The Agnelli family will also continue to be involved in Fiat Chrysler in the future. This was stated by John Elkann indirectly responding to the numerous rumors relating to the possible disengagement of the Agnellis following the mergers hypothesized in recent months with Peugeot, Renault Nissan, Hyundai and the Chinese Geely.
Elkann's words immediately did take the stock on the stock market. At 12.42 the shares soared by 2,8% after having reached a maximum of +3,68%. The other titles in the galaxy also did well: Juventus (+2,7%), Ferrari and Cnh both at +1,6%.
“With his support, my family has accompanied the evolution of this company over the past 120 years: we have been there in good times and in more difficult ones. We will continue to do so, especially today as we enter a new and exciting phase of development for the auto industry,” said the FCA president during the shareholders' meeting in Amsterdam. “Electrification, connectivity and autonomous driving are revolutionizing the auto industry. An industry that has once again attracted the brightest and most creative talents. We are ready to build this future, with useful and affordable technologies”.
The reference is clear: the Fiat Centoventi, the concept car presented at the Geneva Motor Show. Elkann talks about it directly: “It perfectly expresses our idea of electric mobility for everyone, for the near future. And it is also a tribute to our 120 years. It was conceived as the most accessible electric mobility solution on the market, with a full range of customization possibilities”.
Elkann then returns to the financial business: “Fca has never been stronger and as healthy as it is today. Its balance sheet allows us to make the right investments and at the same time to remunerate our shareholders with dividends”.
The assembly of FCA has approved the budget and the distribution of a coupon equal to 65 cents per share, with a yield of more than 4,6%. In total, next April 23 – with payment on May 2 – the group will distribute dividends of 1 billion euros after almost 10 years of fasting. Not only that, on the remuneration of shareholders, CEO Mike Manley added that his intention is for it to "become structural". It should be emphasized that the company, as confirmed during the meeting, will also distribute an extraordinary dividend of 2 billion following the sale of Magneti Marelli, the closing of which should take place by the end of the current quarter.
Elkann relaunched FCA's role: “We are ready to play our role in this exciting new era of the auto industry,” he said. “As in the past, we are prepared to make decisions and act with courage and creativity, to build a solid future full of opportunities for FCA”. "Despite the second half of 2018, with the difficulties due to the trade war that continued in 2019 - indicated the manager - we expect a significant improvement in the second half".
In a few days, FCA will present the quarterly report, from which analysts expect declining data.
"From what we see today, I am confident that we will successfully meet our guidance targets for this year." However, he confirmed the CEO of FCA, Mike Manley, in his speech to the shareholders' meeting, where he presented the results of the 2018 financial statements and the forecasts for the current year.
The manager recalled that the financial position of the group improved in 2018: “We have achieved record results and a number of significant milestones, despite a number of unexpected challenges. I believe we have the ability, coupled with the depth and breadth of our talents and skills, to face the future with confidence.”
“Regarding the short-term outlook – explained Manley -, we have already provided our guidance for the current year and we expect operating performance to surpass 2018's record results“. In particular, the CEO expects the “strong performance” to continue in North America and Latin America, with “higher adjusted EBIT and margins year-on-year”.
The CEO also referred to the recent agreement signed with Tesla on emissions in the EU. “It will go on for years to come, he said, avoiding however talking about costs:“ The cost of the agreement is a commercial issue from my point of view, for this reason I refuse to disclose the costs: they are data that must be kept within our company to defend Tesla as well,” Manley added.
Finally, the shareholders' meeting approved the entry of the chief financial officer, Richard Palmer, on the board of directors as executive director, confirming as executive directors John Elkann and Mike Manley.
FERRARI: ELKANN REPLY IN MONTEZEMOLO
Green light to the 2018 financial statements also from the shareholders' meeting of Ferrari, who also approved the distribution of a dividend of 1.03 euros.
“We enter 2019 as the strongest brand in the world, according to Brand Finance, e confident in our ability to reach our targets“said Ferrari CEO Louis Camilleri, according to whom in “Formula 1 we remain confident that we have all the necessary qualities to be a strong contender for the title of world champion”.
Confirmations also on new models of 2019. The first, Camilleri recalled, was the F8 Tributo at the Geneva Motor Show. “These new models will not only allow us to enter new interesting segments but also to strengthen our power on the price”, said the CEO.
During the assembly Elkann replied remotely to Montezemolo: “One joins Ferrari not for personal gain, vainglory or visibility, but for what one can give to the company”.
'I've experienced it firsthand since I've been president. Being Ferrari means contributing to something greater every day, each one playing his part in a constructive way,” continued Elkann. “You belong to this company not for what Ferrari can give. On the contrary: being part of it means thinking first of all about what everyone can give to Ferrari, working with humility, motivation and passion,” he concluded.
CNH: “ZERO DEBT IN 2019”
Before the meeting of FCA was held that of Cnh Industrial which approved the 2018 financial statements and gave the green light to the dividend of 18 cents per share proposed by the BoD. Overall, CNH will distribute 244 million euros, up 30% on last year.
The shareholders also confirmed the top management, re-electing Suzanne Heywood and Hubertus Muehlhaueser as executive directors of the group. Confirmed as non-executive directors Leo W. Houle, Peter Kalatzis, John Lanaway, Silke C. Scheiber, Guido Tabellini, Jacqueline A. Tammenoms Bakker and Jacques Theurillat. Furthermore, the shareholders' meeting appointed Alessandro Nasi and Lorenzo Simonelli as non-executive directors and confirmed Ernst & Young Accountants as auditor of CNH Industrial.
The board was again authorized to repurchase a maximum number of ordinary shares equal to 10% of the outstanding ordinary shares
The managing director, Hubertus Mühlhaüser, recalled that the group's goal is to eliminate the debt, which shrank by 2018% to $30 million in 640.
