Date: February 27, 2023 | STELLANTIS N.V. | ||||||||||
By: | /s/ Richard K. Palmer | ||||||||||
Name: Richard K. Palmer | |||||||||||
Title: Chief Financial Officer |
For the year ended December 31, 2022 | For the year ended December 31, 2021(1) | |||||||||||||||||||||||||||||||||||||
(€ million) | Stellantis | Industrial activities | Financial services | Stellantis | Industrial activities | Financial services | ||||||||||||||||||||||||||||||||
Net revenues | 179,592 | 179,095 | 647 | 149,419 | 149,273 | 292 | ||||||||||||||||||||||||||||||||
Cost of revenues | 144,327 | 144,048 | 429 | 119,943 | 119,903 | 186 | ||||||||||||||||||||||||||||||||
Selling, general and other costs | 8,981 | 8,854 | 127 | 9,130 | 9,082 | 48 | ||||||||||||||||||||||||||||||||
Research and development costs | 5,200 | 5,200 | — | 4,487 | 4,487 | — | ||||||||||||||||||||||||||||||||
Gains/(Losses) on disposal of investments | 72 | 44 | 28 | (35) | 8 | (43) | ||||||||||||||||||||||||||||||||
Restructuring costs | 1,144 | 1,144 | — | 698 | 698 | — | ||||||||||||||||||||||||||||||||
Operating income/(loss) | 20,012 | 19,893 | 119 | 15,126 | 15,111 | 15 | ||||||||||||||||||||||||||||||||
Net financial expenses/(income) | 768 | 770 | (2) | 734 | 734 | — | ||||||||||||||||||||||||||||||||
Profit/(loss) before taxes | 19,244 | 19,123 | 121 | 14,392 | 14,377 | 15 | ||||||||||||||||||||||||||||||||
Tax expense/(benefit) | 2,729 | 2,699 | 30 | 1,911 | 1,891 | 20 | ||||||||||||||||||||||||||||||||
Share of the profit/(loss) of equity method investees | 264 | (265) | 529 | 737 | 84 | 653 | ||||||||||||||||||||||||||||||||
Result from intersegment investments | — | 620 | — | — | 648 | — | ||||||||||||||||||||||||||||||||
Net profit/(loss) from continuing operations | 16,779 | 16,779 | 620 | 13,218 | 13,218 | 648 | ||||||||||||||||||||||||||||||||
Profit/(loss) from discontinued operations, net of tax | — | — | — | 990 | 990 | — | ||||||||||||||||||||||||||||||||
Net profit/(loss) | 16,779 | 16,779 | 620 | 14,208 | 14,208 | 648 | ||||||||||||||||||||||||||||||||
Adjusted operating income(2) | 23,323 | 23,231 | 92 | n.a. | n.a. | n.a. | ||||||||||||||||||||||||||||||||
Pro Forma Adjusted operating income(2) | n.a. | n.a. | n.a. | 18,011 | 17,923 | 88 |
At December 31, 2022 | At December 31, 2021 | |||||||||||||||||||||||||||||||||||||
(€ million) | Stellantis | Industrial activities | Financial services | Stellantis | Industrial activities | Financial services | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||
Goodwill and intangible assets with indefinite useful lives | 31,738 | 31,611 | 127 | 29,921 | 29,802 | 119 | ||||||||||||||||||||||||||||||||
Other intangible assets | 19,006 | 18,861 | 145 | 16,635 | 16,542 | 93 | ||||||||||||||||||||||||||||||||
Property, plant and equipment | 36,205 | 36,129 | 76 | 35,488 | 35,443 | 45 | ||||||||||||||||||||||||||||||||
Equity method investments | 4,834 | 7,244 | 3,182 | 6,022 | 7,847 | 4,591 | ||||||||||||||||||||||||||||||||
Deferred tax assets | 2,052 | 2,040 | 12 | 1,927 | 1,893 | 34 | ||||||||||||||||||||||||||||||||
Inventories | 17,360 | 17,303 | 57 | 11,361 | 11,342 | 19 | ||||||||||||||||||||||||||||||||
