Fiat reported financial results for Q4 and full year 2013. Key highlights included worldwide shipments increasing 3% to 4.4 million units, with growth in NAFTA and APAC offsetting declines in LATAM and EMEA. Revenues reached €87 billion for the year. Net profit was €2.0 billion including unusual items, and €0.9 billion excluding unusual items. Industrial debt was €6.6 billion and total liquidity was €22.7 billion. Guidance for 2014 forecasts revenues of €93 billion, trading profit of €3.6-4.0 billion, and net profit of €0.6-0.8 billion.
- Gama Aviation reported financial results for the full year 2020 that showed declines in revenue and earnings due to the impact of the COVID-19 pandemic on the aviation sector. However, the company maintained a strong cash position.
- Key operational highlights included new contracts in special missions and technology outsourcing, the sale of a US subsidiary, and continued customer service despite pandemic challenges.
- Financially, revenue declined 26% while adjusted EBIT swung to a loss, reflecting lower activity and impairments, though the second half showed stable underlying performance. Cash flow was strong.
- The company implemented a new strategic business unit structure in 2021 to focus on high-value markets and long-term customer partnerships for future growth
- Bruker Corporation reported financial results for Q1 2016 with total revenue increasing 6.2% year-over-year to $375.4 million. Organic revenue growth was 5.6% excluding currency effects and M&A.
- Non-GAAP operating margin expanded 250 basis points to 12.6% due to increased operating leverage. Non-GAAP EPS grew 50% year-over-year.
- For full-year 2016, Bruker expects organic revenue growth of approximately 3% and non-GAAP operating margin expansion of approximately 100 basis points year-over-year. Guidance for non-GAAP EPS is $0.97 to $1.02.
Changes in financial reporting - TIM, May 2019Gruppo TIM
This document discusses changes to TIM Group's financial reporting for 2019. It introduces the adoption of new accounting standards IFRS 16 and an "After Lease" view of key financial metrics from January 2019 onward. IFRS 16 requires lease agreements to be recognized on the balance sheet as assets and liabilities, impacting reported EBITDA and net debt. The "After Lease" view reclassifies all leases as operating expenses for comparability. The document also outlines a new revenues reporting structure separating retail, wholesale, and equipment sales.
- Goodrich announced 10% sales growth in Q4 2006 and 39% growth in net income per share over Q4 2005. Full year 2006 sales rose to $5.9 billion and net income per share grew to $3.81.
- Full year 2007 outlook increased with sales expected to be $6.2-6.4 billion and net income per share of $2.95-3.15. Net cash from operations is expected to be 60-75% of net income.
- Strong performance was driven by sales growth across all market segments and business units. The outlook increases were due to actual 2006 performance and strength in commercial airplane and defense markets.
Net sales for the fourth quarter of 2006 decreased 9% compared to the fourth quarter of 2005, primarily due to declines in volumes and unfavorable price/mix. Digital product sales decreased 5% and traditional product sales decreased 15%. Gross profit increased 4% due to reductions in manufacturing costs, favorable price/mix and foreign exchange, partially offset by volume declines. Earnings from continuing operations were $17 million compared to a loss of $137 million in the prior year, driven by gross profit increases and lower SG&A and R&D expenses.
FedEx reported financial results for the first quarter of fiscal year 2004. Revenue increased 4% compared to the prior year quarter. Operating income declined 29% due to $132 million in costs for a business realignment at FedEx Express. Excluding these one-time costs, operating income grew 17% year-over-year. Net income fell 19% to $128 million. However, excluding the realignment costs, net income grew 16%. FedEx also benefited from an $0.08 per share tax ruling. For the second quarter and full year, FedEx expects earnings of $0.53-$0.75 per share and $2.75-$2.96 per share, excluding one-time
Teekay Corporation held an earnings presentation on August 13, 2020 to discuss their Q2 2020 results. Some key highlights included:
- Teekay achieved its third consecutive quarter of adjusted profits and saw a 61% increase in total adjusted EBITDA compared to Q2 2019. It also eliminated all remaining debt guarantees for TNK.
- Teekay LNG saw record adjusted net income and total adjusted EBITDA for Q2 2020, up 19% and 82% respectively from Q2 2019. Its LNG fleet is nearly 100% fixed for the rest of 2020.
- Teekay Tankers had its third consecutive quarter of strong earnings and cash flows, with adjusted net income of $
- Gama Aviation reported financial results for the full year 2020 that showed declines in revenue and earnings due to the impact of the COVID-19 pandemic on the aviation sector. However, the company maintained a strong cash position.
- Key operational highlights included new contracts in special missions and technology outsourcing, the sale of a US subsidiary, and continued customer service despite pandemic challenges.
- Financially, revenue declined 26% while adjusted EBIT swung to a loss, reflecting lower activity and impairments, though the second half showed stable underlying performance. Cash flow was strong.
- The company implemented a new strategic business unit structure in 2021 to focus on high-value markets and long-term customer partnerships for future growth
- Bruker Corporation reported financial results for Q1 2016 with total revenue increasing 6.2% year-over-year to $375.4 million. Organic revenue growth was 5.6% excluding currency effects and M&A.
- Non-GAAP operating margin expanded 250 basis points to 12.6% due to increased operating leverage. Non-GAAP EPS grew 50% year-over-year.
- For full-year 2016, Bruker expects organic revenue growth of approximately 3% and non-GAAP operating margin expansion of approximately 100 basis points year-over-year. Guidance for non-GAAP EPS is $0.97 to $1.02.
Changes in financial reporting - TIM, May 2019Gruppo TIM
This document discusses changes to TIM Group's financial reporting for 2019. It introduces the adoption of new accounting standards IFRS 16 and an "After Lease" view of key financial metrics from January 2019 onward. IFRS 16 requires lease agreements to be recognized on the balance sheet as assets and liabilities, impacting reported EBITDA and net debt. The "After Lease" view reclassifies all leases as operating expenses for comparability. The document also outlines a new revenues reporting structure separating retail, wholesale, and equipment sales.
- Goodrich announced 10% sales growth in Q4 2006 and 39% growth in net income per share over Q4 2005. Full year 2006 sales rose to $5.9 billion and net income per share grew to $3.81.
- Full year 2007 outlook increased with sales expected to be $6.2-6.4 billion and net income per share of $2.95-3.15. Net cash from operations is expected to be 60-75% of net income.
- Strong performance was driven by sales growth across all market segments and business units. The outlook increases were due to actual 2006 performance and strength in commercial airplane and defense markets.
Net sales for the fourth quarter of 2006 decreased 9% compared to the fourth quarter of 2005, primarily due to declines in volumes and unfavorable price/mix. Digital product sales decreased 5% and traditional product sales decreased 15%. Gross profit increased 4% due to reductions in manufacturing costs, favorable price/mix and foreign exchange, partially offset by volume declines. Earnings from continuing operations were $17 million compared to a loss of $137 million in the prior year, driven by gross profit increases and lower SG&A and R&D expenses.
FedEx reported financial results for the first quarter of fiscal year 2004. Revenue increased 4% compared to the prior year quarter. Operating income declined 29% due to $132 million in costs for a business realignment at FedEx Express. Excluding these one-time costs, operating income grew 17% year-over-year. Net income fell 19% to $128 million. However, excluding the realignment costs, net income grew 16%. FedEx also benefited from an $0.08 per share tax ruling. For the second quarter and full year, FedEx expects earnings of $0.53-$0.75 per share and $2.75-$2.96 per share, excluding one-time
Teekay Corporation held an earnings presentation on August 13, 2020 to discuss their Q2 2020 results. Some key highlights included:
- Teekay achieved its third consecutive quarter of adjusted profits and saw a 61% increase in total adjusted EBITDA compared to Q2 2019. It also eliminated all remaining debt guarantees for TNK.
- Teekay LNG saw record adjusted net income and total adjusted EBITDA for Q2 2020, up 19% and 82% respectively from Q2 2019. Its LNG fleet is nearly 100% fixed for the rest of 2020.
- Teekay Tankers had its third consecutive quarter of strong earnings and cash flows, with adjusted net income of $
The document provides Q1 2019 results for TIM Group. Key highlights include:
- Service revenues decreased 3.0% YoY but EBITDA decreased only 2.1% as efficiency measures offset slower growth.
- Net debt was reduced by €190M from the previous quarter through improved cash conversion and working capital management.
- In the domestic business, mobile revenues declined due to lower handset sales but consumer ARPU is expected to stabilize in Q2. Fixed service revenues grew 1.8% excluding an international wholesale business.
- Cost optimization measures delivered €35M in savings in Q1, putting the company on track to achieve planned cost reductions.
Full year 2018 results and 2019 '21 planGruppo TIM
The document provides an overview of TIM Group's FY'18 results and its 2019-2021 strategic plan. Key highlights from FY'18 include stable group service revenues despite challenges in the domestic market, growing EBITDA less capex, and stable net debt despite significant license payments. The strategic plan aims to revamp the domestic business, further develop operations in Brazil, revamp the management team and culture, and pursue network sharing partnerships and potential fiber partnerships to accelerate investments.
Teekay Corporation reported higher adjusted EBITDA in Q1 2019 compared to Q1 2018. Teekay Parent further strengthened its balance sheet through the sale of its remaining interest in Teekay Offshore and refinancing its 2020 bond maturity. Going forward, Teekay Parent aims to maximize value from its existing FPSO and LNG assets and benefit from an improving outlook for its tanker and gas shipping businesses.
Telecom Italia 3Q 2012 Results – Operations – Marco PatuanoGruppo TIM
- Telecom Italia Group reported results for the first 9 months of 2012. Domestic service revenues declined 7% year-over-year to €12.9 billion, while EBITDA declined 4.5% to €6.7 billion.
- In the fixed business, core service revenues declined 4.9% due to worse performance in the consumer and corporate segments. Broadband revenues increased slightly.
- Mobile revenues declined 11.5% due to regulatory impacts on roaming revenues and wholesale business. Service revenues declined 12.6% and handset revenues increased 29.5%.
- The company is pursuing efficiency initiatives and confirmed its full-year targets for revenues and EBITDA despite challenges
Teekay LNG Partners reported financial results for Q2-2019 with Total Adjusted EBITDA of $162.1 million, up from $140.8 million in Q1-2019. Adjusted net income was $34.4 million compared to $30.4 million last quarter. For 2019, the partnership maintained guidance ranges of $1.85 to $2.20 per unit for Adjusted net income and $665 to $690 million for Total Adjusted EBITDA. The partnership continues deleveraging with consolidated leverage decreasing from 9.0x to 6.7x over the past year and expects $900 million in total debt amortization to build equity value.
This document contains the summary of a fourth quarter 2008 conference call for DPS. It discusses the challenging macroeconomic conditions, but notes DPS's committed to its long term strategy focused on building brands. It provides an overview of Q4 and full year 2008 financial performance. Guidance for 2009 indicates net sales growth of 2-4% and EPS growth excluding items of $1.59 to $1.67. DPS will continue to generate strong cash flows and pay down $400 million in debt in 2009.
- TIM Group reported results for Q2 2020, highlighting improving KPIs and continued progress on its debt reduction and single network plans.
- Customer satisfaction increased along with strong mobile additions and improved fixed line metrics pointing to better full year performance.
- Organic cash generation continued and net debt decreased significantly during the quarter.
- TIM is co-investing with Fastweb and KKR towards the Italian single network through the carve out of its secondary fiber network assets into FiberCop, allowing it to complete fiber rollout while further reducing debt.
Bruker Corporation reported its Q4 and full year 2013 financial results. For Q4 2013, revenues increased 7% year-over-year to $552 million driven by 6.2% organic growth. Operating income grew 11% and non-GAAP earnings per share increased 11%. For the full year, revenues grew 3% to $1.84 billion while operating margins declined by around 100 basis points due to currency effects. The company provided guidance for 2014 of 3-4% revenue growth and 10-14% growth in non-GAAP earnings per share.
