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8-K - FORM 8-K - FCA US LLCd810771d8k.htm

Exhibit 99.1

 

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FCA third-quarter revenues up 14% to €23.6 billion and EBIT up 7% at €0.9 billion. Net industrial debt at €11.4 billion reflecting seasonality and liquidity stable at €21.7 billion. Full-year guidance confirmed.

 

    Worldwide shipments were 1.1 million units, an increase of 10% driven by strong sales performance in NAFTA.

 

    Revenues were up 14% to €23.6 billion.

 

    EBIT was €926 million, up 7% (+10% at constant exchange rates—CER) with improvements in all segments except LATAM where weak market conditions continued.

 

    Net profit was €188 million in line with Q3 2013.

 

    Net industrial debt was up €1.7 billion in the quarter, due to normal seasonality and in line with the change in Q3 2013.

 

    Group confirms full-year guidance.

London, October 29—“The Group’s third-quarter results demonstrate a solid performance in the face of challenging market conditions particularly in Latin America,” said FCA CEO Sergio Marchionne, “and we are on track to deliver on our full-year targets for 2014. With the formal creation of FCA and its debut listing on the NYSE, we have embarked on a new phase as a global company with even greater possibilities.”

FIAT CHRYSLER AUTOMOBILES—Highlights

 

Nine months to September 30           3rd Quarter  
2014      2013(*)     Change     

(€ million)

   2014      2013(*)     Change  
  3,393         3,181        212       Total Shipments (000s)      1,099         1,002        97   
  69,006         62,681        6,325       Net Revenues      23,553         20,693        2,860   
  2,157         2,542        -385       EBIT (**)      926         862        64   
  5,756         5,936        -180       EBITDA (**) (1)      2,166         2,030        136   
  647         1,089        -442       Profit Before Taxes      415         369        46   
  212         655        -443       Net Profit      188         189        -1   
  0.132         0.036        —         EPS (€)      0.143         (0.013     —     

 

 

    

 

 

   

 

 

    

 

  

 

 

    

 

 

   

 

 

 
  11,372         7,014 (3)      4,358       Net Industrial Debt      11,372         9,704 (2)      1,668   
  21,741         22,745 (3)      -1,004       Total Available Liquidity      21,741         21,771 (2)      -30   

 

(*)  Adjusted for the retrospective application of IFRS 11. For Q3, Revenues -€40 million, EBIT +€6 million, Profit Before Taxes +€2 million, Net Profit unchanged. For nine months to September 30, Revenues -€134 million, EBIT +€26 million, Profit Before Taxes +€7 million, Net Profit unchanged. Shipments for both periods adjusted to include Luxury Brands.
(1)  EBIT plus Depreciation and Amortization. (2) At June 30, 2014. (3) At December 31, 2013, adjusted for the retrospective application of IFRS 11: Net Industrial Debt +€365 million, Total Available Liquidity +€16 million.
(**) includes unusual items of:

 

(417)      (36      Total unusual items (pre-tax) (4)      (36     (1  

 

(4) Includes: Gain/(losses) on the disposal of investments, Restructuring, Other unusual income/(expenses).

 

Memo items         
Nine months to September 30               3rd Quarter   
2014    2013      Change     

(€ million)

   2014      2013     Change  
509      691         -182       Net profit ex-unusual items      224         190        34   
0.374      0.072         —         EPS ex-unusual items (€)      0.171         (0.009     —     


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Revenues increased by €2.9 billion year-over-year to €23.6 billion, driven mainly by NAFTA (+20%), APAC (+30%) and Luxury Brands (+35%), with increases also for EMEA (+6%) and Components (+11%). These increases were partly offset by a 12% reduction for LATAM, where vehicle shipments were down 14% due to continued weakness in the region’s main markets.

EBIT totaled €926 million for the quarter, a 7% increase (+10% CER) from €862 million for Q3 2013. Excluding unusual items, EBIT increased by €99 million on the back of strong performance for APAC and Luxury Brands. EMEA reduced EBIT losses by 46%, benefiting primarily from better product mix. For NAFTA, EBIT was up €13 million, despite the impact of higher warranty and recall costs. For LATAM, there was a decrease of €118 million reflecting lower volumes, €15 million in higher unusual charges and €14 million in start-up costs for the Pernambuco plant.