Assets sold with a buy-back commitment | 1,594 | 1,594 | — | 2,134 | 2,134 | — | ||||||||||||||||||||||||||||||||
Trade receivables | 4,928 | 5,004 | 70 | 2,998 | 3,049 | 51 | ||||||||||||||||||||||||||||||||
Tax receivables | 655 | 650 | 41 | 390 | 383 | 7 | ||||||||||||||||||||||||||||||||
Other assets and prepaid expenses | 14,272 | 10,673 | 4,884 | 12,628 | 9,797 | 3,752 | ||||||||||||||||||||||||||||||||
Financial assets | 5,033 | 4,696 | 304 | 2,510 | 2,409 | 152 | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | 46,433 | 45,335 | 1,098 | 49,629 | 48,616 | 1,013 | ||||||||||||||||||||||||||||||||
Assets held for sale(1) | 2,046 | 2,042 | 1,700 | 123 | 123 | — | ||||||||||||||||||||||||||||||||
TOTAL ASSETS | 186,156 | 183,182 | 11,696 | 171,766 | 169,380 | 9,876 | ||||||||||||||||||||||||||||||||
Equity and Liabilities | ||||||||||||||||||||||||||||||||||||||
Equity | 72,382 | 72,382 | 7,222 | 56,307 | 56,307 | 6,417 | ||||||||||||||||||||||||||||||||
Employee benefits liabilities | 6,436 | 6,434 | 2 | 8,749 | 8,748 | 1 | ||||||||||||||||||||||||||||||||
Provisions | 19,771 | 19,641 | 135 | 17,179 | 17,085 | 96 | ||||||||||||||||||||||||||||||||
Deferred tax liabilities | 4,332 | 4,320 | 12 | 4,374 | 4,368 | 5 | ||||||||||||||||||||||||||||||||
Debt | 27,153 | 24,496 | 3,972 | 33,582 | 31,533 | 3,018 | ||||||||||||||||||||||||||||||||
Trade payables | 31,726 | 31,735 | 95 | 28,181 | 28,177 | 70 | ||||||||||||||||||||||||||||||||
Other financial liabilities | 18 | 18 | — | 95 | 95 | — | ||||||||||||||||||||||||||||||||
Tax liabilities | 1,568 | 1,546 | 29 | 1,113 | 1,086 | 35 | ||||||||||||||||||||||||||||||||
Other liabilities | 22,657 | 22,497 | 229 | 22,135 | 21,930 | 234 | ||||||||||||||||||||||||||||||||
Liabilities held for sale | 113 | 113 | — | 51 | 51 | — | ||||||||||||||||||||||||||||||||
TOTAL EQUITY AND LIABILITIES | 186,156 | 183,182 | 11,696 | 171,766 | 169,380 | 9,876 |
For the year ended December 31, 2022 | For the year ended December 31, 2021 | |||||||||||||||||||||||||||||||||||||
(€ million) | Stellantis | Industrial activities | Financial services | Stellantis | Industrial activities | Financial services | ||||||||||||||||||||||||||||||||
Consolidated profit from continuing operations | 16,779 | 16,779 | 620 | 13,218 | 12,570 | 648 | ||||||||||||||||||||||||||||||||
Adjustments for non-cash items: | ||||||||||||||||||||||||||||||||||||||
depreciation and amortization | 6,797 | 6,772 | 25 | 5,871 | 5,854 | 17 | ||||||||||||||||||||||||||||||||
(gains)/losses on disposals | (192) | (165) | (27) | (121) | (164) | 43 | ||||||||||||||||||||||||||||||||
change in deferred taxes | (711) | (738) | 27 | (654) | (653) | (1) | ||||||||||||||||||||||||||||||||
other non-cash items | 391 | 310 | 81 | 99 | 96 | 3 | ||||||||||||||||||||||||||||||||
Change in provisions | 1,906 | 1,870 | 40 | (1,152) | (1,160) | 8 | ||||||||||||||||||||||||||||||||
Result of equity method investments net of dividends received | (47) | (266) | (399) | (185) | 280 | (359) | ||||||||||||||||||||||||||||||||
Change in carrying amount of leased vehicles | (483) | (456) | (27) | 358 | 381 | (23) | ||||||||||||||||||||||||||||||||
Changes in working capital | (4,481) | (4,358) | (128) | 1,212 | 1,166 | 46 | ||||||||||||||||||||||||||||||||