TIM - Financial information at March 31, 2019Gruppo TIM
- TIM Group reported financial results for Q1 2019, showing evidence that new management's focus on cost reduction and process redesign is improving cash generation. Net debt decreased by €190M and operating free cash flow increased by €541M compared to Q1 2018.
- Group revenues were €4.5B, down 2.9% YoY. Service revenues were €4.1B, down 3.0% YoY mainly due to Sparkle closing low-margin contracts. Excluding this impact, service revenues declined 2.0% at Group level and 2.7% for the Domestic business unit.
- Organic EBITDA was €1.8B, down 2.1
Google announced its financial results for the first quarter of 2009. While revenues were down slightly from the previous quarter, they grew 6% over the first quarter of 2008. Operating income was $1.88 billion, or 34% of revenues. Net income was $1.42 billion, with earnings per share of $4.49. The company continued to see strong growth in paid clicks and remains focused on long-term investments.
TIM Group Q3 '21 Results - Leading the Country's digitalizationGruppo TIM
- TIM reported its Q3 2021 results, highlighting growth in key areas such as fiber broadband net additions, mobile service revenue, and cloud revenues.
- TIM is pursuing its "Beyond Connectivity" strategy focused on fiber rollout, digital services, and leveraging opportunities from Italy's National Recovery and Resilience Plan to accelerate digitalization.
- Key growth drivers for TIM include the launch of a new fiber-based sports offering, expanding its digital companies, and pursuing a public-private partnership to create a national cloud hub for the public administration.
Ryder System, Inc. held a conference call to discuss fourth quarter 2016 earnings and provide a 2017 forecast. Key points included:
- Fourth quarter 2016 earnings per share were $0.92 compared to $1.42 in the prior year, impacted by lower used vehicle sales and accelerated depreciation.
- The 2017 forecast expects total revenue growth of 4% and operating revenue growth of 3%, with moderate economic growth assumptions.
- Earnings per share are forecasted between $4.78-$5.08 for 2017, reflecting cost reductions but also lower used vehicle pricing and higher depreciation impacts.
- Business segments are expected to see revenue growth in 2017, with Fleet Management Solutions revenue up 2%
I risultati di TIM per il primo trimestre 2020, illustrati in webcast e conference call il 19 maggio 2020.
TIM 2020 First Quarter Results, presented on May 19, 2020, via webcast and conference call.
Telecom Italia reported its 1Q 2010 results. Key highlights include:
- Group revenues declined 0.7% year-over-year reported but organic revenues declined 4.7% due to currency impacts.
- Group EBITDA increased 3.2% reported and was stable year-over-year on an organic basis.
- Cash costs were reduced through focus on the domestic and Brazilian markets, with domestic cash costs declining 10.5% year-over-year.
- Net income grew 30.7% year-over-year due to cost controls and contributions from the Brazilian business.
- TIM reported results for Q3 2020, showing improving trends in Italy and growth resuming in Brazil. Key performance indicators in Italy are stabilizing as the "Fix the fixed" strategy delivers results in halting customer line losses.
- Organic cash generation remained strong in Q3, with Equity Free Cash Flow increasing 22% year-over-year. Net debt was reduced by €0.4 billion compared to the previous quarter through organic improvement.
- Guidance for 2020-2022 is reiterated, with expectations for low to mid-single digit organic growth in service revenues and EBITDA, and a cumulative €4.5-5 billion in Equity Free Cash Flow over the period.
- TIM Group reported Q1 2021 results with revenues flat YoY and accelerating cash generation and debt reduction. Net debt was reduced by €2.0bn in Q1.
- For TIM Domestic, fixed service revenues stabilized YoY while mobile service revenues declined slightly. UBB coverage and take up continued to grow.
- Key growth drivers for TIM include the distribution of Italian football exclusively on fiber networks beginning in July 2021, capturing the shift from mobile-only to fixed broadband, leveraging opportunities in beyond connectivity areas, and benefitting from public funds being allocated to Italy's digitalization.
The document is Teekay Offshore's Q4-19 earnings presentation. It discusses strong operational performance in Q4-19 with adjusted EBITDA increasing $9M from Q3-19 to $167M. It provides details on recent developments including the completion of the privatization by Brookfield, the delivery of the first newbuilding shuttle tanker, and financing initiatives including a $100M bridge loan and $125M green bond issuance. Appendices at the end summarize the company's FPSO and FSO contracts.
FedEx reported higher fourth quarter earnings and record revenue and earnings for the full fiscal year. Fourth quarter revenue increased 6% to $5.42 billion while net income increased 109% to $236 million. For the full year, revenue grew 5% to $20.6 billion while net income rose 22% to $710 million. FedEx Express saw a 4% revenue increase in the quarter due to growth in package volume from the US Postal Service agreement. FedEx Ground more than doubled its profit from a year ago due to a 21% volume and 27% revenue increase. Strong performances from FedEx Ground and Freight helped offset declines at FedEx Express due to lower volume and fuel surcharges.
Ryder System reported second quarter 2016 earnings results. Total revenue increased 2% compared to the second quarter of 2015, while operating revenue increased 4%. Earnings per share were $1.38, compared to $1.56 on a comparable basis when excluding certain one-time items. Fleet Management Solutions revenue was unchanged, while Dedicated Transportation Solutions revenue increased 16% and Supply Chain Solutions revenue increased 1%. Cash flow from operations was $763 million year-to-date.
- Fiat reported revenues of €86.8 billion for FY 2013, up 3% over the prior year, with increases in NAFTA and APAC offsetting declines in LATAM and EMEA. Net profit was €1.95 billion including a €1.5 billion deferred tax benefit. Excluding unusual items, net profit was €0.9 billion.
- Trading profit declined 4% to €3.4 billion due to higher R&D amortization, while net industrial debt increased to €6.6 billion. Liquidity remained strong at €22.7 billion.
- NAFTA and luxury brands performed well, while LATAM and EMEA declined. Components
Fiat Chrysler Q4 & FY 2013 Results ReviewAutoblog.it
Fiat reported financial results for Q4 and full year 2013. Key highlights included worldwide shipments increasing 3% to 4.4 million units, revenues of €87 billion, trading profit of €3.4 billion, and net profit of €2.0 billion which included unusual items. Net industrial debt increased slightly to €6.6 billion while total available liquidity was €22.7 billion. Guidance for 2014 anticipated revenues of around €93 billion and trading profit in the range of €3.6-4.0 billion.
This document provides a summary of financial information for Macquarie Infrastructure Company's (MIC) fourth quarter and full year 2013 earnings. It discusses key drivers of MIC's performance including increased cash flow at Atlantic Aviation from higher fuel sales and rental rates. It also notes cash flow growth at International-Matex Tank Terminals from higher terminal revenue and contribution from recently acquired contracted power facilities. The document initiates 2014 guidance for MIC's proportionately combined free cash flow per share of $4.35 to $4.50, representing continued growth.
The document provides Q1 2019 results for TIM Group. Key highlights include:
- Service revenues decreased 3.0% YoY but EBITDA decreased only 2.1% as efficiency measures offset slower growth.
- Net debt was reduced by €190M from the previous quarter through improved cash conversion and working capital management.
- In the domestic business, mobile revenues declined due to lower handset sales but consumer ARPU is expected to stabilize in Q2. Fixed service revenues grew 1.8% excluding an international wholesale business.
- Cost optimization measures delivered €35M in savings in Q1, putting the company on track to achieve planned cost reductions.
Full year 2018 results and 2019 '21 planGruppo TIM
The document provides an overview of TIM Group's FY'18 results and its 2019-2021 strategic plan. Key highlights from FY'18 include stable group service revenues despite challenges in the domestic market, growing EBITDA less capex, and stable net debt despite significant license payments. The strategic plan aims to revamp the domestic business, further develop operations in Brazil, revamp the management team and culture, and pursue network sharing partnerships and potential fiber partnerships to accelerate investments.
Teekay Corporation reported higher adjusted EBITDA in Q1 2019 compared to Q1 2018. Teekay Parent further strengthened its balance sheet through the sale of its remaining interest in Teekay Offshore and refinancing its 2020 bond maturity. Going forward, Teekay Parent aims to maximize value from its existing FPSO and LNG assets and benefit from an improving outlook for its tanker and gas shipping businesses.
Telecom Italia 3Q 2012 Results – Operations – Marco PatuanoGruppo TIM
- Telecom Italia Group reported results for the first 9 months of 2012. Domestic service revenues declined 7% year-over-year to €12.9 billion, while EBITDA declined 4.5% to €6.7 billion.
- In the fixed business, core service revenues declined 4.9% due to worse performance in the consumer and corporate segments. Broadband revenues increased slightly.
- Mobile revenues declined 11.5% due to regulatory impacts on roaming revenues and wholesale business. Service revenues declined 12.6% and handset revenues increased 29.5%.
- The company is pursuing efficiency initiatives and confirmed its full-year targets for revenues and EBITDA despite challenges
Teekay LNG Partners reported financial results for Q2-2019 with Total Adjusted EBITDA of $162.1 million, up from $140.8 million in Q1-2019. Adjusted net income was $34.4 million compared to $30.4 million last quarter. For 2019, the partnership maintained guidance ranges of $1.85 to $2.20 per unit for Adjusted net income and $665 to $690 million for Total Adjusted EBITDA. The partnership continues deleveraging with consolidated leverage decreasing from 9.0x to 6.7x over the past year and expects $900 million in total debt amortization to build equity value.
This document contains the summary of a fourth quarter 2008 conference call for DPS. It discusses the challenging macroeconomic conditions, but notes DPS's committed to its long term strategy focused on building brands. It provides an overview of Q4 and full year 2008 financial performance. Guidance for 2009 indicates net sales growth of 2-4% and EPS growth excluding items of $1.59 to $1.67. DPS will continue to generate strong cash flows and pay down $400 million in debt in 2009.
- TIM Group reported results for Q2 2020, highlighting improving KPIs and continued progress on its debt reduction and single network plans.
- Customer satisfaction increased along with strong mobile additions and improved fixed line metrics pointing to better full year performance.
- Organic cash generation continued and net debt decreased significantly during the quarter.
- TIM is co-investing with Fastweb and KKR towards the Italian single network through the carve out of its secondary fiber network assets into FiberCop, allowing it to complete fiber rollout while further reducing debt.
Bruker Corporation reported its Q4 and full year 2013 financial results. For Q4 2013, revenues increased 7% year-over-year to $552 million driven by 6.2% organic growth. Operating income grew 11% and non-GAAP earnings per share increased 11%. For the full year, revenues grew 3% to $1.84 billion while operating margins declined by around 100 basis points due to currency effects. The company provided guidance for 2014 of 3-4% revenue growth and 10-14% growth in non-GAAP earnings per share.
TIM - Financial information at March 31, 2019Gruppo TIM
- TIM Group reported financial results for Q1 2019, showing evidence that new management's focus on cost reduction and process redesign is improving cash generation. Net debt decreased by €190M and operating free cash flow increased by €541M compared to Q1 2018.
- Group revenues were €4.5B, down 2.9% YoY. Service revenues were €4.1B, down 3.0% YoY mainly due to Sparkle closing low-margin contracts. Excluding this impact, service revenues declined 2.0% at Group level and 2.7% for the Domestic business unit.
- Organic EBITDA was €1.8B, down 2.1
Google announced its financial results for the first quarter of 2009. While revenues were down slightly from the previous quarter, they grew 6% over the first quarter of 2008. Operating income was $1.88 billion, or 34% of revenues. Net income was $1.42 billion, with earnings per share of $4.49. The company continued to see strong growth in paid clicks and remains focused on long-term investments.
