Stellantis N.V 6-K, filed May 6, 2020
Stellantis N.V. (STLA)
About this 6-K
Stellantis N.V filed this 6-K on May 6, 2020.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________
FORM 6-K
_______________________________
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of May 2020
Commission File No. 001-36675
_______________________________
FIAT CHRYSLER AUTOMOBILES N.V.
(Translation of Registrant’s Name Into English)
_______________________________
25 St. James’s Street
London SW1A 1HA
United Kingdom
Tel. No.: +44 (0)20 7766 0311
(Address of Principal Executive Offices)
_______________________________
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule101(b)(1): o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule101(b)(7): o
The following exhibits are furnished herewith:
| Exhibit 99.1 | Supplemental Information as of and for the three months ended March 31, 2020 |
|---|---|
| Exhibit 99.2 | Supplemental Information as of and for the three months ended March 31, 2020 |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Date: May 6, 2020 | FIAT CHRYSLER AUTOMOBILES N.V. | |
|---|---|---|
| By: | /s/ Richard K. Palmer | |
| Name: Richard K. Palmer | ||
| Title: Chief Financial Officer and Director |
Index of Exhibits
| Exhibit Number | Description of Exhibit |
|---|---|
| Exhibit 99.1 | Supplemental Information as of and for the three months ended March 31, 2020 |
| Exhibit 99.2 | Supplemental Information as of and for the three months ended March 31, 2020 |
FCA NV 2020.03.31 Additional Information Financial Data by Activity
Exhibit 99.1
Income Statement by activity
Unaudited
| For the three months ended <br>March 31, 2020 | For the three months ended <br>March 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|
| (€ million) | Group | Industrial activities | Financial services | Group | Industrial activities | Financial services | ||
| Net revenues | 20,567 | 20,523 | 82 | 24,481 | 24,418 | 91 | ||
| Cost of revenues | 18,878 | 18,868 | 48 | 21,181 | 21,157 | 52 | ||
| Selling, general and other costs | 1,439 | 1,433 | 6 | 1,517 | 1,510 | 7 | ||
| Research and development costs | 933 | 933 | — | 673 | 673 | — | ||
| Result from investments | 42 | (16 | ) | 58 | 58 | 1 | 57 | |
| Gains on disposal of investments | 5 | 5 | — | — | — | — | ||
| Restructuring costs | 20 | 20 | — | 204 | 204 | — | ||
| Net financial expenses | 213 | 213 | — | 244 | 244 | — | ||
| (Loss)/profit before taxes | (869 | ) | (955 | ) | 86 | 720 | 631 | 89 |
| Tax expense | 825 | 816 | 9 | 212 | 203 | 9 | ||
| Result from intersegment investments | — | 77 | — | — | 80 | — | ||
| Net (loss)/profit from continuing operations | (1,694 | ) | (1,694 | ) | 77 | 508 | 508 | 80 |
| Profit from discontinued operations, net of tax | — | — | — | 111 | 111 | — | ||
| Net (loss)/profit | (1,694 | ) | (1,694 | ) | 77 | 619 | 619 | 80 |
| Adjusted EBIT | 52 | (34 | ) | 86 | 1,067 | 978 | 89 |
Statement of Financial Position by activity
Unaudited
| At March 31, 2020 | At December 31, 2019 | |||||
|---|---|---|---|---|---|---|
| (€ million) | Group | Industrial activities | Financial services | Group | Industrial activities | Financial services |
| Assets | ||||||
| Goodwill and intangible assets with indefinite useful lives | 14,614 | 14,614 | — | 14,257 | 14,257 | — |
| Other intangible assets | 12,538 | 12,534 | 4 | 12,447 | 12,442 | 5 |
| Property, plant and equipment | 28,511 | 28,504 | 7 | 28,608 | 28,605 | 3 |
| Investments and other financial assets | 3,439 | 3,859 | 1,598 | 3,019 | 3,467 | 1,549 |
| Deferred tax assets | 1,175 | 1,148 | 27 | 1,689 | 1,660 | 29 |
| Inventories | 11,368 | 11,344 | 24 | 9,722 | 9,722 | — |
| Assets sold with a buy-back commitment | 1,631 | 1,631 | — | 1,626 | 1,626 | — |
