Q2 2010 Results Review - FCA GroupQ1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 U.S. Retail...
Transcript of Q2 2010 Results Review - FCA GroupQ1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 U.S. Retail...
August 9, 2010
Q2 2010 Results Review
Gearing up for a guidance upgrade
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1 August 9, 2010 (Refer to Appendix for definition of non-U.S. GAAP financial measures )
Forward-Looking Statement
This document contains forward-looking statements that reflect management's current views with respect to future events. The words “anticipate,” “assume,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “project” and “should” and similar expressions identify forward-looking statements. Such statements are subject to risks and uncertainties, including, but not limited to: the effective implementation of the Chrysler 2010 – 2014 Business Plan outlined on November 4, 2009, including timely vehicle launches; industry SAAR levels; slower than expected economic recovery in Europe or North America, including continued high unemployment levels and lack of available credit to consumers and dealers; introduction of competing products; and supplier insolvencies. If any of these or other risks and uncertainties occur, or if the assumptions underlying any of these statements prove incorrect, then actual results may be materially different from those expressed or implied by such statements. We do not intend or assume any obligation to update any forward-looking statement, which speaks only as of the date on which it is made.
2 August 9, 2010 (Refer to Appendix for definition of non-U.S. GAAP financial measures )
Q2 2010 Financial Highlights Steady improvement over Q1 2010
• Net Revenues up 8% to $10.5B in Q2 2010 (Q1 2010: $9.7B) in a gradually recovering US market
Overall shipments up 53k (+14%) over Q1 2010 to 433k
Fourth consecutive quarter of increased shipments since Company formation
• Operating Profit of $183M, an improvement of $40M versus Q1 2010
Operating performance increased from higher volumes and manufacturing efficiencies, offset partially by mix impact of Jeep® Grand Cherokee changeover and higher ER&D expenses to support new products development
Operating profit margin of 1.7% of net revenues, an increase from 1.5% achieved in Q1 2010
• EBITDA of $855M (8.2% of net revenues), a $68M increase from Q1 2010
• Net Loss of $172M (net loss of $197M in Q1 2010)
• Net Industrial Debt improved by $0.4B to $3.4B
• Strong liquidity at $10.1B, including $2.3B of undrawn credit facilities under UST & EDC loans
• 2010 guidance remains unchanged (including a minimum of operating breakeven), but will probably be revised upwards on the basis of Q3 2010 performance
3 August 9, 2010 (Refer to Appendix for definition of non-U.S. GAAP financial measures )
Q2 2010 Operating, Product and Business Highlights
• Worldwide sales up 73k (+22%) to 407k over Q1 2010
Steady month-over-month growth as brand repositioning efforts and marketing campaigns continuing to drive increased customer showroom traffic
Improved U.S. market share, now at 9.4% (up 30 b.p. in the quarter)
• Continued strict inventory discipline with U.S. dealer inventory at 222k units, or 60 days of supply
• Successfully launched all-new Jeep® Grand Cherokee in U.S. and Canada – Awarded Insurance Institute for Highway Safety (IIHS) Top Safety Pick
• Chrysler Group vehicles improved by an average of 10 points year-over-year in JD Power Initial Quality Survey, while industry average deteriorated by 1 point
• World Class Manufacturing on track to FY target (8% reduction in operating costs, 15% improvement in first-time quality)
• Began distribution of Chrysler Group vehicles in select European countries through Fiat Group Automobiles’ distribution organization (full roll-out by year-end), with FGA providing financial services to Chrysler Group’s European activities