TIM Group Q3 '21 Results - Leading the Country's digitalizationGruppo TIM
- TIM reported its Q3 2021 results, highlighting growth in key areas such as fiber broadband net additions, mobile service revenue, and cloud revenues.
- TIM is pursuing its "Beyond Connectivity" strategy focused on fiber rollout, digital services, and leveraging opportunities from Italy's National Recovery and Resilience Plan to accelerate digitalization.
- Key growth drivers for TIM include the launch of a new fiber-based sports offering, expanding its digital companies, and pursuing a public-private partnership to create a national cloud hub for the public administration.
Ryder System, Inc. held a conference call to discuss fourth quarter 2016 earnings and provide a 2017 forecast. Key points included:
- Fourth quarter 2016 earnings per share were $0.92 compared to $1.42 in the prior year, impacted by lower used vehicle sales and accelerated depreciation.
- The 2017 forecast expects total revenue growth of 4% and operating revenue growth of 3%, with moderate economic growth assumptions.
- Earnings per share are forecasted between $4.78-$5.08 for 2017, reflecting cost reductions but also lower used vehicle pricing and higher depreciation impacts.
- Business segments are expected to see revenue growth in 2017, with Fleet Management Solutions revenue up 2%
I risultati di TIM per il primo trimestre 2020, illustrati in webcast e conference call il 19 maggio 2020.
TIM 2020 First Quarter Results, presented on May 19, 2020, via webcast and conference call.
Telecom Italia reported its 1Q 2010 results. Key highlights include:
- Group revenues declined 0.7% year-over-year reported but organic revenues declined 4.7% due to currency impacts.
- Group EBITDA increased 3.2% reported and was stable year-over-year on an organic basis.
- Cash costs were reduced through focus on the domestic and Brazilian markets, with domestic cash costs declining 10.5% year-over-year.
- Net income grew 30.7% year-over-year due to cost controls and contributions from the Brazilian business.
- TIM reported results for Q3 2020, showing improving trends in Italy and growth resuming in Brazil. Key performance indicators in Italy are stabilizing as the "Fix the fixed" strategy delivers results in halting customer line losses.
- Organic cash generation remained strong in Q3, with Equity Free Cash Flow increasing 22% year-over-year. Net debt was reduced by €0.4 billion compared to the previous quarter through organic improvement.
- Guidance for 2020-2022 is reiterated, with expectations for low to mid-single digit organic growth in service revenues and EBITDA, and a cumulative €4.5-5 billion in Equity Free Cash Flow over the period.
- TIM Group reported Q1 2021 results with revenues flat YoY and accelerating cash generation and debt reduction. Net debt was reduced by €2.0bn in Q1.
- For TIM Domestic, fixed service revenues stabilized YoY while mobile service revenues declined slightly. UBB coverage and take up continued to grow.
- Key growth drivers for TIM include the distribution of Italian football exclusively on fiber networks beginning in July 2021, capturing the shift from mobile-only to fixed broadband, leveraging opportunities in beyond connectivity areas, and benefitting from public funds being allocated to Italy's digitalization.
The document is Teekay Offshore's Q4-19 earnings presentation. It discusses strong operational performance in Q4-19 with adjusted EBITDA increasing $9M from Q3-19 to $167M. It provides details on recent developments including the completion of the privatization by Brookfield, the delivery of the first newbuilding shuttle tanker, and financing initiatives including a $100M bridge loan and $125M green bond issuance. Appendices at the end summarize the company's FPSO and FSO contracts.
FedEx reported higher fourth quarter earnings and record revenue and earnings for the full fiscal year. Fourth quarter revenue increased 6% to $5.42 billion while net income increased 109% to $236 million. For the full year, revenue grew 5% to $20.6 billion while net income rose 22% to $710 million. FedEx Express saw a 4% revenue increase in the quarter due to growth in package volume from the US Postal Service agreement. FedEx Ground more than doubled its profit from a year ago due to a 21% volume and 27% revenue increase. Strong performances from FedEx Ground and Freight helped offset declines at FedEx Express due to lower volume and fuel surcharges.
Ryder System reported second quarter 2016 earnings results. Total revenue increased 2% compared to the second quarter of 2015, while operating revenue increased 4%. Earnings per share were $1.38, compared to $1.56 on a comparable basis when excluding certain one-time items. Fleet Management Solutions revenue was unchanged, while Dedicated Transportation Solutions revenue increased 16% and Supply Chain Solutions revenue increased 1%. Cash flow from operations was $763 million year-to-date.
- Fiat reported revenues of €86.8 billion for FY 2013, up 3% over the prior year, with increases in NAFTA and APAC offsetting declines in LATAM and EMEA. Net profit was €1.95 billion including a €1.5 billion deferred tax benefit. Excluding unusual items, net profit was €0.9 billion.
- Trading profit declined 4% to €3.4 billion due to higher R&D amortization, while net industrial debt increased to €6.6 billion. Liquidity remained strong at €22.7 billion.
- NAFTA and luxury brands performed well, while LATAM and EMEA declined. Components
Fiat Chrysler Q4 & FY 2013 Results ReviewAutoblog.it
Fiat reported financial results for Q4 and full year 2013. Key highlights included worldwide shipments increasing 3% to 4.4 million units, revenues of €87 billion, trading profit of €3.4 billion, and net profit of €2.0 billion which included unusual items. Net industrial debt increased slightly to €6.6 billion while total available liquidity was €22.7 billion. Guidance for 2014 anticipated revenues of around €93 billion and trading profit in the range of €3.6-4.0 billion.
This document provides a summary of financial information for Macquarie Infrastructure Company's (MIC) fourth quarter and full year 2013 earnings. It discusses key drivers of MIC's performance including increased cash flow at Atlantic Aviation from higher fuel sales and rental rates. It also notes cash flow growth at International-Matex Tank Terminals from higher terminal revenue and contribution from recently acquired contracted power facilities. The document initiates 2014 guidance for MIC's proportionately combined free cash flow per share of $4.35 to $4.50, representing continued growth.
- Garmin reported strong revenue and earnings growth in Q3 2014, with revenue up 10% and pro forma EPS growth of 10%. The non-auto/mobile segments grew revenue 24% and contributed 56% of total revenue.
- All business segments except automotive/mobile saw revenue and operating income growth. Fitness revenue was up 43% and aviation was up 19%.
- Garmin updated full-year 2014 guidance with revenue expected to be around $2.85 billion and pro forma EPS expected to be approximately $3.10.
- Gama Aviation reported revenue growth of 22.5% in the first half of 2019 to $121.8 million, with gross profit up 19.9% to $23.5 million. Net debt increased to $24.9 million from $2.9 million at the end of 2018.
- The Ground division performed strongly with revenue, gross profit, and adjusted EBIT growth, benefiting from good performance in the US and Europe. However, the Global Services division was impacted by the loss of two airline customers.
- While financial performance was in line with expectations, the net debt position increased due to strategic investment, working capital growth, and slower recovery of some trade receivables. The outlook for
This document summarizes the financial results of a company for the 4th quarter and full year of 2009. It discusses the creation of a dividend policy, termination of transportation operations for Shell, and highlights of the financial results including an increase in revenue and EBITDA compared to the same period in 2008. The automotive sector performed well with increased transportation volume and average distance. Net income and cash levels increased while debt levels decreased from the prior year.
TGI is Colombia's largest natural gas transportation company, owning 61% of the national pipeline network. It experienced growth since privatization in 1997 and is led by controlling shareholder EEB. Key updates include Fitch upgrading TGI's credit rating to BBB, hedging of cross-currency swaps, and EEB acquiring a 31.92% stake in TGI. TGI has a solid operational performance with high reliability and predictable cash flows from regulated tariffs. It also has expansion projects underway to increase pipeline capacity.
TGI is Colombia's largest natural gas transportation company, owning 61% of the national pipeline network. This document provides an overview of TGI, including its history, financial and operating highlights from 2009-2014, and key updates. It also outlines TGI's expansion projects going forward to increase pipeline capacity. TGI has experienced stable growth and strong financial performance under the leadership of its controlling shareholder EEB.
Lkq corporations first quarter 2018 earnings call presentationcorporationlkq
- LKQ reported revenue of $2.721 billion for Q1 2018, up 16.1% from Q1 2017, with organic revenue growth of 3.7% for parts and services. Net income was $153 million.
- Segment EBITDA was $295 million for Q1 2018, up 1.7% from Q1 2017. Diluted EPS was $0.49 per share, up 8.9% from Q1 2017.
- Revenue growth was driven by acquisitions in Europe and organic growth in North America. Margins declined due to mix shift to Europe and higher costs.
Lkq corporations first quarter 2018 earnings call presentation v2 4.27.18corporationlkq
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2. Safe Harbor Statement
Certain
information
including,
without
included
limitation,
in
this
any
presentation,
forecasts
to
realize
benefits
and
synergies
from
our
global
included
alliance among the Group’s members; substantial debt
herein, is forward looking and is subject to important
and limits on liquidity that may limit our ability to
risks and uncertainties that could cause actual results
execute the Group’s combined business plans; political
to differ materially.
and
The Group’s businesses include
civil
unrest;
earthquakes
or
other
natural
its automotive, automotive-related and other sectors,
disasters and other risks and uncertainties. Any of the
and
it
assumptions underlying this presentation or any of the
affecting
circumstances or data mentioned in this presentation
its
outlook
considers
these
to
is
be
predominantly
the
businesses.
key
based
economic
on
factors
Forward-looking
what
statements
with
may
change.
regard to the Group's businesses involve a number of
contained
important
change,
date
interrelated
duty
factors
including,
but
not
that
are
subject
limited to: the many
to
of
to
in this
this
statements.
demand
for
disclaims
products
and
could
reduce
products;
automotive
in
relative
governmental
and
automotive-related
consumer
demand
programs;
preferences
for
the
general
that
Group’s
economic
Fiat
any
inaccuracies
forward-looking
presentation
presentation.
provide
factors that affect consumer confidence and worldwide
changes
Any
updates
does
any
any
assume
in
only
expressly
to
not
liability
in
speak
We
statements
as
these
the
a
forward-looking
and
connection
of
of
disclaim
expressly
with
any
forward-looking
statements or in connection with any use by any third
party
of
such
forward-looking
statements.
This
conditions in each of the Group's markets; legislation,
presentation does not represent investment advice or
particularly that relating to automotive-related issues,
a recommendation for the purchase or sale of financial
the
products
environment,
trade
and
commerce
and
and/or
any
kind
investment solicitation in Italy, pursuant to Section 1,
production difficulties, including capacity and supply
letter (t) of Legislative Decree no. 58 of February 24,
constraints, excess inventory levels, and the impact of
1998,
vehicle defects and/or product recalls; labor relations;
solicitation as contemplated by the laws in any other
interest rates and currency exchange rates; our ability
country or state.
Q4 & FY 2013 Results Review
nor
does
it
not
services.
the various industries in which the Group competes;
amended,
does
financial
Finally,
January 29, 2014
presentation
of
infrastructure development; actions of competitors in
as
this
of
represent
represent
a
an
similar
2
3. The creation of global carco
The last key milestone
TRANSACTION SUMMARY
(PURCHASE OF VEBA’S 41.5% EQUITY INTEREST IN CHRYSLER)
•
•
Transaction closed on Jan 21, 2014
Fiat acquired VEBA’s 41.5% equity
interest in Chrysler for aggregate
consideration of $3.65bn, funded
through:
Remaining consideration of $1.75bn
paid by Fiat
•
One-time special distribution from
Chrysler to VEBA of $1.9bn
Both above considerations funded from
available cash
Separately, Chrysler entered into an
MoU with UAW to supplement existing
collective bargaining agreement
Four equal annual payments by Chrysler
to VEBA Trust totalling $0.7bn over next
three years ($175mn made at closing,
$175mn on each of following three
anniversaries)
Commitments from UAW to support
Chrysler’s industrial ops
TRANSACTION BENEFITS TO FIAT
•
Acquisition of remaining 41.5% of Chrysler at reasonable levels
•
Eliminates headwinds to seamless integration of Fiat–Chrysler
global alliance
•
•
Parties agreed to dismiss litigation
proceedings in Delaware Chancery
Court
Effective and efficient access to capital markets
•
•
Full optimization of global product platforms, R&D,
manufacturing footprint and sales & marketing efforts
Not envisioned that Fiat will require
equity capital to be raised via a rights
issue
January 29, 2014
Q4 & FY 2013 Results Review
3
4. Fiat re-organization
Summary of proposed transaction
FIAT S.P.A.
