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6-K Cover Page Year End 2015 press release



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________
FORM 6-K
_______________________________
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of January 2016
Commission File No. 001-36675
_______________________________
FIAT CHRYSLER AUTOMOBILES N.V.
(Translation of Registrant’s Name Into English)

_______________________________
25 St. James’s Street
London SW1A 1HA
United Kingdom
Tel. No.: +44 (0)20 7766 0311
(Address of Principal Executive Offices)
_______________________________

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)
Form 20-F x Form 40-F o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule101(b)(1): o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule101(b)(7): o
Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes o No x
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3­2(b): N/A






The following exhibits are furnished herewith:
Exhibit 99.1
Press release issued by Fiat Chrysler Automobiles N.V. dated January 27, 2016.
Exhibit 99.2
Press release issued by Fiat Chrysler Automobiles N.V. dated January 27, 2016.

















SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Date: January 27, 2016
FIAT CHRYSLER AUTOMOBILES N.V.
 
 
 
 
 
 
 
 
 
By:
/s/ Richard K. Palmer
 
 
Name: Richard K. Palmer
 
 
Title: Chief Financial Officer








Index of Exhibits

Exhibit
Number    Description of Exhibit

99.1
Press release issued by Fiat Chrysler Automobiles N.V. dated January 27, 2016.
99.2
Press release issued by Fiat Chrysler Automobiles N.V. dated January 27, 2016.
    






Exhibit 99.1 FCA NV 2015.12.31 Press Release FY15




Exhibit 99.1
FCA closed 2015 with a strong performance well in excess of full-year guidance. Including Ferrari, Net revenues were €113.2 billion, up 18%, Adjusted EBIT was €5.3 billion, up 40% and Adjusted net profit was €2.0 billion, up 91%. The spin-off of Ferrari allowed the Group to begin 2016 operations with Net industrial debt of €5.0 billion.
▪
Worldwide shipments were 4.6 million units, in line with 2014. Jeep's strong global performance continued with record worldwide shipments of 1.3 million up 21%.
▪
Adjusted EBIT1 was €5.3 billion, up 40% from €3.8 billion in 2014, with NAFTA more than doubling and EMEA returning to profitability one year ahead of plan. All segments were profitable in Q4 2015.
▪
Adjusted net profit2 was €2.0 billion, up 91% compared to €1.1 billion in 2014. Net profit in 2015 was €377 million, which includes Q3 charges for the change in estimate to reflect current regulatory and recall environment, as well as Q4 charges for planned realignment of NAFTA capacity to reflect market trends.
▪
Net industrial debt was €6.0 billion at December 31, 2015 and liquidity remained strong at €25.2 billion. After giving effect to the January 3, 2016 Ferrari spin-off, Net industrial debt stood at €5.0 billion and liquidity reduced marginally to €24.6 billion.
 
Group results in the following table include Ferrari to promote comparability with prior periods and with previously provided guidance:
 
FIAT CHRYSLER AUTOMOBILES – Highlights including Ferrari
 
 
Three months ended December 31,
 
 
Year ended December 31,
 
 
 
 
2015

2014

Change

(€ million)
2015

2014

Change

 
 
 
1,208

1,215

(7
)
Total shipments (000s)
4,610

4,608

2

 
 
 
30,099

27,084

3,015

Net revenues
113,191

96,090

17,101

 
 
 
1,639

1,175

464

Adjusted EBIT1
5,267

3,766

1,501

 
 
 
6,012

7,845 (4)

(1,833
)
Net industrial debt
6,012

7,654

(1,642
)
 
 
 
25,239

24,877 (4)

362

Total available liquidity
25,239

26,221

(982
)
 
 
 
 
 
 

Under IFRS, Ferrari will be presented as a discontinued operation in the financial statements for the year ended December 31, 2015 and for prior periods whereby Ferrari's results are excluded from the Group's results from continuing operations and are presented net of tax in a separate financial line item after Net profit - continuing operations; this presentation is reflected in the following table:
 
FIAT CHRYSLER AUTOMOBILES – Highlights (amounts exclude Ferrari unless otherwise noted)
 
 
Three months ended December 31,
 
 
Year ended December 31,
 
 
 
 
2015

2014

Change

(€ million)
2015

2014

Change

 
 
 
29,414

26,420

2,994

Net revenues
110,595

93,640

16,955

 
 
 
480

951

(471
)
EBIT
2,625

2,834

(209
)
 
 
 
1,530

1,060

470

Adjusted EBIT1
4,794

3,362

1,432

 
 
 
196

336

(140
)
Net profit - continuing operations
93

359

(266
)
 
 
 
55

84

(29
)
Net profit from discontinued operations (Ferrari)
284

273

11

 
 
 
251

420

(169
)
Net profit
377

632

(255
)
 
 
 
1,041

445

596

Adjusted net profit - continuing operations2
1,708

772

936

 
 
