Harald J Wester Chief Executive Officer

Transcription

1 Harald J Wester Chief Executive Officer Luxury & Finance 2013, Borsa Italiana, Palazzo Mezzanotte, Milan October 15,

2 Safe Harbor Statement Certain information included in this presentation, including, without limitation, any forecasts included herein, is forward looking and is subject to important risks and uncertainties that could cause actual results to differ materially. The Group s businesses include its automotive, automotive-related and other sectors, and its outlook is predominantly based on its interpretation of what it considers to be the key economic factors affecting these businesses. Forward-looking statements with regard to the Group's businesses involve a number of important factors that are subject to change, including, but not limited to: the many interrelated factors that affect consumer confidence and worldwide demand for automotive and automotive-related products and changes in consumer preferences that could reduce relative demand for the Group s products; governmental programs; general economic conditions in each of the Group's markets; legislation, particularly that relating to automotive-related issues, the environment, trade and commerce and infrastructure development; actions of competitors in the various industries in which the Group competes; production difficulties, including capacity and supply constraints, excess inventory levels, and the impact of vehicle defects and/or product recalls; labor relations; interest rates and currency exchange rates; our ability to realize benefits and synergies from our global alliance among the Group s members; substantial debt and limits on liquidity that may limit our ability to execute the Group s combined business plans; political and civil unrest; earthquakes and other risks and uncertainties. Any of the assumptions underlying this presentation or any of the circumstances or data mentioned in this presentation may change. Any forward-looking statements contained in this presentation speak only as of the date of this presentation. We expressly disclaim a duty to provide updates to any forward-looking statements. Fiat does not assume and expressly disclaims any liability in connection with any inaccuracies in any of these forward-looking statements or in connection with any use by any third party of such forward-looking statements. This presentation does not represent investment advice or a recommendation for the purchase or sale of financial products and/or of any kind of financial services. Finally, this presentation does not represent an investment solicitation in Italy, pursuant to Section 1, letter (t) of Legislative Decree no. 58 of February 24, 1998, as amended, nor does it represent a similar solicitation as contemplated by the laws in any other country or state. 2

3 7 steps by 2015 The grid of Maserati 3

4 7 by 15 The grid of Maserati We believe in DNA, in the family tree, in a grid. A grid is: A recorded journey of paths A dimensioned plan A map of routes that lead to pre-determined destinations 4

5 The first path was dimensioned with clear destination four brothers built a race car to win and they did 5

6 Maserati began with 5 racecar mechanics, engineers and an artist 6

7 1926 The First Maserati 7

8 The second path was dimensioned with the addition of road cars but the destination of the brand suffered more than other makes from the ups and downs of the market 8

9 The Orsi Period The Citroen & DeTomaso Period 9

10 Then onwards to Ferrari Fiat / Ferrari 10

11 The Reset Journey 2005 to 2012 Our first 7 years 11

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13 Our image re-building New products and consistent actions consolidated familiarity and enhanced brand evaluation in already covered segments Overall brand familiarity in Maserati segments (% knows the brand Well + % Fairly well ) Overall brand evaluation (1-10 scale) 13

14 Our quality tracking Customer complaints Warranty frequency Quattroporte % % % 60% % -22% -11% -14% -10% -5% 40% 20% % Maserati Porsche MB Lexus Avg Luxury Industry Avg unit warranty cost - 12 months in use (left axis) BMW Warranty frequency (right axis) Jaguar Source: J.D. POWER SURVEY (production date) 14

15 Plowing a clear path with New Quattroporte 15

16 New Quattroporte 3.8 V8 530 HP Quattroporte Sport GT S 4.7 V8 450 HP New Quattroporte 3.0 V6 410 HP AWD New Quattroporte 3.0 V6 410 HP RWD Quattroporte S 4.7 V8 440 HP Quattroporte 4.2 V8 400 HP Max Power revs 390 6,800 rpm 331 7,000 rpm 301 5,500 rpm 301 5,500 rpm 323 7,000 rpm 295 7,000 rpm Max Torque revs 650 Nm / 710 Nm (over 2,000-4,000 rpm 510 4,750 rpm 550 1,750-5,000 rpm 550 1,750-5,000 rpm 510 4,750 rpm 460 4,750 rpm Max speed (Km/h) Acceleration (s) Km/h Fuel consumption l/100 Km CO2 emissions ( g/km in combined cicle) Wheelbase (mm) 3,171 3,064 3,171 3,171 3,064 3,064 Lenght (mm) 5,262 5,097 5,262 5,262 5,097 5,097 Width (mm) side mirrors excluded 1,948 1,895 1,948 1,948 1,895 1,895 Height (mm) 1,481 1,423 1,481 1,481 1,423 1,423 Kerb weight (Kg.) 1,900 1,990 1,920 1,860 1,990 1,990 Max speed: +20 Km/h vs. old Quattroporte Weight: -100/130 Kg. vs. old Quattroporte Fuel consumption: -20/30% vs. old Quattroporte 16

