La Fiat expected to reach in 2014 the target of 93 billion euros in revenues, an increase of 7% compared to 2013. This was announced by the company in a statement released following a request from Consob after the rating cut by Moody's. The goal ofnet industrial debt for 2014 it is between 9,18 and 10,3 billion.
The Lingotto also specifies that after "the rating downgrading by one notch from Ba3 to B1 with stable outlook communicated by Moody's Investor Services on February 11, there is no obligation to repay the existing debt in advance, nor has there been any increase in the cost debt, with the exception of the marginal increase in the commitment fee on a Fiat syndicated revolving credit line for 2,1 billion euros, currently undrawn. With reference to future funding, it is believed that the downgrading of the rating in question may have a limited impact".
This year, the company explains, revenues will benefit above all from the market trend in NAFTA countries, while in Europe a performance similar to last year is expected. In terms of cash generation, the group expects the 2014 investment requirements to be "more than covered by the resources generated by management".
As for debt, Lingotto specifies that excluding the repurchase of Chrysler shares from Veba, which involved an outlay for the group of around 2,7 billion euros, as well as the negative effect of around 0,3 billion euros relating to the consolidation of the debt relating to joint operations due to the application of the new accounting standard Ifrs 11, the expected balance between the resources generated by management and the investments for the period shows a modest cash absorption of between 0,1 and 0,6 billion euros. In particular, the Ebitda target is growing, in line with the trading profit target and the increase in depreciation.
On the free cash flow and raising of financial resources, Fiat states that in 2014, apart from the repurchase of the minority shares in Chrysler previously held by Veba, the group expects that the investment needs foreseen in 2014 will be more than covered by resources generated by management, gross of interest.
At the opening of Piazza Affari, the Fiat stock travels around parity.
