (247) (248)
Q2 „13 From trading profit to net result
July 30, 2013 Q2 2013 Results Review 8
(€mn)
Salaried pension plans freeze
166
NHTSA recall request (115)
Other, net (39)
TOTAL UNUSUAL ITEMS 12
Breakdown of unusual items Q2 2013
SALARIED PENSION PLANS FREEZE
• Chrysler Group amended its U.S. and Canadian salaried defined benefit pension plans to cease accrual of future benefits (effective Dec 31, 2013 and Dec 31, 2014, respectively) and enhance retirement factors
Going forward, impacted employees will be covered by existing defined contribution plans
• Plan changes resulted in a curtailment gain and plan amendments which were recognized as a €166mn ($218mn) net reduction to pension obligation with a corresponding gain in Q2 2013
Under U.S. GAAP, curtailment gain and plan amendments were a net reduction to pension obligation offset in accumulated other comprehensive income
PROVISION FOLLOWING NHTSA RECALL REQUEST
• Charge of €115mn ($151mn) related to voluntary safety recall for 1993-1998 Jeep Grand Cherokee and 2002-2007 Jeep Liberty as well as customer satisfaction action for 1999-2004 Jeep Grand Cherokee
July 30, 2013 Q2 2013 Results Review 9
Q2 „13 net industrial debt walk
Change in Net Industrial Debt +394
Cash Flow from operating activities, net of Capex +219
€mn
(7,105) (6,711)
March 31, 2013
June 30, 2013
Industrial EBITDA
Financial Charges & Taxes
Change in Funds & Other
Working capital
Capex Investments, Scope & Other
Capital increase /Repos/
Dividends
FX translation
effect
2,162
(578)
648
(1,904)
2 82 (109)
91
• For Fiat excl. Chrysler, net industrial debt decreased €0.3bn over March-end to €5.4bn
Cash from operating activities (including a seasonally positive contribution from working capital) exceeded Capex of €0.9bn
• Chrysler reduced net industrial debt by €0.1bn to €1.3bn
Capex covered by cash from operating activities
MASS-MARKET BRANDS BY REGION
LUXURY AND PERFORMANCE BRANDS
COMPONENTS AND
PRODUCTION SYSTEMS
BUSINESS ENVIRONMENT OVERVIEW
2013 GUIDANCE
1
2
3
4
5
11 July 30, 2013 Q2 2013 Results Review
TOTAL NAFTA Q2 „13 Q2 „12
Shipments (k units)
572 549
Revenues (€mn)
11,497 10,979
Trading Profit (1)
(€mn) 668 660
EBIT (1)
(€mn) 733 687
Mass-market brands Highlights
FINANCIAL PERFORMANCE
• Generally good trading conditions in the region with Group outpacing growing U.S. and Canada markets
• Revenues up 5% (+7% in USD terms) primarily due to higher shipment volumes
• Slight increase in trading profit reflecting impact of higher shipments and improved pricing partly offset by increased industrial costs related to new product launches and content enhancements
Trading margin down 20bps to 5.8%
• EBIT up €46mn mostly due to unusual items
Charge related to voluntary safety recall for 1993-1998 Jeep Grand Cherokee and 2002-2007 Jeep Liberty as well as customer satisfaction action for 1999-2004 Jeep Grand Cherokee
Net gain resulting from freeze of U.S. and Canadian salaried employee defined benefit pension plans effective Dec 31, 2013, and Dec 31, 2014, respectively
COMMERCIAL PERFORMANCE & HIGHLIGHTS
• Shipments up 4%
U.S.: 468k vehicles (+5%)
Canada: 80k (+9%)
Mexico: 21k (-11%)
• Group vehicle sales up 10% to 582k units, with U.S. up 10% and Canada up 9%
• U.S. & Canada combined sales
Ram +29%; Dodge +16%; Jeep +1%; Fiat -2%; Chrysler -4%
• U.S. dealer inventory at 68 days supply (1) 2012 restated for adoption of IAS 19 as amended
12 July 30, 2013 Q2 2013 Results Review
Mass-market brands EBIT walk
€mn • Volume increase of 23k units primarily related to new vehicle launches, partly offset by lack of Jeep Liberty production in 2013
• Positive mix primarily reflecting higher retail volumes
• Positive net price partly driven by vehicle content enhancements on recent launches
• Industrial costs impacted by key product launches and content enhancements
• SG&A increased to support business growth
• Other includes a charge related to Jeep voluntary safety recall / customer satisfaction action and a net benefit as a result of U.S. and Canadian salaried employee defined benefit pension plan changes
687 733
123
211
(241) (46) (1)
Q2 2012 (1) Net price Industrial costs
SG&A Investments / FX / Other
Q2 2013 Volume & Mix
(1) 2012 restated for adoption of IAS 19 as amended
13 July 30, 2013 Q2 2013 Results Review
9.4 10.6
11.2 11.4
12.9
14.9 14.5 15.1
*Company calculation; retail sales (excluding fleet) versus industry retail sales (excluding fleet)
Mass-market brands Market trends & business dynamics
Q3 Q2 Q4 Q2 Q1 Q3 Q4 Q1
2010 2011
QUARTERLY MARKET SHARE
(%)
INDUSTRY VOLUME (MN UNITS)
0.51 0.54
Q2 '12 Q2 '13
3.9 4.2
Q2 '12 Q2 '13
Q2
U.S.
