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FCA’s 2015 results, with and without Ferrari

by Bill Cawthon on

FCA closed 2015 with higher profits, well in excess of their  guidance to analysts, and substantially less debt.

Including Ferrari, net revenues were $123.1 billion, up 18%, Adjusted EBIT (earnings before interest and taxes) was $5,730 billion, up by 40% from 2014 and adjusted net profit was nearly $2.2 billion, up by 91%.

Marchionne-FCAU-Web

The spinoff of Ferrari allowed FCA to begin 2016 with a net industrial debt of around $5.5 billion, far lower than in January 2015.

The company shipped out 4.6 million vehicles worldwide, down slightly from 2014.

Adjusted EBIT was $5.7 billion, up 40% from $4.1 billion in 2014, with NAFTA more than doubling and EMEA becoming profitable one year ahead of the plan. All segments were profitable in the fourth quarter of 2015.

Adjusted net profit was $2.2 billion, up 91% compared to $1.15 billion in 2014. Net profit in 2015 was $410 million, which includes third-quarter charges for the change in estimate to reflect current regulatory and recall environment, as well as fourth-quarter charges for planned realignment of NAFTA capacity to reflect market trends.

Including Ferrari, net industrial debt was $6.54 billion on December 31, 2015, with strong liquidity ($27.5 billion). After the spinoff of Ferrari, net industrial debt stood at $5.49 billion and liquidity dropped marginally to $26.7 billion.

Around 85% of net profits came from the former Chrysler.

Rsults in the following table include Ferrari to allow comparison with previous periods:

FIAT CHRYSLER AUTOMOBILES – Including Ferrari
Quarter Ending December 31   Full Year
Q4 2015 Q4 2014 Change $ millions except as noted 2015 2014 Change
1,208 1,215 -7 Total shipments (000s) 4,610 4,608 2
$32,746 $29,465 $3,280 Net revenues $123,144 $104,539 $18,605
$1,783 $1,278 $505 Adjusted EBIT $5,730 $4,097 $1,633
$6,541 $8,535 ($1,994) Net industrial debt $6,541 $8,327 ($1,786)
$27,458 $27,064 $394 Total available liquidity $27,458 $28,527 ($1,068)

Excluding Ferrari, the results were a bit different:

FIAT CHRYSLER AUTOMOBILES€“ Without Ferrari
Quarter Ending December 31   Full Year
Q4 2015 Q4 2014 Change $ millions of dollars 2015 2014 Change
$31,986 $28,730 $3,256 Net revenues $120,265 $101,828 $18,438
$522 $1,034 ($512) EBIT $2,855 $3,082 ($227)
$5,490 N/A N/A Net industrial debt – continuing operations $5,490 N/A N/A
$26,704 N/A N/A Total available liquidity – continuing operations $26,704 N/A N/A

 

Allpar will continue to cover FCA’s financial results, including the investor presentation due later today.

Bill Cawthon grew up in the auto industry in the 1950s. His Dad worked for Chrysler and Bill spent a number of Saturdays down on the plant floor at Dodge Main in Hamtramck. Bill is also the U.S. market correspondent for just-auto.com, a British auto industry publication, and a member of the Texas Auto Writers Association, which has named the Jeep Grand Cherokee the “SUV of Texas” several times and named the Ram 1500 as the “Truck of Texas” two years running.

Bill has owned five Plymouths (including the only 1962 “Texan”), one Dodge and one Chrysler and is still trying to figure out how to justify a Wrangler. He also has owned at least one of every 1:87 scale model of a Chrysler product. You can reach him directly at (206) 888-7324 or by using the form.

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