FCA 2017 Full Year and Fourth Quarter Results

​​​​​​​​​​FCA reports record results with Adjusted EBIT up 16% to €7.1 billion and margin at 6.4%, up 90 bps, Adjusted Net Profit up 50% to €3.8 billion, Net Profit up 93% to €3.5 billion. Net Industrial Debt nearly halved to €2.4 billion. 2018 Guidance confirms Business Plan key targets.

 

  • Worldwide combined shipments(1) of 4,740 thousand units, in line with prior year

  • Net revenues of €111 billion, in line with 2016 (up 1% at constant exchange rates, or CER)

  • Adjusted EBIT of €7.1 billion, up 16% (up 19% at CER); continued profitability in all segments with year-over-year improvement

  • Group margin of 6.4%, up 90 bps; improved margin in all segments

  • Adjusted net profit of €3.8 billion, up 50%; Net profit of €3.5 billion, up 93% including net charges of €0.1 billion for U.S. tax reform

  • Net industrial debt of €2.4 billion, improved by €2.2 billion

 

FIAT CHRYSLER AUTOMOBILES - Financial Results​

​​​
Three months ended December 31​Years ended December 31
20172016Change(€ million, except as otherwise noted)20172016Change
1,2471,23314+1%Combined shipments(1) (thousands of units)4,7404,72020—%
1,1561,1551—%Consolidated shipments(1) (thousands of units​) 4,4234,482(59)(1)%
28,87629,719(843)(3)%Net revenues110,934111,018(84)—%
1,8941,549345+22%Adjusted EBIT(2)7,0546,056998+16%
804409395+97%Net profit3,5101,8141,696+93%
1,097539558+104%Adjusted net profit(2)3,7702,5161,254+50%
0.510.270.24Diluted earnings per share (EPS) (€)2.241.181.06​​
0.700.350.35Adjusted diluted EPS(2) (€)2.411.640.77
At December 31, 2017At September 30, 2017Change At December 31, 2017At December 31, 2016Change
​(2,390)(4,405)2,015​Net industrial debt(2)(2,390)(4,585)2,195
(17,971)(18,640)669Debt(17,971)(24,048)6,077
20,37719,547830Available liquidity20,37723,801(3,424)

ADJUSTED EBI​T

  • Improved product mix contributed to record results

  • NAFTA Adjusted EBIT margin up 50 bps to 7.9%, Maserati up 410 bps to 13.8%, Components up 70 bps to 5.3%

  • LATAM improved €146 million and EMEA up 36% to €735 million

  • Adjusted EBIT excludes net pre-tax gains of €576 million(2)

ADJUSTED NET PROFIT

  • Adjusted net profit up 50%, reflecting continued strong operating performance

  • Net financial expenses of €1.5 billion, down €0.5 billion primarily as a result of year-over-year debt reduction

  • Includes Tax expense of €1.8 billion, up €0.3 billion

  • Adjusted net profit excludes net expenses of €260 million(2)

NET INDUSTRIAL DEBT

  • Improved by €2.2 billion from year end 2016

  • Cash flows from industrial operating activities at €1.6 billion, net of capital expenditures of €8.7 billion

  • Available liquidity remained strong at €20.4 billion

2018 GUIDANCE(3)

  • Net revenues ~ €125 billion

  • Adjusted EBIT ≥ €8.7 billion

  • Adjusted net profit ~ €5.0 billion

  • Net industrial cash ~ €4.0 billion

 

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

(2)Refer to page 6 for the reconciliation of Net profit to Adjusted EBIT and page 7 for the reconciliations of Net profit to Adjusted net profit, Diluted EPS to Adjusted diluted EPS and Debt to Net industrial debt;

(3)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 financial measures in accordance with our policy are, by definition, not predictable and uncertain.

 

  • FCA: 2017 Full Year and Fourth Quarter Results