Exhibit 99.2
Income Statement by activity
Unaudited
For the three months ended June 30, 2019 | For the three months ended June 30, 2018 | |||||||||||||||||
(€ million) | Group | Industrial activities | Financial services | Group | Industrial activities | Financial services | ||||||||||||
Net revenues | 26,741 | 26,682 | 92 | 27,611 | 27,555 | 80 | ||||||||||||
Cost of revenues | 23,089 | 23,067 | 55 | 23,841 | 23,817 | 48 | ||||||||||||
Selling, general and other costs | 1,573 | 1,567 | 6 | 1,741 | 1,732 | 9 | ||||||||||||
Research and development costs | 782 | 782 | — | 761 | 761 | — | ||||||||||||
Result from investments | 58 | (1 | ) | 59 | 69 | 20 | 49 | |||||||||||
Gains on disposal of investments | 7 | 7 | — | — | — | — | ||||||||||||
Restructuring costs | (8 | ) | (8 | ) | — | 1 | 1 | — | ||||||||||
Net financial expenses | 260 | 260 | — | 265 | 265 | — | ||||||||||||
Profit before taxes | 1,110 | 1,020 | 90 | 1,071 | 999 | 72 | ||||||||||||
Tax expense | 317 | 307 | 10 | 377 | 370 | (21 | ) | |||||||||||
Result from intersegment investments | — | 80 | — | — | 65 | — | ||||||||||||
Net profit from continuing operations | 793 | 793 | 80 | 694 | 694 | 93 | ||||||||||||
Profit from discontinued operations, net of tax | 3,859 | 3,859 | — | 60 | 60 | — | ||||||||||||
Net profit | 4,652 | 4,652 | 80 | 754 | 754 | 93 | ||||||||||||
Adjusted EBIT | 1,527 | 1,437 | 90 | 1,534 | 1,462 | 72 |
For the six months ended June 30, 2019 | For the six months ended June 30, 2018 | |||||||||||||||||
(€ million) | Group | Industrial activities | Financial services | Group | Industrial activities | Financial services | ||||||||||||
Net revenues | 51,222 | 51,100 | 183 | 53,344 | 53,234 | 153 | ||||||||||||
Cost of revenues | 44,270 | 44,224 | 107 | 45,844 | 45,809 | 78 | ||||||||||||
Selling, general and other costs | 3,090 | 3,077 | 13 | 3,317 | 3,301 | 16 | ||||||||||||
Research and development costs | 1,455 | 1,455 | — | 1,544 | 1,544 | — | ||||||||||||
Result from investments | 116 | — | 116 | 151 | 52 | 99 | ||||||||||||
Gains on disposal of investments | 7 | 7 | — | — | — | — | ||||||||||||
Restructuring costs | 196 | 196 | — | 2 | 2 | — | ||||||||||||
Net financial expenses | 504 | 504 | — | 552 | 552 | — | ||||||||||||
Profit before taxes | 1,830 | 1,651 | 179 | 2,236 | 2,078 | 158 | ||||||||||||
Tax expense | 529 | 510 | 19 | 591 | 572 | (9 | ) | |||||||||||
Result from intersegment investments | — | 160 | — | — | 139 | — | ||||||||||||
Net profit from continuing operations | 1,301 | 1,301 | 160 | 1,645 | 1,645 | 167 | ||||||||||||
Profit from discontinued operations, net of tax | 3,970 | 3,970 | — | 130 | 130 | — | ||||||||||||
Net profit | 5,271 | 5,271 | 160 | 1,775 | 1,775 | 167 | ||||||||||||
Adjusted EBIT | 2,594 | 2,415 | 179 | 3,035 | 2,877 | 158 |
Statement of Financial Position by activity
Unaudited
At June 30, 2019 | At December 31, 2018 | |||||||||||||||||
(€ million) | Group | Industrial activities | Financial services | Group | Industrial activities | Financial services | ||||||||||||
Assets | ||||||||||||||||||
Goodwill and intangible assets with indefinite useful lives | 14,090 | 14,090 | — | 13,970 | 13,970 | — | ||||||||||||
Other intangible assets | 12,257 | 12,253 | 4 | 11,749 | 11,745 | 4 | ||||||||||||
Property, plant and equipment | 27,750 | 27,747 | 3 | 26,307 | 26,305 | 2 | ||||||||||||
Investments and other financial assets | 2,993 | 3,409 | 1,524 | 2,979 | 3,364 | 1,416 | ||||||||||||