 
1,121

529

592

Adjusted net profit - (including Ferrari)2
2,026

1,060

966

 
 
 
0.160

0.329

(0.169
)
Basic earnings per share (EPS) (including Ferrari)(€)
0.221

0.465

(0.244
)
 
 
 
0.736

0.417

0.319

Adjusted basic EPS (including Ferrari) (€)3
1.313

0.815

0.498

 
 
 
0.160

0.328

(0.168
)
Diluted EPS (€)
0.221

0.460

(0.239
)
 
 
 
5,049

—

—

Net industrial debt - continuing operations
5,049

—

—

 
 
 
24,557

—

—

Total available liquidity - continuing operations
24,557

—

—

 
 
 
 
 
 
____________________________
1 Refer to page 11 for reconciliation of EBIT to Adjusted EBIT; 2 Refer to page 12 for reconciliation to Net profit; 3 Refer to page 12 for calculation of Adjusted basic EPS;
4 At September 30, 2015.

1




Net revenues1,2 for the year were €113.2 billion, an increase of €17.1 billion, or 18% (+6% at constant exchange rates, or CER) from €96.1 billion for the prior year. Higher Net revenues in NAFTA (+33%; +13% CER), EMEA (+13%; +11% CER) and Components (+13%; +11% CER), were partially offset by decreases in LATAM (-25%; -18% CER), APAC (-22%; -31% CER) and Maserati (-13%; -22% CER).
Adjusted EBIT1,2 was €5,267 million, an increase of €1,501 million (+40%; +19% CER) from prior year. The increase in Adjusted EBIT was primarily attributable to increases in NAFTA (+€2,271 million), EMEA (+€254 million) and Components (+€110 million), partially offset by decreases in APAC (-€489 million), LATAM (-€376 million) and Maserati (-€170 million). Adjusted EBIT excludes a total of €2,203 million pre-tax impact of unusual items, of which €1,631 million relates to NAFTA, €219 million to LATAM, €205 million to APAC and €47 million to EMEA.
Net financial expense1 totaled €2,377 million, €330 million higher than in 2014, primarily reflecting an increase in debt levels and interest rates in Brazil, the call premiums, net of the remaining unamortized debt premiums, of €168 million for the prepayment of the FCA US senior secured notes due in 2019 and 2021 and unfavorable foreign currency translation, partially offset by interest cost savings resulting from the refinancing transactions and reduction in overall gross debt in 2015.
Tax expense1 totaled €310 million, compared to €544 million in 2014, mainly due to decreased profit before taxes.
Net profit for the year was €377 million, compared to €632 million for 2014 and profit attributable to owners of the parent was €334 million compared to €568 million for 2014. Adjusted net profit for the year was €2,026 million, compared to €1,060 million for 2014.
Net industrial debt1,2 at December 31, 2015 was €6.0 billion, a decrease from €7.7 billion at December 31, 2014. The improvement reflects positive cash flows from operating activities of €9.7 billion and €0.7 billion of positive foreign exchange translation effects primarily related to the devaluation of the Brazilian Real, which were partially offset by capital expenditures of €9.2 billion. The decrease also reflects €0.9 billion of net cash proceeds from the IPO of 10% of Ferrari and a €0.3 billion cash payment to the non-controlling interest. After giving effect to the January 3, 2016 Ferrari spin-off, Net industrial debt stood at €5.0 billion.
Total available liquidity1 was €25.2 billion at December 31, 2015, down from €26.2 billion at December 31, 2014. The decrease reflects bond repayments during the year totaling €7.3 billion which included the prepayment of the FCA US secured senior notes due in 2019 and 2021 with an aggregate principal balance of €5.3 billion and the repayment at maturity of two bonds with an aggregate principal balance of €1.9 billion. This decrease was partially offset by the issuance of unsecured senior notes due in 2020 and 2023 with an aggregate principal balance of $3.0 billion (€2.8 billion); net increases of €1.5 billion attributable to changes in bank borrowings, other debt and credit facilities; cash generated from operations net of investing activities of €0.7 billion; transactions related to the IPO of 10% of Ferrari of €0.6 billion and a favorable foreign exchange translation impact of €0.7 billion.  Total available liquidity includes the new syndicated revolving credit facility of €2.5 billion entered into in June, which will expand to €5.0 billion following the termination of the ring-fencing of FCA US expected in Q1 2016. After giving effect to the January 3, 2016 Ferrari spin-off, total available liquidity reduced marginally to €24.6 billion.


_____________________________
1 These results include Ferrari to promote comparability with prior periods and previously provided guidance. However, as a result of the approval of the Ferrari spin-off at the Extraordinary General Meeting of Shareholders on December 3, 2015, Ferrari will be treated as a discontinued operation for the year ended December 31, 2015 financial statements and for all prior periods in accordance with IFRS. In addition, Ferrari assets and liabilities will be classified as held for distribution at December 31, 2015;
2 Refer to page 10 for reconciliation of these results to results reflecting Ferrari's classification as a discontinued operation.

