Stellantis N.v. · EURONEXT:STLAP
Stellantis — Fiat Chrysler Automobiles — FY2019 Earnings Presentation
31 slides from Stellantis's earnings presentation, Feb 6, 2020
Slide 1: FCA Full Year 2019 Results
2019 F C A F U L L Y E AR 2 0 1 9 R E S U L T S | F E B R U AR Y 6 , 2 0 2 0
Slide 2: Safe Harbor Statement
SAFE HARBOR STATEMENT This document, and in particular the section entitled “FY 2020 Guidance”, contains forward- compliance with environmental, health and safety regulations; the intense level of competition looking statements. In particular, these forward-looking statements include statements in t
Slide 3: Business Highlights
BUSINESS HIGHLIGHTS HISTORIC YEAR WI TH STRONG RESULTS WHILE SETTING A SECURE PATH TO REMAIN AN I NDUSTRY LEADER STRONG OPERATING RESULTS WITH RECORD U.S. RAM BRAND SALES of FCA AND PSA SIGNED BINDING ADJUSTED EBIT OF €6.7B and Industrial 703K units, up 18% y-o-y; U.S. large COMBINATION AGREEMENT fo
Slide 4: Key Commercial Metrics
KEY COMMERCIAL METRICS NORTH AMERI CA I N LI NE WI TH I NDUSTRY, CONTINUED SHARE GAI NS I N LATIN AMERI CA 000 units COMB INED SAL ES 2,490 2,534 1,327 1,428 580 566 FY 2019 152 228 FY 2018 EUROPE, MIDDLE NORTH AMERICA ASIA PACIFIC LATIN AMERICA EAST & AFRICA MARKET SHARE (1) 12.0% 12.0% 0.5% 0.7% 6
Slide 5: Financial Highlights
FINANCIAL HIGHLIGHTS STRONG RESULTS AND I MPROVED MARGI N DESPI TE LOWER VOLUMES € million, except as otherwise stated RESULTS FROM CONTINUING OPERATIONS FY 2019 FY 2018 COMBINED SHIPMENTS (1) (000 units) 4,418 4,842 - 9% CONSOLIDATED SHIPMENTS (1) (000 units) 4,272 4,655 - 8% Record North America r
Slide 6: FY 2019 Adjusted EBIT Walk
FY 2019 ADJUSTED EBI T * WALK FAVORABLE MI X AND CONTINUED PRI CING DI SCIPLINE DRI VE I MPROVED MARGI N 6,738 6,668 € million % = Adjusted 6.2% EBIT margin 6.1% FY 2018 Volume & Mix Net Price Industrial Costs SG&A Other FY 2019 * Refer to Appendix for definitions of supplemental financial measures
Slide 7: FY 2019 Industrial Free Cash Flows
FY 2019 I NDUSTRI AL FREE CASH FLO WS * SOLID CASH GENERATION ON LOWER VOLUMES AND SI GNIFICANTLY HI GHER CAPEX € million 2,113 Adjusted Changes in Financial Industrial Working Industrial Capex Provisions Charges Free Cash Capital EBITDA & Other & Taxes (1) Flows ∆ VS. FY 2018 (178) (2,994) 2,389 (2
Slide 8: FY 2019 Adjusted EBIT
FY 2019 ADJUSTED EBIT RECORD NORTH AMERICA RESULTS AND STRONG PERFORMANCE I N LATAM € million % = Adjusted EBIT margin 6,690 6,230 FY 2019 501 9.1% FY 2018 406 8.6% 359 5.9% 4.4% 151 1.8% 5.7% (1.3)% (0.0)% (6) (36) (12.4)% (11.0)% (199) (296) NORTH AMERICA ASIA PACIFIC EUROPE, MIDDLE LATIN AMERICA
Slide 9: North America
NORTH AMERICA DELIVERED RECORD RESULTS WHILE REDUCING DEALER STOCK SHIPMENTS NET REVENUES ADJUSTED EBIT & MARGIN (000 units) (€ billion) (€ million) 6,690 2,633 73.4 6,230 2,401 72.4 9.1% 2,062 20.6 1,680 8.6% 649 638 19.4 10.0% 8.7% Q4 '19 Q4 '18 FY '19 FY '18 Q4 '19 Q4 '18 FY '19 FY '18 Q4 '19 Q4
Slide 10: Asia Pacific
ASIA PACIFIC I MPROVED RESULTS I N SPITE OF CONTINUED MARKET CHALLENGES JV COMBINED SHIPMENTS NET REVENUES ADJUSTED EBIT & MARGIN (000 units) (€ billion) (€ million) Consolidated 209 2.8 2.7 149 (0.6)% (1.3)% 125 (13.2)% 73 0.8 0.8 (5) (36) (11.0)% 40 54 (112) 20 28 76 84 20 26 (296) Q4 '19 Q4 '18 F
Slide 11: Europe, Middle East & Africa
