FCA: ONE BILLION IN PROFITS IN 2015, 5 MILLION SALES. “ALLIANCES? WE TALK TO MANY ABOUT MANY THINGS”
“I have nothing to announce, in fact I don't have the slightest idea”. Sergio Marchionne thus froze, in the press conference following the first Fiat Chrysler meeting in the Netherlands, the curiosities of reporters about the possible alliance partners that he (and John Elkann) have been talking about for months. Except then add: "There is a long series of discussions underway with many competitors on many things." Among these, easy deduction, there is also General Motors, considered in pole position for possible synergies. But any consideration on the matter is certainly premature, so the spin-off of other brands of the group (from Maserati to Alfa) after the IPO of 10 percent of Ferrari (no more, perhaps something less) set for the third quarter.
In short, there was no big announcement. And this perhaps contributed to the stock falling into negative ground in the afternoon, moreover in a bearish market. But it did not prevent the shareholders present (59% of the capital, 68,7% of the voting rights) from decreeing a long applause to the top management at the end of the meeting - lightning (less than two hours long) after the approval " Bulgarian” of the accounts: 99,89% of yes from the 17 shareholders present, including 11 representatives of Exor. “Yesterday at the CNH Industrial assembly – Marchionne himself joked to Elkann – there was no applause. Next time, I'll bring a claque too”. 17 shareholders were present at the FCA meeting, 11 of which were representatives of Exor. The CEO can console himself with the approval received from the shareholders at the time of board confirmation: 98,91% ahead of Ronald L. Thompson, Andrea Agnelli, Tiberto Brandolini d'Adda, Glenn Earle, Valerie Mars, Ruth Simmons, Patience Wheatcroft, Stephen Wolf and Ermenegildo Zegna. Bringing up the rear was the president John Philipp Elkann, voted "only" by 84,95% of the votes present. A detail that hasn't disturbed Jaky's mood, who is in great shape after Exor's blitz in US reinsurance. “Today is a special day – he said as he opened the meeting – for the first time in their history, Fiat and Chrysler are holding the meeting in a place other than the United States and Italy. It is not a detail of little importance, it is the sign that with FCA everything has changed, forever ".
The numbers justify a bit of rhetoric. Just yesterday, the car sales data in Europe confirmed the robust recovery of the Turin Detroit brands: 97.796 cars were sold in March, with an increase of 15,7% higher than the rest of the market (10,8%) circumstance that it allowed FCA to increase its market share to 5,9% (from 5,7%). In the first three months, the Old Continent market absorbed 221.639 group cars (market share rising to 6,3%). In truth, this progression has not yet affected profitability. “We are in line – commented the CEO – with the results of the last quarter, with an ebitda of 32 million. We are at the beginning of the period of full use of the plants: when we get up to speed the result will change”.
Meanwhile Marchionne, after filing "a historic year", expects to sell between 2015 and 4,8 million vehicles in 5, with revenues of 108 billion euros, an EBIT in the range between 4,1 and 4,5 billion, a net profit between 1 billion and 1,2 billion and a net industrial debt in the range between 7,5 billion and 8 billion. The gigantic Pernambuco plant in Brazil, inaugurated a couple of weeks ago with the aim of strengthening the group's leadership in Latin America, will also contribute to the result. Without neglecting, of course, the "mother of all challenges", the relaunch (fifth attempt of the Marchionne era) of Alfa Romeo: an appointment on 24 June at the Arese museum for the presentation of the first model of the new course with which we will "give start of the worldwide relaunch of this extraordinary and inimitable brand, which I am sure will win the admiration of real motorists from all over the world”.
