AMERICA SAVE THE FIAT ACCOUNTS. BUT NO DIVIDEND
MASERATI AT THE START. “BUT WE HAVE NOT REACHED BOTTOM”
The car crisis in Europe "hasn't reached rock bottom yet" even if at the end of February there will be no layoffs in Pomigliano, given the level of orders for the new Panda. “It's a positive sign – admits Marchionne – but the market is still very depressed. Let's not delude ourselves”, says the CEO as he inaugurates the “Giovanni Agnelli” plant in Grugliasco which will already produce 2013 Maserati Quattro Porte, alias Ghibi, in 50.
Fiat will starve the shareholders by postponing the dividend to better times. Sergio Marchionne and John Philip Elkan, applauded by the workers as he entered Grugliasco, made no promises on Mirafiori. “We have always said – he explains – that we would announce the investments at the right time when we were ready to make them. It is useless to make wild announcements”.
Such caution neither excites nor depresses the market: Fiat loses (about -1,7%) but much less than the average of the Ftse/Mib hit by the storm Saipem and still in shock from the ups and downs of Mps. Fiat, which "as soon as possible" wants to form a single entity with Chrysler, offers, pace of the CGIL and other detractors, the most comforting aspect of corporate Italy.
But let's get to the numbers.
Fiat ended 2012 with a net profit of 1,4 billion, down 14,5% on 2011 (which included Chrysler as of June 1,3st), thus exceeding the consensus of analysts who estimated a result of XNUMX billion . However, no dividend will be distributed as indicated by the board given that "Fiat intends to maintain a high level of liquidity and that there are restrictions on Chrysler's ability to distribute dividends to its shareholders".
Trading profit stood at 3,8 billion (+18% on 2011 pro forma), on revenues of 84 billion (+12%). The profit is entirely attributable to Chrysler, which earned 2012 billion in 2,4, while Fiat, net of the US subsidiary, lost one billion. In detail, strong performances should be recorded in North America (2,7 billion euros), Latin America (1,1 billion euros) and Asia (0,3 billion euros), while Europe recorded a loss of 0,7, XNUMX billion euros.
Last year the Fiat group sold 4,2 million vehicles, with an increase of 6%: more than half, or 2.115.000 in North America, 1.012.000 in Europe, 979.000 in South America, 103.000 in Asia. In terms of revenues, the group totaled approximately 2012 billion euros in 84, an increase of 12% compared to 2011 (+8% at constant exchange rates). The North America and Asia regions recorded significant growth, respectively by 29% (+19% at constant exchange rates) and 50%. Latin America remained strong, while revenues from Europe fell by 11%. Luxury and sports brands increased revenues by 7% to 2,9 billion euros.
In the fourth quarter alone, revenues stood at 21,8 billion (from 19,6 billion), trading profit at 987 million (from 765) and net income at 388 million (from 265). As expected, net industrial debt rose to 6,5 billion from 5,5 billion at the end of 2011, with investments of 7,5 billion euro. Chrysler's positive cash flow of 1,6 billion euros was lower than the absorption of Fiat excluding Chrysler. Total liquidity is equal to 20,8 billion.
As regards the current year, Fiat confirms its targets: revenues in the range between 88 and 92 billion euros, trading profit in the range between 4 and 4,5 billion, net profit in the range between 1,2 and 1,5 billion euros, net industrial debt of about 7 billion euros