• Q2 „13 industry up 8% vs. prior year
Cars +4%; Trucks +12%
• Q2 Group sales up 10% vs. a year ago
Ram brand posting best Q2 sales since 2007
June marked the 39th consecutive month of year-over-year sales gains
Best June sales since 2007
• Market share up 20 bps, driven by a 17% increase in retail (excl. fleet) sales
Retail of retail market share* at 11.0%, up 70 bps
Fleet mix at 22%, down from 27% in Q2 „12
CANADA
• Q2 „13 industry up 5% vs. prior year
Cars -0.5%; Trucks +9%
• Q2 „13 Group sales up 9% vs. a year ago
June marked the 43rd consecutive month of year-over-year sales growth (longest streak in company‟s history)
June passenger car sales up 46% in June, confirming Chrysler Canada as #1 seller of mid-size cars in Canada
• Market share up 60 bps vs. prior year
Gain driven by strong performance for Dodge Dart, Dodge Avenger, Jeep Compass and Ram 1500 pickup
Retail of retail* market share at 12.6%, up 40 bps
Q3 Q4 Q1
2013
Q2
2012
14 July 30, 2013 Q2 2013 Results Review
TOTAL LATAM Q2 „13 Q2 „12
Shipments (k units)
258 226
Revenues (€mn)
2,839 2,624
Trading Profit (€mn)
224 238
EBIT (€mn)
224 238
Mass-market brands Highlights
FINANCIAL PERFORMANCE
• Quarter characterized by strong industry (+9%), particularly Brazil and Argentina, and generally good trading conditions throughout the region
Brazil up 7%, best Q2 ever (H1: +5% to 1.7mn units, all-time industry record)
Argentina up 21%
Other LATAM countries up 8%
• Revenues up 8% (+15% at constant exchange rates) driven by volume growth
• Trading profit in line with last year‟s level, net of unfavorable currency translation
Positive impact of higher volumes and favorable mix compensating for inflationary increases in industrial costs and SG&A
Trading margin at 7.9% (9.1% in Q2 „12)
COMMERCIAL PERFORMANCE & HIGHLIGHTS
• Total Group shipments up 14%
Brazil: 215k shipments (+11%)
Argentina: 29k shipments (+46%)
Other LATAM markets: 14k shipments (+14%)
• Strong sales performance in quarter (+10%)
• Company & dealer inventory slightly increased to support H2 seasonality, in line with competition
15 July 30, 2013 Q2 2013 Results Review
Mass-market brands EBIT walk
€mn
238 224
94 46
(113) (19)
(22)
Q2 2012 Net price Industrial costs
SG&A Investments FX / Other
Q2 2013 Volume & Mix
• Better volume and mix on the back of 32k increase in shipments, mainly driven by strong performance in Brazil
• Positive price impact driven by select model price repositioning and new product initiatives
• Higher industrial costs due to higher labor cost and less favorable production mix (Argentina vs. Brazil)
• Higher SG&A driven by new advertising campaigns in Brazil
• Other mainly related to FX translation impact
16 July 30, 2013 Q2 2013 Results Review
REGIONAL OVERVIEW
Brazil
• Strengthened leadership in Brazil market (now 350bps ahead of nearest competitor)
• Group products continued to perform well Continued success of New Palio driving increase to a
27% share of A/B segment
Siena and Grand Siena up 44%
Strada up 29% with a 53% segment share
• Market pointing to record sales in 2013, entering H2, seasonally stronger than H1 Tough comps in Q3 due to exceptionally strong 2012
after IPI tax cut introduction
QUARTERLY MARKET SHARE
(PASSENGER CARS & LCVS; %)
INDUSTRY VOLUME (TOTAL LATAM; MN UNITS)
11.8 11.2 11.2 12.8
23.5 22.7 22.1 22.1
Passenger cars LCVs
1.1 1.2
0.3 0.3
Q2 '12 Q2 '13
1.5 1.4
Q3 Q2 Q4 Q2 Q1 Q3 Q4 Q1
2010 2011
Q2 Q3 Q4 Q1
2013
Q2
2012
11,486
12,416 12,915
12,242 12,470
17,033
15,972
17,629
14,609
14,848
14,858
17,187
13,509
12,377
13,435
14,412 14,336
15,160
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2012 2013
Industry average daily sales by month (passenger cars & LCVs; units)
Argentina
• Group sales up 38% in Argentina, outpacing industry Share gain of 160bps facilitated by improved customs
clearance for vehicle imports from Brazil
Mass-market brands Market trends & business dynamics
17 July 30, 2013 Q2 2013 Results Review
Mass-market brands Market trends & business dynamics
TOTAL APAC Q2 „13 Q2 „12
Shipments
(k units) 38 26
Revenues
(€mn) 1,117 763
Trading Profit
(€mn) 99 64
EBIT (€mn)
76 60
APAC industry reflects aggregate for key markets where Group competes (i.e. China, India, Australia, Japan, South Korea)
FINANCIAL PERFORMANCE
• Stable demand conditions in the region with continual growth in China and Australia partly offset by weaker demand in Japan, India and South Korea
• Revenues up 46% primarily driven by Jeep, Chrysler and Dodge brands (over 90% of total revenue)
Shipments up 46%
• Trading profit 1.5x last year‟s levels
Increase primarily driven by volume growth, partly offset by increased industrial and SG&A expenses to support business expansion plans
Trading margin at 8.9% up 50 bps
• EBIT up 27% with trading profit performance not fully reflected mainly due to start-up costs for the Chinese joint venture
COMMERCIAL PERFORMANCE & HIGHLIGHTS