Net cash from operating activities - discontinued operations | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Net cash from operating activities | 19,959 | 19,748 | 212 | 18,646 | 18,370 | 382 | ||||||||||||||||||||||||||||||||
Proceeds from disposal of shares in consolidated companies and of investments in non-consolidated companies | 235 | 177 | 58 | 161 | 64 | 97 | ||||||||||||||||||||||||||||||||
Acquisitions of consolidated subsidiaries and equity method and other investments | (666) | (769) | 3 | (726) | (811) | 85 | ||||||||||||||||||||||||||||||||
Cash and cash equivalents of FCA at the merger | — | — | — | 22,514 | 22,185 | 329 | ||||||||||||||||||||||||||||||||
Proceeds from disposals of property, plant and equipment and intangible assets | 545 | 542 | 3 | 295 | 295 | — | ||||||||||||||||||||||||||||||||
Investments in property, plant and equipment and intangible assets | (8,615) | (8,539) | (76) | (8,687) | (8,656) | (31) | ||||||||||||||||||||||||||||||||
Change in amounts payable on property, plant and equipment and intangible assets | (399) | (399) | — | (1,426) | (1,426) | — | ||||||||||||||||||||||||||||||||
Net change in receivables from financing activities | (1,413) | (61) | (1,349) | (306) | 34 | (340) | ||||||||||||||||||||||||||||||||
Other changes | (218) | (219) | 1 | (36) | (32) | (13) | ||||||||||||||||||||||||||||||||
Net cash from/(used in) investing activities - discontinued operations | — | — | — | (3,115) | (3,115) | — | ||||||||||||||||||||||||||||||||
Net cash from/(used in) investing activities | (10,531) | (9,268) | (1,360) | 8,674 | 8,538 | 127 | ||||||||||||||||||||||||||||||||
Distributions paid | (3,354) | (3,358) | 2 | (4,204) | (4,204) | (106) | ||||||||||||||||||||||||||||||||
Proceeds from issuance of shares | 40 | 42 | 97 | 243 | 243 | — | ||||||||||||||||||||||||||||||||
(Purchases)/sales of treasury shares | (923) | (923) | — | — | — | — | ||||||||||||||||||||||||||||||||
Changes in debt and other financial assets and liabilities | (6,880) | (8,057) | 1,177 | 3,260 | 3,302 | (59) | ||||||||||||||||||||||||||||||||
Change in securities | (2,069) | (2,003) | (66) | (610) | (641) | 28 | ||||||||||||||||||||||||||||||||
Other changes | 19 | 8 | 10 | (55) | (24) | (2) | ||||||||||||||||||||||||||||||||
Net cash from/(used in) financing activities - discontinued operations | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Net cash from/(used in) financing activities | (13,167) | (14,291) | 1,220 | (1,366) | (1,324) | (139) | ||||||||||||||||||||||||||||||||
Effect of changes in exchange rates | 608 | 595 | 13 | 764 | 713 | 51 | ||||||||||||||||||||||||||||||||
(Increase)/decrease in cash and cash equivalents included in asset held for sale | (65) | (65) | — | 18 | 18 | — | ||||||||||||||||||||||||||||||||
Increase/(decrease) in cash and cash equivalents | (3,196) | (3,281) | 85 | 26,736 | 26,315 | 421 | ||||||||||||||||||||||||||||||||
Net cash and cash equivalents at beginning of period | 49,629 | 48,616 | 1,013 | 22,893 | 22,301 | 592 | ||||||||||||||||||||||||||||||||
NET CASH AND CASH EQUIVALENTS AT END OF PERIOD | 46,433 | 45,335 | 1,098 | 49,629 | 48,616 | 1,013 |
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