2014 3 Quarter Results rd

2014 3rd Quarter
Results
October 29, 2014
Safe Harbor Statement
This document, and in particul ar the section entitled
“2014
Outlook”,
contains
for w ard -looki ng
statements . These statements may includ e terms such
as “may ”, “wil l”, “ex pect”, “co uld”, “shoul d”, “inten d”,
“estimate”, “anti cip ate”, “belie ve”, “re main”, “o n
track ”,
“d esign”,
“t arget ”,
“o bjectiv e”,
“go al ”,
“fo rec ast”,
“proj ection ”,
“outlo ok”,
“prospe cts”,
“plan”, “inten d”, or similar terms . Forw ard -looki ng
statements
are
not
guarantees
of
future
performance. Rath er, they are b ased on the Group’s
curre nt expectations and proje ctions about future
events and, by their nature, are subject to inherent
risks and un certainties . They rel ate to events and
depend o n ci rcumstan ces that may or may not o ccu r
or exist in the future and, as such, und ue relian ce
should not be placed on them. Actu al results may
differ mate rially from those expressed in such
statements as a result of a variety of factors,
includ ing: the Group’s ability to reach ce rtai n
minimum vehicle sales volumes ; developments in
global fi nanci al markets and g ener al e c onomic and
other con ditions ; ch anges in demand for automotive
produ cts, whi ch is highl y cy clic al; the Group’s abilit y
to enric h the pro duct p ortfolio and o ffe r innov ative
produ cts ; the high level of competition in the
automotive in dustry; the Grou p’s abilit y to exp and
certai n of the Group’s brands internatio nall y;
changes in the Group’s credit ratings ; the Group’s
abilit y to realize anti cip ated bene fits from an y
acq uisitions, joint venture arr ang ements and other
strategic alli anc es ; the Group’s ability to integrate its
Q3 2014 Results
oper ations ; potential short falls in the Group’s
defin ed ben efit p ension pl ans ; the Group ’s ability to
provide or ar ran ge for ade qu ate access to finan cin g
for the Grou p’s dealers and r etail c ustomers ; the
Group’s ability to acc ess funding to execute the
Group’s business plan and improve the Group’s
business,
finan cial
co ndition
and
results
of
oper ations ; vari ous types of claims, lawsuits and
other c ontingent oblig ations agai nst the Group;
material ope ratin g expenditures in relatio n to
compli ance with enviro nmental, he alth and safet y
regul ation; developme nts in labor and industrial
relatio ns and deve lopments in applic abl e labo r laws ;
incre ases in costs, disruptions of supply or shortages
of r aw materi als ; exch an ge r ate fluctu ati ons, interest
rate ch ang es, credit risk an d other m arket risks ;
politic al and ci vil unr est ; earthqu ake s or other
natural disasters and other risks and uncertainties .
Any for war d-lo oking statements co ntai ned in this
document spe ak onl y as o f the d ate o f thi s document
and the Comp an y does not undert ake an y oblig ation
to update or revise publicly for w ard -looki ng
statements . Further in form ation c onc erning th e
Group and its businesses, including factors that
could mate rial ly affe ct the Compan y’s finan cial
results, is included in the Company’s r eports and
filin gs with the U.S. Securities an d Exch ange
Commission, the AFM and CONSOB.
October 29, 2014
2
Q3
Q2 2014
2014 Results
Results
Group overview
Components
Mass-market brands by region
Product & event information
Luxury brands
Industry outlook & guidance
July 30,
October
29, 2014
2014
3
Q3 ’14 executive summary
WORLDWIDE

SHIPMENTS WERE
1.1 MILLION UNITS
A 10% increase driven by performance in NAFTA
KEY FINANCIAL METRICS





Net revenues at €23.6B
EBIT at €926M (includes net unusual costs of €36M)
Net profit of €188M
Net industrial debt at €11.4B
Total available liquidity at €21.7B
MERGER


TO
FORM FIAT CHRYSLER AUTOMOBILES N.V. COMPLETED
August 1, EGM approved merger of Fiat S.p.A. with and into Fiat Investments N.V.
Merger effective on October 12 – listed on NYSE on October 13
SUCCESSFUL
DEBT CAPITAL MARKETS TRANSACTIONS