Transaction
Structure
Voting
Mechanism
Listing
Withdrawal
Rights
Process
Timeline
January 29, 2014
•
•
•
•
REORGANIZES AFTER COMPLETION OF PURCHASE OF
CHRYSLER GROUP LLC
Statutory reverse merger of Fiat S.p.A. into a wholly owned Dutch NewCo to be renamed Fiat Chrysler
Automobiles N.V. (upon closing of merger, N.V. will issue common shares with 1:1 exchange ratio)
NewCo expected to be resident for tax purposes in UK
Loyalty voting structure to promote core base of long-term shareholders
Shareholders who vote at Fiat EGM and continue to hold shares until closing may elect for an
additional special voting share holding an immaterial economic entitlement
Shareholders may retain special voting shares until they transfer their common shares
After closing, new shareholders with single vote shares may earn special voting shares by holding their
common shares for three years
•
Shares listed in NY (with additional listing on Milan Stock Exchange)
•
Transaction to trigger withdrawal rights for Fiat S.p.A. shareholders (abstaining, dissenting or absent)
•
Cash-out option at a price equal to 6 months average price prior to publication of notice of call of Fiat EGM
Fiat S.p.A. creditors objection (60-day period after Fiat EGM)
•
•
•
EGM approval
•
Company targeting to execute transaction by year-end 2014
Withdrawal rights and creditors opposition period
Closing subject to certain conditions, included a €500mn cap to cash-out resulting from exercise of
withdrawal rights and creditors’ opposition
Q4 & FY 2013 Results Review
4
6. FY 2013
Executive summary
•
•
Worldwide shipments up 3% over prior year to 4.4mn units
Growth in NAFTA & APAC more than offsetting moderate contractions in LATAM and EMEA
Key financial metrics
Italy 7%
EMEA
19%
Revenues at €87bn
Others
1%
Trading profit at €3.4bn
Components
7%
EBIT at €3.0bn
Net profit at €2.0bn (€0.9bn excl. unusuals)
Luxury
brands
4%
Net industrial debt at €6.6bn
Total available liquidity at €22.7bn
•
•
Jeep set all-time global sales record of 732k vehicles
•
NAFTA
53%
APAC
5%
Successfully active in capital markets
•
•
(1)
LATAM
11%
WCM program’s “Gold” level awarded to Pomigliano d’Arco, Tychy
and Bursa plants
Fiat bond issuances totaling ~€2.9bn and repayment of a €1bn bond at maturity
Fiat renewed its 3-year €2.0bn RCF, subsequently increased to €2.1bn
NAFTA
65%
Chrysler re-priced twice its $3.0bn term loan and $1.3bn undrawn credit facility
(aggregate savings of ~$70mn per annum)
LATAM
18%
New or extended partnerships in car financing
New private-label financing arrangement in U.S. with Santander, extended partnership in
Europe with Crédit Agricole, renewed agreement in Brazil with Itaú Unibanco
Guidance for 2014
Components
6%
Revenues of ~€93bn
APAC
11%
Trading profit in €3.6-4.0bn range
Break-even
Net profit of ~€0.6-0.8bn
Net industrial debt in €9.8-10.3bn
range1
Includes cash outflows for Jan 21, 2014 closing of purchase of remaining 41.5% minority stake in Chrysler from VEBA (€2.7bn) and €0.3bn due to
adoption of IFRS 11
January 29, 2014
Q4 & FY 2013 Results Review
EMEA mass-markets brand
Luxury brands
Other and Eliminations
~(€0.5)bn
~ €0.5bn
~(€0.1)bn
6
7. FY 2013 financial highlights
Net revenues (€mn)
83,957
Net profit (€mn)
86,816
1,951
• Group revenues up 3%
Increases in NAFTA and APAC partly offset
by reductions in LATAM and EMEA
Strong top-line growth for Luxury brands
• Positive impact of €1.5bn from recognition of net deferred
tax assets related to Chrysler partly offset by €0.5bn in net
unusual charges
896
Normalized net profit of €943mn (€1,140mn for 2012)
Components in line with 2012 (+4% at
constant exchange rates)
Excl. unusuals and positive deferred tax impact, net loss of
€911mn (€787mn last year) for Fiat excl. Chrysler
FY ‘12
FY ‘13
FY ‘12
(1)
FY ‘13
Trading profit (€mn)
Dec 31 ‘12
3,541
Dec 31 ‘13
Strong Q4 cash-flow generation of €1.4bn from Chrysler
and €0.3bn from Fiat excl. Chrysler
NAFTA: €2,220mn (+4.8% margin)
APAC: €358mn (+7.7% margin)
• Slight increase for the year including €0.2bn of equity
investments
Excluding equity investments, cash-flow for the year
positive by €0.1bn
3,394
• Mass-market brands
LATAM: €619mn (+6.2% margin)
• Cost of income taxes of €557mn, net of recognition of
deferred tax assets (€244mn for Fiat excl. Chrysler)
Net industrial debt (€bn)
• Group trading profit down 4%, or +€0.1bn vs.
2012 on a currency adjusted basis
• Trading profit for 2013 reflected €0.3bn in
higher R&D amortization
• €904mn attributable to the owners of the parent
4.2%
margin
• Group Capex at €7.4bn, substantially in line with 2012, but
3% higher at constant exchange rates
3.9%
margin
EMEA: -€470mn (-2.7% margin)
• Luxury Brands: €535mn (+14.0% margin)
FY ‘12
(1)
6.5
6.6
20.8
FY ‘13
22.7
• Components: €201mn (+2.5% margin)
EBIT (€mn)
• Mass-market brands
NAFTA: €2,290mn
3,404
2,972
2.9
3.0
LATAM: €492mn
APAC: €318mn
17.9
19.7
EMEA: -€520mn
FY ‘12
(1)
Restated for adoption of IAS 19 as amended
(Trading Profit/EBIT reduced by €273mn; Net Profit reduced by €515mn)
Note: Graphs not to scale
(1)
January 29, 2014
• A €1.9bn increase over Dec 2012, mainly reflecting positive
contribution from financing activities throughout the year,
net of €1.0bn in negative currency translation effects
In 2013, Fiat issued a total of €2.9bn in bonds and repaid
€1.0bn at maturity
Fiat excl. Chrysler at €12.1bn (€11.1bn at 2012-end)
• Luxury brands: €470mn
• Components: €146mn
Liquidity (€bn)
FY ‘13
Dec 31 ‘12
Dec 31 ‘13
Chrysler at €10.6bn (€9.8bn at 2012-end) with a €0.6bn
negative impact from currency translation
Undrawn committed credit lines
Cash & Mktable Securities
Q4 & FY 2013 Results Review
7
8. FY 2013 financial highlights
Performance by segment
MASS-MARKET
84.0 86.8
•
BRANDS
Group revenues up 3% (+7%
at constant FX rates)
NAFTA
3.1 4.6
LATAM
2.9 3.8
APAC
EMEA
Ferrari &
Maserati
FY 2012
MASS-MARKET
2,491
Components
EBIT before unusuals
• 2012: €(543)mn
• 2013: €(325)mn
392 470
492 255 318
NAFTA
(1)
LATAM
(737)
APAC
Other &
Eliminations
(520)
EMEA
3,404
2,972
•
Components
Other &
Fiat Group
(1)
Eliminations
(1)
2012 restated for adoption of IAS 19 as amended (NAFTA: -€250mn; LATAM: - €7mn; Components: -€3mn; Eliminations and Adjustments: -€14mn.
EMEA losses reduced by €1mn)
Note: Graphs not to scale; Numbers may not add due to rounding
Q4 & FY 2013 Results Review
NAFTA -8% (-9% before
unusuals)
(187) (224)
(1)
EBIT -13% (ex-unusuals
down 4%)
165 146
(1)
January 29, 2014
Components revenues in line
with 2012 at €8.1bn (+4% at
constant FX rate)
Fiat Group
EBIT before unusuals
• 2012: €(131)mn
• 2013: €(82)mn
EBIT before unusuals
• 2012: €392mn
• 2013: €535mn
Ferrari &
Maserati
Luxury brands up 31% (Ferrari
+5%, Maserati more than
doubling to €1.7bn on strength
of new models)
EBIT before unusuals
• 2012: €3,648mn
• 2013: €3,491mn
EBIT before unusuals
• 2012: €176mn
• 2013: €206mn
1,025
EBIT before unusuals
• 2012: €2,443mn
• 2013: €2,219mn
(2.5) (2.9)
FY 2013
BRANDS
EBIT before unusuals
• 2012: €1,056mn
• 2013: €619mn
2,290
8.0 8.1
EMEA down 2% mainly reflecting
volume decline in H1
11.1 10.0
17.8 17.4
LATAM down 10% in nominal
terms (+1% at constant FX rate)
43.5 45.8
NAFTA (+5% or 9% at constant
FX rate) and APAC (+48%) up
on the back of higher volumes
LATAM -52% (-41% before
unusuals)
APAC +25%
Components -12% (+17%
before unusuals)
EMEA reduced losses by €217mn
Luxury Brands +20% (+36%
before unusuals)
8
9. Breakdown of unusual items
FY 2013
(€mn)
Asset write-downs mainly related to rationalization of architectures associated
with new product strategy
Repositioning of Alfa Romeo brand
(390)
(175)
Repositioning of Fiat brand
(90)
Maserati R&D due to change of platform for luxury SUV
(65)
Cast Iron business
(60)
Amendments to Chrysler’s U.S. & Canadian salaried defined benefit pension plans
Voluntary safety recall and customer satisfaction action related to certain older
Jeep products
166
(115)
Write-off of Equity Recapture Agreement right considering purchase of remaining
equity interest in Chrysler
(56)
Devaluation of Venezuelan bolivar
(43)
Other
(81)
TOTAL UNUSUAL ITEMS
(519)
of which cash-items
January 29, 2014
~(100)
Q4 & FY 2013 Results Review
9
10. FY 2013
From trading profit to net result
€mn
(unless otherwise stated)
Fiat Group
FY ’13
Worldwide total shipments
(Units ‘000)
Fiat excl. Chrysler
FY ‘12
(1)
FY ‘13
FY ‘12
4,352
4,223
1,900
1,920
Net Revenues
86,816
83,957
35,593
35,566
Trading Profit
3,394
3.9%
3,541
4.2%
246
0.7%
338
1.0%
97
107
103
110
EBIT BEFORE UNUSUALS
3,491
3,648
349
448
Unusual items, net
(519)
(244)
(537)
(261)
EBIT
2,972
3,404
(188)
187
EBITDA
7,546
7,538
2,113
2,304
(1,964)
(1,885)
(989)
(817)
1,008
1,519
(1,177)
(630)
943
(623)
736
(418)
1,951
896
(441)
(1,048)
943
1,140
(911)
(787)
% of revenues
Investment income, net
Financial charges, net
(2)
Pre-tax result
Taxes
Net result
Net result excl. unusuals
(3)
Note
(1)
Restated for adoption of IAS 19 as amended (Trading Profit/EBIT reduced by €273mn; Profit before Taxes reduced by €517mn and Net Profit reduced by €515mn )
(2)
“Financial charges, net” includes a €31mn gain from the mark-to-market value of stock option-related equity swaps (€34mn gain in FY ‘12)
(3)
Excluding net unusual charges and one-off net deferred tax assets
January 29, 2014
Q4 & FY 2013 Results Review
10
11. FY 2013 net industrial debt walk
Change in Net Industrial Debt
(104)
€mn
Cash Flow from operating activities, net of Capex
+79
7,961
1,464
313
(2,226)
3
(7,433)
(6,545)
December 31,
2012
•
•
Industrial
EBITDA
(excl. unusuals)
Financial
Charges
& Taxes 1
Change in
Funds &
Other
Working
capital
Capex
(183)
Investments,
Scope &
Other
(6,649)
(3)
Capital
increase
/Repos/
Dividends
FX
translation
effect
2
December 31,
2013
Net cash position of €0.2bn for Chrysler at year-end
Positive operating cash flow net of Capex in 2013, with €1.6bn cash absorption for Fiat excl. Chrysler more than
compensated by cash generation from Chrysler
Capex for Fiat excl. Chrysler at €3.9bn (+20% vs. 2012 or 25% at constant exchange rates), €3.6bn for Chrysler vs. €4.3bn in 2012
Positive working capital contribution from both Fiat excl. Chrysler (€1.1bn vs. €0.6bn absorption in 2012) and Chrysler (€0.3bn vs.
