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BORSA ITALIANA
EUR 11.26 +1.86 %
NYSE
USD 12.5 +1.05 %
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FCA: 2016 Full Year and Fourth Quarter Results

FCA delivers record 2016 results. Adjusted EBIT of €6.1 billion, up 26% with 5.5% margin, up 120 bps. Adjusted Net Profit of €2.5 billion, up 47% and Net Profit of €1.8 billion. Net Industrial Debt reduced to €4.6 billion. Guidance for 2017 confirms conviction in achievement of 2018 targets.

 

  • Worldwide combined shipments(1) of 4,720 thousand units, consistent with prior year; Jeep combined shipments(1) up 9% to 1,424 thousand units

  • Net revenues of €111 billion, in line with 2015

  • Adjusted EBIT(2) increased 26% to €6,056 million, with all segments profitable and improving year-over-year

  • Adjusted net profit(2) increased 47% to €2,516 million; Net profit(3) of €1,814 million, significant increase from €93 million in 2015

  • Net industrial debt(2) at €4.6 billion, €0.5 billion improvement from prior year-end

  • Market share in Europe up 40 bps to 6.5%; remained market leader in Brazil with 18.4% share and maintained share in U.S.(4) at 12.6%

 

FIAT CHRYSLER AUTOMOBILES - Financial Results

Three months ended December 31 Years ended December 31
20162015Change(€ million, except as otherwise noted)20162015(3)Change
1,2331,257(24)(2)%Combined shipments(1) ('000 units)4,7204,738(18)—%
1,1551,206(51)(4)%Consolidated shipments(1) ('000 units) 4,4824,602(120)(3)%
29,71929,414305+1%Net revenues111,018110,595423—%
1,5491,53019+1%Adjusted EBIT(2)6,0564,7941,262+26%
409196213+109%Net profit1,814931,721n.m.(5)
5391,041(502)(48)%Adjusted net profit(2)2,5161,708808+47%
0.2680.1290.139+108%Diluted earnings per share (EPS) (€)1.1810.0551.126n.m.(5)
0.3530.686(0.333)(49)%Adjusted diluted EPS(2) (€)1.6411.1220.519+46%
4,5856,514(6)(1,929) Net industrial debt(2)4,5855,049(464) 
24,04825,292(6)(1,244) Debt24,04827,786(3,738) 
23,80223,197(6)605 Available liquidity 23,802 24,557(755) 

ADJUSTED EBIT

  • Record full-year driven by continued strong performance in NAFTA and improvements in all other segments, in particular EMEA and Maserati

  • NAFTA margin increased to 7.4% from 6.4%

  • Maserati margin more than doubled to 9.7%, with second-half margin of 12.0%

ADJUSTED NET PROFIT

  • Increase primarily driven by strong operating performance

  • Net financial expenses down €350 million to €2.0 billion primarily as a result of gross debt reduction

  • Tax expense increased to €1.5 billion from €0.7 billion primarily due to higher profits in NAFTA

NET INDUSTRIAL DEBT

  • Improvement in Net industrial debt primarily due to operating cash flow from industrial activities, net of capital expenditures of €8.8 billion, reached €1.8 billion for the year

  • Negative FX impact of €1.1 billion primarily due to strengthening of Brazilian Real

  • Strong available liquidity at year-end of €23.8 billion

2017 GUIDANCE(7)

  • Net revenues €115 - €120 billion

  • Adjusted EBIT > €7.0 billion

  • Adjusted net profit > €3.0 billion

  • Net industrial debt < €2.5 billion

 

(1)  Combined shipments include shipments by the Group's consolidated subsidiaries and unconsolidated joint ventures, whereas consolidated shipments only include shipments from the Group's consolidated subsidiaries;

(2)  Refer to page 7 for reconciliations of Net profit from continuing operations to Adjusted EBIT and Net profit from continuing operations to Adjusted net profit; also refer to page 8 for a reconciliation of Diluted EPS (continuing operations) to Adjusted diluted EPS and Debt to Net industrial debt;

(3)  The Group's results refer to the Group's continuing operations, which exclude Ferrari, consistent with Ferrari's classification as a discontinued operation for the year ended December 31, 2015;

(4)  Sales data represents sales to retail and fleet customers and limited deliveries to Group-related persons. Sales by dealers to customers are reported through a new-vehicle delivery system;

(5)  Number not meaningful;

(6)  At September 30, 2016;

(7)  Guidance is not provided on the most directly comparable IFRS financial statement line item for Adjusted EBIT and Adjusted net profit as the income or expense excluded from these non-GAAP supplemental financial measures in accordance with our policy are, by definition, not predictable and uncertain.

 

  • FCA: 2016 Full Year and Fourth Quarter Results