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18 Plowing a clear path with New Ghibli 18

19 Compelling feautures for Ghibli Ghibli 3.0 V6 330 HP RWD Ghibli S 3.0 V6 410 HP RWD Ghibli S Q4 3.0 V6 410 HP AWD Ghibli Diesel 3.0 V6 275/250 HP RWD Max Power revs 243 5,000 rpm 301 5,500 rpm 301 5,500 rpm 202 4,000 rpm Max Torque revs 500 1,750-4,500 rpm 550 1,750-5,000 rpm 550 1,750-5,000 rpm 600 2,000-2,600 rpm Max speed (Km/h) Acceleration (s) Km/h Fuel consumption l/100 Km CO2 emissions (g/km in combined cicle) Wheelbase (mm) 2,998 Lenght (mm) 4,971 Width (mm) side mirrors excluded 1,945 Height (mm) 1,461 Weight (Kg.) 1,810 1,810 1,870 1,835 19

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21 Capex (including capitalized R&D) 1.5 cumulative E 2014E

22 Two plants, Four models, Up to 50,000 units a year Maserati HQs & plant - Modena (Italy) Avv. Giovanni Agnelli - Grugliasco (Italy) An industrial revolution 22

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24 ...and two top-class engine suppliers VM Motori - Cento (Italy) Ferrari engine plant - Maranello (Italy) An industrial revolution 24

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26 A pre-determined destination GranTurismo GranCabrio New Quattoporte Ghibli 2,919 3,416 5, , ,163 1, Rest of the World 574 Rest of the World 796 Rest of the World 323 Total: 5,000 Total: 9,900 Total: 7,900 Data as of September 30, 2013 More than 22,500 orders worldwide 26

27 Introducing the blueprint our next 7 dimensions 27

28 1- Leverage brand potential Currently we are participating only 22% of total luxury market (214k units) Out of that 22%, we captured 6,150 units in 2012 or 15.4% of 40k units luxury market with Quattroporte, GranTurismo, Grancabrio 28

29 22% of total Luxury market or 214k units covered by Maserati in 2012 Luxury SUVs 52% North America: 381k Europe: 260k Asia: 275k M.E. & Africa: 32k Latin America: 12k Luxury Sportcars 9% E High end Sedans 25% Flagship Sedans 14% Luxury Sportcars 9% E High end Sedans 17% Luxury SUVs 56% Flagship Sedans 18% Luxury SUVs 47% Luxury Sportcars 3% E High end Sedans 23% Flagship Sedans 27% Luxury SUVs 42% Covered segments Luxury Sportcars 7% Flagship Sedans 9% E High end Sedans 42% Luxury Sportcars 6% E High end Sedans 31% Luxury SUVs 58% Flagship Sedans 5% Source: JATO Dynamics, IHS Global Insight, POLK R.L. 29

30 1- Leverage brand potential 2 - Penetrate 100% Luxury segment(s) Currently we are participating only 22% of total luxury market (214k units) Out of that 22%, we captured 6,150 units in 2012 or 15.4% of 40k units luxury market with Quattroporte, GranTurismo, Grancabrio We are investing in product line-up to compete across 100% of the luxury market by 2015 and securing best partners & plants In 2015, the luxury market is expected to be 1 million units 30

31 New range coverage & positioning Maserati will offer a complete range in the luxury market 150k 100k GranTurismo GranCabrio 50k 31

32 1- Leverage brand potential 2 - Penetrate 100% Luxury segment(s) 3 - Deliver on objectives Currently we are participating only 22% of total luxury market (214k units) Out of that 22%, we captured 6,150 units in 2012 or 15.4% of 40k units luxury market with Quattroporte, GranTurismo, Grancabrio We are investing in product line-up to compete across 100% of the luxury market by 2015 and securing best partners & plants In 2015, the luxury market is expeced to be 1 million units If we trend the same sales percentage as we are capturing today, we could sell 130+k units by 2015 However, we are not going to build to the plausible level of demand 32

33 Maserati to cover 100% of total Luxury market or 1 million units by 2015 Luxury Sportcars 11% Luxury Sportcars 10% Luxury SUVs 55% E High end Sedans 19% Flagship Sedans 15% Luxury Sportcars 3% E High end Sedans 21% Luxury SUVs 40% E High end Sedans 38% Luxury SUVs 47% Flagship Sedans 12% North America: 386k Europe: 256k Luxury SUVs 58% Luxury Sportcars 11% E High end Sedans 14% Flagship Sedans 17% Flagship Sedans 28% Covered segments New covered segments Luxury Sportcars 5% E High end Sedans 19% Flagship Sedans 5% Luxury SUVs 71% Asia: 326k M.E. & Africa: 41k Latin America: 15k Source: JATO Dynamics, IHS Global Insight, POLK R.L. 33

