Stellantis N.V. [STLA] Filings |
|
20-F | [2024-02-22] |
20-F | [2023-02-24] |
20-F | [2022-02-25] |
20-F | [2021-03-04] |
20-F | [2020-02-25] |
20-F | [2019-02-22] |
20-F | [2018-02-20] |
20-F | [2017-02-28] |
20-F | [2016-02-29] |
20-F | [2015-03-05] |
F-1 | [2014-10-10] |
REGISTRATION STATEMENT PURSUANT TO SECTIONS 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 |
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
The | |
(Jurisdiction of Incorporation or Organization) |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on which Registered | ||
þ | Accelerated filer o | Non-accelerated filer o | |||
Emerging growth company |
Page | ||
BOARD OF DIRECTORS |
Chairman John Elkann |
Vice Chairman Robert Peugeot(3) |
Chief Executive Officer Carlos Tavares |
Directors Henri de Castries(1),(2),(3) Fiona Clare Cicconi(1),(2),(3) Nicolas Dufourcq(1) Ann Frances Godbehere(2) Wan Ling Martello(2),(3) Benoît Ribadeau-Dumas(1),(3) Jacques de Saint-Exupéry Kevin Scott(1) |
INDEPENDENT AUDITOR Ernst & Young Accountants LLP (AFM annual report filing)(4) EY S.p.A (SEC Form 20-F filing)(4) |
For the year ended December 31, 2021 | ||||||||||
Pro Forma adjustments | ||||||||||
(€ million, except per share amounts) | Stellantis | January 1 - 16, 2021 results of FCA | Purchase Price Allocation | Other adjustments | Stellantis Pro Forma Consolidated Income Statement | |||||
Note 1 | Note 2 | Note 3 | Note 4 | |||||||
Net revenues | €149,419 | €2,704 | €2 | €(6) | €152,119 | |||||
Cost of revenues | 119,943 | 2,322 | (52) | (6) | 122,207 | |||||
Selling, general and other costs | 9,130 | 192 | (2) | — | 9,320 | |||||
Research and development costs | 4,487 | 113 | (40) | — | 4,560 | |||||
Gains/(Losses) on disposal of investments | (35) | — | — | — | (35) | |||||
Restructuring costs | 698 | — | — | — | 698 | |||||
Share of the profit of equity method investees(1) | 737 | 3 | — | — | 740 | |||||
Operating income/(loss) | 15,863 | 80 | 96 | — | 16,039 | |||||
Net financial expenses | 734 | 29 | (17) | — | 746 | |||||
Profit/(loss) before taxes | 15,129 | 51 | 113 | — | 15,293 | |||||
Tax expense | 1,911 | 21 | 7 | — | 1,939 | |||||
Net profit/(loss) from continuing operations | 13,218 | 30 | 106 | — | 13,354 | |||||
Profit/(loss) from discontinued operations, net of tax | 990 | — | — | — | 990 | |||||
Net profit/(loss) | €14,208 | €30 | €106 | €— | €14,344 | |||||
Net profit/(loss) attributable to: | ||||||||||
Owners of the parent | €14,200 | €30 | €106 | €— | €14,336 | |||||
Non-controlling interests | €8 | €— | €— | €— | €8 | |||||
Net profit/(loss) from continuing operations | ||||||||||
Owners of the parent | €13,210 | €30 | €106 | €— | €13,346 | |||||
Non-controlling interests | €8 | €— | €— | €— | €8 | |||||
Earnings per share: | ||||||||||
Basic earnings per share | €4.64 | €4.69 | ||||||||
Diluted earnings per share | €4.51 | €4.55 | ||||||||
Earnings per share from continuing operations: | ||||||||||
Basic earnings per share | €4.32 | €4.36 | ||||||||
Diluted earnings per share | €4.19 | €4.23 |
January 1-16, 2021 | ||||||||||
(€ million) | Intangible assets | Property, plant and equipment | Financial liabilities | Other | Total | |||||
(A) | (B) | (C) | (D) | |||||||
Net revenues | €— | €— | €— | €2 | €2 | |||||
Cost of revenues | — | 45 | — | 7 | 52 | |||||
Selling, general and other costs | — | 2 | — | — | 2 | |||||
Research and development costs | 40 | — | — | — | 40 | |||||
Net financial expenses/(income) | — | — | 21 | (4) | 17 | |||||
Tax expenses | (4) | — | (3) | — | (7) | |||||
Net profit | €36 | €47 | €18 | €5 | €106 |
Year ended December 31, 2021 | ||||
(€ million except otherwise noted) | Stellantis | Continuing operations | Discontinued operations | |
Net profit attributable to owners of the parent, as adjusted | €14,200 | €13,210 | €990 | |
Add: FCA Net profit attributable to owners of the parent, January 1 - 16, 2021 | 30 | 30 | — | |
Add: Pro forma adjustments | 106 | 106 | — | |
Pro Forma Net profit attributable to owners of the parent (A) | €14,336 | €13,346 | €990 | |
Weighted average number of shares outstanding for basic earnings per share (thousand), January 17 - December 31, 2021 (B) | 3,059,284 | 3,059,284 | 3,059,284 | |
Pro Forma Basic earnings per share (€ per share) (A/B) | €4.69 | €4.36 | €0.32 |
Year ended December 31, 2021 | ||||
(€ million except otherwise noted) | Stellantis | Continuing operations | Discontinued operations | |
Net profit attributable to owners of the parent, as adjusted | €14,200 | €13,210 | €990 | |
Add: FCA Net profit attributable to owners of the parent, January 1 - 16, 2021 | 30 | 30 | — | |
Add: Pro forma adjustments | 106 | 106 | — | |
Pro Forma Net profit attributable to owners of the parent (A) | €14,336 | €13,346 | €990 | |
Weighted average number of shares outstanding (thousand), January 17 - December 31, 2021 | 3,059,284 | 3,059,284 | 3,059,284 | |
Number of shares deployable for share-based compensation, January 17 - December 31, 2021 (thousand) | 23,651 | 23,651 | 23,651 | |
Equity warrants delivered to GM (thousand) | 68,497 | 68,497 | 68,497 | |
Pro Forma Weighted average number of shares outstanding for diluted earnings per share (thousand) (B) | 3,151,432 | 3,151,432 | 3,151,432 | |
Pro Forma Diluted earnings per share (€ per share) (A/B) | €4.55 | €4.23 | €0.31 |
Stellantis Shareholders | Number of Issued Common Shares(1) | Percentage of Issued Common Shares | ||
Exor | 449,410,092 | 14.20 | ||
EPF(2) | 224,228,121 | 7.08 | ||
BPI(3) | 192,703,907 | 6.09 | ||
BlackRock Inc.(4) | 111,977,749 | 3.54 |
At December 31, | |||||
2023 | 2022 | 2021 | |||
North America | 81,341 | 88,835 | 91,289 | ||
Enlarged Europe | 135,211 | 142,681 | 150,807 | ||
Middle East & Africa | 6,101 | 5,311 | 5,983 | ||
South America | 28,928 | 28,968 | 29,352 | ||
China and India & Asia Pacific | 6,694 | 6,572 | 4,164 | ||
Total | 258,275 | 272,367 | 281,595 |
Years ended December 31, | ||||||
2023 | 2022 | 2021 | ||||
(millions of units) | ||||||
North America | 1.8 | 1.8 | 2.0 | |||
Enlarged Europe | 2.7 | 2.6 | 3.1 | |||
Middle East & Africa | 0.6 | 0.4 | 0.4 | |||
South America | 0.9 | 0.8 | 0.8 | |||
China and India & Asia Pacific | 0.2 | 0.2 | 0.2 | |||
Total Regions | 6.2 | 5.8 | 6.6 | |||
Maserati | 0.03 | 0.02 | 0.02 | |||
Total Worldwide | 6.2 | 5.8 | 6.6 |
Years ended December 31, | ||||||||||||
2023(1) | 2022(1) | 2021(1) | ||||||||||
North America | Sales | Market Share | Sales | Market Share | Sales | Market Share | ||||||
Thousands of units (except percentages) | ||||||||||||
U.S. | 1,527 | 9.6% | 1,547 | 10.9% | 1,777 | 11.5% | ||||||
Canada | 158 | 9.5% | 169 | 11.4% | 161 | 9.9% | ||||||
Mexico | 97 | 6.8% | 74 | 6.6% | 66 | 6.3% | ||||||
Total | 1,782 | 9.4% | 1,791 | 10.7% | 2,005 | 11.1% |
Years ended December 31, | ||||||
U.S. | 2023 | 2022 | 2021 | |||
Automaker | Percentage of industry | |||||
GM | 16.3% | 16.1% | 14.4% | |||
Toyota | 14.2% | 14.9% | 15.2% | |||
Ford | 12.6% | 13.2% | 12.4% | |||
Hyundai/Kia | 10.4% | 10.4% | 9.7% | |||
Stellantis(1) | 9.6% | 10.9% | 11.5% | |||
Honda | 8.2% | 7.0% | 9.5% | |||
Nissan | 5.7% | 5.2% | 6.4% | |||
Other | 23.1% | 22.3% | 21.0% | |||
Total | 100% | 100% | 100% |
Years ended December 31, | ||||||||||||
2023 | 2022 | 2021 | ||||||||||
Enlarged Europe | Sales | Market Share | Sales | Market Share | Sales | Market Share | ||||||
Thousands of units (except percentages) | ||||||||||||
France | 634 | 29.4% | 620 | 33.1% | 749 | 35.8% | ||||||
Italy | 591 | 33.6% | 535 | 36.4% | 637 | 39.0% | ||||||
Germany | 389 | 12.5% | 371 | 12.9% | 417 | 14.4% | ||||||
UK | 313 | 13.9% | 268 | 14.1% | 315 | 15.7% | ||||||
Spain | 221 | 20.2% | 213 | 22.9% | 257 | 25.4% | ||||||
Other | 550 | 14.2% | 543 | 13,1% | 676 | 16.6% | ||||||
Europe(1) | 2,698 | 18.3% | 2,550 | 19.7% | 3,051 | 22.1% | ||||||
Other Europe(2) | 19 | 1.3% | 22 | 1.9% | 47 | 2.1% | ||||||
Total | 2,717 | 16.8% | 2,572 | 18.3% | 3,098 | 19.3% |
Years ended December 31, | ||||||
Europe 30(1) Passenger Cars | 2023 | 2022 | 2021 | |||
Automaker | Percentage of industry | |||||
Volkswagen | 24.0% | 23.0% | 22.9% | |||
Stellantis(2) | 18.3% | 19.7% | 22.1% | |||
Renault | 10.5% | 10.1% | 10.2% | |||
Hyundai/Kia | 7.5% | 8.2% | 7.4% | |||
Toyota | 6.7% | 6.8% | 6.1% | |||
Mercedes-Benz | 6.2% | 6.5% | 6.3% | |||
BMW | 6.2% | 6.3% | 6.2% | |||
Ford | 5.9% | 6.5% | 6.5% | |||
Other | 14.7% | 12.8% | 12.2% | |||
Total | 100% | 100% | 100% |
Years ended December 31, | ||||||||||||
2023 | 2022 | 2021 | ||||||||||
Middle East & Africa | Sales | Market Share | Sales | Market Share | Sales | Market Share | ||||||
Thousands of units (except percentages) | ||||||||||||
Turkey | 419 | 34.0% | 250 | 31.9% | 219 | 29.7% | ||||||
Algeria | 56 | 86.5% | 14 | 53.5% | 11 | 31.4% | ||||||
Morocco | 33 | 20.7% | 34 | 20.8% | 37 | 21.1% | ||||||
Gulf(1) | 33 | 2.4% | 26 | 2.3% | 33 | 3.2% | ||||||
Overseas France(2) | 21 | 28.8% | 24 | 33.8% | 23 | 31.6% | ||||||
Israel Zone(3) | 21 | 7.4% | 22 | 8.0% | 24 | 7.8% | ||||||
Egypt | 8 | 11.3% | 17 | 16.3% | 42 | 22.9% | ||||||
Other(4) | 23 | 2.6% | 28 | 2.9% | 22 | 2.3% | ||||||
Total | 614 | 14.8% | 415 | 11.9% | 411 | 11.8% |
Years ended December 31, | ||||||
G6(1) Middle East & Africa | 2023 | 2022 | 2021 | |||
Automaker | Percentage of industry | |||||
Toyota | 18.0% | 20.3% | 18.9% | |||
Stellantis(2) | 16.9% | 14.8% | 15.1% | |||
Hyundai/Kia | 13.3% | 13.9% | 14.1% | |||
Renault | 8.6% | 9.3% | 9.2% | |||
Volkswagen | 7.7% | 6.8% | 8.1% | |||
Ford | 5.2% | 4.7% | 4.5% | |||
BMW | 1.1% | 1.1% | 1.1% | |||
Mercedes-Benz | 1.4% | 1.4% | 1.3% | |||
Other | 27.8% | 27.7% | 27.6% | |||
Total | 100% | 100% | 100% |
Years ended December 31, | ||||||||||||
2023(1) | 2022(1) | 2021(1) | ||||||||||
South America | Sales | Market Share | Sales | Market Share | Sales | Market Share | ||||||
Thousands of units (except percentages) | ||||||||||||
Brazil | 687 | 31.4% | 647 | 32.9% | 636 | 32.0% | ||||||
Argentina | 120 | 28.2% | 117 | 30.7% | 103 | 29.1% | ||||||
Other South America | 72 | 6.4% | 80 | 6.2% | 73 | 6.1% | ||||||
Total | 879 | 23.5% | 844 | 23.2% | 812 | 22.9% |
Brazil | Years ended December 31, | |||||
2023(1) | 2022(1) | 2021(1) | ||||
Automaker | Percentage of industry | |||||
Stellantis(2) | 31.4% | 32.9% | 32.0% | |||
Volkswagen | 16.4% | 14.3% | 15.9% | |||
GM | 15.0% | 14.8% | 12.2% | |||
Ford | 1.3% | 1.1% | 2.0% | |||
Other | 35.9% | 37.0% | 37.9% | |||
Total | 100% | 100% | 100% |
Years ended December 31, | ||||||||||||
2023(1)(5) | 2022(1)(5) | 2021(1)(5) | ||||||||||
China and India & Asia Pacific | Sales | Market Share | Sales | Market Share | Sales | Market Share | ||||||
Thousands of units (except percentages) | ||||||||||||
China(2)* | 69 | 0.3% | 94 | 0.4% | 124 | 0.6% | ||||||
Japan | 33 | 0.8% | 34 | 1.0% | 45 | 1.2% | ||||||
India(3) | 17 | 0.4% | 20 | 0.5% | 13 | 0.4% | ||||||
Australia | 18 | 1.5% | 17 | 1.7% | 18 | 1.8% | ||||||
Asean & General Distributors(“AGD”)(4) | 11 | 0.3% | 20 | 0.6% | 14 | 0.5% | ||||||
South Korea | 7 | 0.4% | 9 | 0.6% | 13 | 0.9% | ||||||
New Zealand | 3 | 1.8% | 3 | 2.1% | 4 | 2.8% | ||||||
China and India & Asia Pacific major Markets | 159 | 0.4% | 198 | 0.6% | 231 | 0.7% | ||||||
Total | 159 | 0.4% | 198 | 0.5% | 231 | 0.6% |
2023 Sales | As a percentage of 2023 sales | 2022 Sales | As a percentage of 2022 sales | 2021 Sales | As a percentage of 2021 sales | |||||||
U.S./Mexico | 7,907 | 29.6% | 6,945 | 29.7% | 7,765 | 32.0% | ||||||
Europe top 4(1) | 6,035 | 22.6% | 5,442 | 23.3% | 3,434 | 14.1% | ||||||
China | 4,367 | 16.4% | 4,680 | 20.0% | 7,357 | 30.3% | ||||||
Japan | 1,729 | 6.5% | 1,238 | 5.3% | 1,080 | 4.5% | ||||||
Other countries | 6,651 | 24.9% | 5,099 | 21.8% | 4,633 | 19.1% | ||||||
Total | 26,689 | 100.0% | 23,404 | 100.0% | 24,269 | 100.0% |
Years ended December 31, | ||||
(thousands of units) | 2023 | 2022 | ||
North America | 1,903 | 1,861 | ||
Enlarged Europe | 2,814 | 2,626 | ||
Middle East & Africa | 443 | 283 | ||
South America | 879 | 859 | ||
China and India & Asia Pacific | 102 | 127 | ||
Maserati | 27 | 26 | ||
Total Consolidated shipments | 6,168 | 5,782 | ||
Joint venture shipments | 225 | 221 | ||
Total Combined shipments | 6,393 | 6,003 |
Pro Forma | ||||||||
Years ended December 31, | Year ended December 31, | |||||||
2023 | 2022 | 2021 | (€ million) | 2021 | ||||
€189,544 | €179,592 | €149,419 | Net revenues | €152,119 | ||||
151,400 | 144,327 | 119,943 | Cost of revenues | 122,207 | ||||
9,541 | 8,981 | 9,130 | Selling, general and other costs | 9,320 | ||||
5,619 | 5,200 | 4,487 | Research and development costs | 4,560 | ||||
20 | 72 | (35) | Gains/(losses) on disposal of investments | (35) | ||||
1,119 | 1,144 | 698 | Restructuring costs | 698 | ||||
491 | 264 | 737 | Share of the profit of equity method investees | 740 | ||||
22,376 | 20,276 | 15,863 | Operating income/(loss) | 16,039 | ||||
(42) | 768 | 734 | Net financial expenses/(income) | 746 | ||||
22,418 | 19,508 | 15,129 | Profit/(loss) before taxes | 15,293 | ||||
3,793 | 2,729 | 1,911 | Tax expense/(benefit) | 1,939 | ||||
18,625 | 16,779 | 13,218 | Net profit/(loss) from continuing operations | 13,354 | ||||
— | — | 990 | Profit/(loss) from discontinued operations, net of tax | 990 | ||||
€18,625 | €16,779 | €14,208 | Net profit/(loss) | €14,344 | ||||
Net profit/(loss) attributable to: | ||||||||
€18,596 | €16,799 | €14,200 | Owners of the parent | €14,336 | ||||
€29 | €(20) | €8 | Non-controlling interests | €8 | ||||
Net profit/(loss) from continuing operations attributable to: | ||||||||
€18,596 | €16,799 | €13,210 | Owners of the parent | €13,346 | ||||
€29 | €(20) | €8 | Non-controlling interests | €8 | ||||
Net profit/(loss) from discontinued operations attributable to: | ||||||||
€— | €— | €990 | Owners of the parent | €990 | ||||
€— | €— | €— | Non-controlling interests | €— |
Pro Forma | ||||||||||||||
Years ended December 31, | Increase/(Decrease) | Year ended December 31, | Increase/ (Decrease) | |||||||||||
2023 | 2022 | 2021 | 2023 vs. 2022 | 2022 vs. 2021 | (€ million) | 2021 | 2022 vs. Pro Forma 2021 | |||||||
€189,544 | €179,592 | €149,419 | 5.5% | 20.2% | Net revenues | €152,119 | 18.1% |
Pro Forma | ||||||||||||||
Years ended December 31, | Increase/(Decrease) | Year ended December 31, | Increase/ (Decrease) | |||||||||||
2023 | 2022 | 2021 | 2023 vs. 2022 | 2022 vs. 2021 | (€ million) | 2021 | 2022 vs. Pro Forma 2021 | |||||||
€151,400 | €144,327 | €119,943 | 4.9% | 20.3% | Cost of revenues | €122,207 | 18.1% | |||||||
79.9% | 80.4% | 80.3% | Cost of revenues as % of Net revenues | 80.3% |
Pro Forma | ||||||||||||||
Years ended December 31, | Increase/(Decrease) | Year ended December 31, | Increase/ (Decrease) | |||||||||||
2023 | 2022 | 2021 | 2023 vs. 2022 | 2022 vs. 2021 | (€ million) | 2021 | 2022 vs. Pro Forma 2021 | |||||||
€9,541 | €8,981 | €9,130 | 6.2% | (1.6)% | Selling, general and other costs | €9,320 | (3.6)% | |||||||
5.0% | 5.0% | 6.1% | Selling, general and other costs as % of Net revenues | 6.1% |
Pro Forma | ||||||||||||||
Years ended December 31, | Increase/(Decrease) | Year ended December 31, | Increase/ (Decrease) | |||||||||||
2023 | 2022 | 2021 | 2023 vs. 2022 | 2022 vs. 2021 | (€ million) | 2021 | 2022 vs. Pro Forma 2021 | |||||||
€3,300 | €3,233 | €2,761 | 2.1% | 17.1% | Research and development expenditures expensed | €2,818 | 14.7% | |||||||
2,193 | 1,889 | 1,575 | 16.1% | 19.9% | Amortization of capitalized development expenditures | 1,591 | 18.7% | |||||||
126 | 78 | 151 | 61.5% | (48.3)% | Impairment and write-off of capitalized development expenditures | 151 | (48.3)% | |||||||
€5,619 | €5,200 | €4,487 | 8.1% | 15.9% | Total Research and development costs | €4,560 | 14.0% |
Pro Forma | ||||||||
Years ended December 31, | Year ended December 31, | |||||||
2023 | 2022 | 2021 | (€ million) | 2021 | ||||
1.7% | 1.8% | 1.8% | Research and development expenditures expensed as % of Net revenues | 1.9% | ||||
1.2% | 1.1% | 1.1% | Amortization of capitalized development expenditures as % of Net revenues | 1.0% | ||||
0.1% | —% | 0.1% | Impairment and write-off of capitalized development expenditures as % of Net revenues | 0.1% | ||||
3.0% | 2.9% | 3.0% | Total Research and development costs as % of Net revenues | 3.0% |
Pro Forma | ||||||||||||||
Years ended December 31, | Increase/(Decrease) | Year ended December 31, | Increase/ (Decrease) | |||||||||||
2023 | 2022 | 2021 | 2023 vs. 2022 | 2022 vs. 2021 | (€ million) | 2021 | 2022 vs. Pro Forma 2021 | |||||||
€4,184 | €3,487 | €2,976 | 20.0% | 17.2% | Capitalized development expenditures(1) | €3,055 | 14.1% | |||||||
3,300 | 3,233 | €2,761 | 2.1% | 17.1% | Research and development expenditures expensed | 2,818 | 14.7% | |||||||
€7,484 | €6,720 | €5,737 | 11.4% | 17.1% | Total Research and development expenditures | €5,873 | 14.4% | |||||||
55.9% | 51.9% | 51.9% | Capitalized development expenditures as % of Total Research and development expenditures | 52.0% | ||||||||||
3.9% | 3.7% | 3.8% | Total Research and development expenditures as % of Net revenues | 3.9% |
Pro Forma | ||||||||||||||
Years ended December 31, | Increase/(Decrease) | Year ended December 31, | Increase/ (Decrease) | |||||||||||
2023 | 2022 | 2021 | 2023 vs. 2022 | 2022 vs. 2021 | (€ million) | 2021 | 2022 vs. Pro Forma 2021 | |||||||
€1,119 | €1,144 | €698 | (2.2)% | 63.9% | Restructuring costs | €698 | 63.9% |
Years ended December 31, | Increase/(Decrease) | Year ended December 31, | Increase/ (Decrease) | |||||||||||
2023 | 2022 | 2021 | 2023 vs. 2022 | 2022 vs. 2021 | (€ million) | 2021 | 2022 vs. Pro Forma 2021 | |||||||
€491 | €264 | €737 | 86.0% | (64.2)% | Share of the profit/(loss) of equity method investees | €740 | (64.3)% |
Pro Forma | ||||||||||||||
Years ended December 31, | Increase/(Decrease) | Year ended December 31, | Increase/ (Decrease) | |||||||||||
2023 | 2022 | 2021 | 2023 vs. 2022 | 2022 vs. 2021 | (€ million) | 2021 | 2022 vs. Pro Forma 2021 | |||||||
€(42) | €768 | 734 | (105.5)% | 4.6% | Net financial expenses/ (income) | €746 | 2.9% |
Pro Forma | ||||||||||||||
Years ended December 31, | Increase/(Decrease) | Year ended December 31, | Increase/ (Decrease) | |||||||||||
2023 | 2022 | 2021 | 2023 vs. 2022 | 2022 vs. 2021 | (€ million) | 2021 | 2022 vs. Pro Forma 2021 | |||||||
€3,793 | €2,729 | €1,911 | 39.0% | 42.8% | Tax expense/(benefit) | €1,939 | 40.7% | |||||||
16.9% | 14.0% | 12.6% | +290 bps | +140 bps | Effective tax rate | 13.3% | +70 bps |
Pro Forma | ||||||||||||||
Years ended December 31, | Increase/(Decrease) | Year ended December 31, | Increase/ (Decrease) | |||||||||||
2023 | 2022 | 2021 | 2023 vs. 2022 | 2022 vs. 2021 | (€ million) | 2021 | 2022 vs. Pro Forma 2021 | |||||||
€18,625 | €16,779 | €13,218 | 11.0% | 26.9% | Net profit/(loss) from continuing operations | €13,354 | 25.6% |
Pro Forma | ||||||||||||||
Years ended December 31, | Increase/(Decrease) | Year ended December 31, | Increase/ (Decrease) | |||||||||||
2023 | 2022 | 2021 | 2023 vs. 2022 | 2022 vs. 2021 | (€ million) | 2021 | 2022 vs. Pro Forma 2021 | |||||||
€— | €— | €990 | —% | (100.0)% | Profit/(loss) from discontinued operations, net of tax | €990 | (100.0)% |
Pro Forma | ||||||||||||||
Years ended December 31, | Increase/(Decrease) | Year ended December 31, | Increase/ (Decrease) | |||||||||||
2023 | 2022 | 2021 | 2023 vs. 2022 | 2022 vs. 2021 | (€ million) | 2021 | 2022 vs. Pro Forma 2021 | |||||||
€24,343 | €24,017 | €18,564 | 1.4% | 29.4% | Adjusted operating income | €18,751 | 28.1% | |||||||
12.8% | 13.4% | 12.4% | -60 bps | +100 bps | Adjusted operating income margin (%) | 12.3% | +110 bps |
Year ended December 31, 2022 | ||||||
(€ million) | As reported | Share of profit/ (loss) of equity method investees | As adjusted | |||
Adjusted operating income | €23,323 | €694 | €24,017 | |||
Adjusted operating income margin (%) | 13.0% | +40 bps | 13.4% |
Year ended December 31, 2021 | ||||||
(€ million) | As reported | Share of profit/ (loss) of equity method investees | As adjusted | |||
Adjusted operating income | €17,827 | €737 | €18,564 | |||
Adjusted operating income margin (%) | 11.9% | +50 bps | 12.4% |
Year ended December 31, 2021 | ||||||
(€ million) | As reported | Share of profit/ (loss) of equity method investees | As adjusted | |||
Pro Forma Adjusted operating income | €18,011 | €740 | €18,751 | |||
Pro Forma Adjusted operating income margin (%) | 11.8% | +50 bps | 12.3% |
Year ended December 31, | ||
(€ million) | 2023 | |
Net profit/(loss) from continuing operations | €18,625 | |
Tax expense/(benefit) | 3,793 | |
