FY 2015 Results February 2 nd, 2016

Similar documents
Ferrari posted a record Q performance

Burger King Worldwide, Inc. First Quarter 2013 Earnings Conference Call. April 26, 2013

Performance Food Group Company Reports First-Quarter Fiscal 2016 Earnings

The world s most powerful brand

Group sales 10% Weak SEA currencies accounted for ~3% decrease Global brand sales 4% from improvements in China franchisee performance

Financial Information

Second Quarter 2015 Investor Conference Call

FY14 Results 25 February 2015

DOLLARAMA REPORTS STRONG SALES AND NET EARNINGS INCREASES TO CLOSE FISCAL YEAR 2011

Amadeus Jan - Mar 2016 Results

1) Substantially all of these team members are employed by our franchisees. 2) ~100% of system-wide sales are franchise sales, which represent sales

Manulife Financial Corporation The Manufacturers Life Insurance Company. Annual Meeting May 4, 2006

2 N D Q U A R T E R O s l o, 1 8 J u l y

1) Substantially all of these team members are employed by our franchisees. 2) 99% of system-wide sales are franchise sales, which represent sales at

Interim Nine Months 2015 Results

Baidu Announces Third Quarter 2008 Results

FY2010 Results Presentation. 23 March 2011

FY2008 RESULTS. 1 February 2008 to 31 January 2009

Financial Results Q Jacques Purnode, Chief Finance Officer

King Reports First Quarter 2014 Results

Performance Food Group Company Reports Second-Quarter and First-Half Fiscal 2016 Results; Reaffirms Full-Year Fiscal 2016 Adjusted EBITDA Outlook

Business Plan Update January 27, 2016

Press release Regulated information

Third quarter results FY2015. August 17, 2015

4Q and FYE 2014 Results Conference Call

Go Further 1Q 2015 FIXED INCOME REVIEW APRIL 28, 2015

Full Year 2015 Results Presentation. 9 March 2016

IFRS results for the year ended December 31, 2006 April 2, 2007 Michael A. O Neill CEO

Hudson Highland Group. February 24, 2005


PRESS RELEASE. Indesit Company s Board of Directors examines the results for 2 nd quarter 2012 and approves the 1 st half management report

Hitachi Transfers Hard Disk Drive Business to Western Digital

Ludwigshafen, February 25, 2014

Selected Financial Summary (U.S. GAAP) Toyota Motor Corporation Fiscal years ended March 31

2015/16 Q1 Results. August 12, 2015 New York August 13, 2015 Hong Kong

2012 Southwest IDEAS Investor Conference

FINANCIAL REPORT Q4 2015

GrandVision reports Revenue growth of 13.8% and EPS growth of 31.7%

Five- year Financial Targets. Richard Palmer

Hudson Highland Group

Q Earnings Presentation July 30, 2014

FOR IMMEDIATE RELEASE

Ford Credit Earns Full-Year 2014 Pre-Tax Profit of $1.9 Billion; Net Income of $1.7 Billion*

Full-year results December 02, 2014

WILLIAMS-SONOMA, INC.

Focus on fleet customers SAF-HOLLAND Annual Financial Statements 2013

Fiscal 4Q15 Results Conference Call

Q1 FY2004 Consolidated Results

SAF-HOLLAND Annual Financial Statements Detlef Borghardt, CEO Wilfried Trepels, CFO. March 14, 2013

A X A L T A C O A T I N G S Y S T E M S. Q FINANCIAL RESULTS April 28, 2016

Confirmation Code:

Research & Corporate Development DERIVATIVES MARKET TRANSACTION SURVEY 2009/10

- Company Also Expects Leverage Ratio to Drop Below 6x by the End of Fiscal 2016 and Below 5x by the End of Fiscal

Health Care Worldwide

Consolidated Financial Results for the First Quarter of the Fiscal Year Ending March 31, 2016 (Japan GAAP)

Consolidated Financial Results for the First Two Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP)