2




2016 Guidance
As a result of the completion of the spin-off of Ferrari on January 3, 2016, the Group’s results for 2016 will no longer include the results or financial position of Ferrari. The Group indicates the following guidance:
 
FIAT CHRYSLER AUTOMOBILES - 2016 Guidance
 
 
 
 
 
 
 
2016 Guidance
2015 Actual excluding Ferrari
 
 
 
Net revenues
> €110 billion
€111 billion
 
 
 
Adjusted EBIT
>  €5.0 billion
€4.8 billion
 
 
 
Adjusted net profit
>  €1.9 billion
€1.7 billion
 
 
 
Net industrial debt
<  €5.0 billion
€5.0 billion
 
 
 
 
 
 
 
 

▪
NAFTA and EMEA continue trend of improved performance
▪
LATAM returns to modest profitability with Pernambuco reaching full model production in second half of 2016
▪
APAC profitability improving in second half of 2016 as Jeep manufacturing localization in China completed
▪
Maserati performance improving in second half of 2016 following Levante launch
▪
Capital expenditures in line with 2015

Net debt and available liquidity
 
FIAT CHRYSLER AUTOMOBILES -including Ferrari, unless otherwise noted
 
 
 
 
 
 
Net debt and available liquidity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 20151

 
September 30, 2015

 
December 31, 2014

 
 
(€ million)
 
 
 
 
 
 
 
Cash maturities (principal)
(29,716
)
 
(30,617
)
 
(32,892
)
 
 
Bank debt
(14,507
)
 
(12,434
)
 
(13,120
)
 
 
Capital market instruments2
(13,646
)
 
(16,530
)
 
(17,729
)
 
 
Other debt3
(1,563
)
 
(1,653
)
 
(2,043
)
 
 
Asset-backed financing4
(206
)
 
(179
)
 
(469
)
 
 
Accruals and other adjustments5
(104
)
 
(347
)
 
(305
)
 
 
Gross debt 
(30,026
)
 
(31,143
)
 
(33,666
)
 
 
Cash & marketable securities
21,326

 
20,408

 
23,050

 
 
Derivative assets/(liabilities)
117

 
473

 
(233
)
 
 
Net debt
(8,583
)
 
(10,262
)
 
(10,849
)
 
 
Industrial activities
(6,012
)
 
(7,845
)
 
(7,654
)
 
 
Financial services activities
(2,571
)
 
(2,417
)
 
(3,195
)
 
 
 
 
 
Undrawn committed credit lines
3,913

 
4,469

 
3,171

 
 
Total available liquidity
25,239

 
24,877

 
26,221

 
 
 
 
 
 
 
 
 
 
1 Includes Ferrari to promote comparability with prior quarters and with previously provided guidance. However, under IFRS, Ferrari assets and liabilities will be classified as held for distribution at December 31, 2015; refer to page 10 for reconciliation of Net industrial debt as reported above to Net industrial debt excluding Ferrari.
 
 
2 Includes bonds and other securities issued in the financial markets.
 
 
3 Includes HCT Notes, arrangements accounted for as a lease under IFRIC 4 - Determining whether an arrangement contains a lease, and other non-bank financing.
 
 
4 Advances on sale of receivables and securitizations on book.
 
 
5 At December 31 2015, includes: adjustments for hedge accounting on financial payables for €(43) million (€(50) million at September 30, 2015; €(67) million at December 31, 2014), current financial receivables from jointly-controlled financial services companies of €16 million (€32 million at September 30, 2015; €58 million at December 31, 2014) and accrued net financial charges of €(77) million (€(329) million at September 30, 2015; €(296) million at December 31, 2014).
 




3




Results by Segment

Year ended December 31, 2015 and 2014
FIAT CHRYSLER AUTOMOBILES
 
Net revenues and Adjusted EBIT by segment – Year ended December 31,
 
 
 
 
 
 
 
 
 
 
 
 
Net revenues
 
 
 
Adjusted EBIT
 
 
 
2015

2014

Change

 
(€ million)
2015

2014

Change

 
 
69,992

52,452

17,540

 
NAFTA
4,450

2,179

2,271

 
 
6,431

8,629

(2,198
)
 
LATAM
(87
)
289

(376
)
 
 
4,885

6,259

(1,374
)
 
APAC
52

541

(489
)
 
 
20,350

18,020

2,330

 
EMEA
213

(41
)
254

 
 
2,411

2,767

(356
)
 
Maserati
105

275

(170
)
 
 
9,770

8,619

1,151

 
Components (Magneti Marelli, Comau, Teksid)
395

285

110

 
 
844

831

13

 
Other
(150
)
(116
)
(34
)
 
 
(4,088
)
(3,937
)
(151
)
 
