Fiat Chrysler reduced industrial debt to
€5.5bn (£4.bn) while total available liquidity was “well above
target” at €20.7bn (£17.1bn), according to the manufacturing
group’s global results for 2011.
Liquidity is, however, €100m (£82.8m) down on
the end of Q3 and includes credit lines of €3bn (£2.5bn). Excluding
Chrysler, Fiat’s available liquidity is €12.3bn (£10.2bn).
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Financial debt for the group stood at €26.8bn
(£22.2bn) for 2011, up from €20.8bn (£17.2bn) at the end of
2010.
€710m (£588m) of the total debt was
asset-backed debt in 2011, up from €533m (£441m) in 2010, meaning
asset-backed debt, as a proportion of total financial debt, rose
from 2.56% in 2010 to 2.65% last year.
Net debt was €8.9bn (£7.4bn) for 2011, a
significant increase from €2.8bn (£2.3bn) in 2010, of which
financial services accounted for €3.4bn (£2.8bn) compared to €2.2bn
(£1.8bn) in 2010. Financial services debt, therefore, decreased as
a proportion of net debt between 2010 and 2011 from 80.31% to
37.86%.
Forecasts for 2012 by Fiat Chrysler put
revenues at €77bn (£63.7bn), trading profit between €3.8 and €4.5bn
(£3.1 to £3.7bn), net profit between €1.2 and €1.5bn (£993m and
£1.24bn), and net industrial debt to rise to no more than €6bn
(£5bn).
FGA Capital are the captive finance partner for Fiat Chrysler
in the UK and also provide finance for Abarth, Alfa Romeo, Jeep and
Jaguar Land Rover.
richard.brown@vrlfinancialnews.com
