• December 2015
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Safe Harbor Statement This document contains forward-looking statements. These statements may include terms such as “may”, “will”, “expect”,
“could”, “should”, “intend”, “estimate”, “anticipate”, “believe”, “remain”, “on track”, “design”, “target”, “objective”, “goal”, “forecast”, “projection”,
“outlook”, “prospects”, “plan”, “intend”, or similar terms. Forward-looking statements are not guarantees of future performance. Rather, they are
based on the Group’s current expectations and projections about future events and, by their nature, are subject to inherent risks and uncertainties.
They relate to events and depend on circumstances that may or may not occur or exist in the future and, as such, undue reliance should not be
placed on them. Actual results may differ materially from those expressed in such statements as a result of a variety of factors, including: the Group’s
ability to reach certain minimum vehicle sales volumes; developments in global financial markets and general economic and other conditions;
changes in demand for automotive products, which is highly cyclical; the Group’s ability to enrich the product portfolio and offer innovative products;
the high level of competition in the automotive industry; the Group’s ability to expand certain of the Group’s brands internationally; changes in the
Group’s credit ratings; the Group’s ability to realize anticipated benefits from any acquisitions, joint venture arrangements and other strategic
alliances; the Group’s ability to integrate its operations; potential shortfalls in the Group’s defined benefit pension plans; the Group’s ability to
provide or arrange for adequate access to financing for the Group’s dealers and retail customers; the Group’s ability to access funding to execute the
Group’s business plan and improve the Group’s business, financial condition and results of operations; various types of claims, lawsuits and other
contingent obligations against the Group; disruptions arising from political, social and economic instability; material operating capital expenditures
and other effects from and in relation to environmental, health and safety regulations; developments in labor and industrial relations and
developments in applicable labor laws; increases in costs, disruptions of supply or shortages of raw materials; exchange rate fluctuations, interest
rate changes, credit risk and other market risks; our ability to achieve the benefits expected from the proposed separation of Ferrari; political and
civil unrest; earthquakes or other disasters and other risks and uncertainties.
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Any forward-looking statements contained in this document speak only as of the date of this document and the Company does not undertake any
obligation to update or revise publicly forward-looking statements. Further information concerning the Group and its businesses, including factors
that could materially affect the Company’s financial results, is included in the Company’s reports and filings with the U.S. Securities and Exchange
Commission, the AFM and CONSOB.
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Key Capital Market Actions Since
May 2014 Business Plan Q1 Q2 Q3 Q4 Merger Effective and Dual-Listing
(October 12-13)
Merger of Fiat S.p.A with and into Fiat Investment N.V. became effective October 12
Surviving entity renamed Fiat Chrysler Automobiles N.V. (FCA)
October 13, FCA listed for trading on Milan and New York (NYSE) exchanges
5-Year Business Plan
(May 6)
Executing premium strategy
Transition away from mass market focus in Europe
Jeep globalization and localization
Increasing volumes globally
Achieving financial objectives around growth, margin, deleveraging and liquidity
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Merger Effective
and Dual-Listing
(October 12-13)
Merger of Fiat S.p.A with and into Fiat Investment N.V. becomes effective October 12
Surviving entity renamed Fiat Chrysler Automobiles N.V. (FCA)
October 13, FCA listed for trading on New York Stock exchange (NYSE) and the MTA 5-Year Business Plan
(May 6)
Combined company presents detailed business plan including product plans and financial targets for
2014 - 2018
Announced Planned Transactions
(October 29)