Net financial expenses/(income) | (42) | |
Operating income/(loss) | 22,376 | |
Adjustments: | ||
Restructuring and other costs, net of reversals | 1,161 | |
Collective bargaining agreements costs | 428 | |
Argentina currency devaluation | 302 | |
Impairment expense and supplier obligations | 201 | |
Reorganization of financial services | 76 | |
Takata recall campaign | (10) | |
Patents litigation | (61) | |
Gains on disposal of equity investments and other assets | (201) | |
Other | 71 | |
Total adjustments | 1,967 | |
Adjusted operating income | €24,343 |
Year ended December 31, | ||
(€ million) | 2022 | |
Net profit/(loss) from continuing operations | €16,779 | |
Tax expense/(benefit) | 2,729 | |
Net financial expenses/(income) | 768 | |
Operating income/(loss) | 20,276 | |
Adjustments: | ||
Restructuring and other costs, net of reversals | 1,144 | |
Takata recall campaign | 951 | |
CAFE penalty rate | 660 | |
Change in estimate of non-contractual warranties | 314 | |
Impairment of GAC-Stellantis JV | 297 | |
Impairment expense and supplier obligations | 237 | |
Patents litigation | 134 | |
Write down of FCA Bank investment | 133 | |
Other | (129) | |
Total adjustments | 3,741 | |
Adjusted operating income | €24,017 |
Year ended December 31, | ||
(€ million) | 2021 | |
Net profit/(loss) from continuing operations | €13,218 | |
Tax expense/(benefit) | 1,911 | |
Net financial expenses/(income) | 734 | |
Operating income/(loss) | 15,863 | |
Add: FCA operating income, January 1 - 16, 2021 | 80 | |
Add: Pro Forma adjustments | 96 | |
Pro Forma Operating income/(loss) | 16,039 | |
Adjustments: | ||
Restructuring and other costs, net of reversals | 873 | |
Change in estimate of non-contractual warranties | 732 | |
Reversal of inventory fair value adjustment in purchase accounting | 522 | |
Impairment expense and supplier obligations | 309 | |
Brazilian indirect tax - reversal of liability/recognition of credits | (253) | |
Other | 529 | |
Total adjustments January 1 - December 31, 2021 | 2,712 | |
Pro Forma Adjusted operating income | €18,751 |
Year ended December 31, | ||
(€ million) | 2021 | |
Net profit/(loss) from continuing operations | €13,218 | |
Tax expense/(benefit) | 1,911 | |
Net financial expenses/(income) | 734 | |
Operating income/(loss) | 15,863 | |
Adjustments: | ||
Restructuring and other costs, net of reversals | 873 | |
Change in estimate of non-contractual warranties | 732 | |
Reversal of inventory fair value adjustment in purchase accounting | 522 | |
Impairment expense and supplier obligations | 309 | |
Brazilian indirect tax - reversal of liability/recognition of credits | (253) | |
Other | 529 | |
Total adjustments January 1 - December 31, 2021 | 2,712 | |
Less: Adjustments January 1- 16, 2021 | 11 | |
Adjusted operating income | €18,564 |
Pro Forma | ||||||||||
Years ended December 31, | Increase/(Decrease) | Increase/(Decrease) | ||||||||
(€ per share) | 2023 | 2022 | 2021 | 2023 vs. 2022 | 2022 vs. Pro Forma 2021 | |||||
Adjusted diluted EPS | €6.42 | €5.99 | €4.46 | 7.2% | 34.3% |
Years ended December 31, | ||||
(€ million except otherwise noted) | 2023 | 2022 | ||
Net profit attributable to owners of the parent | 18,596 | 16,799 | ||
Weighted average number of shares outstanding (000) | 3,107,725 | 3,140,089 | ||
Number of shares deployable for share-based compensation (000) | 24,733 | 23,870 | ||
Weighted average number of shares outstanding for diluted earnings per share (000) | 3,132,458 | 3,163,959 | ||
Diluted earnings per share (A) (€/share) | 5.94 | 5.31 | ||
Adjustments, per above | 1,967 | 3,741 | ||
Tax impact on adjustments | (452) | (733) | ||
Unusual items related to income taxes | — | (851) | ||
Total adjustments, net of taxes | 1,515 | 2,157 | ||
Impact of adjustments above, net of taxes, on Diluted earnings per share from continuing operations (B) (€/share) | 0.48 | 0.68 | ||
Adjusted Diluted earnings per share (€/share) (A+B) | 6.42 | 5.99 |
(€ million except otherwise noted) | Year ended December 31, 2021 | |
Net profit from continuing operations attributable to owners of the parent | 13,210 | |
Add: FCA Net profit from continuing operations attributable to owners of the parent, January 1 - 16, 2021 | 30 | |
Add: Pro forma adjustments, net of taxes | 106 | |
Pro Forma Net profit from continuing operations attributable to owners of the parent (A) | 13,346 | |
Weighted average number of shares outstanding, January 17 - December 31, 2021 (000) | 3,059,284 | |
Number of shares deployable for share-based compensation, January 17 - December 31, 2021 (000) | 23,651 | |
Equity warrants delivered to General Motors (000) | 68,497 | |
Weighted average number of shares outstanding for diluted earnings per share (“EPS”), January 17 - December 31, 2021 (000) (B) | 3,151,432 | |
Pro Forma diluted EPS from continuing operations (€/share) (A/B=C) | 4.23 | |
Adjustments, per above | 2,712 | |
Tax impact on adjustments | (475) | |
Unusual items related to income taxes | (1,516) | |
Total adjustments, net of taxes | 721 | |
Impact of adjustments above, net of taxes, on Pro Forma Diluted earnings per share from continuing operations (D) (€/share) | 0.23 | |
Pro Forma Adjusted diluted earnings per share (€/share) (C+D) | 4.46 |
(€ million, except shipments which are in thousands of units) | Net revenues | Adjusted operating income | Consolidated Shipments | |||||||||||||||
Years ended December 31, | ||||||||||||||||||
2023 | 2022 | 2021 | 2023 | 2022 | 2021 | 2023 | 2022 | 2021 | ||||||||||
North America | €86,500 | €85,475 | €67,715 | €13,298 | €13,987 | €11,089 | 1,903 | 1,861 | 1,764 | |||||||||
Enlarged Europe | 66,598 | 63,311 | 58,728 | 6,519 | 6,218 | 5,373 | 2,814 | 2,626 | 2,847 | |||||||||
Middle East & Africa | 10,560 | 6,453 | 5,165 | 2,503 | 1,188 | 672 | 443 | 283 | 272 | |||||||||
South America | 16,058 | 15,620 | 10,496 | 2,369 | 2,048 | 873 | 879 | 859 | 811 | |||||||||
China and India & Asia Pacific | 3,528 | 4,505 | 3,927 | 502 | 641 | 437 | 102 | 127 | 118 | |||||||||
Maserati | 2,335 | 2,320 | 2,003 | 141 | 201 | 116 | 27 | 26 | — | |||||||||
Other activities | 5,211 | 3,169 | 2,768 | (322) | 179 | (27) | — | — | — | |||||||||
Unallocated items & eliminations(1) | (1,246) | (1,261) | (1,383) | (667) | (445) | 31 | — | — | — | |||||||||
Total | €189,544 | €179,592 | €149,419 | €24,343 | €24,017 | €18,564 | 6,168 | 5,782 | 5,836 |
Pro Forma | ||||||
(€ million, except shipments which are in thousands of units) | Net revenues | Adjusted operating income | Consolidated Shipments | |||
Year ended December 31, 2021 | ||||||
North America | €69,736 | €11,342 | 1,820 | |||
Enlarged Europe | 59,060 | 5,324 | 2,860 | |||
Middle East & Africa | 5,201 | 663 | 273 | |||
South America | 10,681 | 882 | 830 | |||
China and India & Asia Pacific | 3,980 | 428 | 120 | |||
Maserati | 2,021 | 103 | 24 | |||
Other activities | 2,728 | (22) | — | |||
Unallocated items & eliminations(1) | (1,288) | 31 | — | |||
Total | €152,119 | €18,751 | 5,927 |
Pro Forma | ||||||||||||||
Years ended December 31, | Increase/(Decrease) | Year ended December 31, | Increase/ (Decrease) | |||||||||||
2023 | 2022 | 2021 | 2023 vs. 2022 | 2022 vs. 2021 | 2021 | 2022 vs Pro Forma 2021 | ||||||||
1,903 | 1,861 | 1,764 | 2.3% | 5.5% | Shipments (thousands of units) | 1,820 | 2.3% | |||||||
€86,500 | €85,475 | 67,715 | 1.2% | 26.2% | Net revenues (€ million) | €69,736 | 22.6% | |||||||
€13,298 | €13,987 | €11,089 | (4.9)% | 26.1% | Adjusted operating income (€ million) | €11,342 | 23.3% | |||||||
15.4% | 16.4% | 16.4% | -100 bps | — bps | Adjusted operating income margin (%) | 16.3% | +10 bps |
Year ended December 31, 2022 | ||||||
(€ million) | As reported | Share of profit/ (loss) of equity method investees | As adjusted | |||
Adjusted operating income | 13,989 | (2) | 13,987 | |||
Adjusted operating income margin (%) | 16.4% | — bps | 16.4% |
Year ended December 31, 2021 | ||||||
(€ million) | As reported | Share of profit/ (loss) of equity method investees | As adjusted | |||
Adjusted operating income | 11,103 | (14) | 11,089 | |||
Adjusted operating income margin (%) | 16.4% | — bps | 16.4% |
Year ended December 31, 2021 | ||||||
(€ million) | As reported | Share of profit/ (loss) of equity method investees | As adjusted | |||
Pro Forma Adjusted operating income | 11,356 | (14) | 11,342 | |||
Pro Forma Adjusted operating income margin (%) | 16.3% | — bps | 16.3% |
Pro Forma | ||||||||||||||
Years ended December 31, | Increase/(Decrease) | Year ended December 31, | Increase/ (Decrease) | |||||||||||
2023 | 2022 | 2021 | 2023 vs. 2022 | 2022 vs. 2021 | 2021 | 2022 vs Pro Forma 2021 | ||||||||
2,814 | 2,626 | 2,847 | 7.2% | (7.8)% | Shipments (thousands of units) | 2,860 | (8.2)% | |||||||
€66,598 | €63,311 | €58,728 | 5.2% | 7.8% | Net revenues (€ million) | €59,060 | 7.2% | |||||||
€6,519 | €6,218 | €5,373 | 4.8% | 15.7% | Adjusted operating income (€ million) | €5,324 | 16.8% | |||||||
9.8% | 9.8% | 9.1% | — bps | +70 bps | Adjusted operating income margin (%) | 9.0% | +80 bps |
Year ended December 31, 2022 | ||||||
(€ million) | As reported | Share of profit/ (loss) of equity method investees | As adjusted | |||
Adjusted operating income | 6,293 | (75) | 6,218 | |||
Adjusted operating income margin (%) | 9.9% | -10 bps | 9.8% |
Year ended December 31, 2021 | ||||||
(€ million) | As reported | Share of profit/ (loss) of equity method investees | As adjusted | |||
Adjusted operating income | 5,419 | (46) | 5,373 | |||
Adjusted operating income margin (%) | 9.2% | -10 bps | 9.1% |
Year ended December 31, 2021 | ||||||
(€ million) | As reported | Share of profit/ (loss) of equity method investees | As adjusted | |||
Pro Forma Adjusted operating income | 5,370 | (46) | 5,324 | |||
Pro Forma Adjusted operating income margin (%) | 9.1% | -10 bps | 9.0% |
Pro Forma | ||||||||||||||
Years ended December 31, | Increase/ (Decrease) | Increase/ (Decrease) | Year ended December 31, | Increase/ (Decrease) | ||||||||||
2023 | 2022 | 2021 | 2023 vs. 2022 | 2022 vs. 2021 | 2021 | 2022 vs Pro Forma 2021 | ||||||||
616 | 426 | 387 | 44.6% | 10.1% | Combined shipments (thousands of units) | 389 | 9.5% | |||||||
443 | 283 | 272 | 56.5% | 4.0% | Consolidated shipments (thousands of units) | 273 | 3.7% | |||||||
€10,560 | €6,453 | €5,165 | 63.6% | 24.9% | Net revenues (€ million) | €5,201 | 24.1% | |||||||
€2,503 | €1,188 | €672 | 110.7% | 76.8% | Adjusted operating income (€ million) | €663 | 79.2% | |||||||
23.7% | 18.4% | 13.0% | +530 bps | +540 bps | Adjusted operating income margin (%) | 12.7% | +570 bps |
Year ended December 31, 2022 | ||||||
(€ million) | As reported | Share of profit/ (loss) of equity method investees | As adjusted | |||
Adjusted operating income | 1,078 | 110 | 1,188 | |||
Adjusted operating income margin (%) | 16.7% | +170 bps | 18.4% |
Year ended December 31, 2021 | ||||||
(€ million) | As reported | Share of profit/ (loss) of equity method investees | As adjusted | |||
Adjusted operating income | 554 | 118 | 672 | |||
Adjusted operating income margin (%) | 10.7% | +230 bps | 13.0% |
Year ended December 31, 2021 | ||||||
(€ million) | As reported | Share of profit/ (loss) of equity method investees | As adjusted | |||
Pro Forma Adjusted operating income | 545 | 118 | 663 | |||
Pro Forma Adjusted operating income margin (%) | 10.5% | +220 bps | 12.7% |
Pro Forma | ||||||||||||||
Years ended December 31, | Increase/(Decrease) | Year ended December 31, | Increase/ (Decrease) | |||||||||||
2023 | 2022 | 2021 | 2023 vs. 2022 | 2022 vs. 2021 | 2021 | 2022 vs Pro Forma 2021 | ||||||||
879 | 859 | 811 | 2.3% | 5.9% | Shipments (thousands of units) | 830 | 3.5% | |||||||
€16,058 | €15,620 | 10,496 | 2.8% | 48.8% | Net revenues (€ million) | €10,681 | 46.2% | |||||||
€2,369 | €2,048 | €873 | 15.7% | 134.6% | Adjusted operating income (€ million) | €882 | 132.2% | |||||||
14.8% | 13.1% | 8.3% | +170 bps | +480 bps | Adjusted operating income margin (%) | 8.3% | +480 bps |
Pro Forma | ||||||||||||||
Years ended December 31, | Increase/(Decrease) | Year ended December 31, | Increase/ (Decrease) | |||||||||||
2023 | 2022 | 2021 | 2023 vs. 2022 | 2022 vs. 2021 | 2021 | 2022 vs Pro Forma 2021 | ||||||||
154 | 205 | 216 | (24.9)% | (5.1)% | Combined shipments (thousands of units) | 219 | (6.4)% | |||||||
102 | 127 | 118 | (19.7)% | 7.6% | Consolidated shipments (thousands of units) | 120 | 5.8% | |||||||
€3,528 | €4,505 | €3,927 | (21.7)% | 14.7% | Net revenues (€ million) | €3,980 | 13.2% | |||||||
€502 | €641 | €437 | (21.7)% | 46.7% | Adjusted operating income (€ million) | €428 | 49.8% | |||||||
14.2% | 14.2% | 11.1% | 0 bps | +310 bps | Adjusted operating income margin (%) | 10.8% | +340 bps |
Year ended December 31, 2022 | ||||||
(€ million) | As reported | Share of profit/ (loss) of equity method investees | As adjusted | |||
Adjusted operating income | 654 | (13) | 641 | |||
Adjusted operating income margin (%) | 14.5% | -30 bps | 14.2% |
Year ended December 31, 2021 | ||||||
(€ million) | As reported | Share of profit/ (loss) of equity method investees | As adjusted | |||
Adjusted operating income | 444 | (7) | 437 | |||
Adjusted operating income margin (%) | 11.3% | -20 bps | 11.1% |
Year ended December 31, 2021 | ||||||
(€ million) | As reported | Share of profit/ (loss) of equity method investees | As adjusted | |||
Pro Forma Adjusted operating income | 442 | (14) | 428 | |||
Pro Forma Adjusted operating income margin (%) | 11.1% | -30 bps | 10.8% |
Pro Forma | ||||||||||||||
Years ended December 31, | Increase/(Decrease) | Year ended December 31, | Increase/ (Decrease) | |||||||||||
2023 | 2022 | 2021 | 2023 vs. 2022 | 2022 vs. 2021 | 2021 | 2022 vs Pro Forma 2021 | ||||||||
26.6 | 25.9 | 24.0 | 2.7% | 7.9% | Shipments (thousands of units) | 24.2 | 7.0% | |||||||
€2,335 | €2,320 | €2,003 | 0.6% | 15.8% | Net revenues (€ million) | €2,021 | 14.8% | |||||||
€141 | €201 | €116 | (29.9)% | 73.3% | Adjusted operating income (€ million) | €103 | 95.1% | |||||||
6.0% | 8.7% | 5.8% | -270 bps | +290 bps | Adjusted operating income margin (%) | 5.1% | +360 bps |
At December 31, | ||||
(€ million) | 2023 | 2022 | ||
Cash, cash equivalents and financial securities(1) | €49,758 | €49,960 | ||
Undrawn committed credit lines | 12,621 | 12,680 | ||
Cash, cash equivalents and financial securities - included with Assets held for sale | 231 | 65 | ||
Total Available liquidity(2) | €62,610 | €62,705 | ||
of which: Available liquidity of the Industrial Activities | €61,056 | €61,316 |
Years ended December 31, | ||||||
(€ million) | 2023 | 2022 | 2021 | |||
Cash flows from operating activities - continuing operations | €22,485 | €19,959 | €18,646 | |||
Cash flows from (used in) investing activities - continuing operations(2) | (15,047) | (10,531) | 11,789 | |||
Cash flows (used in) investing activities - discontinued operations(1) | — | — | (3,115) | |||
Cash flows from (used in) financing activities - continuing operations | (9,200) | (13,167) | (1,366) | |||
Effect of changes in exchange rates | (836) | 608 | 764 | |||
(Increase)/decrease in cash and cash equivalents included in asset held for sale | (166) | (65) | 18 | |||
Increase/(decrease) in cash and cash equivalents | (2,764) | (3,196) | 26,736 | |||
Net cash and cash equivalents at beginning of the period | 46,433 | 49,629 | 22,893 | |||
NET CASH AND CASH EQUIVALENTS AT END OF PERIOD | €43,669 | €46,433 | €49,629 |
Years ended December 31, | ||||
(€ million) | 2023 | 2022 | ||
Cash flows from/(used in) operating activities | €22,485 | €19,959 | ||
Less: Cash flows from operating activities - discontinued operations | — | — | ||
Cash flows from operating activities - continuing operations | 22,485 | 19,959 | ||
Less: Operating activities not attributable to industrial activities | (753) | 211 | ||
Less: Capital expenditures and capitalized research and development expenditures and change in amounts payable on property, plant and equipment and intangible assets for industrial activities | 9,031 | 8,938 | ||
Add: Proceeds from disposal of assets and other changes in investing activities | 2,152 | 500 | ||
Less: Net proceeds related to the reorganization of financial services in Europe(1) | 1,532 | — | ||
Less: Contributions of equity to joint ventures and minor acquisitions of consolidated subsidiaries and equity method and other investments | 2,767 | 769 | ||
Add: Defined benefit pension contribution, net of tax | 798 | 278 | ||
Industrial free cash flows | 12,858 | 10,819 |
At December 31, 2023 | At December 31, 2022 | |||||||||||
(€ million) | Company | Industrial activities | Financial services | Company | Industrial activities | Financial services | ||||||
Third parties debt (Principal) | (28,792) | (22,018) | (6,774) | (26,335) | (23,508) | (2,827) | ||||||
Capital market(1) | (18,637) | (17,555) | (1,082) | (19,088) | (18,488) | (600) | ||||||
Bank debt | (2,847) | (1,990) | (857) | (2,937) | (2,264) | (673) | ||||||
Other debt(2) | (5,150) | (334) | (4,816) | (2,051) | (517) | (1,534) | ||||||
Lease liabilities | (2,158) | (2,139) | (19) | (2,259) | (2,239) | (20) | ||||||
Accrued interest and other adjustments(3) | (671) | (658) | (13) | (818) | (793) | (25) | ||||||
Debt with third parties (excluding held for sale) | (29,463) | (22,676) | (6,787) | (27,153) | (24,301) | (2,852) | ||||||
Debt classified as held for sale | (122) | (122) | — | (11) | (11) | — | ||||||
Debt with third parties including held for sale | (29,585) | (22,798) | (6,787) | (27,164) | (24,312) | (2,852) | ||||||
Intercompany, net(4) | — | 3,064 | (3,064) | — | 918 | (918) | ||||||
Current financial receivables from jointly-controlled financial services companies(5) | 767 | 647 | 120 | 321 | 321 | — | ||||||
Debt, net of intercompany, and current financial receivables from jointly-controlled financial service companies | (28,818) | (19,087) | (9,731) | (26,843) | (23,073) | (3,770) | ||||||
Derivative financial assets/(liabilities), net and collateral deposits(6) | 20 | 49 | (29) | 52 | 52 | — | ||||||
Financial securities(7) | 6,089 | 5,875 | 214 | 3,527 | 3,326 | 201 | ||||||
Cash and cash equivalents | 43,669 | 42,419 | 1,250 | 46,433 | 45,335 | 1,098 | ||||||
Cash and cash equivalents classified as held for sale | 231 | 231 | — | 65 | 65 | — | ||||||
Net financial position | 21,191 | 29,487 | (8,296) | 23,234 | 25,705 | (2,471) |
Risk category | Category description | Risk appetite |
Strategic | Risk that may arise from the pursuit of Stellantis’ business plan, from strategic changes in the business environment, and/ or from adverse strategic business decisions. | We are prepared to take risks in a responsible way that takes our stakeholders’ interests into account and is consistent with our business plan. |
Operational | Risk relating to internal processes, people and systems or external events (including legal and reputational risks). | We look to mitigate operational risks to the maximum extent based on cost/benefit considerations. |
Financial | Risk relating to uncertainty of return and the potential for financial loss due to financial performance. | We seek capital market and other transactions to strengthen our financial position while allowing us to finance our operations on a consolidated global basis. |
Compliance | Risk of non-compliance with relevant regulations and laws, internal policies and procedures. | We hold ourselves, as well as our employees, responsible for acting with honesty, integrity and respect, including complying with our Code of Conduct, applicable laws and regulations everywhere we do business. |
Risk Category | Risk | Risk Description | Control / Mitigating Actions |
Strategic | Transition to Electrification | Main risk factors for transition to electrification include: the evolving nature of the regulatory environment, the higher production costs (and corresponding) prices of EV vehicles that could reduce our competitive advantage and result in lower customer appetite and lower profit margin or in a sharp decrease of the automotive market share in western countries, the aggressive competition of new players in the EV market that are developing with lower production cost and advanced technological solutions, and the dependence of EV (market) acceptance on government incentives. | Cost-reduction strategies to make electric vehicle’s price more affordable, including taking a stake in Chinese EV maker Leapmotor that will give Stellantis further access to innovative technologies and to an extended offer. Execution of battery/EDM roadmap to deliver performance at the right level. Secured access to key components and raw material by entering into long-term agreements or partnerships. Strategic partnerships to gain access to the latest innovations. |
