Date: July 31, 2024 | STELLANTIS N.V. | ||||||||||
By: | /s/ Natalie Knight | ||||||||||
Name: Natalie Knight | |||||||||||
Title: Chief Financial Officer |
For the six months ended June 30, 2024 | For the six months ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||
(€ million) | Stellantis | Industrial activities | Financial services | Stellantis | Industrial activities | Financial services | ||||||||||||||||||||||||||||||||
Net revenues | 85,017 | 84,250 | 883 | 98,368 | 97,993 | 426 | ||||||||||||||||||||||||||||||||
Cost of revenues | 69,818 | 69,243 | 691 | 76,934 | 76,669 | 316 | ||||||||||||||||||||||||||||||||
Selling, general and other costs | 4,564 | 4,431 | 133 | 4,921 | 4,744 | 177 | ||||||||||||||||||||||||||||||||
Research and development costs | 2,819 | 2,819 | — | 2,735 | 2,735 | — | ||||||||||||||||||||||||||||||||
Gains/(losses) on disposal of investments | (46) | (48) | 2 | 22 | 74 | (52) | ||||||||||||||||||||||||||||||||
Restructuring costs | 1,212 | 1,212 | — | 552 | 552 | — | ||||||||||||||||||||||||||||||||
Share of the profit/(loss) of equity method investees | 81 | (118) | 199 | 293 | 36 | 257 | ||||||||||||||||||||||||||||||||
Operating income/(loss) | 6,639 | 6,379 | 260 | 13,541 | 13,403 | 138 | ||||||||||||||||||||||||||||||||
Net financial expenses/(income) | (350) | (350) | — | (69) | (69) | — | ||||||||||||||||||||||||||||||||
Profit/(loss) before taxes | 6,989 | 6,729 | 260 | 13,610 | 13,472 | 138 | ||||||||||||||||||||||||||||||||
Tax expense/(benefit) | 1,342 | 1,434 | (92) | 2,692 | 2,698 | (6) | ||||||||||||||||||||||||||||||||
Result from intersegment investments | — | 352 | — | — | 144 | — | ||||||||||||||||||||||||||||||||
Net profit/(loss) | 5,647 | 5,647 | 352 | 10,918 | 10,918 | 144 | ||||||||||||||||||||||||||||||||
Adjusted operating income(1) | 8,463 | 8,223 | 240 | 14,126 | 13,848 | 278 | ||||||||||||||||||||||||||||||||
At June 30, 2024 | At December 31, 2023 | |||||||||||||||||||||||||||||||||||||
(€ million) | Stellantis | Industrial activities | Financial services | Stellantis | Industrial activities | Financial services | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||
Goodwill and intangible assets with indefinite useful lives | 31,705 | 31,563 | 142 | 30,994 | 30,856 | 138 | ||||||||||||||||||||||||||||||||
Other intangible assets | 21,891 | 21,706 | 185 | 20,625 | 20,459 | 166 | ||||||||||||||||||||||||||||||||
Property, plant and equipment | 41,898 | 37,803 | 4,095 | 37,687 | 35,992 | 1,695 | ||||||||||||||||||||||||||||||||
Equity method investments | 8,804 | 12,620 | 3,417 | 8,070 | 11,252 | 3,419 | ||||||||||||||||||||||||||||||||
Deferred tax assets | 1,977 | 1,915 | 62 | 2,152 | 2,094 | 58 | ||||||||||||||||||||||||||||||||
Inventories | 22,153 | 22,099 | 54 | 21,414 | 21,367 | 47 | ||||||||||||||||||||||||||||||||
Assets sold with a buyback commitment | 2,615 | 2,615 | — | 1,328 | 1,328 | — | ||||||||||||||||||||||||||||||||
Trade receivables | 6,923 | 7,049 | 92 | 6,426 | 6,498 | 117 | ||||||||||||||||||||||||||||||||
Tax receivables | 1,406 | 1,389 | 267 | 919 | 911 | 165 | ||||||||||||||||||||||||||||||||
Other assets and prepaid expenses | 20,200 | 12,327 | 10,702 | 17,982 | 12,447 | 8,900 | ||||||||||||||||||||||||||||||||
Financial assets | 10,164 | 9,188 | 1,156 | 10,099 | 8,339 | 1,952 | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | 36,325 | 34,852 | 1,473 | 43,669 | 42,419 | 1,250 | ||||||||||||||||||||||||||||||||
Assets held for sale | 825 | 825 | — | 763 | 763 | — | ||||||||||||||||||||||||||||||||
TOTAL ASSETS | 206,886 | 195,951 | 21,645 | 202,128 | 194,725 | 17,907 | ||||||||||||||||||||||||||||||||
Equity and Liabilities | ||||||||||||||||||||||||||||||||||||||
Equity | 82,324 | 82,324 | 7,233 | 82,120 | 82,120 | 6,601 | ||||||||||||||||||||||||||||||||
Employee benefits liabilities | 5,963 | 5,962 | 1 | 5,473 | 5,471 | 2 | ||||||||||||||||||||||||||||||||
Provisions | 21,489 | 21,374 | 119 | 21,468 | 21,365 | 103 | ||||||||||||||||||||||||||||||||
Deferred tax liabilities | 5,226 | 4,592 | 634 | 4,784 | 4,411 | 373 | ||||||||||||||||||||||||||||||||
Debt | 32,174 | 22,401 | 12,725 | 29,463 | 22,907 | 10,082 | ||||||||||||||||||||||||||||||||
Trade payables | 32,776 | 32,824 | 176 | 33,008 | 33,045 | 182 | ||||||||||||||||||||||||||||||||
Other financial liabilities | 87 | 87 | — | 39 | 11 | 28 | ||||||||||||||||||||||||||||||||