Deferred tax assets | 1,813 | 1,781 | 32 | 1,814 | 1,778 | 36 | ||||||||||||
Inventories | 11,421 | 11,421 | — | 10,694 | 10,694 | — | ||||||||||||
Assets sold with a buy-back commitment | 2,385 | 2,385 | — | 1,707 | 1,707 | — | ||||||||||||
Trade receivables | 2,399 | 2,400 | 20 | 2,048 | 2,050 | 20 | ||||||||||||
Receivables from financing activities | 3,297 | 1,336 | 3,189 | 3,614 | 1,213 | 3,697 | ||||||||||||
Tax receivables | 408 | 414 | 5 | 490 | 483 | 7 | ||||||||||||
Other assets | 4,881 | 4,865 | 13 | 4,250 | 4,239 | 11 | ||||||||||||
Cash and cash equivalents | 15,406 | 15,288 | 118 | 12,450 | 12,275 | 175 | ||||||||||||
Assets held for sale | 52 | 52 | — | 4,801 | 4,861 | — | ||||||||||||
TOTAL ASSETS | 99,152 | 97,441 | 4,908 | 96,873 | 94,684 | 5,368 | ||||||||||||
Equity and Liabilities | ||||||||||||||||||
Equity | 27,257 | 27,257 | 1,940 | 24,903 | 24,903 | 1,782 | ||||||||||||
Employee benefits liabilities | 8,478 | 8,476 | 2 | 8,470 | 8,468 | 2 | ||||||||||||
Provisions | 14,952 | 14,943 | 9 | 16,044 | 16,054 | 9 | ||||||||||||
Deferred tax liabilities | 1,050 | 1,050 | — | 937 | 937 | — | ||||||||||||
Debt | 14,973 | 13,459 | 2,742 | 14,528 | 12,379 | 3,364 | ||||||||||||
Trade payables | 21,467 | 21,458 | 24 | 19,229 | 19,221 | 18 | ||||||||||||
Other financial liabilities | 340 | 340 | — | 207 | 207 | — | ||||||||||||
Tax payables | 117 | 97 | 30 | 115 | 97 | 28 | ||||||||||||
Other liabilities | 10,489 | 10,332 | 161 | 9,509 | 9,346 | 165 | ||||||||||||
Liabilities held for sale | 29 | 29 | — | 2,931 | 3,072 | — | ||||||||||||
TOTAL EQUITY AND LIABILITIES | 99,152 | 97,441 | 4,908 | 96,873 | 94,684 | 5,368 |
Statement of Cash Flows by activity
Unaudited
For the six months ended June 30, 2019 | For the six months ended June 30, 2018 | |||||||||||||||||
(€ million) | Group | Industrial activities | Financial services | Group | Industrial activities | Financial services | ||||||||||||
CASH FLOW FROM OPERATING ACTIVITIES: | ||||||||||||||||||
Net profit from continuing operations | 1,301 | 1,301 | 160 | 1,645 | 1,645 | 139 | ||||||||||||
Amortization and depreciation | 2,741 | 2,740 | 1 | 2,815 | 2,814 | 1 | ||||||||||||
Net losses/(gains) on disposal of non-current assets and other non-cash items | 104 | 60 | (116 | ) | (22 | ) | (53 | ) | (108 | ) | ||||||||
Dividends received | 66 | 69 | — | 72 | 93 | — | ||||||||||||
Change in provisions | (1,251 | ) | (1,251 | ) | — | 242 | 242 | — | ||||||||||
Change in deferred taxes | 185 | 181 | 4 | 59 | 54 | 5 | ||||||||||||
Change in items due to buy back commitments | 191 | 191 | — | 303 | 303 | — | ||||||||||||
Change in working capital | 722 | 722 | — | (292 | ) | (311 | ) | 19 | ||||||||||
Cash flows (used in)/from operating activities - discontinued operations | (308 | ) | (308 | ) | — | 362 | 362 | — | ||||||||||
TOTAL | 3,751 | 3,705 | 49 | 5,184 | 5,149 | 56 | ||||||||||||
CASH FLOWS (USED IN)/FROM INVESTING ACTIVITIES: | ||||||||||||||||||
Investments in property, plant and equipment and intangible assets | (3,330 | ) | (3,329 | ) | (1 | ) | (2,429 | ) | (2,428 | ) | (1 | ) | ||||||
Investments in joint ventures, associates and unconsolidated subsidiaries | (1 | ) | (1 | ) | — | (1 | ) | (1 | ) | — | ||||||||
Proceeds from the sale of non-current assets | 24 | 24 | — | 35 | 35 | — | ||||||||||||
Net cash proceeds from disposal of discontinued operations | 5,348 | 5,348 | — | — | — | — | ||||||||||||
Net change in receivables from financing activities | 276 | (104 | ) | 380 | (605 | ) | (15 | ) | (590 | ) | ||||||||
Change in securities | (114 | ) | (114 | ) | — | (102 | ) | (102 | ) | — | ||||||||
Other changes | 29 | 29 | — | (7 | ) | (7 | ) | — | ||||||||||
Cash flows used in investing activities - discontinued operations | (155 | ) | (155 | ) | — | (245 | ) | (245 | ) | — | ||||||||
TOTAL | 2,077 | 1,698 | 379 | (3,354 | ) | (2,763 | ) | (591 | ) | |||||||||
CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES: | ||||||||||||||||||
Net change in debt and other financial assets/liabilities | (955 | ) | (471 | ) | (484 | ) | (1,248 | ) | (1,793 | ) | 545 | |||||||
Capital increase | — | — | — | 11 | 11 | — | ||||||||||||
Distributions paid | (3,056 | ) | (3,056 | ) | (3 | ) | — | — | (21 | ) | ||||||||
Cash flows (used in)/from financing activities - discontinued operations | 325 | 325 | — | (75 | ) | (75 | ) | — | ||||||||||
TOTAL | (3,686 | ) | (3,202 | ) | (487 | ) | (1,312 | ) | (1,857 | ) | 524 | |||||||
Translation exchange differences | 95 | 93 | 2 | 87 | 95 | (8 | ) | |||||||||||
TOTAL CHANGE IN CASH AND CASH EQUIVALENTS | 2,237 | 2,294 | (57 | ) | 605 | 624 | (19 | ) | ||||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD | 12,450 | 12,275 | 175 | 12,638 | 12,423 | 215 | ||||||||||||
ADD: CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD - INCLUDED WITHIN ASSETS HELD FOR SALE | 719 | 719 | — | — | — | — | ||||||||||||
TOTAL CHANGE IN CASH AND CASH EQUIVALENTS | 2,237 | 2,294 | (57 | ) | 605 | 624 | (19 | ) | ||||||||||
LESS: CASH AND CASH EQUIVALENTS AT END OF THE PERIOD - INCLUDED WITHIN ASSETS HELD FOR SALE | — | — | — | — | — | — | ||||||||||||
CASH AND CASH EQUIVALENTS AT END OF THE PERIOD | 15,406 | 15,288 | 118 | 13,243 | 13,047 | 196 |
Net Debt by activity
Unaudited
At June 30, 2019 | At December 31, 2018 | |||||||||||||||||
(€ million) | Group | Industrial activities | Financial services | Group | Industrial activities | Financial services | ||||||||||||
Third parties debt (Principal) | (14,968 | ) | (13,208 | ) | (1,760 | ) | (14,575 | ) | (12,169 | ) | (2,406 | ) | ||||||
Capital market(1) | (8,178 | ) | (7,718 | ) | (460 | ) | (8,112 | ) | (7,699 | ) | (413 | ) | ||||||
Bank debt | (4,469 | ) | (3,463 | ) | (1,006 | ) | (5,320 | ) | (3,772 | ) | (1,548 | ) | ||||||
Other debt(2) | (744 | ) | (452 | ) | (292 | ) | (882 | ) | (437 | ) | (445 | ) | ||||||
Lease liabilities(3) | (1,577 | ) | (1,575 | ) | (2 | ) | (261 | ) | (261 | ) | — | |||||||
Accrued interest and other adjustments(4) | (5 | ) | (5 | ) | — | 47 | 47 | — | ||||||||||
Debt with third parties from continuing operations (excluding Magneti Marelli) | (14,973 | ) | (13,213 | ) | (1,760 | ) | (14,528 | ) | (12,122 | ) | (2,406 | ) | ||||||
Debt classified as held for sale(3) | — | — | — | (177 | ) | (177 | ) | — | ||||||||||
Debt with third parties including discontinued operations | (14,973 | ) | (13,213 | ) | (1,760 | ) | (14,705 | ) | (12,299 | ) | (2,406 | ) | ||||||
Intercompany, net(5) | — | 736 | (736 | ) | — | 560 | (560 | ) | ||||||||||
Current financial receivables from jointly-controlled financial services companies(6) | 281 | 281 | — | 242 | 242 | — | ||||||||||||
Debt, net of intercompany, and current financial receivables from jointly-controlled financial service companies, including discontinued operations | (14,692 | ) | (12,196 | ) | (2,496 | ) | (14,463 | ) | (11,497 | ) | (2,966 | ) | ||||||
Derivative financial assets/(liabilities), net of collateral deposits, from continuing operations(7) | (146 | ) | (146 | ) | — | 151 | 150 | 1 | ||||||||||
Current debt securities(8) | 368 | 368 | — | 219 | 219 | — | ||||||||||||
Cash and cash equivalents | 15,406 | 15,288 | 118 | 12,450 | 12,275 | 175 | ||||||||||||
Cash and cash equivalents, current debt securities and Derivative financial assets/(liabilities), net, classified as held for sale(9) | — | — | — | 725 | 725 | — | ||||||||||||
Total Net cash/(debt) including discontinued operations | 936 | 3,314 | (2,378 | ) | (918 | ) | 1,872 | (2,790 | ) | |||||||||
Net industrial cash/(debt) from continuing operations (excluding Magneti Marelli)(10) | 3,314 | 1,768 | ||||||||||||||||
Net industrial cash/(debt) from discontinued operations(10) | — | 104 | ||||||||||||||||
Total Net industrial cash/(debt) | 3,314 | 1,872 |
________________________________________________________________________________________________________________________________________________
Note: The assets and liabilities of Magneti Marelli have been classified as Assets held for sale and Liabilities held for sale within the Consolidated Statement of Financial Position at December 31, 2018. The disposal of Magneti Marelli was completed on May 2, 2019.
(1) Includes notes issued under the Medium Term Programme, or MTN Programme, and other notes (€7,718 million at June 30, 2019 and €7,699 million at December 31, 2018) and other debt instruments (€460 million at June 30, 2019 and €413 million at December 31, 2018) 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 (€299 million at June 30, 2019 and €464 million at December 31, 2018), and other debt.
(3) Includes Lease liabilities determined in accordance with IFRS 16 - Leases effective January 1, 2019, which resulted in an increase in Lease liabilities of €1,067 million. Finance leases previously included in Other debt have been reclassified to Lease liabilities.
(4) Includes adjustments for fair value accounting on debt and net (accrued)/deferred interest and other amortizing cost adjustments.
(5) Net amount between industrial activities entities' financial receivables due from financial services entities (€982 million at June 30, 2019 and €958 million at December 31, 2018) and industrial activities entities' financial payables due to financial services entities (€246 million at June 30, 2019 and €398 million at December 31, 2018).
(6) Financial receivables due from FCA Bank.
(7) Fair value of derivative financial instruments (net negative €194 million at June 30, 2019 and net positive €90 million at December 31, 2018) and collateral deposits (€48 million at June 30, 2019 and €61 million at December 31, 2018).
(8) Excludes certain debt securities held pursuant to applicable regulations (€48 million at June 30, 2019 and €72 million at December 31, 2018).
(9) At December 31, 2018 this amount Includes current debt securities of €9 million and there were no collateral deposits classified as held for sale.
(10) Amounts above include balances between Magneti Marelli and other companies of the Group (net financial payables due from Magneti Marelli to other group companies of €444 million at December 31, 2018, and nil at June 30, 2019, following the sale of Magneti Marelli on May 2, 2019.)