| Trade receivables | 1,791 | 1,801 | 37 | 2,064 | 2,067 | 30 |
| Receivables from financing activities | 2,348 | 909 | 2,668 | 3,155 | 1,106 | 3,176 |
| Tax receivables | 465 | 461 | 4 | 466 | 459 | 7 |
| Other assets | 5,185 | 5,179 | 10 | 5,601 | 5,594 | 7 |
| Cash and cash equivalents | 12,134 | 11,827 | 307 | 15,014 | 14,867 | 147 |
| Assets held for sale | 316 | 316 | — | 376 | 376 | — |
| TOTAL ASSETS | 95,515 | 94,127 | 4,686 | 98,044 | 96,248 | 4,953 |
| Equity and Liabilities | ||||||
| Equity | 26,520 | 26,520 | 2,017 | 28,675 | 28,675 | 1,995 |
| Employee benefits liabilities | 9,163 | 9,161 | 2 | 9,051 | 9,049 | 2 |
| Provisions | 13,657 | 13,652 | 6 | 14,005 | 14,000 | 7 |
| Deferred tax liabilities | 1,879 | 1,879 | — | 1,628 | 1,628 | — |
| Debt | 14,213 | 12,983 | 2,459 | 12,901 | 11,278 | 2,750 |
| Trade payables | 20,498 | 20,492 | 43 | 21,616 | 21,610 | 26 |
| Other financial liabilities | 680 | 680 | — | 318 | 318 | — |
| Tax liabilities | 380 | 367 | 19 | 400 | 378 | 27 |
| Other liabilities | 8,327 | 8,191 | 140 | 9,214 | 9,072 | 146 |
| Liabilities held for sale | 198 | 202 | — | 236 | 240 | — |
| TOTAL EQUITY AND LIABILITIES | 95,515 | 94,127 | 4,686 | 98,044 | 96,248 | 4,953 |
Statement of Cash Flows by activity
Unaudited
| For the three months ended March 31, 2020 | For the three months ended March 31, 2019 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (€ million) | Group | Industrial activities | Financial services | Group | Industrial activities | Financial services | ||||||
| CASH FLOW FROM OPERATING ACTIVITIES: | ||||||||||||
| Net (loss)/profit from continuing operations | (1,694 | ) | (1,694 | ) | 77 | 508 | 508 | 80 | ||||
| Amortization and depreciation | 1,335 | 1,334 | 1 | 1,383 | 1,382 | 1 | ||||||
| Net losses/(gains) on disposal of non-current assets and other non-cash items | 718 | 698 | (57 | ) | (40 | ) | (60 | ) | (60 | ) | ||
| Dividends received | 72 | 93 | — | 56 | 59 | — | ||||||
| Change in provisions | (464 | ) | (464 | ) | — | (201 | ) | (201 | ) | — | ||
| Change in deferred taxes | 734 | 733 | 1 | 54 | 52 | 2 | ||||||
| Change in items due to buy back commitments and GDP vehicles | 32 | 35 | (3 | ) | (39 | ) | (39 | ) | — | |||
| Change in working capital | (3,553 | ) | (3,550 | ) | (3 | ) | (651 | ) | (660 | ) | 9 | |
| Cash flows (used in)/from operating activities - discontinued operations | — | — | — | (371 | ) | (371 | ) | — | ||||
| TOTAL | (2,820 | ) | (2,815 | ) | 16 | 699 | 670 | 32 | ||||
| CASH FLOWS (USED IN)/FROM INVESTING ACTIVITIES: | ||||||||||||
| Investments in property, plant and equipment and intangible assets | (2,327 | ) | (2,327 | ) | — | (1,376 | ) | (1,376 | ) | — | ||
| Investments in joint ventures, associates and unconsolidated subsidiaries | — | — | — | (1 | ) | (1 | ) | — | ||||
| Proceeds from the sale of tangible and intangible assets | 48 | 48 | — | 9 | 9 | — | ||||||
| Net change in receivables from financing activities | 615 | 17 | 598 | 578 | 101 | 477 | ||||||
| Change in securities | 283 | 283 | — | — | — | — | ||||||
| Other changes | 2 | 2 | — | (63 | ) | (63 | ) | — | ||||
| Cash flows used in investing activities - discontinued operations | — | — | — | (113 | ) | (113 | ) | — | ||||
| TOTAL | (1,379 | ) | (1,977 | ) | 598 | (966 | ) | (1,443 | ) | 477 | ||
| CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES: | ||||||||||||
| Net change in debt and other financial assets/liabilities | 1,324 | 1,720 | (396 | ) | (758 | ) | (270 | ) | (488 | ) | ||
| Distributions paid | — | — | (21 | ) | (5 | ) | (5 | ) | (3 | ) | ||
| Cash flows from/(used in) financing activities - discontinued operations | — | — | — | (48 | ) | (48 | ) | — | ||||