€1.3bn in 2012)
Net of equity swap and IAS 19 as amended
Opening balance on Jan 1, 2014 higher by €0.3bn due to adoption of IFRS 11
Numbers may not add due to rounding
1
2
January 29, 2014
Q4 & FY 2013 Results Review
11
12. Chrysler pension & OPEB status update
(IFRS, €bn)
OPEB FUNDED STATUS
PENSION PLAN FUNDED STATUS
Dec 31, 2012
Discount
Rate
Contributions
Earnings on
Plan Assets
Interest,
Service &
Other
Dec 31, 2013
Dec 31, 2012 Discount Rate
0.2
1.2
2.0
Benefit
Payments
Interest,
Service &
Other
Dec 31, 2013
(0.1)
(2.0)
0.2
(2.3)
0.5
(1.0)
(4.0)
(6.7)
WORLDWIDE WEIGHTED AVG. ASSUMPTIONS
2013
2012
WORLDWIDE WEIGHTED AVG. ASSUMPTIONS
2013
2012
Benefit Obligations at December 31:
- Discount Rate – Ongoing Benefits
4.69%
3.98%
Benefit Obligations at December 31:
- Discount Rate – Ongoing Benefits
4.87%
4.07%
• Pension and OPEB underfunded status reduced by €3bn primarily due to a higher discount rate,
return on plan assets and pension contributions during the year
• A ±100 basis point change in discount rate would impact pension obligations by ~€2.3bn
Note: 2012 restated for adoption of IAS 19 as amended
January 29, 2014
Q4 & FY 2013 Results Review
12
13. Chrysler refinancing transaction overview
Sources & uses and pro-forma capitalization
CASH SOURCES TO CHYSLER ($bn)
•
CASH USES FROM CHYSLER ($bn)
Add-on to existing Term Loan B
Refinance VEBA Trust Note
4.7
New Term Loan B
Accrued Interest
Chrysler Group LLC to
refinance VEBA Trust Note
in capital markets to
enhance earnings and cashflow
0.3
Add-on to Secured Senior Notes
TOTAL SOURCES
5.0
TOTAL USES
5.0
Note: Excludes estimated fees and expenses
FIAT GROUP
(€bn)
Cash & Mktable Securities
Actual
Dec 31, 2013
19.7
Post Fiat-VEBA
transaction
Post
refinancing
Pro-forma
Dec 31, 2013
•
16.9
16.9
(1)(2)
Derivatives Assets / (Liabilities)
0.4
0.4
0.4
Total Cash Maturities (Principal)
(28.7)
(28.7)
(28.7)
(8.8)
(8.8)
(10.2)
(14.2)
(14.2)
(16.2)
VEBA Trust Note
(3.4)
(3.4)
-
Other Debt
(2.3)
(2.3)
(2.3)
Asset backed financing, accruals and other adj.
(1.2)
(1.2)
(1.2)
(NET DEBT) / NET CASH
(9.8)
(12.6)
(12.6)
(1)
Industrial Activities
(6.6)
(9.5)
(9.5)
(2)
Financial Services
(3.1)
(3.1)
(3.1)
Bank Debt
Capital Market
No penalty for early
repayment
Key benefits of transaction
Pro-forma
Dec 31, 2013
(1)(2)
Reimbursement of principal
amount and accrued interest,
both tax deductible
•
Positive impact on earnings
with pre-tax interest expense
benefit of ~$130mm per year
Improving projected cash
flow by ~$2.5bn over next
three years on the back of
tax shield benefit and
reduced interest cost as well
as termination of principal
payments
No incremental debt at
Chrysler or Fiat level
Transaction consistent with
Fiat-Chrysler treasury
integration path
•
Including consideration of $1.75bn paid by
Fiat and $1.9bn special distribution paid by
Chrysler to its members
Including $175mm payment to VEBA Trust
which represents first of four equal annual
payments due to VEBA Trust through 2017
Numbers may not add due to rounding
January 29, 2014
Q4 & FY 2013 Results Review
13
14. 1
MASS-MARKET BRANDS BY REGION
2
LUXURY BRANDS
3
COMPONENTS
4
BUSINESS ENVIRONMENT OVERVIEW
5
2014 GUIDANCE
15. Mass-market brands
Highlights
FINANCIAL PERFORMANCE
•
Strong industry trend throughout the year supportive of
a robust level of sales for the Group, especially in U.S.
and Canada
•
Revenues for full year up 5% (+9% in USD terms) on
higher shipments
•
FY trading profit down 9% (-6% in USD terms)
Decrease reflecting content enhancements associated with
new models and higher industrial costs to support volume
growth as well increased R&D amortization partly offset by
higher shipments & improved pricing
Trading margin at 4.8%
COMMERCIAL PERFORMANCE & HIGHLIGHTS
•
Shipments
(k units)
Revenues
(€mn)
EBIT
(€mn)
(1)
(1)
FY ‘12
2,115
45,777 43,521
(€mn)
Trading Profit
FY ‘13
2,238
TOTAL NAFTA
(1)
2,220
2,491
2012 restated for adoption of IAS 19 as amended
January 29, 2014
U.S.: 1,876k vehicles, up 7% vs. last year
Canada: 269k vehicles, up 5%
Mexico & other: 93k vehicles
•
FY vehicle sales up 8% to 2,147k vehicles, above the
market in both U.S. (+9%) and Canada (+7%)
•
Best sales performers in U.S. & Canada combined
2,443
2,290
FY shipments up 6% vs. prior year, primarily reflecting
increased Jeep (Grand Cherokee, Wrangler and
Cherokee) and Ram 1500 pickup shipments
•
Double-digit growth for both Ram (+21%) & Dodge (+12%)
Jeep +3%: double-digit performance for all nameplates (no
availability of any D-SUV model until late October, bold
contribution to sales of all-new Cherokee in Q4)
U.S. dealer inventory at 79 days supply as dealers build
stock of newly-launched Jeep Cherokee
Q4 & FY 2013 Results Review
15
16. Mass-market brands
EBIT walk
€bn
•
Volume increase of 123k
vehicle shipments
•
Positive mix primarily
reflecting higher retail
volumes and lower fleet
volumes
•
Positive net price partly
driven by vehicle content
enhancements on recent
launches
•
Industrial costs impacted
by content enhancements
and higher depreciation &
amortization, partly offset
by purchasing savings
•
SG&A costs higher
primarily due to increased
advertising expense
•
Other primarily relates to
negative FX translation
impact (~80mn)
868
588
2,491
2,290
(1,456)
FY 2012
(1)
(1)
Volume
& Mix
Net price
Industrial
costs
(90)
SG&A
(111)
Investments /
FX / Other
FY 2013
2012 restated for adoption of IAS 19 as amended
January 29, 2014
Q4 & FY 2013 Results Review
16
17. Mass-market brands
Market trends & business dynamics
INDUSTRY VOLUME & OUTLOOK
(MN UNITS)
U.S.
•
15.9
•
3.9
3.7
0.38
Q4 '12
Q4 '13
Q4 '13
FY '13
•
(%)
13.0
13.2
11.4
10.9
Q1
Q2
Q3
Q4
2010
FY share
13.0%
9.2%
January 29, 2014
2011
Q1
Q2
Q3
Q4
Q4 up 11% vs. prior year
Strongest annual sales since 2007
Q1
Q2
Q3
2012
FY share
FY share
14.3%
10.5%
14.2%
11.2%
14.6%
11.4%
Q4 & FY 2013 Results Review
Q4 share up 50 bps to 11.4%
Q4 retail sales up 12%
Fleet mix down 70 bps to 21.7% of total sales in Q4
FY ‘13 industry recording highest FY levels
ever, up 4% vs. prior year
Q4 industry up 6%
FY ‘13 Group sales up 7% vs. prior year
•
Q4 sales up 7% vs. prior year
Q4
2013
FY share
December represented the 45th consecutive month
of year-over-year sales gains
FY ‘13 market share up 20 bps; retail sales up
14% and fleet mix down from 26% to 22%
•
8.8
Q4
CANADA
•
10.8
FY ‘13 Group sales up 9% vs. prior year
QUARTERLY MARKET SHARE
12.9
Q4 industry up 6% (cars +3%; trucks +9%)
1.8
0.40
Q4 '12
FY '13
12.6
FY ‘13 industry up 7% vs. prior year
(cars +4%; trucks +10%)
#2 selling manufacturer in Canada in 2013; best
FY sales since 2000
49 consecutive months of year-over-year sales
growth
FY ‘13 market share up 40 bps to 14.6%
17
18. Mass-market brands
Highlights
FINANCIAL PERFORMANCE
•
FY industry up 1.3% in the region with Argentina at
historical peak and Brazilian market at 3.6mn units,
similar to 2012 levels
•
FY revenues down 10% vs. prior year (+1% at
constant exchange rates)
•
Trading profit for full year reduced by 41% in
nominal terms (down 33% at constant FX rates)
TOTAL LATAM
Shipments
(k units)
Revenues
(€mn)
Trading Profit
(€mn)
EBIT
(€mn)
January 29, 2014
FY ‘13
950
979
9,973
•
1,025
Total Group FY shipments down 3% to 950k
•
Brazil: 785k shipments or down 7% (188k units in Q4, an
18% decline compared with exceptionally strong quarter in
2012, when Group reacted promptly to increased demand
in Brazilian market driven by government incentives)
1,056
492
Trading margin at 6.2%
COMMERCIAL PERFORMANCE & HIGHLIGHTS
11,062
619
Venezuela trading performance down mainly due to
reduced volumes and negative mix as FX restrictions
limited supply levels, while other LATAM markets improved
FY ‘12
Decrease mainly attributable to Brazilian ops due to input
cost inflation, also on weakening of Real affecting prices of
imported materials, unfavorable production mix and lower
volumes, as well as initial start-up costs for Pernambuco
plant
Argentina: 111k (+32%)
Other LATAM markets: 54k (+7%)
Disciplined management of company & dealer
inventory (stable at ~1 month-supply at year-end)
Q4 & FY 2013 Results Review
18
19. Mass-market brands
EBIT walk
•
€mn
•
1,025
•
64
Negative volume, reflecting
decline in shipments, and less
favorable market mix
Disciplined pricing behavior
supported by new product
initiatives, but unable to price
for inflationary increases
Industrial costs impacted by
Labor and input cost inflation also on
weakening of Real affecting prices of
imported materials (principally
within region)
Less favorable production mix
(Argentina vs. Brazil)
Start-up costs for Pernambuco plant
(111)
(257)
(37)
492
(192)
FY 2012
January 29, 2014
Volume
& Mix
Net price
Industrial
costs
SG&A
Investments
FX / Other
Q4 & FY 2013 Results Review
•
FY 2013
•
Higher SG&A driven by new
advertising campaigns in
Brazil
Other mainly relates to FX
translation effect (€85mn)
and unusual charges
(devaluation of Venezuelan
Bolivar of €43mn and asset
impairment for €75mn due to
streamlining of architectures
and models associated with
region’s refocused product
strategy)
19
20. Mass-market brands
Market trends & business dynamics
REGIONAL OVERVIEW
INDUSTRY VOLUME & OUTLOOK
(TOTAL LATAM;
MN UNITS)
Brazil
5.9
•
1.2
•
1.5
0.5
4.7
1.5
0.5
1.0
Q4 '12
•
FY '13
Passenger cars
LCVs
CARS
& LCVS; %)
Group retained its leadership in Brazilian market
for the 12th year with overall share of 21.5%,
270 bps ahead of nearest competitor
Group products continued to perform well
QUARTERLY MARKET SHARE
(PASSENGER
FY share compares with exceptional
performance in 2012
1.1
Q4 '13
FY industry down 1.5% (Q4: -3%) compared to
2012 which benefited from a period of higher
sales tax incentives
Combined 25% share of A/B segment, driven by
continued success of new Palio and Uno
Siena and Grand Siena posting a combined 25%
year-over-year sales increase
Strada up 5% boosted by contribution from
refreshed models launched in Q4
Argentina
22.3
10.2
23.6
21.7
11.6
Q4
Q1
Q2
Q3
Q4
20.0
9.3
Q1
Q2
Q3
10.5
Q4
Q1
Q2
Q3
2010
2012
2013
FY share
FY share
FY share
23.0%
11.2%
January 29, 2014
2011
FY share
22.2%
11.6%
23.3%
10.6%
Q4
21.5%
12.0%
Q4 & FY 2013 Results Review
•
•
FY market up 14% to 919k units (Q4: +23%)
Group FY sales up 31% to ~111k
Share up 140 bps facilitated by improved
customs clearance for vehicle imports
Update on IPI tax
•
Reduced IPI rates to gradually return to preincentive levels during 2014 with increases
varying by engine displacement, fuel and
vehicle type
A 1 to 2 p.p. increase occured on Jan 1
A further increase expected on Jul 1 (adding 2 to
5 p.p.)
