The Board of Directors of Fiat S.p.A met today, Thursday, April 23 in Turin, under the chairmanship of Luca Cordero di Montezemolo, to approve the Group's first quarter 2009 results. Here are the highlights of that report.
2009 FIRST QUARTER RESULTS
NOTWITHSTANDING DIFFICULT MARKET CONDITIONS, WITH REVENUES DOWN MORE THAN 25% OVER THE PRIOR YEAR, FIAT GROUP POSTED A BREAK-EVEN TRADING PERFORMANCE, WHILE MAINTAINING STRONG LIQUIDITY
AT €5.1 BILLION ($6.6 BILLION).
DEMAND IS EXPECTED TO IMPROVE GRADUALLY OVER THE REMAINDER OF 2009, AND THE GROUP IS CONFIRMING A MINIMUM TRADING PROFIT OF €1 BILLION ($1.3 BILLION) FOR THE YEAR.
• Revenues of €11.3 billion ($14.6 billion) were down 25.3% over Q1 2008, with volume declining across all businesses
• The Group recorded a narrow trading loss of €48 million ($62.1 million) (trading profit of €766 million ($995 million) in 2008), with the lost contribution from the €3.8 billion ($4.9 million) sales shortfall offset by aggressive cost containment measures already initiated in 2008.
• As a result , the net loss for the period was €411 million ($534 million), compared with net profit of €427 million ($555 million) for Q1 2008.
• Net industrial debt rose to €6.6 billion ($8.5 billion) from €5.9 billion ($7.6 billion) at end 2008 with cash absorption more than halved over Q1 2008 (from €1.5 billion ($1.95 billion) to €0.6 billion ($.78 billion)).
• Liquidity increased to €5.1 billion ($6.6 billion)from €3.9 billion ($5.0 billion) at the end of 2008.
• Trading activities are expected to improve throughout the remainder of 2009, and the Group expects to record a minimum trading margin of ~2% or €1 billion ($1.3 billion).