Unallocated items and adjustments
(184
)
(50
)
(134
)
 
 
110,595

93,640

16,955

 
Total - excluding Ferrari
4,794

3,362

1,432

 
 
2,596

2,450

146

 
Ferrari, net of inter-company eliminations
473

404

69

 
 
113,191

96,090

17,101

 
Total - including Ferrari
5,267

3,766

1,501

 
 
 
 
 
 


Three months ended December 31, 2015 and 2014
FIAT CHRYSLER AUTOMOBILES
 
Net revenues and Adjusted EBIT by segment – Three months ended December 31,
 
 
 
 
 
 
 
 
 
 
 
 
Net revenues
 
 
 
Adjusted EBIT
 
 
 
2015

2014

Change

 
(€ million)
2015

2014

Change

 
 
18,925

15,328

3,597

 
NAFTA
1,336

650

686

 
 
1,514

2,314

(800
)
 
LATAM
29

120

(91
)
 
 
1,008

1,662

(654
)
 
APAC
23

127

(104
)
 
 
5,585

4,989

596

 
EMEA
111

90

21

 
 
762

728

34

 
Maserati
14

65

(51
)
 
 
2,438

2,379

59

 
Components (Magneti Marelli, Comau, Teksid)
133

113

20

 
 
223

229

(6
)
 
Other
(41
)
(67
)
26

 
 
(1,041
)
(1,209
)
168

 
Unallocated items and adjustments
(75
)
(38
)
(37
)
 
 
29,414

26,420

2,994

 
Total - excluding Ferrari
1,530

1,060

470

 
 
685

664

21

 
Ferrari, net of inter-company eliminations
109

115

(6
)
 
 
30,099

27,084

3,015

 
Total - including Ferrari
1,639

1,175

464

 
 
 
 
 
 






4




NAFTA
 
 
Three months ended December 31,
 



Year ended December 31,
 
 
 
2015

 
2014

 
Change
 
(€ million)
 
2015

 
2014

 
Change
 
 
731

 
668

 
63

 
Shipments (000s)
 
2,726

 
2,493

 
233

 
 
18,925

 
15,328

 
3,597

 
Net revenues
 
69,992

 
52,452

 
17,540

 
 
1,336

 
650

 
686

 
Adjusted EBIT
 
4,450

 
2,179

 
2,271

 
 
 
 
 
 
 
 
 
 

Shipments were 2,726 thousand vehicles (+9%) and sales1 totaled 2,624 thousand vehicles (+7%). Market share in the U.S. was 12.6%, up 20 bps from prior year. In Canada, FCA was the market leader with market share of 15.2%, down 20 bps from prior year.
Net revenues were €70.0 billion, up 33% (+13% CER) primarily due to volume growth for the Jeep and Ram brands, positive net pricing, as well as favorable foreign currency translation effects.
Adjusted EBIT of €4,450 million, compared with €2,179 million in 2014, reflects higher volumes, positive net pricing and positive foreign currency translation effects, partially offset by increases in recall accrual rates and product costs in the second half of the year for vehicle content enhancements, net of purchasing efficiencies. The NAFTA Adjusted EBIT margins for 2015 of 6.4% (4.2% margin in 2014) and 7.1% for Q4 2015 both exceeded their respective targets.
Adjusted EBIT excludes total charges of €1,631 million consisting primarily of two items. As part of the NAFTA margin improvement plan, the Group will realign a portion of its capacity in the region to better match market demand. As a result, pre-tax charges of €834 million were recognized and excluded from Adjusted EBIT in Q4 2015, including asset impairment charges of €598 million and other charges of €236 million related to the extended downtime at certain plants associated with the implementation of the new industrial plan. Given the recent increase in both the cost and frequency of recall campaigns, the Group revised its actuarial methodology for the estimate of future recall costs during Q3 2015. As a result, an adjustment of €761 million was recognized in Q3 2015 for the U.S. and Canada related to the change in estimate of future recall campaign costs for vehicles sold in prior periods, which was excluded from Adjusted EBIT.

_____________________________
1 For US and Canada, “Sales” represents sales to end customers as reported by the Group’s dealer network.


5




LATAM
 
 
Three months ended December 31,
 
 
 
 
Year ended December 31,
 
 
 
2015

 
2014

 
Change
 
(€ million)
 
2015

 
2014

 
Change
 
 
140

 
217

 
(77
)
 
Shipments (000s)
 
553

 
827

 
(274
)
 
 
1,514

 
2,314

 
(800
)
 
Net revenues
 
6,431

 
8,629

 
(2,198
)
 
 
29

 
120

 
(91
)
 
Adjusted EBIT
 
(87
)
 
289

 
(376
)
 
 
 
 
 
 
 
 
 