• Announced investments in Indiana Transmission and Kokomo Casting plants
$343M to retool and modernize the plants for a new, highly-efficient, 8-speed automatic transmission and to support production of World Gas Engine
• Established agreement with Santander Consumer USA to provide new vehicle financing for consumers with non-prime credit scores, complementing existing relationships with financial service providers
• Finalized (July) $400M loan to Chrysler de Mexico from Bancomext and Nafin; proceeds to partially finance production of Fiat 500 at Toluca, Mexico plant
4 August 9, 2010 (Refer to Appendix for definition of non-U.S. GAAP financial measures )
Q2 2010 Q1 2010 Q2 2010
B/(W) Q1 2010
H1 2010
Net Revenues 10,478 9,687 791 20,165
Operating Profit 183 143 40 326
EBITDA 855 787 68 1,642
Net Loss (172) (197) 25 (369)
Cash flow 474 1,490 (1,016) 1,964
Cash 7,841 7,367 474 7,841
Gross Industrial Debt 11,226 11,192 (34) 11,226
Net Industrial Debt (3,385) (3,825) 440 (3,385)
Worldwide Shipments - Units (000) 433 380 53 813
Q2 2010 Financial Highlights
$ Millions
5 August 9, 2010 (Refer to Appendix for definition of non-U.S. GAAP financial measures )
EBITDA and Operating Profit to Net Loss Walk
Q2 2010 Q1 2010 H1 2010
EBITDA 855 787 1,642
Depreciation and Amortization 1) (672) (644) (1,316)
Operating Profit 183 143 326
Provision for Income Taxes (33) (35) (68)
Net Interest Expense (296) (295) (591)
Other Employee Benefit Costs 2) 13 14 27
Restructuring Expense & Other (39) (24) (63)
Net Loss (172) (197) (369)
1) Depreciation and amortization expense net of depreciation and amortization expense for vehicles held for lease 2) Represents interest cost and expected return on plan assets
$ Millions
6 August 9, 2010 (Refer to Appendix for definition of non-U.S. GAAP financial measures )
Q1 2010 Volume Mix and Netprice
IndustrialCosts
SG&A Other Q2 2010
Operating Profit Walk Q1 2010 to Q2 2010
143 (18) (5)
183 (75)
$ Millions
(64)
202
+40 • Shipment volumes increased
to 433k units from 380k units, offset by seasonal increase in GDP fleet (13k units increase in Q2 vs. Q1)
• Mix / pricing changes driven primarily by the impact of the Grand Cherokee changeover and moderate increases in incentive programs
• Industrial costs increased due to the ramp-up of ER&D expenses, partially offset by manufacturing efficiencies
• SG&A driven by increased advertising spend to support the pre-marketing launch of the all-new Grand Cherokee
1.5% 1.7%
Profitability impacted by non-recurring industrial costs of $50+M in the quarter associated to Jeep® Grand Cherokee changeover
7 August 9, 2010 (Refer to Appendix for definition of non-U.S. GAAP financial measures )
Cash
(Mar 31, 2010)
EBITDA Working
Capital
Capital
Expenditure
Pension/OPEB Interest /
Taxes
Other Cash
(Jun 30, 2010)
+0.4
$ Millions
• Capital expenditures and debt service funded by EBITDA
• Interest payments
primarily relate to UST/EDC loans
(0.6) (0.2)
7.8 (0.1)
7.4
0.9
0.6
Cash Walk – 1Q 2010 to 2Q 2010 Additional cash flow continued to strengthen liquidity
(0.2)
8 August 9, 2010 (Refer to Appendix for definition of non-U.S. GAAP financial measures )
Fixed Costs and Capital Spending Continued fixed cost discipline while investing in new products
2.2 2.3
• Q2 fixed costs driven by ER&D ramp-up
• Fixed cost trend for total year remains on track
Plant / Corporate
Depreciation & Amortization
Sales & Marketing
ER&D
$ Billions
~9.5
Fixed Costs
Q1 2010 Q2 2010 FY '10E
Capital Expenditures
0.6
2.7
0.6
Capital spending will accelerate in H2 2010 to reach a total of $2.7 billion for the year in support
of the near term product renewals
9 August 9, 2010 (Refer to Appendix for definition of non-U.S. GAAP financial measures )
* Excludes $400M Mexico loan
+2.3
10.1*
US Treasury Loan