Issue common shares
Issue mandatory convertible security
Separate Ferrari through an IPO and subsequent spin-off
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U.S. Unsecured Notes Offering
(April 14)
Issued $3.0B of USD-denominated senior unsecured notes
Proceeds used for the redemption of FCA U.S.’s senior secured notes due 2019
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Ferrari IPO
(October 20)
Ferrari N.V. (NYSE: RACE) successfully placed 10% of shares for $982M 2014 2015 2016 Spin-off of Ferrari
(January 2016)
FCA’s remaining 80% shareholding to be distributed to FCA holders of shares and MCS
Unlock hidden value of Ferrari
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Removal of FCA US Ring-fencing
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May 2014 Business Plan Confirmed
December 2015 No significant
change to key initiatives
May 2014 Business Plan financial targets confirmed Changes impacting Plan
Regional industry performance
Shifts in brand performance
Cadence of product launches
Capital market transactions
Separation of Ferrari
FX environment May 2014 Key Initiatives
Executing premium strategy
Transition away from mass market focus in Europe
Jeep globalization and localization
Increasing volumes globally
Achieving financial objectives around growth, margin, deleveraging and liquidity
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Differentiated Value Proposition Broad-based brand portfolio Accelerating financial trajectory Focused
execution Unique and broad-based brand portfolio Volume growth Margin expansion Strengthening balance
sheet Management track record of value enhancement $4B equity raised in Q4 2014 mitigates Business Plan
execution risk
~€1.6B net industrial debt reduction from Ferrari IPO and spin-off*
Debt restructuring to remove FCA US ring-fencing in H1 2016
Significant reduction in targeted liquidity after elimination of FCA US ring-fencing
Target to have investment grade credit metrics by 2017
Target to have positive net industrial cash by end of 2018 Plan to close NAFTA competitive margin gap
Localize Jeep production in EMEA (Italy), LATAM (Brazil), APAC (China)
Continue to grow Maserati and launch Alfa Romeo worldwide
Repurpose Italian manufacturing footprint to luxury and premium vehicles
Mass market brand architecture reduction of 25% and parts commonization drive efficiencies Unique and broadbased brand portfolio targeting specific market segments
Leverage Jeep's global appeal with increased segment coverage and geographic expansion in EMEA, APAC and
LATAM
Portfolio expansion into white space opportunities (i.e. small SUV, CUV’s, mid-size pickup, premium, luxury)
Clear focus on APAC mainly through Jeep and Alfa Romeo brands
Targeted sales of ~7M units (including JVs) in 2018, up from 4.8M units in 2014 Fiat and Chrysler turnarounds –
brand, product and operational revitalization
Integration of Fiat and Chrysler – leveraging synergies for global expansion
Spin-off of Fiat Industrial and Ferrari* – unlocking value to shareholders
Long-standing management team continuity * Expected Q1 2016
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OEM Shareholder Value Creation History Cumulative Shareholder
Return Index – June 1, 2004 to December 1, 2015
• (Closing price on June 1, 2004 = 100)
• Note:
FCA total shareholder return reflects Fiat S.p.A. only
from June 1, 2004 to Dec 31, 2010; Fiat S.p.A.+Fiat Industrial for Jan
3, 2011 to Sep 27, 2013; Fiat S.p.A.+CNHi from Sep 30, 2013 to Oct
10, 2014; and FCA+CNHi from Oct 12, 2014 to current; GM rebased
to 100 at IPO (Nov 2010)
• Source: FACTSET (as of December 1, 2015) Total shareholder
return since June 9th, 2010 Total shareholder return since June 10,
2009 281% 108% 231% 257% 14% 288% 103% 13% (40%)
391% 123% Total shareholder return since June 1, 2004
• FCA Today Note: Numbers may not add due to rounding
• 1 Represents net revenues from external customers and does not
include intercompany amounts
• 2 Includes cash & cash equivalents, current securities and undrawn
committed credit facilities Adjusted EBIT €3.6B Memo:
LATAM (3)%
• Other & Unallocated (6)% Net Revenues1 €83.1B Adjusted EBIT
€3.8B Net Revenues1 €96.1B Memo:
EMEA (1)%
• Other & Unallocated (4)% FY 2014 9 months YTD 2015 Maserati
• 3% Maserati
• 2% Ferrari
• 3% Ferrari
• 2%