July 10, the Group issued a €850M bond (4.75% coupon) subsequently re-opened and increased by a further
€500M in September 4 (maturing July 2022)

September 17, the Group issued a CHF250M bond (3.125% coupon) to mature September 2019
ALL NEW JEEP RENEGADE

LAUNCHED
Expands market coverage of Jeep brand by entering the small SUV segment
FULL-YEAR
GUIDANCE CONFIRMED
FIRST VIEW ON 2015 VOLUMES

~4.8-4.9M units
Q3 2014 Results
October 29, 2014
4
Q3 2014 highlights
Q3
Shipments
(000s units)
2014
3,393
1,099
2013
1,002
3,181
Worldwide shipments up 10%




EMEA: 218k (+3%)
Luxury Brands: 11k (+94%)
Q3
Net revenues
(€M)

23,553
20,693 *
2013


69,006
*
62,681

EMEA: €4,080M (+6%)
Luxury Brands: €1,248M (+35%)
Components: €2,086M (+11%)
Q3
EBIT
(€M)
2014
188
212
2013
189 *
655
YTD
2014
NAFTA: €13,134M (+20%)
LATAM: €2,162M (-12%)
APAC: €1,578M (+30%)

Net industrial
debt (€B)
•
•
Sept 30 '14


9,7
€1.7B increase primarily reflects the seasonal cash absorption and is in
line with prior year
Capex increased to €2.1B, from €1.8B Q3 ’13 – in line with full year
guidance
YTD
2014
926
862 *
2013
NAFTA: €549M (4.2% margin)
LATAM: €51M (2.4% margin)
APAC: €169M (10.7% margin)
11,4
Jun 30 '14
2,157
2,542
Total available
liquidity (€B)
Sep 30 '14
18.6
3.1
21.7
Jun 30 '14
18,7
3.1
21.8
Undrawn committed credit lines
Cash & Mktable Securities
Increased by 7% (+10% CER)

YTD
Net profit in line with Q3 ‘13 and includes:
 Net financial expenses of €511M, €18M higher than Q3 ‘13
 Income taxes of €227M, €47M higher than Q3 ‘13
Net profit of €174M attributable to owners of the parent (vs €15M loss
for Q3 ‘13)

World-wide revenues up 14%, (+14% at constant exchange rates - CER)

Net profit
(€M)

NAFTA: 613k (+21%)
LATAM: 202k (-14%)
APAC: 55k (+22%)

Q3
YTD



EMEA: -€63M (-1.5% margin)
Luxury brands: €179M (14.3% margin)
Components: €48M (2.3% margin)

Total available liquidity was in line with June 30, 2014
• Operational absorption and bond repayments at maturity (€2.1B)
were offset by new bond issuances (€1.6B), and bank financing,
as well as a favorable €0.9B currency translation effect
( *)
Adjusted for the retrospective application of IFRS 11: Revenues -€40M, EBIT +€6M, Profit Before Taxes +€2M, Net Profit unchanged.
Note: Graphs not to scale. Numbers may not add due to rounding
Q3 2014 Results
October 29, 2014
5
Q3 ‘14 EBIT walk
€M
1100
1000
900
Unusuals
(36)
Unusuals
(1)
862
53
13
48
11
926
(13)
70
800
700
(118)
600
500
400
300
200
100
0
Q3 '13
B/(W) than
Q2 ‘14
Q3 2014 Results
NAFTA
LATAM
APAC
EMEA
Luxury
Components
(49)
(11)
63
(57)
13
(12)
Other &
Eliminations
Q3 '14
18
October 29, 2014
(35)
6
Q3 ‘14 net industrial debt walk
€M
Change in Net Industrial Debt
(1,668)
Cash Flow from operating activities, net of Capex
(1,635)
2,116
(654)
(102)
(879)
0
(9,704)
June 30,
2014
(2,116)
Industrial
EBITDA
Financial Change in Working
charges funds & other capital
& taxes*
Capex
(84)
51
(11,372)
Investments, Capital FX translation September 30,
scope & other increase
effect
2014
/repos/
dividends
* Net of IAS 19
Q3 2014 Results
October 29, 2014
7
NAFTA
Commercial highlights
Q3 ‘14
Q3 ‘13
Sales (k units)
633
536
Market Share
12.2%
11.3%
U.S.
12.3%
11.2%
Canada
14.9%
14.3%
Commercial Performance
o Total NAFTA vehicle sales up 18%, outpacing the
industry in both the U.S. and Canada


U.S industry in Q3 ‘14 up 8% vs prior year
Canada industry up 11% vs prior year
o U.S.