• Retail sales (incl. JVs) +75% to 46k vehicles on the back of strong performance of Jeep, Fiat and Dodge brands
Continued share gain for Jeep with sales (~50% of total APAC) up 14% vs. prior year
Launch of Dodge Journey in China well-received with Q2 sales placing vehicle third-best selling for the Group in the region (after Jeep Compass and Fiat Viaggio)
Fiat brand volumes more than tripled last year‟s levels thanks to Viaggio model
• 2014 Jeep Grand Cherokee with new styling and 8-speed automatic transmission launched in China and Australia
• Completed transition from previous JV to Group‟s newly-formed commercial and marketing operations in India
Industrial activities still managed through a JV with Tata
18 July 30, 2013 Q2 2013 Results Review
Mass-market brands EBIT walk
€mn
60
76
66
(6)
(35) (10)
1
Q2 2012 Net price Industrial costs
SG&A Investments / FX / Other
Q2 2013 Volume & Mix
• Impact from increased shipments (+12k units) partly offset by less favorable mix due to higher penetration of sedans and smaller-sized SUVs
• Increased industrial costs due to higher R&D and fixed manufacturing costs related to new product initiatives and increased production volume
• Increased SG&A expenses to support volume growth and continued regional expansion
19 July 30, 2013 Q2 2013 Results Review
INDUSTRY VOLUME1
(PASSENGER CARS & LCVS; MN UNITS)
0.2%
0.3%
0.4%
0.7% 1.1%
1.4%
1.9%
2.5%
1.1% 1.0%
0.4%
0.3% 0.2%
0.5%
0.4%
0.4%
1.Reflects aggregate for key markets where Group competes (i.e. China, India, Australia, Japan, South Korea)
QUARTERLY MARKET SHARE
(PASSENGER CARS & LCVS; %)
Mass-market brands Market trends & business dynamics
5.9 6.2
Q2 '12 Q2 '13
2010 2011 2012
REGIONAL OVERVIEW
Group sales (incl. JV) significantly outperforming industry in region (up 6%) driven by strong performance in China and Australia
CHINA
• Group sales up 145% posting the best sales improvement in a market growing 13%
Share gain of 40bps driven by recently launched Fiat Viaggio & Dodge Journey and continued growth of Jeep brand in China
Jeep Compass, Fiat Viaggio, Dodge Journey are top-selling nameplates
AUSTRALIA
• Market up 5% with Group continuing to gain share on the back of 39% sales growth led by strong performance of Jeep brand (+18%)
Jeep brand making up two-thirds of total Q2 Group sales
Fiat, Alfa Romeo, Abarth and LCV vehicles up 173% vs. a year ago
JAPAN
• Group sales up 9% primarily driven by robust performance of Fiat brand (+45%) despite normalizing industry (-8% vs. last year) following strong recovery in 2012 from earthquake
SOUTH KOREA
• Demand slightly down with Group sales bucking the trend, +3% mainly driven by Jeep brand (+12%)
Q3 Q2 Q4 Q2 Q1 Q3 Q4 Q1 Q2 Q3 Q4
2013
Q1 Q2
20 July 30, 2013 Q2 2013 Results Review
Mass-market brands Highlights
TOTAL EMEA Q2 „13 Q2 „12
Shipments (k units)
287 301
Revenues (€mn)
4,780 4,920
Trading Profit (€mn)
(98) (138)
EBIT (€mn)
(74) (184)
Note (!) Harbour definition: 235 days p.a. / 16 hours per day (2) Technical definition: 280 days p.a. / 3 shifts per day
FINANCIAL PERFORMANCE
• Persisting market weakness in the Eurozone, exacerbated by highly competitive environment Decline in EU27+EFTA Passenger Car segment softened in the
quarter thanks to improved year-over-year trend in April, but May down 6% and June down 6% (worst June since 1996 with registrations below 1.2mn mark)
LCV segment performance in Q2 in Europe mostly impacted by poor demand in Italy (-22% vs. a year ago)
• Revenues down 3%
• Trading loss further reduced by €40mn A ~30% improvement as a result of continued discipline on cost
management more than offsetting lower volumes and continued pricing pressures
• EBIT loss excl. unusuals reflecting improvement in trading profit performance Q2 2012 included €91mn charge due to a write-down of investment
in SevelNord JV
Positive result from investments of €39mn (€45mn in Q2 2012)
COMMERCIAL PERFORMANCE & HIGHLIGHTS
• Overall shipments down 5%, or 14k units Passenger cars down 5% to 234k units, with 13k units decline
almost fully attributable to contraction in demand in Italy and supply shortage of components for certain models
Shipments of LCVs down 3% to 53k units with improved performance in several EMEA markets partly compensating for 3k volume decline in Italy
• Overall production capacity utilization in the region slightly improved vs. prior quarter while maintaining rigorous management of inventory Utilization rate at 70% under Harbor definition (44% under
Technical definition)
Total inventory levels stable at ~2 months supply
21 July 30, 2013 Q2 2013 Results Review
Mass-market brands EBIT walk
€mn
• Negative volume, reflecting decline in passenger car shipments, offset by better mix, mostly attributable to success of Fiat 500L
• Continued pricing pressure in key segments
• Industrial costs positive on the back of WCM program and sourcing efficiencies
• Continued positive trend on SG&A spending