Operational | Supply Chain | Stellantis’ ability to manage critical supplies to prevent production interruptions, and the ability to manage limited availability and increased costs of commodities, energy and transportation. | Actions to mitigate risks related to potential unavailability of raw materials and critical components in the time required by production planning include: •assessment of the end-to-end value chain of supplies to identify possible critical resources; •monitoring of global, political, environmental and economic events, to anticipate or identify those that could lead to supply chain disruption and implement timely mitigating actions; •developing technical solutions to reduce dependence on critical raw materials; •monitoring the suppliers’ risk to mitigate disruption due to any kind of failure; and •strategic partnerships. |
Risk Category | Risk | Risk Description | Control / Mitigating Actions |
Compliance | Compliance | The increasing complexity of compliance requirements in different fields (e.g., corporate liability, market regulations, export controls, anti-bribery, emissions and vehicle safety, data privacy, human rights, etc.) puts the organization at risk of non- compliance, that could result in potential fines, increased costs, and reputational damages. | Company governance and regular oversight by senior management to monitor compliance with laws and regulatory requirements and to promote consistency in approach and process across Stellantis operations. Stellantis Code of Conduct clearly and affirmatively requires employees to report issues of non-compliance. “Stellantis Integrity Helpline” program encourages employees, contractors, suppliers and dealers to report any issues that may concern vehicle safety, emissions or regulatory compliance. |
Financial | Macro- Economic Factors | The exposure to adverse financial conditions such as persistent inflation also impacting labor cost, high interest rates, as well as repeated increases and volatility in foreign exchange, raw material and energy prices, could impact Stellantis’ plans and profitability and its financial ability to offset the effects of a major crisis. This risk is increased by geopolitical instabilities, continued protectionism and unavailability of natural resources and energy. | Risk is mitigated through: •natural and financial hedging strategies; •material substitution and circular economy strategy; •optimization in technical solutions to minimize the use of critical resources or find substitutions; and •constant monitoring of raw material market dynamics and of raw materials price trend. |
Operational | Social Uprising | The extreme polarization and fragmentation of society in countries where Stellantis operates, exacerbated by geopolitical instability, financial inequality and disparate support of social networks, makes it more likely that unrest, violence or terrorist acts will occur in these countries that could impact on continuity and performance of Stellantis’ operations. | Implementation of Stellantis business continuity policy and definition of business continuity and resumption plan at plant level to strengthen resilience in the event of acts that could endanger Stellantis’ employees and operations. |
Strategic | Carbon and Resources Neutrality | Risk of not achieving carbon neutrality target due to the cost of plants, real estate and supply chain potential transformation, considering the carbon footprint reduction target of the entire value chain. | As part of the Dare Forward 2030 strategic plan, Stellantis committed to becoming the industry champion in climate change mitigation, reaching 50 percent of carbon footprint reduction by 2030 compared to 2021 levels (for real estate scope, target to be reached by 2025) and carbon net zero emissions by 2038 with single-digit percentage compensation of the remaining emissions. Appropriate governance is in place to monitor the implementation of various projects aimed at reducing our carbon footprint. |
Operational | Natural & Industrial Hazard | Global warming increases the likelihood of major climate events impacting production or distribution such as flash floods, tornadoes, hailstorms, heat waves or even water shortages. | The analysis of specific climate risks for Stellantis and critical suppliers’ sites allows an effective implementation and continuous monitoring of the prevention process and of the business continuity and resumption plan at site level to reduce impact and reinforce resilience. |
Name | Year of Birth | Position | Nationality | Term(1) | Independent | |||||||
John Elkann | M | 1976 | Chairman and Executive Director | Italian | 5 years | No | ||||||
Carlos Tavares | M | 1958 | Chief Executive Officer and Executive Director | Portuguese | 5 years | No | ||||||
Robert Peugeot | M | 1950 | Vice Chairman and Non- Executive Director | French | 5 years | No | ||||||
Henri de Castries | M | 1954 | Senior Independent Director and Non-Executive Director | French | 5 years | Yes | ||||||
Benoît Ribadeau-Dumas | M | 1972 | Non-Executive Director | French | 4 years | No | ||||||
Fiona Clare Cicconi | F | 1966 | Non-Executive Director | British – Italian | 4 years | Yes | ||||||
Jacques de Saint-Exupéry | M | 1957 | Non-Executive Director | French | 4 years | No | ||||||
Nicolas Dufourcq | M | 1963 | Non-Executive Director | French | 4 years | Yes | ||||||
Ann Frances Godbehere | F | 1955 | Non-Executive Director | Canadian – British | 4 years | Yes | ||||||
Wan Ling Martello | F | 1958 | Non-Executive Director | U.S. | 4 years | Yes | ||||||
Kevin Scott | M | 1972 | Non-Executive Director | U.S. | 4 years | Yes |
Directors Owning Stellantis Common Shares | Shares | Percent of Class | ||
John Elkann | 1,047,609 | —% | ||
Carlos Tavares | 1,192,501 | —% | ||
Robert Peugeot | 15,000 | —% | ||
Henri de Castries | 21,000 | —% | ||
Fiona Clare Cicconi | 11,662 | —% | ||
Benoît Ribadeau-Dumas | — | —% | ||
Jacques de Saint-Exupéry | 1,000 | —% | ||
Nicolas Dufourcq | — | —% | ||
Ann Frances Godbehere | 9,650 | —% | ||
Wan Ling Martello | — | —% | ||
Kevin Scott | — | —% |
Year of Birth | Name | Nationality | ||||
1976 | J. Elkann | M | Italian | |||
1958 | C. Tavares | M | Portuguese | |||
1950 | R. Peugeot | M | French | |||
1954 | H. De Castries | M | French | |||
1975 | A. Agnelli(1) | M | Italian | |||
1972 | B. Ribadeau-Dumas(2) | M | French | |||
1966 | F. C. Cicconi | F | British – Italian | |||
1957 | J. De Saint-Exupery | M | French | |||
1963 | N. Dufourcq | M | French | |||
1955 | A. F. Godbehere | F | Canadian - British | |||
1958 | W. L. Martello | F | U.S. | |||
1972 | K. Scott | M | U.S. |
Name | Meeting Board of Directors | Audit Committee | ESG Committee | Remuneration Committee |
John Elkann | 6/6 | |||
Carlos Tavares | 6/6 | |||
Robert Peugeot | 6/6 | 3/3 | ||
Henri de Castries | 6/6 | 10/10 | 3/3 | 3/3 |
Andrea Agnelli | 1/1 | 1/1 | 1/1 | |
Benoît Ribadeau-Dumas | 5/5 | 1/1 | 2/2 | |
Fiona Clare Cicconi | 5/6 | 3/3 | 3/3 | |
Jacques de Saint-Exupery | 6/6 | |||
Nicolas Dufourcq | 6/6 | 3/3 | ||
Ann Frances Godbehere | 6/6 | 10/10 | ||
Wan Ling Martello | 5/6 | 8/10 | 3/3 | |
Kevin Scott | 5/6 | 3/3 |
Executive Compensation changes made in 2023 |
•The LTI plan consists of 100% Performance Share Units (“PSUs” for the Executive Directors) beginning with the 2023 grant, as amended to the Remuneration Policy and approved by Shareholders at the 2023 AGM held on April 13, 2023. |
•The Total Shareholder Return (“TSR”) metric, beginning with the 2023 LTI grant, does not allow for any vesting/ payout for below-median performance. |
•We improved our message as to how our global footprint is reflected in benchmarking our executive compensation with our peer group and how our incentives reflect the Company’s bold strategy to transform itself to a sustainable mobility tech company – emphasizing the electrification and software of its vehicles, followed with its ambitious DARE FORWARD 2030 plan for carbon net zero in 2038 with single-digit percentage compensation of the remaining emissions. |
•We enhanced the transparency of the Remuneration Report with more detail of setting our incentive performance targets and performance achievement, in particular that of the CEO Transformation Award’s milestones/goals and how it is aligned with the Company’s long-term strategy and shareholders’ interests. |
2021 | 2022 | 2023 | Total | ||||
Performance Incentives & Profit Sharing (in million €) | €1,995 | €2,047 | €1,855 | €5,897 | |||
Employee Stock Purchase Plan - rollout in 2023 (in million €) | — | — | €36 | €36 | |||
Dividends to Shareholders (in million €) | €3,300 | €4,200 | €4,700(1) | €12,200 |
Principles of Executive Remuneration | |
Alignment with Stellantis Strategy | Compensation is strongly linked to the achievement of the Company’s disclosed performance targets. |
Pay for Performance | Must reinforce our performance-driven culture and principles of meritocracy. Majority of pay is linked directly to Company performance through both short and long-term variable pay. |
Competitiveness | Compensation will be competitive against the comparable global market and set in a manner to attract, retain and motivate expert leaders and highly qualified executives. Considering competitiveness across both the European and U.S. talent market is essential given our global footprint. |
Creating Long-term Shareholder Value | Performance targets triggering any variable compensation payment should align with the interests of shareholders and other stakeholders. |
Compliance | Compensation policies and practices are designed to comply with applicable laws and corporate governance requirements. |
Risk Prudence | The compensation structure and design should avoid incentives that encourage unnecessary or excessive risks that could threaten the Company’s value. |
Remuneration Element | Key Feature | Alignment to Strategy and Shareholder Interests |
Base Salary | Market-based fixed cash compensation set competitively to large global automobile manufacturers with the peer group. | Set at a level to attract, motivate and retain the best talents in global and/or regional markets. |
Short Term Incentive Plan - Stellantis Annual Incentive Plan (“SAIP”) | Paid annually in cash; the CEO’s target opportunity is 200% of base salary and maximum opportunity is 400% of base salary. Board Chair is not eligible. | Incentivize delivery of performance against our pre-established and challenging annual strategic and financial goals. |
LTI Plan | 100% Performance Share Units (PSUs): Conditional rights on ordinary shares, with amounts earned subject to Company performance and a three-year vesting schedule. | Incentivize delivery of financial performance and creation of long-term sustainable value; demonstrates long- term alignment with shareholder interests. PSUs are 100% at-risk and contingent upon Stellantis’ performance - no amounts are guaranteed. |
Share Ownership and Retention Guidelines | Executive Directors: Six (6) x Annual Base Salary Required to retain one hundred percent (100%) of net, after-tax shares of Common stock issued upon vesting and settlement of any equity awards granted until the fifth (5th) anniversary of the grant date of such award. Shares owned outright and any unvested Restricted Stock Units (RSUs) are counted for purposes of satisfying the guideline. Unvested PSUs are not considered. | Establishes long-term alignment with shareholders; promotes focus on management of company risks. |
Retirement Benefits | Defined contribution retirement savings plan that is available to the CEO and all employees in the country of employment. The Chairman participates in a retiree health care benefit plan. | Provides appropriate retirement savings designed to be competitive in the relevant market. |
Other Benefits & Allowances | Executive Directors may receive usual and customary fringe benefits such as severance, company vehicles, security, medical insurance, tax preparation, financial consulting and tax equalization. | Recognizes competitive practices. |
CEO Transformation Incentive (One-time, long-term award) | One-time cash incentive with payout upon the achievement of innovative milestones/goals during a five-year period (2021-2025). | Designed to achieve results within an aggressive timeline toward carbon neutrality in mobility and technology. |
CEO Shareholder Return Incentive (One-time, long-term award) | One-time equity incentive with payout only if share price appreciates at least 80% for sixty consecutive days during a five-year period (2021-2025). 50% of any payout is subject to an additional 2-year holding period. | Directly aligned with Shareholder return on investment (absolute TSR). |
U.S. Companies | European Companies | ||
•Boeing | •General Dynamics | •Airbus | •Renault |
•Caterpillar | •General Electric | •ArcelorMittal | •Siemens |
•Chevron | •General Motors | •BASF | •ThyssenKrupp |
•Deere | •Honeywell | •BMW | •Total |
•Exxon Mobil | •Lockheed Martin | •Continental | •Volkswagen |
•Ford | •Raytheon Technologies | •Mercedes-Benz (formerly Daimler) | •Volvo |
What we do: | What we do not do: | |||
•Pay for performance by structuring a significant percentage of target compensation in the form of variable, at risk compensation within Stellantis | •We do not offer remuneration which encourages our Executive Directors and non-Executive Directors to take any unnecessary or excessive risks or to act in their own interests | |||
•Predetermined stretch performance goals for incentive pay programs | •We do not reward for performance below threshold | |||
•We align goals and values organization-wide through incentive pay and rigorous performance management | •We do not have excessive pay programs | |||
•Incorporate ESG goals into our short-term and long-term incentive plans | •We do not allow hedging, pledging or short-selling of our securities | |||
•Market comparison of Executive Director and non- Executive Director remuneration against relevant peers | •We do not pay out guaranteed bonuses | |||
•Conduct a rigorous and detailed analysis of CEO pay and Company performance against our peers | •We have no excessive perquisites | |||
•We consider pay ratios within the Company in establishing Executive Directors’ pay | ||||
•Use of an independent compensation consultant reporting directly to the Remuneration Committee | ||||
•We have robust stock ownership and share retention guidelines | ||||
•We have clawback policies incorporated into our incentive plans | ||||
•“Double-trigger” vesting of equity awards upon a change of control |
Year | Base Pay | Annual Bonus | Transformation Incentive | Vested LTI | Pension Contribution | Total | ||||||
2023 | €2,000,000 | €5,786,800 | €10,000,000 | €3,738,229 | €1,946,700 | €23,471,729 | ||||||
2022 | €2,000,000 | €7,480,000 | €— | €3,073,489 | €2,370,000 | €14,923,489 |
Fixed Remuneration | Variable Remuneration | |||||||||||||
Directors of Stellantis | Office Held | Year | Base salary/ Fees | Fringe benefits | Short-term incentive | Long-term incentive | Post Retirement Benefits Expense | Other Compensation | Total Remuneration | Proportion of Fixed Remuneration | Proportion of Variable Remuneration | |||
ELKANN, John Philipp | Chairman | 2023 | €924,404 | €684,230 | (1) | €3,214,886 | (2) | €4,823,520 | 33% | 67% | ||||
2022 | 951,519 | 1,124,290 | 3,774,242 | 5,850,051 | 35% | 65% | ||||||||
TAVARES, Carlos | CEO | 2023 | 2,000,000 | 634,697 | (1) | €5,786,800 | 26,125,828 | (3) | €1,946,700 | 36,494,025 | 7% | 93% | ||
2022 | 2,000,000 | 14,345 | 7,480,000 | 11,594,661 | 2,370,000 | 23,459,006 | 9% | 91% | ||||||
PEUGEOT, Robert | Vice Chairman | 2023 | 205,000 | 11,927 | (4) | 216,927 | 100% | —% | ||||||
2022 | 205,000 | 14,595 | 219,595 | 100% | —% | |||||||||
AGNELLI, Andrea(5) | Director | 2023 | 60,000 | 2,644 | (4) | 62,644 | 100% | —% | ||||||
2022 | 210,000 | 13,022 | 223,022 | 100% | —% | |||||||||
CASTRIES, Henri de | Director | 2023 | 275,000 | 11,924 | (4) | 286,924 | 100% | —% | ||||||
2022 | 275,000 | 15,010 | 290,010 | 100% | —% | |||||||||
CICCONI, Fiona Clare | Director | 2023 | 215,632 | 18,846 | (4) | 234,478 | 100% | —% | ||||||
2022 | 210,000 | 17,611 | 227,611 | 100% | —% | |||||||||
DUFOURCQ, Nicolas(6) | Director | 2023 | - | - | - | |||||||||
2022 | - | - | - | |||||||||||
GODBEHERE, Ann Frances | Director | 2023 | 225,000 | 510 | (4) | 225,510 | 100% | —% | ||||||
2022 | 225,000 | 3,106 | 228,106 | 100% | —% | |||||||||
MARTELLO, Wan Ling | Director | 2023 | 220,000 | 25,960 | (4) | 245,960 | 100% | —% | ||||||
2022 | 220,000 | 14,440 | 234,440 | 100% | —% | |||||||||
RIBADEAU- DUMAS, Benoit(7) | Director | 2023 | — | — | — | —% | —% | |||||||
SAINT- EXUPERY, Jacques | Director | 2023 | 200,000 | — | (4) | 200,000 | 100% | —% | ||||||
2022 | 200,000 | 1,853 | 201,853 | 100% | —% | |||||||||
SCOTT, Kevin | Director | 2023 | 205,000 | 25,960 | (4) | 230,960 | 100% | —% | ||||||
2022 | 205,000 | 13,702 | 218,702 | 100% | —% | |||||||||
4,530,036 | 1,416,698 | 5,786,800 | 29,340,714 | 1,946,700 | — | 43,020,948 |
Executive Director | 2023 Annual Base Salary |
John Elkann, Chairman | $1,000,000 |
Carlos Tavares, Chief Executive Officer | €2,000,000 |
Executive Director | 2023 Annual Incentive Target Opportunity (as a % of base pay) | ||
Threshold | Target | Maximum | |
John Elkann, Board Chair | Not Eligible | Not Eligible | Not Eligible |
Carlos Tavares, Chief Executive Officer | 50% | 200% | 400% |
Measure | Weighting | How performance is calculated |
Adjusted Operating Income (AOI) | 25% | SAIP financial targets are based on the annual budget developed in-line with the long-term Dare Forward 2030 strategic plan. |
Industrial Free Cash Flow | 25% | |
Synergies (less implementation costs) | 20% | |
ESG Metric: LEV Market Share EU & Mix U.S. | 15% | ESG metric reflecting an increasing volume of electrified mobility |
Quality | 15% | Measured by product quality rates and service quality customer satisfaction. Goals set at beginning of the performance year which reflect improvement from prior year. |
Metric | 2022 Targets | 2022 Actual Performance | 2023 Targets |
AOI | Threshold: 9.0% Target: 10.0% Maximum: 12.1% | 13.0% | Threshold: 10.0% Target: 12.5% Maximum: 14.0% |
Industrial Free Cash Flow | Threshold: €2.5bn Target: €3.5b Maximum: €8.1bn | €10.8bn | Threshold: €6.0bn Target: €7.0b Maximum: €10.0bn |
Synergies (less implementation costs) | Threshold: €3.6bn Target: €4.5b Maximum: €5.0bn | €7.1bn | Threshold: €7.1bn Target: €7.5b Maximum: €8.1bn |
LEV •Market Share (EU) •Mix (U.S. | N/A New Metric | N/A New Metric | Refer to below table for target and performance ranges |
Quality •Failure Rate •Customer Satisfaction | Not Disclosed | Not Disclosed | •Threshold performance generally set at prior year’s 2022 actual performance results •Failure Rate target set at a stretch 22.5% improvement from 2022 actual performance results |
SAIP Performance Metric | Weight | Threshold | Target | Maximum | Actual | SAIP Result |
Adjusted Operating Income | 25% | 10.0% | 12.5% | 14.0% | 12.84% | 122.7% |
Industrial Free Cash Flow | 25% | €6.0bn | €7.0bn | €10.0bn | €12.9bn | 200% |
Synergies | 20% | €7.1bn | €7.5bn | €8.1bn | €8.4bn | 200% |
Low Emissions Vehicles | ||||||
Market Share - EU | 7.5% | Parity - 4.1 | Parity | Parity + 1.5 | Parity - 4.0 | 51.2% |
Mix - U.S. | 7.5% | 6.6% | 13.3% | 14.5% | 13.5% | 116.7% |
Quality – 3 metrics | ||||||
Failure Rate 3MIS kppm | 8% | ND* | ND* | ND* | ND* | 93% |
Customer Satisfaction – NPS NV | 3.5% | ND* | ND* | ND* | ND* | 50% |
Customer Satisfaction – NPS AFS | 3.5% | ND* | ND* | ND* | ND* | 63% |
Total Payout Percentage: | 144.67% |
Base Salary | Annual Cash Bonus Range | Actual 2023 SAIP Payout | ||||
Below Threshold | Threshold | Target | Maximum | |||
Carlos Tavares | €2,000,000 | € 0 | €2,000,000 | €4,000,000 | €8,000,000 | €5,786,800 |
Executive Director | 2023 Long-Term Incentive Opportunity | |
Target Opportunity | Maximum Opportunity | |
John Elkann, Board Chair | 300% of base salary | 390% of base salary |
Carlos Tavares, Chief Executive Officer | 600% of base salary | 780% of base salary |
2021-2023 & 2022-2024 LTI PSU Metrics | ||
Measure | Weighting | How performance is calculated |
Relative Total Shareholder Return | 40% | Relative TSR performance as compared to peer group of companies. over a 3-year period |