Hudson Highland Group. Investor Presentation

PRESS RELEASE. Treviso May 8th, Summary

FRANKLIN ELECTRIC REPORTS RECORD SECOND QUARTER 2013 SALES AND EARNINGS

Volkswagen Financial Services AG

Global Effective Tax Rates

Strong Q2 Outlook increased

Intuit Reports Third-Quarter Results; Total Revenue Increases 13 Percent

Q2 and H FINANCIAL RESULTS. 29 August 2014

For personal use only GALE PACIFIC LIMITED

Half year results 2011

HORNBACH Holding AG & Co. KGaA Group. 1 st QUARTER 2016/2017

Veritiv Corporation 2Q14 Financial Results. August 13, 2014

2014 HALF YEAR RESULTS 4 September 2014

Third Quarter 2015 Earnings Conference Call. 21 August 2015

August 11, Q Earnings Presentation

2013 Half Year Results

Investor conferences Asia, United Kingdom and United States September and October 2015

2015 Second Quarter Earnings Conference Call. Dante C. Parrini, Chairman & CEO John P. Jacunski, EVP & CFO August 4, 2015 NYSE: GLT

RESULTS AT SEPTEMBER 30, 2015

How To Profit From Avis Budget Group, Inc.

Recap of Recent Announcements

FIRST QUARTER REPORT

Q Financial Results and Key Metrics

H Earnings Release

Ontex Q3 2015: Trading in line with Company expectations and full year outlook reiterated

Driving Shareholder Value

J.P. MORGAN HIGH YIELD & LEVERAGED FINANCE CONFERENCE FEBRUARY 24, 2015

Hitachi Completes Transfer of Hard Disk Drive Business to Western Digital

Gamenet Group 2014 Nine Months Results

Q2 and Half-Year 2010 Results

Contacts: Media: Margaret Kirch Cohen, or Investors may submit questions to

2015 FULL YEAR RESULTS

Preliminary results FY2015. November 27, 2015

FTSE Global Small Cap Index

Brookfield financial Review q2 2010

HONG KONG RIGHT PLACE RIGHT TIME RIGHT NOW

CIGNA CORPORATION INVESTOR PRESENTATION. November 6, Cigna

ANNUAL REPORT FOR THE 2011/12 FINANCIAL YEAR

Q Financial Highlights. October 16, 2013

Domino s Pizza Investor Presentation. November 2009

Morgan Stanley Global Consumer & Retail Conference. November 19, 2014

2015 Growth in data center employment continues but the workforce is changing

CONE Midstream Partners LP. 1Q 2016 Earnings May 5, 2016

Transcription:

SAFE HARBOUR STATEMENT This document, and in particular the section entitled 2016 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, 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 preserve and enhance the value of the Ferrari brand; the success of Ferrari s Formula 1 racing team and the expenses the Group incurs for Formula 1 activities; the Group s ability to keep up with advances in high performance car technology and to make appealing designs for its new models; the Group s low volume strategy; the ability of Maserati, the Group s engine customer, to sell its planned volume of cars; changes in client preferences and automotive trends; changes in the general economic environment and changes in demand for luxury goods, including high performance luxury cars, which is highly volatile; the impact of increasingly stringent fuel economy, emission and safety standards; the Group s ability to successfully carry out its growth strategy and, particularly, the Group s ability to grow its presence in emerging market countries; competition in the luxury performance automobile industry; reliance upon a number of key members of executive management and employees; the performance of the Group s dealer network on which the Group depend for sales and services; increases in costs, disruptions of supply or shortages of components and raw materials; disruptions at the Group s manufacturing facilities in Maranello and Modena; the Group s ability to provide or arrange for adequate access to financing for its dealers and clients; the performance of the Group s licensees for Ferrari-branded products; the Group s ability to protect its intellectual property rights and to avoid infringing on the intellectual property rights of others; product recalls, liability claims and product warranties; exchange rate fluctuations, interest rate changes, credit risk and other market risks; potential conflicts of interest due to director and officer overlaps with the Group s largest shareholders and other factors discussed elsewhere in this document. 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. 2

