https://www.fcagroup.com/en-US/investors/events/quarterly_results_presentations/FCA_2018_First_Quarter_Results_Presentation.pdf
Tradicionalno već uz rezultate ide i kvartalni Conference Call. Razgovor sa analitičarima i investitorima.
Malo o CAPEX-u za ovu godinu:
George Galliers - Evercore ISI
Good afternoon. First question just relates to the North American earnings bridge and the €1.1 billion step up in industrial costs. Could you just give us some insight into how much of that related to the launches of the new products and therefore likely dissipate in the second quarter and the rest of the year?
Richard Keith Palmer - Fiat Chrysler Automobiles NV
Hello, George. The €1.1 billion is basically, about €300 million as we mentioned earlier relates to pure launch costs. So we expect those to come down significantly in Q2 and then to become basically versus zero in the second half of the year. And then the rest of the cost, some of it is related to the product cost obviously. We shipped about 120,000 of the new vehicles between the Wrangler, the Cherokee (00:24:58) Ram 1500, and so that accounts for about a third of this number. And then we also had higher D&A, higher fixed costs and R&D as well as some negative FX impacts in the quarter which we will see repeated in the second quarter, but then they will dissipate in the second half of the year as the comparative in terms of exchange gets easier. So about a third of the cost really is launch costs that we obviously need to work to reduce significantly in Q2 and then to zero in the second half.
George Galliers - Evercore ISI
Okay, great. Thank you. And then just on commodities, I think, Q4 you spoke about around an €850 million headwind for this year. Can you just clarify how much of that you saw during Q1 and whether there's any update to that number?
Richard Keith Palmer - Fiat Chrysler Automobiles NV
Yes. The number remains substantially the same in terms of the full-year forecast. And we had about €200 million in Q1, which is about a 1.2% impact.
George Galliers - Evercore ISI
Okay, thanks. And then just one final one quickly. Clearly, a decent step down in CapEx to Q1. I think again looking back to Q4 you suggested a run rate of about €8 billion to €8.5 billion for the full year. Do you still stick to that guidance given the Q1 number, or could CapEx actually come in a bit lower than €8 billion?
Sergio Marchionne - Fiat Chrysler Automobiles NV
We're going to stick to the guidance we gave you. You understand that there's no capital that is being committed now, which is going to have any impact on 2018 numbers. These are all forward capital of commitments. They're effectively pre (00:26:47) spending on the 2022 plan. So it's not as if we're slowing the machine down, it's just that as part of this articulation of our view about what we're going to be doing between now and 2022.
We have re-dimensioned and there've been some changes even in our own thinking about where capital is going to get deployed, and we'll see hopefully sort of the complexity of the choices that we've had to deal with on June 1 when we take you through the process. But there's nothing nefarious about the slowdown in Q1. I think it reflects a relevant pause in anticipation of a full deployment on the capital expenditure profile going out to 2022. The number is not going to materially change from what Richard gave you at Q4 last year.
George Galliers - Evercore ISI
Perfect. Thanks for the detail. Thank you.
Počelo pitanjem o Alfi, a završilo sa tim da novi Grand Cherokee izlazi 2020. Sergio je spomenuo i važnost Giorgio projekta za cijelu grupu.
Martino De Ambroggi - Equita SIM SpA
Okay. Thank you. And the second question is on Alfa Romeo, you mentioned the starting point for your successor will be good for the group, but what will be the starting point for Alfa Romeo standalone?
Sergio Marchionne - Fiat Chrysler Automobiles NV
I'm not sure I understand the question about standalone Alfa. I don't think I ever made a comment about the brand standing alone. I think the starting point for my successor in running the group is a much better starting point that I've seen since I've been here in the last 14, 15 years. I just think that – and hopefully, we will be able to delineate the development that we expect out of Alfa and Maserati going forward as we get together on June 1, but I think the future for both of those premium brands is pretty clear.
I go back to what I say, the minute you start repeating yourself you should be careful, but I think those brands today represent a pretty visible assertion of the technical skill level that FCA has been able to develop in the last few years. And I think we have spent – if I told you how many hours we have spent internally analyzing the architectural choices that we've had to make in connection with the launch of the new Grand Cherokee which is coming on in 2020. And if we were to explain to you the interconnectedness of that architecture with the work that's gone on with Alfa in the last four years, you will be incredibly surprised as to how the depth of knowledge that we acquired since 2012 in developing Alfa has actually weaved itself into the development of the Grand Cherokee.
And I think we can't ignore those facts. I think they keep on reinforcing the fact that all these things are ultimately connected and then it's up to us in managing these processes to make sure that we extract the highest level of, I hate using the term synergy, but we extract the highest level of utilization from these investments which have been pretty massive and large over time and they effectively benefit the whole portfolio of FCA. That's something hopefully will become visible on June 1 as we point out the far reaching changes that are going on not just in terms of architectures, but also in terms of engines, (00:38:47) and the intrusion of electrification into the portfolio. So we're less than two months away from that day, June 1 is pretty close. So, just hang on to your seat.