Synergies (less implementation costs) | 40% | Cumulative cash synergies net of implementation costs realized over the three-year period. Maximum payout for this metric is 100%. |
The CO2 emissions reduction metric (weighted at 20% of the LTI) has two components equally weighted: | ||
CAFE Compliance | 10% | Must be compliant in each year of the 3-year period with the Europe Corporate Average Fuel Economy (CAFE). Failure to comply in any one year will result in no payout for this metric. |
Electrification of Vehicle Nameplates | 10% | Projected number of EV nameplates at the end of a 3-year period. Maximum payout for this metric is 100%. |
2023-2025 LTI PSU Metrics | ||
Measure | Weighting | How performance is calculated |
Relative Total Shareholder Return | 30% | Relative TSR performance as compared to peer group of companies. over a 3-year period; no payout below median performance. |
Adjusted operating income (3-yr period) | 40% | Cumulative cash synergies net of implementation costs realized over the three-year period. Maximum payout for this metric is 100%. |
Electrification of Vehicle Nameplates | 30% | Projected number of EV nameplates at the end of a 3-year period. Maximum payout for this metric is 100%. |
2021-2023 LTI & 2022-2024 LTI TSR Payout Scale | 2023-2025 LTI TSR Payout Scale | |||
Stellantis Rank | Payout % of Target | Stellantis Rank | Payout % of Target | |
1st | 200% | 1st | 200% | |
2nd | 175% | 2nd | 180% | |
3rd | 150% | 3rd | 160% | |
4th | 125% | 4th | 140% | |
5th | 100% | 5th | 120% | |
6th | 75% | 6th | 100% | |
7th | 50% | 7th | —% | |
8th | 25% | 8th | —% | |
9th | —% | 9th | —% | |
10th | —% | 10th | —% | |
11th | —% | 11th | —% | |
12th | —% | 12th | —% |
Executive Director | 2021-2023 Long-Term Incentive PSUs Awarded | |
PSUs awarded in 2021 | PSUs to be distributed in May 2024 (based on 138% performance) | |
John Elkann, Board Chair | 127,900 | 176,502 |
Carlos Tavares, Chief Executive Officer | 612,700 | 845,526 |
Beginning in 2021, Stellantis launched its bold strategy to transform itself to a sustainable mobility tech company – emphasizing the electrification and software of its vehicles, followed with its ambitious DARE FORWARD 2030 plan for carbon net zero in 2038 with single-digit percentage compensation of the remaining emissions. Given the challenges that the automotive industry is facing with the transformation in global mobility, technology and the electrification of vehicles, and in recognition of Mr. Tavares’ essential role in leading Stellantis through the merger, on June 30, 2021, as provided under the terms of the Remuneration Policy, the Remuneration Committee recommended, and the Board approved, a one-time transformation incentive for the CEO. The design of the incentive, through the Remuneration Committee’s comprehensive and thoughtful consideration, reflects direct alignment between the Company’s direction of delivering value to shareholders through the critical merger and integration period while successfully positioning the Company as a global leader in the innovation of electrification of mobility in the industry. It was for this reason that the one-time incentive was defined and awarded in 2021 (after the creation of Stellantis from the merger) - to lock-in long-term goals over a critical five- year performance period. | € 30 billion in Company investment of electrification and technology To be a leader in the industry Maximum payout (meeting all seven milestones) of the Transformation Incentive is 0.167% of the investment |
1. | Milestone Validation | •Company’s Human Resources and the business owner responsible for the milestone confirms that the milestone was achieved. •Minutes/documentation necessary to support achievement, subject to internal audit verification. |
2. | Milestone Assessment | •Detailed information about milestone achievement provided to Remuneration Committee for review and assessment. |
3. | Committee Validation | •Committee makes determination that milestone was successfully achieved (vesting of the award). |
4. | Incentive Payout | •Incentive is settled in cash no later than sixty days from vesting event. •CEO must remain in continuous employment throughout the achievement of each milestone. |
Innovative Milestone Achieved during the 5-year Performance Period | Cash Award (percentage of Target Value) |
0-1 | 0% |
2 | 20% |
3 | 40% |
4 | 80% |
5 | 120% |
6 | 160% |
7 | 200% |
Milestone Achieved | Significance to Long-Term Strategy | Stellantis Sustainability and Future |
European LEV sales mix at 15% (achieved in 2022) | •In 2020, the European LEV sales mix was 6.7% •Industry is transforming away from carbon-emitting internal combustion engines | •Beginning of the journey to become a global leader in electrification and mobility •Drive Stellantis in the LEV (BEV/ PHEV) competition to be a top player in industry |
First start of production of e-motors made at Nidec PSA E-motors (NPE) (achieved in 2023) | •Starting from ground up – modification of plants to produce new technology and retraining of employees •Cornerstone for e-components vertical integration •Provides highest efficiency at competitive costs •Over €93M of industrial investments to date | •Stellantis Trémery plant first facility to produce electric motors •Aims to drive electrification growth while also meeting the needs of other automakers |
First start of production of eDCT electrified (achieved in 2023) | •Starting from ground up – modification of plants to produce new technology and retraining of employees •Cornerstone for e-components vertical integration •Provides broader availability of affordable electrified powertrains on global market •Over €57M of industrial investments to date | •Stellantis Metz site ramping up production of 600,000 electrified dual-clutch gearboxes per year •Supply mild Hybrid Electric Vehicles and PHEV •Solution will gradually be extended to all brand models in Europe to reduce CO2 emissions |
Name of Director, Position | Specification of Plan | Performance Period | Grant Date | Number of Units Granted | Fair Value at Grant Date(3) | Vesting Date | End of Holding Period(4) | Opening Balance - January 01, 2023 | Shares Granted | Shares Vested(5) | Closing Balance | Long Term Incentive Expense |
ELKANN, John Phillip, Chairman | 2020 LTI RSU(1) | 2020-2022 | May 1, 2020 | 382,560 | € 2,968,739 | May 1, 2023 | May 1, 2025 | 477,106 | — | 477,106 | — | € 610,449 |
2021 LTI RSU | 2021-2023 | April 15, 2021 | 42,580 | € 622,904 | April 15, 2024 | May 1, 2026 | 42,580 | — | — | 42,580 | € 220,415 | |
2021 LTI PSU | 2021-2023 | April 15, 2021 | 127,900 | € 1,871,053 | April 15, 2024 | May 1, 2026 | 127,900 | — | — | 127,900 | € 787,133 | |
2022 LTI RSU | 2022-2024 | May 15, 2022 | 54,950 | € 580,959 | May 15, 2025 | May 15, 2027 | 54,950 | — | — | 54,950 | € 222,885 | |
2022 LTI PSU | 2022-2024 | May 15, 2022 | 164,840 | € 1,686,462 | May 15, 2025 | May 15, 2027 | 164,840 | — | — | 164,840 | € 745,374 | |
2023 LTI PSU | 2023 - 2025 | May 1, 2023 | 169,773 | € 2,138,008 | May 1, 2026 | May 1, 2028 | — | 169,773 | — | 169,773 | € 628,629 | |
TAVARES, Carlos CEO | 2019 LTI RSU | 2019- 2021 | May 20, 2019 | 130,000 | € 2,299,440 | May 23, 2022 May 23, 2023 | 102,780 | — | 102,780 | — | € 58,706 | |
2020 LTI RSU | 2020-2022 | May 11, 2020 | 80,000 | € 826,880 | May 11, 2023 | 144,638 | — | 144,638 | — | € 132,926 | ||
2021 LTI RSU | 2021-2023 | April 15, 2021 | 204,180 | € 2,956,526 | May 15, 2024 | May 15, 2026 | 204,180 | — | — | 204,180 | € 1,056,936 | |
2021 LTI PSU | 2021-2023 | April 15, 2021 | 612,700 | € 9,484,596 | May 15, 2024 | May 15, 2026 | 612,700 | — | — | 612,700 | € 3,770,732 | |
2021 CEO PSU(2) | 2021-2026 | June 28, 2021 | 1,000,000 | € 19,560,000 | January 17, 2026 | January 17, 2028 | 1,000,000 | — | — | 1,000,000 | € 4,293,090 | |
2021 LTI RSU(6) | 2021-2023 | October 1, 2021 | 10,190 | € 143,068 | October 1, 2024 | May 1, 2026 | 10,190 | — | — | 10,190 | € 51,158 | |
2022 LTI RSU | 2022-2024 | May 15, 2022 | 232,220 | € 2,584,366 | May 15, 2025 | May 15, 2027 | 232,220 | — | — | 232,220 | € 922,086 | |
2022 LTI PSU | 2022-2024 | May 15, 2022 | 696,650 | € 7,502,483 | May 15, 2025 | May 15, 2027 | 696,650 | — | — | 696,650 | € 3,083,791 | |
2023 LTI PSU | 2023 - 2025 | May 1, 2023 | 744,417 | € 9,374,692 | May 1, 2026 | May 1, 2028 | — | 744,417 | — | 744,417 | € 2,756,403 |
Non-executive Director Remuneration | |
Annual cash retainer: | € 200,000 |
Additional retainer for Senior Independent Director: | € 50,000 |
Additional retainer for Audit Committee Chair: | € 25,000 |
Additional retainer for Audit Committee membership: | € 10,000 |
Additional retainer for other Committee Chairs: | € 10,000 |
Additional retainer for other Committee membership: | € 5,000 |
Employees excluding Executive Directors | 2023 | 2022 | 2021 | 2020(1) | 2019(1) | 5 years average | ||||||
Personnel cost (€ billion) | 19.1 | 18.2 | 17.1 | 10.3 | 11.4 | 15.2 | ||||||
Average number of employees | 271,292 | 282,926 | 292,432 | 191,703 | 198,770 | 247,425 | ||||||
Average employee compensation (€) | 70,404 | 64,328 | 58,475 | 53,729 | 57,353 | 60,858 |
2023 | 2022 | 2021(1) | 2020(2) | 2019(2) | 5 years average | |||||||
CEO compensation (€) | 36,494,025 | 23,459,006 | 17,453,507 | 11,729,558 | 13,280,913 | 20,479,802 | ||||||
Average employee compensation (€) | 70,404 | 64,328 | 58,475 | 53,729 | 57,353 | 60,858 | ||||||
CEO Pay Ratio | 518* | 365 | 298 | 218 | 232 | 337 |
Company Performance | 2023 | 2022 | 2021 | 2020(1) | 2019(1) | |||||||||||||||
Net revenues (€ million) | € | 189,544 | € | 179,592 | € | 149,419 | € | 86,676 | € | 108,187 | ||||||||||
Net profit/(loss) from continuing operations (€ million) | 18,625 | 16,779 | 13,218 | 24 | 2,700 | |||||||||||||||
Diluted earnings/(loss) per share from continuing operations (€) | € | 5.94 | € | 5.31 | € | 4.19 | € | 0.02 | € | 1.71 |
Director | Position | 2023 | 2022 | 2021 | 2020(1) | 2019(1) | ||||||
ELKANN, John Philipp | Chairman | € 4,823,519 | € 5,850,051 | € 7,884,085 | € 2,391,177 | € 3,849,946 | ||||||
TAVARES, Carlos | CEO | 36,494,025 | 23,459,006 | 19,153,507 | ||||||||
PEUGEOT, Robert | Director | 216,927 | 219,595 | 203,782 | ||||||||
AGNELLI, Andrea | Director | 62,644 | 223,022 | 226,135 | 45,888 | 180,157 | ||||||
CASTRIES, Henri de | Director | 286,294 | 290,010 | 273,725 | ||||||||
CICCONI, Fiona Clare | Director | 234,478 | 227,611 | 208,061 | ||||||||
DUFOURCQ, Nicolas | Director | - | - | - | ||||||||
GODBEHERE, Ann Frances | Director | 225,510 | 228,106 | 228,458 | ||||||||
MARTELLO, Wan Ling | Director | 245,960 | 234,440 | 221,546 | ||||||||
RIBADEAU- DUMAS, Benoit | Director | - | ||||||||||
SAINT- EXUPERY, Jacques | Director | 200,000 | 201,853 | 198,436 | ||||||||
SCOTT, Kevin | Director | 230,960 | 218,702 | 203,498 | ||||||||
MARCHIONNE, Sergio | Former CEO | 26,080,867 | ||||||||||
MANLEY, Michael | Former CEO | 51,184,773(2) | 305,876 | 11,728,558 | 13,280,913 | |||||||
PALMER, Richard | Former CFO | 345,686(3) | 14,766,580 | 4,471,542 | 4,035,288 | |||||||
ABBOTT, John | Former Director | 8,456 | 43,775 | 178,655 | ||||||||
BRANDOLINI D'ABBA, Tiberto | Former Director | 9,169 | 44,691 | 180,968 | ||||||||
EARLE, Glenn | Former Director | 8,387 | 71,635 | 215,649 | ||||||||
MARS, Valerie | Former Director | 11,872 | 60,903 | 208,529 | ||||||||
SIMMONS, Ruth J. | Former Director | - | - | 99,835 | ||||||||
THOMPSON, Ronald L. | Former Director | 14,611 | 58,231 | 220,524 | ||||||||
VOLPI, Michelango A. | Former Director | 12,198 | 52,369 | 189,409 | ||||||||
WHEATCROFT, Patience | Former Director | 8,723 | 59,690 | 204,284 | ||||||||
ZEGNA, Emenegildo | Former Director | 24,479 | 68,037 | 205,626 |
Average employee compensation | 2023 | 2022 | 2021 | 2020(1) | 2019(1) | ||||||||||||||||
Average employee compensation | € | 70,404 | € | 64,328 | € | 58,475 | € | 53,729 | € | 57,353 |
Page | ||
Provision for North America product warranty and recall campaigns | |
Description of the Matter | At December 31, 2023, the provision for product warranty and recall campaigns amounted to €8,984 million with the most significant amounts related to the North America region. The Company establishes a provision for product warranty obligations, including the estimated cost of service and recall actions in the North America region, at the time the vehicle is sold. The estimated future costs of these actions, which are recorded in cost of revenues in the consolidated income statement, are principally based on assumptions regarding the lifetime warranty costs of each vehicle line and each model year of that vehicle line, as well as claims and past experience for the vehicles. The disclosures on warranty provision are included in notes 2 and 21 to the consolidated financial statements. Auditing management’s provision for product warranty and recall campaign was complex in consideration of the judgment required to develop assumptions around future costs to be incurred for warranty provision. The complexity in evaluating management’s estimate related to the North America region’s warranty and campaign provision is driven by numerous uncertainties, including the nature and frequency of warranty claims and the estimated average costs of such claims. Due to the significance, the uncertainty, and potential volatility of these estimated future costs and other factors, changes in assumptions used could materially affect the result of the Company’s consolidated financial statements and is therefore considered a critical audit matter. |
How We Addressed the Matter in Our Audit | The procedures designed to address the matter in our audit included, among others, obtaining an understanding, evaluating the design of and testing the operating effectiveness of controls over the Company’s warranty and recall campaign process, including controls over management’s review of the aforementioned significant assumptions. We involved actuarial specialists to assist us in evaluating and testing the Company's methodology and the assumptions developed by management in determining the warranty and recall campaign provision. With the assistance of the actuarial specialists, we performed sensitivity analyses and independently calculated a range of probable outcomes for the North America product warranty and recall campaigns provision. We compared current year developments against expectations. We performed other audit procedures to evaluate the data applied in the model including, among others, (i) tested warranty payments made in the year, (ii) obtained external third-party confirmations in respect of the completeness and accuracy of current year claims for warranty and recall and (iii) tested estimated costs associated with approved recall campaigns. We evaluated the adequacy of the related disclosures in the consolidated financial statements, including the disclosures of related significant judgements made by management. |
Recoverability of non-current assets with definite useful lives with reference to Enlarged Europe | |
Description of the Matter | At December 31, 2023, the non-current assets with definite useful lives amounted to €58,312 million. Non-current assets with definite useful lives include property, plant and equipment (€37,687 million) and intangible assets (€20,625 million), that include assets historically recorded by Peugeot-Citroen-DS (PCD) in Enlarged Europe. Intangible assets with definite useful lives mainly consist of capitalized development expenditures. The Company reviews the carrying amount of non- current assets with definite useful lives when events or circumstances indicate that an asset may be impaired and, if required, the carrying amount of the asset is reduced to its recoverable amount, which is the higher of fair value less costs of disposal and its value in use. The recoverable amount is determined at the cash generating unit (CGU) level. The disclosures on non-current assets with definite useful lives are included in notes 2, 10 and 11 of the consolidated financial statements. Auditing management’s assessment of the recoverability of non-current assets with definite useful lives with reference to Enlarged Europe for PCD was complex and highly judgmental due to the significance, uncertainties and potential volatility involved in the forecast volumes and margins, which may be affected by regulatory changes as well as changes in the expected costs of implementing electrification. Changes in the assumptions used could potentially materially affect the recoverability of such non-current assets with definite useful lives. Therefore, this matter is considered to be a critical audit matter. |
How We Addressed the Matter in Our Audit | The procedures designed to address the matter in our audit included, among others, obtaining an understanding, evaluating the design and testing the operating effectiveness of controls over the Company’s non-current assets with definite useful lives impairment assessment process, including controls over management’s review of the significant assumptions described above. To test the determination of the recoverable amount of the CGUs, we involved valuation specialists to assist in evaluating the methodology used by the Company, including the impairment test model developed and the discount rates (Weighted Average Cost of Capital) applied. With the assistance of our valuation specialists, we performed independent calculations and sensitivity analyses over key assumptions for each CGU. We evaluated the key assumptions applied in determining the recoverable amount and evaluated the CGUs identified and tested the allocation of assets to the carrying value of each CGU. We assessed the cash flow forecasts for each CGU by comparing volumes with those forecasted per automotive industry market research reports and comparing forecasted revenue and margins with actuals of other vehicles from the same brand and/or segment. We evaluated the consistency of the volumes mix derived from the impairment test with the Company’s long-term strategy on climate change risks and the electrification transition and the impact thereof on the cash flows used in determining the cash flows of the CGUs. We evaluated the historical accuracy of the Company's forecasts by comparing to actual results. We evaluated the adequacy of the related disclosures in the consolidated financial statements, including the disclosures of related significant judgements made by management. |
Years ended December 31, | |||||||
Note | 2023 | 2022(1) | 2021(1) | ||||
Net revenues | 4 | € | € | € | |||
Cost of revenues | |||||||
Selling, general and other costs | |||||||
Research and development costs | 5 | ||||||
Gains/(losses) on disposal of investments | ( | ||||||
Restructuring costs | |||||||
Share of the profit/(loss) of equity method investees | 12 | ||||||
Operating income/(loss) | |||||||
Net financial expenses/(income) | 6 | ( | |||||
Profit/(loss) before taxes | |||||||
Tax expense/(benefit) | 7 | ||||||
Net profit/(loss) from continuing operations | |||||||
Profit/(loss) from discontinued operations, net of tax | 3 | ||||||
Net profit/(loss) | € | € | € | ||||
Net profit/(loss) attributable to: | |||||||
Owners of the parent | € | € | € | ||||
Non-controlling interests | ( | ||||||
€ | € | € | |||||
Net profit/(loss) from continuing operations attributable to: | |||||||
Owners of the parent | € | € | € | ||||
Non-controlling interests | ( | ||||||
€ | € | € | |||||
Earnings per share: | 28 | ||||||
Basic earnings per share | € | € | € | ||||
Diluted earnings per share | € | € | € | ||||
Earnings per share for Net profit from continuing operations: | 28 | ||||||
Basic earnings per share | € | € | € | ||||
Diluted earnings per share | € | € | € |
Years ended December 31, | |||||||
Note | 2023 | 2022 | 2021 | ||||
Consolidated profit/(loss) for the period | € | € | € | ||||
Fair value remeasurement to cash flow hedges | ( | ( | |||||
of which, reclassified to the income statement | ( | ( | |||||
of which, recognized in equity during the period | ( | ( | |||||
Gains and losses from remeasurement of financial assets | |||||||
of which, recognized in equity during the period | |||||||
Exchange differences on translating foreign operations | ( | ||||||
Income tax benefit/(expense) | ( | ||||||
Share of Other comprehensive income/(loss) for equity method investees | ( | ( | ( | ||||
Amounts to be potentially reclassified to profit or loss | 27 | ( | |||||
Actuarial gains and losses on defined benefit pension obligations | ( | ||||||
