Scelte strategiche FCA (Piano industriale 2018 da pag 97)

[Bare]

https://seekingalpha.com/article/4322052-fiat-chrysler-automobiles-n-v-fcau-ceo-mike-manley-on-q4-2019-results-earnings-call?part=single

 

Quote

 

Mike Manley

...

Now, as you know, during 2019, the group reinstated the payment of ordinary dividends after nearly a decade. And based on our strong 2019 results and as previously announced, we plan to pay a €1.1 billion ordinary dividend to our shareholders this spring, subject to customary approval by our Board and shareholders.

 

So, now, let me give you some context to why I see 2019 as such a pivotal year for FCA and how the actions we have taken and intend to take will ensure our continued position as a leading global OEM. Now, clearly, the most significant action taken was in December, when we signed a binding combination agreement with PSA for a 50-50 merger that will create the third largest global OEM by revenues.

 

Multiple work streams related to both closing preparation and integration planning are in place and are being led by senior leadership at both companies and we do not anticipate any significant hurdles to close in the transaction, either by the end of this year or early in 2021.

 

Now, just to remind you, we target annual synergies of at least €3.7 billion at steady state, with cumulative implementation costs of approximately €2.8 billion. And there are three major drivers for the synergies. The first driver, which accounts for 40% and relates to platform and powertrain convergence, optimizing our investments in R&D and improving manufacturing processes and tooling efficiencies.

 

The second driver, also at 40%, is about purchasing savings, where we will leverage our larger scale to improve product costs and gain access to new suppliers, particularly for electric and high-tech components.

 

Now these actions reinforce our drive towards clean and affordable mobility. Now clean and affordable mobility means that we need to be cost competitive in buying all the electrical powertrain components and batteries. And that means the volume scale effect coming from the size of the new co will be paramount to ensure we deliver the cost competitiveness we need.

 

And the third driver, which accounts for 20% of the total, will be related to multiple areas such as marketing, IT systems, logistics, and administration efficiencies. Now, these synergies will be net cash flow positive from year one and we expect from our planning to deliver approximately 80% of the total synergies by year four.

...

 

In Europe, we launched the new industrial plan centered around electrification which will optimize platform utilization as well as powertrain applications. And we also finalized details for a revised product portfolio plan for Alfa Romeo to improve overall profitability.

 

Now I want to highlight our new product plan for Alfa although different from the original intentions, now delivered the brand more products in the fastest-growing segments of the premium market.

 

On a related note, we also announced a breakthrough plan to create a new battery assembly hub inside our historic Mirafiori Complex, which will support our strategy for the group to be fully equipped to meet future demand for an increasingly electrified future.

 

And we've strengthened our network of partnerships to develop e-mobility solutions for electric vehicles by executing agreements with Enel X and Energy Group in Europe for both home charging and public charging network solutions.

 

Now, just as we're investing substantially in our future products and technologies, we also need an engineering and product development organization that can deliver on those investments.

 

With a focus on improving our efficiency and speed to market while also increasing architecture powertrain and component standardization, we took action late last year to streamline our global product development team by centralizing leadership and bringing together vehicle and powertrain engineering under a common and global structure.

...

 

Now in EMEA, our sales decreased predominantly as a result of two things: firstly the discontinuance of the Fiat Punto, Alfa Romeo Mito and certain Giulietta models. And secondly, and we've spoken about this in the past, we stopped central 0-K registrations. We did that because we believe this action will have long-term benefit on our margins and our residual values which we and our customers will benefit from.

 

Now we've talked on occasion about EMEA, but I would like to be specific about the combinations of actions taken and underway to return the region to sustainable profitability.

 

Now during -- in the year EMEA team -- took a number of actions to restructure our business. Streamlining headcount and removing significant costs from the region. They also exited from and restricted volume to a number of very low-margin channels.

 

And obviously it's a volume drop that gets the headline, not the strategy. For this headcount cost and channel restructure was necessary. But as you can see from the results there's still work to do and it is frankly very much underway. Now one key area that we need to address is on the product front.

 

Now obviously as a group we continue to prioritize our capital resources and as such over the last few years, we needed to complete key investments in other regions and brands.

 

As a result of that our EMEA region not only are the oldest showroom in Europe, but we also effectively exited the important B segment where Fiat has traditionally had great success. And clearly this has held back, our team's ability to generate volume and margin. This is now being addressed.

 

As you know we announced significant investments in our Italian manufacturing footprint with key new products. As these new models come on stream over the next few years we'll see a progressive reduction in the average age of our showroom and a consequential improvement in performance.

 

This process starts this year with the launch of the all-new Fiat 500 and the plug-in hybrid versions of Compass and Renegade. And clearly the merger with PSA also has a potential to accelerate this European transformation.

...

 

We also generated strong industrial free cash flows of €2.1 billion that includes CapEx spending of €8.4 billion which was up significantly from the unusually low level in 2018. Our liquidity remained strong and increased by €2 billion to just over €23 billion at the end of the year.

 

 

 

Quote

 

Mike Manley

 

So, Richard just before you move on to Maserati, I just want to add a few things because I know you're going to take us line by line through Maserati, but just a few comments from me.

