Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2022 shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Current Fiscal Year End Date | --12-31 |
Document Period End Date | Dec. 31, 2022 |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-36675 |
Entity Registrant Name | Stellantis N.V. |
Entity Incorporation, State or Country Code | P7 |
Entity Address, Address Line One | Taurusavenue 1 |
Entity Address, Postal Zip Code | 2132 LS |
Entity Address, City or Town | Hoofddorp |
Entity Address, Country | NL |
Title of 12(b) Security | Common Shares, par value €0.01 |
Trading Symbol | STLA |
Security Exchange Name | NYSE |
Entity Common Stock, Shares Outstanding | 3,132,618,655 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | true |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Entity Central Index Key | 0001605484 |
Document Fiscal Period Focus | 2022 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Business Contact | |
Document Information [Line Items] | |
Entity Address, Address Line One | Taurusavenue 1 |
Entity Address, Postal Zip Code | 2132 LS |
Entity Address, City or Town | Hoofddorp |
Entity Address, Country | NL |
Contact Personnel Name | Giorgio Fossati |
City Area Code | 31 |
Local Phone Number | 23 700 1511 |
Contact Personnel Email Address | general.counsel@stellantis.com |
Audit Information
Audit Information | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Auditor [Line Items] | ||
Auditor Name | EY S.p.A. | |
Auditor Firm ID | 1521 | |
Auditor Location | Turin, Italy | |
Mazars | ||
Auditor [Line Items] | ||
Auditor Name | MAZARS | |
Auditor Firm ID | 1334 | |
Auditor Location | Paris La Défense | |
Ernst & Young Et Autres | ||
Auditor [Line Items] | ||
Auditor Name | ERNST & YOUNG et Autres | |
Auditor Firm ID | 1704 | |
Auditor Location | Paris La Défense |
CONSOLIDATED INCOME STATEMENT
CONSOLIDATED INCOME STATEMENT - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | [1] | |
Profit or loss [abstract] | ||||
Net revenues | € 179,592 | € 149,419 | € 47,656 | |
Cost of revenues | 144,327 | 119,943 | 38,250 | |
Selling, general and other costs | 8,981 | 9,130 | 3,923 | |
Research and development costs | 5,200 | 4,487 | 2,231 | |
Gains/(Losses) on disposal of investments | 72 | (35) | 174 | |
Restructuring costs | 1,144 | 698 | 416 | |
Operating income/(loss) | 20,012 | 15,126 | 3,010 | |
Net financial expenses/(income) | 768 | 734 | 94 | |
Profit/(loss) before taxes | 19,244 | 14,392 | 2,916 | |
Tax expense | 2,729 | 1,911 | 504 | |
Share of the profit/(loss) of equity method investees | 264 | 737 | (74) | |
Net profit/(loss) from continuing operations | 16,779 | 13,218 | 2,338 | |
Profit/(loss) from discontinued operations, net of tax | 0 | 990 | (315) | |
Net profit/(loss) | 16,779 | 14,208 | 2,023 | |
Net profit/(loss) attributable to: | ||||
Owners of the parent | 16,799 | 14,200 | 2,173 | |
Non-controlling interests | (20) | 8 | (150) | |
Net profit/(loss) | 16,779 | 14,208 | 2,023 | |
Net profit/(loss) from continuing operations attributable to: | ||||
Owners of the parent | 16,799 | 13,210 | 2,353 | |
Non-controlling interests | (20) | 8 | (15) | |
Consolidated profit from continuing operations | € 16,779 | € 13,218 | € 2,338 | |
Earnings per share: | ||||
Basic earnings per share (in EUR per share) | € 5.35 | € 4.64 | € 1.41 | |
Diluted earnings per share (in EUR per share) | 5.31 | 4.51 | 1.34 | |
Earnings per share for Net profit from continuing operations: | ||||
Basic earnings per share from continuing operations (in EUR per share) | 5.35 | 4.32 | 1.52 | |
