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FINANCIAL INSTITUTIONS
ISSUER PROFILE14 June 2019
TABLE OF CONTENTSCompany overview 1Financial highlights 2Business description 2Distribution channels 3Ownership structure 3Subsidiaries 5Company management 6Company history 6Peer group 8Related websites and informationsources 8Moody’s related publications 8
Contacts
Raffaele DelCimmuto
+33.1.5330.3360
Associate [email protected]
Guy Combot +33.1.5330.5981VP-Senior [email protected]
Alain Laurin +33.1.5330.1059Associate Managing [email protected]
CLIENT SERVICES
Americas 1-212-553-1653
Asia Pacific 852-3551-3077
Japan 81-3-5408-4100
EMEA 44-20-7772-5454
FCA Bank S.p.A.Key facts and statistics - FY 2018
Company overviewFCA Bank S.p.A. (FCA Bank), formerly known as FGA Capital S.p.A. (FGA Capital), is acaptive bank that supports vehicle sales in selected European countries and Morocco by itsmanufacturer shareholder Fiat Chrysler Automobile N.V. (FCA), through its brands Fiat, AlfaRomeo, Lancia, Fiat Professional, Chrysler, Jeep, Abarth and Maserati, and by the non-FCAbrands Jaguar, Ferrari, Erwin Hymer Group, Land Rover, Aston Martin and Morgan MotorCompany. In 2018, the bank entered into motorcycle sector through agreements with HarleyDavidson, MV Agusta and Dodge and Ram European importers. The bank is one of the largestspecialized auto finance companies operating in Europe.
As of 31 December 2018, FCA Bank reported a consolidated asset base of €30.5 billion. As ofthe same date, the bank operated in 17 European countries and Morocco, either directly orthrough its various subsidiaries. The company provides services mainly through the dealershipnetworks of the respective manufacturers.
FCA Bank was established as FGA Capital in December 2006, when the former Fidis RetailItalia S.p.A. acquired the car dealership finance and long-term rental companies ultimatelyowned by the automotive manufacturer Fiat S.p.A. (Fiat), now FCA. In January 2015, FGACapital obtained its banking licence and was renamed FCA Bank. The company is a 50:50joint venture between Credit Agricole Consumer Finance S.A. (CACF), a Credit AgricoleS.A. (CASA, A1/A1 positive/baa3)1) group company, and FCA Italy S.p.A., a Fiat ChryslerAutomobiles N.V. (FCA, Ba1 Long Term Rating) group company. On 15 February 2018, FCA,CASA and CACF agreed to extend their joint venture in FCA Bank until 31 December 2022.
Sources: Company reports (consolidated financial statements December 2018, investor presentation Dec 2018), Company data,www.fcagroup.com, www.creditagricole.fr, Moody’s Investors Service research
MOODY'S INVESTORS SERVICE FINANCIAL INSTITUTIONS
Financial highlightsNote: The financials presented below are those reported by the entity and are not adjusted for Moody’s analytic purposes. For Moody’sgenerated ratios on FCA Bank S.p.A., please see FCA Bank S.p.A.'s page on www.moodys.com.
Exhibit 1
Latest full-year resultsFCA Bank S.p.A.
(in € Million) 31-Dec-18 31-Dec-17 31-Dec-16 % Change 18/17 % Change 17/16
Total Assets 30,536 27,187 23,284 12.32 16.76
Total Shareholders’ Equity 2,878 2,512 2,238 14.53 12.27
Shareholders’ Equity excluding Minority Interest 2,829 2,469 2,199 14.58 12.27
Total Capital 3,067 2,712 2,049 13.09 32.39
Tier 1 Ratio (%) 12.48 12.00 11.32 48 bps 68 bps
Net Income 388 383 312 1.52 22.78
Net Income Attributable to Equity Holders 383 378 309 1.54 22.20
Notes: Based on consolidated financial data.Source: Moody’s Investors Service research
Business descriptionFCA Bank together with its subsidiaries, provides various banking products and services including leasing, hire purchase, personalcontract purchase, loans, rental services to individuals and small and medium-sized enterprises and large companies. The bank operatesthrough three business lines: Dealer Financing, Retail Financing, and Rental Solutions. As of 31 December 2018, the company’s largestbusiness line was Retail Financing, which accounted for 61.3% of its average portfolio.