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Broad-Based Brand Portfolio Designates global
growth opportunities Mass-market SUVs Sport
cars and UVs Premium Exclusive performance
Sedans & minivans Trucks
& LCVs Performance LCVs Luxury Brand
portfolios targeting unique market segments
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Portfolio expansion into white space
opportunities
• (e.g. small SUV, CUV, mid-size pickup, premium,
luxury) 500 family & functional
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Growth strategy Entry into largest global SUV segments with new products in new regions
Global launch of all-new Renegade and
C-SUV
Localizing production in APAC (China), LATAM (Brazil) and EMEA (Italy)
From 5 nameplates produced in 1 country to 7 nameplates produced in 6 countries on 4 continents
Update FY 2015 global sales expected to be ~20% higher than record FY 2014 sales of 1.0M
Localized production commenced in EMEA, LATAM and APAC
Robust global performance driven by NAFTA, EMEA and LATAM
Renegade well received, offers new volume opportunity globally 2014:
1,017,000
9 months YTD 2015:
914,000
2018E: ~2,000,000 Sales volume growth Grand Cherokee
Patriot
Compass
Cherokee
Wrangler
Renegade
Jeep
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Volume Growth Evolution Sales (‘000) Jeep: UV
industry: +255% (+24% CAGR) +172% (+18% CAGR)
+67% (+19% CAGR) Exceptional performance since
2009, with contribution from all vehicles and all
regions +135% +271% +349% +158% +286% All New
~1,100k ~200k ~500k Production +20% (+6% CAGR)
Localized production and new vehicle launches support
future growth 2014 2015 Discontinued
Model NAFTA
59k
EMEA
58k
LATAM
38k
APAC
2k NAFTA EMEA LATAM APAC
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Grow the brand with product innovations and best in class attributes
Light duty 3.0L EcoDiesel engine
Most capable off-road pickup truck
Best fuel economy1, power, payload and towing2
Offer full portfolio of light commercial vehicles by leveraging Fiat Professional product line-up
(small and large vans) Growth strategy 1 2015 Ram 1500 pickup – based on latest competitive data
2 2015 Ram 3500 pickup – based on latest competitive data Ram Update U.S. large pickup share
has increased from 15.5% in 2009 to 20.6% for
9 months YTD 2015
Continued strong ATP and market share levels, despite GM and Ford pickup renewals in 2013 and
2014, respectively Sales volume growth 2014:
582,000
9 months YTD 2015:
455,000
2018E: ~600,000 1500
ProMaster ProMaster City 2500 & 3500
Chassis Cab
• Quattroporte Ghibli GranTurismo
• Maserati 2014:
32,800
• 9 months YTD 2015:
22,700
• 2018E:
~75,000 Sales volume growth Expanding portfolio to key
luxury market segments
• Ghibli – full-size sedan (2013)
• Levante – luxury SUV, key growth driver for increased volumes
• Increased global volumes leveraging high quality, under-utilized Italian
manufacturing capacity
• Growth strategy Update Weaker segment demand in the U.S. and China
• Market share growth in all regions
• Balancing production and natural absorption rate in the market
• Levante to further drive volume growth GranCabrio
• Levante
(2016)
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Mito Giulietta 4C 4C Spider Giulia
(2016) Alfa Romeo 2014:
68,000
9 months YTD 2015:
49,000
2018E:
~400,000 Sales volume growth Return to legacy of the brand
with all new RWD / AWD architecture and powertrains
Expand reach into global high margin premium vehicle segments
Add distribution in NAFTA and APAC
Growth strategy Update Commitment to overall brand and product strategy and
2018 targets remains in place
Launch cadence re-paced due to:
Uncertainties in China
Need to guarantee proper global distribution network execution
R&D, manufacturing and product investment reduced through 2018
Planned product line-up will now be completed by mid-2020
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200 300
Growth strategy Mainstream NAFTA brand
Clear brand definition with separation from Dodge
Fully redesigned minivan in 2016
Gain share in high-volume sedan segments
Increase segments covered, including CUVs Update All-new minivan –
January 2016 reveal with April 2016 marketing launch
Introduce world’s first hybrid minivan
Gained 2 pts of share y-o-y in mid-size sedan segment (2nd largest U.S.