Share of Other comprehensive income/(loss) for equity method investees | ( | ||||||
Income tax (expense)/benefit | ( | ( | |||||
Amounts not to be reclassified to profit or loss | 27 | ( | |||||
TOTAL CONSOLIDATED COMPREHENSIVE INCOME/(LOSS) FOR THE PERIOD | € | € | € | ||||
of which, attributable to equity holders of the parent | € | € | € | ||||
of which, attributable to non-controlling interests | € | €( | € |
At December 31, | |||||
Note | 2023 | 2022 | |||
Assets | |||||
Goodwill and intangible assets with indefinite useful lives | 9 | € | € | ||
Other intangible assets | 10 | ||||
Property, plant and equipment | 11 | ||||
Equity method investments | 12 | ||||
Non-current financial assets | 13 | ||||
Other non-current assets and prepaid expenses | 16 | ||||
Deferred tax assets | 7 | ||||
Tax receivables | 16 | ||||
Total Non-current assets | |||||
Inventories | 14 | ||||
Assets sold with a buy-back commitment | |||||
Trade receivables | 16 | ||||
Tax receivables | 16 | ||||
Other current assets and prepaid expenses | 16 | ||||
Current financial assets | 13 | ||||
Cash and cash equivalents | 18 | ||||
Assets held for sale | 3 | ||||
Total Current assets | |||||
Total Assets | € | € | |||
Equity and liabilities | |||||
Equity | 27 | ||||
Equity attributable to owners of the parent | |||||
Non-controlling interests | |||||
Total Equity | |||||
Liabilities | |||||
Long-term debt | 22 | ||||
Other non-current financial liabilities | 17 | ||||
Other non-current liabilities | 23 | ||||
Non-current provisions | 21 | ||||
Employee benefits liabilities | 20 | ||||
Tax liabilities | |||||
Deferred tax liabilities | 7 | ||||
Total Non-current liabilities | |||||
Short-term debt and current portion of long-term debt | 22 | ||||
Current provisions | 21 | ||||
Employee benefit liabilities | 20 | ||||
Trade payables | |||||
Tax liabilities | |||||
Other liabilities | 23 | ||||
Other current financial liabilities | 17 | ||||
Liabilities held for sale | 3 | ||||
Total Current liabilities | |||||
Total Equity and liabilities | € | € |
Years ended December 31, | |||||||
Note | 2023 | 2022 | 2021 | ||||
Consolidated profit from continuing operations | € | € | € | ||||
Adjustments for non-cash items: | 30 | ||||||
depreciation and amortization | |||||||
(gains)/losses on disposals | ( | ( | ( | ||||
change in deferred taxes | ( | ( | |||||
other non-cash items | |||||||
Change in provisions | ( | ||||||
Result of equity method investments net of dividends received | 30 | ( | ( | ( | |||
Change in carrying amount of leased vehicles | ( | ( | |||||
Changes in working capital | 15 | ( | ( | ||||
Net cash from operating activities | |||||||
Proceeds from disposal of shares in consolidated companies and of investments in non-consolidated companies | |||||||
Acquisitions of consolidated subsidiaries and equity method and other investments | ( | ( | ( | ||||
Cash and cash equivalents of FCA at the merger | |||||||
Proceeds from disposals of property, plant and equipment and intangible assets | |||||||
Investments in property, plant and equipment and intangible assets | ( | ( | ( | ||||
Change in amounts payable on property, plant and equipment and intangible assets | ( | ( | |||||
Net change in receivables from financing activities | ( | ( | ( | ||||
Other changes | ( | ( | ( | ||||
Net cash from/(used in) investing activities - discontinued operations | ( | ||||||
Net cash from/(used in) investing activities | ( | ( | |||||
Distributions paid: | |||||||
to Stellantis shareholders | ( | ( | ( | ||||
to non-controlling shareholders of subsidiaries | ( | ||||||
Proceeds from issuance of shares | |||||||
(Purchases)/sales of treasury shares | ( | ( | |||||
Changes in short-term debt and other financial assets and liabilities | ( | ( | |||||
Changes in long-term debt | ( | ( | |||||
Change in securities | ( | ( | ( | ||||
Other changes | ( | ( | |||||
Net cash from/(used in) financing activities | ( | ( | ( | ||||
Effect of changes in exchange rates | ( | ||||||
(Increase)/decrease in cash and cash equivalents included in asset held for sale | ( | ( | |||||
Increase/(decrease) in cash and cash equivalents | ( | ( | |||||
Net cash and cash equivalents at beginning of the period | |||||||
Net cash and cash equivalents at end of the period | 18 | € | € | € |
Attributable to the Owners of the parent | ||||||||||||||||||||||
Share capital(1) | Treasury shares | Retained earnings and other reserves(1) | Cash flow hedge reserve | Remeasure ment of the fair value of financial assets | Actuarial gains and losses on pension obligations plans | Effect of change in exchange rates | Cumulative share of OCI of equity method investees | Equity - Attributa ble to Owners of the parent | Non- controlling interests | Total Equity | ||||||||||||
At January 1, 2021 | € | € | € | € | € | € | €( | €( | € | € | € | |||||||||||
Other comprehensive income | — | — | — | ( | ||||||||||||||||||
Net profit | — | — | — | — | — | — | — | |||||||||||||||
Total Other comprehensive income | — | — | ( | |||||||||||||||||||
FCA - PSA merger | — | — | — | — | — | — | ||||||||||||||||
Faurecia loss of control and distribution | — | — | ( | — | — | — | — | ( | ( | ( | ||||||||||||
Distributions | — | — | ( | — | — | — | — | — | ( | — | ( | |||||||||||
Share-based compensation | — | — | — | — | — | — | — | — | ||||||||||||||
Other changes(2) | — | — | — | — | — | — | ||||||||||||||||
At December 31, 2021 | ( | |||||||||||||||||||||
Other comprehensive income | — | — | — | ( | ( | |||||||||||||||||
Net profit | — | — | — | — | — | — | — | ( | ||||||||||||||
Total Other comprehensive income | — | — | ( | ( | ( | |||||||||||||||||
Capital increase | — | — | — | — | — | — | — | |||||||||||||||
(Purchases) sales of treasury shares(1) | — | ( | — | — | — | — | — | — | ( | — | ( | |||||||||||
Distributions | — | — | ( | — | — | — | — | — | ( | ( | ( | |||||||||||
Share-based compensation | — | — | — | — | — | — | — | — | ||||||||||||||
Other changes(2) | — | — | — | — | — | — | ||||||||||||||||
At December 31, 2022 | ( | ( | ( | |||||||||||||||||||
Other comprehensive income | — | — | — | ( | ( | ( | ( | ( | ( | ( | ||||||||||||
Net profit | — | — | — | — | — | — | — | |||||||||||||||
Total Other comprehensive income | — | — | ( | ( | ( | ( | ||||||||||||||||
Capital increase | — | — | — | — | — | — | — | — | — | — | ||||||||||||
(Purchases) sales of treasury shares(1) | — | ( | — | — | — | — | — | — | ( | — | ( | |||||||||||
Cancellation of treasury shares(1) | ( | ( | — | — | — | — | — | ( | — | ( | ||||||||||||
Distributions | — | — | ( | — | — | — | — | — | ( | — | ( | |||||||||||
Share-based compensation | — | — | — | — | — | — | — | — | ||||||||||||||
Other changes(2) | — | — | — | — | — | — | ||||||||||||||||
At December 31, 2023 | € | €( | € | €( | € | € | € | €( | € | € | € |
1. | Principal activities |
2. | Basis of preparation |
2023 | 2022 | 2021 | |||||||||
Average | At December 31 | Average | At December 31 | Average | At December 31 | ||||||
U.S. Dollar (USD) | |||||||||||
Argentine Peso (ARS)(1) | n.a. | n.a. | n.a. | ||||||||
Brazilian Real (BRL) | |||||||||||
Canadian Dollar (CAD) | |||||||||||
Swiss Franc (CHF) | |||||||||||
Chinese Renminbi (CNY) | |||||||||||
Turkish Lira (TRY)(2) | n.a. | n.a. | n.a. | ||||||||
Pound Sterling (GBP) | |||||||||||
Mexican Peso (MXN) | |||||||||||
Polish Zloty (PLN) | |||||||||||
Japanese Yen (JPY) |
Years | |
Buildings | |
Plant, machinery and equipment | |
Other assets |
Financial asset cash flow business model | Initial measurement(1) | Measurement category(3) |
Solely to collect the contractual cash flows (Held to Collect) | Fair Value including transaction costs | Amortized Cost(2) |
Collect both the contractual cash flows and generate cash flows arising from the sale of assets (Held to Collect and Sell) | Fair Value including transaction costs | Fair value through other comprehensive income (“FVOCI”) |
Generate cash flows primarily from the sale of assets (Held to Sell) | Fair Value | FVPL |
Financial asset | IFRS 9 impairment model |
Trade receivables | Simplified approach |
Receivables from financing activities | General approach |
Other receivables | General approach |
Stage | Description | Time period for measurement of ECL |
Stage 1 | A financial instrument that is not credit-impaired on initial recognition | 12-month ECL |
Stage 2 | A financial instrument with a significant increase in credit risk since initial recognition | Lifetime ECL |
Stage 3 | A financial instrument that is credit-impaired or has defaulted | Lifetime ECL |
Effect on pension benefit obligation increase/ (decrease) in Net liability | Germany and France | UK | US and Canada | Other | |||||
(€ million) | |||||||||
( | ( | ( | ( | ( |
Effect on health care, life insurance and OPEB obligation | |
(€ million) | |
( | |
( | |
3. | Scope of consolidation |
Name | Country | Percentage Interest Held | ||
North America | ||||
FCA US LLC | USA | |||
FCA Canada Inc. | Canada | |||
Stellantis Mexico, S.A. de C.V. | Mexico | |||
South America | ||||
FCA Fiat Chrysler Automoveis Brasil Ltda. | Brazil | |||
FCA Automobiles Argentina S.A. | Argentina | |||
Peugeot Citroën Argentina S.A. | Argentina | |||
Enlarged Europe | ||||
Stellantis Europe S.p.A. | Italy | |||
Automobiles Peugeot | France | |||
Automobiles Citroën | France | |||
Opel Automobile GmbH | Germany | |||
Groupe PSA Italia S.p.A. | Italy | |||
Stellantis & You France S.A.S. | France | |||
Stellantis Auto S.A.S. | France | |||
FCA Germany GmbH | Germany | |||
Stellantis España, S.L. | Spain | |||
Vauxhall Motors Limited | United Kingdom | |||
FCA France S.A.S. | France | |||
Peugeot Motor Company PLC | United Kingdom | |||
Stellantis & You UK Limited | United Kingdom | |||
Peugeot Deutschland GmbH | Germany | |||
Stellantis & You Italia S.p.A. | Italy | |||
Stellantis Nederland B.V. | Netherlands | |||
Citroën Deutschland GmbH | Germany | |||
Citroën UK Ltd | United Kingdom | |||
FCA Poland S.p.z.o.o. | Poland |
Middle East & Africa | ||||
Stellantis Middle East FZE | United Arab Emirates | |||
Stellantis Otomotiv Pazarlama Anonim Sirketi | Turkey | |||
China and India & Asia Pacific | ||||
Stellantis Japan Ltd. | Japan | |||
Fiat India Automobiles Private Limited | India | |||
Maserati | ||||
Maserati S.p.A. | Italy | |||
Maserati (China) Cars Trading Co., Ltd. | People's Rep.of China | |||
Maserati North America Inc. | USA | |||
Financial Services | ||||
Stellantis Financial Services Europe S.A. | France | |||
Stellantis Automotive Finance Co. Ltd. | People's Rep.of China | |||
Stellantis Financial Services US Corp. | USA | |||
Banco Stellantis S.A. | Brazil | |||
Fidis S.p.A. | Italy | |||
Holdings & Other Companies | ||||
FCA North America Holdings LLC | USA | |||
GIE PSA Trésorerie | France | |||
Fiat Chrysler Finance North America, Inc. | USA | |||
FCA US Insurance Company | USA | |||
Fiat Chrysler Finance S.p.A. | Italy | |||
Stellantis International S.A. | Switzerland |
(€ million) | At December 22, 2022 | |
Goodwill | € | |
Other intangible assets | ||
Other assets | ||
Total assets | € | |
Total equity | € | |
Long-term debt and Short term debt and current portion of long-term debt | ||
Other liabilities | ||
Total equity and liabilities | € |
Number of shares issued and outstanding as of January 16, 2021 | Exchange ratio | Adjusted number of shares on completion (i.e. Stellantis shares) | Exchange ratio | Deemed number of shares for consideration transferred calculation | ||||||||||
(a) | (b) | (c) = (a)*(b) | (d) | (e) = (c)/(d) | ||||||||||
PSA | (1) | |||||||||||||
FCA | (2) | |||||||||||||
Total |
Number of shares of PSA deemed to be issued to FCA shareholders under reverse acquisition accounting | Number of shares | |||
Market price of PSA shares as of January 15, 2021 | € | € | ||
Fair value of common shares deemed to be issued to FCA shareholders as of January 15, 2021 | € million | |||
Additional consideration for share-based compensation | € million | |||
Consideration transferred | € million | € |
(€ million) | At the acquisition date (January 17, 2021) | |
Consideration transferred | ||
Add: minority interests | ||
Less: fair value of FCA’s Net assets acquired | ||
Goodwill |
(€ million) | At the acquisition date (January 17, 2021) | |
Assets | ||
Intangible assets with indefinite useful lives | € | |
Other intangible assets | ||
Property, plant and equipment | ||
Equity method investments | ||
Non-current financial assets | ||
Other non-current assets | ||
Total Non-current assets | ||
Inventories | ||
Assets sold with a buy-back commitment | ||
Trade receivables | ||
Other current assets and prepaid expenses | ||
Current financial assets | ||
Cash and cash equivalents | ||
Total Current assets | ||
Total Assets | € | |
Liabilities | ||
Long-term debt | € | |
Other non-current financial liabilities | ||
Other non-current liabilities | ||
Non-current provisions | ||
Employee benefits liabilities | ||
Total Non-current liabilities | ||
Short-term debt and current portion of long-term debt | ||
Current provisions | ||
Employee benefits liabilities | ||
Trade payables | ||
Other current financial liabilities | ||
Other current liabilities | ||
Total Current liabilities | ||
Total Liabilities | ||
Net assets acquired | € |
4. | Net revenues |
Years ended December 31, | |||||
2023 | 2022 | 2021 | |||
(€ million) | |||||
Revenues from: | |||||
Shipments of vehicles and sales of other goods | € | € | € | ||
Other services provided | |||||
Construction contract revenues | |||||
Lease installments from assets sold with a buy-back commitment | |||||
Interest income of financial services activities | |||||
Total Net revenues | € | € | € |
Years ended December 31, | |||||
2023 | 2022 | 2021 | |||
(€ million) | |||||
Net revenues in: | |||||
North America(1) | € | € | € | ||
France | |||||
Brazil | |||||
Italy | |||||
Germany | |||||
United Kingdom | |||||
Turkey | |||||
Spain | |||||
Belgium | |||||
Netherlands | |||||
Argentina | |||||
Japan | |||||
Portugal | |||||
Poland | |||||
China | |||||
Algeria | |||||
Switzerland | |||||
Austria | |||||
Other countries | |||||
Total Net revenues | € | € | € |
2023 | North America | Enlarged Europe | Middle East & Africa | South America | China and India & Asia Pacific | Maserati | Other activities | Total | ||||||||
(€ million) | ||||||||||||||||
Revenues from: | ||||||||||||||||
Shipments of vehicles and sales of other goods | € | € | € | € | € | € | € | € | ||||||||
Other services provided | ||||||||||||||||
Construction contract revenues | ||||||||||||||||
Revenues from goods and services | ||||||||||||||||
Lease installments from assets sold with a buy-back commitment | ||||||||||||||||
Interest income from financial services activities | ||||||||||||||||
Total Net revenues | € | € | € | € | € | € | € | € |
2022 | North America | Enlarged Europe | Middle East & Africa | South America | China and India & Asia Pacific | Maserati | Other activities | Total | ||||||||
(€ million) | ||||||||||||||||
Revenues from: | ||||||||||||||||
Shipments of vehicles and sales of other goods | € | € | € | € | € | € | € | € | ||||||||
Other services provided | ||||||||||||||||
Construction contract revenues | ||||||||||||||||
Revenues from goods and services | ||||||||||||||||
Lease installments from assets sold with a buy- back commitment | ||||||||||||||||
Interest income from financial services activities | ||||||||||||||||
Total Net revenues | € | € | € | € | € | € | € | € |
2021 | North America | Enlarged Europe | Middle East & Africa | South America | China and India & Asia Pacific | Maserati | Other activities | Total | ||||||||
(€ million) | ||||||||||||||||
Revenues from: | ||||||||||||||||
Shipments of vehicles and sales of other goods | € | € | € | € | € | € | € | € | ||||||||
Other services provided | ||||||||||||||||
Construction contract revenues | ||||||||||||||||
Revenues from goods and services | ||||||||||||||||
Lease installments from assets sold with a buy-back commitment | ||||||||||||||||
Interest income from financial services activities | ||||||||||||||||
Total Net revenues | € | € | € | € | € | € | € | € |
5. | Research and development costs |
Years ended December 31, | |||||
2023 | 2022 | 2021 | |||
(€ million) | |||||
Research and development expenditures expensed | € | € | € | ||
Amortization of capitalized development expenditures | |||||
Impairment and write-off of capitalized development expenditures | |||||
Total Research and development costs | € | € | € |
6. | Net financial expenses/(income) |
Years ended December 31, | |||||
2023 | 2022 | 2021 | |||
(€ million) | |||||
Interest income and other financial income | € | € | € | ||
Financial expenses: | |||||
Interest expense and other financial expenses: | |||||
Interest expense on notes | |||||
Interest expense on borrowings from bank | |||||
Other interest cost and financial expenses | |||||
Interest on lease liabilities | |||||
Write-down of financial assets | |||||
Net interest expense/(income) on employee benefits provisions | |||||
Total Financial expenses | |||||
Net expenses from derivative financial instruments and exchange rate differences | |||||
Total Financial expenses and Net expenses from derivative financial instruments and exchange rate differences | |||||
Net Financial expenses/(income) | €( | € | € |
7. | Tax expense/(benefit) |
Years ended December 31, | |||||
2023 | 2022 | 2021 | |||
(€ million) | |||||
Current tax expense | € | € | € | ||
Deferred tax expense/(benefit) | ( | ( | |||
Tax expense/(benefit) relating to prior periods(1) | ( | ( | |||
Total Tax expense/(benefit) | € | € | € |
Years ended December 31, | |||||
2023 | 2022 | 2021 | |||
(€ million) | |||||
Profit/(loss) before tax | € | € | € | ||
Income tax rate | |||||
Theoretical income taxes | € | € | € | ||
Tax effect on: | |||||
Differences between foreign tax rates and the theoretical applicable tax rate and tax holidays | ( | ( | |||
Recognition and utilization of previously unrecognized deferred tax assets | ( | ( | ( | ||
Deferred tax assets not recognized and write-downs | |||||
Permanent differences | ( | ( | ( | ||
Tax credits | ( | ( | ( | ||
Tax rate changes | |||||
Withholding tax | |||||
Other differences | ( | ( | ( | ||
Total Tax expense | € | € | € | ||
Effective tax rate |
At December 31, | |||
2023 | 2022 | ||
(€ million) | |||
Deferred tax assets(1) | € | € | |
Deferred tax liabilities(1) | ( | ( | |
Total Net deferred tax assets/(liabilities) | €( | €( |
At January 1, 2023 | Recognized in Consolidated Income Statement | Recognized in Equity | Transferred to Assets/ (Liabilities) Held for Sale | Translation differences and Other | At December 31, 2023 | ||||||
(€ million) | |||||||||||
Deferred tax liabilities arising on: | |||||||||||
Accelerated depreciation | €( | €( | € | € | €( | €( | |||||
Capitalized development assets | ( | ( | |||||||||
Other Intangible assets and Intangible assets with indefinite useful lives | ( | ( | ( | ||||||||
Right-of-use assets | ( | ( | |||||||||
Provision for employee benefits | ( | ( | ( | ( | |||||||
Other | ( | ( | ( | ||||||||
Total deferred tax liabilities | €( | € | € | €( | € | €( | |||||
Deferred tax assets arising on: | |||||||||||
Provisions | ( | ( | ( | ||||||||
Provision for employee benefits | ( | ( | |||||||||
Lease liabilities | ( | ( | |||||||||
Impairment of tangible and intangible assets | ( | ( | ( | ||||||||
Inventories | |||||||||||
Allowances for doubtful accounts | ( | ( | |||||||||
Provision for buy back | ( | ||||||||||
Other | ( | ||||||||||
Total deferred tax assets | € | €( | € | € | € | € | |||||
Unrecognized deferred tax assets on temporary differences1 | ( | ( | ( | ||||||||
Deferred tax assets arising on tax loss carry-forwards | ( | ( | |||||||||
Unrecognized deferred tax assets on tax loss carry-forwards | ( | ( | ( | ||||||||
Total Net deferred tax assets/ (liabilities) | €( | €( | € | €( | € | €( |
At January 1, 2022 | Recognized in Consolidated Income Statement | Recognized in Equity | Transferred to Assets/ (Liabilities) Held for Sale | Translation differences and Other | At December 31, 2022 | ||||||
(€ million) | |||||||||||
Deferred tax liabilities arising on: | |||||||||||
Accelerated depreciation | €( | € | € | € | €( | €( | |||||
Capitalized development assets | ( | ( | ( | ||||||||
Other Intangible assets and Intangible assets with indefinite useful lives | ( | ( | ( | ( | |||||||
Right-of-use assets | ( | ( | ( | ||||||||
Provision for employee benefits | ( | ( | ( | ( | |||||||
Other | ( | ( | ( | ( | |||||||