EUROPE, MIDDLE EAST & AFRICA BENEFITS FROM RESTRUCTURING PLAN WHI LE ADDRESSING CONTINUED COMMERCIAL CHALLENGES JV COMBINED SHIPMENTS NET REVENUES ADJUSTED EBIT & MARGIN (000 units) (€ billion) (€ million) Consolidated 1,380 406 1,272 22.8 73 62 20.6 1.8% 312 324 46 61 1,199 1,318 5.9 (0.0)% 32 20 5
Slide 12: Latin America
LATIN AMERICA MARKET LEADERSHIP I N BRAZIL DRIVES STRONG RESULTS SHIPMENTS NET REVENUES ADJUSTED EBIT & MARGIN (000 units) (€ billion) (€ million) 501 8.5 577 585 8.2 359 5.9% 159 2.3 134 152 2.2 101 4.4% 5.9% 4.6% Q4 '19 Q4 '18 FY '19 FY '18 Q4 '19 Q4 '18 FY '19 FY '18 Q4 '19 Q4 '18 FY '19 FY '18 €
Slide 13: Maserati Results and Way Forward
RESULTS REFLECT PLANNED ACTI ONS TO SUPPORT UPCOMING PRODUCT LAUNCHES € million Shipments down, primarily except as otherwise stated FY 2019 FY 2018 ACTIONS TAKEN IN 2019 due to lower sales and planned dealer stock reduction SALES (000 units) 26.5 35.3 - 25% Dealer stock reduced by 50% - now at ap
Slide 14: FY 2020 Industry Outlook and Guidance
FY 2020 INDUSTRY OUTLOOK AND GUIDANCE GUI DANCE CONFIRMED DESPITE NEW HEADWINDS FY 2020 INDUSTRY OUTLOOK million units NORTH EUROPE LATIN ASIA (1) AMERICA MIDDLE EAST AMERICA PACIFIC (1) AFRICA TOTAL VEHICLE SALES INCLUDING MEDIUM/HEAVY TRUCKS PASSENGER CARS AND LCVs PASSENGER CARS AND LCVs PASSENGE
Slide 15: FCA Europe CO2 Compliance Plan
FCA EUROPE CO2 COMPLIANCE PLAN MULTIFACETED APPROACH I N PLACE TO ENSURE REGULATORY COMPLIANCE g/km 124.4 ~ 125E* + Lower diesel mix FCA AVERAGE CO2 - Higher mix of + Lower diesel mix MASS MARKET VEHICLES new engine - Higher mix of families new engine - Compass PHEV < 95E** Better families - - Reneg
Slide 16: Appendix
APPENDIX February 6, 2020 FY 2019 RESULTS | 16
Slide 17: Supplemental Financial Measures
SUPPLEMENTAL FINANCIAL MEASURES FCA monitors its operations through the use of various supplemental financial measures. These and similar measures are widely used in the industry in which the Group operates, however, these financial measures may not be comparable to other similarly titled measures o
Slide 18: Q4 2019 Key Commercial Metrics
Q4 2019 KEY COMMERCIAL METRICS 000 units COMB INED SAL ES 604 613 319 293 154 141 Q4 2019 36 57 Q4 2018 EUROPE, MIDDLE NORTH AMERICA ASIA PACIFIC LATIN AMERICA EAST & AFRICA MARKET SHARE (1) 11.6% 11.5% 0.4% 0.7% 6.1% 6.4% 14.4% 12.6% Q4 INDUSTRY (1) (2019 vs. 2018) - 2% - 5% + 8% - 4% (1) Industry
Slide 19: Key Performance Metrics
KEY PERFORMANCE METRICS € million, except as otherwise stated Y E AR S E ND E D D E C 3 1 T H R E E M O NT H S E ND E D D E C 3 1 2019 2018 R E S U L T S F R O M CO NT I NU I NG O P E R AT I O NS 2019 2018 4,418 4,842 COMBINED SHIPMENTS (1) (000 units) 1,165 1,177 4,272 4,655 CONSOLIDATED SHIPMENTS
Slide 20: Q4 2019 Adjusted EBIT Walk
Q4 2019 ADJUSTED EBI T* WALK € million % = Adjusted EBIT margin 2,115 1,831 6.2% 7.1% Q4 2018 Volume & Mix Net Price Industrial Costs SG&A Other Q4 2019 * Refer to definitions of supplemental financial measures and reconciliations to applicable IFRS metrics included herein February 6, 2020 FY 2019 R
Slide 21: Q4 2019 Industrial Free Cash Flows
Q4 2019 INDUSTRIAL FREE CASH FLOWS* € million 1,451 Adjusted Changes in Financial Industrial Working Industrial Capex Provisions Charges Free Cash Capital EBITDA & Other & Taxes (1) Flows ∆ VS. Q4 2018 302 (1,297) 303 (66) 172 (586) (1) Net of IAS 19 * Refer to definitions of supplemental financial