segment)
Given reduction of volumes in sedan segments, re-evaluating product
portfolio 2014:
352,000
9 months YTD 2015:
278,000
2018E:
~800,000 Sales volume growth Chrysler Town & Country
(Renewal 2016)
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Growth strategy Focus brand messaging on performance vehicles for the mainstream
RWD and AWD products
SRT as exclusive Dodge sub-brand for ultimate performance models
Target young demographic
Emphasis on uniqueness that drives margin Update Youngest demographic of any volume OEM
Record Challenger sales YTD fueled by halo of successful Hellcat launch
Dodge brand average per unit net margin +36% for 9 months YTD 2015 vs. 2014 2014:
753,000
9 months YTD 2015:
501,000
2018E: ~700,000 Sales volume Dodge Journey
Dart
Grand Caravan
Viper
Charger
Challenger
Durango
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Fiat and Fiat Professional Growth strategy 2014:
487,000
9 months YTD 2015: 330,000
2018E: ~600,000 Sales volume growth 2014:
1,377,000
9 months YTD 2015:
938,000
2018E: ~1,900,000 Product portfolio that addresses all commercial lightweight transport needs
Strengthen Middle East and Africa penetration and maintain existing Europe share Leverage brand flexibility to
allow for regional positioning optimization
Reach upper end of small car segments in EMEA
Keep economy models in select regions (e.g. LATAM)
Grow LATAM share with new Strada and Toro pickups
Launch derivative products for 500 family Strada
Dobló Fiorino Scudo
Fullback
(2016) Ducato Toro (2016) Freemont Panda
Qubo 500/Cabrio 500L 500X 124 Spider
(2016) Punto
Palio
Uno Tipo
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NAFTA Region Outlook Units (M) NAFTA & U.S.
(Total vehicle sales including medium/heavy trucks) Current May ‘14
Bus Plan Heightened focus on recalls
Regulatory compliance costs
Cost of new UAW contract
Industry volumes peaking
Strong stable industry
Well-positioned to take advantage of SUV and pickup growth
Introduce Alfa Romeo brand
Legacy products replaced
Margin improvement plan
Improved pricing and mix
Lower R&D after 2016
Reduce manufacturing costs
Q3 2015 Adjusted EBIT margin of 6.7% Adjusted EBIT Margin Source: IHS Adjusted EBIT margins
currently at Business Plan levels forecasted for 2018
Target to further close margin gap to competitors Unit Sales
2.5M
1.9M
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NAFTA Regional Update Net Pricing
Mix
Service
& Parts
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Warranty
Industrial
Costs
Product
Costs Adjusted EBIT margin (Q4 run rate: ~7%) Industry
New Products
[white space
and refreshes] Recall Campaign Related Costs UAW Contract Changes in regulatory environment have caused
FCA to re-assess processes and reserve adequacy
Charge taken in Q3 2015 (€761M; excluded from Adjusted EBIT) for vehicles sold in prior periods, and higher
accrual rates for new shipments
Increased costs for the industry will likely trigger pricing actions by OEMs to maintain profitability New agreement
signed in October which spans 4 years with wage increases for all eligible U.S. represented employees
Eliminates unsustainable “Two Tier” wage structure via a multi-year wage progression plan
Modified profit sharing formula tied to NAFTA Adjusted EBIT margin
Fixed cost increase ~€340M for 2016 Margin Improvement Plan
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LATAM Region Outlook LATAM & Brazil
(Light vehicle sales) LATAM Current May ‘14
Bus Plan Units (M) Market leader with extensive local production and distribution
Significant cost advantages with flexible production sites and Pernambuco plant
upside
Localized Jeep production
Expand product offerings to larger higher margin vehicles while maintaining
leadership in small vehicle segments Market volumes continue to decline
Market and political uncertainty
Continued inflationary pressures
More competitors localized
Currency devaluation pressures
Source: IHS While industry challenges worse than expected, FCA is best
positioned OEM given market leadership, cost advantages and upside from
Pernambuco plant Adjusted EBIT Margin Unit Sales 0.8M
0.4M
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Pernambuco – FCA’s Most Advanced Plant Capacity of >250k
vehicles per annum
Ability to produce three different vehicles, starting with the Jeep
Renegade and Fiat Toro
Entry into fast-growing Brazilian SUV market
SUV market expected to double by 2018
Attractive financing structure
€1.3B investment
80% subsidized by National Development Bank
Significant tax incentives
Integrated supplier park
Production started Q1 2015 - 100% utilization expected in late 2016