 
Shipments were 553 thousand vehicles, a decrease of 33% reflecting continued macroeconomic weakness in the region resulting in poor trading conditions in Brazil and Argentina. The Group remained the market leader in Brazil increasing its lead over its nearest competitor to 380 bps (+30 bps from 2014) with market share at 19.5%, which decreased 170 bps due to strong competition and pricing pressures. The all-new Jeep Renegade continued its growth trend reaching 29.7% segment market share in Brazil in Q4 2015. In Argentina, overall market share declined from 13.4% in 2014 to 11.9% in 2015 mainly due to continued import restrictions.
Net revenues were €6.4 billion, down 25% (-18% CER) primarily due to reduced shipments, which was partially offset by positive pricing actions.
Adjusted EBIT was negative €87 million in 2015, down from €289 million in 2014, primarily related to lower volumes and higher input cost inflation, Pernambuco start-up costs and the all-new Jeep Renegade commercial launch costs, partially offset by favorable net pricing and product mix mainly attributable to the all-new Jeep Renegade. Adjusted EBIT excludes total charges of €219 million, of which €83 million was due to the devaluation of the Argentinian Peso resulting from changes in monetary policy and €80 million was due to the adoption of the Venezuelan government’s Marginal Currency System, or SIMADI exchange rate, at June 30, 2015.

APAC
 
 
Three months ended December 31,
 



Year ended December 31,
 
 
 
2015

 
2014

 
Change
 
(€ million)
 
2015

 
2014

 
Change
 
 
26

 
57

 
(31
)
 
Shipments (000s)
 
149

 
220

 
(71
)
 
 
1,008

 
1,662

 
(654
)
 
Net revenues
 
4,885

 
6,259

 
(1,374
)
 
 
23

 
127

 
(104
)
 
Adjusted EBIT
 
52

 
541

 
(489
)
 
 
 
 
 
 
 
 
 
 
Shipments (excluding JVs) totaled 149 thousand vehicles, down 32%, driven by the interruption of supply due to the Tianjin (China) port explosion in early August, strong competition from local producers and the transition to local production in China, as well as reduced shipments in Australia resulting from price increases. Similarly, Group retail sales (including JVs) were 42 thousand vehicles lower than 2014 at 215 thousand vehicles.
Net revenues were €4.9 billion, down 22% (-31% at CER), primarily as a result of the decrease in shipments and increased incentives in China.
Adjusted EBIT was €52 million, a decrease of €489 million from 2014 driven by lower volumes, unfavorable net pricing and foreign exchange effects, partially offset by reduced marketing costs. Adjusted EBIT excludes total charges of €205 million, of which €142 million relates to the write-down of inventory and incremental incentives recognized in Q3 2015 for vehicles damaged in the Tianjin port explosion (expected to be recovered through insurance).

6




EMEA
 
 
Three months ended December 31,
 



Year ended December 31,
 
 
 
2015

 
2014

 
Change
 
(€ million)
 
2015

 
2014

 
Change
 
 
299

 
261

 
38

 
Shipments (000s)
 
1,142

 
1,024

 
118

 
 
5,585

 
4,989

 
596

 
Net revenues
 
20,350

 
18,020

 
2,330

 
 
111

 
90

 
21

 
Adjusted EBIT
 
213

 
(41
)
 
254

 
 
 
 
 
 
 
 
 
 
Passenger car and light commercial vehicle (LCV) shipments totaled 1,142 thousand units, up 12% over 2014. Passenger car shipments were up 12% to 899 thousand units and LCVs were up 10% to 243 thousand units. European passenger car market share (EU28+EFTA) was up 30 bps to 6.1% (+60 bps to 28.3% in Italy). For LCVs, estimated European market share2 (EU28+EFTA) was 11.3% (80 bps to 45.7% in Italy).
Net revenues were €20.4 billion, up 13% (+11% CER) resulting from higher volumes and favorable product mix driven by the all-new Jeep Renegade and Fiat 500X, as well as positive net pricing mainly driven by pricing actions in non-European Union markets and foreign exchange effects.
Adjusted EBIT for 2015 was €213 million, compared with negative €41 million for 2014. The improvement was primarily attributable to increased shipments, positive net pricing and more favorable product mix, reflecting the continued success of the Fiat 500 family and the Jeep brand as well as cost efficiencies, which were partially offset by higher costs for U.S. imported vehicles due to a stronger U.S. Dollar and increased marketing costs. Adjusted EBIT excludes total charges of €47 million which primarily relate to asset impairments.


Maserati
 
 
Three months ended December 31,
 
 
 
 
Year ended December 31,
 
 
 
2015

 
2014

 
Change
 
(€ million)
 
2015

 
2014

 
Change
 
 
9,971

 
10,020

 
(49
)
 
Shipments (units)
 
32,474

 
36,448

 
(3,974
)
 
 
762

 
728

 
34

 
Net revenues
 
2,411

 
2,767

 
(356
)
 
 
14

 
65

 
(51
)
 
Adjusted EBIT
 
105

 
275

 
(170
)
 
 
 
 
 
 
 
 
 
 

Net revenues totaled €2.4 billion, down 13% (-22% lower at CER) from 2014, primarily due to decreased Quattroporte volumes resulting from weaker segment demand in the U.S. and China.

