FCA

(28.67% stake, 41.75% of voting rights on issued capital)

The key consolidated data of FCA for 2019 are as presented below:



 YearChange
€ million20192018amount%
Net revenues108,187110,4122,2252
Adjusted EBIT(1)6,6686,738(70)-1
Net profit from continuing operations2,7003,330(630)-18.9
Net profit (including discontinued operations)6,6303,6322,998n.s.
(1) Adjusted EBIT is a non-GAAP financial measure used to measure performance. Adjusted EBIT excludes certain adjustments from Net profit from continuing operations, including: gains/(losses) on the disposal of investments, restructuring, impairments, asset write-offs and unusual income/(expenses) that are considered rare or discrete events that are infrequent in nature, and also excludes Net financial expenses and Tax expense/(benefit).

Net revenues and Adjusted EBIT

Net revenues Adjusted EBIT
Years anded 31 December Years ended 31 December
20192018€ million20192018
73,35772,384North America6,6906,230
8,4618,152LATAM501359
2,8142,703APAC(36)(296)
20,57122,815EMEA(6)406
1,6032,663Maserati(199)151
1,3811,695Other activities, unallocated items and adjustments(282)(112)
108,187110,412Total 6,6686,738

NORTH AMERICA

North America Net revenues in 2019 were in line compared to the 2018, with favorable model mix and foreign exchange translation effects, offset by lower volumes and negative channel mix. Adjusted EBIT was up 7% compared to 2018, with record margin, due to favorable model mix, positive net price, industrial efficiencies, lower advertising costs and favorable foreign exchange effects, partially offset by lower volumes and increased product costs on new vehicles. 

LATAM

The LATAM Net revenues in 2019 were up 4% with positive net pricing, including recognition of Brazilian indirect tax credits, partially offset by negative foreign exchange effects. Adjusted EBIT up 40%, due to higher Net revenues and industrial efficiencies, partially offset by purchasing cost inflation, higher import and export duties, as well as negative foreign exchange effects. 

APAC

The increase in APAC Net revenues in 2019 of 4% compared to 2018 was primarily due to favorable model mix and vehicle mix, positive net pricing due to reduced incentives, partially offset by lower volumes. The increase in APAC Adjusted EBIT was primarily due to increased Net revenues, as well as lower industrial costs, partially offset by lower China JV results. 

EMEA

The decrease in EMEA Net revenues in 2019 compared to 2018 of 10% was primarily due to lower volumes. The decrease in EMEA Adjusted EBIT was primarily due to lower volumes, higher incentives, compliance and product costs, partially offset by reduced advertising costs and labor efficiencies resulting from restructuring actions, as well as favorable model and channel mix.

Maserati

The decrease in Maserati Net revenues in 2019 of 40% compared to 2018 was primarily due to lower volumes. The decrease in Maserati Adjusted EBIT was primarily due to lower revenues and adjustments of residual values in the U.S. during the second quarter and higher incentives related to accelerated transition to China 6, partially offset by favorable model and market mix. 

The following table is the reconciliation of Net profit from continuing operations to Adjusted EBIT (non-GAAP measure).

€ million20192018
Net profit from continuing operations2,7003,330
Tax expense1,321778
Net financial expenses1,0051,056
Adjustments:  
Restructuring costs, net of reversals154103
China inventory impairment 129
Costs for recall, net of recovery - airbag inflators 114
Impairment expense and supplier obligations1,542353
Gains on disposal of investments(15) 
U.S. special bonus payment 111
Employee benefits settlement losses 92
Port of Savona fire and flood 43
North America capacity realignment (60)
Recovery of costs for recall (50)
Brazilian indirect tax - reversal of liability/recognition of credits (164)(72)
Other12563
Total adjustments1,6421,574
Adjusted EBIT6,6686,738

Cash flows from operating activities to Industrial free cash flows

(€ million)FY 2019FY 2018
Cash flows from operating activities10,4629,948
Less cash flows from operating activities - discontinued operations(308)484
Cash flows operating activities - continuing operations10,7709,464
Less: operating activities not attributable to industrial activities7459
Less: Capital expenditures for industrial activities8,3835,389
Add: Net intercompany payments between continuing operations and discontinued operations(200)(46)
Add: Discretionary pension contribution, net of tax-478
Industrial free cash flows2,1134,448

2020 Outlook 

FCA expected continued strong performance in 2020 and confirms guidance:

  • Adjusted EBIT >€7 billion.
  • Adjusted diluted EPS >€2.80 per share.
  • Industrial free cash flow >€2.0 billion.
Commercial Register No.64236277 Legal notes | Credits