• Other includes unusual charge related to write-down in Q2 ‟12, partially offset by unfavorable FX, lower result from investments and negative unusual items in 2013
(184)
(74)
3
(61)
37
68
63
Q2 2012 Net price Industrial costs
SG&A Q2 2013 Volume & Mix
Investments / FX / Other
22 July 30, 2013 Q2 2013 Results Review
3.5 3.3
Q2 '12 Q2 '13
QUARTERLY MARKET SHARE
(%)
INDUSTRY VOLUME (MN UNITS)
7.7 7.4 6.8 6.3
30.6 30.0 31.2 29.3
0.41 0.38
Q2 '12 Q2 '13
Mass-market brands Passenger cars: market trends & business dynamics
EU27+EFTA
EU27+EFTA EU27+EFTA
• Q2 industry down 4% (H1: down 7%) with mixed performance across major markets An 8% market drop in Italy and France and a 4%
contraction in Germany
UK market up 13% fostered by fleets renewals; Spain up 2% on the back of Pive2 incentive program
Continued reduction in weight of Italian market (down 50bps to 11.2% of total industry)
• Group sales down 11% to 210k units
• Share loss of 50bps with gains in France and Spain (+30bps each) unable to counter performance in Italy and Germany Share performance affected by supply shortage
of components for certain models
Undisputed leadership in A-segment with Fiat 500 and Panda ranked in top-2 positions (share of 14.3% and 13.5%, respectively)
Fiat 500 at 14.2% segment share in June (200bps gain)
Strong performance of 500L, topping 18k sales in the quarter, competing for leadership of Small MPV segment with a 16.1% share
ITALY
• Group share down 190bps vs. a year ago Tough comps due to recovery in Q2 „12 of sales
loss caused by car hauler strikes in Q1 ‟12
Q3 Q2 Q4 Q2 Q1 Q3 Q4 Q1
2010 2011
Q2 Q3 Q4 Q1
2013
Q2
2012
23 July 30, 2013 Q2 2013 Results Review
Mass-market brands LCVs: market trends & business dynamics
QUARTERLY MARKET SHARE*
(%)
INDUSTRY VOLUME (MN UNITS)
0.43 0.41
Q2 '12 Q2 '13
* Due to unavailability of official data for the LCV market since Jan 2011, figures reported beyond that date are an extrapolation. Therefore, marginal discrepancies versus actual data may exist
EU27+EFTA
EU27+EFTA
13.8 14.5 13.5 13.5
44.7 45.5 44.3 43.6
0.03 0.03
Q2 '12 Q2 '13
• Q2 industry demand still negative (-3%) in EU27+EFTA, but contraction softening compared to Q1
Growth in UK (+8%) and Spain (+12%) more than offset by declines in Italy (-22%) and France (-9%); stable market in Germany
• Group sales of 56k units substantially in line with industry trend
• Fiat Professional share stable, notwithstanding unfavorable market mix
Strong performance by Fiat Ducato posting 120bps share gain, now ranked #1 in segment
Brand gaining 60bps share in EU27+EFTA excl. Italy (11.4% in Q2 „13) on the back of +10bps in Germany, +70bps in France, +180bps in UK, +240bps in Spain
EU27+EFTA
Q3 Q2 Q4 Q2 Q1 Q3 Q4 Q1
2010 2011
Q2 Q3 Q4 Q1
2013
Q2
2012
24 July 30, 2013 Q2 2013 Results Review
Luxury & Performance brands Ferrari & Maserati
2
• Q2 revenues up 6% to €626mn
Shipments of 1,969 street cars (+2% vs. Q2 2012)
Positive performance for 12-cyl models (+29%), particularly F12 Berlinetta; 8-cyl models down 5% over prior year
U.S. up 6%, undisputed #1 market for brand
Higher volumes in Europe, with gains in UK (+17%), Germany (+8%), Switzerland (+6%) more than offsetting contractions in Italy (-9%) and France (-17%)
Middle East up 13%
Asia-Pacific down 9%
• Trading profit up 9% to €96mn
Improvement reflecting both higher sales volumes and strong contributions from licensing and personalization program
Trading margin up 30bps to 15.3%
• Revenues up 34% to €282mn
Shipments of 2,291 vehicles, up ~30% vs. prior year on the back of continued success of GranTurismo and GranCabrio, in addition to commercial launch of new Quattroporte
All models driving significant gains in nearly all markets
• Trading profit of €9mn vs. €15mn a year ago
Decrease primarily attributable to higher costs associated with launch of new Quattroporte
Trading margin at 3.2% (Q2 2012: 7.1%)
• New product highlights
New Quattroporte very well received by markets with order intake of ~8k units since launch
Production of high-end E-segment Ghibli to ramp up in Q3; a model expected to generate significant growth for Maserati brand over next few years (2k+ orders already taken to-date)
USA 24%
European Top-5 34%
China, Hong Kong & Taiwan 10%
Japan 5%
Others 27%
USA 47%
European Top-4 11%
China 15%
Japan 3%
Others 24%
25 July 30, 2013 Q2 2013 Results Review
Q2 „12 Q2 „13
1,467 1,587
37 50
Q2 „12 Q2 „13
• Revenues up 8% over prior year (+10% at constant exchange rates)
Lighting up 16% on the back of performance in China, as well as NAFTA where several new products launched in H2 „12, while Europe substantially unchanged
Electronic Systems up 15% primarily reflecting higher sales of telematics box and navigation systems to non-captive customers
Powertrain up 11% with sales to Chrysler making a significant contribution
• Trading profit up 35%
Benefit of higher revenues being partially offset by higher costs associated with launch of new high-tech products in NAFTA