Adjusted EBIT decreased to €105 million from €275 million in 2014 primarily due to lower volumes, unfavorable mix and an increase in industrial costs related to the start-up costs for the all-new Levante to be launched in 2016.





_____________________________
2 Due to unavailability of market data for Italy, the figures reported are an extrapolation and discrepancies with actual data could exist. 


7




Components
 
 
Three months ended December 31,
 
 
 
 
Year ended December 31,
 
 
 
2015

 
2014

 
Change
 
(€ million)
 
2015

 
2014

 
Change
 
 
 
 
 
 
 
 
Magneti Marelli
 
 
 
 
 
 
 
 
1,843

 
1,730

 
113

 
Net revenues
 
7,262

 
6,500

 
762

 
 
105

 
83

 
22

 
Adjusted EBIT
 
321

 
229

 
92

 
 
 
 
 
 
 
 
Comau
 
 
 
 
 
 
 
 
472

 
518

 
(46
)
 
Net revenues
 
1,952

 
1,550

 
402

 
 
25

 
31

 
(6
)
 
Adjusted EBIT
 
72

 
60

 
12

 
 
 
 
 
 
 
 
Teksid
 
 
 
 
 
 
 
 
138

 
159

 
(21
)
 
Net revenues
 
631

 
639

 
(8
)
 
 
3

 
(1
)
 
4

 
Adjusted EBIT
 
2

 
(4
)
 
6

 
 
 
 
 
 
 
 
COMPONENTS
 
 
 
 
 
 
 
 
2,438

 
2,379

 
59

 
Net revenues (*)
 
9,770

 
8,619

 
1,151

 
 
133

 
113

 
20

 
Adjusted EBIT
 
395

 
285

 
110

 
 
(*)  Net of eliminations
 
 
 
 
 
 
 

Magneti Marelli    
Net revenues were €7.3 billion, a 12% increase over 2014, primarily driven by positive performance in the lighting and electronic systems businesses.
Adjusted EBIT was €321 million, an increase of €92 million from 2014 primarily related to higher volumes, cost containment actions and efficiencies. Adjusted EBIT margin improved to 4.4% in 2015 from 3.5% in 2014.
Comau
Net revenues were €2.0 billion, a 26% increase from 2014, primarily due to body assembly, powertrain and robotics businesses.
Adjusted EBIT increased by €12 million from 2014 to €72 million primarily due to increased volumes.
Teksid
Net revenues were €631 million, a 1% decrease from 2014, primarily attributable to a 10% decrease in cast iron business volumes, partially offset by a 21% increase in aluminum business volumes.
Adjusted EBIT was €2 million compared to negative €4 million in 2014.


8




Brand activity in the quarter
Marking the return of the Jeep brand production in China, production of the Jeep Cherokee began in November at our joint-venture plant in Changsha, with deliveries of the first Chinese-made Jeep Cherokee in December. FCA expects that by the end of 2016, the Jeep Renegade and the all-new Jeep C-SUV will also be locally produced in China.
Two new special edition models, the new Jeep Wrangler Backcountry and the new Jeep Grand Cherokee SRT Night, were unveiled at the 2015 Los Angeles Auto Show in November. The new Jeep Wrangler Backcountry has a winter capability design theme and will be available with a unique deep purple exterior color. The new Jeep Grand Cherokee SRT Night with its 6.4-liter V-8 engine, has a stealth-like appearance in the form of a black roof, rear spoiler, and 20-inch wheels.
The Jeep Renegade was named the "2016 Car of the Year" in Brazil during the annual automotive industry award ceremony hosted by Autoesporte magazine (Editora Globo) in Brazil.
The all-new Fiat 124 Spider, which was also introduced at the 2015 Los Angeles Auto Show, revives the historic nameplate nearly 50 years after its original introduction and brings its classic Italian styling and performance to a new generation. The Fiat 124 Spider, which is expected to be available in EMEA and NAFTA in Q2 2016, delivers the Italian roadster experience with driving excitement, technology and safety combined with iconic Italian design.
After the world preview at the Istanbul Motor Show last May, the all-new Fiat Tipo was presented to the international press in November, launched in Italy in December and is being sold in over forty countries across EMEA. This four-door compact sedan embodies Italian design that delivers personality and style without forgoing functionality. The new Fiat Tipo won the prestigious AUTOBEST award and was voted “The Best Buy Car of Europe in 2016” by 26 jury members from all over Europe, making Fiat the first brand in AUTOBEST history to win this European competition three times.



9





The following are reconciliations of the Group's financial results as reported herein to the Group's financial results reflecting Ferrari's classification as a discontinued operation as they will be presented within the Group’s 2015 consolidated financial statements in accordance with IFRS.

