* Fiat Group closes
2013 posting trading profit of €3.4 billion and net industrial debt of €6.6
billion with a significant reduction in losses in EMEA, the premium strategy
yielding promising initial results, and strong cash generation of €1.7 billion
in the fourth quarter
* Worldwide shipments
were up 3% over the prior year to 4.4 million units, driven by growth in
NAFTA and APAC which more than offset moderate contractions in LATAM and EMEA.
* Jeep set an
all-time global sales record for the second consecutive year of 732,000
vehicles.
* Revenues of €87 billion were up 3% in nominal terms, but
grew 7% at constant exchange rates, with increases in NAFTA and APAC partially
offset by reductions in LATAM and EMEA. Luxury Brands posted a strong
year-over-year increase, with Maserati more than doubling over the prior year.
* Trading profit was
€3.4 billion, down from €3.5 billion in 2012 (IAS 19 restated) but up by
€0.1 billion on a currency adjusted basis; trading profit for 2013 also
included €0.3 billion in higher R&D amortization mainly due to new product
launches in NAFTA. EMEA reduced losses by €233 million to €470 million, mainly
on the back of improved product mix and cost efficiencies. APAC posted a 38%
year-over-year increase to €358 million. NAFTA was down 9% (-6% at constant
exchange rates), driven primarily by higher industrial costs related to product
launches and the associated increase in R&D amortization. LATAM decreased
41% (-33% at constant exchange rates) driven by input cost inflation, a less
favorable production mix, lower volumes and a decrease in Venezuela
profitability. Both Ferrari and Maserati posted significant year-over-year
improvements, with Maserati tripling to €171 million.
* Net profit was
€1,951 million (€896 million for 2012, IAS 19 restated), including a €1.5
billion positive impact from the recognition of net deferred tax assets related
to Chrysler offset by €0.5 billion in net unusual charges. Excluding those
items, net profit was €943 million (€1,140 million for 2012, IAS 19 restated).
* Net industrial debt
at 31 December 2013 was €6.6 billion, down from €8.3 billion at the end of
Q3, with strong Q4 cash flow generation of €1.4 billion from Chrysler and €0.3
billion from Fiat ex-Chrysler. The increase in net industrial debt for 2013 was
therefore limited to €0.1 billion but excluding equity investments the cash
flow for the year was positive by €0.1 billion. Chrysler closed the year with a
net cash position of €0.2 billion.
* Total available
liquidity at 31 December 2013, inclusive of €3.0 billion in undrawn
committed credit lines, was €22.7 billion, up €2.6 billion from September-end.
For Fiat ex-Chrysler, total available liquidity was €12.1 billion and for
Chrysler €10.6 billion.
* The Group indicates
the following guidance for 2014: revenues of about €93 billion, trading
profit in the ~€3.6 to €4.0 billion range, net income in the ~€0.6 to €0.8
billion range, with EPS to improve from ~€0.10 (ex-unusuals) to ~€0.44-€0.60
(guidance for net income takes into account increased deferred tax charge of
~€0.5 billion due to the recognition of net deferred tax assets at year-end
2013 related to Chrysler), net industrial debt in the €9.8 billion to €10.3
billion range. Guidance for net industrial debt includes cash outflows for the
purchase of the remaining 41.5% minority stake in Chrysler Group LLC from the
VEBA Trust (€2.7 billion), in addition to the impact of the adoption of
IFRS 11, effective January 1st, 2014 (~€0.3 billion).
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