| TOTAL | 1,324 | 1,720 | (417 | ) | (811 | ) | (323 | ) | (491 | ) | ||
| Translation exchange differences | (7 | ) | 30 | (37 | ) | 231 | 226 | 5 | ||||
| TOTAL CHANGE IN CASH AND CASH EQUIVALENTS | (2,882 | ) | (3,042 | ) | 160 | (847 | ) | (870 | ) | 23 | ||
| CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD | 15,014 | 14,867 | 147 | 12,450 | 12,275 | 175 | ||||||
| ADD: CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD - INCLUDED WITHIN ASSETS HELD FOR SALE | 17 | 17 | — | 719 | 719 | — | ||||||
| TOTAL CHANGE IN CASH AND CASH EQUIVALENTS | (2,882 | ) | (3,042 | ) | 160 | (847 | ) | (870 | ) | 23 | ||
| LESS: CASH AND CASH EQUIVALENTS AT END OF THE PERIOD - INCLUDED WITHIN ASSETS HELD FOR SALE | 15 | 15 | — | 418 | 418 | — | ||||||
| CASH AND CASH EQUIVALENTS AT END OF THE PERIOD | 12,134 | 11,827 | 307 | 11,904 | 11,706 | 198 |
Net Cash/(Debt) by activity
Unaudited
| At March 31, 2020 | At December 31, 2019 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (€ million) | Group | Industrial activities | Financial services | Group | Industrial activities | Financial services | ||||||
| Third parties debt (Principal) | (14,236 | ) | (12,526 | ) | (1,710 | ) | (12,910 | ) | (11,121 | ) | (1,789 | ) |
| Capital market^(1)^ | (6,675 | ) | (6,345 | ) | (330 | ) | (6,676 | ) | (6,277 | ) | (399 | ) |
| Bank debt | (5,381 | ) | (4,080 | ) | (1,301 | ) | (3,868 | ) | (2,642 | ) | (1,226 | ) |
| Other debt^(2)^ | (496 | ) | (418 | ) | (78 | ) | (726 | ) | (564 | ) | (162 | ) |
| Lease liabilities | (1,684 | ) | (1,683 | ) | (1 | ) | (1,640 | ) | (1,638 | ) | (2 | ) |
| Accrued interest and other adjustments^(3)^ | 23 | 28 | (5 | ) | 9 | 10 | (1 | ) | ||||
| Debt with third parties from continuing operations (excluding held for sale) | (14,213 | ) | (12,498 | ) | (1,715 | ) | (12,901 | ) | (11,111 | ) | (1,790 | ) |
| Debt classified as held for sale | (67 | ) | (67 | ) | — | (81 | ) | (81 | ) | — | ||
| Debt with third parties including held for sale | (14,280 | ) | (12,565 | ) | (1,715 | ) | (12,982 | ) | (11,192 | ) | (1,790 | ) |
| Intercompany, net^(4)^ | — | 258 | (258 | ) | — | 792 | (792 | ) | ||||
| Current financial receivables from jointly-controlled financial services companies^(5)^ | 51 | 51 | — | 83 | 83 | — | ||||||
| Debt, net of intercompany, and current financial receivables from jointly-controlled financial service companies, including held for sale | (14,229 | ) | (12,256 | ) | (1,973 | ) | (12,899 | ) | (10,317 | ) | (2,582 | ) |
| Derivative financial assets/(liabilities), net of collateral deposits (excluding held for sale)^(6)^ | 250 | 248 | 2 | (178 | ) | (178 | ) | — | ||||
| Current debt securities^(7)^ | 169 | 169 | — | 480 | 480 | — | ||||||
| Cash and cash equivalents | 12,134 | 11,827 | 307 | 15,014 | 14,867 | 147 | ||||||
| Cash and cash equivalents, current debt securities and Derivative financial assets/(liabilities), net, classified as held for sale | 13 | 13 | — | 17 | 17 | — | ||||||
| Total Net cash/(debt) including held for sale | (1,663 | ) | 1 | (1,664 | ) | 2,434 | 4,869 | (2,435 | ) | |||
| Net industrial cash/(debt) from continuing operations (excluding held for sale)^(8)^ | 111 | 4,859 | ||||||||||
| Net industrial cash/(debt) from held for sale^(8)^ | (110 | ) | 10 | |||||||||
| Total Net industrial cash/(debt) | 1 | 4,869 |
________________________________________________________________________________________________________________________________________________
Note: The assets and liabilities of FCA's global cast iron components business have been classified as held for sale within the Consolidated Statement of Financial Position at December 31, 2019 and March 31, 2020.