Vehicle sales up 19% to 536k
 Jeep brand posted best Q3 sales ever; Chrysler brand
posted best Q3 sales since 2007
 Q3 ‘14 Jeep and Ram sales up 46% and 30% respectively,
versus prior year
2014 Texas Auto Writers Association Awards
Texas is the largest truck and SUV market in the U.S.
Jeep
Grand Cherokee
Jeep
Cherokee
Ram 2500
Heavy Duty
SUV of Texas for the
5th consecutive year
Compact SUV of
Texas for the 2nd
consecutive year
Heavy Duty truck of
Texas for the 2nd
consecutive year
Q3 2014 Results
 Jeep Cherokee sales were 48k in the quarter

Market share up 110 bps vs prior year, driven by 20%
increase in retail sales


Fleet mix in line with prior year at 18%
Dealer inventory at 71 days supply vs 72 days at end of Q2
o Canada

Vehicle sales up 16% to 78k
 Q3 ‘14 Jeep brand sales more than doubled vs prior year
 Best September YTD sales ever

Market share up 60 bps vs prior year
October 29, 2014
8
NAFTA
Financial highlights
Shipments (k units)
Revenues (€M)
Q3 ‘14
Q3 ‘13
613
505
13,134
10,965
o
Shipments up 21% y-o-y



U.S.: 524k (+23%)
Canada: 70k (+21%)
Mexico & other: 19k (-11%)
o
Revenues +20% y-o-y
(+20% CER) on higher
shipments and positive net
pricing
EBIT Walk
€M
o Volume improved due to
108k higher shipments
partially offset by negative
mix
126
405
Unusuals
1
Unusuals
(5)
536
549
(466)
(27)
(25)
Q3 '13
Volume & Mix
Net price
Industrial Costs
SG&A
Investments/
FX/Other
Q3 '14
B/(W)
Q2 ‘14
(9)
210
(262)
5
7
(49)
Q3 2014 Results
o Higher net price due to
positive pricing actions
partially offset by higher
incentives on certain vehicles
o Industrial costs reflect
higher vehicle content
enhancements, increased
warranty and recall costs
partially offset by purchasing
savings
October 29, 2014
9
LATAM
Commercial highlights
Q3 ‘14
Q3 ‘13
Sales (k units)
209k
242k
Market Share
15.9%
15.8%
Brazil
21.4%
21.3%

Brazil industry down 12% y-o-y
Argentina
14.1%
12.4%

Argentina industry down 30%, due to import restrictions
introduced in 2014 and taxes on higher-end models
Upgraded Novo Uno
Commercial Performance
o Industry down 14% over last year reflecting weaker
trading conditions and record Q3 ’13 in Brazil resulting
from higher government incentives
o Sales down 33k units due to general market weakness
o Market share at 15.9%, 10 bps higher than Q3 ‘13

Brazilian share up 10 bps and Group maintained market
leadership with a 360 bps lead over the nearest competitor
o Strada continued strong performance with 57.2%
segment share

Refreshed model launched in September
1st model produced in Brazil with the stop & start technology
New Mopar touchscreen multimedia central
In Argentina, share up 170bp
o combined A/B segment share at 16.7% with strong
performance for new Palio (up 50% y-o-y)
o Stock levels managed in line with previous year
at ~1 month of supply
All new interior design and refreshed exterior
Q3 2014 Results
October 29, 2014
10
LATAM
Financial highlights
Shipments (k units)
Q3 ‘14
Q3 ‘13
202k
235k
o


