Exhibit 99.1 | Supplemental Information for the year ended December 31, 2019 |
Exhibit 99.2 | Supplemental Information for the year ended December 31, 2019 |
Date: March 3, 2020 | FIAT CHRYSLER AUTOMOBILES N.V. | |||
By: /s/ Richard K. Palmer | ||||
Name: Richard K. Palmer | ||||
Title: Chief Financial Officer and Director |
Exhibit Number | Description of Exhibit |
Exhibit 99.1 | Supplemental Information for the year ended December 31, 2019 |
Exhibit 99.2 | Supplemental Information for the year ended December 31, 2019 |
For the Year Ended December 31, 2019 | For the Year Ended December 31, 2018 | |||||||||||||||||
(€ million) | Group | Industrial activities | Financial services | Group | Industrial activities | Financial services | ||||||||||||
Net revenues | 108,187 | 107,976 | 338 | 110,412 | 110,171 | 341 | ||||||||||||
Cost of revenues | 93,164 | 93,095 | 196 | 95,011 | 94,910 | 201 | ||||||||||||
Selling, general and other costs | 6,455 | 6,432 | 23 | 7,318 | 7,286 | 32 | ||||||||||||
Research and development costs | 3,612 | 3,612 | — | 3,051 | 3,051 | — | ||||||||||||
Result from investments | 209 | (20 | ) | 229 | 235 | 40 | 195 | |||||||||||
Gains on the disposal of investments | 15 | 15 | — | — | — | — | ||||||||||||
Restructuring costs | 154 | 154 | — | 103 | 103 | — | ||||||||||||
Net financial expenses | 1,005 | 1,005 | — | 1,056 | 1,056 | — | ||||||||||||
Profit before taxes | 4,021 | 3,673 | 348 | 4,108 | 3,805 | 303 | ||||||||||||
Tax expense | 1,321 | 1,283 | 38 | 778 | 735 | 43 | ||||||||||||
Result from intersegment investments | — | 310 | — | — | 260 | — | ||||||||||||
Net profit from continuing operations | 2,700 | 2,700 | 310 | 3,330 | 3,330 | 260 | ||||||||||||
Profit from discontinued operations, net of tax | 3,930 | 3,930 | — | 302 | 302 | — | ||||||||||||
Net profit | 6,630 | 6,630 | 310 | 3,632 | 3,632 | 260 | ||||||||||||
Adjusted EBIT | 6,668 | 6,321 | 347 | 6,738 | 6,435 | 303 |
At December 31, 2019 | At December 31, 2018 | |||||||||||||||||
(€ million) | Group | Industrial activities | Financial services | Group | Industrial activities | Financial services | ||||||||||||
Assets | ||||||||||||||||||
Goodwill and intangible assets with indefinite useful lives | 14,257 | 14,257 | — | 13,970 | 13,970 | — | ||||||||||||
Other intangible assets | 12,447 | 12,442 | 5 | 11,749 | 11,745 | 4 | ||||||||||||
Property, plant and equipment | 28,608 | 28,605 | 3 | 26,307 | 26,305 | 2 | ||||||||||||
Investments and other financial assets | 3,019 | 3,467 | 1,549 | 2,979 | 3,364 | 1,416 | ||||||||||||
Deferred tax assets | 1,689 | 1,660 | 29 | 1,814 | 1,778 | 36 | ||||||||||||
Inventories | 9,722 | 9,722 | — | 10,694 | 10,694 | — | ||||||||||||
Assets sold with a buy-back commitment | 1,626 | 1,626 | — | 1,707 | 1,707 | — | ||||||||||||
Trade receivables | 2,064 | 2,067 | 30 | 2,048 | 2,050 | 20 | ||||||||||||
Receivables from financing activities | 3,155 | 1,106 | 3,176 | 3,614 | 1,213 | 3,697 | ||||||||||||
