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January 25, 2010Q4 & FY ‘09 Results Review
1
Older, Wiser and Ready to Re-engage
Q4 & FY ‘09 Results Review
January 25, 2010Q4 & FY ‘09 Results Review
2
Group revenues at €50.1bn, down ~16% over record 2008 with steep declines in demandexperienced by all businesses in H1 (-23.8% Y-o-Y), substantially reduced in H2 (-6.6% Y-o-Y)
Automobiles at €28.4bn: flat unit sales at FGA yielding €26.3bn, recording highest Q4 ever
CNH at €10.1bn, down 21% on most severe decline on record in CE industry and tough comps vs. record high2008 AG market
Iveco at €7.2bn, down 34% on a 46% decline in deliveries, especially in Europe & Heavy segment
Trading profit at €1.1bn (2.1% margin) with sequential quarter-by-quarter improvements intrading margin primarily on the back of realignment of production levels & aggressive costcontainment
Automobiles at €719mn: FGA at €470mn in a notable mixed performance between passenger car & LCVmarkets, especially WE; Ferrari at €238mn; Maserati positive despite 46% revenue shortfall
CNH at €337mn: rigorous cost containment and positive pricing partially offset revenue gap resulting fromdrastic volume decline in CE and continued de-stocking for both AG & CE equipment
Iveco at €105mn: decisive cost reduction measures yielded positive trading result and margin increasedquarter-by-quarter
Net loss of €0.8bn, including unusuals of €0.6bn
Cash flow generation of €1.5bn driving drop in net industrial debt to €4.4bn, well below FY target
Realignment of production levels including significant de-stocking actions across all businesses and disciplinedmanagement of Capex
FY '09 highlights
Ahead of guidance results...
January 25, 2010Q4 & FY ‘09 Results Review
3
Liquidity at €12.4bn, 3x higher than 2008 year-end level
Guaranteeing adequate resources to cover contractual maturities well beyond 2011 and significant financialflexibility
Re-accessed European and US capital markets in H2, raising nearly €5bn through 4 highly successful bondissues
Taking advantage of progressive restoration of ABS market in NA
Continuing to strengthen Group’s international identity, emerging stronger through a difficult year
Global strategic alliance with newly-formed Chrysler Group LLC
Framework agreement for production of cars and engines in China with GAC Group
Agreement with Kamaz to develop industrial & commercial alliance in AG&CE for Russian market
Cumulative dividends of €237mn proposed across all 3 classes of shares2010 OUTLOOK
Top line growth of 3-6% in 2010, with trading profit of €1.5bn and net debt levels below €5bnmark
Non renewal of eco-incentives scheme in WE to impact trading profit by €350 to €400 mn
FY '09 highlights
(cont’d)
...reinforced liquidity, positive outlook for 2010
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