BEST EVER RESULTS: FY 2015 Shipments at 7,664 units, increased by 6% vs. previous year V8 up 17%: success of California T, 458 Speciale A and the newly launched 488 GTB more than offsetting the end of life-cycle of 458 Italia and 458 Spider V12 down 24%: F12berlinetta and FF at 4 th and 5 th year of commercialization respectively, F12tdf shipments started in December 2015 Financial results Net revenues at 2.85 billion Adjusted EBITDA* at 748 million, margin up by 110bps Net profit of 290 million Net Debt* at 1,938 million ( 797 million - net of self-liquidating financial receivables portfolio) Free Cash Flow* of 390 million Distribution of 0.46 per common share** New key product launched and recent events Recently presented F12tdf Scuderia Ferrari achieved 16 podiums, with Sebastian Vettel winning three races the past season January 3 rd :Ferrari completed its spin-off from FCA January 4 th :first day of trading at Milan Stock Exchange 2016 Outlook*** Shipments: 7,900 including supercars Net revenues: > 2.9 billion Adjusted EBITDA: > 770 million Net debt: < 1.950 billion (< 750 million range - net of funded self-liquidating financial receivables portfolio) including distribution to shareholders** *Reconciliation to non-gaap financial measures are provided in the appendix **Subject to approval of the 2015 annual accounts and review of other relevant financial statements by the Board of Directors *** Assuming FX consistent with current market conditions 3

FY 2015 HIGHLIGHTS Shipments (units) FY'15 FY'14 7,255 7,664 Adjusted EBITDA* FY'15 ( M and margin %) FY'14 693 25.1% 748 26.2% Total shipments up 6% driven by an 17% increase in V8, which was partially offset by a 24% decrease in V12 Net revenues ( M) FY'15 2,854 Adjusted EBITDA increased by 8% driven by strong adjusted EBIT, partially offset by lower D&A in line with 458 family phase-out EBITDA at 719 million (vs. 678 million in FY 14), including one-time extra bonus payment in December to all Ferrari employees and IPO/spin-off costs Free Cash Flow * ( M) FY'15 390 FY'14 2,762 FY'14 136 Net revenues up 3% (-3% at constant FX) led by cars and spare parts (+ 136M) Americas: 801M (+40%) due to volumes, LaFerrari and FX EMEA: 780 (-12%) due to lower shipments to Middle East and FX Adjusted EBIT* ( M and margin %) FY'15 FY'14 Greater China: 239M (-11%) due to lower shipments and mix Rest of APAC 260M (+23%) due to higher shipments, partially offset by mix 404 14.6% 473 16.6% Adj. EBIT growth primarily driven by volume and FX, partially offset by mix EBIT at 444 million up 14% vs. last year, including one-time extraordinary payment in December to all Ferrari employees and IPO/spin-off costs * Reconciliation to non-gaap financial measures are provided in the appendix Free Cash Flow primarily driven by strong increase in cash from operating activities which included the following one-time cash inflows: the sale of investment properties; the reimbursement of the financing of inventory related to the establishment of the Maserati standalone business in China; and the sale of the financial assets portfolios of FFS S.p.A. and FFS KK; partially offset by the one-time extra bonus payment in December to all Ferrari employees Net Cash/ (Net Debt * ) ( M) Dec. 31, 2015 Dec. 31, 2014 (1,938) 566 Net debt at 1,938 million due to the capital reorganization in connection with our IPO and spin-off partially offset by the strong Free Cash Flow generation 4

FY 2015 SHIPMENTS BY HUB 1 Americas Americas shipments increased by 7% USA Ferrari s largest single market grew largely due to V8 thanks to the increased commitment to CaliforniaT and continued contribution of LaFerrari LaFerrari shipments to US commenced in Q2 2014 EMEA EMEA s shipments increased by more than 2% UK Ferrari s largest market in EU was up 5% thanks to 458 Speciale A and by California T Strong performance in Italy (+17%) thanks to CaliforniaT, 458 Speciale A and the newly launched 488GTB; slowdown in Germany, as a result of the lower planned allocation, and in the Middle East mainly due to F12berlinetta being at its 4th year of commercialization EMEA 44% (45% PY) Americas 34% (34% PY) Greater China 8% (9% PY) Rest of APAC 14% (12% PY) Greater China Greater China s shipments decreased by almost 10% HK and Taiwan shipments increased by 22% year-on-year driven by increased sales of California T and 458 Speciale A China mainland shipments dropped by 22% due to 458 family phase out and F12berlinetta being at its 4th year of commercialization Note 1, refer to notes to the presentation in the Appendix Rest of APAC Rest of APAC s shipments increased by 26% Australia shipments up by 44% driven by California T and 458 Speciale. Australia became fully operational in 2015 vs. 2014 start-up phase Japan shipments increased by 33% thanks to the favorable market conditions; the growth was mainly driven by California T and 458 Speciale 5

