Fiat S.p.A. Board of Directors' Meeting: second quarter 2014 results

Fiat Group closes second quarter with revenues up 5% to €23.3 billion and ebit at nearly €1 billion, with emea ebit break-even for the quarter. Net industrial debt reduced to €9.7 billion and liquidity increased to €21.8 billion. Guidance for the year is confirmed

Worldwide shipments were up 2% to 1.2 million units, with increases of 10% in NAFTA (to 0.6 million units) and 42% in APAC partially offset by a 21% reduction in LATAM, where shipments were down compared to a record Q2 in 2013. EMEA shipments remained flat at 0.3 million units.

Revenues totaled €23.3 billion, up 5% year-over-year in nominal terms and up 10% at constant exchange rates (“CER”), with growth in NAFTA (+7%), APAC (+34%) and Luxury Brands (+59%) partially offset by declines in EMEA (-3%) and LATAM (-23%, or -13% at CER).

EBIT was €961 million, down from €1,073 million in Q2 2013 (-10%, or -5% at CER). Increases for Luxury Brands, up €61 million (+58%, or +60% CER) and APAC up €18 million (+20%, or +28% CER), and a €63 million improvement in EMEA to nearly breakeven for the quarter only partially offset decreases in LATAM of €162 million (-72% or -65% CER) and NAFTA down €135 million (-18% or -15% CER).

Net profit was €197 million, compared with €435 million in Q2 2013. The reduction primarily reflects the lower EBIT and a €137 million increase in the tax charge due to U.S. earnings now being subject to deferred taxes.

Net industrial debt was reduced to €9.7 billion, improving €0.3 billion from the end of Q1, driven by €0.6 billion of positive cash-flow from operating activities, net of capital expenditures.

Total available liquidity increased to €21.8 billion, from €20.8 billion at the end of Q1, driven by the positive cash-flow from operating activities.

Group confirms full-year guidance as presented in the Business Plan on 6 May 2014.

More info at fiatspa.com