FY 2015 Production: Renegade ~52k; Toro ~3k Rio Betim Sao
Paulo Pernambuco
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APAC Region Outlook APAC & China
(Light vehicle sales) China APAC Current May ‘14
Bus Plan Units (M) Source: IHS Expansion of selected global brands with strong
brand equity and pricing power (focus on Jeep and Alfa Romeo)
Localize Jeep manufacturing in growing UV market through JV
Expand distribution network
Focus on SUV’s – fastest growing segment in the region
Economic volatility in some markets
Weaker industry growth
Price pressure in premium segments and from local brands in mass market
segments
Period of transition from importer to local producer for Cherokee, Renegade and
C-SUV Localization of Jeep products in China expected to be completed in 2016
allowing brand to capitalize on expected strong growth in SUV segments Unit
Sales 0.3M
0.2M Adjusted EBIT Margin
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China Localized Production Plan China Joint Ventures
2014 2018 GAC Fiat JV – Changsha
Assembly – 1 platform
2 models
Engine –
1 engine GAC Fiat JV – Changsha
Assembly – 1 platform
5 models
Engine –
5 engines GAC Fiat JV – Guangzhou
Assembly – 1 platform
3 models Vehicle Capacity
775k Vehicle Capacity
195k Guangzhou Automobile
Group Co., Ltd. Expand product portfolio in China
Local production of Jeep, Fiat, and Chrysler branded products utilizing established JV relationships
Alfa Romeo brand to enter premium segment via imports
UV segments are the fastest growing segments in China
Grow distribution network
Localized production eliminates high import duties
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EMEA Region Outlook EMEA & EU28+EFTA
(Light vehicle sales) EU28+EFTA EMEA Current May ‘14
Bus Plan Units (M) Source: IHS EU recovery ahead of expectations
New Jeep models and Alfa Romeo launch
Expansion into largest growing small SUV segment
Continue Fiat 500 family focus. . . not chasing share in commodity
segments
Repurpose capacity to support global luxury and premium strategy
Continued pricing pressures
High fleet mix
Overcapacity in region
Impact of future emissions compliance (dieselgate) Recovery in region
ahead of plan with some future uncertainty related to industry
implications from recent emissions compliance issues Adjusted EBIT
Margin Unit Sales
1.2M 1.0M
• Manufacturing Footprint in Italy
• Repurposed For Export Opportunity Modena
AGAP (Grugliasco) Mirafiori Cassino G. Vico
(Pomigliano) Melfi Atessa (Sevel) * # of models
• ** Capacity utilization based on Harbour
definition (units produced / line rate x 16 hours x
235 days)
• Note: Excludes Ferrari plant 100%+ 57% Memo:
Harbour Q3 2015 Utilization = 89% Capacity
Utilization
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Regional Regulatory Compliance Plan – GHG Globally Optimized CO2 Compliance Plan Measures CO2
Based on engine size
Separate import and export fleets Measures fuel economy and CO2
Footprint based
Car / truck fleets
Zero emission req. Measures CO2
Vehicle weight
based
Car and light commercial fleets Measures CO2
Vehicle weight
based
One fleet Low rolling resistance tires
Mild electrification (stop/start) Light-weighting
Aero improvements
Down-sized turbo engines Volumes
Mix Rates Renewal Scope
Powertrains Products
Program Timing Hybrid Electric Vehicles (HEV)
Plug-in Hybrid Electric Vehicles (PHEV)
Battery Electric Vehicles (BEV) Each region has a unique set of regulatory requirements All regions use a common
set of portfolio assumptions Prioritize vehicle
efficiency improvements and conventional powertrain technologies Apply battery / electric technologies, as
needed, for fleet compliance: Plans in place to be compliant through at least 2019
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• Capex spending increases to peak in 2017 to support heavy cadence of
new / refreshed product programs
• R&D spending increases slightly over period, peaking in 2017
• Spending as a percentage of revenues in-line with industry average at end
of plan period
• Flexibility to reduce or reschedule capex and R&D spending if industry
outlook deteriorates €B Capex and R&D Spending Plan Industry Outlook
vs. Plan As planned Lower Minimum to sustain operations Capex and
R&D range ~10% Capex and R&D % Revenues ~8% Note: Includes
capitalized R&D
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Liquidity and Debt Update Liquidity Dec. 31
€B €B Bank + other debt Capital Market Note:
Capital Market includes the voluntary
redemption of FCA US 2021 Notes for $3.1B in Q4’15; other debt includes Canadian Healthcare
Trust Notes.