 

Obviously, 2019 was a tough year for the brand and we've talked about this I think on previous calls. But I'd like to say I'm very pleased with the work that the team has now completed and I feel incredibly positive about the future.

 

Let me just run through a couple of things that we did do in 2019 that I think give me not just cause for optimism, but certainty in terms of the way and the trajectory I think that business is going to run.

 

We now have a completely new leadership team with key talent recruited both from internal and externally. And the overhaul in terms of leadership is now finished everyone is onboard and very, very focused on what we need to get done.

 

Mike showed you on a previous call that we've revised and launched new product plan. That to me was a very, very important part of the work that we needed to get done, because it gives the brand a strong manageable cadence and new product. And as well as allow Maserati to enter into key white space. And as you know, it also provides full electrification options for every model.

 

A lot of the work that we did resulted in dealer inventory being reduced by 50% very painful, but necessary and now behind us. And by the way, I think it is worth noting you may well -- you were going to do this Richard, but I will now do it for you. It is worth noting that without that dealer inventory destock and the residual value adjustment that we took in 2019 Maserati would have substantially been breakeven.

 

Now as I think about 2020 and the second half of this year we began the relaunch of refreshed several models in the range as well as the all-new super sports car. And because I think a lot of that work that I talked about is now completed and the product plan is set, I think it's time to share in detail our plans with all of you on the call. And in May, the Maserati team will host a Maserati day, so you will be able to see why I'm very excited about the future of this brand.

 

 

 

 

Quote

 

Mike Manley

 

Thanks, Richard. If we go to the next page, I just wanted to make a few points on a subject that obviously has received a lot of attention over the last several months and that will continue to receive that level of attention going forward. And that is CO2 compliance in Europe. Now we've been updating the markets on our plans in this area for some time.

 

We know the regulatory hurdles get much tougher this year and as a result, this has caused the heightened concern by some in the financial community about the ability of certain OEMs to meet their new CO2 targets. And one of the biggest uncertainties is regarding market demand for EVs and the potential for margin erosion in the event that demand has not naturally materialized.

 

Obviously, only time will tell how the market actually evolves in 2020 with EVs. However, and I'll try to show you with this walk that we believe that our multi-pronged approach will not only allow us to achieve the CO2 targets this year without paying fines, but it will also allow us to adapt to evolving market demands. So as you can see, while the pooling arrangement, we entered into a test last year as part of the path to achieve compliance. It is only a complementary piece of our broader plan, which includes the launch of four high-voltage JVs this year, including the new Fiat 500 as well as plug-in hybrid versions of Jeep, Compass, Renegade and Wrangler. And in addition, we'll continue to roll out improvements in so-called conventional technologies.

 

For example, we'll further expand the application of our new GSE engine family into the Compass and Tipo as well as launch mild-hybrid versions of the Panda, 500 and Ypsilon. And when taken all together along with the 5% compliance exemption allowed this year, we fully expect to achieve an average CO2 result for our fleet that is below the expected to compliance target.

 

Now, I realize we're only one month into the New Year and a lot can change and probably will change but based on the data, we have for January. We have started the year with a sales mix in line with our full year compliance plan. Obviously, we will see how the year progresses and clearly update you in quarterly calls. But I think we're off to a reasonable start.

 

 

 

 

[__P]

5 minuti fa, Davialfa scrive:

nuovo piano alfa romeo?

MCA

Tonale

B-UV

[Parabellum]

Dando per sicura, nell'annetto preventivato, la fusione FCA-PSA, mi è sorta una rifessione:

 

Come si risruttureranno i concessionari europei?

 

Per esempio, non credo che Peugeot e Citroën continueranno ad essere esposte/vendute in concessionarie comuni, come, del resto, bisognerà trovare una sistemezione più consona ad Alfa Romeo...

 

Le "coppie" più chiare per compartire salone mi sembrano:

 

Alfa Romeo - Peugeot

Fiat - Citroën

 

Maserati balla da sola, ma Jeep? e Opel? Si metteranno insieme?

E DS? con AR-P? non ce la vedo, come non la vedo con Jeep, del resto.

 

Avete qualche idea?

 

Edit:  forse si tratteranno Opel/Vauxall, Lancia e DS come marchi locali che si accoppieranno al duo Fiat-Citroën nel rispettivo mercato domestico con Jeep venduta con AR-P in tutta Europa?

Modificato 7 Febbraio 2020 da Parabellum
ampliato

[gpat]

9 minuti fa, Parabellum scrive:

Dando per sicura, nell'annetto preventivato, la fusione FCA-PSA, mi è sorta una rifessione:

 

Come si risruttureranno i concessionari europei?

 

Per esempio, non credo che Peugeot e Citroën continueranno ad essere esposte/vendute in concessionarie comuni, come, del resto, bisognerà trovare una sistemezione più consona ad Alfa Romeo...

 

Le "coppie" più chiare per compartire salone mi sembrano:

 

Alfa Romeo - Peugeot

Fiat - Citroën

 

Maserati balla da sola, ma Jeep? e Opel? Si metteranno insieme?