Availability
7.8
$ Billions
1.7 0.6
Canada / EDC Loan
Availability
Cash June 30, 2010
Total Liquidity June 30, 2010
Total Available Liquidity
10 August 9, 2010 (Refer to Appendix for definition of non-U.S. GAAP financial measures )
Leverage Analysis Gross Industrial Debt stable while cash improves
Carrying Value as of
June 30, 2010
Carrying Value as of March 31,
2010
June 30 B/(W)
March 31
Cash 7.8 7.4 0.4
UST Loan – Tranche B 2.1 2.1 0.0
UST Loan – Tranche C 3.5 3.5 0.0
U.S. Treasury Zero Coupon Note 0.1 0.1 0.0
UAW VEBA Trust Note 3.9 3.9 0.0
EDC Loan 1.2 1.2 0.0
Other Financial Liabilities 1) 0.5 0.5 0.0
Gross Industrial Debt 11.2 11.2 0.0
Net Industrial Debt 3.4 3.8 0.4
1) Excludes Gold Key Lease (GKL) self-liquidating debt Note: Numbers may not add due to rounding
• Gross Industrial Debt remained at $11.2B with Net Industrial Debt improving as a result of positive cash flow of $0.4B
Note: Pension and OPEB liabilities reduced Unfunded pension liability
down by $0.3B to $3.5B Unfunded OPEB liability
down by $0.1B to $3.7B
$ Billions
11 August 9, 2010 (Refer to Appendix for definition of non-U.S. GAAP financial measures )
Business Overview
Sales performance & Dealer Inventory
Pricing and Incentives
Network development and Financing Activities
2011 all-new Jeep® Grand Cherokee Launch
Plant Investments
2010 product launches
2010 Outlook
12 August 9, 2010 (Refer to Appendix for definition of non-U.S. GAAP financial measures )
Industry Units (000s)
Chrysler Group performance (Q2 vs. Q1)
Sales Market share Best performers
Quarterly sales increase (+25%)
Up 30 b.p. to 9.4%
• Jeep® Wrangler up 40% to ~27k units while being named “Best & Most Significant 4x4 Vehicle of the Decade“ by Four Wheeler magazine
• Minivan sales up 41% to ~65k units, maintaining leadership in the segment
Quarterly sales increase (+32%)
Strong market share at 12.9% ,
slightly down due to fleet
timing
• Ram 1500 Pickup (+40% to 11k units)
• Dodge Grand Caravan (+26% to 16k units)
• Dodge Journey (+10% to 5,500 units)
Sales Performance North America highlights
2,588 3,115
Q1 Q2
332
465
Q1 Q2
13 August 9, 2010 (Refer to Appendix for definition of non-U.S. GAAP financial measures )
Worldwide Sales Q1 and Q2 2010 Sales on track to FY target, all brands contributing to the improvement
235 292
527 45
60
105
19
17
36
35
38
73
Q1 Q2 H1
334
93 94
187
124 169
293
57
72
129
60
72
132
Q1 Q2 H1
334
407 407
U.S.
Canada
Mexico
Int’l
Q2 2010 B/(W) Q1 2010
3
15
57
(2)
Q2 2010 B/(W) Q1 2010
12
45
1
15
By Market By Brand
+73 (+22%)
741
+73 (+22%)
741
Units (000s)
14 August 9, 2010 (Refer to Appendix for definition of non-U.S. GAAP financial measures )
U.S. Dealer Inventory Inventory level consistent with higher sales performance
90
58 58 60
Jun 10th Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Days Supply
2009 2010
Units (000s)
“Cash for Clunkers” Program 246
179
222
208
Dealer Inventory will build in Q4 to support sales of new products in early 2011
15 August 9, 2010 (Refer to Appendix for definition of non-U.S. GAAP financial measures )
~5,000 ~4,600
~4,200
~3,600 ~3,700 ~$4,100
25,400 25,700
24,800
27,90027,300 27,100
Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010
U.S. Retail Average Transaction Price Average transaction price remains strong at over $27,000 per unit
$/Unit
Source: Company calculation based on J.D. Power & Associates (at constant Q2 2010 sales nameplate mix)
Average Transaction
Price
Average Incentive
16 August 9, 2010 (Refer to Appendix for definition of non-U.S. GAAP financial measures )
U.S. Dealer Network Development Q2 update
Project “Genesis” proceeding apace, completion by 2011
• Through June 2010, 85% of dealers consolidated (all brands under one roof)
• About 80% of dealers now profitable, a level not seen since 2002-03
Dealer selection process started for reintroduction of Fiat brand in the U.S.