Figures may not add due to rounding €15-20B* Net Industrial (Debt) Cash * Post elimination of
FCA US ring-fencing
** May 2014 Plan Debt Maturity Profile As of September 30, 2015
(Face Values) (0.5-1.0)** Note: 2015E reflects transactions completed in connection with the
Ferrari IPO; does not include impact of Ferrari spin-off of ~€0.7B (6.6-7.1) Note: 2015E reflects
Ferrari IPO, redemption of FCA US 2021 Notes and cancellation of FCA US Revolving Credit Facility;
does not include Ferrari separation effects of ~€1.5B YE 2015 Net Industrial Debt expected to be
more than €3B lower than Business Plan – includes €0.9B from Ferrari IPO
Ferrari spin-off will reduce Net Industrial Debt by an additional ~€0.7B
Redemption of FCA US 2021 Notes and termination of $1.3B Revolving Credit Facility – critical step
toward the elimination of ring-fencing and a more efficient capital structure
Manageable maturity profile
Net Industrial Cash position by 2018
Finance charges reduced from €2.0B in 2014 to ~€1.3B in 2018 (9.8-10.3)** >2.0
• Financial Plan Targets Net Revenues Adjusted EBIT
• Margin % Capex Net Industrial (Debt) Cash 2014A €96B
€3.8B
• 3.9% Adjusted Net Profit
• Adjusted Basic EPS €1.1B
• EPS €0.81 €8.1B €(7.7)B * Reflects transactions
completed in connection with the Ferrari IPO
• ** Adjusted for 2014 Capital Market transactions (MCS +
€1.9B, FCA treasury shares + €0.8B, FCA Cash Exit Rights €0.4B), and Ferrari IPO (+€0.9B) and spin-off (~+€0.7B)
as well as expected reduction of positive cash flows
from Ferrari post spin-off
• Proven Management Team Group Executive
Council
• Summary May 2014 Business Plan key initiatives
remain intact
• Changes in external factors have positively and
negatively impacted plan deliverables
• Actions taken by the Group to adjust to market
conditions and de-risk plan execution
• Planned separation of Ferrari will unlock value for
shareholders and strengthen FCA’s balance sheet
• May 2014 Business Plan financial targets
confirmed
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FCA monitors its operations through the use of various supplemental financial measures that may
not be comparable to other similarly titled measures of other companies. Accordingly, investors
and analysts should exercise appropriate caution in comparing these supplemental financial
measures to similarly titled financial measures reported by other companies. Group management
believes these supplemental financial measures provide comparable measures of its financial
performance which then facilitate management’s ability to identify operational trends, as well as
make decisions regarding future spending, resource allocations and other operational decisions.
Supplemental Financial Measures FCA’s supplemental financial measures are defined as follows1:
Adjusted Earnings Before Interest and Taxes (“Adjusted EBIT”) is computed starting from EBIT and
then adjusting to exclude gains and losses on the disposals of investments, restructuring,
impairments, asset write-offs and other unusual items that are considered rare or discrete events
that are infrequent in nature. These same items, on a tax effected basis, are factored into the
calculation of Adjusted Net Profit and Adjusted EPS
Net Industrial Debt is computed as debt plus other financial liabilities related to Industrial Activities
less (i) cash and cash equivalents, (ii) current securities, (iii) current financial receivables from
Group or jointly controlled financial services entities and (iv) other financial assets. Therefore,
debt, cash and other financial assets/liabilities pertaining to Financial Services entities are excluded
from the computation of Net Industrial Debt 1
Refer to the presentation of FCA Q3 2015
Results and 2014 Full Year Results for a reconciliation of FCA’s supplemental
financial measures to their most directly comparable IFRS measures.
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