Retail Financing: This business line provides a range of flexible and customised solutions, including hire purchase, leasing and personalcontract purchases, credit protection, glass branding, and fire and theft insurance. As of 31 December 2018, it accounted for 61.3% ofthe company’s average portfolio.
Dealer Financing: This business line manages all financial requirements connected with dealership transactions and administration. Itsservices primarily include financing for new and used vehicle stock, spare parts, workshop equipments, working capital, and medium-and long-term financing. As of 31 December 2018, this business line accounted for 29.2% of the company’s average portfolio.
Rental Solutions: This business line provides flexible and customised long and short-term rental solutions, and fleet managementservices to individuals and small, medium-sized and large companies. As of 31 December 2018, it accounted for 9.5% of the company’saverage portfolio.
Sources: Company report (consolidated financial statements December 2018), Company data
This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page onwww.moodys.com for the most updated credit rating action information and rating history.
2 14 June 2019 FCA Bank S.p.A.: Key facts and statistics - FY 2018
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Exhibit 2
Average portfolio by business line(%, consolidated, as of 31 December 2018)
Retail Financing61.3%
Dealer Financing29.2%
Long-Term Rental9.5%
Source: Company report (consolidated financial statements December 2018, Pg: 71)
Distribution channelsFCA Bank operates either directly or through various subsidiaries in 17 European countries (Austria, Belgium, Denmark, France,Germany, Greece, Italy, Finland, Ireland, the Netherlands, Poland, Portugal, Spain, Switzerland, Sweden, Norway and the UK), andMorocco.
As of 31 December 2018, most of the bank's outstanding business (retail, dealer, long-term rental) was in Italy (48% of total loans),Germany (17%), the UK (8%), France (8%) and Spain (5%).
The company provides its services primarily through the dealership networks of the respective manufacturers, as well as throughinternet-based point-of-sale systems. At end-December 2018, FCA brands account for almost 80% of FCA Bank average total portfolio.Concerning instead FCA Bank affiliated carmakers, the bank finances around 50% of total sales.
Sources: Company reports (consolidated financial statements December 2018, investor presentation Dec 2018), Moody’s Investors Service research
Ownership structure
Exhibit 3
Shareholder structure as of 17 May 2019
Sources: Company report (consolidated financial statements December 2018), Company data
3 14 June 2019 FCA Bank S.p.A.: Key facts and statistics - FY 2018
MOODY'S INVESTORS SERVICE FINANCIAL INSTITUTIONS
FCA Bank is a 50:50 joint venture between the Credit Agricole Consumer Finance S.A., a Credit Agricole S.A. (CASA) group company,and FCA Italy S.p.A., an FCA group company. As of 31 December 2018, FCA Bank had 700 million shares outstanding.
On 15 February 2018, FCA, CASA and CACF agreed to extend their joint venture in FCA Bank until 31 December 2022.