Total deferred tax liabilities | €( | €( | €( | € | €( | €( | |||||
Deferred tax assets arising on: | |||||||||||
Provisions | ( | ||||||||||
Provision for employee benefits | ( | ||||||||||
Lease liabilities | ( | ||||||||||
Impairment of tangible and intangible assets | ( | ( | |||||||||
Inventories | ( | ( | |||||||||
Provision for buy-back | ( | ||||||||||
Allowances for doubtful accounts | ( | ( | |||||||||
Other | ( | ||||||||||
Total deferred tax assets | € | €( | € | €( | € | € | |||||
Unrecognized deferred tax assets on temporary differences | ( | ( | ( | ( | |||||||
Deferred tax assets arising on tax loss carry-forwards | |||||||||||
Unrecognized deferred tax assets on tax loss carry-forwards | ( | ( | ( | ( | |||||||
Total Net deferred tax assets / (liabilities) | €( | € | €( | €( | €( | €( |
Tax loss carry-forward (after application of the current tax rate) | Recognized deferred tax assets on tax loss carry- forward | Unrecognized deferred tax assets on tax loss carry- forwards (after application of the current tax rate) | ||||
At December 31, 2023 | ||||||
(€ million) | ||||||
Tax Groups: | ||||||
France | € | €( | € | |||
Germany | ( | |||||
Spain | ( | |||||
Italy | ( | |||||
Other Jurisdictions: | ||||||
Brazil | ||||||
Others | ( | |||||
Total | € | €( | € |
Tax loss carry-forward (after application of the current tax rate) | Recognized deferred tax assets on tax loss carry- forward | Unrecognized deferred tax assets on tax loss carry- forwards (after application of the current tax rate) | ||||
At December 31, 2022 | ||||||
(€ million) | ||||||
Tax Groups: | ||||||
France | € | €( | € | |||
Germany | ( | |||||
Spain | ( | |||||
Italy | ( | |||||
Other Jurisdictions: | ||||||
Brazil | ||||||
Others | ( | |||||
Total | € | €( | € |
8. | Other information by nature |
Years ended December 31, | ||||||
2023 | 2022 | 2021 | ||||
(€ million) | ||||||
Depreciation of right-of-use assets | € | € | € | |||
Interest expense on lease liabilities | ||||||
Variable lease payments not included in the measurement of lease liabilities | ||||||
Income from sub-leasing right-of-use assets | ( | ( | ( | |||
Expenses relating to short-term leases and to leases of low-value assets | ||||||
Gains arising from sale and leaseback transactions | ( | ( | ( | |||
Total expense recognized in Net profit from continuing operations | € | € | € |
9. | Goodwill and intangible assets with indefinite useful lives |
Goodwill | ||||||||||||
Gross amount | Accumulated impairment losses | Total Goodwill | Brands | Other | Total Goodwill and intangible assets with indefinite useful lives | |||||||
(€ million) | ||||||||||||
At January 1, 2022 | € | €( | € | € | € | € | ||||||
Additions | ||||||||||||
Disposal | ( | ( | ( | |||||||||
Translation differences and Other | ||||||||||||
At December 31, 2022 | ( | |||||||||||
Additions(1) | ||||||||||||
Disposals | ( | ( | ( | |||||||||
Translation differences and Other | ( | ( | ( | ( | ||||||||
At December 31, 2023 | € | €( | € | € | € | € |
At December 31, 2023 | At December 31, 2022 | |||||||
(€ million) | Goodwill | Brands | Goodwill | Brands | ||||
North America | € | € | € | € | ||||
Enlarged Europe | ||||||||
Middle East & Africa | ||||||||
South America | ||||||||
China and India & Asia Pacific | ||||||||
Maserati | ||||||||
Other activities | ||||||||
Total | € | € | € | € |
10. | Other intangible assets |
Capitalized development expenditures | Patents, concessions and licenses | Other intangible assets | Total | ||||
(€ million) | |||||||
Gross carrying amount at January 1, 2022 | € | € | € | € | |||
Additions | |||||||
Divestitures | ( | ( | ( | ( | |||
Change in scope of consolidation | |||||||
Translation differences and other changes | |||||||
At December 31, 2022 | |||||||
Additions | |||||||
Divestitures | ( | ( | ( | ( | |||
Change in scope of consolidation | |||||||
Translation differences and other changes | ( | ( | ( | ||||
At December 31, 2023 | |||||||
Accumulated amortization and impairment losses at January 1, 2022 | |||||||
Amortization | |||||||
Impairment losses and asset write-offs(1) | |||||||
Divestitures | ( | ( | ( | ( | |||
Change in scope of consolidation | ( | ||||||
Translation differences and other changes | |||||||
At December 31, 2022 | |||||||
Amortization | |||||||
Impairment losses and asset write-offs | |||||||
Divestitures | ( | ( | ( | ( | |||
Change in scope of consolidation | |||||||
Translation differences and other changes | ( | ( | ( | ( | |||
At December 31, 2023 | |||||||
Carrying amount at December 31, 2022 | € | € | € | € | |||
Carrying amount at December 31, 2023 | € | € | € | € |
11. | Property, plant and equipment |
Land | Buildings | Plant, machinery and equipment | Other assets(1) | Advances and tangible assets in progress | Total | ||||||
(€ million) | |||||||||||
Gross carrying amount at January 1, 2022 | € | € | € | € | € | € | |||||
Additions | |||||||||||
Divestitures and disposals | ( | ( | ( | ( | ( | ( | |||||
Change in the scope of consolidation | ( | ( | |||||||||
Translation differences | |||||||||||
Transfer to Assets held for sale | ( | ( | ( | ( | ( | ( | |||||
Other changes | ( | ( | |||||||||
At December 31, 2022 | |||||||||||
Additions | |||||||||||
Divestitures and disposals | ( | ( | ( | ( | ( | ||||||
Change in the scope of consolidation | ( | ( | |||||||||
Translation differences | ( | ( | ( | ( | ( | ( | |||||
Transfer to Assets held for sale | ( | ( | ( | ( | |||||||
Other changes | ( | ( | ( | ||||||||
At December 31, 2023 | |||||||||||
Accumulated depreciation and impairment losses at January 1, 2022 | |||||||||||
Depreciation | |||||||||||
Divestitures and disposal | ( | ( | ( | ( | ( | ||||||
Impairment losses and asset write-offs | |||||||||||
Change in the scope of consolidation | ( | ||||||||||
Translation differences | ( | ||||||||||
Transfer to Assets held for sale | ( | ( | ( | ( | |||||||
Other changes | |||||||||||
At December 31, 2022 | |||||||||||
Depreciation | |||||||||||
Divestitures and disposals | ( | ( | ( | ( | ( | ||||||
Impairment losses and asset write-offs | ( | ||||||||||
Change in the scope of consolidation | |||||||||||
Translation differences | ( | ( | ( | ( | ( | ( | |||||
Transfer to Assets held for sale | ( | ( | ( | ||||||||
Other changes | ( | ( | |||||||||
At December 31, 2023 | |||||||||||
Carrying amount at December 31, 2022 | € | € | € | € | € | € | |||||
Carrying amount at December 31, 2023 | € | € | € | € | € | € |
Land | Buildings | Plant, machinery and equipment | Other assets | Total | ||||||
(€ million) | ||||||||||
Balance at January 1, 2022 | € | € | € | € | € | |||||
Depreciation | ( | ( | ( | ( | ( | |||||
Additions | ||||||||||
Divestitures | ( | ( | ( | ( | ( | |||||
Change in the scope of consolidation | ( | ( | ( | |||||||
Translation differences | ||||||||||
Other | ( | ( | ( | ( | ||||||
Balance at December 31, 2022 | ||||||||||
Depreciation | ( | ( | ( | ( | ( | |||||
Additions | ||||||||||
Divestitures | ( | ( | ( | ( | ( | |||||
Change in the scope of consolidation | ||||||||||
Translation differences | ( | ( | ( | ( | ||||||
Other | ( | |||||||||
Balance at December 31, 2023 | € | € | € | € | € |
12. | Investments accounted for using the equity method |
At December 31, | |||
2023 | 2022 | ||
(€ million) | |||
Joint ventures | € | € | |
Associates | |||
Other | |||
Total Investments accounted for using the equity method | € | € |
Ownership percentage | Investment balance | |||||||
At December 31, | At December 31, | |||||||
2023 | 2022 | 2023 | 2022 | |||||
Ownership percentage | (€ million) | |||||||
Finance companies in partnership with SCF | € | € | ||||||
Finance companies in partnership with BNPP PF | ||||||||
Tofas-Turk Otomobil Fabrikasi A.S. | ||||||||
StarPlus Energy LLC | ||||||||
NextStar Energy Inc(1) | ||||||||
Leasys SAS | ||||||||
Symbio(1) | ||||||||
Automotive Cells Company SE (“ACC”) | ||||||||
Others | ||||||||
Total joint ventures | € | € | ||||||
Zhejiang Leapmotor Technology Co., Ltd.(1) | ||||||||
Archer Aviation Inc(1) | ||||||||
Punch Powertrain PSA E-Transmission N.V. | ||||||||
Nordex S.A. | ||||||||
360 Energy S.A.(1) | ||||||||
Others | ||||||||
Total associates | € | € | ||||||
Total joint ventures and associates | € | € |
At December 31, | |||
2023 | 2022 | ||
(€ million) | |||
Financial assets | € | € | |
Of which: Cash and cash equivalents | |||
Other assets | |||
Financial liabilities | |||
Other liabilities | |||
Total Equity | |||
Carrying amount of interest | |||
Company’s share of net assets | |||
Carrying amount of interest | € | € |
Years ended December 31, | |||||
2023 | 2022 | 2021 | |||
(€ million) | |||||
Interest and similar income | € | € | € | ||
Interest and similar expenses | ( | ( | ( | ||
Income tax expense | ( | ( | ( | ||
Profit from continuing operations | |||||
Net profit | |||||
Net profit attributable to owners of the parent (A) | |||||
Other comprehensive income/(loss) attributable to owners of the parent (B) | ( | ||||
Total Comprehensive income attributable to owners of the parent (A+B) | € | € | € | ||
Company’s share of net profit | € | € | € |
Years ended December 31, | |||||
2023 | 2022 | 2021 | |||
(€ million) | |||||
Joint Ventures | € | € | € | ||
Associates | ( | ||||
Other | ( | ( | ( | ||
Total Share of the profit/(loss) of equity method investees | € | € | € |
Years ended December 31, | |||||
2023 | 2022 | 2021 | |||
(€ million) | |||||
Joint ventures: | |||||
Profit/(loss) from continuing operations | € | €( | € | ||
Net profit/(loss) | ( | ||||
Other comprehensive loss | ( | ( | ( | ||
Total Other comprehensive (loss)/income | €( | €( | € | ||
Associates: | |||||
Income/(loss) from continuing operations | €( | € | € | ||
Net income/(loss) | ( | ||||
Other comprehensive income | ( | ||||
Total Other comprehensive income | €( | € | € |
13. | Financial assets |
At December 31, | |||||||||||||
2023 | 2022 | ||||||||||||
Note | Current | Non- current | Total | Current | Non- current | Total | |||||||
(€ million) | |||||||||||||
Derivative financial assets | 17 | € | € | € | € | € | € | ||||||
Financial securities measured at fair value through other comprehensive income | 24 | ||||||||||||
Financial securities measured at fair value through profit or loss | 24 | ||||||||||||
Financial securities measured at amortized cost | |||||||||||||
Financial receivables | |||||||||||||
Collateral deposits(1) | 24 | ||||||||||||
Total financial assets | € | € | € | € | € | € |
14. | Inventories |
At December 31, | |||
2023 | 2022 | ||
(€ million) | |||
Finished goods and goods for resale | € | € | |
Work-in-progress, raw materials and manufacturing supplies | |||
Amount due from customers for contract work | |||
Total Inventories | € | € |
At December 31, | |||
2023 | 2022 | ||
(€ million) | |||
Aggregate amount of costs incurred and recognized profits (less recognized losses) to date | € | € | |
Less: Progress billings | |||
Construction contracts, net asset/(liability) | € | € | |
Construction contract assets | |||
Less: Construction contract liabilities (Note 23) | |||
Construction contracts, net asset/(liability) | € | € |
At January 1, 2023 | Advances received from customers | Amounts recognized within revenue | At December 31, 2023 | |||||
(€ million) | ||||||||
Construction contracts, net asset/(liability) | € | €( | € | € |
15. | Working capital |
Years ended December 31, | |||||
2023 | 2022 | 2021 | |||
(€ million) | |||||
(Increase)/decrease in inventories | €( | €( | € | ||
(Increase)/decrease in trade receivables | ( | ( | |||
Increase/(decrease) in trade payables | ( | ||||
Other changes | ( | ||||
Total change in working capital | €( | €( | € |
16. | Trade receivables, other assets, prepaid expenses and tax receivables |
At December 31 | |||||||||||
2023 | 2022 | ||||||||||
Current | Non-current | Total | Current | Non-current | Total | ||||||
(€ million) | |||||||||||
Receivables from financing activities | € | € | € | € | € | € | |||||
Other receivables | |||||||||||
Defined benefit plan assets (Note 20) | |||||||||||
Derivative operating assets | |||||||||||
Prepaid expenses and other | |||||||||||
Total other assets and prepaid expenses | € | € | € | € | € | € |
At December 31, | |||||||||||||||||||
2023 | 2022 | ||||||||||||||||||
Total due within one year (current) | Due between one and five years | Due beyond five years | Total due after one year (non- current) | Total | Total due within one year (current) | Due between one and five years | Due beyond five years | Total due after one year (non- current) | Total | ||||||||||
(€ million) | |||||||||||||||||||
Receivables from financing activities | € | € | € | € | € | € | € | € | € | € | |||||||||
Other receivables | |||||||||||||||||||
Derivative operating assets | |||||||||||||||||||
Total | € | € | € | € | € | € | € | € | € | € | |||||||||
Tax receivables | € | € | € | € | € | € | € | € | € | € |
At January 1, 2023 | Provision | Use and other changes | Transferred to Assets held for sale | At December 31, 2023 | |||||
(€ million) | |||||||||
ECL allowance - Trade receivables | € | € | €( | € | € |
At December 31, | ||||||||||||
2023 | 2022 | |||||||||||
Current and less than 90 days past due | 90 days or more past due | Total | Current and less than 90 days past due | 90 days or more past due | Total | |||||||
(€ million) | ||||||||||||
Gross amount | € | € | € | € | € | € | ||||||
ECL allowance | ( | ( | ( | ( | ( | ( | ||||||
Carrying amount | € | € | € | € | € | € |
At December 31, | |||
2023 | 2022 | ||
(€ million) | |||
Dealer financing | € | € | |
Retail financing | |||
Finance leases | |||
Other | |||
Total Receivables from financing activities | € | € |
At January 1, 2023 | Provision | Use and other changes | Transferred to Assets held for sale | At December 31, 2023 | |||||
(€ million) | |||||||||
ECL allowance - Receivables from financing activities | € | € | €( | € | € |
At December 31, | ||||||||||||||||
2023 | 2022 | |||||||||||||||
Stage 1 | Stage 2 | Stage 3 | Total | Stage 1 | Stage 2 | Stage 3 | Total | |||||||||
(€ million) | ||||||||||||||||
Gross amount | € | € | € | € | € | € | € | € | ||||||||
ECL allowance | ( | ( | ( | ( | ( | ( | ( | ( | ||||||||
Carrying amount | € | € | € | € | € | € | € | € |
At December 31, | |||||||||||
2023 | 2022 | ||||||||||
Trade receivables | Receivables from financing activities | Total | Trade receivables | Receivables from financing activities | Total | ||||||
(€ million) | |||||||||||
Carrying amount of assets transferred and not derecognized | € | € | € | € | € | € | |||||
Carrying amount of the related liabilities (Note 22) | € | € | € | € | € | € |
17. | Derivative financial and operating assets and liabilities |
At December 31, | |||||||
2023 | 2022 | ||||||
Positive fair value | Negative fair value | Positive fair value | Negative fair value | ||||
(€ million) | |||||||
Fair value hedges: | |||||||
Interest rate risk - interest rate swaps | € | €( | € | € | |||
Interest rate and currency risk - combined interest rate and currency swaps | |||||||
Currency risk - forward contracts, currency swaps and currency options | ( | ||||||
Commodity price risk – commodity swaps and commodity options | |||||||
Total Fair value hedges | ( | ( | |||||
Cash flow hedges: | |||||||
Interest rate risk - interest rate swaps | ( | ||||||
Currency risks - forward contracts, currency swaps and currency options | ( | ( | |||||
Commodity price risk – commodity swaps and commodity options | ( | ( | |||||
Total Cash flow hedges | ( | ( | |||||
Net investment hedges: | |||||||
Currency risks - forward contracts, currency swaps and currency options | |||||||
Total Net investment hedges | |||||||
Derivatives for trading | ( | ( | |||||
Total Fair value of derivative financial assets/(liabilities) | € | €( | € | €( | |||
Financial derivative assets/(liabilities) - current | € | €( | € | €( | |||
Financial derivative assets/(liabilities) - non-current | € | €( | € | € | |||
Derivative operating assets/(liabilities) - current | € | €( | € | €( | |||
Derivative operating assets/(liabilities) - non-current | € | €( | € | €( |
At December 31, | |||||||||||||||
2023 | 2022 | ||||||||||||||
Due within one year | Due between one and five years | Due beyond five years | Total | Due within one year | Due between one and five years | Due beyond five years | Total | ||||||||
(€ million) | |||||||||||||||
Currency risk management | € | € | € | € | € | € | € | € | |||||||
Interest rate risk management | |||||||||||||||
Interest rate and currency risk management | |||||||||||||||
Commodity price risk management | |||||||||||||||
Total Notional amount | € | € | € | € | € | € | € | € |
Years ended December 31, | |||||
2023 | 2022 | 2021 | |||
(€ million) | |||||
Currency and interest rate risk | |||||
Change in ineffective portion | €( | €( | €( | ||
Interest rate risk | |||||
Change in ineffective portion | |||||
Net gains/(losses) | €( | €( | €( |
Years ended December 31, | |||||
2023 | 2022 | 2021 | |||
(€ million) | |||||
Currency risk | |||||
(Increase)/decrease in Cost of revenues | €( | €( | €( | ||
Net financial income/(expenses) | ( | ||||
Result from investments | ( | ||||
Interest rate risk | |||||
(Increase)/decrease in Cost of revenues | |||||
Result from investments | ( | ( | |||
Net financial income/(expenses) | |||||
Commodity price risk | |||||
(Increase)/decrease in Cost of revenues | ( | ||||
Ineffectiveness and discontinued hedges | ( | ||||
Tax expense | ( | ||||
Total recognized in the Consolidated Income Statement | €( | € | €( |
18. | Cash and cash equivalents |
At December 31, | |||
2023 | 2022 | ||
(€ million) | |||
Cash at banks | € | € | |
Money market securities measured at FVTPL | |||
Other cash equivalents | |||
Total Cash and cash equivalents | € | € |
19. | Share-based compensation |
2023 | |||||||||||
PSU TSR | Weighted average fair value at the grant date (€) | PSU Synergies | Weighted average fair value at the grant date (€) | PSU Compliance | Weighted average fair value at the grant date (€) | ||||||
Outstanding shares unvested at January 1 | € | € | € | ||||||||
Granted | |||||||||||
Vested | |||||||||||
Canceled | |||||||||||
Forfeited | ( | ( | ( | ||||||||
Outstanding shares unvested at December 31 | € | € | € |
2023 | |||||||||||
PSU Electrification | Weighted average fair value at the grant date (€) | PSU AOI | Weighted average fair value at the grant date (€) | PRSU | Weighted average fair value at the grant date (€) | ||||||
Outstanding shares unvested at January 1 | € | € | € | ||||||||
Granted | |||||||||||
Vested | |||||||||||
Canceled | |||||||||||
Forfeited | ( | ( | |||||||||
Outstanding shares unvested at December 31 | € | € | € |
2022 | |||||||||||||||
PSU TSR | Weighted average fair value at the grant date (€) | PSU Synergies | Weighted average fair value at the grant date (€) | PSU Compliance | Weighted average fair value at the grant date (€) | PSU Electrification | Weighted average fair value at the grant date (€) | ||||||||
Outstanding shares unvested at January 1 | € | € | € | € | |||||||||||
Granted | |||||||||||||||
Vested | |||||||||||||||
Canceled | |||||||||||||||
Forfeited | ( | ( | ( | ( | |||||||||||
Outstanding shares unvested at December 31 | € | € | € | € |
2021 | |||||||||||||||
PSU TSR | Weighted average fair value at the grant date (€) | PSU Synergies | Weighted average fair value at the grant date (€) | PSU Compliance | Weighted average fair value at the grant date (€) | PSU Electrification | Weighted average fair value at the grant date (€) | ||||||||
Outstanding shares unvested at January 1 | € | € | € | € | |||||||||||
Granted | |||||||||||||||
Vested | |||||||||||||||
Canceled | |||||||||||||||
Forfeited | ( | ( | ( | ( | |||||||||||
Outstanding shares unvested at December 31 | € | € | € | € |
2023 | 2022 | 2021 | ||||
Key assumptions | PSU TSR Awards Range | |||||
Grant date stock price | € | € | € | |||
Expected volatility | ||||||
Risk-free rate |
2023 | 2022 | 2021 | |||||||||
RSUs | Weighted average fair value at the grant date (€) | RSUs | Weighted average fair value at the grant date (€) | RSUs | Weighted average fair value at the grant date (€) | ||||||
Outstanding shares unvested at January 1 | € | € | € | ||||||||
Granted | |||||||||||
Vested | ( | ( | |||||||||
Canceled | |||||||||||
Forfeited | ( | ( | ( | ||||||||
Outstanding shares unvested at December 31 | € | € | € |
2023 | 2022 | 2021 | |||||||||
Replacement Stellantis RSU awards | Weighted average fair value at the grant date (€) | Replacement Stellantis RSU awards | Weighted average fair value at the grant date (€) | Replacement Stellantis RSU awards | Weighted average fair value at the grant date (€) | ||||||