Revenues (€M)
2,162M
2,446M
o
Shipments at 202k down 14%
Brazil: declined by 9% vs Q3 ‘13 due to
market weakness
Revenues: down 12%
(-12% CER)
Argentina: down 27% reflecting overall
market deterioration partially offset by
market share increase
EBIT Walk
€M
o Overall shipments down 33k
units, (Brazil and Argentina
down 17k and 8k
respectively) reflecting worse
trading conditions partially
offset by better mix
Unusuals
4
169
98
Unusuals
(11)
(83)
(94)
51
(29)
(10)
Q3 '13
Volume & Mix
Net price
Industrial costs
SG&A
Investments/
FX/Other
Q3 '14
B/(W)
Q2 ‘14
19
(5)
(5)
(4)
(16)
(11)
Q3 2014 Results
o Disciplined pricing actions in
Brazil and Argentina nearly
offset the increased industrial
costs and SG&A which were
impacted by higher input
cost inflation, Pernambuco
startup costs and higher
advertising related to new
product launches
October 29, 2014
11
APAC
Commercial highlights
Q3 ‘14
Q3 ‘13
66
53
China
1.1%
0.8%
Australia
4.3%
3.6%
India
0.5%
0.5%
Japan
0.4%
0.3%
Sales – incl. JVs (k units)
Market Share
2014 Jeep Cherokee at Indonesia auto show
Commercial Performance
o Strong industry demand in the region (+4%) with
continued growth in China (+7%), India (+10%) and
South Korea (+5%), partially offset by slight decline in
Japan (-5%) and Australia (-1%)
o Group sales were 66k vehicles (incl. JVs) up 25%
outperforming industry:
 China +33%, South Korea +28%, Australia +16%, Japan +9%
with decline in India -18%
 Jeep (52% of total Group sales in the region) up 37%
year over year due to Grand Cherokee and newly-launched
Cherokee
 Fiat brand volumes +16% driven by Viaggio & Ottimo
o Share gains in all major markets (except India) with
Australia increasing the most (+70 bps)
Note: APAC industry reflects aggregate for key markets where Group competes
(China, Australia, Japan, South Korea, and India.) India-reports wholesale volume
on industry and market share.
Q3 2014 Results
October 29, 2014
12
APAC
Financial highlights
Q3 ‘14
Shipments (k units)
Revenues (€M)
Q3 ’13*
55
45
1,578
1,215
o
Shipments up 22%



Jeep +26%
Fiat +23%
Dodge +21%
o
Revenues up 30% (+30% CER)
driven by higher shipments
* Adjusted for retrospective application of IFRS 11. Revenues increased by €10M.
EBIT Walk
€M
Unusuals
0
89
34
(19)
Unusuals
1
169
(3)
o Net price deterioration primarily
reflects competitive environment in
China and negative FX impact for
vehicles exported to Australia
(31)
99
o Positive contribution from both
volume & mix
o SG&A increased to support volume
growth
(1)
Q3 '13
Volume & Mix
Net Price
Industrial costs
B/(W)
Q2 ‘14
3
(11)
26
(1)Adjusted
SG&A
8
Investments/
FX / Other
37
Q3 '14
63
for retrospective application of IFRS11 (EBIT increased by €3M)
Q3 2014 Results
October 29, 2014
13
EMEA
Commercial highlights
Q3 ’14
Q3 ‘13
Commercial Performance
Passenger Cars
Sales (k units)
Cars
LCV
199
197
60
55
Market Share (EU28+EFTA)
Cars
5.5%
5.6%
LCV
10.9%
10.6%
New Jeep Renegade
o EU28+EFTA industry up 5% to 3.1M units (5th
consecutive positive quarter)
 Recovery in Italy and Germany (+4%), France flat; UK up
6% softening its positive trend while Spain up double
digit (+16%)
o Q3 ‘14 sales up 1% to 199k units
 167k units sales in EU28+EFTA and 32k units in other EU
markets
 Group share down slightly (10 bps) in EU, driven by share
loss in Italy (100 bps) on the back of run-out models,
share stable in EU ex-Italy at 3.2%
 Continued market leadership for 500 family, in A & L0
segments
LCVs
o EU28+EFTA industry up 12% to 407K units driven by
recovery in all major markets
 Italy +24%, UK +20%, Spain +24%, Germany +10%,
France +1%
Prelaunch tour in main European markets from July
European media drive in September with very positive reviews
Market launch in Italy began end of September and will be followed
by other European markets in Q4 2014
Q3 2014 Results
o Q3 ‘14 sales up 11% to 60k units
 Group share increase in EU28+EFTA, +30 bps to 10.9%,
with share gain in the main markets (+150 bps Italy, +80
bps UK, +160 bps Spain)
October 29, 2014
14
EMEA
Financial highlights
Q3 ‘14
Shipments (k units)
Revenues (€M)
Q3 ’13*
218
211
4,080
3,843
o
o
Overall shipments up 3%


