Fiat S.p.A.
Via Nizza 250, 10126 Torino
Tel. +39 011 006 3088, Fax +39 011 006 2459 mediarelations@fiatspa.com
www.fiatspa.com
Fiat S.p.A. Board of Directors Meeting:
2013 Financial Statements and Calling of the Annual General Meeting
The Board of Directors of Fiat S.p.A. met today in Turin to:
approve the 2013 consolidated financial statements for Fiat Group, which confirm trading
profit of €3,394 million and net profit of €1,951 million, as announced on 29 January 2014
approve the statutory accounts of Fiat S.p.A., which report a net loss of €227 million for 2013
call a General Meeting of Shareholders in Turin for 31 March 2014 (single call only) to vote
on the following:
o
motion to shareholders for approval of the statutory financial statements at 31
December 2013 and allocation of net result
o
review
of the Company’s Compensation Policy and renewal of the existing
shareholder authorization for the purchase and disposal of own shares, which expires
on 9 October 2014.
As announced on January 29th, the Fiat Group 2013 consolidated financial statements reported
a trading profit of €3,394 million. Net profit (Group and non-controlling interests) totaled €1,951
million and there was net unusual income of approximately €1 billion, including a one-off €1.5
billion positive impact for recognition of net deferred tax assets relating to Chrysler. For 2012,
Group trading profit totaled €3,541 million and net profit was €896 million (IAS 19 restated) with
net unusual expenses of €244 million. Consolidated equity (Group and non-controlling interests)
at 31 December
2013 totaled €12,584 million (€8,369 million at 31 December 2012, IAS 19
restated).
Fiat S.p.A. separate statutory accounts at 31 December 2013 closed with a net loss of €227
million, essentially reflecting financial charges and operating costs. The result from investments
was substantially break-even. Equity totaled €8,693 million at 31 December 2013 (€8,901
million at year-end 2012).
The Board voted to present a motion to Shareholders at the Annual General Meeting for
allocation of the net loss for 2013 of €226,697,618 to Retained Earnings, bringing the value of
the reserve to €1,537,084,936.
however, have no obligation to buy back shares. The authorization is being requested to ensure
the Company the flexibility to pursue any strategic opportunities that may arise for all purposes
permitted by law.
- - -
The manager responsible for preparing the Company’s financial reports, Richard Palmer, declares, pursuant to Article 154-bis (2) of Legislative Decree 58/98, that the accounting information contained in this press releas e corresponds to the results documented in the books, accounting and other records of the company.
3
Fiat S.p.A.
Income Statement
Unaudited
(figures in €) 2013 2012 (*)
Dividends and other income from investments 536,321,603 1,030,495,113 Impairment (losses)/reversals on investments (540,400,000) (962,878,584) Gains/(losses) on disposals 971,532 - Other operating income 82,823,765 77,373,928 Personnel costs (38,682,648) (36,006,594) Other operating costs (72,194,643) (76,259,449) Financial income/(expense) (210,087,105) (216,079,567) PROFIT/(LOSS) BEFORE TAXES (241,247,496) (183,355,153)
Income taxes 14,549,878 31,053,057 PROFIT/(LOSS) FROM CONTINUING OPERATIONS (226,697,618) (152,302,096)
Profit/(loss) from discontinued operations - - PROFIT/(LOSS) (226,697,618) (152,302,096)
(**) Following application of the amendment to IAS 19 (retrospectively) from 1 January 2013, comparative figures for 2012 have bee n restated as required by IAS 1. That restatement resulted in a €47,902 reduction in reported loss for the year attributable to low er personnel costs.
Fiat S.p.A.
Statement of comprehensive Income
Unaudited
(€ thousand) 2013 2012 (**)
PROFIT/(LOSS) (A) (226,698) (152,302)
Items that will not be reclassified to Income Statement:
Gains/(losses) on remeasurement of defined benefit plans 1,184 (666)
Related tax - -
Total other comprehensive income/(loss) that will not be reclassified to Income Statement (B1) 1,184 (666)
Items that will be reclassified to Income Statement: Gains/(losses) recognized directly in fair value reserve (investments in other companies)
4,406 26,330
Related tax - -
Total other comprehensive income/(loss) that will be reclassified to Income Statement (B2) 4,406 26,330
TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAX (B1)+(B2)=(B) 5,590 25,664
TOTAL COMPREHENSIVE INCOME (A)+(B) (221,108) (126,638)
Fiat S.p.A.