Diluted earnings per share (in EUR per share) | € 5.31 | € 4.19 | € 1.45 | |
[1]Refer to Note 3, Scope of consolidation |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Statement of comprehensive income [abstract] | ||||
Consolidated profit/(loss) for the period | € 16,779 | € 14,208 | € 2,023 | [1] |
Fair value remeasurement to cash flow hedges | (482) | 149 | 107 | |
of which, reclassified to the income statement | (353) | (98) | (32) | |
of which, recognized in equity during the period | (129) | 247 | 139 | |
Gains and losses from remeasurement of financial assets | 3 | 6 | 0 | |
of which, reclassified to the income statement | 0 | 0 | 0 | |
of which, recognized in equity during the period | 3 | 6 | 0 | |
Exchange differences on translating foreign operations | 2,013 | 2,005 | (377) | |
Income tax benefit/(expense) | 89 | (54) | (31) | |
Share of Other comprehensive income/(loss) for equity method investees | (7) | (47) | (43) | |
Items relating to discontinued operations, net of tax | 0 | 0 | (337) | |
Amounts to be potentially reclassified to profit or loss | 1,616 | 2,059 | (681) | |
Actuarial gains and losses on defined benefit pension obligations | 1,753 | 2,488 | (117) | |
Share of Other comprehensive income/(loss) for equity method investees | (5) | 8 | 0 | |
Income tax (expense)/benefit | (379) | (729) | 31 | |
Items relating to discontinued operations, net of tax | 0 | 0 | (42) | |
Amounts not to be reclassified to profit or loss | 1,369 | 1,767 | (128) | |
TOTAL CONSOLIDATED COMPREHENSIVE INCOME/(LOSS) FOR THE PERIOD | 19,764 | 18,034 | 1,214 | |
Total consolidated comprehensive income/(loss) for the period, attributable to equity holders of the parent | 19,781 | 18,020 | 1,591 | |
Total consolidated comprehensive income/(loss) for the period, attributable to non-controlling interests | € (17) | € 14 | € (377) | |
[1]Refer to Note 3, Scope of consolidation |
CONSOLIDATED STATEMENT OF FINAN
CONSOLIDATED STATEMENT OF FINANCIAL POSITION - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 | [1] | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | |||||
Goodwill and intangible assets with indefinite useful lives | € 31,738 | € 29,921 | € 6,327 | ||
Other intangible assets | 19,006 | 16,635 | 8,694 | ||
Property, plant and equipment | 36,205 | 35,488 | 15,983 | ||
Equity method investments | 4,834 | 6,022 | 3,152 | ||
Non-current financial assets | 710 | 607 | 412 | ||
Other non-current assets and prepaid expenses | 6,723 | 6,266 | 2,095 | ||
Deferred tax assets | 2,052 | 1,927 | 1,096 | ||
Tax receivables | 112 | 105 | 0 | ||
Total Non-current assets | 101,380 | 96,971 | 37,759 | ||
Inventories | 17,360 | 11,361 | 5,366 | ||
Assets sold with a buy-back commitment | 1,594 | 2,134 | 793 | ||
Trade receivables | 4,928 | 2,998 | 4,923 | ||
Tax receivables | 543 | 285 | 216 | ||
Other current assets and prepaid expenses | 7,549 | 6,362 | 2,393 | ||
Current financial assets | 4,323 | 1,903 | 935 | ||
Cash and cash equivalents | 46,433 | 49,629 | 22,893 | ||
Assets held for sale | 2,046 | 123 | 7 | ||
Total Current assets | 84,776 | 74,795 | |||
Total Assets | 186,156 | 171,766 | 75,285 | ||
Equity | |||||
Equity attributable to owners of the parent | 71,999 | 55,907 | 21,293 | ||
Non-controlling interests | 383 | 400 | 2,580 | ||
Total Equity | 72,382 | 56,307 | 23,873 | € 21,801 | |
Liabilities | |||||
Long-term debt | 19,469 | 22,624 | 11,068 | ||
Other non-current financial liabilities | 0 | 6 | 17 | ||
Other non-current liabilities | 8,129 | 7,696 | 4,681 | ||