Net financial expense totaled €511 million, €18 million higher than in Q3 2013. Excluding the impact of the Fiat stock option-related equity swaps, which expired in Q4 2013 (gain of €24 million in Q3 2013), net financial expense was substantially in line with the prior year, reflecting the benefits of the Chrysler refinancing transactions completed in February which offset the impact of higher average debt levels.

Income taxes totaled €227 million, compared with €180 million in Q3 2013, principally due to higher deferred tax expenses compared to prior year.

Net profit for the quarter was €188 million, in line with Q3 2013. Profit attributable to owners of the parent was €174 million compared with a €15 million loss for Q3 2013.

Net industrial debt at September 30, 2014 was €11.4 billion, up from €9.7 billion at June 30, 2014. The €1.7 billion increase primarily reflects seasonal cash absorption. Investments in tangible and intangible assets rose to €2.1 billion, in line with full-year guidance, from €1.8 billion in Q3 2013.

Total available liquidity was €21.7 billion, in line with June 30, 2014. During the quarter, operating cash absorption and bond repayments at maturity (€2.1 billion) were offset by new bond issuances (€1.6 billion) and bank financing, as well as a favorable €0.9 billion currency translation effect.


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2014 Outlook

Group confirms full-year guidance as presented in the Q2 2014 results:

 

    Worldwide shipments at ~4.7 million units;

 

    Revenues of ³€93 billion;

 

    EBIT(*) in €3.6 to €4.0 billion range;

 

    Net Income in ~€0.6 to €0.8 billion range, with EPS to improve from ~€0.10 (ex-unusual items) to ~€0.44-€0.60. Includes increased deferred tax charge of ~€0.5 billion due to the recognition of net deferred tax assets at year-end 2013 related to Chrysler and excludes unusual items;

 

    Net Industrial Debt in €9.8 billion to €10.3 billion range. Includes cash outflows for the January 21st, 2014 closing of the purchase of the remaining 41.5% minority stake in Chrysler Group LLC from the VEBA Trust (€2.7 billion), in addition to the impact of the retrospective adoption of IFRS 11, effective January 1st, 2014 (~€0.4 billion).

 

(*) excluding unusual items

FIAT CHRYSLER AUTOMOBILES

Net Debt and Available Liquidity

 

(€ million)

   30.09.2014     30.06.2014     31.12.2013(*)  

Cash Maturities (Principal)

     (31,903     (30,856     (28,899

Bank Debt

     (12,518     (11,277     (8,932

Capital Market Instruments (1)

     (17,161     (17,349     (14,220

Other Debt (2)

     (2,224     (2,230     (5,747

Asset-backed Financing (3)

     (377     (545     (756 )

Accruals and Other Adjustments (4)

     (582     (503     (601

Gross Debt

     (32,862     (31,904     (30,256

Cash & Marketable Securities

     18,608        18,719        19,702   

Derivative Assets/(Liabilities)

     (196     73        396   

Net Debt

     (14,450     (13,112     (10,158

Industrial Activities

     (11,372     (9,704     (7,014

Financial Services

     (3,078     (3,408     (3,144

Undrawn committed credit lines

     3,133        3,052        3,043   

Total Available Liquidity

     21,741        21,771        22,745   

 

(*) Adjusted for the retrospective application of IFRS 11: Net debt at year end increased by €365 million (fully attributable to Industrial Activities).
(1) Includes bonds and other securities issued in the financial markets.
(2) Includes HCT Notes, arrangements accounted for as a lease under IFRIC 4 – Determining whether and arrangement contains a lease, and other non-bank financing. (At year end 2013, also included VEBA Trust Note).
(3) Advances on sale of receivables and securitizations on book.
(4) At September 30, 2014 includes: negative adjustments for hedge accounting on financial payables for -€73 million (-€76 million at June 30, 2014, -€78 million at December 31, 2013), current financial receivables from jointly-controlled financial services companies of €71 million (€92 million at June 30, 2014, €27 million at December 31, 2013) and accrued net financial charges for an amount of -€580 million (-€519 million at June 30,2014, -€550 million at December 31, 2013).