Outstanding shares unvested at January 1 | € | € | € | ||||||||
Anti-dilution adjustment | |||||||||||
Granted | |||||||||||
Vested | ( | ( | ( | ||||||||
Canceled | |||||||||||
Forfeited | ( | ( | ( | ||||||||
Outstanding shares unvested at December 31 | € | € | € |
2023 | 2022 | 2021 | ||||||||||
Replacement Stellantis RSU awards | Weighted average fair value at the grant date (€) | Replacement Stellantis RSU awards | Weighted average fair value at the grant date (€) | Replacement Stellantis RSU awards | Weighted average fair value at the grant date (€) | |||||||
Outstanding shares unvested at January 1 | € | € | € | |||||||||
Anti-dilution adjustment | ||||||||||||
Granted | ||||||||||||
Vested | ( | ( | ( | |||||||||
Canceled | ||||||||||||
Forfeited | ( | ( | ||||||||||
Outstanding shares unvested at December 31 | € | € | € |
2021 Anti- dilution adjustment | ||
RSU Awards: | ||
Number of awards - as adjusted |
20. | Employee benefits liabilities |
At December 31, | ||||||||||||
2023 | 2022 | |||||||||||
Current | Non- current | Total | Current | Non- current | Total | |||||||
(€ million) | ||||||||||||
Pension benefits | € | € | € | € | € | € | ||||||
Health care and life insurance plans | ||||||||||||
Other post-employment benefits | ||||||||||||
Other provisions for employees | ||||||||||||
Total Employee benefits liabilities | € | € | € | € | € | € |
At December 31, | ||||
2023 | 2022 | |||
(€ million) | ||||
Present value of defined benefit obligations: | ||||
Pension benefits | € | € | ||
Health care and life insurance plans | ||||
Other post-employment benefits | ||||
Total present value of defined benefit obligations (a) | ||||
Fair value of plan assets (b) | ||||
Asset ceiling (c) | ||||
Total net defined benefit plans (a - b + c) | ||||
of which: | ||||
Net defined benefit liability (d) | ||||
Defined benefit plan asset (Note 16) | ( | ( | ||
Other provisions for employees (e) | ||||
Total Employee benefits liabilities (d + e) | € | € |
Expected benefit payments | ||
(€ million) | ||
2024 | € | |
2025 | € | |
2026 | € | |
2027 | € | |
2028 | € | |
2029-2033 | € |
2023 | 2022 | |||||||||||||||||||
US and Canada | UK | France and Germany | Other | Total | US and Canada | UK | France and Germany | Other | Total | |||||||||||
(€ million) | ||||||||||||||||||||
Projected benefit obligation | ||||||||||||||||||||
At beginning of period: Present value | €( | €( | €( | €( | €( | €( | €( | €( | €( | €( | ||||||||||
Effect of changes in scope of consolidation and other | ( | ( | ( | ( | ( | |||||||||||||||
Service cost | ( | ( | ( | ( | ( | ( | ( | ( | ||||||||||||
Interest cost | ( | ( | ( | ( | ( | ( | ( | ( | ( | ( | ||||||||||
Benefit payments for the year | ||||||||||||||||||||
Participant contributions | ( | ( | ( | ( | ||||||||||||||||
Actuarial gains and (losses) | ( | ( | ( | ( | ||||||||||||||||
Demographic assumptions and experience | ( | ( | ( | ( | ( | ( | ( | ( | ||||||||||||
Financial assumptions | ( | ( | ( | |||||||||||||||||
Effect of changes in exchange rates | ( | ( | ( | ( | ( | |||||||||||||||
Past service cost | ( | ( | ( | ( | ( | ( | ||||||||||||||
Effect of curtailments and settlements/Other | ( | ( | ||||||||||||||||||
At period-end: Present value | €( | €( | €( | €( | €( | €( | €( | €( | €( | €( | ||||||||||
Plan Assets | ||||||||||||||||||||
At beginning of period: Fair value | € | € | € | € | € | € | € | € | € | € | ||||||||||
Effect of changes in scope of consolidation and other | ( | ( | ||||||||||||||||||
Expected return on assets | ||||||||||||||||||||
Participant contributions | ||||||||||||||||||||
Administrative Expenses | ( | ( | ( | ( | ( | ( | ( | |||||||||||||
Actuarial gains and (losses) | ( | ( | ( | ( | ( | ( | ( | ( | ||||||||||||
Effect of changes in exchange rates | ( | ( | ( | |||||||||||||||||
Employer contributions | ||||||||||||||||||||
Benefit payments for the year | ( | ( | ( | ( | ( | ( | ( | ( | ( | ( | ||||||||||
At period-end: Fair value | € | € | € | € | € | € | € | € | € | € |
2023 | 2022 | |||||||||||||||||||
US and Canada | UK | France and Germany | Other | Total | US and Canada | UK | France and Germany | Other | Total | |||||||||||
(€ million) | ||||||||||||||||||||
Present value of projected benefit obligation | €( | €( | €( | €( | €( | €( | €( | €( | €( | €( | ||||||||||
Fair value of plan assets | ||||||||||||||||||||
Net (liability) asset recognized in the balance sheet before minimum funding requirement (IFRIC 14) | ( | ( | ( | ( | ( | ( | ( | ( | ||||||||||||
Minimum funding requirement liability (IFRIC 14) | ( | ( | ( | ( | ||||||||||||||||
Net (liability) asset recognized in the balance sheet | ( | ( | ( | ( | ( | ( | ( | ( | ||||||||||||
Of which, liability | ( | ( | ( | ( | ( | ( | ( | ( | ( | ( | ||||||||||
Of which, asset | ( |
Years ended December 31, | ||||||
2023 | 2022 | 2021 | ||||
(€ million) | ||||||
Current service cost | € | € | € | |||
Interest expense | ||||||
Interest income | ( | ( | ( | |||
Other administration costs | ||||||
Past service costs/(credits) and (gains)/losses arising from settlements/curtailments | ( | |||||
Items relating to discontinued operations | ||||||
Total recognized in the Consolidated Income Statement | € | € | € |
At December 31, | ||||||||
2023 | 2022 | |||||||
Amount | of which have a quoted market price in an active market | Amount | of which have a quoted market price in an active market | |||||
(€ million) | ||||||||
Cash and cash equivalents | € | € | € | € | ||||
U.S. equity securities | ||||||||
Non-U.S. equity securities | ||||||||
Equity commingled funds | ||||||||
Equity instruments | ||||||||
Government securities | ||||||||
Corporate bonds (including convertible and high yield bonds) | ||||||||
Other fixed income | ||||||||
Fixed income securities | ||||||||
Private equity funds | ||||||||
Diversified Commingled funds | ||||||||
Real estate funds | ||||||||
Hedge funds | ||||||||
Investment funds | ||||||||
Insurance contracts and other | ||||||||
Total fair value of plan assets | € | € | € | € |
At December 31, | ||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||
U.S. | Canada | UK | France | Germany | U.S. | Canada | UK | France | Germany | |||||||||||
Discount rate | ||||||||||||||||||||
Future salary increase rate |
Expected benefit payments | ||
(€ million) | ||
2024 | € | |
2025 | € | |
2026 | € | |
2027 | € | |
2028 | € | |
2029-2033 | € |
2023 | 2022 | |||
(€ million) | ||||
Present value of obligations at January 1 | € | € | ||
Included in the Consolidated Income Statement | ||||
Included in Other comprehensive income: | ||||
Actuarial (gains)/losses from: | ||||
- Demographic and other assumptions | ( | ( | ||
- Financial assumptions | ( | |||
Effect of movements in exchange rates | ( | |||
Other: | ||||
Benefits paid | ( | ( | ||
December 31 | € | € |
Years ended December 31, | ||||||
2023 | 2022 | 2021 | ||||
(€ million) | ||||||
Current service cost | € | € | € | |||
Interest expense | ||||||
Past service costs/(credits) and losses/(gains) arising from settlements | ||||||
Total recognized in the Consolidated Income Statement | € | € | € |
At December 31, | |||||||
2023 | 2022 | ||||||
U.S. | Canada | U.S. | Canada | ||||
Discount rate | |||||||
Salary growth | |||||||
Weighted average ultimate healthcare cost trend rate |
2023 | 2022 | |||
(€ million) | ||||
Present value of obligations at January 1 | € | € | ||
Included in the Consolidated Income Statement | ( | |||
Included in Other comprehensive income: | ||||
Actuarial (gains)/losses from: | ||||
- Demographic and other assumptions | ( | |||
- Financial assumptions | ( | ( | ||
Effect of movements in exchange rates | ( | |||
Other: | ||||
Benefits paid | ( | ( | ||
Other changes | ( | |||
Present value of obligations at December 31 | € | € |
Years ended December 31, | ||||||
2023 | 2022 | 2021 | ||||
(€ million) | ||||||
Current service cost | € | € | € | |||
Interest expense | ||||||
Past service costs/(credits) and losses/(gains) arising from settlements | ( | ( | ( | |||
Total recognized in the Consolidated Income Statement | € | €( | € |
21. | Provisions |
At December 31, | ||||||||||||
2023 | 2022 | |||||||||||
Current | Non- current | Total | Current | Non- current | Total | |||||||
(€ million) | ||||||||||||
Product warranty and recall campaigns | € | € | € | € | € | € | ||||||
Sales incentives | ||||||||||||
Restructuring | ||||||||||||
Legal proceedings and disputes | ||||||||||||
Commercial risks | ||||||||||||
Other risks | ||||||||||||
Total Provisions | € | € | € | € | € | € |
At January 1, 2023 | Additional provisions | Settlements | Unused amounts | Translation differences | Transfer to Liabilities held for sale | Change in scope | Other | At December 31, 2023 | ||||||||||
(€ million) | ||||||||||||||||||
Product warranty and recall campaigns | € | € | €( | €( | €( | €( | € | € | € | |||||||||
Sales incentives | ( | ( | ( | ( | ||||||||||||||
Restructuring costs | ( | ( | ( | ( | ||||||||||||||
Legal proceedings and disputes | ( | ( | ( | |||||||||||||||
Commercial risks | ( | ( | ( | ( | ||||||||||||||
Other risks | ( | ( | ( | ( | ( | |||||||||||||
Total Provisions | € | € | €( | €( | €( | €( | €( | € | € |
22. | Debt |
At December 31, | ||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||
Due within one year (current) | Due between one and five years | Due beyond five years | Total (non- current) | Total Debt | Due within one year (current) | Due between one and five years | Due beyond five years | Total (non- current) | Total Debt | |||||||||||
(€ million) | ||||||||||||||||||||
Notes | € | € | € | € | € | € | € | € | € | € | ||||||||||
Borrowings from banks | ||||||||||||||||||||
Asset-backed financing | ||||||||||||||||||||
Lease liabilities | ||||||||||||||||||||
Other debt | ||||||||||||||||||||
Total Debt | € | € | € | € | € | € | € | € | € | € |
At December 31, | ||||||||||||
(€ million) | Currency | Face value of outstanding notes (million) | Coupon % | Maturity | 2023 | 2022 | ||||||
Stellantis (Peugeot S.A. issuances): | ||||||||||||
STELLANTIS N.V. (Peugeot S.A.) 2016 | EUR | Q2/2023 | ||||||||||
STELLANTIS N.V. (Peugeot S.A.) 2017 | EUR | Q1/2024 | ||||||||||
STELLANTIS N.V. (Peugeot S.A.) 2017 | EUR | Q1/2024 | ||||||||||
STELLANTIS N.V. (Peugeot S.A.) 2018 | EUR | Q1/2025 | ||||||||||
STELLANTIS N.V. (Peugeot S.A.) 2019 | EUR | Q3/2029 | ||||||||||
STELLANTIS N.V. (Peugeot S.A.) 2020 | EUR | Q2/2026 | ||||||||||
STELLANTIS N.V. (Peugeot S.A.) Schuldschein 2019 | EUR | Q4/2023 | ||||||||||
STELLANTIS N.V. (Peugeot S.A.) Schuldschein 2019 | EUR | Q2/2026 | ||||||||||
STELLANTIS N.V. (Peugeot S.A.) Schuldschein 2019 | EUR | Q2/2027 | ||||||||||
STELLANTIS N.V. (Peugeot S.A.) Schuldschein 2019 | EUR | Euribor 6M + | Q4/2023 | |||||||||
STELLANTIS N.V. (Peugeot S.A.) Schuldschein 2019 | EUR | Euribor 6M + | Q2/2026 | |||||||||
Medium Term Note Programme(1): | ||||||||||||
STELLANTIS N.V. (FCA N.V.) 2016 | EUR | Q1/2024 | ||||||||||
STELLANTIS N.V. (FCA N.V.) 2020 | EUR | Q3/2023 | ||||||||||
STELLANTIS N.V. (FCA N.V.) 2020 | EUR | Q1/2026 | ||||||||||
STELLANTIS N.V. (FCA N.V.) 2020 | EUR | Q3/2028 | ||||||||||
STELLANTIS N.V. 2021 | EUR | Q1/2027 | ||||||||||
STELLANTIS N.V. 2021 | EUR | Q1/2029 | ||||||||||
STELLANTIS N.V. 2021 | EUR | Q2/2033 | ||||||||||
STELLANTIS N.V. 2022 | EUR | Q2/2032 | ||||||||||
STELLANTIS N.V. 2023 - Green Bond | EUR | Q1/2030 | ||||||||||
STELLANTIS N.V. 2023 | EUR | Q2/2031 | ||||||||||
Other Notes: | ||||||||||||
STELLANTIS N.V. (FCA N.V.) 2015 | U.S.$ | Q2/2023 | ||||||||||
STELLANTIS FINANCE US 2021 | U.S $ | Q1/2027 | ||||||||||
STELLANTIS FINANCE US 2021 | U.S $ | Q3/2031 | ||||||||||
STELLANTIS FINANCE US 2022 | U.S. $ | Q1/2028 | ||||||||||
STELLANTIS FINANCE US 2022 | U.S. $ | Q3/2032 | ||||||||||
GIE PSA Trésorerie 2003 | EUR | Q3/2033 | ||||||||||
Total Notes | € | € |
At December 31, | ||||||||||
(€ million) | Currency | Interest rate % | Maturity(1) | 2023 | 2022 | |||||
Warehouse Credit Facilities: | ||||||||||
SFS Funding I | USD | CP/SOFR+spread | Q3/2024 | |||||||
SFS Funding II | USD | CP/SOFR+spread | Q3/2024 | |||||||
FIARC | USD | SOFR+spread | Q2/2025 | |||||||
Term Notes: | ||||||||||
Term Notes 2017-2020 | USD | Q2/2027 | ||||||||
Term Notes 2021-1 | USD | Q2/2028 | ||||||||
Term Notes 2021-2 | USD | Q4/2028 | ||||||||
Term Notes 2022-1 | USD | Q2/2029 | ||||||||
Term Notes 2022-2 | USD | Q4/2029 | ||||||||
Term Notes 2023-1 | USD | Q1/2031 | ||||||||
Total | € | € |
At December 31, | ||||
2023 | 2022 | |||
(€ million) | ||||
Long-term debt (non-current) | € | € | ||
Short-term debt and current portion of long-term debt (current) | € | € |
At December 31, 2023 | ||
(€ million) | ||
Due within one year | € | |
Due between one and five years | ||
Due beyond five years | ||
Total undiscounted lease liabilities | € |
23. | Other liabilities |
At December 31, | ||||||||||||
2023 | 2022 | |||||||||||
Current | Non- current | Total | Current | Non- current | Total | |||||||
(€ million) | ||||||||||||
Payables for buy-back agreements | € | € | € | € | € | € | ||||||
Accrued expenses and deferred income | ||||||||||||
Indirect tax payables | ||||||||||||
Payables to personnel | ||||||||||||
Social security payables | ||||||||||||
Construction contract liabilities (Note 14) | ||||||||||||
Service contract liability | ||||||||||||
Derivatives operating liability | ||||||||||||
Other | ||||||||||||
Total Other liabilities | € | € | € | € | € | € |
At December 31, | ||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||
Total due within one year (Current) | Due between one and five years | Due beyond five years | Total due after one year (Non- Current) | Total | Total due within one year (Current) | Due between one and five years | Due beyond five years | Total due after one year (Non- Current) | Total | |||||||||||
(€ million) | ||||||||||||||||||||
Other liabilities (excluding Accrued expenses, deferred income and service contract liability) | € | € | € | € | € | € | € | € | € | € |
At January 1, 2023 | Advances received from customers | Amounts recognized within revenue | Transfers to Assets/ (Liabilities) held for sale | Other Changes | At December 31, 2023 | |||||||
(€ million) | ||||||||||||
Service contract liability | € | € | €( | € | €( | € |
24. | Fair value measurement |
At December 31, | |||||||||||||||||
2023 | 2022 | ||||||||||||||||
Note | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||
(€ million) | |||||||||||||||||
Financial securities and equity instruments measured at FVOCI | 13 | € | € | € | € | € | € | € | € | ||||||||
Financial securities and equity instruments measured at FVPL | 13 | ||||||||||||||||
Derivative financial assets | 17 | ||||||||||||||||
Derivative operating assets | 17 | ||||||||||||||||
Collateral deposits | 13 | ||||||||||||||||
Receivables from financing activities | 16 | ||||||||||||||||
Trade receivables | 16 | ||||||||||||||||
Other receivables | 16 | ||||||||||||||||
Money market securities | 18 | ||||||||||||||||
Total Assets | € | € | € | € | € | € | € | € | |||||||||
Derivative financial liabilities | 17 | ||||||||||||||||
Derivative operating liabilities | 17 | ||||||||||||||||
Total Liabilities | € | € | € | € | € | € | € | € |
Receivables from financing activities | Financial securities | Derivative financial assets/ (liabilities) | Collateral deposits | Money market securities | Other receivables | |||||||
(€ million) | ||||||||||||
At January 1, 2023 | € | € | €( | € | € | € | ||||||
Change in scope of consolidation | ( | |||||||||||
Gains/(Losses) recognized in Consolidated Income Statement | ( | |||||||||||
Losses recognized in Other comprehensive income/(loss) | ( | |||||||||||
Issues/Settlements | ( | |||||||||||
Purchases/Sales | ||||||||||||
Transfers to Assets/(Liabilities) held for sale | — | |||||||||||
Transfers from Level 3 | ( | |||||||||||
At December 31, 2023 | € | € | €( | € | € | € |
Receivables from financing activities | Financial securities | Derivative financial assets/ (liabilities) | Collateral deposits | Money market securities | Other receivables | |||||||
(€ million) | ||||||||||||
At January 1, 2022 | € | € | €( | € | € | € | ||||||
Gains recognized in Other comprehensive income/(loss) | ||||||||||||
Losses recognized in Consolidated Income Statement | ( | |||||||||||
Issues/Settlements | ||||||||||||
Purchases/Sales | ( | |||||||||||
Transfers to Assets/(Liabilities) held for sale | — | |||||||||||
Transfers from Level 3 | ( | ( | ||||||||||
At December 31, 2022 | € | € | €( | € | € | € |
At December 31, | |||||||||
2023 | 2022 | ||||||||
Note | Carrying amount | Fair Value | Carrying amount | Fair Value | |||||
(€ million) | |||||||||
Dealer financing | € | € | € | € | |||||
Retail financing | |||||||||
Finance lease | |||||||||
Other receivables from financing activities | |||||||||
Total Receivables from financing activities(1) | 16 | € | € | € | € | ||||
Asset-backed financing | € | € | € | € | |||||
Notes | |||||||||
Borrowings from banks & Other debt | |||||||||
Total Debt, excluding Lease liabilities | 22 | € | € | € | € |
25. | Related party transactions |
Years ended December 31, | ||||||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||||||
Net Revenues | Cost of revenues | Selling, general and other costs, net | Net Financial expenses/ (income) | Net Revenues | Cost of revenues | Selling, general and other costs, net | Net Financial expenses/ (income) | Net Revenues | Cost of revenues | Selling, general and other costs, net | Net Financial expenses | |||||||||||||
(€ million) | ||||||||||||||||||||||||
Tofas | € | € | € | € | € | € | € | € | € | € | € | € | ||||||||||||
FCA Bank | ( | |||||||||||||||||||||||
Leasys | ||||||||||||||||||||||||
GAC-Stellantis JV | ( | ( | ||||||||||||||||||||||
Dongfeng Peugeot Citroën Automobiles | ( | ( | ||||||||||||||||||||||
Finance companies in partnership with SCF and BNPP PF(1) | ( | ( | ||||||||||||||||||||||
Other | ( | ( | ( | |||||||||||||||||||||
Total joint arrangements | ||||||||||||||||||||||||
GEFCO | ||||||||||||||||||||||||
Other | ( | ( | ||||||||||||||||||||||
Total associates | ( | ( | ||||||||||||||||||||||
CNHI | ( | |||||||||||||||||||||||
Iveco | ( | ( | ||||||||||||||||||||||
Ferrari N.V. | ( | |||||||||||||||||||||||
Directors and Key Management | ||||||||||||||||||||||||
Other | ||||||||||||||||||||||||
Total CNHI, Ferrari, Directors and other | ||||||||||||||||||||||||
Total unconsolidated subsidiaries | ( | ( | ||||||||||||||||||||||
Total transactions with related parties | € | € | € | € | € | € | € | € | € | € | € | € | ||||||||||||
Total for the Company | € | € | € | €( | € | € | € | € | € | € | € | € |
At December 31, | ||||||||||||||||
2023 | 2022 | |||||||||||||||
Trade and other receivables | Trade payables and other liabilities | Asset- backed financing | Debt(1) | Trade and other receivables | Trade payables and other liabilities | Asset- backed financing | Debt (1) | |||||||||
(€ million) | ||||||||||||||||
Tofas | € | € | € | € | € | € | € | € | ||||||||
FCA Bank | ||||||||||||||||
Leasys | ||||||||||||||||
GAC-Stellantis JV | ||||||||||||||||
Dongfeng Peugeot Citroën Automobiles | ||||||||||||||||
Finance companies in partnership with SCF and BNPP PF(2) | ||||||||||||||||
Other | ||||||||||||||||
Total joint arrangements | ||||||||||||||||
Other | ||||||||||||||||
Total associates | ||||||||||||||||
CNHI | ||||||||||||||||
Iveco | ||||||||||||||||
Ferrari N.V. | ||||||||||||||||
Other | ||||||||||||||||
Total CNHI, Ferrari N.V. and other | ||||||||||||||||
Total unconsolidated subsidiaries | ||||||||||||||||
Total originating from related parties | € | € | € | € | € | € | € | € | ||||||||
Total for the Company | € | € | € | € | € | € | € | € |
26. | Guarantees granted, commitments and contingent liabilities |
(€ million) | ||
2024 | € | |
2025 | € | |
2026 | € | |
2027 | € | |
2028 | € | |
2029 and thereafter | € |
27. | Equity |
Common Shares | Special Voting Shares A | Special Voting Shares B | Total | |||||
Balance at January 1, 2023 | ||||||||
Issuance of special voting shares | ||||||||
Purchase of treasury shares | ( | ( | ( | ( | ||||
Shares issued for long-term incentive plans and employee share purchase plan | ||||||||
Balance at December 31, 2023 |
Dates right subscribed | From November 13 to November 30, 2023 |
Employee subscription price | € |
Years ended December 31, | ||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||