Exhibit 4
Group structure as of 31 December 2018
Note: FCA Bank S.p.A. holds 50% + 1 share; Ferrari Financial Services S.p.A. holds other shares.Source: Company data
4 14 June 2019 FCA Bank S.p.A.: Key facts and statistics - FY 2018
MOODY'S INVESTORS SERVICE FINANCIAL INSTITUTIONS
Exhibit 5
Organisational chart as of 17 May 2019
Source: Company data
SubsidiariesAs of 31 December 2018, FCA Bank’s subsidiaries were as follows:
Exhibit 6
FCA Bank S.p.A.Company Registered office % of ParticipationLeasys S.p.A. Turin - Italy 100.00FCA Capital France S.A. Trappes - France 100.00Leasys France S.A.S. Trappes - France 100.00FCA Leasing France SNC Trappes - France 99.99FCA Bank Deutschland GmbH Heilbronn - Germany 100.00FCA Automotive Services UK Ltd Slough - UK 100.00FCA Dealer Services UK Ltd Slough - UK 100.00Leasys UK Ltd Slough - UK 100.00Win Rent S.p.A. Bolzano - Italy 100.00FCA Capital Espaňa EFC S.A. Alcala de Henares - Spain 100.00FCA Dealer Services Espaňa S.A. Alcala de Henares - Spain 100.00FCA Capital Portugal IFIC S.A. Lisbon Lisbon - Portugal 100.00FCA Dealer Services Portugal S.A. Lisbon - Portugal 100.00FCA Capital Suisse S.A. Schlieren - Switzerland 100.00FCA Leasing Polska Sp. Zo.o. Warsaw - Poland 100.00FCA-Group Bank Polska S.A. Warsaw - Poland 100.00
5 14 June 2019 FCA Bank S.p.A.: Key facts and statistics - FY 2018
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FCA Capital Netherlands B.V. Lijnden - Netherlands 100.00FCA Capital Danmark A/S Glostrup - Denmark 100.00FCA Capital Belgium S.A. Auderghem - Belgium 100.00FCA Bank GmbH Vienna - Austria 50.00Ferrari Financial Services GmbH Pullach - Munchen 50.0001FCA Leasing GmbH Vienna - Austria 100.00FCA Capital Hellas S.A. Athens - Greece 99.99FCA Insurance Hellas S.A. Athens - Greece 100.00FCA Capital RE DAC Dublin - Ireland 100.00FCA Capital Sverige AB Sweden 100.00FCA Capital Norge AS Norway 100.00
Source: Company report (annual report December 2018)
Company management
Exhibit 7
FCA Bank S.p.A.Board of Directors Affiliation Age*Philippe DUMONT FCAB: Chairman of the Board 58Giacomo CARELLI FCAB: Chief Executive Officer and General Manager 46Davide MELE FCAB: Non-Executive Director 45Paola DE VINCENTIIS FCAB: Independent Non-Executive Director 46Andrea FAINA FCAB: Non-Executive Director 56Andrea GIORIO FCAB: Independent Non-Executive Director 54Olivier GUILHAMON FCAB: Non-Executive Director 60Bernard MANUELLI FCAB: Non-Executive Director 62Richard Keith PALMER FCAB: Non-Executive Director 52Valerie WANQUET FCAB: Non-Executive Director 52
As of 17 May 2019*As of 31 Dec 2018Source: Company data
Company historyFCA Bank originated as FGA Capital (formerly Fiat Group Automobiles Financial Services S.p.A. and Fidis Retail Italia S.p.A.). FGACapital was established in December 2006 as a 50:50 joint venture between CASA, a French global bank, and Fiat, an automotive-specialised industrial group. FGA Capital was created when the former Fidis Retail Italia S.p.A. acquired the dealership financing andlong-term rental companies of Fiat Group Automobiles S.p.A. On 30 July 2013, CASA and Fiat agreed to extend their FCA Bank(formerly FGA Capital) joint venture agreement (JVA) to December 2021, from the original date of December 2014. Subsequently on 15February 2018, the parties agreed to further extend the JVA to 31 December 2022.
In July 2008, FGA Capital signed a cooperation agreement with Jaguar and Land Rover to provide retail and dealer financing andlong-term rental services in certain European countries. Subsequently, FGA Capital took over all the financing activities, including theretail financing, dealer financing and long-term rental services, of Jaguar and Land Rover. The cooperation agreement was renewed inFebruary 2018, pursuant to which FGA Capital (now FCA Bank) provides financial services in eight European countries.
In January 2009, the company was renamed FGA Capital.
In June 2009, the Fiat and the Chrysler Group finalised a strategic global alliance, which resulted in Fiat acquiring a 20% stake inChrysler Group. Subsequently, in October 2009, FGA Capital started taking on the Chrysler Group’s financing activities, covering retailauto financing and dealer financing in select European countries. In January 2014, Fiat acquired the remaining equity stake in ChryslerGroup. Subsequently, the new entity was named FCA.
6 14 June 2019 FCA Bank S.p.A.: Key facts and statistics - FY 2018
MOODY'S INVESTORS SERVICE FINANCIAL INSTITUTIONS
In December 2013, Maserati S.p.A. and FGA Capital signed a cooperation agreement in the field of car financing concerning all ofMaserati’s financing activities for its distribution network, end customers and rental fleets, which will be effective in the countries inwhich FGA Capital Group operates.