Tax receivables | 466 | 459 | 7 | 490 | 483 | 7 | ||||||||||||
Other assets | 5,601 | 5,594 | 7 | 4,250 | 4,239 | 11 | ||||||||||||
Cash and cash equivalents | 15,014 | 14,867 | 147 | 12,450 | 12,275 | 175 | ||||||||||||
Assets held for sale | 376 | 376 | — | 4,801 | 4,861 | — | ||||||||||||
TOTAL ASSETS | 98,044 | 96,248 | 4,953 | 96,873 | 94,684 | 5,368 | ||||||||||||
Equity and Liabilities | ||||||||||||||||||
Equity | 28,675 | 28,675 | 1,995 | 24,903 | 24,903 | 1,782 | ||||||||||||
Employee benefits liabilities | 9,051 | 9,049 | 2 | 8,470 | 8,468 | 2 | ||||||||||||
Provisions(1) | 14,005 | 14,000 | 7 | 15,807 | 15,817 | 9 | ||||||||||||
Deferred tax liabilities | 1,628 | 1,628 | — | 937 | 937 | — | ||||||||||||
Debt | 12,901 | 11,278 | 2,750 | 14,528 | 12,379 | 3,364 | ||||||||||||
Trade payables | 21,616 | 21,610 | 26 | 19,229 | 19,221 | 18 | ||||||||||||
Other financial liabilities | 318 | 318 | — | 207 | 207 | — | ||||||||||||
Tax liabilities(1) | 400 | 378 | 27 | 352 | 334 | 28 | ||||||||||||
Other liabilities | 9,214 | 9,072 | 146 | 9,509 | 9,346 | 165 | ||||||||||||
Liabilities held for sale | 236 | 240 | — | 2,931 | 3,072 | — | ||||||||||||
TOTAL EQUITY AND LIABILITIES | 98,044 | 96,248 | 4,953 | 96,873 | 94,684 | 5,368 |
For the Year Ended December 31, 2019 | For the Year Ended December 31, 2018 | |||||||||||||||||
(€ million) | Group | Industrial activities | Financial services | Group | Industrial activities | Financial services | ||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||
Net profit from continuing operations | 2,700 | 2,700 | 310 | 3,330 | 3,330 | 260 | ||||||||||||
Amortization and depreciation | 5,445 | 5,442 | 3 | 5,507 | 5,506 | 1 | ||||||||||||
Net losses/(gains) on disposal of non-current assets and other non-cash items | 1,545 | 1,458 | (223 | ) | 130 | 67 | (197 | ) | ||||||||||
Dividends received | 156 | 161 | — | 75 | 113 | — | ||||||||||||
Change in provisions(1) | (1,744 | ) | (1,742 | ) | (2 | ) | 842 | 842 | — | |||||||||
Change in deferred taxes | 864 | 858 | 6 | 457 | 448 | 9 | ||||||||||||
Change in items due to buy-back commitments and GDP vehicles | (65 | ) | (65 | ) | — | 158 | 158 | — | ||||||||||
Change in working capital(1) | 1,869 | 1,884 | (15 | ) | (1,035 | ) | (1,059 | ) | 24 | |||||||||
Cash flows (used in)/from operating activities - discontinued operations | (308 | ) | (308 | ) | — | 484 | 484 | — | ||||||||||
TOTAL | 10,462 | 10,388 | 79 | 9,948 | 9,889 | 97 | ||||||||||||
CASH FLOWS (USED IN)/FROM INVESTING ACTIVITIES: | ||||||||||||||||||
Investments in property, plant and equipment and intangible assets | (8,385 | ) | (8,383 | ) | (2 | ) | (5,392 | ) | (5,389 | ) | (3 | ) | ||||||
Investment in joint ventures, associates and unconsolidated subsidiaries | (2 | ) | (2 | ) | — | (3 | ) | (3 | ) | — | ||||||||
Proceeds from the sale of tangible and intangible assets | 53 | 53 | — | 47 | 46 | 1 | ||||||||||||
Net cash proceeds from disposal of discontinued operations | 5,348 | 5,348 | — | — | — | — | ||||||||||||