E DS? con AR-P? non ce la vedo, come non la vedo con Jeep, del resto.

 

Avete qualche idea?

 

Edit:  forse si tratteranno Opel/Vauxall, Lancia e DS come marchi locali che si accoppieranno al duo Fiat-Citroën nel rispettivo mercato domestico con Jeep venduta con AR-P in tutta Europa?

 

Alfa + Jeep + DS

Fiat + Peugeot + Citroen

Mio pensiero personale

[stev66]

La cosa più interessante è il robusto taglio alle km0.

[4200blu]

FCA Q4 profit rises on North America business

Fiat Chrysler Automobiles's fourth-quarter adjusted operating profit rose 16 percent to a record 2.12 billion euros ($2.3 billion). Revenue was up 1 percent to $32.7 billion.

For all of 2019, the automaker's adjusted operating profit declined 1 percent to $7.3 billion, FCA said on Thursday.

In North America, adjusted earnings before interest and taxes rose 23 percent in the fourth quarter to $2.3 billion, and its profit margin in the region reached a record 10 percent. North American revenue was up 6.4 percent to $22.7 billion in the quarter.

Full-year operating margin in North America hit a record 9.1 percent. FCA's North American operating profit of $7.3 billion, up 7.4 percent, also was a record.

FCA's EBIT in its Europe, Middle East and Africa region fell to 46 million euros in the fourth quarter from 61 million in the same quarter of 2018. The company posted a full-year 6 million-euro loss in the region compared with a 406 million profit in 2018.

FCA said this is the result of a favorable model mix, positive net price, industrial efficiencies, lower advertising costs and favorable foreign exchange effects, partially offset by lower volumes and increased product costs on new vehicles.

FCA said North American shipments were down 9 percent in 2019 because of dealer stock discipline, partially offset by volumes of all-new Jeep Gladiator and higher Ram 1500 shipments.

 

North American full-year net revenue was flat at $80 billion, "with favorable model mix and foreign exchange translation effects, offset by lower volumes and negative channel mix," FCA said.

"We continued to deliver value for our shareholders and we took actions to thrive in the future by substantially strengthening our financial position, committing to key product investments and entering into a combination agreement with PSA," FCA CEO Mike Manley said in a statement.

FCA reiterated its plan to boost adjusted EBIT to above 7 billion euros this year.

In slides prepared for an analyst call, FCA said it was monitoring the global impact of coronavirus in China.

FCA operates in the country through a loss-making joint venture with Guangzhou Automobile Group (GAC) and has a 0.35 percent share of the Chinese passenger car market.

FCA and Peugeot maker PSA agreed in December to combine forces in a $50 billion deal to create the world's No. 4 carmaker, in response to slower global demand and the mounting cost of making cleaner cars amid tighter emissions rules.

 Manley said last month that talks with PSA were progressing well and that he hoped to complete the deal by early 2021.

 

(Reuters)

[iDrive]

3 ore fa, gpat scrive:

 

Alfa + Jeep + DS

Fiat + Peugeot + Citroen

Mio pensiero personale

La mia visione sarebbe in EMEA:

 

Piccoleo medio piccole strutture:

- 5oo/Abarth, Alfa, Maserati.

- Fiat(5oo)/Abarth, Opel, Citroën, (Lancia in It).

- Peugeot, Jeep, DS, (Lancia in It).

 

Medio grande o grande strutture:

- 5oo/Abarth, Alfa, Maserati, Peugeot, Jeep, DS (Lancia in It).

- Fiat(5oo)/Abarth, Opel, Citroën, Peugeot, Jeep, DS, (Lancia in It).

 

Ovviamente con aere ben distinti e dedicate ad ogni brand.

 

Per il UK mettere Vauxhall al posto di Lancia.

[gianmy86]

3 ore fa, stev66 scrive:

La cosa più interessante è il robusto taglio alle km0.

 

Nel senso che diventeranno tutte di 6 mesi/un anno e max 20k km? 

[stev66]

12 minuti fa, gianmy86 scrive:

 

Nel senso che diventeranno tutte di 6 mesi/un anno e max 20k km? 

Se ho ben capito , buona parte delle immatricolazioni in meno ( solo in italia - 37.782 fiat rispetto al 2018 ) è dovuta proprio all'aver tagliato le km0 come numero è non averle sostituite in nessun modo.

[vince-991]

1 hour ago, iDrive said:

La mia visione sarebbe in EMEA:

 

Piccoleo medio piccole strutture:

- 5oo/Abarth, Alfa, Maserati.

- Fiat(5oo)/Abarth, Opel, Citroën, (Lancia in It).

- Peugeot, Jeep, DS, (Lancia in It).

 

Medio grande o grande strutture:

- 5oo/Abarth, Alfa, Maserati, Peugeot, Jeep, DS (Lancia in It).

- Fiat(5oo)/Abarth, Opel, Citroën, Peugeot, Jeep, DS, (Lancia in It).

 

Ovviamente con aere ben distinti e dedicate ad ogni brand.

 

Per il UK mettere Vauxhall al posto di Lancia.

Secondo me Maserati deve stare da sola, e credo che sara' cosi