Tax liabilities | 979 | 1,175 | 54 | 1,806 | 1,900 | 63 | ||||||||||||||||||||||||||||||||
Other liabilities | 25,444 | 24,788 | 703 | 23,635 | 23,163 | 473 | ||||||||||||||||||||||||||||||||
Liabilities held for sale | 424 | 424 | — | 332 | 332 | — | ||||||||||||||||||||||||||||||||
TOTAL EQUITY AND LIABILITIES | 206,886 | 195,951 | 21,645 | 202,128 | 194,725 | 17,907 |
For the six months ended June 30, 2024 | For the six months ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||
(€ million) | Stellantis | Industrial activities | Financial services | Stellantis | Industrial activities | Financial services | ||||||||||||||||||||||||||||||||
Consolidated profit | 5,647 | 5,647 | 352 | 10,918 | 10,918 | 144 | ||||||||||||||||||||||||||||||||
Adjustments for non-cash items: | ||||||||||||||||||||||||||||||||||||||
depreciation and amortization | 3,598 | 3,579 | 19 | 3,740 | 3,727 | 13 | ||||||||||||||||||||||||||||||||
(gains)/losses on disposals | 9 | 11 | (2) | (45) | (30) | 52 | ||||||||||||||||||||||||||||||||
change in deferred taxes | 466 | 224 | 242 | 369 | 234 | 135 | ||||||||||||||||||||||||||||||||
other non-cash items | 654 | 546 | 108 | 252 | 174 | 78 | ||||||||||||||||||||||||||||||||
Change in provisions | 97 | 82 | 15 | 1,134 | 1,124 | 10 | ||||||||||||||||||||||||||||||||
Result of equity method investments net of dividends received | 224 | (112) | (14) | (46) | (172) | (85) | ||||||||||||||||||||||||||||||||
Change in carrying amount of leased vehicles | (1,717) | 623 | (2,340) | (173) | 217 | (390) | ||||||||||||||||||||||||||||||||
Changes in working capital | (4,089) | (4,244) | 155 | (2,756) | (2,588) | (168) | ||||||||||||||||||||||||||||||||
Net cash from/(used in) operating activities | 4,889 | 6,356 | (1,465) | 13,393 | 13,604 | (211) | ||||||||||||||||||||||||||||||||
Proceeds from disposal of shares in consolidated companies and of investments in non-consolidated companies(1) | 233 | 32 | 201 | 994 | 1,717 | 183 | ||||||||||||||||||||||||||||||||
Acquisitions of consolidated subsidiaries and equity method and other investments | (1,316) | (1,495) | (4) | (662) | (1,058) | (1,067) | ||||||||||||||||||||||||||||||||
Proceeds from disposals of property, plant and equipment and intangible assets | 140 | 140 | — | 133 | 131 | 2 | ||||||||||||||||||||||||||||||||
Investments in property, plant and equipment and intangible assets | (5,703) | (5,671) | (32) | (4,447) | (4,429) | (18) | ||||||||||||||||||||||||||||||||
Change in amounts payable on property, plant and equipment and intangible assets | 233 | 233 | — | 233 | 233 | — | ||||||||||||||||||||||||||||||||
Net change in receivables from financing activities | (2,135) | (396) | (1,739) | (2,079) | (54) | (2,025) | ||||||||||||||||||||||||||||||||
Other changes | 58 | (9) | 67 | (88) | (122) | 34 | ||||||||||||||||||||||||||||||||
Net cash from/(used in) investing activities | (8,490) | (7,166) | (1,507) | (5,916) | (3,582) | (2,891) | ||||||||||||||||||||||||||||||||
Distributions paid | (4,653) | (4,653) | (2) | (4,208) | (4,208) | — | ||||||||||||||||||||||||||||||||
Proceeds from issuance of shares | 10 | 10 | 183 | 6 | 6 | 557 | ||||||||||||||||||||||||||||||||
(Purchases)/sales of treasury shares | (1,998) | (1,998) | — | (674) | (674) | — | ||||||||||||||||||||||||||||||||
Changes in debt and other financial assets and liabilities | 2,548 | (447) | 2,995 | 842 | (2,043) | 2,885 | ||||||||||||||||||||||||||||||||
Change in securities | (175) | (200) | 25 | (455) | (258) | (197) | ||||||||||||||||||||||||||||||||
Other changes | — | — | — | (8) | (8) | — | ||||||||||||||||||||||||||||||||
Net cash from/(used in) financing activities | (4,268) | (7,288) | 3,201 | (4,497) | (7,185) | 3,245 | ||||||||||||||||||||||||||||||||
Effect of changes in exchange rates | 425 | 431 | (6) | (500) | (495) | (5) | ||||||||||||||||||||||||||||||||
(Increase)/decrease in cash and cash equivalents included in asset held for sale | 100 | 100 | — | 65 | 65 | — | ||||||||||||||||||||||||||||||||
Increase/(decrease) in cash and cash equivalents | (7,344) | (7,567) | 223 | 2,545 | 2,407 | 138 | ||||||||||||||||||||||||||||||||
Net cash and cash equivalents at beginning of period | 43,669 | 42,419 | 1,250 | 46,433 | 45,335 | 1,098 | ||||||||||||||||||||||||||||||||
NET CASH AND CASH EQUIVALENTS AT END OF PERIOD | 36,325 | 34,852 | 1,473 | 48,978 | 47,742 | 1,236 |
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