NET REVENUES BRIDGE FY 2014-2015 Net revenues ( m) +3% (-3% constant FX) 2,762 2,854 90 136 (92) 24 24 114 417 441 311 219 1,944 2,080 FY 2014 2 Cars and spare parts 3 Engines Sponsorship, commercial and 4 brand 5 Other FY 2015 Cars and spare parts Engines Sponsorship, commercial and brand Other 136M increase in Cars and spare parts due to higher volumes led by California T, 458 Speciale A and new models 488 GTB and 488 Spider, which are replacing the 458 family 92M decrease in Engines mainly attributable to a slowdown in shipments to Maserati Notes 2,3,4 and 5, refer to notes to the presentation in the Appendix 6

ADJUSTED EBIT BRIDGE FY 2014-2015 404 Margin Margin 14.6% 15.7% Adjusted EBIT* ( m) 45 (6) (3) (15) 41 7 473 Margin 16.6% Margin 19.4% Adj. EBIT FY'14 Vol Mix Ind. Costs R&D SG&A FX Other Adj. EBIT FY'15 Adj. EBITDA 693 25.1% Adj. EBITDA 748 26.2% Increased volume by 383 cars (excluding LaFerrari) thanks to California T, 458 Speciale A and the newly launched 488 GTB. Positive margin contribution from personalization. Negative mix effect due to growth of V8 vs. V12, partially offset by sales of LaFerrari and special car FXX K Industrial costs and R&D growth attributable to the 2016 development of the power unit for F1 racing activity partially offset by a lower R&D on road cars (primarily D&A of 458 family) and efficiencies on production costs Higher SG&A costs mainly due to focus on directly operated retail stores, corporate costs and F1 racing activities FX positive impact on transaction exchange rate net of hedging (mainly due to USD and GBP, partially offset by JPY) Other includes better result from brand and commercial activities and supporting activities including Financial Services * Reconciliation to non-gaap financial measures are provided in the appendix 7

NET CASH BRIDGE DECEMBER 31, 2014 DECEMBER 31, 2015 Net Cash/(Net Debt*) bridge ( m) FCF 390m 748 (39) (145) 121 22 Cash and deposits net of debt 134 432 (317) (54) (9) (31) 183 Cash (2,800) (2,121) Debt net of deposits Net Cash 566 748 (39) (145) 121 (317) 22 (54) (9) (31) (2,800) (1,938) * Reconciliation to non-gaap financial measures are provided in the appendix 8

NET DEBT ANALYSIS FY2015 Net Debt Analysis ( m) Cash and deposits Third-party debt 1,076 (131) (379) (1,120) (2,091) 390 19 20 (15) (54) (9) 322 (2,257) Cash and deposits Third-party debt FCA debt (2,800) 3,211 (35) (20) (3) FCA debt Net Cash 566 (2,800) - 390 (31) - (54) (9) (1,938) (Net Debt) (1) Includes the repayment of the FCA Note for 2.8 billion and other debt due to FCA (mostly by FFS Inc) for 411 million. The debt was repaid using the proceeds of : i) a 500 million bridge loan; ii) a 1,500 term loan; and iii) 91 million in other third-party debt, as well as 1 billion taken out of deposits in FCA cash management pools and available cash 9

DEBT MATURITY SCHEDULE /million 1,000 900 800 700 600 Total Debt at Dec 31, 2015 = 2,260 million 920 253 253 138** 500 400 300 500* * 336 253 336 335 334 2 3 3 3 3 2 2 1 1 200 167 100 0 333 333 333 333 167 2016 2017 2018 2019 2020 Term Loan Bridge Facility Other financial liabilities * The 500 million Bridge Facility is expected to be repaid with a proceeds of a bond issue in 2016. ** A loan with a third-party bank with a balance of USD 150 million ( 138 million) at December 31, 2015, which is due in 2016, is expected to be extended for 18 months to 2017. 10