Trading margin up 70bps to 3.2%
Operational Highlights
• Operations in NAFTA, China and Brazil registered increase (at constant exchange rates), while Europe was substantially flat despite contractions in Germany and Czech Republic
• Order acquisition (+86% in Q2) progressing in line with growth plans
3 Components & Production Systems
Q2 „12 Q2 „13
204 189
3
(1)
Q2 „12 Q2 „13
• Revenues down 7%
Volumes for Cast iron business unit down 6% due to lower activities in Europe and NAFTA
Volumes for Aluminum business unit up 23%
• Trading performance primarily reflecting decrease in volumes for Cast Iron business unit
Note: graphs not to scale
Q2 „12 Q2 „13
365 358
7 11
Q2 „12 Q2 „13
• Revenues substantially in line with Q2 2012
• Trading profit +57%
Increase mainly attributable to Body Welding ops
• Order intake up 75% to €491mn
Note: graphs not to scale
Note: graphs not to scale
26 July 30, 2013 Q2 2013 Results Review
4 Business environment overview
27 July 30, 2013 Q2 2013 Results Review
Business environment overview 2013 product launches key to Group performance in H2
• Full volumes of Grand Cherokee and Ram HD Pickups in H2 along with new Jeep Cherokee, Fiat 500L and Ram ProMaster volumes positioning Group for a strong second half performance
• Launch execution and running capacity at 100+% key challenges in H2 „13
JEEP GRAND CHEROKEE
• Refreshed in Q1 ‟13
• New 8-speed transmission and new front & rear exterior
• New 3.0L V6 EcoDiesel engine to provide best-in-class 30 MPG highway
RAM HD PICKUP JEEP CHEROKEE
FIAT 500L RAM PROMASTER
• Refreshed in Q1 „13
• Best-in-class towing (Ram 2500) and best-in-class max trailer weight (Ram 3500)
• 6.7L Cummins Turbo Diesel with best-in-class torque
• All-new, into largest SUV segment (by sales volume) in NAFTA
• Built in upgraded Toledo plant
Production to gradually ramp up to up
800+ units/day on 2-shift basis
• Enlarging Fiat brand offerings, building on Fiat 500 success
5-seater version
Competitive 33 MPG highway
• Imported from EMEA
Deliveries to Fiat studios underway
• Ram‟s first full-size van offering into an expanding, purpose-built segment
Available in market starting Q3
• Developed from Fiat Ducato architecture and built at Saltillo (Mexico) plant
28 July 30, 2013 Q2 2013 Results Review
Business environment overview Zoom in on Brazil: positive prospects remain
• Recent mass protests against poor government service standards under control by government
In June, President Dilma Roussef proposed several actions with the aim of broad and deep political reforms
• Notwithstanding limited impact of social unrest on economic activities, uncertainty remaining as to potential slow down of economy
Few production stoppages due to strikes, still manageable
Government managing inflationary pressures through controlled monetary policy
Consumer confidence currently under pressure, but expected to return to normality
• Brazilian economy to remain solid
GDP expected to grow 2.0-2.5% in 2013 and 2.5-3.0% in 2014
Unemployment rate at historical lows
70,0
75,0
80,0
85,0
90,0
95,0
100,0
105,0
110,0
115,0
120,0
125,0
130,0
Dec-05 Jun-06 Dec-06 Jun-07 Dec-07 Jun-08 Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13
Industry Confidence Index
Consumer Confidence
Index
Jun „13
Jun „06
Dec „06
Jun „07
Dec „07
Dec „08
Jun „08
Jun „09
Dec „09
Jun „10
Dec „10
Jun „11
Dec „11
Jun „12
Dec „12
Dec „05
130
75
125
120
115
110
105
100
95
90
85
80
Key Economic Growth Indicators
2000 2005 2009 2010 2011 2012 2013E (consensus)
2014E (consensus)
GDP (R$ bn) 1,180 2,147 3,185 3,675 4,143 4,403 4,765 5,171
GDP (%) 4.3 3.2 (0.6) 7.5 2.7 0.9 2.3 2.6
Credit/GDP ratio (%) 26.4 28.1 43.7 45.3 49.1 53.8 57.0 60.0
GDP per capita (R$) 6,901 11,668 16,763 19,265 21,246 22,404 24,066 25,922
Unemployment rate (%) 7.8 9.8 8.1 6.7 6.0 5.5 5.5 5.5
Consumer Confidence Index - 103.6 114.1 124.1 122.1 121.4 117.8 120.3
Wide range of short-, mid- & long-term investment (e.g. development of infrastructure, agricultural and commodity capacity expansion, exploration and extraction of natural resources from “pre-salt” layer)
Strong foreign currency reserves
29 July 30, 2013 Q2 2013 Results Review
Business environment overview On track to double FY sales in 2013
26
46
10
5 3
2
APAC SALES GROWTH BY BRAND
Q2 „12 Q2 „13
Vehicles (000s)
NEW 2014 JEEP GRAND CHEROKEE ROLLED OUT THROUGHOUT KEY MARKETS IN APAC
• Debuted in Asia at Shanghai Auto Show in April
• Featuring 8-speed automatic transmission powered by 3.6L Pentastar V6 engine
Significant reduction in fuel consumption and emissions and enhanced on-and off-road driving experience
New & elegant styling with unique technology features
• Launched in Shangri-La, a scenic and mountainous region in southwest of China bordering Tibet
Described as most powerful luxury SUV in China by trade media
• Fiat Viaggio sales continuing to gain momentum
• Dodge brand sales boosted by recently re-introduced Journey