34 Revenues Trading Profit Volumes 5, , , , ,675 6,159 6, >2.5x 2012 levels Shipments 40k 50k Revenues (times of 2012 levels) >2x >4x >5x Trading margin Double-digit margin starting 2014 x E 2014E 2015E 34

35 1- Leverage brand potential 2 - Penetrate 100% Luxury segment(s) 3 - Deliver on objectives 4 - Maintain brand & customer exclusivity Currently we are participating only 22% of total luxury market (214k units) Out of that 22%, we captured 6,150 units in 2012 or 15.4% of 40k units luxury market with Quattroporte, GranTurismo, Grancabrio We are investing in product line-up to compete across 100% of the luxury market by 2015 and securing best partners & plants In 2015, the luxury market is expeced to be 1 million units If we trend the same sales percentage as we are capturing today, we could sell 130+k units by 2015 However, we are not going to build to the plausible level of demand Ensuring exclusivity by limiting our growth to 50k delighted customers worldwide 35

36 OUR GOAL 50,000 units a year by ,300 units in

37 1- Leverage brand potential 2 - Penetrate 100% Luxury segment(s) 3 - Deliver on objectives Currently we are participating only 22% of total luxury market (214k units) Out of that 22%, we captured 6,150 units in 2012 or 15.4% of 40k units luxury market with Quattroporte, GranTurismo, Grancabrio We are investing in product line-up to compete across 100% of the luxury market by 2015 and securing best partners & plants In 2015, the luxury market is expeced to be 1 million units If we trend the same sales percentage as we are capturing today, we could sell 130+k units by 2015 However, we are not going to build to the plausible level of demand 4 - Maintain brand & customer exclusivity Ensuring exclusivity by limiting our growth to 50k delighted customers worldwide 5 - Increase residuals We will not erode our margins or brand with uncompetitive discounts 37

38 Model Ghibli A7 550 i E350 Model Ghibli Diesel XF 530 Diesel CLS 350 Model Ghibli Diesel XF 530 Diesel S CLS 350 Terms (months) Residual Value 47% 47% 44% 47% Terms (months) Residual Value 49% 47% 51% 52% Terms (months) Residual Value 46% 44% 41% 41% Model Quattroporte A8 L 750 LiX S 550 Model Quattroporte Diesel Panamera 730 Diesel Model Quattroporte Diesel Panamera 730 Diesel Terms (months) Terms (months) Terms (months) Residual Value 43% 45% 45% 45% Residual Value 49% 55% 45% Residual Value 44% 44% 31% 38

39 1- Leverage brand potential 2 - Penetrate 100% Luxury segment(s) 3 - Deliver on objectives Currently we are participating only 22% of total luxury market (214k units) Out of that 22%, we captured 6,150 units in 2012 or 15.4% of 40k units luxury market with Quattroporte, GranTurismo, Grancabrio We are investing in product line-up to compete across 100% of the luxury market by 2015 and securing best partners & plants In 2015, the luxury market is expeced to be 1 million units If we trend the same sales percentage as we are capturing today, we could sell 130+k units by 2015 However, we are not going to build to the plausible level of demand 4 - Maintain brand & customer exclusivity Ensuring exclusivity by limiting our growth to 50k delighted customers worldwide 5 - Increase residuals We will not erode our margins or brand with uncompetitive discounts 6 - Ensure network sustainability Despite doubling the number of dealerships, we will improve throughput per dealer, five-fold from today Careful appointment of the right dealer in the right location in the right market 39

40 Sales network expansion 250 (2011) 320+ (2013E) 400+ (2015E) Today s network New network by

41 1- Leverage brand potential 2 - Penetrate 100% Luxury segment(s) 3 - Deliver on objectives Currently we are participating only 22% of total luxury market (214k units) Out of that 22%, we captured 6,150 units in 2012 or 15.4% of 40k units luxury market with Quattroporte, GranTurismo, Grancabrio We are investing in product line-up to compete across 100% of the luxury market by 2015 and securing best partners & plants In 2015, the luxury market is expeced to be 1 million units If we trend the same sales percentage as we are capturing today, we could sell 130+k units by 2015 However, we are not going to build to the plausible level of demand 4 - Maintain brand & customer exclusivity Ensuring exclusivity by limiting our growth to 50k delighted customers worldwide 5 - Increase residuals We will not erode our margins or brand with uncompetitive discounts 6 - Ensure network sustainability Despite doubling the number of dealerships, we will improve throughput per dealer, five-fold from today Careful appointment of the right dealer in the right location in the right market 7 - Increase franchise value Expansion of the product range across the luxury market and ensuring a healthy dealer network 41

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43 How are we to communicate and position the brand in a sea of sameness among the competition? 43

44 The White Room McGarry Bowen 44

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46 Contacts Group Investor Relations Team Marco Auriemma Vice President Maristella Borotto Francesca Ferragina Timothy Krause Paolo Mosole Sara Nicola fax: websites: