Fiat Group has announced that it reported a net loss for the second quarter of EUR179m, but said that the result was at nearly break-even if unusual items are excluded (mainly restructuring costs).
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It said that in an extremely difficult trading environment it closed the quarter with an EUR310m trading profit and said that debt was down, liquidity up.
Fiat confirmed its 2009 guidance, with trading profit in excess of EUR1bn and net debt levels below EUR5 billion.
Group revenues were down 22.5% to EUR13.2bn in Q2. Year-on-year declines were experienced by all businesses, but with signs of improvement in certain market compared with Q1 levels, Fiat said.
Fiat Group Automobiles (FGA) reported revenues of EUR6.9bn (-11.1%) on delivery of 591,100 cars and light commercial vehicles (-8.3% over Q2 2008). Fiat said that nearly one-third of the revenue decline was due to unfavourable exchange rate movements.
FGA gained gained market share in Western Europe (+0.9 p.p. to 9.2%) and, with its product strength in small cars, outperformed in most major markets where eco-incentives were in place, including Italy (to 34.5% from 32.9%), Germany (to 5.4% from 3.4%) and France (to 4.6% from 4.3%).
In Brazil, Fiat maintained leadership (25.2% share) in a continued strong market.
FGA delivered a trading profit of EUR155m (EUR243m for Q2 2008), representing a 2.2% margin.