Passenger Cars up 1% to 169k, in
line with the sales increase
LCVs at 49k units, increasing 6k or
13% , driven by Italy performance
Revenues up 6% on the
back of volume increase
and favorable mix
driven by Jeep and LCV
* Adjusted for retrospective application of IFRS 11. Revenues decreased by €17M
EBIT Walk - €M
Unusuals
0
Unusuals
6
66
19
(20)
(11)
(1)
(63)
(116)
(1)
Q3 '13
Volume & Mix
Net price
Industrial costs
SG&A
Investments/
FX / Other
Q3 '14
B/(W)
Q2 ‘14
(85)
(6)
1
38
(5)
(57)
(1)Adjusted
o Volume increase and
favorable mix driven by Jeep,
500 family and LCVs growth
o Negative pricing driven by
continued competitive
pressure in the mass market
segments
o Industrial costs reflecting
improved manufacturing and
purchasing efficiencies
partially offset by start-up
costs in Melfi
o SG&A increase driven by
Jeep advertising to support
brand growth and the launch
of all-new Renegade
for retrospective application of IFRS11 (EBIT increased by €3M)
Q3 2014 Results
October 29, 2014
15
Luxury brands
Ferrari
Q3 ‘14
Q3 ‘13
Financial Performance
1,612
1,499
o Q3 revenues up 24% y-o-y
o EBIT in line with last year
Revenue (€M)
662
534

Improvement driven by sales mix on the back of
LaFerrari model
EBIT (€M)
89
88

EBIT includes €15M for compensation costs related to
the resignation of the former chairman

EBIT margin (ex-unusuals) of 15.7% vs 16.5% last year
Shipments
Commercial Performance
Q3 ‘14 Shipments By
Geography
o Street cars shipments up 8% in the quarter with
12-cyl models down 10% and 8-cyl models up 15%
 U.S. down 14%, #1 market for the brand
Europe
Top-5
28%
 Volume up 4% in the 5 major European markets
 Asia Pacific volumes up 81%
LaFerrari
Japan
6%
China,
Hong Kong
& Taiwan
13%
USA
28%
Others
25%
Q3 2014 Results
October 29, 2014
16
Luxury brands
Maserati
Q3 ‘14
Q3 ‘13
8,896
3,953
Revenue (€M)
652
444
EBIT (€M)
90
43
Shipments
Financial Performance
o Revenues up 47% to €652M
o EBIT at €90M vs €43M a year ago


Improvement driven by strong volume growth
EBIT margin at 13.8% vs 9.7% last year
Q3 ‘14 Shipments By
Geography
Commercial Performance
o Higher shipments of 4,943 units due to continued
strong performance of the Quattroporte and Ghibli
 North America: up +106% vs Q3 ‘13; #1 market for the
brand
 Greater China: growing 106%; #2 largest market for the
brand
 Europe: up 177% to 1.5k units
North
America
40%
Europe
Top-4
12%
Japan
4%
China,
Honk Kong
& Taiwan
27%
Ghibli
Others
17%
Q3 2014 Results
October 29, 2014
17
Components
Revenues & EBIT (€M)
Revenues & EBIT (€M)
1.604
Q3 '14
Q3 '13
1.399
37
28
Q3 '14
Q3 '13
2
169
-2
Note: graphs not to scale
Note: graphs not to scale
o Revenues up 15%
 Performance was positive in North America and Europe,
down in Brazil while flat in China
152
o Revenues down 10%, substantially unchanged at constant
scope of operations
 Volumes down 12% (at constant perimeter) for the Cast
Iron business while up 17% for the Aluminum business
o EBIT performance improved due to mix and pricing
o EBIT up 32% or 53% excluding unusual items