Statement of financial position
Unaudited (figures in €) 31 December 2013 31 December 2012 (*) 1 January 2012 (*) ASSETS Non-current assets Intangible assets 1,605,875 1,645,500 1,744,234 Property, plant and equipment 29,778,105 30,303,585 31,179,614 Investments 13,060,064,740 11,765,015,021 12,122,918,872 Other financial assets 14,028,255 12,109,470 12,966,052 Other non-current assets 63,218 65,199 90,472
Deferred tax assets - - -
Total non-current assets 13,105,540,193 11,809,138,775 12,168,899,244
Current assets
Inventory - - -
Trade receivables 7,214,468 4,756,129 4,862,631 Current financial receivables - 58,280,561 374,805,524 Other current receivables 188,834,650 302,707,063 277,353,014 Cash and cash equivalents 1,268,006 554,180 743,896
Total current assets 197,317,124 366,297,933 657,765,065
TOTAL ASSETS 13,302,857,317 12,175,436,708 12,826,664,309
EQUITY AND LIABILITIES
Equity
Share capital 4,477,462,227 4,476,441,927 4,465,600,020 Share premium reserve 1,073,765,422 1,071,402,772 1,082,244,680 Legal reserve 528,577,084 528,577,084 523,618,803 Other reserves and retained profit 3,099,306,759 3,235,881,664 3,171,055,792 Own shares (258,957,846) (258,957,472) (288,883,388) Profit/(loss) (226,697,618) (152,302,096) 99,165,620
Total equity 8,693,456,028 8,901,043,879 9,052,801,527 Non-current liabilities
Provisions for employee benefits and other non-current provisions 142,741,416 141,911,588 137,806,991 Non-current debt 413,953,314 1,412,035,429 2,162,892,003 Other non-current liabilities 16,077,521 17,164,505 18,213,851 Deferred tax liabilities 12,195,615 12,195,615 8,144,720
Total non-current liabilities 584,967,866 1,583,307,137 2,327,057,565 Current liabilities
Provisions for employee benefits and other current provisions 10,677,378 15,251,043 19,379,886 Trade payables 18,977,216 17,301,002 19,397,927 Current debt 3,780,427,507 1,294,073,723 1,075,432,074 Other debt 214,351,322 364,459,924 332,595,330
Total current liabilities 4,024,433,423 1,691,085,692 1,446,805,217
TOTAL EQUITY AND LIABILITIES 13,302,857,317 12,175,436,708 12,826,664,309
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Fiat S.p.A.
Statement of Cash Flows
Unaudited
(€ thousand) 2013 2012 (*)
A) CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 554 744
B) CASH FROM/(USED IN) OPERATING ACTIVITIES DURING THE YEAR:
Profit/(loss) (226,698) (152,302) Amortization and depreciation 2,046 2,004 Non-cash cost of stock option plans and other non-cash items 6,005 8,689 Impairment losses/(reversals) on investments 540,400 962,878 Fair value adjustment to equity swaps on Fiat and Fiat Industrial shares - (31,640) Losses/(gains) on disposals (971) - Change in provisions for employee benefits and other provisions 548 1,499 Change in deferred taxes - 4,051 Change in working capital (35,736) 3,496
TOTAL 285,594 798,675
C) CASH FROM/(USED IN) INVESTING ACTIVITIES: Investments relating to:
Recapitalization of subsidiaries (1,738,000) (444,000) Acquisitions and capital subscriptions (95,132) (130,852) Reductions in investments relating to:
Proceeds from disposals 1,716 -
Other (investments)/disposals, net (1,481) (1,030)
TOTAL (1,832,897) (575,882)
D) CASH FROM/(USED IN) FINANCING ACTIVITIES:
Change in current financial assets 58,281 336,478 Proceeds from non-current debt - 400,000 Repayment of non-current debt (1,000,000) (1,150,000) Change in current debt 2,486,354 230,329
Increase in share capital 3,383 -
Purchases of own shares (1) (34)
Sales of own shares - -
Dividends paid - (39,756)
TOTAL 1,548,017 (222,983)
E) NET CHANGE IN CASH AND CASH EQUIVALENTS 714 (190)
F) CASH AND CASH EQUIVALENTS AT END OF YEAR 1,268 554
Consolidated Income Statement
Unaudited
(€ million) 2013 2012 (*)
Net revenues 86,816 83,957
Cost of sales 74,570 71,701
Selling, general and administrative costs 6,689 6,763 Research and development costs 2,231 1,850
Other income/(expenses) 68 (102)
TRADING PROFIT/(LOSS) 3,394 3,541
Result from investments: 97 107
Share of the profit/(loss) of investees accounted for using the equity method 87 94 Other income/(expenses) from investments 10 13 Gains/(losses) on the disposal of investments 8 (91)
Restructuring costs 28 15
Other unusual income/(expenses) (499) (138)
EBIT 2,972 3,404
Financial income/(expenses) (1,964) (1,885) PROFIT/(LOSS) BEFORE TAXES 1,008 1,519
Tax (income)/expenses (943) 623
PROFIT/(LOSS) FROM CONTINUING OPERATIONS 1,951 896
Profit/(loss) from Discontinued Operations - -
PROFIT/(LOSS) 1,951 896
PROFIT/(LOSS) ATTRIBUTABLE TO:
Owners of the parent 904 44
Non-controlling interests 1,047 852
(in €)
BASIC EARNINGS/(LOSS) PER ORDINARY SHARE 0.744 0.036
DILUTED EARNINGS/(LOSS) PER ORDINARY SHARE 0.736 0.036 (*) Following the retrospective application of the amendment to IAS 19 from 1 January 2013, the 2012 comparative amounts were restated as required by