• Strong performance of Jeep brand with Q2 2013 sales being the 15th consecutive quarter of solid year-over-year growth
Q2 SALES +75%
(+60% IN H1)
30 July 30, 2013 Q2 2013 Results Review
Business environment overview Growing families
Ypsilon Elefantino
• Broadening family of New Lancia Ypsilon with latest addition of special Elefantino series
Lancia Ypsilon being second best-selling car in B-segment in Italy at Jun YTD
• Back once again a “lucky charm” symbol making accessible a trend-setting car to young customers
Available since April (20+% of total Lancia sales in Q2)
• Highly competitive low emissions engine offerings, improved with intro of a CNG version since Jan 2013
Alternative-fuel engines (CNG & LPG) representing 50% of mix 500L Living, the “cool”
• “Magic Purpose Wagon” balancing functionality and design, in just 4.35mt
Most compact 5+2 seater MPV in its category, best-in-class trunk capacity
Charm of a 500, compactness of a mid-sized car, comfort of a C-segment station wagon and versatility of an MPV
• Orders opened in Italy in July, progressively extending to rest of Europe by Q4 ‟13
500L Trekking, the “capable”
• A free-spirit car with all-round look teamed with high ride and special interiors
• Equipped with Traction+, smart front-wheel drive technology improving grip on snow and rough terrains
• Launched in Italy in July, commercial launch in rest of EU markets starting Sep 2013
• Exclusive Mopar accessories for vehicle customization
• Continuously expanding product offerings of 500 family
• Just launched 2 extensions of 500's identity, produced in Kragujevac plant (Serbia), breaking conventional segment barriers while offering a wide array of environmentally-friendly powertrain options
• Export of 5-seater 500L to NAFTA started in quarter
31 July 30, 2013 Q2 2013 Results Review
Business environment overview Market outlook (mn units)
Note: APAC reflects aggregate for key markets where Group competes (i.e. China, India, Australia, Japan, South Korea)
APAC
FY '12 FY '13E
23.8 ~25.0
• Unchanged FY industry outlook, projected up ~5%
Growth in China and Australia, partially offset by contracting demand in Japan and India
• Group targeting doubling of 2013 sales (incl. JVs) vs. prior year
Performance of Fiat, Jeep and Dodge brands to play key role in Group expansion activities
• Preparations underway to launch Jeeps in India, first-time brand entry in the country
1.4 ~1.4
0.12 ~0.1
FY '12 FY '13E
EMEA
Passenger cars LCVs
12.5 ~12.0
1.6 ~1.5
FY '12 FY '13E
EU27+EFTA
Unchanged FY 2013 industry outlook
• Passenger cars
EU27+EFTA market expected to contract in 3-5% range vs. prior year
Italy projected at ~1.3mn units (1.4mn vehicles in FY 2012)
• LCVs
Segment expected to post a ~5% decline vs. last year‟s levels
NAFTA
14.8
FY '12 FY '13E
1.7 ~1.7
FY '12 FY '13E
~15.5
• U.S. industry up 7% at June YTD to 15.7mn SAAR, similar to Company‟s FY „13 forecast
Cars projected up ~5%
Trucks up ~6%
• Canada FY industry expected in line with prior year‟s levels
Annualized industry to-date supportive of Company outlook
LATAM
Passenger cars LCVs
4.5 ~4.7
1.3 ~1.3
FY '12 FY '13
5.8 ~6.0
• Q2 market trend underpinning FY industry outlook of mid-single digit growth for the region
Brazil market to post all-time record
Argentina expected to keep performing well
(1) Restated due to reclassification of SUV into passenger car segment
(1)
(1)
4
32 July 30, 2013 Q2 2013 Results Review
Q2 ‟12 Q2 „13
LATAM +14%
APAC +46%
NAFTA +4%
EMEA -5%
+5% 1,155 1,102
Business environment overview Group shipments unit volumes (excl. JVs)
287
258
572
38
301
226
549
26
(Mass-market brands; units in thousands)
Note: Numbers may not add due to rounding
4.3-4.5
~1.0
~1.0
~2.2
~0.2
FY „13E
EMEA
LATAM
NAFTA
APAC
(Mass-market brands; units in millions)
FY „12
4.2
1.0
1.0
2.1
0.1
4
33 July 30, 2013 Q2 2013 Results Review
5 2013 guidance unchanged
• Revenues in €88-92bn range
• Trading profit in €4.0-€4.5bn range
• Net profit in €1.2-€1.5bn range
• Net industrial debt of ~€7.0bn
July 30, 2013 Q2 2013 Results Review 34
February
CONSOLIDATED AND PARENT COMPANY FINANCIAL STATEMENTS FOR 2012
April
Q1 RESULTS
Q2 & H1 RESULTS
Q3 RESULTS
October
2013 financial calendar
July
APPENDIX
July 30, 2013 Q2 2013 Results Review 36
Fiat Group monitors its operations through the use of various supplemental financial measures that may not be
comparable to other similarly titled measures of other companies. Accordingly, investors and analysts should
exercise appropriate caution in comparing these supplemental financial measures to similarly titled financial
measures reported by other companies. Fiat Group management believes these supplemental financial
measures provide comparable measures of its financial performance based on normalized operational factors,
which then facilitate management‟s ability to identify operational trends, as well as make decisions regarding
future spending, resource allocations and other operational decisions.