 
FIAT CHRYSLER AUTOMOBILES – Highlights
 
 
Year ended December 31, 2014
 


Year ended December 31, 2015
 
 
 
 
Results including Ferrari

Ferrari - discontinued operations, net of inter-company eliminations

Results excluding Ferrari

(€ million)
Results including Ferrari

Ferrari - discontinued operations, net of inter-company eliminations

Results excluding Ferrari

 
 
 
96,090

2,450

93,640

Net revenues
113,191

2,596

110,595

 
 
 
3,766

404

3,362

Adjusted EBIT 
5,267

473

4,794

 
 
 
 
 
 
 
 
 
 
 
FIAT CHRYSLER AUTOMOBILES – Highlights
 
 
Three months ended December 31, 2014
 


Three months ended December 31, 2015
 
 
 
 
Results including Ferrari

Ferrari - discontinued operations, net of inter-company eliminations

Results excluding Ferrari

(€ million)
Results including Ferrari

Ferrari - discontinued operations, net of inter-company eliminations

Results excluding Ferrari

 
 
 
27,084

664

26,420

Net revenues
30,099

685

29,414

 
 
 
1,175

115

1,060

Adjusted EBIT 
1,639

109

1,530

 
 
 
 
 
 
 
 
 
 


Reconciliation of Net industrial debt as reported to Net industrial debt excluding Ferrari
 
FIAT CHRYSLER AUTOMOBILES – Net Industrial Debt
 
 


At December 31, 2015
 
 
 
 
(€ million)
Net industrial debt as reported

Ferrari Spin-off

Net industrial debt excluding Ferrari

 
 
 
Net industrial debt
(6,012
)
(963
)
(5,049
)
 
 
 
 
 
 
 
 
 

Ferrari plans to release their annual results on February 2, 2016. Ferrari's results on a stand-alone basis ‎may differ from their results within the Group due to consolidation adjustments for elimination of inter-company transactions and differences in definitions of net debt and net industrial debt measures.


10




Reconciliation of Adjusted EBIT1  
FIAT CHRYSLER AUTOMOBILES – EBIT to Adjusted EBIT reconciliation
 
 
Three months ended December 31,
 
 
Year ended December 31,
 
 
 
 
2015

2014

(€ million)
2015

2014

 
 
 
480

951

EBIT - excluding Ferrari
2,625

2,834

 
 
 
—

—

Change in estimate for future recall campaign costs
761

—

 
 
 
—

—

NHTSA Consent Order and Amendment
144

—

 
 
 
83

—

Currency devaluations - LATAM
163

98

 
 
 
—

—

Tianjin (China) port explosion
142

—

 
 
 
834

—

NAFTA capacity realignment
834

—

 
 
 
103

98

Other impairments and asset write-offs
118

115

 
 
 
30

11

Other
7

315 (2)

 
 
 
1,050

109

Total adjustments - excluding Ferrari
2,169

528

 
 
 
1,530

1,060

Adjusted EBIT - excluding Ferrari
4,794

3,362

 
 
 
109

115

Adjusted EBIT - Ferrari
473

404

 
 
 
1,639

1,175

Adjusted EBIT - including Ferrari
5,267

3,766

 
 
 
 
 
 
 
 
 
 
____________________________
1 Adjusted EBIT is calculated as EBIT excluding: gains/(losses) on the disposal of investments, restructuring, impairments, asset write-offs and other unusual income/(expenses) that are considered rare or discrete events that are infrequent in nature.
2 Primarily includes the €495 million charge in Q1 2014 recognized in connection with the UAW Memorandum of Understanding entered into by FCA US in January 2014 partly offset by the €223 million gain on the re-measurement to fair value of the previously exercised options on approximately 10 percent of FCA US equity interest in connection with FCA's acquisition of the remaining 41.5 percent ownership interest in FCA US that was previously not owned.

11





Reconciliation of Adjusted net profit1 
Adjusted net profit – continuing operations (i.e. excluding Ferrari) 
 
 
Three months ended December 31,
 
 
Year ended December 31,
 
 
 
 
2015

2014

(€ million)
2015

2014

 
 
 
196

336

Net profit from continuing operations
93

359

 
 
 
1,050

109

Adjustments (as above) - excluding Ferrari adjustments
2,169

528

 
 
 
(205
)
—

Tax impact of adjustments
(554
)
(115
)
 
 
 
845

109

Total adjustments, net of tax - excluding Ferrari
1,615

413

 
 
 
1,041

445

Adjusted net profit - continuing operations
1,708

772

 
 
 
 
 
1 con
Adjusted net profit – including Ferrari
 
 
Three months ended December 31,
 
 
Year ended December 31,
 
 
 
 
2015

2014

(€ million)
2015

2014

 
 
 
251

420

Net profit
377

632

 
 
 
1,075

109

Adjustments (as above) - including Ferrari adjustments
2,203

543

 
 
 
(205
)
—

Tax impact on adjustments
(554
)
(115
)
 
 
 
870

109

Total adjustments, net of taxes
1,649

428

 
 
 
1,121

529

Adjusted net profit
2,026

1,060

 
 
 
 
 
_____________________________
1 Adjusted net profit is calculated as Net profit excluding post-tax impacts of the same items excluded from Adjusted EBIT: gains/(losses) on the disposal of investments, restructuring, impairments, asset write-offs and other unusual income/(expenses) that are considered rare or discrete events that are infrequent in nature.