• 125 markets in ~40 states Identified for growth potential in small-car segment
Dealer arbitration process completed in July 2010
• Out of 418 cases, 310 settled or withdrawn
• 108 court arbitrations concluded with 32 cases in favor of dealers, representing ~4% of total dealers terminated
• The 32 dealers that prevailed were offered letters of Intent to join Chrysler Group’s dealer network, contingent upon meeting certain financial and operational prerequisites
17 August 9, 2010 (Refer to Appendix for definition of non-U.S. GAAP financial measures )
Distribution Channel Integration Status update (Europe)
• Integration of sale and service activities of Chrysler, Jeep® and Dodge branded products with Fiat Group Automobiles started in April
• Reorganization and integration of Chrysler and Lancia brand sales networks
• Aiming at creating an integrated network of 1,000+ dealerships across Europe by 2014
• Creating synergies by fully exploiting potential of two networks, including more efficient sales and quality in distribution of new products, spare parts and service
• FGA Capital already providing financing services for Chrysler, Jeep® and Dodge product distributors in Europe
April 2010
May 2010
June 2010
July 2010
Remainder of 2010
Italy France
Sweden
Denmark
Germany
Belgium
Netherlands
Switzerland
Spain
UK
Poland
Czech R.
Austria
Hungary
Status In progress
18 August 9, 2010 (Refer to Appendix for definition of non-U.S. GAAP financial measures )
•Beginning of July, finalized a loan arrangement of $400M to Chrysler de Mexico from Bancomext and Nafin to partially finance production of Fiat 500 at Toluca, Mexico plant
•Facility fully drawn in July 2010
Chrysler de Mexico – Bancomext/Nafin Loan
•Floor plan financing for U.S. dealers increased to ~$5B in the quarter
•Canadian dealer financing totaled over $1B at Q2-end
•Chrysler Group represented ~50% of Ally’s retail contracts origination
Ally Financial
•Santander Consumer USA now to provide new car financing at attractive rates to consumers with credit scores below 650
•Ally Financial included in Chrysler Group’s non-prime program Non-Prime Program (US)
•Sale completed in June
•Opens new financing opportunities for consumers and dealers Sale of Chrysler Financial
(Mexico) to Inbursa
Financing Activities Q2 update
19 August 9, 2010 (Refer to Appendix for definition of non-U.S. GAAP financial measures )
2011 Jeep® Grand Cherokee Successful launch
• Launched in May 2010, with a promising market reception Commercial performance to date (Aug 6): ~70k dealer
orders and ~4,000 units sold to customers
• Advertising and positive media buzz is driving higher showroom traffic (+8%) and purchase intention activity through internet (+28%)
• Top Safety Pick award from Insurance Institute for Highway Safety (IIHS)
• All-new Pentastar 3.6L V6 engine (first introduction) 290 hp, 260 lb-ft. Torque 23 MPG (2WD), 22 MPG (4WD) estimated EPA highway
fuel economy
From the "Rumble seat" column
“The 2011 Grand Cherokee is excellent kit—hardy, well sorted,
handsome, agile, with a level of seriousness and interior
refinement that in places outpoints Mercedes-Benz and Cadillac
…The Overland edition is an absolute steal.” – June 26, 2010
“Roomier, more powerful,
more fuel-efficient than
its predecessor, the 2011
Jeep Grand Cherokee
becomes a worthy
contender among premium
midsize SUVs….Top four-
wheel-drive systems were
terrific off-road. At
long last, adult-size
room in back seat.” – July 10, 2010
“Contents Under Pressure: Jeep’s Big New Thing Won’t Disappoint the Faithful On-road, the ’11 Jeep Grand Cherokee is more refined and more efficient, and doesn't give up anything for its slightly larger size. Off-road at Moab, it’s hard to imagine how it could get any better. … Pressure relieved.” – June 20, 2010
20 August 9, 2010 (Refer to Appendix for definition of non-U.S. GAAP financial measures )
Indiana Transmission Plant and Kokomo Casting
Plant