Non-current provisions | 8,460 | 7,270 | 1,610 | ||
Employee benefits liabilities | 5,891 | 8,065 | 1,463 | ||
Tax liabilities | 668 | 567 | 312 | ||
Deferred tax liabilities | 4,332 | 4,374 | 801 | ||
Total Non-current liabilities | 46,949 | 50,602 | 19,952 | ||
Short-term debt and current portion of long-term debt | 7,684 | 10,958 | 2,635 | ||
Current provisions | 11,311 | 9,909 | 4,114 | ||
Employee benefit liabilities | 545 | 684 | 50 | ||
Trade payables | 31,726 | 28,181 | 15,955 | ||
Tax liabilities | 900 | 546 | 128 | ||
Other liabilities | 14,528 | 14,439 | 8,569 | ||
Other current financial liabilities | 18 | 89 | 9 | ||
Liabilities held for sale | 113 | 51 | 0 | ||
Total Current liabilities | 66,825 | 64,857 | 31,460 | ||
Total Equity and liabilities | € 186,156 | € 171,766 | € 75,285 | ||
[1]Refer to Note 3, Scope of consolidation |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Statement of cash flows [abstract] | ||||
Consolidated profit from continuing operations | € 16,779 | € 13,218 | € 2,338 | [1] |
Adjustments for non-cash items: | ||||
depreciation and amortization | 6,797 | 5,871 | 2,376 | |
(gains)/losses on disposals | (192) | (121) | (236) | |
change in deferred taxes | (711) | (654) | 42 | |
other non-cash items | 391 | 99 | 180 | |
Change in provisions | 1,906 | (1,152) | (1,085) | |
Result of equity method investments net of dividends received | (47) | (185) | 373 | |
Change in carrying amount of leased vehicles | (483) | 358 | (183) | |
Changes in working capital | (4,481) | 1,212 | 1,300 | |
Net cash from operating activities - discontinued operations | 0 | 0 | 1,136 | |
Net cash from operating activities | 19,959 | 18,646 | 6,241 | |
Proceeds from disposal of shares in consolidated companies and of investments in non-consolidated companies | 235 | 161 | 359 | |
Acquisitions of consolidated subsidiaries and equity method and other investments | (666) | (726) | (276) | |
Cash and cash equivalents of FCA at the merger | 0 | 22,514 | 0 | |
Proceeds from disposals of property, plant and equipment and intangible assets | 545 | 295 | 171 | |
Investments in property, plant and equipment and intangible assets | (8,615) | (8,687) | (2,733) | |
Change in amounts payable on property, plant and equipment and intangible assets | (399) | (1,426) | (217) | |
Net change in receivables from financing activities | (1,413) | (306) | 37 | |
Other changes | (218) | (36) | 119 | |
Net cash from/(used in) investing activities - discontinued operations | 0 | (3,115) | (1,359) | |
Net cash from/(used in) investing activities | (10,531) | 8,674 | (3,899) | |
Distributions paid: | ||||
Distributions paid to Stellantis shareholders | (3,353) | (4,204) | 0 | |
Distributions paid to minority shareholders of subsidiaries | (1) | 0 | (2) | |
Proceeds from issuance of shares | 40 | 243 | 2 | |
(Purchases)/sales of treasury shares | (923) | 0 | (163) | |
Changes in short-term debt and other financial assets and liabilities | (400) | (846) | 529 | |
Changes in long-term debt | (6,480) | 4,106 | 978 | |
Change in securities | (2,069) | (610) | 686 | |
Other changes | 19 | (55) | (5) | |
Net cash from/(used in) financing activities - discontinued operations | 0 | 0 | 1,091 | |
Net cash from/(used in) financing activities | (13,167) | (1,366) | 3,116 | |
Effect of changes in exchange rates | 608 | 764 | (397) | |
(Increase)/decrease in cash and cash equivalents included in asset held for sale | (65) | 18 | 0 | |
Increase/(decrease) in cash and cash equivalents | (3,196) | 26,736 | 5,061 | |