Growth mainly reflects higher volumes
Unusual items related to Brazilian restructuring
o Orders up 40% to €840M of which captive €340M (more
than double vs Q3 2013: €152M), and non captive €500M
(up 12% vs Q3 last year) mainly in Lighting and Powertrain
business
Revenues & EBIT (€M)
Q3 '14
Q3 '13
335
9
323
11
Note: graphs not to scale
o Revenues up 4% mainly attributable to the Body Welding
business
o EBIT slightly down y-o-y
o Order intake totaled €484M, a 19% increase mainly
attributable to the Body Welding business
Q3 2014 Results
October 29, 2014
18
Product & event information
Products
Events
•
RAM ProMaster City
(to be launched in Q4 2014)
o Developed from the successful
Fiat Doblo
o Best-in-class features include
combined fuel economy, 178hp
and 174lb-ft of torque, 1,883lb
payload, cargo volume of ~132
cubic ft
o First 9-speed automatic
transmission in a commercial van
o Two-seat Tradesman cargo van
and 5-seat passenger wagon
Q3 2014 Results
FIAT 500X
(to be launched in Q1 2015)
•
o From 14th Oct. available for
customers pre-orders in the
limited “Opening Edition” in
EMEA (available at dealership in
early 2015)
o Available in two 4x2 options with
Merger became effective on
12 October, following
satisfaction of all conditions
precedent

o New compact crossover in the
500 family, that combines style
and function
EGM on 1 August, approved
the cross-border merger of
Fiat with and into its whollyowned subsidiary
incorporated in the
Netherlands Fiat Investments
N.V. (“Fiat Investments”) then
renamed FCA
•
cash exit rights were
exercised for 60M shares and
no creditors’ oppositions
were filed, therefore the
€500M cumulative cap was
not exceeded
FCA made its debut on the
NYSE on October 13
the 140 HP 1.4 Turbo MultiAir II
or the 120 HP 1.6 MultiJet II
engines, and one 4x4 with the
140 HP 2.0 MultiJet II engine
October 29, 2014
19
Industry outlook (M units)
NAFTA
~19.6
FY '14E
o Outlook for
Passenger cars
LATAM
FY '14E
FY '13
4.2
4,7
LATAM adjusted
downward to
~5.2M (from 5.6M
previously)
reflecting
economic
uncertainties
LCVs
~5.2
1,0
1,1
estimate expected to
be flat with prior year
level of 1.8M vehicles
increased slightly to
~16.7M vehicles
(from 16.5M
previously) in line
with year-to-date
SAAR of 16.7M
18,7
FY '13
o Canada: FY industry
o US: FY estimate
5.9
o Brazil industry
expected to be
down 8% as poor
market conditions
continued
o Argentina industry
to decline doubledigit due to
import restrictions
and increased
sales tax on highend segments
o Industry projected up 7%
28,0
FY '14E
APAC
26,2
FY '13

Improvement driven by China, India and South Korea partially
offset by contraction in Australia
Note: APAC reflects aggregate for key markets where Group competes (China, India, Australia, Japan, South Korea)
Passenger cars
EMEA
EU28+EFTA
FY '14E
FY '13
13.0
12,3
o Outlook substantially unchanged for passenger cars and LCVs
LCVs
1,7 ~14.7
1,6
13.9
vs prior expectations
Passenger Cars
 EU28+EFTA: +5%
 Slight increase for UK &
Spain
 Italy, Germany & France
outlook unchanged
LCVs
 EU28+EFTA confirmed at
1.7M
 Italy expected to post a 14%
increase y-o-y
Note: Graphs not to scale. Numbers may not add due to rounding
Q3 2014 Results
October 29, 2014
20
2014 guidance
World-wide shipments
~4.7M
Revenues
≥€93B
EBIT
Net profit
Net industrial debt
€3.6-4.0B*
€0.6-0.8B (EPS €0.44-€0.60)*
€9.8-10.3B
* Excludes unusual items
Q3 2014 Results
October 29, 2014
21
APPENDIX
Q2 2014 Results
July 30, 2014
22
Supplemental financial measures
FCA monitors its operations through the use of various
supplemental financial measures that may not be
comparable to other similarly titled measures of other
FCA’s supplemental financial measures are defined as
follows:

Earnings Before Interest, Taxes (“EBIT”) is computed
starting from Net profit/(loss) and then adding back
Tax (income)/expenses and Net financial expenses