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Results by Segment

FIAT CHRYSLER AUTOMOBILES

Revenues and EBIT by segment – 3rd Quarter

 

Revenues

          EBIT  

2014

   2013(*)     Change     

(€ million)

   2014     2013(*)     Change  

13,134

     10,965        2,169       NAFTA (mass-market brands)      549        536        13   

2,162

     2,446        -284       LATAM (mass-market brands)      51        169        -118   

1,578

     1,215        363       APAC (mass-market brands)      169        99        70   

4,080

     3,843        237       EMEA (mass-market brands)      (63     (116     53   

1,248

     922        326       Luxury Brands (Ferrari, Maserati)      179        131        48   

2,086

     1,877        209       Components (Magneti Marelli, Teksid, Comau)      48        37        11   

200

     216        -16       Other      (4     (23     19   

(935)

     (791     -144       Eliminations and adjustments      (3     29        -32   

23,553

     20,693        2,860       Total      926        862        64   

 

(*)  Adjusted for the retrospective application of IFRS 11. Revenues: Group -€40 million, APAC +€10 million, EMEA -€17 million, Eliminations and Adjustments -€33 million. EBIT: Group +€6 million, APAC +€3 million, EMEA +€3 million.

FIAT CHRYSLER AUTOMOBILES

Revenues and EBIT by segment – Nine months to September 30,

 

Revenues           EBIT  
2014      2013(*)     Change     

(€ million)

   2014     2013(*)     Change  
  37,124         32,474        4,650       NAFTA (mass-market brands)      1,030        1,669        -639   
  6,315         7,753        -1,438       LATAM (mass-market brands)      64        520        -456   
  4,597         3,332        1,265       APAC (mass-market brands)      410        284        126   
  13,031         12,929        102       EMEA (mass-market brands)      (141     (292     151   
  3,861         2,491        1,370       Luxury Brands (Ferrari, Maserati)      484        312        172   
  6,240         5,932        308       Components (Magneti Marelli, Teksid, Comau)      150        132        18   
  602         685        -83       Other      (40     (101     61   
  (2,764)         (2,915     151       Eliminations and adjustments      200 (1)      18        182   
  69,006         62,681        6,325       Total      2,157        2,542        -385   

 

(*)  Adjusted for the retrospective application of IFRS 11. Revenues: Group -€134 million, APAC +€42 million, EMEA -€61 million, Eliminations and Adjustments -€115 million. EBIT: Group +€26 million, APAC +€14 million, EMEA +€12 million.
(1) Includes the unusual non-cash and non-taxable gain of €223 million recognized in Q1 2014 resulting from the fair value of the options represented approximately 10% of Chrysler equity interest which was a portion of the 41.5% stake that Fiat acquired from the VEBA Trust on January 21, 2014.


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NAFTA

 

Nine months to September 30           3rd Quarter  
2014      2013      Change     

(€ million)

   2014     2013      Change  
  1,825         1,587         238      

Shipments (000s)

     613        505         108   
  37,124         32,474         4,650      

Net revenues

     13,134        10,965         2,169   
  1,030         1,669         -639      

EBIT (*)

     549        536         13   
  (499)         70         

(*) Includes unusual items of:

     (5     1      

Shipments were 613,000 vehicles (+21%) and sales1 totaled 633,000 vehicles (+18%). Market share was 12.3% in the U.S. (up 110 bps) and 14.9% in Canada (up 60 bps).

Revenues were €13.1 billion (+20%) primarily due to volume growth. EBIT was €549 million (€536 million in Q3 2013), with higher volumes, improved pricing and purchasing efficiencies substantially offset by increased incentives on certain vehicles, unfavorable mix, higher industrial costs, mainly related to base material costs for vehicle content enhancements, as well as higher warranty and recall costs. EBIT margin was 4.2% in Q3 2014, compared with 4.9% for the same period in 2013.

LATAM

 

Nine months to September 30           3rd Quarter  
2014      2013     Change     

(€ million)

   2014     2013      Change  
  610         723        -113      

Shipments (000s)

     202        235         -33   
  6,315         7,753        -1,438      

Net revenues

     2,162        2,446         -284   
  64         520        -456      

EBIT (*)

     51        169         -118   
  (105)         (55     

(*) Includes unusual items of:

     (11     4      

Shipments were 202,000, a decrease of 14% reflecting poor conditions in the principal markets in the region. In Brazil, the Group maintained its leadership with an overall share of 21.4% (+10 bps), with a 3.6 percentage points lead over the nearest competitor. In Argentina, Group market share was 14.1% (+170 bps). For other LATAM countries, the decrease in shipments was mainly attributable to poor trading conditions in Venezuela.