Pre-tax balance | Tax income/ (expense) | Net balance | Pre-tax balance | Tax income/ (expense) | Net balance | Pre-tax balance | Tax income/ (expense) | Net balance | ||||||||||
(€ million) | ||||||||||||||||||
Fair value remeasurement of cash flow hedges | ( | ( | ( | ( | ( | |||||||||||||
Gains and losses from remeasurement of financial assets | € | € | € | € | € | € | € | € | € | |||||||||
Actuarial gains and losses on defined benefit pension obligations | €( | € | €( | € | €( | € | € | €( | € | |||||||||
Exchange differences on translating foreign operations | ( | ( | ||||||||||||||||
Share of Other comprehensive income/(loss) for equity method investees | ( | ( | ( | ( | ( | ( | ||||||||||||
Items relating to discontinued operations | ||||||||||||||||||
Total Other comprehensive income/(loss) | €( | € | €( | € | €( | € | € | €( | € |
28. | Earnings per share |
Years ended December 31, | |||||||
2023 | 2022 | 2021 | |||||
Net profit attributable to owners of the parent | million | € | € | € | |||
Weighted average number of shares outstanding | thousand | ||||||
Basic earnings per share | € | € | € | € |
Years ended December 31, | |||||||
2023 | 2022 | 2021 | |||||
Net profit from continuing operations attributable to owners of the parent | million | € | € | € | |||
Weighted average number of shares outstanding | thousand | ||||||
Basic earnings per share from continuing operations | € | € | € | € |
Years ended December 31, | |||||||
2023 | 2022 | 2021 | |||||
Net profit from discontinued operations attributable to owners of the parent | million | € | € | € | |||
Weighted average number of shares outstanding | thousand | ||||||
Basic earnings per share from discontinued operations | € | € | € | € |
Years ended December 31, | |||||||
2023 | 2022 | 2021 | |||||
Net profit attributable to owners of the parent | million | € | € | € | |||
Weighted average number of shares outstanding | thousand | ||||||
Number of shares deployable for share-based compensation | thousand | ||||||
Equity warrants delivered to GM | thousand | ||||||
Weighted average number of shares outstanding for diluted earnings per share | thousand | ||||||
Diluted earnings per share | € | € | € | € |
Years ended December 31, | |||||||
2023 | 2022 | 2021 | |||||
Net profit from continuing operations attributable to owners of the parent | million | € | € | € | |||
Weighted average number of shares outstanding | |||||||
Number of shares deployable for share-based compensation | thousand | ||||||
Equity warrants delivered to GM | thousand | ||||||
Weighted average number of shares outstanding for diluted earnings per share | thousand | ||||||
Diluted earnings per share from continuing operations | € | € | € | € |
Years ended December 31, | |||||||
2023 | 2022 | 2021 | |||||
Net profit from discontinued operations attributable to owners of the parent | million | € | € | € | |||
Weighted average number of shares outstanding | |||||||
Number of shares deployable for share-based compensation | thousand | ||||||
Equity warrants delivered to GM | thousand | ||||||
Weighted average number of shares outstanding for diluted earnings per share | thousand | ||||||
Diluted earnings per share from discontinued operations | € | € | € | € |
29. | Segment reporting |
2023 | North America | Enlarged Europe | Middle East & Africa | South America | China and India & Asia Pacific | Maserati | Other activities | Unallocated items & eliminations | Stellantis | |||||||||
(€ million) | ||||||||||||||||||
Net revenues from external customers | € | € | € | € | € | € | € | €( | € | |||||||||
Net revenues from transactions with other segments | ( | ( | — | |||||||||||||||
Net revenues | ( | |||||||||||||||||
Net profit/(loss) from continuing operations | € | |||||||||||||||||
Tax expense/(benefit) | € | |||||||||||||||||
Net financial expenses/ (income) | €( | |||||||||||||||||
Operating income/(loss)(1) | € | |||||||||||||||||
Adjustments: | ||||||||||||||||||
Restructuring and other costs, net of reversals(2) | € | € | € | € | € | € | € | € | € | |||||||||
Collective agreements related costs(3) | € | € | € | € | € | € | € | € | € | |||||||||
Argentina currency devaluation(4) | € | € | € | € | € | € | € | € | € | |||||||||
Impairment expense and supplier obligations(5) | € | € | € | € | € | € | € | € | € | |||||||||
Reorganization of financial services(6) | € | € | € | € | € | € | € | € | € | |||||||||
Takata recall campaign | € | €( | € | € | € | € | € | € | €( | |||||||||
Patents litigation(7) | €( | €( | € | €( | € | € | € | € | €( | |||||||||
Gains on disposal of equity investments and other assets(8) | €( | €( | € | € | €( | € | €( | € | €( | |||||||||
Other | € | € | € | €( | €( | € | €( | € | € | |||||||||
Total adjustments | € | € | € | € | € | € | € | € | € | |||||||||
Adjusted operating income | € | € | € | € | € | € | €( | €( | € | |||||||||
Share of profit/(loss) of equity method investees, excluding adjustments(1) | €( | €( | € | € | € | € | € | € | € |
2022 | North America | Enlarged Europe | Middle East & Africa | South America | China and India & Asia Pacific | Maserati | Other activities | Unallocated items & eliminations | Stellantis | |||||||||
(€ million) | ||||||||||||||||||
Net revenues from external customers | € | € | € | € | € | € | € | € | € | |||||||||
Net revenues from transactions with other segments | ( | ( | ( | — | ||||||||||||||
Net revenues | ( | |||||||||||||||||
Net profit/(loss) from continuing operations | € | |||||||||||||||||
Tax expense/(benefit) | € | |||||||||||||||||
Net financial expenses/ (income) | € | |||||||||||||||||
Operating income/(loss)(1) | € | |||||||||||||||||
Adjustments: | ||||||||||||||||||
Restructuring costs and other costs, net of reversals(2) | € | € | € | € | € | € | € | € | € | |||||||||
Takata recall campaign(3) | € | € | € | € | € | € | € | € | € | |||||||||
CAFE penalty rate(4) | € | € | € | € | € | € | € | € | € | |||||||||
Change in estimate of non- contractual warranties(5) | € | € | € | € | € | € | € | € | € | |||||||||
Impairment of GAC- Stellantis JV(6) | € | € | € | € | € | € | € | € | € | |||||||||
Impairment expense and supplier obligations(7) | € | € | € | € | € | € | € | € | € | |||||||||
Patents litigation(8) | € | € | € | € | € | € | € | € | € | |||||||||
Write down of FCA Bank investment(9) | € | € | € | € | € | € | € | € | € | |||||||||
Other(10) | €( | €( | €( | € | € | € | € | € | €( | |||||||||
Total adjustments | € | € | € | € | € | € | € | € | € | |||||||||
Adjusted operating income | € | € | € | € | € | € | € | €( | € | |||||||||
Share of profit/(loss) of equity method investees, excluding adjustments(1) | €( | €( | € | € | €( | € | € | € | € | |||||||||
Adjusted operating income, as reported | € | € | € | € | € | € | €( | €( | € | |||||||||
Add: Share of profit/(loss) of equity method investees | ( | ( | ( | € | ||||||||||||||
Adjustments: | ||||||||||||||||||
Impairment of GAC- Stellantis JV(6) | € | |||||||||||||||||
Write down of FCA Bank investment(9) | € | |||||||||||||||||
Adjusted operating income, as adjusted(1) | € | € | € | € | € | € | € | €( | € |
2021 | North America | Enlarged Europe | Middle East & Africa | South America | China and India & Asia Pacific | Maserati | Other activities | Unallocated items & eliminations | Stellantis | |||||||||
(€ million) | ||||||||||||||||||
Net revenues(1) | € | € | € | € | € | € | € | €( | € | |||||||||
Net revenues from transactions with other segments | ( | ( | ( | ( | ( | ( | — | |||||||||||
Net revenues from external customers(1) | — | |||||||||||||||||
Add: FCA Net revenues from external customers January 1 - January 16, 2021(2) | — | |||||||||||||||||
Add: Pro forma adjustments(3) | ( | — | ( | |||||||||||||||
Pro Forma Net revenues from external customers, January 1 - December 31, 2021 | — | |||||||||||||||||
Net revenues from transactions with other segments | ( | — | ||||||||||||||||
Pro Forma Net revenues(4) | € | € | € | € | € | € | € | €( | € | |||||||||
Net profit/(loss) from continuing operations | € | |||||||||||||||||
Tax expense/(benefit) | € | |||||||||||||||||
Net financial expenses/(income) | € | |||||||||||||||||
Operating income/(loss)(5) | € | |||||||||||||||||
Add: FCA operating income, January 1 - 16, 2021 | € | |||||||||||||||||
Add: Pro forma adjustments | € | |||||||||||||||||
Pro Forma Operating income/ (loss)(5) | € | |||||||||||||||||
Adjustments: | ||||||||||||||||||
Restructuring costs and other costs, net of reversals(6) | €( | € | € | € | € | € | € | € | € | |||||||||
Change in estimate of non- contractual warranties(7) | € | € | € | € | € | € | € | € | € | |||||||||
Reversal of inventory fair value adjustment in purchase accounting(8) | € | € | € | € | € | € | € | € | € | |||||||||
Impairment expense and supplier obligations(9) | € | € | € | € | € | € | € | € | € | |||||||||
Brazilian indirect tax - reversal of liability/ recognition of credits(10) | € | € | € | €( | € | € | € | € | €( | |||||||||
Other(11) | € | €( | €( | € | € | € | € | € | € | |||||||||
Total adjustments Jan 1 - Dec 31, 2021 | € | € | € | €( | € | € | € | € | € | |||||||||
Pro Forma Adjusted operating income | € | € | € | € | € | € | €( | € | € | |||||||||
Share of profit of equity method investees(5) | €( | €( | € | € | €( | € | € | € | € | |||||||||
Pro Forma Adjusted operating income, as reported | € | € | € | € | € | € | €( | € | € | |||||||||
Add: Share of profit/(loss) of equity method investees | ( | ( | ( | € | ||||||||||||||
Adjustments: | ||||||||||||||||||
Add: FCA Share of profit/(loss) of equity method investees, January 1 - 16, 2021 | ( | € | ||||||||||||||||
Pro Forma Adjusted operating income, as adjusted(5) | € | € | € | € | € | € | €( | € | € |
2021 | North America | Enlarged Europe | Middle East & Africa | South America | China and India & Asia Pacific | Maserati | Other activities | Unallocated items & eliminations | Stellantis | |||||||||
(€ million) | ||||||||||||||||||
Net profit/(loss) from continuing operations | € | |||||||||||||||||
Tax expense/(benefit) | € | |||||||||||||||||
Net financial expenses/ (income) | € | |||||||||||||||||
Operating income/(loss)(1) | € | |||||||||||||||||
Adjustments: | ||||||||||||||||||
Restructuring costs and other costs, net of reversals(2) | €( | € | € | € | € | € | € | € | € | |||||||||
Change in estimates of non- contractual warranties(3) | € | € | € | € | € | € | € | € | € | |||||||||
Reversal of inventory fair value adjustment in purchase accounting(4) | € | € | € | € | € | € | € | € | € | |||||||||
Impairment expense and supplier obligations(5) | € | € | € | € | € | € | € | € | € | |||||||||
Brazilian indirect tax - reversal of liability/ recognition of credits(6) | € | € | € | €( | € | € | € | € | €( | |||||||||
Other(7) | € | €( | €( | € | € | € | € | € | € | |||||||||
Total adjustments Jan 1 - Dec 31, 2021 | € | € | € | €( | € | € | € | € | € | |||||||||
Less: Adjustments Jan 1-16, 2021(8) | € | € | € | € | € | € | € | € | € | |||||||||
Adjusted operating income | € | € | € | € | € | € | €( | € | € | |||||||||
Adjusted operating income, as reported | € | € | € | € | € | € | €( | € | € | |||||||||
Add: Share of profit/(loss) of equity method investees | ( | ( | ( | € | ||||||||||||||
Adjusted operating income, as adjusted(1) | € | € | € | € | € | € | €( | € | € |
At December 31, | ||||
2023 | 2022 | |||
(€ million) | ||||
North America(1) | € | € | ||
France | ||||
Italy | ||||
Germany | ||||
Brazil | ||||
Spain | ||||
United Kingdom | ||||
Poland | ||||
Slovakia | ||||
Serbia | ||||
Other countries | ||||
Total Non-current assets (other than financial instruments, deferred tax assets and post- employment benefits assets) |
30. | Explanatory notes to the Consolidated Statement of Cash Flows |
Years ended December 31, | ||||
2023 | 2022 | |||
(€ million) | ||||
Total Debt at January 1 | € | € | ||
Add: Derivative (assets)/liabilities and collateral at January 1 | ( | ( | ||
Add: Securities and financial receivables at January 1 | ( | ( | ||
Total Liabilities from financing activities at January 1 | € | € | ||
Cash flows | ( | ( | ||
Foreign exchange effects | ( | |||
Fair value changes | ( | |||
Changes in scope of consolidation | ||||
Transfer to (Assets)/Liabilities held for sale | ( | |||
Other changes | ( | ( | ||
Total Liabilities from financing activities at December 31 | € | € | ||
Less: Derivative (assets)/liabilities and collateral at December 31 | ( | ( | ||
Less: Securities and financial receivables at December 31 | ( | ( | ||
Total Debt at December 31 | € | € |
31. | Qualitative and quantitative information on financial risks |
32. | Subsequent events |
Payments due by period | ||||||||||
(€ million) | Total | Less than 1 year | 1-3 years | 3-5 years | More than 5 years | |||||
Long-term debt(1) | €26,099 | €8,987 | €4,511 | €3,750 | €8,851 | |||||
Interest on Long-term debt(2) | 3,109 | 669 | 908 | 667 | 865 | |||||
Lease liabilities(3) | 2,437 | 818 | 500 | 324 | 795 | |||||
Short-term leases and Low-value assets obligations(4) | 88 | 75 | 12 | 1 | — | |||||
Unconditional minimum purchase obligations(5) | 15,473 | 2,130 | 4,802 | 6,167 | 2,374 | |||||
Purchase obligations(6) | 9,721 | 5,792 | 2,901 | 1,024 | 4 | |||||
Pension contribution requirements(7) | 84 | 84 | — | — | — | |||||
Total | €57,011 | €18,555 | €13,634 | €11,933 | €12,889 |
Country | Location | |
North America | ||
U.S. | Warren, Michigan | |
U.S. | Sterling Heights, Michigan | |
U.S. | Belvidere, Illinois | |
U.S. | Toledo, Ohio (Toledo North) | |
U.S. | Detroit, Michigan (Detroit Assembly Complex - Jefferson) | |
U.S. | Detroit, Michigan (Detroit Assembly Complex - Mack) | |
U.S. | Toledo, Ohio (Toledo South) | |
Mexico | Toluca, Estado de México | |
Mexico | Saltillo, Coahuila (Saltillo Truck) | |
Mexico | Saltillo, Coahuila (Saltillo Van) | |
Canada | Windsor, Ontario | |
Canada | Brampton, Ontario | |
South America | ||
Brazil | Betim | |
Brazil | Goiana | |
Brazil | Porto Real | |
Argentina | Buenos Aires | |
Argentina | Cordoba | |
Enlarged Europe | ||
France | Hordain | |
France | Mulhouse | |
France | Poissy | |
France | Rennes | |
France | Sochaux | |
Germany | Eisenach | |
Germany | Russelsheim | |
Italy | Turin (Mirafiori) | |
Italy | Cassino | |
Italy | Pomigliano | |
Italy | Melfi | |
Italy | Val Di Sangro | |
Poland | Gliwice | |
Poland | Tychy | |
Slovakia | Trnava | |
Serbia | Kragujevac | |
Spain | Madrid | |
Spain | Vigo | |
Spain | Zaragoza | |
UK | Ellesmere Port | |
UK | Luton |
Years Ended December 31, | ||||
(€ million) | 2023 | 2022 | ||
Audit fees | €40.8 | €39.1 | ||
Audit-related fees | 0.4 | 0.2 | ||
Tax fees(1) | 0.6 | — | ||
Total | €41.8 | €39.3 |
Period | Total Number of Shares Purchased | Average Price Paid per Share (€)(1) | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet Be Purchased under the Plans or Programs | ||||
Jan 1 to Jan 31, 2023 | — | — | — | — | ||||
Feb 1 to Feb 28, 2023 | — | — | — | — | ||||
March 1 to March 31, 2023 | 1,353,740 | 16.21 | 1,353,740 | 243,002,537 | ||||
April 1 to April 30, 2023 | 3,549,884 | 16.15 | 3,549,884 | 317,795,539 | ||||
May 1 to May 31, 2023 | 28,346,188 | 14.84 | 28,346,188 | 289,449,351 | ||||
June 1 to June 30, 2023 | 11,276,800 | 15.40 | 11,276,800 | 278,172,551 | ||||
July 1 to July 31, 2023 | 7,700,621 | 16.45 | 7,700,621 | 270,471,930 | ||||
Aug 1 to Aug 31, 2023 | 9,550,000 | 17.13 | 9,550,000 | 260,921,930 | ||||
Sept 1 to Sept 30, 2023 | 13,907,561 | 17.67 | 13,907,561 | 247,014,369 | ||||
Oct 1 to Oct 31, 2023 | 15,897,068 | 17.60 | 15,897,068 | 231,117,301 | ||||
Nov 1 to Nov 30, 2023 | 50,000,000 | 18.68 | 50,000,000 | 181,117,301 | ||||
Dec 1 to Dec 31, 2023 | 508,435 | 21.00 | 508,435 | 180,608,866 | ||||
Total | 142,090,297 | 17.13 | 142,090,297 | 180,608,866 |
Exhibit Number | Description of Documents |
Certain long-term debt instruments, none of which relates to indebtedness that exceeds 10% of the consolidated assets of Stellantis N.V., have not been filed as exhibits to this Form 20-F. Stellantis N.V. agrees to furnish the Securities and Exchange Commission, upon its request, a copy of any instrument defining the rights of holders of long-term debt of Stellantis N.V. and its consolidated subsidiaries. | |
101.SCH | XBRL Taxonomy Extension Schema Document |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
Item | Section | Cross Reference | Page |
Part I | |||
Item 1. | Identity of Directors, Senior Management and Advisers | Not applicable | |
Item 2. | Offer Statistics and Expected Timetable | Not applicable | |
Item 3. | Key Information | ||
B. Capitalization and Indebtedness | Not applicable | ||
C. Reasons for the Offer and Use of Proceeds | Not applicable | ||
D. Risk Factors | |||
Item 4. | Information on the Company | ||
A. History and Development of the Company | |||
B. Business Overview | |||
to the Consolidated Financial Statements | |||
C. Organization Structure | Consolidated Financial Statements | ||
D. Property, Plant and Equipment | |||
Item 4A. | Unresolved Staff Comments | None | |
Item 5. | Operating and Financial Review | ||
A. Operating Results | |||
B. Liquidity and Capital Resources | |||
Note 22 (Debt) to the Consolidated Financial Statements | |||
the Consolidated Financial Statements | |||
C. Research and Development, Patents and Licenses, etc. | |||
D. Trend Information | |||
E. Critical Accounting Estimates | |||
G. Safe Harbor | |||
F. Non-GAAP financial measures |
Item | Section | Cross Reference | Page |
Item 6. | Directors, Senior Management and Employees | ||
A. Directors and Senior Management | |||
B. Compensation | Remuneration Report | ||
the Consolidated Financial Statements | |||
C. Board Practices | |||
D. Employees | |||
E. Share Ownership | |||
F. Disclosure of a Registrant's Actions to Recover Erroneously Awarded Compensation | Disclosure of a Registrant's Actions to Recover Erroneously Awarded Compensation | ||
Item 7. | Major Shareholders and Related Party Transactions | ||
A. Major Shareholders | |||
B. Related Party Transactions | the Consolidated Financial Statements | ||
C. Interests of Experts and Counsel | Not applicable | ||
Item 8. | Financial Information | ||
A. Consolidated Statements and Other Financial Information | |||
to the Consolidated Financial Statements | |||
B. Significant Changes | |||
Item 9. | The Offer and Listing | ||
A. Offer and Listing Details | |||
B. Plan of Distribution | Not applicable | ||
C. Markets | |||
D. Selling Shareholders | Not applicable | ||
E. Dilution | Not applicable | ||
F. Expenses of the Issue | Not applicable | ||
Item 10. | Additional Information | ||
A. Share Capital | Not applicable | ||
B. Memorandum and Articles of Association | |||
C. Material Contracts | |||
D. Exchange Controls | |||
E. Taxation | |||
F. Dividends and Paying Agents | Not applicable | ||
G. Statements of Experts | Not applicable | ||
H. Documents on Display | |||
I. Subsidiary Information | Not applicable | ||
J. Annual report to security holders | Not applicable |
Item | Section | Cross Reference | Page |
Item 11. | Quantitative and Qualitative Disclosures | Consolidated Financial Statements | |
Item 12. | Description of Securities Other than Equity Securities | ||
A. Debt Securities | Not applicable | ||
B. Warrants and Rights | Not applicable | ||
C. Other Securities | Not applicable | ||
D. American Depositary Shares | None | ||
Part II | |||
Item 13. | Defaults, Dividend Arrearages and Delinquencies | None | |
Item 14. | Material Modifications to the Rights of Security Holders and Use of Proceeds | None | |
Item 15. | Controls and Procedures | ||
Item 16A. | Audit Committee Financial Expert | ||
Item 16B. | Code of Ethics | ||
Item 16C. | Principal Accountant Fees and Services | ||
Item 16D. | Exemptions from the Listing Standards for Audit Committees | None | |
Item 16E. | Purchases of Equity Securities by the Issuer and Affiliated Purchasers | Note 27 (Equity) to the Consolidated Financial Statements | |
Item 16F. | Change in the Registrant's Certifying Accountant | Change in the Registrant's Certifying Accountant | |
Item 16G. | Corporate Governance | ||
Item 16H. | Mine Safety Disclosure | None | |
Item 16I. | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections | None | |
Item 16J. | Insider trading policies | Not applicable | |
Item 16K. | Cybersecurity | ||
Part III | |||
Item 17. | Financial Statements | ||
Item 18. | Financial Statements | ||
Item 19. | Exhibits |
STELLANTIS N.V. | |||
(Registrant) | |||
By: | /s/ Natalie Knight | ||
Name: Natalie Knight | |||
Title: Chief Financial Officer | |||
Date: | February 22, 2024 |