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The disappearance of Marchionne is greeted by a minute of silence at the beginning of the conference call of Manley with badysts and journalists. "It's a very sad and difficult moment," and then the new business leader scans. "A heartbreaking news: he was a unique man and we will miss him," he added, extending his condolences to the Marchionne family. "I spent nine years talking to Sergio every day and I'm heartbroken," he recalls. "The relationship between us was based on transparency, focus on goals and, above all, respect," says Manley
. Sergio Marchionne, the man who changed the destiny of Fiat, is dead. Elkann: "For ever grateful"
by PAOLO GRISERI and RAFFAELE RICCIARDI
Even in an emotionally difficult moment, the market looked at his words too to steal the first indications of course. And Manley immediately states: "We confirm all the objectives we have set ourselves in the business plan to 2022. 2018 is a very important year, the objectives had to be reviewed: we are always very transparent with market communications".
with the publication of the quarterly accounts, the group formalizes that it canceled the debt by centering the goal engraved in the programs of the Italian-Canadian manager, but on the other hand it deposits some goals for this exercise. The mission of "zero debt" was for Marchionne a way to have an attractive business for investors, valued at best by the market and therefore strong to play its part in the risiko of alliances that the old pub has always considered unavoidable to survive technological and market changes. At the end of 2017 alone, net debt was 2.4 billion. On the other hand, Marchionne himself, presenting the new industrial plan at Balocco early June, announced that by the end of the month the goal of "zero debt" would be cut, reviving for the occasion a tie as to honor a foil of the past. From the financial statements updated at the end of June, it appears that FCA has for the first time a net industrial value of of nearly 500 million euros
Rep [19659009] Death Sergio Marchionne: The discreet farewell of the director who sought his fortune
by PAOLO GRISERI
Net debt, however, as Manley acknowledges "it was a tough quarter, Marchionne l & # 39; He had said and it was so. In the second half, the turnover amounted to 29 billion euros, up 4% (+ 11% at constant exchange rates) "for growth in shipments and the positive price effect, "notes the group. The period April-June 2018 ends with a net profit of 754 million euros, down 35% (-26% at constant currency) compared to the 1 155 billion euros of the same period of last year. The net result excluding exceptional items is 981 million euros, down 9% but stable at constant exchange rates. In the first half, the net result thus stands at € 1,775 billion, down 1% compared to the same period of the previous year, and the "adjusted" result of 2 , 01 billion euros, up 15%. During the first half, the net business turnover reached € 56 billion (+ 1%) with € 2.4 million.
As for 2018, the Lingotto confirms the goal of an adjusted net income of € 5 billion. Instead, it reduces the estimates of net business turnover between 115 and 118 billion euros (the estimate was 125 billion euros) and Adjusted EBIT of 7.5-8 billion euros (8.7 billion euros euros). Net industrial liquidity should be 3 billion euros, instead of the 4 billion previously accounted for. "Even Sergio Marchionne would have lowered the guidelines" for 2018 ", was aware that the targets were to be examined," said FCA CFO Richard Palmer during the conference call with badysts. Palmer, however, points out that 2018 remains "a solid year," despite the reduced estimates. In addition to FCA, today also General Motors has cut estimates for the year: in the case of other US giant cars, on the profits this year weigh the rising costs of commodities and devaluations in Argentina and Brazil, two of its important markets.
Fiat, Chrysler, Alfa Romeo and co: Here's the legacy left by Marchionne [19659005] by FLAVIO BINI
These revisions are probably the factor that weighs on the market where – after the sales of the resumption of Monday and yesterday – the Fca stock has lost up to 15.5%, "Burning" in one session 3.8 billion capitalization. The titles had started early in the day and had slipped slightly towards the officialization of Marchionne's death. But they only fell to the bottom of the list with the publication of the quarterly. Until now, the doubts of the badysts were more focused on Maranello, because Ferrari's business plan was not yet finished (but it is confirmed for next September) and Marchionne was planned until 2021, while FCA However, he was still waiting for 2019. In short, cavallino crawling had to indicate it to indicate the road longer.
Among FCA's accounts we also read about half revenue from Maserati's revenue in the second quarter, just under $ 570 million, due to lower shipments to China "mainly due to the impact of the reduction of duties on imports into China from 1 July, which has delayed decisions to purchase the network and end customers ". It's precisely in China that he's looking at Manley for the future: "It's the biggest challenge, very important for us, the repositioning of the Jeep brand in China".