Revenues were €2.2 billion, down 12% primarily due to lower volumes. EBIT decreased from €169 million to €51 million. Excluding unusual items, EBIT decreased by €103 million, reflecting lower volumes, with positive net pricing and mix offsetting higher industrial and other costs, including €14 million in start-up costs for the Pernambuco plant.

 

1  For US and Canada, “Sales” represents sales to end customers as reported by the Group’s dealer network.


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APAC

 

 

 
Nine months to September 30           3rd Quarter  
2014      2013(1)     Change     

(€ million)

   2014      2013(1)      Change  
  163         115        48      

Shipments (000s)

     55         45         10   
  4,597         3,332        1,265      

Net revenues

     1,578         1,215         363   
  410         284        126      

EBIT (*)

     169         99         70   
  —           (1     

(*) Includes unusual items of:

     —           1      

 

(1)  Adjusted for retrospective application of IFRS 11. For Q3, Revenues increased by €10 million, EBIT increased by €3 million. For the nine months to September 30, Revenues increased by €42 million and EBIT increased by €14 million.

Shipments (excluding JVs) totaled 55,000 vehicles (+22%). Group retail sales (including JVs) were up 25% to 66,000 vehicles.

Revenues were €1.6 billion (+30%) mainly driven by higher volumes and better mix. EBIT was €169 million, an increase of €70 million or 71% driven by higher volumes and a better product mix, partially offset by increased sales and marketing spending to support volume expansion in the region.

EMEA

 

Nine months to September 30           3rd Quarter  
2014      2013(1)     Change     

(€ million)

   2014     2013(1)     Change  
  763         743        20      

Shipments (000s)

     218        211        7   
  13,031         12,929        102      

Net revenues

     4,080        3,843        237   
  (141)         (292     151      

EBIT (*)

     (63     (116     53   
  —           (1     

(*) Includes unusual items of:

     —          6     

 

(1)  Adjusted for retrospective application of IFRS 11. For Q3 Revenues decreased by €17 million, EBIT increased by €3 million. For nine months to September 30, Revenues decreased by €61 million, EBIT increased by €12 million.

Passenger car and light commercial vehicle (LCV) shipments totaled 218,000 units, up 3% over Q3 2013. Passenger car shipments were up 1% to 169,000 and LCVs were up 13% to 49,000. European share (EU28+EFTA) for passenger cars was down 10 bps to 5.5% (27.5% in Italy and 3.2% in other markets). For LCVs, European share2 (EU28+EFTA) was up 30 bps to 10.9% (43.5% in Italy).

Revenues were €4.1 billion (+6%) on the back of higher volumes, as well as better mix driven by LCVs and Jeep brand sales. EBIT loss for Q3 2014 was €63 million, compared with a €116 million loss for the same quarter in 2013. The €53 million improvement in EBIT was primarily attributable to a more favorable product mix – reflecting the success of the Fiat 500 family, new Fiat Ducato and Jeep brand – in addition to increased volumes and industrial efficiencies, which were partially offset by competitive pricing pressures and higher advertising expense related to the launch of the Jeep Renegade.

 

2  Due to unavailability of market data for Italy since January 2012, the figures reported are an extrapolation and discrepancies with actual data could exist.


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LUXURY BRANDS

 

Nine months to September 30           3rd Quarter  
2014      2013      Change     

(€ million)

   2014      2013      Change  
         Ferrari         
  5,280         5,336         -56       Shipments (units) (*)      1,612         1,499         113   
  2,011         1,711         300       Net revenues      662         534         128   
  274         264         10       EBIT      89         88         1   
         Maserati         
  26,428         7,548         18,880       Shipments (units)      8.896         3,953         4.943   
  2,039         883         1,156       Net revenues      652         444         208   
  210         48         162       EBIT      90         43         47   
         LUXURY BRANDS         
  31,708         12,884         18,824       Shipments (units)      10,508         5,452         5,056   
  3,861         2,491         1,370       Net revenues (**)      1,248         922         326   
  484         312         172       EBIT      179         131         48   

 

(*)  Non-type approved vehicles included.
(**)  Net of eliminations.