20
21. Mass-market brands
Market trends & business dynamics
FINANCIAL PERFORMANCE
•
Strong overall demand in the region (+9%) driven by
double-digit growth in China, partially offset by slowing
demand in India
•
FY revenues up 48%
•
•
TOTAL APAC
FY ‘13
FY ‘12
Shipments
163
103
Revenues
4,621
358
260
318
255
(€mn)
Trading Profit
(€mn)
EBIT
(€mn)
APAC industry reflects aggregate for key markets where Group
competes (i.e. China, India, Australia, Japan, South Korea)
January 29, 2014
Shipments up 58%, primarily driven by Jeep, Fiat and
Dodge brands
Trading profit for full year up 38% over 2012 levels
Increase primarily driven by higher volumes, partially offset
by increased industrial, SG&A expenses in line with regional
growth
Trading margin remained strong (7.7%)
FY EBIT up 25%, with trading profit improvement
partially offset by start-up costs incurred by Chinese joint
venture
COMMERCIAL PERFORMANCE & HIGHLIGHTS
3,128
(k units)
•
Strong retail sales (incl. JVs) throughout the year, up
73% to 199k vehicles in the region
Fiat brand volumes ~5x last year’s level primarily driven by
Fiat Viaggio in China
•
Jeep (~50% of total Group sales in APAC) up 26% over prior
year
Successful return of Dodge Journey, now Group’s fourth
best-selling vehicle in the region (after Fiat Viaggio, Jeep
Compass and Jeep Grand Cherokee)
Strong sales momentum continued in Q4, up 79% vs. a
year ago to 62k vehicles with December the best-selling
month in the region’s history
Q4 & FY 2013 Results Review
21
22. Mass-market brands
EBIT walk
€mn
•
•
(106)
FY 2012
January 29, 2014
Increased SG&A expenses
to support volume growth
and continued regional
expansion
•
Other primarily reflects
higher losses of Chinese ops
(€74mn) also including
start-up costs for launch of
Fiat Viaggio and Ottimo and
unfavorable FX impact
318
(72)
255
Increased industrial costs
due to higher R&D and fixed
manufacturing costs from
new product initiatives and
higher production volumes
•
(79)
Pricing impacted by
increasingly competitive
environment, particularly in
China
•
423
Volume/mix reflecting
higher shipments (+60k
units) and better mix
(higher penetration of
SUVs)
(103)
Volume
& Mix
Net price
Industrial
costs
SG&A
Investments /
FX / Other
Q4 & FY 2013 Results Review
FY 2013
22
23. Mass-market brands
Market trends & business dynamics
INDUSTRY VOLUME1
(PASSENGER CARS & LCVS; MN UNITS)
26.1
REGIONAL OVERVIEW
FY Group sales (incl. JVs) significantly outperforming
industry (+9%) driven by strong performance in China
and Australia
7.0
6.1
CHINA
•
Q4 '12
Q4 '13
FY '13
QUARTERLY MARKET SHARE
(PASSENGER CARS & LCVS; %)
3.4%
2.2%
•
0.36%
0.54%
Q4
Q1
0.49%
0.27%
Q2
Q3
Q4
Q1
0.11%
Q2
Q3
0.38%
Q4
Q1
Q2
Q3
2010
2011
2012
FY share
AUS
IND
CHI
JAP
FY share
FY share
FY share
1.2%
0.9%
0.2%
0.2%
1.6%
0.7%
0.3%
0.3%
2.1%
0.4%
0.4%
0.3%
3.1%
0.4%
0.8%
0.4%
2013
1.Reflects aggregate for key markets where Group is competing (i.e. China, India,
Australia, Japan, South Korea)
January 29, 2014
FY share up 100 bps over 2012
Jeep +31% vs. prior year; Fiat, Alfa Romeo and LCVs at
4x last year’s level supported by consolidation of sales &
distribution activities into one Group company
INDIA
0.38%
0.21%
Fiat Viaggio, Jeep Compass and Dodge Journey as topsellers
Group sales up 53%, significantly outperforming a
moderately growing market (up 2%) in 2013
0.91%
0.55%
0.28%
0.31%
Share gain of 40 bps driven by Fiat Viaggio, Dodge
Journey and continued growth of Jeep brand
AUSTRALIA
1.7%
1.4%
FY Group sales up 125% posting the best sales
improvement in an industry growing 17%
Q4
•
Sales up 41% over same period in 2012 on the back
of establishment of new distribution network
JAPAN
•
FY Group sales up 6%, outperforming a largely flat
industry (gains driven by Chrysler, Abarth & Fiat)
SOUTH KOREA
•
Sales up 16% for the year in a market down 1%
Q4 & FY 2013 Results Review
23
24. Mass-market brands
Highlights
FINANCIAL PERFORMANCE
•
Although mixed across major markets, overall trading
conditions in EU27+EFTA remained weak throughout
2013 with initial signs of stabilization in H2
•
•
FY 2013 being the 6th consecutive year of decline
LCVs: FY industry flat vs. prior year
FY revenues slightly down due to lower shipments
Trading loss for FY reduced by €233mn, or 33%
TOTAL EMEA
Shipments
(k units)
Revenues
(€mn)
Trading Profit
(€mn)
EBIT
(€mn)
FY ‘13
FY ‘12
979
1,012
17,420
17,800
(470)
(703)
(520)
Note
1 Harbour definition: 235 days p.a. / 16 hours per day
2 Technical definition: 280 days p.a. / 3 shifts per day
January 29, 2014
•
(737)
Among major markets, the Q4 passenger car segment posted
2nd quarter of year-over-year gains, Italy still negative
Sequential quarter-over-quarter improvement in 2013, with
losses in Q4 reduced by 58% to €50mn
Better mix and cost efficiencies more than offsetting
headwinds still negative pricing
FY EBIT loss reduced by ~30%
Results from investments of €145mn (€160mn in 2012) with
decline also due to unfavorable FX impact of Turkish Lira
Unusual charges flat at €195mn (2013 including write-off of
previously capitalized R&D related to new model development
for Alfa Romeo products)
COMMERCIAL PERFORMANCE & HIGHLIGHTS
•
•
Overall shipments down 3%, or 33k units
Passenger cars down 34k (-4%) to 776k units, with decline
fully attributable to lower volumes in Italy
LCV shipments substantially unchanged at 203k units
Strict management of supply and demand function
Company & dealer inventories stable at ~2-months supply
Utilization rate at plants in EMEA, including JVs, nearly stable
(67% Harbor1 definition, or 42% Technical2 definition)
Q4 & FY 2013 Results Review
24
25. Mass-market brands
EBIT walk
•
Better mix (mainly 500
family & LCVs) partly
offset by negative
volume, reflecting decline
in passenger car
shipments
•
Price pressure continuing
(more accentuated in H1)
•
Improvement in industrial
costs driven by WCM
program efficiencies &
purchasing savings more
than offsetting higher
R&D amortization
•
Continued implementation
of cost efficiencies in
SG&A spending, mainly
related to reduced
advertising
•
€mn
Other includes
unfavorable FX and lower
contribution from JVs
(principally Tofas due to
FX conversion)
199
(26)
139
(737)
FY 2012
January 29, 2014
(520)
77
(172)
Volume
& Mix
Net price
Industrial
costs
SG&A
Investments /
FX / Other
Q4 & FY 2013 Results Review
FY 2013
25
26. Mass-market brands
Passenger cars: market trends & business dynamics
INDUSTRY VOLUME & OUTLOOK
(MN UNITS)
EU27+EFTA
•
EU27+EFTA
3.0
Q4 '13
0.3
Q4 '12
FY '13
Q4 '13
FY '13
QUARTERLY MARKET SHARE
•
•
29.3
28.4
6.9
6.3
FY share at 6.0%
6.2
Share performance in EU27+EFTA ex-Italy
(3.3%) similar to prior year with share gains in
France, UK & Spain offset by share losses in
Germany and some other minor markets
27.7
Italian market weight further reduced, to 11%
of total European industry, or 500 bps lower
than pre-crisis levels in 2007
5.6
ITALY
EU27+EFTA
Q4
2010
Q1
Q2
Q3
2011
Q4
Q1
Q2
Q3
2012
Q4
Q1
Q2
Q3
Q4
2013
FY share
FY share
FY share
FY share
30.3%
7.7%
January 29, 2014
FY Group sales down 7% to 736k
(%)
28.8
Among major countries, positive comps for UK
(+11%) & Spain (+3%); negative performance
in Germany (-4%), France (-6%) with Italy
suffering the most (-7%)
1.3
0.3
Q4 '12
Positive year-over-year performance in H2
(+4%) unable to counter downwards trend in
H1 (-7%)
12.3
2.8
FY industry down 1.8% to 12.3mn units
29.4%
6.9%
29.6%
6.3%
28.7%
6.0%
Q4 & FY 2013 Results Review
•
Industry troughed at lowest levels since
1978, with decline moderating in H2 (Q4:
-3%)
Share down 90 bps as a combined result of
Group’s repositioning strategy and decision not
to engage further in value destructive price
competition, particularly in H2
26
27. Mass-market brands
LCVs: market trends & business dynamics
INDUSTRY VOLUME & OUTLOOK
(MN UNITS)
1.57
EU27+EFTA
•
0.41
0.38
0.03
Q4 '12
Q4 '13
Q4 '13
0.10
Q4 '12
FY '13
0.03
FY '13
(%)
42.4
41.9
10.8
46.0
42.7
11.9
10.8
FY Group sales at 182k units, flat over
prior year
•
Fiat Professional FY share stable, with a
9.4% record share in EU27+EFTA excl.