In January 2015, FGA Capital obtained its banking licence and was renamed FCA Bank S.p.A..
In July 2015, FCA Bank and the Erwin Hymer Group (EHG) (Germany) created Erwin Hymer Group Finance to provide financialservices to EHG’s dealer network and retail buyers. In the same year, FCA Bank also signed a partnership agreement with Ferrari for thedistribution of retail and wholesale products.
In November 2016 FCA Bank acquired a majority stake in Ferrari Financial Services GmbH for a total purchase price of €18.6 million.
In January 2017, FCA Capital Ireland Plc merged into FCA Bank.
In April 2018, FCA Bank and Aston Martin announced the establishment of a strategic partnership to provide financial services toEuropean Aston Martin dealers.
On 25 September 2018, FCA Bank opened a new branch in Belgium, with its main office in Brussels.
On 1 October 2018, Leasys S.p.A. a wholly-owned company of the FCA Bank acquired Win Rent S.p.A., one among the short-term carrental firms in Italy.
On 19 December 2018, FCA Bank and Harley-Davidson Financial Services announced a new strategic partnership, whereby FCABank will be providing retail financing for Harley-Davidson customers in both Spain and Poland starting from January and April 2019,respectively.
Sources: Company reports (consolidated financial statements 2017, 2016, 2015, 2014, 2013, 2012 and 2010), Company data, www.fcabankgroup.com, www.fcagroup.com, www.credit-agricole.fr, Moody’s Investors Service research
7 14 June 2019 FCA Bank S.p.A.: Key facts and statistics - FY 2018
MOODY'S INVESTORS SERVICE FINANCIAL INSTITUTIONS
Peer group
» RCI Banque
» Volkswagen Bank GmbH
» PSA Banque France
» Santander Consumer Finance S.A.
Related websites and information sourcesFor additional information, please see:
The company’s website
» FCA Bank Group
MOODY’S has provided links or references to third party World Wide Websites or URLs (“Links or References”) solely for your convenience in locating related information and services. Thewebsites reached through these Links or References have not necessarily been reviewed by MOODY’S, and are maintained by a third party over which MOODY’S exercises no control. Accordingly,MOODY’S expressly disclaims any responsibility or liability for the content, the accuracy of the information, and/or quality of products or services provided by or advertised on any third party website accessed via a Link or Reference. Moreover, a Link or Reference does not imply an endorsement of any third party, any website, or the products or services provided by any third party.
Moody’s related publicationsAnalyst Contacts
» Guy Combot, Lead Analyst
» Fabio Ianno, Backup Analyst
» Raffaele Del Cimmuto, Associate Analyst
Issuer page on Moodys.com
» FCA Bank S.p.A.
Credit opinion
» FCA Bank S.p.A. - Update to credit analysis, April 2019 (1171934)
» Government of Italy – Baa3 stable, March 2019 (1164502)
Banking system outlook
» Banking System Outlook - Italy: Higher funding costs weigh on profitability, driving negative outlook, December 2018 (1152851)
Banking system profile
» Banking System Profile: Italy, December 2017 (1102006)
Country statistics
» Italy, Government of, June 2019 (423690)
Rating methodology
» Banks, August 2018 (1128883)
To access any of these reports, click on the entry above. Note that these references are current as of the date of publication of this report and that more recent reports may be available on theissuer’s page . All research may not be available to all clients.
8 14 June 2019 FCA Bank S.p.A.: Key facts and statistics - FY 2018
MOODY'S INVESTORS SERVICE FINANCIAL INSTITUTIONS
Endnotes1 The bank ratings shown are the bank's deposit rating, senior unsecured and Baseline Credit Assessment
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10 14 June 2019 FCA Bank S.p.A.: Key facts and statistics - FY 2018
MOODY'S INVESTORS SERVICE FINANCIAL INSTITUTIONS
CLIENT SERVICES
Americas 1-212-553-1653
Asia Pacific 852-3551-3077
Japan 81-3-5408-4100
EMEA 44-20-7772-5454
11 14 June 2019 FCA Bank S.p.A.: Key facts and statistics - FY 2018