Ferrari

Revenues were €662 million (+24%), with 1,610 street cars shipped (+8%). EBIT was €89 million, including €15 million in compensation costs related to the resignation of the former chairman. Net of this item, EBIT was up €16 million with improved sales mix driven by the LaFerrari.

Maserati

Maserati shipped 8,896 vehicles (3,953 in Q3 2013) with continuing strong performance for the Quattroporte and Ghibli. Revenues totaled €652 million (€444 million for Q3 2013). EBIT increased to €90 million from €43 million in Q3 2013 on the back of volume growth.

COMPONENTS

 

Nine months to September 30           3rd Quarter  
2014      2013     Change     

(€ million)

   2014      2013     Change  
        Magneti Marelli        
  4,770         4,455        315       Net revenues      1,604         1,399        205   
  124         109        15       EBIT      37         28        9   
        Teksid        
  480         531        -51       Net revenues      152         169        -17   
  (3)         (7     4       EBIT      2         (2     4   
        Comau        
  1,032         988        44       Net revenues      335         323        12   
  29         30        -1       EBIT      9         11        -2   
        COMPONENTS        
  6,240         5,932        308       Net revenues (*)      2,086         1,877        209   
  150         132        18       EBIT      48         37        11   

 

(*) Net of eliminations.

Magneti Marelli

Revenues were €1,604 million, a 15% increase over Q3 2013. Performance was positive in North America and Europe, down in Brazil and in line with Q3 2013 in China. EBIT was €37 million, an increase of €9 million year-over-year (€16 million excluding unusual items), mainly reflecting higher volumes.


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Teksid

Revenues were €152 million, substantially unchanged on a constant scope of operations. Volumes were down 12% for the Cast Iron business unit (on a constant scope of operations) and up 17% for the Aluminum business. EBIT was €2 million, compared with a €2 million loss in Q3 2013.

Comau

Revenues were €335 million with a 4% increase mainly attributable to the Body Welding business. EBIT was €9 million a €2 million decrease from €11 million for Q3 2013. Order intake for Systems totaled €484 million, a 19% increase over the third quarter of 2013 attributable primarily to the Body Welding business.

Brand activity in the quarter

The highlight of the third quarter was the launch of the Jeep Renegade, the first FCA vehicle designed in the U.S. and crafted in Italy for sales to customers in more than 100 countries worldwide. The Renegade marks the Jeep brand’s first entry in the small SUV segment.

Fiat launched a teaser campaign for the latest addition to the 500 family, the 500X, just days prior to the Paris Motor Show, where the vehicle was given its debut presentation. The new Fiat Panda Cross and Fiat Freemont Cross were also presented during the quarter.

At The International Motor Show (the “IAA”) in Hannover, Fiat Professional gave the world premiere presentation of the new Doblò.

In the state of Texas, which is the largest pickup truck and SUV market in the U.S., the Texas Auto Writers Association awarded the 2015 Jeep Grand Cherokee “SUV of Texas” for the 5th consecutive year, the 2015 Jeep Cherokee “Compact SUV of Texas” for the 2nd consecutive year, the Ram 2500 Heavy Duty “Heavy Duty Truck of Texas” for the 2nd consecutive year and the 3.0-liter EcoDiesel (in the Jeep Grand Cherokee and Ram 1500) “Best Powertrain”.