2016 OUTLOOK Shipments Net revenues Adj. EBITDA Net Debt* 7,900 > 2.9 billion > 770 million < 1.950 billion assuming FX consistent with current market conditions * (< 750 million - net of funded self-liquidating financial receivables portfolio) including distribution of common shares to shareholders subject to the approval of the 2015 annual accounts and review of other relevant financial statements by the Board of Directors 11

LAUNCHES THROUGH 2015 488 GTB The new apex of Ferrari driving emotions 670 hp, mid-rear V8 turbo without lag Max speed in excess of 325 km/h 488 Spider Pure open-air driving emotions 670 hp, mid-rear V8 Max speed in excess of 325 km/h F12tdf Production limited to 799 units, all pre-sold 780 hp, naturally-aspirated V12 derived directly from the F12berlinetta Max speed in excess of 340 km/h Stay tuned, more emotions to come 12

FORMULA 1 IN 2015 1 st place in the Malaysia, Hungary and Singapore GPs 16 podiums this year S.Vettel 3 rd in Driver s Championship @ 278pts Constructor s Championship 1. Mercedes 703 2. Scuderia Ferrari 428 3. Williams 257 4. Red Bull Racing 187 5. Force India 136 Getting ready for the 2016 season, see you in Melbourne on March 18 th -20 th 13

2015 CLIENT RELATION ACTIVITIES Ferrari Cavalcade Rome June, 25-30 Ferrari Tribute to Mille Miglia Ferrari International Cavalcade San Francisco, August 10-15 Ferrari Tribute to Chinese Culture More than 100 customers attended Since 2012, Ferrari s most exclusive global driving event More than 60 customers attended Ferrari s proprietary event opening the classic Mille Miglia race Open to all Ferraris built from 1958 50 customers attended Creating unique driving experience for Ferraristi and nurturing brand awareness More than 500 customers and prospects attended Events from April through October Setting the tone for another year of exclusive events 14

FERRARI BRAND AND STORE PRESENCE Licensing activity 67 Licensing Partners covering 21 product categories 10 th Anniversary Collection with PUMA License scope extension with Burago (die-cast models) Start of new partnership with Lego Ferrari Store Opening of new 750sqm Milan flagship store Now managing 12 directly operated stores and 23 franchised locations, including 2 Ferrari Store Junior in 15 Markets E-commerce More than 6.5M visitors and more than 39,000 orders processed in 2015 Museums Record year with 464,000 visitors Expanding the brand s strength 15

SUBSEQUENT EVENTS: JAN 3 rd SPIN-OFF AND JAN 4 th MILAN LISTING Previous Shareholding Structure EXOR S.p.A. Other FCA Shareholders Public Shareholders ~ 10% ~30 % ~70 % Fiat Chrysler Automobiles N.V. ~80% Ferrari N.V. 100% Ferrari S.p.A. 10% Mr. Piero Ferrari Current Shareholding Structure after spin-off EXOR S.p.A. Mr. Piero Ferrari Free Float ~10 % ~24 % ~66 % Ferrari N.V. 100% Ferrari S.p.A. 16

Q&A

Appendix

NOTES TO THE PRESENTATION 1. Shipments geographical breakdown EMEA includes: Italy, UK, Germany, Switzerland, France, Middle East (includes the United Arab Emirates, Saudi Arabia, Bahrain, Lebanon, Qatar, Oman and Kuwait) and Rest of EMEA (includes Africa and the other European markets not separately identified); Americas includes: United States of America, Canada, Mexico, the Caribbean and Central and South America; Greater China includes: China, Hong Kong and Taiwan; Rest of APAC includes: Japan, Australia, Singapore, Indonesia and South Korea 2. Includes the net revenues generated from shipments of our cars, including any personalization revenue generated on these cars and sales of spare parts 3. Includes the net revenues generated from the sale of engines to Maserati for use in their cars, and the revenues generated from the rental of engines to other Formula 1 racing teams. 4. Includes the net revenues earned by our Formula 1 racing team through sponsorship agreements and our share of the Formula 1 World Championship commercial revenues and net revenues generated through the Ferrari brand, including merchandising, licensing and royalty income 5. Primarily includes interest income generated by the Ferrari Financial Services group and net revenues from the management of the Mugello racetrack 19