Net change in receivables from financing activities | 336 | 119 | 217 | (676 | ) | 84 | (760 | ) | ||||||||||
Change in securities | (235 | ) | (235 | ) | — | (75 | ) | (75 | ) | — | ||||||||
Other changes | 55 | 55 | — | (7 | ) | (7 | ) | — | ||||||||||
Cash flows used in investing activities - discontinued operations | (155 | ) | (155 | ) | — | (632 | ) | (632 | ) | — | ||||||||
TOTAL | (2,985 | ) | (3,200 | ) | 215 | (6,738 | ) | (5,976 | ) | (762 | ) | |||||||
CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES: | ||||||||||||||||||
Net change in debt and other financial assets/liabilities | (3,096 | ) | (2,782 | ) | (314 | ) | (2,705 | ) | (3,380 | ) | 675 | |||||||
Distributions paid | (3,056 | ) | (3,056 | ) | (5 | ) | (1 | ) | (1 | ) | (38 | ) | ||||||
Other changes | — | — | — | 11 | 11 | — | ||||||||||||
Cash flows from/(used in) financing activities - Discontinued operations | 325 | 325 | — | (90 | ) | (90 | ) | — | ||||||||||
TOTAL | (5,827 | ) | (5,513 | ) | (319 | ) | (2,785 | ) | (3,460 | ) | 637 | |||||||
Translation exchange differences | 212 | 215 | (3 | ) | 106 | 118 | (12 | ) | ||||||||||
TOTAL CHANGE IN CASH AND CASH EQUIVALENTS | 1,862 | 1,890 | (28 | ) | 531 | 571 | (40 | ) | ||||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD | 12,450 | 12,275 | 175 | 12,638 | 12,423 | 215 | ||||||||||||
ADD: CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD - INCLUDED WITHIN ASSETS HELD FOR SALE | 719 | 719 | — | — | — | — | ||||||||||||
TOTAL CHANGE IN CASH AND CASH EQUIVALENTS | 1,862 | 1,890 | (28 | ) | 531 | 571 | (40 | ) | ||||||||||
LESS: CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD - INCLUDED WITHIN ASSETS HELD FOR SALE | 17 | 17 | — | 719 | 719 | — | ||||||||||||
CASH AND CASH EQUIVALENTS AT END OF THE PERIOD | 15,014 | 14,867 | 147 | 12,450 | 12,275 | 175 |
At December 31, 2019 | At December 31, 2018 | |||||||||||||||||
(€ million) | Group | Industrial activities | Financial services | Group | Industrial activities | Financial services | ||||||||||||
Third parties debt (Principal) | (12,910 | ) | (11,121 | ) | (1,789 | ) | (14,575 | ) | (12,169 | ) | (2,406 | ) | ||||||
Capital market(1) | (6,676 | ) | (6,277 | ) | (399 | ) | (8,112 | ) | (7,699 | ) | (413 | ) | ||||||
Bank debt | (3,868 | ) | (2,642 | ) | (1,226 | ) | (5,320 | ) | (3,772 | ) | (1,548 | ) | ||||||
Other debt(2) | (726 | ) | (564 | ) | (162 | ) | (882 | ) | (437 | ) | (445 | ) | ||||||
Lease liabilities(3) | (1,640 | ) | (1,638 | ) | (2 | ) | (261 | ) | (261 | ) | — | |||||||
Accrued interest and other adjustments(4) | 9 | 10 | (1 | ) | 47 | 47 | — | |||||||||||
Debt with third parties (excluding held for sale) | (12,901 | ) | (11,111 | ) | (1,790 | ) | (14,528 | ) | (12,122 | ) | (2,406 | ) | ||||||
Debt classified as held for sale | (81 | ) | (81 | ) | — | (177 | ) | (177 | ) | — | ||||||||
Debt with third parties including held for sale | (12,982 | ) | (11,192 | ) | (1,790 | ) | (14,705 | ) | (12,299 | ) | (2,406 | ) | ||||||