*********

This document, and in particular the section entitled “2014 Outlook”, contains forward-looking statements. These statements may include terms such as “may”, “will”, “expect”, “could”, “should”, “intend”, “estimate”, “anticipate”, “believe”, “remain”, “on track”, “design”, “target”, “objective”, “goal”, “forecast”, “projection”, “outlook”, “prospects”, “plan”, “intend”, or similar terms. Forward-looking statements are not guarantees of future performance. Rather, they are based on the Group’s current expectations and projections about future events and, by their nature, are subject to inherent risks and uncertainties. They relate to events and depend on circumstances that may or may not occur or exist in the future and, as such, undue reliance should not be placed on them. Actual results may differ materially from those expressed in such statements as a result of a variety of factors, including: the Group’s ability to reach certain minimum vehicle sales volumes; developments in global financial markets and general economic and other conditions; changes in demand for automotive products, which is highly cyclical; the Group’s ability to enrich the product portfolio and offer innovative products; the high level of competition in the automotive industry; the Group’s ability to expand certain of the Group’s brands internationally; changes in the Group’s credit ratings; the Group’s ability to realize anticipated benefits from any acquisitions, joint venture arrangements and other strategic alliances; the Group’s ability to integrate its operations; potential shortfalls in the Group’s defined benefit pension plans; the Group’s ability to provide or arrange for adequate access to financing for the Group’s dealers and retail customers; the Group’s ability to access funding to execute the Group’s business plan and improve the Group’s business, financial condition and results of operations; various types of claims, lawsuits and other contingent obligations against the Group; material operating expenditures in relation to compliance with environmental, health and safety regulation; developments in labor and industrial relations and developments in applicable labor laws; increases in costs, disruptions of supply or shortages of raw materials; exchange rate fluctuations, interest rate changes, credit risk and other market risks; political and civil unrest; earthquakes or other natural disasters and other risks and uncertainties.

Any forward-looking statements contained in this document speak only as of the date of this document and the Company does not undertake any obligation to update or revise publicly forward-looking statements. Further information concerning the Group and its businesses, including factors that could materially affect the Company’s financial results, is included in the Company’s reports and filings with the U.S. Securities and Exchange Commission, the AFM and CONSOB.

On October 29, at 2 p.m. GMT, management will hold a conference call to present the 2014 third quarter results to financial analysts and institutional investors. The call can be followed live and a recording will be available later on the Group website (http://www.fcagroup.com/en-us/pages/home.aspx). The supporting document will be made available on the website prior to the call.


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Interim Consolidated Income Statement

Unaudited

 

     For the three months
ended September 30,
    For the nine months
ended September 30,
 

(€ million)

   2014     2013(*)     2014     2013(*)  

Net revenues

     23,553        20,693        69,006        62,681   

Cost of sales

     20,356        17,747        59,694        53,706   

Selling, general and administrative costs

     1,717        1,580        5,151        4,842   

Research and development costs

     598        556        1,825        1,615   

Other income/(expenses)

     44        24        133        (13

Result from investments:

     36        29        105        73   

Share of the profit and (loss) of equity method investees

     36        29        88        57   

Other income and (expenses) from investments

     —          —          17        16   

Gains on the disposal of investments

     3        6        11        8   

Restructuring costs/(income)

     15        14        23        9   

Other unusual income/(expenses)

     (24     7        (405     (35

EBIT

     926        862        2,157        2,542   

Net financial expenses

     (511     (493     (1,510     (1,453

Profit before taxes

     415        369        647        1,089   

Tax expenses

     227        180        435        434   

Profit from continuing operations

     188        189        212        655   

Net profit

     188        189        212        655   

Net profit/(loss) for the period attributable to:

        

Owners of the parent

     174        (15     160        44   

Non-controlling interests

     14        204        52        611   

 

(*) Adjusted for the retrospective application of IFRS 11.

Translation of financial statements denominated in a currency other than the Euros

The principal exchange rates used to translate other currencies into Euro were as follows:

 

     For the nine months
ended September 30,
2014
     At
September 30,
2014
     At December 31, 2013      For the nine months
ended September 30, 2013
     At
September 30,
2013
 

U.S. Dollar (“U.S.$”)

     1.355         1.258         1.379         1.317         1.351   

Brazilian Real

     3.103         3.082         3.258         2.792         3.041   

Chinese Renminbi

     8.356         7.726         8.349         8.122         8.265   

Serbian Dinar

     116.240         118.851         114.642         112.690         114.604   

Polish Zloty

     4.175         4.178         4.154         4.201         4.229   

Argentine Peso

     10.818         10.668         8.988         6.950         7.819   

Pound Sterling

     0.812         0.777         0.834         0.852         0.836   

Swiss Franc

     1.218         1.206         1.228         1.232         1.223   


   LOGO   

 

Interim Consolidated statement of financial position

Unaudited

 

(€ million)

   At September 30,
2014
     At December 31,
2013(*)
 

Assets

     