• $300M investment to retool and modernize Indiana Transmission Plant I and Kokomo Casting Plant to accommodate a new highly efficient 8-speed automatic transmission
• $43M investment in new equipment and tooling to expand operations to support production of World Gasoline Engine and improve processes for related 62TE transmission program
• WCM implementation update ~150 projects completed
Transformation of manufacturing operations continuing
Jefferson North Assembly Plant
• Assembly of all-new Jeep® Grand Cherokee and 3-row Dodge CUV (to be launched in Q4 2010)
• Nearly $700M investment in new facilities and equipment
• Production capacity* of 250k units/year
• 2-shift production facility with 2nd shift added in July
• WCM implementation update All major assembly systems /
conveyance built on-site (a Chrysler first)
500+ projects completed
Trenton & Saltillo Engine Plants
• Production of 3.6L V6 Engine
• Production capacity* of 440k units per year (increasing to 500k units in 2012) at each plant
• Over $400M investment in new facilities and equipment at each plant
• WCM implementation update 700+ projects completed
* As per Harbour definition
21 August 9, 2010 (Refer to Appendix for definition of non-U.S. GAAP financial measures )
2010 Calendar Year Launches Program scope / improvement
Start of production
Chassis Interior Exterior Powertrain
Ram Chassis Cab Q1
Jeep® Grand Cherokee (*) Q2
Jeep® Wrangler Q3
Jeep® Patriot Q3
Jeep® Compass Q4
Dodge CUV (*) Q4
Dodge Journey Q4
Dodge Avenger Q4
Dodge Grand Caravan / Chrysler T&C Q4
Dodge Charger (*) Q4
Chrysler Sebring replacement Q4
Chrysler 300 (*) Q4
Fiat 500 (*) Q4
Robust product offensive in H2 2010 with 75% of vehicle lines renewed or significantly refreshed by year-end
Extensive Upgrade
* New architecture
22 August 9, 2010 (Refer to Appendix for definition of non-U.S. GAAP financial measures )
Worldwide Sales (units) 1.6 – 1.7 M
Net Revenue $40 - $45 B
Operating Profit $0.0 - $0.2 B
EBITDA $2.5 - $2.7 B
Free Cash Flow $(1) B
2010 Outlook
2010 guidance unchanged, but will probably be revised upwards on the basis of Q3 performance
24 August 9, 2010 (Refer to Appendix for definition of non-U.S. GAAP financial measures )
Appendix
25 August 9, 2010 (Refer to Appendix for definition of non-U.S. GAAP financial measures )
Gross Industrial Debt
As of June 30, 2010
Carrying Value
Face Value
UST Loan – Tranche B 2.1 2.1
UST Loan – Tranche C 3.5 3.6
U.S. Treasury Zero Coupon Note 0.1 0.1
UAW VEBA Trust Note 3.9 4.6
EDC Loan 1.2 1.6
Other Financial Liabilities1 0.5 0.7
Gross Industrial Debt 11.2 12.7
1 Excluding Gold Key Lease (GKL) self-liquidating debt Note: Numbers may not add due to rounding
$ Billions
26 August 9, 2010 (Refer to Appendix for definition of non-U.S. GAAP financial measures )
Reconciliation of Total U.S. GAAP Financial Liabilities to Gross Industrial Debt
June 30, 2010
March 31, 2010
Dec. 31, 2009
U.S. GAAP Financial Liabilities (Carrying Value) 12,367 12,956 9,551
VEBA Trust Note (Reclassified Jan 1, 2010 – pro-forma only for Dec 31, 2009)
- - 3,854
Gold Key Lease Debt
Short Term ABS
Long Term ABS
GKL Credit Facility
Total
(580)
(115)
(446)
(1,141)
(759)
(132)
(873)
(1,764)
(922)
(291)
(953)
(2,166)
Gross Industrial Debt 11,226 11,192 11,2391
$ Millions
1 Pro-forma due to inclusion of UAW VEBA Trust Note.
27 August 9, 2010 (Refer to Appendix for definition of non-U.S. GAAP financial measures )
Gross Industrial Debt Maturity Schedule
Note: Excluding accrued and accreted interest
2010 2011 2012 2013 2014 2015+Gross Industrial Debt March 31, 2010 (Carrying Value)
11.2
0.1 0.3 0.2
8.2
2.3
0.1
Annual Maturities Gross
Industrial Debt
$ Billions
0.1 2.7 0.1 0.3 0.3 9.2
Face Value 12.7
28 August 9, 2010 (Refer to Appendix for definition of non-U.S. GAAP financial measures )
Condensed Consolidated Balance Sheets
CURRENT ASSETS:
June 30, 2010
March 31, 2010
December 31, 2009
Cash 7,841 7,367 5,877
Trade Receivables, Net 1,436 1,423 1,752
Inventories 3,114 2,986 2,783
Other Current Assets 2,134 2,459 2,542