Italy offsetting unfavorable market mix
10.4
EU27+EFTA
Q4
2010
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Mixed trend among major markets: for fullyear, Italy -15% (Q4: -2%), France -5% (Q4:
+3%), Germany -2% (Q4: +6%), but with
double-digit growth in UK (+12%) & Spain
(+11%), up 26% and 34% in Q4, respectively
•
QUARTERLY MARKET SHARE*
Q2
Q3
2011
2012
FY share
44.0%
12.7%
44.4%
12.5%
FY share
44.0%
11.6%
FY share
42.7%
11.7%
Q4
2013
FY share
* 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
January 29, 2014
FY market flat at 2012 levels, after a bad
start (Q1: -10%), then gradually
improving with Q4 being the first positive
year-over-year industry gain (+9%)
Q4 & FY 2013 Results Review
•
Share gains in Italy (+130 bps), UK (+140
bps) and Spain (+40 bps), while flat in
Germany & France
Unfavorable market mix penalized market
share in Q4 in EU27+EFTA, notwithstanding a
strong performance in Italy (+330 bps)
Ducato topped 100k units sold in European
market, recording 80 bps share gain in its
segment
Outside Europe, strong share
performance in Russia (+230 bps)
27
28. Luxury brands
2
Ferrari & Maserati
• FY revenue up 5% to €2.3bn
• FY revenue 2.2x last year’s level to €1.7bn
Shipments of street cars down 5% to 6,922 units,
consistent with strategic target to maintain production
below prior year’s level to preserve brand’s exclusivity
FY shipments of 15.4k units, up 148% vs. 2012 driven by
success of new Quattroporte and Ghibli launched in 2013
Shipments of ~8k for Quattroporte, ~3k for Ghibli with
order intake totalling 13k units apiece at Dec-end
12-cyl models up 19% on the back of F12 Berlinetta
released just 1 year ago; 8-cyl down 12%
GranCabrio & GranTurismo in line with 2012 (5k units)
USA: ~7k units (+138%), brand’s #1 market
North America (+9%) remained #1 market
Europe: UK in line with 2012, other major markets down
China: 4.3x last year’s volumes to ~4k units, the brand’s
second market
China, Hong Kong & Taiwan declined, partially offset by
increases in Japan
Europe: up 133% to ~3k units
Mid-East up 81% and APAC-ex China up 52% to ~2k
units in aggregate
First 20 units of special edition “LaFerrari” shipped
• FY trading profit up 9% to €364mn
Improvement reflecting better sales mix and contribution
from licensing and personalization program
Margin up 50 bps to 15.6%
USA
30%
European Top-5
35%
• FY trading profit at €171mn, €114mn higher
than a year ago, representing a 10.3% margin
Q4 at €123mn (€13mn in 2012) or 15.9% margin
European Top-4
13%
USA
45%
Japan
4%
Japan
5.5%
Others
22%
January 29, 2014
China,
Hong Kong
& Taiwan
8%
China
25%
Others
13%
Q4 & FY 2013 Results Review
28
29. Components
3
•
Operational Highlights
5,828
• Solid performance in
5,988
141
166
NAFTA and China with
modest gain in Europe;
Brazil stable at constant
exchange rates
780
FY ‘12
FY ‘13
FY ‘12
0
(13)
Cast Iron business unit
posted a 7% decrease in
volumes in Europe and
the Americas with lower
demand in all segments,
particularly light vehicles
Aluminum business
posted 13% increase in
volumes
FY ‘12
FY ‘13
Trading performance
primarily attributable
to volume declines
Revenues
substantially in line
with prior year
•
FY ‘13
•
•
FY ‘12
FY ‘13
688
• Order intake up 44% to
€2.6bn
Revenues down 12%
A €15mn increase in
trading profit
primarily driven by
Body Welding ops
•
Order intake for
System activities up
18% to €1.5bn
Note: graphs not to scale
Note: graphs not to scale
•
FY revenues up 3% to €6bn (+6% at constant
exchange rates)
•
Lighting up 12% on the back of performance in China as well
as NAFTA where several new products launched in H2 2012
Electronic Systems up 7% primarily due to growth in sales
of “telematics and body” products
Powertrain business flat at constant exchange rates
After market business up 5% (+13% at constant FX rates)
with growth in Europe and Mercosur only partially offset by
decrease in NAFTA
Trading profit up 18%, a 40 bps margin increase
to 2.8%
1,482
1,463
33
FY ‘12
FY ‘13
Top-line growth only partially offset by higher industrial
costs associated with new product launches in NAFTA
January 29, 2014
Q4 & FY 2013 Results Review
48
FY ‘12
FY ‘13
Note: graphs not to scale
29
31. Business environment overview
Jeep Cherokee starts strong; All-new Chrysler 200 revealed
All-New 2015
Chrysler 200
All-New
Cherokee
(Launched end of October 2013)
17
Worldwide sales
(000’s)
11
•
•
•
1
Oct
Nov
Dec
•
Over 29k sold worldwide (mostly NAFTA)
in just over 2 full months on sale
•
Presented at 2014 Detroit Auto Show
•
Benchmark features in its category
Available in H1 2014
Derived from common Compact U.S. Wide
architecture
First mid-size sedan with a standard 9-speed automatic
transmission
Strong market reception supporting 64k
shipments since shipment hold released in
late October
Expected fuel economy rating of 35 MPG highway
•
Competes in largest SUV segment in
NAFTA (~2.0mn vehicles)
•
Two world-class engines (Pentastar V-6 with best-in-class
295hp) & 2.4L MultAir®2 Tigershark (I-4 engine, 184hp)
First mid-size SUV with a 9-speed
automatic transmission
•
Best-in-class capability with new
Trailhawk model
January 29, 2014
•
Available all-wheel-drive system with automatic fully
disconnecting rear axle
Production at Sterling Heights assembly plant in
Michigan
More than $1bn investment (product and plant), including
all-new paint shop and fully robotic body shop
Q4 & FY 2013 Results Review
31
32. Business environment overview
Strengthening product line-up, preparing for upscale move
KEY
LAUNCHES IN
NEW STRADA
•
STATUS
Best-selling nameplate
in its segment
•
Q4
UPDATE OF NEW PLANT
LOCATED IN GOIANA
(STATE OF PERNAMBUCO)
NORTHEAST BRAZIL
50% segment share in
Brazil for FY 2013
Launched two
refreshed models
Single-cab Strada
launched in market in
October
Ramp-up of production
for double-cab version
started in October
•
Investment for new complex started in Q4 2012
•
•
Expanding Uno
family
Significant
improvements
compared to prior
model
Increased cargo
capacity
New and more fuelefficient engines
January 29, 2014
•
Capex spanning through 2016 (~€2bn in 2012-14 period)
with Fiat to receive financing for up to 80% of total
investment
ALL-NEW FIORINO
In addition, once production begins, project will also benefit
from tax incentives for a period of 5 years
Start-of-production expected in H1 2015
•
Initial annual capacity of 200k vehicles for domestic market
and export
Small-Wide architecture to strengthen mid-size car
offerings
Expandable, flexible world-class production site
Integrated international supplier park
Product engineering and testing facilities
Over 80% of components localized
Favorable logistics infrastructure (port, railway…)
Q4 & FY 2013 Results Review
32
33. Business environment overview
Significant sales up for Fiat brand in China
APAC SALES GROWTH BY BRAND
Vehicles (000s)
20
16
8
FIAT BRAND IN CHINA
199
•
Fiat Viaggio
Group best-selling
vehicle in APAC in
2013
41
Positive market
acceptance driven by
design and equipment
levels
115
Viaggio One-year Anniversary Special Edition and Shining
Edition debuted at Chengdu Auto Show and Guangzhou
Auto Show, respectively
•
FY SALES +73%
Fiat Ottimo
Hatchback version of
Fiat Viaggio, to roll
out to Chinese
dealerships in early
2014
•
Second Fiat vehicle
FY ‘13
FY ‘12
locally produced in
China
Fiat brand sales up 160%, accounting for
44% of total sales increase
Global premiere at Guangzhou Auto Show in November
7-speed dual-clutch transmission powered by 1.4T-JET
Fiat Viaggio continuing to gain momentum
•
•
Strong performance of Jeep brand with 17
consecutive quarters of year-over-year
growth
Dodge brand sales boosted by re-introduced
Journey
January xx, 2014
engine
•
Fiat dealership network continued to expand,
nearly doubling to 200+ points of sale in 2013,
covering a total of 126 cities across China
Q4 & FY 2013 Results Review
33
34. Business environment overview
Moving on & up
RE-FOCUS
•
FIAT
TRADING PERFORMANCE
BRAND
(€MN)
Structural shift of brand towards upper layer of core
segments
•
AND REALIGNMENT OF
2012
Expanded 500 family with 500L, Trekking & Living variants,
adding to iconic hatchback model (1+mn units sold in Europe
since launch in 2007)
Q1
Q2
2013
Q3
Q4
FY
500 family now representing 33% of brand sales (20% in 2012)
Segment leadership in FY 2013 for 500 (A-Segment, first-time
since launch) and 500L (Compact-MPV) in EU27+EFTA
(157)
(207)
3 out of 4 Fiat 500s sold outside Italy
(138)
29%
Launch of 500X model in H2 2014
24%
(50)
(98)
(165)
(238)
(120)
58%
31%
Select utility vehicles to round out brand offerings, with
Panda second best-selling vehicle in A-segment
(470)
(703)
33%
improvement
Sustained improvement driven by:
•
•
•
Enhancement of industrial cost efficiencies
•
January 29, 2014
More favorable mix driven by product portfolio
repositioning strategy
Continued tight grip on G&A costs
Q4 & FY 2013 Results Review
Optimization of advertising spending by rechannelling resources to 500 family while
reducing overall spending
34
35. Business environment overview
4
Market outlook (mn units)
NAFTA
APAC
LATAM
5.9
4.6
FY '13
EU27+EFTA
1.3
4.7
>16
5.9
1.2
15.9
EMEA
FY '14E
26.1
~27.0
1.6
FY '13
FY '14E
Passenger cars
1.8
1.5
12.3
FY '13
LCVs
FY '13
FY '14E
~1.8
12.4
FY '14E
Passenger cars
LCVs
~0.1
0.12
FY '13
FY '14E
Upwards trend for U.S.