Fiat Group‟s supplemental financial measures are defined as follows:
Trading Profit (Loss) is computed starting with Net Revenues less operating costs (cost of sales, SG&A,
R&D costs, other operating income and expenses)
Earnings Before Interest, Taxes (“EBIT”) is computed starting from Trading profit (loss) and then
adding restructuring costs, other income/expenses that are unusual in the ordinary course of business
(such as gains and losses on the disposal of investments) and the Result from investments
Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) is computed starting
with EBIT and then adding back depreciation and amortization expense
Net Industrial Debt is computed as debt plus other financial liabilities related to Industrial Activities less
(i) cash and cash equivalents, (ii) current securities, (iii) current financial receivables from Group or
jointly controlled financial services entities and (iv) other financial assets. Therefore, debt, cash and
other financial assets/liabilities pertaining to Financial Services entities are excluded from the computation
of Net Industrial Debt
Supplemental financial measures
July 30, 2013 Q2 2013 Results Review 37
Chrysler Net income reconciliation (from IFRS to US GAAP)
(1) Including unusual items and restructuring
(2) Under IFRS, development costs for vehicle programs are capitalized as intangible assets if the development costs can be measured reliably and the economic feasibility of the product supports the view that the development expenditure will generate future economic benefits. Capitalized development costs include all direct and indirect costs that are directly attributable to the development process. These costs are subsequently amortized to expense on a straight-line basis from the start of production over the estimated production cycle. Under US GAAP, with the exception of certain software development costs, development costs are expensed as incurred in accordance with ASC 730, Research and Development Costs
(3) Under U.S. GAAP, curtailment gain and plan amendments were a net reduction to pension obligation offset in accumulated other comprehensive income
Three Months ended June 30, 2013
EURO (mn)
USD (mn)
Chrysler Net Income – IFRS (1) 682 894
Reconciling Items:
Capitalization of development costs, net of amortization (2)
(186) (243)
Pension/OPEB adjustments 106 140
Other (49) (66)
(129) (169)
Unusual Items:
Pension plan changes (3) (166) (218)
(166) (218)
Chrysler Net Income - US GAAP 387 507
July 30, 2013 Q2 2013 Results Review 38
• August 2010 – NHTSA opened a Preliminary Evaluation, upgraded to an Engineering Analysis in
June 2012, covering certain Jeep Cherokee, Jeep Grand Cherokee and Jeep Liberty vehicles with
fuel tanks located behind the rear axle
Chrysler Group cooperated with NHTSA throughout the investigation, sharing data on incidents, engineering
specifications and additional information, concluding at each stage that the subject vehicles are not defective
• June 4, 2013 – Chrysler Group responded to NHTSA recall request letter covering only the 1993-
2004 Jeep Grand Cherokee and 2002-2007 Jeep Liberty vehicles, noting its disagreement with
NHTSA‟s preliminary finding of defect and its intent to file a more detailed response supporting its
position
• June 18, 2013 – Chrysler Group and NHTSA resolve their differences; Chrysler Group filed its
response to the recall request, maintaining that none of the subject vehicles were defective
NHTSA agreed there will be no final finding of a defect in the subject vehicles and Chrysler Group agrees to undertake
a voluntary safety recall to inspect and, if necessary, install a trailer hitch on 1993-1998 Jeep Grand Cherokee and
2002-2007 Jeep Liberty vehicles to provide incremental improvement for low-speed rear impacts
Chrysler Group agreed to conduct a Customer Satisfaction Notification campaign to inspect aftermarket trailer hitches
installed on 1999-2004 Jeep Grand Cherokee vehicles and take corrective action, as necessary
• June 20, 2013 – Transportation Secretary Ray LaHood in a press interview notes the matter has
been resolved satisfactorily
NHTSA recall request update
July 30, 2013 Q2 2013 Results Review 39
June 30, 2013
EURO (mn)
USD (mn)
Chrysler Net Debt - IFRS 1,263 1,652
Unamortized purchase accounting adjustments (1)
(476) (622)
Classification and other differences:
Accrued interest (430) (563)
Other 145 189
(761) (996)
Net Industrial Debt - US GAAP 502 656
(1) In connection with the May 24, 2011 transaction, all financial liabilities were re-measured to their fair value as of the date of consolidation. The unamortized balance primarily relates to the fair value adjustment on the VEBA Trust Note
Chrysler Net debt reconciliation (from IFRS to US GAAP)
July 30, 2013 Q2 2013 Results Review 40
Financial charges breakdown
Q2 2013 Q2 2012
Avg. Outstanding
(€bn)
Rate (%)
P&L (€mn)
Avg. Outstanding
(€bn)
Rate (%)
P&L (€mn)
Capital Market (12.5) 7.0% (218) (12.4) 7.2% (222)
Other Financial Debt (1) (14.0) 7.0% (244) (13.8) 7.1% (245)
Gross Industrial Debt (26.5) 7.0% (462) (26.2) 7.1% (467)
Industrial Cash & Net Intersegment Financial Receivables (2)
19.3 0.7% 35 20.4 0.9% 43
Net Industrial Debt (3) (7.2) (427) (5.7) (424)
IAS 19 (interest cost on pension & OPEB)
(93) (91)
Equity Swap 21 (9)
Others (4) (3) 5
Net Financial Charges (502) (519)
Note
(1) Include sale of receivables, committed lines fees, Hedges (2) Net of charges on financial intersegment sales of receivables and floor plan fees (3) Excluding derivatives fair values (4) Include FX gain/losses, interest cost capitalized (IAS23), bank fees and other financial charges
July 30, 2013 Q2 2013 Results Review 41
Note: Numbers may not add due to rounding
(1) Restated for adoption of IAS 19 as amended
Detailed cash flow
(€mn)
Fiat Group Fiat ex Chrysler
Q2 2013 Q2 2012 (1) Q2 2013 Q2 2012 (1)
Net Industrial (Debt)/Cash beginning of period (7,105) (5,772) (5,741) (3,846)
Net Income 435 239 (247) (248)
D&A 1,141 1,040 586 513
Change in Funds & Others (101) 302 39 38
Cash Flow from Op. Activities bef. Chg. in W.C. 1,475 1,581 378 303
Change in Working Capital 648 559 853 291
Cash Flow from Operating Activities 2,123 2,140 1,231 594
Tangible & Intangible Capex (1,904) (1,667) (947) (693)
Cash Flow from Operating Activities net of Capex 219 473 284 (99)
Change in Investments, Scope & Others 91 (27) 7 (94)
Net Industrial Cash Flow 310 446 291 (193)
Capital Increase / Share Repurchases / Dividends 2 (39) 2 (39)
FX Translation Effect 82 (70) 0 (6)
Change in Net Industrial Debt 394 337 293 (238)
Net Industrial (Debt)/Cash end of period (6,711) (5,435) (5,448) (4,084)
July 30, 2013 Q2 2013 Results Review 42
Note: Numbers may not add due to rounding
Mar. 31, 2013 June 30, 2013
Cons. Ind. Fin. Cons. Ind. Fin.