Net cash and cash equivalents at beginning of the period | 49,629 | 22,893 | 17,832 | |
Net cash and cash equivalents at end of the period | € 46,433 | € 49,629 | € 22,893 | |
[1]Refer to Note 3, Scope of consolidation |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - EUR (€) € in Millions | Total | Equity - Attributa ble to Owners of the parent | Share capital | [1] | Treasury shares | Retained earnings and other reserves | [1] | Cash flow hedge reserve | Remeasurement 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 | Non-controlling interests | ||
Equity, beginning balance at Dec. 31, 2019 | € 21,801 | € 19,074 | € 20 | € 19,339 | € (1) | € 0 | € 377 | € (697) | € 36 | € 2,727 | |||||
Other comprehensive income | (809) | (583) | 75 | (106) | (465) | (87) | (226) | ||||||||
Consolidated profit/(loss) for the period | 2,023 | [2] | 2,173 | 2,173 | (150) | ||||||||||
TOTAL CONSOLIDATED COMPREHENSIVE INCOME/(LOSS) FOR THE PERIOD | 1,214 | 1,590 | 2,173 | 75 | (106) | (465) | (87) | (376) | |||||||
Faurecia distributions | 306 | 44 | 44 | 262 | |||||||||||
Distributions | (37) | (37) | |||||||||||||
Share-based compensation | 51 | 41 | 41 | 10 | |||||||||||
Termination of Dongfeng repurchase agreement | 446 | 446 | 446 | ||||||||||||
Other changes | [3] | 92 | 98 | 98 | (6) | ||||||||||
Equity, ending balance at Dec. 31, 2020 | 23,873 | 21,293 | 20 | 22,141 | 74 | 0 | 271 | (1,162) | (51) | 2,580 | |||||
Other comprehensive income | 3,826 | 3,820 | 95 | 6 | 1,759 | 2,000 | (40) | 6 | |||||||
Consolidated profit/(loss) for the period | 14,208 | 14,200 | 14,200 | 8 | |||||||||||
TOTAL CONSOLIDATED COMPREHENSIVE INCOME/(LOSS) FOR THE PERIOD | 18,034 | 18,020 | 14,200 | 95 | 6 | 1,759 | 2,000 | (40) | 14 | ||||||
FCA - PSA merger | 19,896 | 19,837 | 11 | 19,826 | 59 | ||||||||||
Faurecia loss of control and distribution | (5,222) | (2,765) | (2,883) | 118 | (2,457) | ||||||||||
Distributions | (1,000) | (1,000) | (1,000) | ||||||||||||
Share-based compensation | 221 | 221 | 221 | ||||||||||||
Other changes | [3] | 505 | 301 | 271 | 30 | 204 | |||||||||
Equity, ending balance at Dec. 31, 2021 | 56,307 | [4] | 55,907 | 31 | € 0 | 52,776 | 199 | 6 | 2,030 | 956 | (91) | 400 | |||
Other comprehensive income | 2,985 | 2,982 | (393) | 3 | 1,374 | 2,010 | (12) | 3 | |||||||
Consolidated profit/(loss) for the period | 16,779 | 16,799 | 16,799 | (20) | |||||||||||
TOTAL CONSOLIDATED COMPREHENSIVE INCOME/(LOSS) FOR THE PERIOD | 19,764 | 19,781 | 16,799 | (393) | 3 | 1,374 | 2,010 | (12) | (17) | ||||||
Capital increase | 40 | 40 | 1 | 39 | |||||||||||
(Purchase) sales of treasury shares | [5] | (923) | (923) | (923) | |||||||||||
Distributions | (3,354) | (3,353) | (3,353) | (1) | |||||||||||
Share-based compensation | 163 | 163 | 163 | ||||||||||||
Other changes | [3] | 385 | 384 | 359 | 25 | 1 | |||||||||
Equity, ending balance at Dec. 31, 2022 | € 72,382 | € 71,999 | € 32 | € (923) | € 66,783 | € (169) | € 9 | € 3,404 | € 2,966 | € (103) | € 383 | ||||
[1]Refer to Note 27, Equity for additional information[2]Refer to Note 3, Scope of consolidation[3]Includes: • at December 31, 2021, the impact of the reduction in ownership of ARAMIS upon an IPO resulting in €178 million recognized as an increase in non-controlling interest and €121 million recognized as additional retained earnings. Refer to Note 27, Equity; • deferred hedging gains transferred to inventory, net of tax of €25 million (€30 million at December 31, 2021 and nil at December 31, 2020); and • the effect of hyperinflation for entities whose functional currency is the Turkish Lira, beginning from January 1, 2022, and the Argentine Peso, from July 1, 2018 of €398 million at December 31, 2022, €159 million at December 31, 2021 and €70 million at December 31, 2020. |