Izgleda da je Jeep K8 samo prvi u nizu Jeep proizvoda specijalno dizajniranih za kineski tržište:
John Murphy - Bank of America Merrill Lynch
Good morning, good afternoon, guys. Just a question on the Commander in China, and Sergio just to push you a little bit on this, I mean, is sort of the problem with Jeep in China that you didn't have a significant three-row vehicle and that's kind of where the market is and do you see that as potential solution of maybe just extending wheel bases and that will help the sales dramatically?
Sergio Marchionne - Fiat Chrysler Automobiles NV
You're partially right. I also think it's a question on brand positioning and I think it's something that needs work and I think we've embraced the objective now. I think we underestimated or we overestimated the value of the American DNA of Jeep onto the Chinese market. And I think that we need to retune that DNA to make sure that it becomes absolutely relevant to the Chinese market. We started that process about six months ago. It needs to be completed. And I think the K8, this new vehicle, the three-row, the Commander that's being launched which by the way the internal name is K8, but – which has nothing to do with the movie. But the K8 is the first embodiment of the realignment of the portfolio to the Chinese market. There'll be others. And I think that we started well. I think the car was launched, I think today in Beijing, and I think it will be in market in Q2. I think that will be really the litmus test as to whether we've made a transition well into China or not will be visible as soon as we start seeing sales numbers for the Commander.
Do 2022. je cilj opet imati preko 10% margine profita u regiji LATAM:
Thomas Besson - Kepler Cheuvreux SA
Thank you very much. I have two please. First, on LATAM, you lifted your profitability quite substantially and that's where you surprised positively versus expectations. Can you say a few words about the potential for profitability in the region in 2018 and beyond given the additional capacity that have been added to the region, maybe you want to keep that for June 1, but (00:50:01)
Richard Keith Palmer - Fiat Chrysler Automobiles NV
I can give you an indication on numbers. I think it's going to get back to double-digits by 2022.
Thomas Besson - Kepler Cheuvreux SA
Okay. So you think we could return to a €1 billion plus of EBIT contribution from LATAM.
Richard Keith Palmer - Fiat Chrysler Automobiles NV
Yes.
Za kraj malo o europskom tržištu:
Cijeli transkript na linku:José M. Asumendi - JPMorgan Securities Plc
Thanks very much. José, JPMorgan. I just want to come back to Europe where there is clearly some progress in terms of EBIT margins, but I think you're lagging peers. It looks to me like (00:54:00) dedicated to the region and you're selling in excess of 1.3 million units. So what is the plan going forward with the next quarter? Is there anything you can do short-term to improve the product mix in the region or outsource production to (00:54:17)? Yes, any comments on that please. Thanks so much.
Sergio Marchionne - Fiat Chrysler Automobiles NV
Yes. By the way, outsourcing production to other manufacturers is not a short-term measure. If you're running a pizza joint, you can do it quickly. I can't do it on the car side. But, look, I think we need to wait until June 1. By the way, you were very nice and generous when you said that we are underperforming our peers and the answer is, yes. At least, not all of them, there's at least one guy who's doing a tremendous job and we're envious of what he's done (00:54:51). I think we've carried out some pretty extensive analysis internally about where our shortcomings are and I think the objective in the plan that we're going to launch for 2022 is to effectively make up that difference and move this business into a different place. We've done, I think a decent job of moving in thus far. I don't think we did enough to get it in the right place, hopefully it will become evident on June 1 and then the final step in the repositioning of EMEA is crucial. There were a couple of comments that were made by a couple of you guys in connection with the 2022 plan, I think in particular vis-à-vis EMEA.
And this I will tackle head-on when we get together on June 1. Of all the issues that we need to deal with strategically, as geographic areas, EMEA is the one that presents the highest level of complexity and certainly the biggest challenge because of the regulatory framework within which we're operating. And I think anything that we do, vis-à-vis 2022, has to take that issue into account and that needs to be the single largest driver of the repositioning of the business. Because ignoring that issue apart from the financial consequences of fines, penalties, noncompliance, et cetera, which are very onerous and which are, I mean it needs to be avoided like the Black Plague. There are some fundamental consequences associated with product and positioning of the brands that we need to address. And a large portion of the time that we spend crafting the 2022 plan has been devoted to that issue.
And by the way, when I look at the economics, and I look at return on invested time, forget about invested capital, return on invested time and the effort that's required to make EMEA reasonably profitable, not excessively profitable, but reasonably profitable, one would have to wonder why one is doing it, because it is fraught with difficulty, it is an incredibly complex jigsaw puzzle. And I think we've got a pretty good idea of what we want to get done. It will become much clearer when we get together on June 1 as to why the choices that we made are what they are, because I think the consequences of taking anything else would really be a huge disturbance in terms of the 2022 objective. So, bear with us, we'll talk about this on June 1.
José M. Asumendi - JPMorgan Securities Plc
Looking forward. Thank you very much.
https://seekingalpha.com/article/416628 ... art=single
ali dobro nisam te pitao za licno misljenje, nego vidim upoznat si sa desavanjima u FCO pa ako znas sta da napises. Hvala.