18.3 14.7 3.6 Gross Debt* 18.0 14.5 3.5
(0.2) (0.2) - Derivatives M-to-M, Net (0.3) (0.3) -
(9.1) (8.8) (0.3) Cash & Mktable Securities (8.9) (8.7) (0.1)
9.0 5.7 3.3 Net Debt 8.8 5.4 3.4
* Net of intersegment receivables
Fiat ex Chrysler Net debt breakdown (€bn)
July 30, 2013 Q2 2013 Results Review 43
Note: Numbers may not add due to rounding
Outstanding Mar. 31, ‟13
Outstanding June 30, ‟13
17.5 Cash Maturities 17.1
5.9 Bank Debt 5.8 10.2 Capital Market 10.2 1.3 Other Debt 1.1
0.5 Asset-backed financing 0.5
0.0 ABS / Securitization 0.0 0.0 Warehouse Facilities 0.0 0.5 Sale of Receivables 0.5
0.4 Accruals & Other Adjustments 0.4
18.3 Gross Debt 18.0
(9.1) Cash & Mktable Securities (8.9)
(0.2) Derivatives (Assets)/Liabilities (0.3)
9.0 Net Debt 8.8
2.0 Undrawn committed credit lines 2.0
Fiat ex Chrysler Gross debt (€bn)
July 30, 2013 Q2 2013 Results Review 44
Outstanding Mar. 31, ‟13
Outstanding June 30, ‟13
10.3 Cash Maturities 10.1
2.8 Bank Debt 2.7
2.5 Capital Market 2.4
5.0 Other Debt 4.9
0.0 Asset-backed financing 0.0
0.0 ABS / Securitization 0.0
0.4 Accruals & Other Adjustments 0.4
10.7 Gross Debt 10.5
(9.3) Cash & Mktable Securities (9.1)
(0.0) Derivatives (Assets)/Liabilities (0.1)
1.4 Net Debt 1.3
1.0 Undrawn committed credit lines 1.0
Note: Numbers may not add due to rounding
Chrysler Gross debt (€bn)
July 30, 2013 Q2 2013 Results Review 45
Note: Numbers may not add due to rounding; total cash maturities excluding accruals
Outstanding June 30, „13
Fiat ex Chrysler 6M 2013 2014 2015 2016 2017 Beyond
5.8 Bank Debt 1.6 1.4 1.4 0.6 0.3 0.4
10.2 Capital Market 0.1 2.2 1.9 2.3 1.9 1.9
1.1 Other Debt 0.7 0.0 0.0 0.0 0.0 0.3
17.1 Total Cash Maturities 2.4 3.7 3.3 2.9 2.2 2.6
8.9 Cash & Mktable Securities
2.0 Undrawn committed credit lines
10.9 Total Available Liquidity
3.7 Sale of Receivables (IFRS de-recognition compliant)
2.2 of which receivables sold to financial services JVs (FGA Capital)
Outstanding June 30, „13
Chrysler 6M 2013 2014 2015 2016 2017 Beyond
2.7 Bank Debt 0.0 0.0 0.0 0.0 2.2 0.3
2.4 Capital Market 0.0 0.0 0.0 0.0 0.0 2.4
4.9 Other Debt 0.2 0.3 0.3 0.4 0.4 3.3
10.1 Total Cash Maturities 0.2 0.4 0.4 0.4 2.6 6.1
9.1 Cash & Mktable Securities
1.0 Undrawn committed credit lines
10.1 Total Available Liquidity
Debt maturity schedule (€bn)
July 30, 2013 Q2 2013 Results Review 46
GROUP INVESTOR RELATIONS TEAM
Marco Auriemma +39-011-006-3290 Vice President
Timothy Krause +1-248-512-2923
Paolo Mosole +39-011-006-1064
Sara Nicola +39-011-006-2572
Maristella Borotto +39-011-006-2709
fax: +39-011-006-3796
email: investor.relations@fiatspa.com
websites: www.fiatspa.com
www.chryslergroupllc.com
Contacts
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