Calculation of Adjusted basic EPS 1
Adjusted basic EPS
 
 
Three months ended December 31,
 
 
Year ended December 31,
 
 
 
 
2015

2014

 
2015

2014

 
 
 
0.160

0.329

Basic EPS (€/share)
0.221

0.465

 
 
 
870

109

Adjustments, net of taxes (€ million)
1,649

428

 
 
 
0.576

0.088

Total impact of adjustments on Basic EPS (€/share)
1.092

0.350

 
 
 
0.736

0.417

Adjusted basic EPS (€/share)
1.313

0.815

 
 
 
1,511,390

1,238,757

Weighted average number of shares (thousand)
1,510,555

1,222,346

 
 
 
 
 
_____________________________
1 Adjusted basic EPS is calculated by adjusting Basic EPS for the impact of the same items excluded from Adjusted EBIT.



12




*********
This document, and in particular the section entitled “2016 Outlook”, contains forward-looking statements. These statements may include terms such as “may”, “will”, “expect”, “could”, “should”, “intend”, “estimate”, “anticipate”, “believe”, “remain”, “on track”, “design”, “target”, “objective”, “goal”, “forecast”, “projection”, “outlook”, “prospects”, “plan”, or similar terms. Forward-looking statements are not guarantees of future performance. Rather, they are based on the Group’s current expectations and projections about future events and, by their nature, are subject to inherent risks and uncertainties. They relate to events and depend on circumstances that may or may not occur or exist in the future and, as such, undue reliance should not be placed on them. Actual results may differ materially from those expressed in such statements as a result of a variety of factors, including: the Group’s ability to reach certain minimum vehicle sales volumes; developments in global financial markets and general economic and other conditions; changes in demand for automotive products, which is highly cyclical; the Group’s ability to enrich the product portfolio and offer innovative products; the high level of competition in the automotive industry; the Group’s ability to expand certain of the Group’s brands internationally; changes in the Group’s credit ratings; the Group’s ability to realize anticipated benefits from any acquisitions, joint venture arrangements and other strategic alliances; potential shortfalls in the Group’s defined benefit pension plans; the Group’s ability to provide or arrange for adequate access to financing for the Group’s dealers and retail customers; the Group’s ability to access funding to execute the Group’s business plan and improve the Group’s business, financial condition and results of operations; various types of claims, lawsuits and other contingent obligations against the Group; disruptions arising from political, social and economic instability; material operating expenditures and other effects from and in relation to compliance with environmental, health and safety regulation; developments in labor and industrial relations and developments in applicable labor laws; increases in costs, disruptions of supply or shortages of raw materials; exchange rate fluctuations, interest rate changes, credit risk and other market risks; political and civil unrest; earthquakes or other disasters and other risks and uncertainties.
Any forward-looking statements contained in this document speak only as of the date of this document and the Company does not undertake any obligation to update or revise publicly forward-looking statements. Further information concerning the Group and its businesses, including factors that could materially affect the Company’s financial results, is included in the Company’s reports and filings with the U.S. Securities and Exchange Commission, the AFM and CONSOB.

On January 27, 2016, at 3:30p.m.GMT, management will hold a conference call to present the 2015 Full Year results to financial analysts and institutional investors. The call can be followed live and a recording will be available later on the Group website (http://www.fcagroup.com/en-us/pages/home.aspx). The supporting document will be made available on the website prior to the call.

Net debt and available liquidity

London, January 27, 2016


13
Exhibit 99.2 FCA NV Business Plan Update


Exhibit 99.2

FCA Updates Business Plan


Fiat Chrysler Automobiles N.V. (NYSE: FCAU / MI: FCA) announced today that it will discuss an update to its May 2014 Business Plan during its 2015 fourth quarter and full year results conference call, which will begin at 3:30 p.m. GMT / 4:30 p.m. CET / 10:30 a.m. EST today. 
Details for accessing this presentation are available in the Investors section of the Group's website at www.fcagroup.com. For those unable to participate in the live session, a replay will remain archived on the corporate website (www.fcagroup.com) for two weeks after the call. A slide deck that will accompany the presentation will be available on the Group’s website approximately one hour before the call.
London, 27 January 2015



For further information:
tel.: +39 (011) 00 63088
Email: mediarelations@fcagroup.com
www.fcagroup.com