Intercompany, net(5) | — | 792 | (792 | ) | — | 560 | (560 | ) | ||||||||||
Current financial receivables from jointly-controlled financial services companies(6) | 83 | 83 | — | 242 | 242 | — | ||||||||||||
Debt, net of intercompany, and current financial receivables from jointly-controlled financial service companies, including held for sale | (12,899 | ) | (10,317 | ) | (2,582 | ) | (14,463 | ) | (11,497 | ) | (2,966 | ) | ||||||
Derivative financial assets/(liabilities), net of collateral deposits (excluding held for sale)(7) | (178 | ) | (178 | ) | — | 151 | 150 | 1 | ||||||||||
Current debt securities(8) | 480 | 480 | — | 219 | 219 | — | ||||||||||||
Cash and cash equivalents | 15,014 | 14,867 | 147 | 12,450 | 12,275 | 175 | ||||||||||||
Cash and cash equivalents, current debt securities and Derivative financial assets/(liabilities), net, classified as held for sale(9) | 17 | 17 | — | 725 | 725 | — | ||||||||||||
Total Net cash/(debt) including held for sale | 2,434 | 4,869 | (2,435 | ) | (918 | ) | 1,872 | (2,790 | ) | |||||||||
Net industrial cash/(debt)(excluding held for sale)(10) | 4,859 | 1,768 | ||||||||||||||||
Net industrial cash/(debt) from held for sale(10) | 10 | 104 | ||||||||||||||||
Total Net industrial cash/(debt) | 4,869 | 1,872 |
December 31, 2019 | September 30, 2019 | |||||||||||||||||
(€ billion) | Group | Industrial activities | Financial services | Group | Industrial activities | Financial services | ||||||||||||
Gross debt(1) | 13.0 | 10.4 | 2.6 | 15.1 | 12.3 | 2.8 | ||||||||||||
Financial receivables from jointly-controlled financial services companies | (0.1 | ) | (0.1 | ) | 0.0 | (0.1 | ) | (0.1 | ) | 0.0 | ||||||||
Derivatives (mark to market), net | 0.2 | 0.2 | 0.0 | 0.2 | 0.2 | 0.0 | ||||||||||||
Cash & marketable securities | (15.5 | ) | (15.4 | ) | (0.1 | ) | (16.2 | ) | (16.1 | ) | (0.1 | ) | ||||||
Net debt/(cash) | (2.4 | ) | (4.9 | ) | 2.4 | (1.0 | ) | (3.7 | ) | 2.6 |
(€ billion) | Outstanding December 31, 2019 | Outstanding September 30, 2019 | ||||
Bank debt | 3.9 | 4.6 | ||||
Capital markets debt | 6.7 | 8.1 | ||||
Other debt | 0.6 | 0.5 | ||||
Lease liabilities | 1.6 | 1.7 | ||||
Cash maturities | 12.8 | 14.9 | ||||
Asset-backed financing | 0.2 | 0.2 | ||||
Accruals | 0.0 | 0.0 | ||||
Gross Debt | 13.0 | 15.1 |
Outstanding December 31, 2019 | (€ billion) | 2020 | 2021 | 2022 | 2023 | 2024 | Beyond | ||||||||||||||
3.9 | Bank debt | 2.3 | 0.5 | 0.7 | 0.2 | 0.1 | 0.1 | ||||||||||||||
6.7 | Capital markets debt | 1.5 | 1.2 | 1.4 | 1.3 | 1.3 | 0.0 | ||||||||||||||
0.6 | Other debt | 0.6 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||
1.6 | Lease liabilities | 0.4 | 0.2 | 0.2 | 0.2 | 0.2 | 0.6 | ||||||||||||||
12.8 | Total Cash maturities(1) | 4.8 | 1.8 | 2.3 | 1.7 | 1.5 | 0.7 | ||||||||||||||
15.5 | Cash and Marketable securities | ||||||||||||||||||||
7.6 | Undrawn committed credit lines | ||||||||||||||||||||
23.1 | Total available liquidity |