Slide 22: Key Financial Metrics
KEY FINANCIAL METRICS* RESULTS FROM CONTINUING OPERATIONS ADJUSTED EBIT ADJUSTED EBIT MARGIN € million 2,115 7.2% 7.1% 1,831 1,959 6.2% 5.7% 1,527 4.4% 1,067 Q4 '18 Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q4 '18 Q1 '19 Q2 '19 Q3 '19 Q4 '19 ADJUSTED DILUTED EPS INDUSTRIAL FREE CASH FLOWS € € million 2,037 1,451
Slide 23: North America and Asia Pacific Q4
NORTH AMERICA ASIA PACIFIC SHIPMENTS NET REVENUES COMBINED SHIPMENTS NET REVENUES (000 units) (€ billion) (000 units) (€ billion) JV 649 20.6 Consolidated 638 54 0.8 0.8 19.4 40 28 20 20 26 Q4 '19 Q4 '18 Q4 '19 Q4 '18 Q4 '19 Q4 '18 Q4 '19 Q4 '18 € million ADJUSTED EBIT WALK € million ADJUSTED EBIT W
Slide 24: EMEA and Latin America Q4
EUROPE, MIDDLE EAST LATIN AMERICA & AFRICA COMBINED SHIPMENTS NET REVENUES SHIPMENTS NET REVENUES (000 units) (€ billion) (000 units) (€ billion) JV Consolidated 5.9 324 159 2.3 312 5.3 152 2.2 20 32 280 304 Q4 '19 Q4 '18 Q4 '19 Q4 '18 Q4 '19 Q4 '18 Q4 '19 Q4 '18 € million ADJUSTED EBIT WALK € milli
Slide 25: Maserati Q4 2019
€ million, except as otherwise stated Q4 2019 Q4 2018 SALES (000 units) 7.0 8.9 - 21% SHIPMENTS (000 units) 5.0 8.9 - 44% NET REVENUES 395 710 - 44% ADJUSTED EBIT (40) 48 n.m. ADJUSTED EBIT MARGIN (10.1)% 6.8% n.m. February 6, 2020 FY 2019 RESULTS | 25
Slide 26: Reconciliation of Net Profit/(Loss) to Adjusted EBIT
RECONCILIATION OF NET PROFIT/(LOSS) TO ADJUSTED EBIT € million YEAR ENDED THREE MONTHS ENDED DEC 31 DEC 31 DEC 31 SEP 30 JUN 30 MAR 31 DEC 31 2019 2018 RESULTS FROM CONTINUING OPERATIONS 2019 2019 2019 2019 2018 2,700 3,330 NET PROFIT/(LOSS) FROM CONTINUING OPERATIONS 1,578 (179) 793 508 1,171 1,321
Slide 27: Reconciliation of Net Profit to Adjusted Net Profit and EPS
RECONCILIATION OF NET PROFIT/(LOSS) TO ADJUSTED NET PROFIT AND DILUTED EPS TO ADJUSTED DILUTED EPS € million YEAR ENDED THREE MONTHS ENDED DEC 31 DEC 31 DEC 31 SEP 30 JUN 30 MAR 31 DEC 31 2019 2018 NET PROFIT/(LOSS) TO ADJUSTED NET PROFIT 2019 2019 2019 2019 2018 6,630 3,632 NET PROFIT/(LOSS) (inclu
Slide 28: Reconciliation of Operating Cash Flows to Industrial Free Cash Flows
RECONCILIATION OF CASH FLO WS FROM OPERATI NG ACTI VI TI E S TO I NDUSTRI AL FRE E CASH FLO WS € million Y E A R E N D ED T H R E E MON T H S E N D E D DEC 31 DEC 31 DEC 31 SEP 30 JUN 30 MAR 31 DEC 31 2019 2018 2019 2019 2019 2019 2018 10,462 9,948 CASH FLOWS FROM OPERATING ACTIVITIES 4,368 2,343 3,
Slide 29: Debt Maturity Schedule
DEBT MATURITY SCHEDULE € billion OU T S T AND ING CONTINUING OPERATIONS 2020 2021 2022 2023 2024 2025 BEYOND DEC 31 2019 3.9 BANK DEBT 2.3 0.5 0.7 0.2 0.1 0.0 0.1 6.7 CAPITAL MARKETS DEBT 1.5 1.2 1.4 1.3 1.3 0.0 0.0 0.6 OTHER DEBT 0.6 0.0 0.0 0.0 0.0 0.0 0.0 1.6 LEASE LIABILITIES (1) 0.4 0.2 0.2 0.2
Slide 30: Research and Development Costs and Expenditures
RESEARCH AND DEVELOPMENT COSTS AND EXPENDITURES € million Y E A RS E N D ED D E C 3 1 T H R E E MON T H S E N D E D D E C 3 1 2019 2018 RESEARCH AND DEVELOPMENT COSTS – CONTINUING OPERATIONS 2019 2018 1,305 1,448 RESEARCH AND DEVELOPMENT EXPENDITURES EXPENSED 361 360 1,358 1,456 AMORTIZATION OF CAPI
Slide 31: FCA Fiat Chrysler Automobiles
FCA FIAT CHRYSLER AUTOMOBILES
Fiat Chrysler Automobiles — FY2019 Earnings Presentation on 6ix