GROUP SHIPMENTS 7,255 844 675 7,664 ~7,900 1,063 1,100 610 700 2,462 2,640 2,700 3,274 3,351 3,400 FY 2014 FY 2015 FY 2016E EMEA Americas Greater China Rest of APAC 20

KEY PERFORMANCE METRICS Q4 15 Q4 14 m, except as otherwise stated FY 15 FY 14 2,021 1,975 Worldwide shipments (units) 7,664 7,255 744 751 Net revenues 2,854 2,762 85 115 EBIT 444 389 24 - Adjustments 29 15 109 115 Adjusted EBIT 1 473 404 (5) 2 Net financial (expenses)/income (10) 9 80 117 Profit before taxes 434 398 25 38 Income tax expense 144 133 31.8% 32.8% Effective tax rate 33.2% 33.5% 55 79 Net profit 290 265 0.28 0.41 EPS 1.52 1.38 157 193 EBITDA 1 719 678 181 193 Adjusted EBITDA 1 748 693 1 Reconciliation to non-gaap financial measures are provided in the appendix 21

NON-GAAP FINANCIAL MEASURES Non-GAAP financial measures Operations are monitored through the use of various Non-GAAP financial measures that may not be comparable to other similarly titled measures of other companies Accordingly, investors and analysts should exercise appropriate caution in comparing these supplemental financial measures to similarly titled financial measures reported by other companies We believe that these supplemental financial measures provide comparable measures of its financial performance which then facilitate management s ability to identify operational trends, as well as make decisions regarding future spending, resource allocations and other operational decisions Adjusted Earnings Before Interest and Taxes ( Adjusted EBIT ) represents EBIT as adjusted for income and costs, which are significant in nature, but expected to occur infrequently EBITDA is defined as net profit before income tax expense, net financial expenses/(income) and depreciation and amortization. Adjusted EBITDA is defined as EBITDA as adjusted for income and costs, which are significant in nature, but expected to occur infrequently Net Cash/(Net Debt) is defined as cash and cash equivalents plus cash deposits in FCA Group cash management pools less debt Free Cash Flow is one of management s primary key performance indicators to measure the Group s performance and is defined as cash flows from operating activities less cash flows used in investing activities. Free Cash Flow is subject to month to month fluctuations due to, among others, production volumes, activity of our financial services portfolio, timing of tax payments and capital expenditures 22

RECONCILIATION OF NON-GAAP MEASURES: ADJ. EBIT Q4 15 Q4 14 million FY 15 FY 14 85 115 EBIT 444 389 - - 24 - Expense related to the resignation of the former Chairman Income and expenses incurred in connection with our IPO and separation and Employees extra bonus - 15 29-109 115 Adjusted EBIT 473 404 23

RECONCILIATION OF NON-GAAP MEASURES: EBITDA Q4 15 Q4 14 million FY 15 FY 14 55 79 Net profit 290 265 25 38 Income tax expense 144 133 5 (2) Net financial expenses/(income) 10 (9) 72 78 Amortization and depreciation 275 289 157 193 EBITDA 719 678 24

RECONCILIATION OF NON-GAAP MEASURES: ADJ. EBITDA Q4 15 Q4 14 million FY 15 FY 14 157 193 EBITDA 719 678 - - 24 - Expense related to the resignation of the former Chairman Income and expenses incurred in connection with our IPO and separation and Employees extra bonus - 15 29-181 193 Adjusted EBITDA 748 693 25

RECONCILIATION OF NON-GAAP MEASURES: FREE CASH FLOW Q4 15 Q4 14 million FY 15 FY 14 173 131 Cash flows from operating activities 707 426 (121) (122) Cash flows used in investing activities (317) (290) 52 9 Free Cash Flow 390 136 26

RECONCILIATION OF NON-GAAP MEASURES: NET CASH/(NET DEBT) million December 31, 2015 December 31, 2014 Cash and cash equivalents 183 134 Deposits in FCA Group cash management pools 139 942 Financial liabilities with FCA Group (3) (379) Financial liabilities with third parties (2,257) (131) Total Net Cash/(Net Debt) (1,938) 566 27