7
Consolidated Statement of Comprehensive Income/(Losses)
Unaudited
(€ million) 2013 2012 (*)
PROFIT/(LOSS) (A) 1,951 896
Items that will never be reclassified to the Income statement:
Gains/(losses) on remeasurements of defined benefit plans 2,678 (1,843) Share of gains/(losses) on remeasurements of defined benefit plans for equity accounted
entities (9) 1
Related tax impact 239 3
Total items that will never be reclassified to the Income statement (B1) 2,908 (1,839)
Items that may be reclassified to the Income statement:
Gains/(losses) on cash flow hedging instruments 162 184 Gains/(losses) on available-for-sale financial assets 4 27 Exchange differences on translating foreign operations (708) (270) Share of Other comprehensive income/(losses) for equity accounted entities (100) 21
Related tax impact (27) (24)
Total items that may be reclassified to the Income statement (B2) (669) (62)
TOTAL OTHER COMPREHENSIVE INCOME/(LOSSES), NET OF TAX (B1)+(B2)=(B) 2,239 (1,901)
TOTAL COMPREHENSIVE INCOME/(LOSSES) (A)+(B) 4,190 (1,005)
TOTAL COMPREHENSIVE INCOME/(LOSSES) ATTRIBUTABLE TO:
Owners of the parent 2,117 (1,062)
Non-controlling interests 2,073 57
Consolidated Statement of financial position
Unaudited (€ million) At 31 December 2013 At 31 December 2012 (*) At 1 January 2012 (*) ASSETS Intangible assets 19,509 19,284 18,200 Goodwill and intangible assets with indefinite useful lives 12,439 12,947 13,213 Other intangible assets 7,070 6,337 4,987 Property, plant and equipment 22,843 22,061 20,785 Investments and other financial assets: 2,260 2,287 2,663 Investments accounted for using the equity method 1,561 1,507 1,582 Other investments and financial assets 699 780 1,081Leased assets 1 1 45
Defined benefit plan assets 105 93 105 Deferred tax assets 2,893 1,738 1,689 Total Non-current assets 47,611 45,464 43,487
Inventories 10,230 9,295 9,123
Trade receivables 2,406 2,702 2,625 Receivables from financing activities 3,671 3,727 3,968 Current tax receivables 291 236 369 Other current assets 2,302 2,163 2,088 Current financial assets: 815 807 789
Current investments 35 32 33
Current securities 247 256 199
Other financial assets 533 519 557 Cash and cash equivalents 19,439 17,657 17,526 Total Current assets 39,154 36,587 36,488
Assets held for sale 9 55 66
TOTAL ASSETS 86,774 82,106 80,041 (€ million) At 31 December 2013 At 31 December 2012 (*) At 1 January 2012 (*)
EQUITY AND LIABILITIES
Equity: 12,584 8,369 9,711
Equity attributable to owners of the parent 8,326 6,187 7,358 Non-controlling interest 4,258 2,182 2,353 Provisions: 17,360 20,276 18,182 Employee benefits 8,265 11,486 9,584 Other provisions 9,095 8,790 8,598 Debt: 29,902 27,889 26,772 Asset-backed financing 596 449 710 Other debt 29,306 27,440 26,062
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Consolidated Statement of Cash Flows
Unaudited
(€ million) 2013 2012
A) CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR 17,657 17,526
B) CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES DURING THE YEAR:
Profit/(loss) for the year 1,951 896(*) Amortization and depreciation 4,574 4,134 (Gains)/losses on disposal of:
Property, plant and equipment and intangible assets 31 14
Investments (8) 91
Other non-cash items 522 562(*)
Dividends received 92 89
Change in provisions 444 77
Change in deferred taxes (1,578) (72) Change in items due to buy-back commitments 92 (51) Change in operating lease items 1 (10) Change in working capital 1,468 714
TOTAL 7,589 6,444
C) CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES: Investments in:
Property, plant and equipment and intangible assets (7,440) (7,534) Investments in consolidated subsidiaries (19) -
Other investments (212) (24)
Proceeds from the sale of:
Property, plant and equipment and intangible assets 43 118
Other investments 5 21
Net change in receivables from financing activities (449) (24) Change in current securities (10) (64)
Other changes (4) (30)
TOTAL (8,086) (7,537)
D) CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES:
New issuance of bonds 2,866 2,535
Repayment of bonds (1,000) (1,450) Issuance of other medium-term borrowings 3,188 1,925 Repayment of other medium-term borrowings (2,549) (1,528) Net change in other financial payables and other financial assets/liabilities 686 197
Increase in share capital 4 22
Dividends paid (1) (58)
Distribution for tax withholding obligations on behalf of non-controlling interests (“NCI”) (6) -
TOTAL 3,188 1,643
Translation exchange differences (909) (419) E) TOTAL CHANGE IN CASH AND CASH EQUIVALENTS 1,782 131
F) CASH AND CASH EQUIVALENTS AT END OF THE YEAR 19,439 17,657 (*) Following the retrospective application of the amendment to IAS 19 from 1 January 2013, the 2012 comparative amounts for Profit decreased by €515