Intangible assets

     21,813         19,514   

Goodwill and intangible assets with indefinite useful lives

     13,550         12,440   

Other intangible assets

     8,263         7,074   

Property, plant and equipment

     25,321         23,233   

Investments and other financial assets:

     2,079         2,052   

Investments accounted for using the equity method

     1,461         1,388   

Other investments and financial assets

     618         664   

Defined benefit plan assets

     72         105   

Deferred tax assets

     3,365         2,903   

Total Non-current assets

     52,650         47,807   

Inventories

     12,978         10,278   

Trade receivables

     3,030         2,544   

Receivables from financing activities

     3,689         3,671   

Current tax receivables

     341         312   

Other current assets

     2,683         2,323   

Current financial assets:

     604         815   

Current investments

     36         35   

Current securities

     213         247   

Other financial assets

     355         533   

Cash and cash equivalents

     18,395         19,455   

Total Current assets

     41,720         39,398   

Assets held for sale

     26         9   

Total Assets

     94,396         87,214   

Equity and liabilities

     

Equity:

     10,713         12,584   

Equity attributable to owners of the parent

     10,413         8,326   

Non-controlling interest

     300         4,258   

Provisions:

     19,212         17,427   

Employee benefits

     8,866         8,326   

Other provisions

     10,346         9,101   

Deferred tax liabilities

     202         278   

Debt

     32,933         30,283   

Other financial liabilities

     551         137   

Other current liabilities

     11,611         8,963   

Current tax payables

     328         314   

Trade payables

     18,846         17,207   

Liabilities held for sale

     —           21   

Total Equity and liabilities

     94,396         87,214   

 

(*) Adjusted for the retrospective application of IFRS 11.


   LOGO   

 

Interim Consolidated Statement of Cash Flows

Unaudited

 

     For the nine months
ended September 30,
 

(€ million)

   2014     2013(*)  

Cash and cash equivalents at beginning of the period

     19,455        17,666   

Cash flows from/(used in) operating activities:

    

Net profit for the period

     212        655   

Amortization and depreciation

     3,599        3,394   

Net (gains)/losses on disposal of tangible and intangible assets

     (1     18   

Net (gains)/losses on disposal of investments

     (9     (8

Other non-cash items

     197        33   

Dividends received

     60        93   

Change in provisions

     689        (224

Change in deferred taxes

     (51     (59

Change in items due to buy-back commitments and GDP vehicles

     280        125   

Change in working capital

     (726     (205
  

 

 

   

 

 

 

Total

     4,250        3,822   
  

 

 

   

 

 

 

Cash flows from/(used in) investing activities:

    

Investments in property, plant and equipment and intangible assets

     (5,350     (5,284

Capital increases in joint ventures, associates and unconsolidated subsidiaries

     (16     (126

Proceeds from the sale of tangible and intangible assets

     32        33   

Proceeds from disposal of other interests

     11        2   

Net change in receivables from financing activities

     128        (402

Change in current securities

     41        (6

Other changes

     35        24   
  

 

 

   

 

 

 

Total

     (5,119     (5,759
  

 

 

   

 

 

 

Cash flows from/(used in) financing activities:

    

Issuance of bonds

     4,588        2,500   

Repayment of bonds

     (2,150     (1,000

Issuance of other medium-term borrowings

     3,950        1,519   

Repayment of other medium-term borrowings

     (5,241     (1,460

Net change in other financial payables and other financial assets/liabilities

     509        81   

Increase in share capital

     3        4   

Dividends paid

     —          (1

Distribution for certain tax obligation of the VEBA

     (45     —     

Acquisition of non-controlling interests

     (2,691     —     

Distribution for tax withholding obligations on behalf of non-controlling interests

     —          (5
  

 

 

   

 

 

 

Total

     (1,077     1,638   
  

 

 

   

 

 

 

Translation exchange differences

     886        (525
  

 

 

   

 

 

 

Total change in cash and cash equivalents

     (1,060     (824
  

 

 

   

 

 

 

Cash and cash equivalents at end of the period

     18,395        16,842   
  

 

 

   

 

 

 

 

(*) Adjusted for the retrospective application of IFRS 11. Cash and cash equivalents: +€9 million at beginning of the period, +€15 million at end of the period.