industry projected for 2014,
but at lower rate than prior
years
Both car and truck segments
expected to increase
•
Canada market in 2014
expected to be substantially
in line with record levels
reached in 2013
LATAM market in 2014
expected to perform in line with
prior year
•
2013 Canada market was
the highest ever
•
•
•
Brazilian industry to grow
~3% underpinned by a
projected GDP growth in line
with prior year
Argentina industry to decline
double-digit due to import
restrictions and higher sales
tax on high-end segments
•
Industry demand projected
up ~4% driven by strong
growth in China, India,
South Korea and Australia,
offset by contraction in
Japan
Group targeting to increase
40% in 2014 retail sales
(incl. JVs)
Performance of Fiat, Jeep
and Dodge brands to play
key role in Group expansion
activities
~1.4
FY '12
•
1.4
FY '13E
Overall industry (passenger car
& LCV segments in aggregate)
projected stable
•
•
Passenger cars
Slight growth in EU27+EFTA
(+0.5%) vs. prior year
Italy +3%; Germany +4%
LCVs
Mid-single digit
contraction in EU27+EFTA
Italy to perform in line
with passenger car
segment
Note: APAC reflects aggregate for key markets where Group competes (i.e. China, India, Australia, Japan, South Korea)
January 29, 2014
Q4 & FY 2013 Results Review
35
36. 4
Business environment overview
Group shipments (excl. JVs)
(units in thousands)
(units in millions)
4,223
Luxury
+150%
APAC
+85%
4
26
+8%
267
543
248
Q4 ‘12
EMEA
-5%
LATAM
-3%
2,238
1,012
EMEA
-3%
Luxury
>0.2
APAC
950
NAFTA
+6%
0.05
163
22
0.9-1.0
LATAM
~2.4
NAFTA
979
~1.0
EMEA
FY ‘13
FY ‘14E
10
227
LATAM
-15%
NAFTA
+20%
103
Luxury
+57%
APAC
+58%
2,115
1,172
4.5-4.6
4,352
979
14
1,088
+3%
48
651
236
Q4 ‘13
FY ‘12
Note: Numbers may not add due to rounding; Graphs not to scale
January 29, 2014
Q4 & FY 2013 Results Review
36
37. 5
2014 Guidance for the Group
(€bn, except EPS)
REVENUES
NET INCOME
2.0
CHANGES RELATIVE TO 2013
1.5
~93
0.2-0.6
87
0.9
0.6-0.8
(0.5-0.7)
(0.5)
2013
2013
2014E
Profit to the owners
of the Parent
Recognition
of deferred
tax assets
Unusuals
2013
Normalized
Net income
Taxes
(principally
deferred)
2014E
0.9
0.1
0.5-0.7
0.74
EPS
0.10
0.44-0.60
TRADING PROFIT
NET INDUSTRIAL DEBT
Year-end
2013
(Pro-forma)
Year-end
2013
Year-end
2014E
CHANGES
3.4
Trading
profit
3.6-4.0
RELATIVE TO
2013
(1)
Industrial EBITDA: higher
Financial charges: stable
(6.6)
Positive change in Working Capital: lower
(2.7)
2013
2014E
Capex: higher
(0.3)
(9.7)
Purchase of
Adoption of
remaining 41.5%
IFRS 11
minority stake in
Chrysler from VEBA
(1)
Includes first payment of $175mn to VEBA
Trust under MoU regarding industrial
cooperation principles with UAW
(9.8-10.3)
Note: Numbers may not add due to rounding; Graphs not to scale
January 29, 2014
Q4 & FY 2013 Results Review
37
39. Supplemental financial measures
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
January 29, 2014
Q4 & FY 2013 Results Review
39
40. Chrysler
Net income reconciliation (from IFRS to US GAAP)
(1)
Twelve Months
ended December 31, 2013
EURO
(mn)
(895)
472
626
68
(201)
(166)
(218)
(316)
Other
(3)
(674)
(150)
Pension/OPEB adjustments
3,176
52
Reconciling Items:
Capitalization of development
costs, net of amortization (2)
USD
(mn)
2,392
Chrysler Net Income – IFRS (1)
(419)
2,076
2,757
(2)
(3)
Unusual Items:
Pension plan changes
(4)
Chrysler Net Income - US GAAP
January 29, 2014
Q4 & FY 2013 Results Review
(4)
Including unusual items and restructuring
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
Under IFRS, net interest cost is calculated by
multiplying the net defined benefit liability
(asset) by the discount rate used at the start
of the annual period to measure the defined
benefit liability (asset). Under U.S. GAAP,
entities recognize the interest cost on the
present value of the defined benefit liability
(asset), using the discount rate, and an
expected return on plan assets (EROA), which
is the expected long-term rate of return on
the market value of assets. Since the EROA is
generally higher than the discount rate used
to determine interest cost on the defined
benefit obligation, the overall cost reflected in
the income statement is generally higher
under IFRS as compared to U.S. GAAP
Under U.S. GAAP, curtailment gain and plan
amendments were a net reduction to pension
obligation
offset
in
accumulated
other
comprehensive income
40
41. Chrysler
Net debt reconciliation (from IFRS to US GAAP)
Dec 31, 2013
EURO
(mn)
USD
(mn)
Chrysler Net Debt - IFRS
(215)
(296)
Unamortized purchase accounting
adjustments (1)
(424)
(584)
(218)
101
(541)
(301)
138
(747)
(756)
(1,043)
Classification and other differences:
Accrued interest
Other
Net Industrial Debt - US GAAP
(1)
January 29, 2014
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
Q4 & FY 2013 Results Review
41
42. Financial charges breakdown
FY 2013
FY 2012
Avg.
Outstanding
(€bn)
Gross Industrial Debt
Industrial Cash & Net
Intersegment Financial
Receivables (2)
Net Industrial Debt
(3)
IAS 19
Avg.
Outstanding
(€bn)
Rate
(%)
P&L
(€mn)
7.0%
(900)
(12.0)
7.1%
(849)
(13.9)
6.6%
(920)
(13.7)
7.2%
(990)
(26.8)
Other Financial Debt
(1)
P&L
(€mn)
(12.9)
Capital Market
Rate
(%)
6.8%
(1,820)
(25.7)
7.2%
(1,839)
19.4
0.8%
156
19.3
1.2%
230
(1,664)
(6.4)
(7.4)
(1,609)
(371)
(388)
Equity Swap
31
34
Others
40
78
(1,964)
(1,885)
(interest cost on pension & OPEB)
(4)
Net Financial Charges
Note
Include expense incurred in relation to sale of receivables, committed lines fees, hedges
Net of charges on sales of receivables intersegment and floor plan fees
Excluding derivatives fair values
(4) Include FX gain/losses, interest cost capitalized (IAS23), bank fees and other financial charges
Numbers may not add due to rounding
(1)
(2)
(3)
January 29, 2014
Q4 & FY 2013 Results Review
42
43. Detailed cash flow
(€mn)
Fiat Group
Q4 2013
Fiat Group
Q4 2012
(1)
(8,307)
(6,694)
1,296
224
1,227
1,028
(365)
407
2,158
1,659
1,672
590
3,830
2,249
(2,175)
(2,254)
1,655
(5)
(23)
122
1,632
117
(1)
2
27
30
1,658
149
(6,649)2
(6,545)
FY 2013
Net Industrial (Debt)/Cash beginning of period
Fiat ex cl. Chrysler
FY 2012
(1)
FY 2013
FY 2012
(1)
(6,545)
(5,529)
(5,048)
(2,449)
Net Income
1,951
896
(441)
(1,048)
D&A
4,572
4,132
2,299
2,115
Change in Funds & Others
(475)
617
(679)
(36)
6,048
5,645
1,179
1,031
1,464
694
1,129
(581)
7,512
6,339
2,308
450
(7,433)
(7,530)
(3,860)
(3,219)
79
(1,191)
(1,552)
(2,769)
(183)
292
(308)
247
(104)
(899)
(1,860)
(2,522)
(3)
(36)
3
(36)
3
(81)
41
(41)
(104)
(1,016)
(1,816)
(2,599)
(6,649)2
(6,545)
(6,864)
(5,048)
Cash Flow from Op. Activities bef. Chg. in W.C.
Change in Working Capital
Cash Flow from Operating Activities
Tangible & Intangible Capex
Cash Flow from Operating Activities net of Capex
Change in Investments, Scope & Others
Net Industrial Cash Flow
Capital Increase / Share Repurchases / Dividends
FX Translation Effect
Change in Net Industrial Debt
Net Industrial (Debt)/Cash end of period
(1)
Restated for adoption of IAS 19 as amended
(2)
Opening balance on Jan 1, 2014 higher by €0.3bn due to adoption of IFRS 11
Note: Numbers may not add due to rounding
January 29, 2014
Q4 & FY 2013 Results Review
43
44. Fiat excl. Chrysler
Net debt breakdown (€bn)
Sept. 30, 2013
Dec. 31, 2013
Cons.
Fin.
19.1
15.9
3.3
(0.3)
(0.3)
(8.6)
10.2
*
Ind.
Cons.
Ind.
Fin.
Gross Debt*
20.3
17.0
3.4
-
Derivatives M-to-M, Net
(0.3)
(0.3)
-
(8.4)
(0.2)
Cash & Mktable Securities
(10.0)
(9.8)
(0.2)
7.1
3.1
Net Debt
10.0
6.9
3.1
Net of intersegment receivables
Note: Numbers may not add due to rounding
January 29, 2014
Q4 & FY 2013 Results Review
44
45. Fiat excl. Chrysler
Gross debt (€bn)
Outstanding
Sept 30, ‘13
Outstanding
Dec. 31, ‘13
18.4
5.8
11.4
1.2
Cash Maturities
Bank Debt
Capital Market
Other Debt
19.3
6.2
11.9
1.2
0.4
Asset-backed financing
0.6
0.0
0.0
0.4
ABS / Securitization
Warehouse Facilities
Sale of Receivables
0.0
0.0
0.6
0.3
Accruals & Other Adjustments
0.4
19.1
Gross Debt
20.3
(8.6)
Cash & Mktable Securities
(10.0)
(0.3)
Derivatives (Assets)/Liabilities
(0.3)
10.2
Net Debt
10.0
2.1
Undrawn committed credit lines
2.1
Note: Numbers may not add due to rounding
January 29, 2014
Q4 & FY 2013 Results Review
45
46. Chrysler
Gross debt (€bn)
Outstanding
Sept 30, ‘13
Outstanding
Dec 31, ‘13
9.6
2.6
2.4
4.7
Cash Maturities
Bank Debt
Capital Market
Other Debt
9.4
2.5
2.3
4.5
0.0
Asset-backed financing
0.0
0.0
ABS / Securitization
0.0
0.1
Accruals & Other Adjustments
0.2
9.8
Gross Debt
9.5
(8.5)
Cash & Mktable Securities
(9.7)
(0.1)
Derivatives (Assets)/Liabilities
(0.1)
1.2
Net Debt
(0.2)
1.0
Undrawn committed credit lines
0.9
Note: Numbers may not add due to rounding
January 29, 2014
Q4 & FY 2013 Results Review
46
47. Debt maturity schedule
(€bn)
Outstanding
Dec. 31, ‘13
6.2
11.9
1.2
Fiat ex Chrysler
2014
2015
2016
2017
2018
Beyond
Bank Debt
2.5
1.7
0.9
0.4
0.4
0.4
Capital Market
2.3
2.0
2.3
2.2
1.9
1.3
Other Debt
0.8
0.0
0.0
0.0
0.0
0.3
5.6
3.7
3.2
2.7
2.2
1.9
19.3
Total Cash Maturities
10.0
Cash & Mktable Securities
2.1
12.1
Undrawn committed credit lines
Total Available Liquidity
3.6
Sale of Receivables (IFRS de-recognition compliant)
2.2
of which receivables sold to financial services JVs (FGA Capital)
Outstanding
Dec. 31, ‘13
Chrysler
2014
2015
2016
2017
2018
Beyond
2.5
Bank Debt
0.0
0.0
0.0
2.1
0.1
0.2
2.3
Capital Market
0.0
0.0
0.0
0.0
0.0
2.3
4.5
Other Debt
0.3
0.3
0.4
0.4
0.4
2.7
0.4
0.4
0.4
2.5
0.5
5.3
9.4
9.7
0.9
10.6
Total Cash Maturities
Cash & Mktable Securities
Undrawn committed credit lines
Total Available Liquidity
Note: Numbers may not add due to rounding; total cash maturities excluding accruals
January 29, 2014
Q4 & FY 2013 Results Review
47
48. Contacts
GROUP INVESTOR RELATIONS TEAM
Marco Auriemma
+39-011-006-3290
Maristella Borotto
+39-011-006-2709
Francesca Ferragina
+39-011-006-2308
Timothy Krause
+1-248-512-2923
Paolo Mosole
Vice President
+39-011-006-1064
fax: +39-011-006-3796
email:
websites:
January 29, 2014
investor.relations@fiatspa.com
www.fiatspa.com
www.chryslergroupllc.com
Q4 & FY 2013 Results Review
48