The Fiat-Chrysler group has released results which for the first time reflect the entire contribution of Chrysler. In the third quarter, it posted revenues of €17,6 billion and trading profit of €851 million, to which Chrysler contributed two-thirds of the total, thanks to the operating performance in a market context that remains difficult in Europe. The margin on revenues rose to 4,8% and net income amounted to 112 million euros, 169 million euros net of atypical items. The group has strengthened its estimates for 211 on trading to over 2,1 billion euros (from -2,1 billion euros) and confirmed the remaining targets with expected revenues of over 58 billion euros and net profit of approximately 1,7 billion euros. The group's consolidated net industrial debt is expected to be between approximately 5,0 and 5,5 billion euros from 5,8 in the third quarter.
Chrysler also strengthened its 2011 estimates, which revised upwards the targets for the whole of 2011. In particular, it revised upwards the adjusted net profit from a range between 200 and 500 million dollars to approximately 600 million dollars, while cash flow estimates were raised from $1 billion to $1,2 billion. Net turnover is expected to be 55 billion dollars, with an operating profit of 2 billion dollars and an Ebitda of 4,8 billion.
As for the whole group available liquidity stands at 20,8 billion euro. The group obtained a new 1,95 billion euro revolving credit line and issued two bond loans for a total of 1,5 billion euro.
In detail, the revenues of Fiat excluding Chrysler grew by more than 4% compared to the third quarter of 2010, with Fiat Group Automobiles maintaining last year's levels despite the difficult conditions of the car market in Europe. The positive trend was confirmed by the sports and luxury brands and the components sector. Net income of 112 million euros was influenced by net unusual charges of 57 million euros and the negative effect of 138 million euros deriving from the valuation at market values of two equity swaps related to Fiat's stock option plans. Excluding these two negative components, the net profit would be approximately 300 million euros. Net industrial debt is up to 5,8 billion euros from 3,4 billion euros at the end of the second quarter: the increase, explains Fiat, "mainly reflects the seasonal growth in working capital in addition to outlays for I the acquisition of the shares in Chrysler held by the US Treasury Department and Canada (for a total of 0,5 billion euros) and non-monetary items (0,3 billion euros).
Investments in the quarter amounted to 1,6 billion euros. The level of inventories in the dealer network decreased by 12% for Chrysler in the United States and by 3% for Fiat, mainly in Europe.