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
companies. Accordingly, investors and analysts should
exercise
appropriate
caution
in
comparing
these
supplemental financial measures to similarly titled
financial measures reported by other companies. Group
management believes these supplemental financial
measures provide comparable measures of its financial
performance which then facilitate management’s ability
to identify operational trends, as well as make decisions
regarding future spending, resource allocations and
other operational decisions.
Q3 2014 Results
October 29, 2014
23
Q3 ’14
Key performance metrics
€M
(unless otherwise stated)
Q3 ‘14
Q3 ‘13 (1)
Worldwide total shipments (units ‘000)
1,099
1,002
Net revenues
23,553
20,693
926
862
36
29
(36)
(1)
Financial charges, net
(511)
(493)
Pre-tax result
415
369
Taxes
(227)
(180)
Net profit
188
189
Net profit excluding unusual items
224
190
2,166
2,030
EBIT
Of which: Investment income, net
Unusual items, net
EBITDA
(1)
Adjusted for the retrospective application of IFRS 11: Revenues -€40M, EBIT +€6M, Profit before Taxes +€2M, Net profit unchanged.
Shipments adjusted to include Luxury Brands.
Q3 2014 Results
October 29, 2014
24
Mass-market brands
Market share by key market
Quarterly Market Share (%)
NAFTA
LATAM
24.3
22.0
12.6
Q4
Q1
Q2
2011
Q3
Q4
Q1
2012
Q2
Q3
Q4
Q1
2013
Q2
2014
Q3
Q3
Q4
Q1
Q2
2011
Q3
Q4
Q1
Q2
2012
EMEA
14.1
12.4
9.3
Q3
21.4
21.3
Q3
Q4
Q1
2013
Q2
Q3
2014
APAC
LCV
Passenger
Cars
LCV
Passenger
Cars
Q3
Q4
2011
Q3 2014 Results
Q1
Q2
Q3
2012
Q4
Q1
Q2
Q3
2013
Q4
Q1
Q2
2014
Q3
Q3
Q4
2011
Q1
Q2
Q3
2012
Q4
Q1
Q2
Q3
2013
Q4
Q1
Q2
2014
Q3
1.Reflects aggregate for key markets where Group is competing (China, Australia, India-reports wholesale
volume on industry, Japan, South Korea)
October 29, 2014
25
Group shipments (excl. JVs) outlook
(units in thousands)
(units in M)
Luxury
0.02
5
1,002
45
10%
Luxury +94%
APAC +22%
1,099
55
LATAM -14%
202
505
NAFTA +21%
613
211
EMEA +3%
218
235
Q3 ‘13
Q3 ‘14
4.4
0.05
APAC
~4.7
>0.2
0.2
1.0
LATAM
2.2
NAFTA
1.0
EMEA
~0.9
11
FY ‘13
~2.5
~1.0
FY ‘14E
Note: Numbers may not add due to rounding; Graphs not to scale
Q3 2014 Results
October 29, 2014
26
Debt maturity schedule
(€bn)
Outstanding
Sept. 30 ‘14
FCA
3M 2014
2015
2016
2017
2018
Beyond
12.5
Bank Debt
1.6
2.8
1.7
3.6
1.9
0.9
17.2
Capital Market
0.1
2.1
2.4
2.2
1.9
8.5
2.2
Other Debt
0.8
0.2
0.2
0.2
0.1
0.7
2.5
5.1
4.3
6.0
3.9
10.2
31.9
Total Cash Maturities
18.6
Cash & Mktable Securities
3.1
21.7
Undrawn committed credit lines
Total Available Liquidity
3.7
Sale of Receivables (IFRS de-recognition compliant)
2.2
of which receivables sold to financial services JVs (FGA Capital)
Note: Numbers may not add due to rounding; total cash maturities excluding accruals
Q3 2014 Results
October 29, 2014
27
Contacts
Group Investor Relations Team
Joe Veltri
 +1-248-576-9257
Timothy Krause
 +1-248-512-2923
Paolo Mosole
 +39-011-006-1064
Vice President
fax: +39-011-006-3796
Q3 2014 Results
email:
[email protected]
websites:
www.fcagroup.com
www.chryslergroupllc.com
October 29, 2014
28
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