(1) Includes notes issued under the Medium Term Programme, or MTN Programme, and other notes (€6,345 million at March 31, 2020 and €6,277 million at December 31, 2019) and other debt instruments (€330 million at March 31, 2020 and €399 million at December 31, 2019) issued in financial markets, mainly from LATAM financial services companies.
(2) Includes asset-backed financing, i.e. sales of receivables for which de- recognition is not allowed under IFRS (€68 million at March 31, 2020 and €151 million at December 31, 2019), and other debt.
(3) Includes adjustments for fair value accounting on debt and net (accrued)/deferred interest and other amortizing cost adjustments.
(4) Net amount between industrial activities entities' financial receivables due from financial services entities (€744 million at March 31, 2020 and €960 million at December 31, 2019) and industrial activities entities' financial payables due to financial services entities (€486 million at March 31, 2020 and €168 million at December 31, 2019).
(5) Financial receivables due from FCA Bank.
(6) Fair value of derivative financial instruments (net positive €214 million at March 31, 2020 and net negative €220 million at December 31, 2019) and collateral deposits (€36 million at March 31, 2020 and €42 million at December 31, 2019).
(7) Excludes certain debt securities held pursuant to applicable regulations (€66 million at March 31, 2020 and €50 million at December 31, 2019).
(8) At March 31, 2020 amounts include net intercompany financial payables due from activities included within assets held for sale of €56 million (net intercompany financial payables due to activities included within assets held for sale €74 million at December 31, 2019).
FCA NV 2020.03.31 Additional Information - Debt
Exhibit 99.2
Gross debt breakdown
Unaudited
| (€ billion) | Outstanding<br><br>March 31, 2020 | Outstanding<br>December 31, 2019 |
|---|---|---|
| Bank debt | 5.4 | 3.9 |
| Capital markets debt | 6.7 | 6.7 |
| Other debt | 0.4 | 0.6 |
| Lease liabilities | 1.7 | 1.6 |
| Cash maturities | 14.2 | 12.8 |
| Asset-backed financing | 0.1 | 0.2 |
| Accruals | 0.0 | 0.0 |
| Gross Debt^(1),(2)^ | 14.3 | 13.0 |
______________________________________________________________________________________________________________________________________________________________________________________________________
Note: Amounts may not add due to rounding.
(1) Gross debt as at March 31, 2020, does not include the €3.5 billion Incremental Bridge Credit Facility entered into in March 2020 and available from April 2020.
(2) Gross debt at March 31, 2020, includes €0.1 billion of debt classified within Liabilities held for sale.
Debt Maturity Schedule
Unaudited
| Outstanding<br><br>March 31, 2020 | (€ billion) | 9 Months 2020 | 2021 | 2022 | 2023 | 2024 | Beyond |
|---|---|---|---|---|---|---|---|
| 5.4 | Bank debt | 2.6 | 1.1 | 0.8 | 0.4 | 0.1 | 0.4 |
| 6.7 | Capital markets debt | 1.5 | 1.2 | 1.4 | 1.4 | 1.3 | 0.0 |
| 0.4 | Other debt | 0.4 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| 1.7 | Lease liabilities | 0.3 | 0.2 | 0.2 | 0.2 | 0.2 | 0.6 |
| 14.2 | Total Cash maturities^(1)(2)^ | 4.8 | 2.5 | 2.4 | 2.0 | 1.5 | 1.0 |
| 12.3 | Cash and Marketable securities | ||||||
| 6.3 | Undrawn committed credit lines | ||||||
| 18.6 | Total available liquidity |
______________________________________________________________________________________________________________________________________________________________________________________________________
Note: Amounts may not add due to rounding.
(1) Amounts exclude accruals and asset-backed financing (~€0.1 billion at March 31, 2020).
(2) Total cash maturities at March 31, 2020, excludes €0.1 billion of debt classified within Liabilities held for sale.