Total Current Assets 14,525 14,235 12,954
Property, Plant and Equipment, Net 13,779 13,937 13,960
Equipment on Operating Leases, Net 2,407 2,481 2,576
Other Intangible Assets, Net 3,442 3,416 3,444
Goodwill 1,361 1,361 1,361
Other Long –Term Assets 943 1,245 1,128
Total Other Assets 21,932 22,440 22,469
Total Assets 36,457 36,675 35,423
CURRENT LIABILITIES Trade Liabilities 6,813 6,832 5,564
Other Current Liabilities 9,707 8,868 12,847
Current Portion of Financial Liabilities 653 830 1,092
Total Current Liabilities 17,173 16,530 19,503
LONG-TERM LIABILITIES Financial Liabilities 11,714 12,126 8,459
Other Long-Term Liabilities 11,179 11,502 11,691
Total Long-Term Liabilities 22,893 23,628 20,150
Total Members’ Deficit (3,609) (3,483) (4,230)
Total Liabilities and Members’ Deficit 36,457 36,675 35,423
$ Millions
29 August 9, 2010 (Refer to Appendix for definition of non-U.S. GAAP financial measures )
Pension Disclosure
$ Millions
NET PERIODIC BENEFIT COST
Q1 2010 Q2 2010 YTD 2010
Service Cost 61 63 124
Interest Cost Net of Expected Return (61) (63) (124)
Special Early Retirement Costs - - -
Total Net Periodic Benefit Cost - - -
WORLDWIDE PENSION FUND CONTRIBUTIONS 55 252 307
FUNDED / UNDER FUNDED STATUS
U.S. (3,538) (3,328) (3,328)
Canada and Mexico (276) (222) (222)
Worldwide Total (3,814) (3,550) (3,550)
U.S. ASSUMPTIONS (Year End)
Expected Long-Term Asset Return 7.4% 7.4% 7.4%
Discount Rate – Weighted Average 5.5% 5.5% 5.5%
30 August 9, 2010 (Refer to Appendix for definition of non-U.S. GAAP financial measures )
OPEB Disclosure
$ Millions
NET PERIODIC BENEFIT COST
Q1 2010 Q2 2010 YTD 2010
Service Cost 9 9 18
Interest Cost Net of Expected Return 46 49 95
Amortization of Actuarial Loss 1 1 2
Total Net Periodic Benefit Cost 56 59 115
BENEFITS PAID 97 59 156
FUNDED / UNDER FUNDED STATUS
U.S. (2,298) (2,286) (2,286)
Canada (1,470) (1,411) (1,411)
Total (3,768) (3,697) (3,697)
U.S. ASSUMPTIONS (Year End)
Expected Long-Term Asset Return 7.5% 7.5% 7.5%
Discount Rate – Ongoing Benefits (Weighted Average)
5.4% 5.4% 5.4%
31 August 9, 2010 (Refer to Appendix for definition of non-U.S. GAAP financial measures )
Non-GAAP Financial Information
The following Non-GAAP Financial definitions apply when the presentation is referring to Net Profit /(Loss), EBITDA, Cash, and Industrial Debt
(a) A reconciliation of U.S. GAAP Net Profit/(Loss) from EBITDA and Operating Profit/(Loss) for the three
and six months ended June 30, 2010, as well as the three months ended March 31, 2010, is detailed on
Page 5
(b) Modified EBITDA (referred to as EBITDA in the presentation) is computed starting with net income
(loss) and then adjusting the amount to (i) add back income taxes, (ii) add back net interest expense
(excluding interest expense related to Gold Key Lease financing activities), (iii) add back depreciation
and amortization expense (excluding depreciation and amortization expense of vehicles held for lease),
(iv) add back all pension, OPEB and other employee benefit costs other than service costs, (v) add back
restructuring expense, (vi) add back other financial loss, (vii) add back losses and exclude gains due to
cumulative change in accounting principles, and (viii) add back all other non-recurring costs, charges
and expenses. The reconciliation of U.S. GAAP Net Profit/(Loss) from Modified EBITDA for the three
and six months ended June 30, 2010, as well as the three months ended March 31, 2010, is detailed on
Page 5
(c) Cash is defined as Cash, Cash Equivalents and Marketable Securities
(d) A reconciliation of U.S. GAAP Financial Liabilities to Pro-Forma Gross Industrial Debt at June 30, 2010,
March 31, 2010 and December 31, 2009 is detailed on Page 26
32 August 9, 2010 (Refer to Appendix for definition of non-U.S. GAAP financial measures )
Contacts
Chrysler Investor Relations
Timothy Krause phone: 248-512-2923
email: [email protected]
Chrysler Communications
Gualberto Ranieri phone: 248-512-2226
email: [email protected]
Website
www.chryslergroupllc.com