CONSOLIDATED STATEMENT OF CHA_2
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Increase (decrease) through effect of hyperinflation, equity | € 398 | € 159 | € 70 |
Non-controlling interests | Aramis SAS | |||
Impact of the reduction in ownership of Aramis upon IPO | 178 | 178 | |
Retained earnings and other reserves | Aramis SAS | |||
Impact of the reduction in ownership of Aramis upon IPO | 121 | 121 | |
Cash flow hedge reserve | |||
Reclassification of gains/losses from other comprehensive income to inventories | € 25 | € 30 | € 0 |
Principal activities
Principal activities | 12 Months Ended |
Dec. 31, 2022 | |
General Information About Financial Statements [Abstract] | |
Principal activities | 1. Principal activities On January 16, 2021, Peugeot S.A. (“PSA”) merged with and into Fiat Chrysler Automobiles N.V. (“FCA N.V.”), with FCA N.V. as the surviving company in the merger (the “merger”). On January 17, 2021, the current members of the board of directors were appointed, the Stellantis articles of association became effective and the combined company was renamed Stellantis N.V. On this date, the Stellantis management and board of directors collectively obtained the power and ability to control the assets, liabilities and operations of both FCA and PSA. As such, under IFRS 3, Business Combinations , January 17, 2021 is the acquisition date for the business combination. Stellantis N.V. was established as a public limited liability company ( naamloze vennootschap ), organized in the Netherlands, as the parent of Stellantis with its principal executive offices located at Taurusavenue 1, 2132LS, Hoofddorp, the Netherlands. In 2021, the merger was accounted for by Stellantis using the acquisition method of accounting in accordance with IFRS 3, which requires the identification of the acquirer and the acquiree for accounting purposes. Based on the assessment of the indicators under IFRS 3 and consideration of all pertinent facts and circumstances, management determined that PSA is the acquirer for accounting purposes and as such, the merger has been accounted for as a reverse acquisition. As a result, the financial statements of Stellantis N.V. will represent the historical financial statements of PSA. Refer to Note 3, Scope of consolidation , included elsewhere in these financial statements for additional detail. Stellantis and its subsidiaries are engaged in the design, engineering, manufacturing, distribution and sale of automobiles and light commercial vehicles, engines, transmission systems, mobility services, metallurgical products and production systems. In addition, Stellantis is also involved in certain other activities, including software and data businesses and financial services activities relating to dealer and customer financing. Unless otherwise specified, the terms “we”, “our”, “us”, the “Company” and “Stellantis” refer to Stellantis N.V., together with its consolidated subsidiaries, or any one or more of them, as the context may require. References to “FCA”, “FCA N.V.” and “FCA Group” mean Fiat Chrysler Automobiles N.V. or Fiat Chrysler Automobiles N.V. together with its consolidated subsidiaries, or any one or more of them, as the context may require. References to “PSA” and “Groupe PSA” mean Peugeot S.A. or Peugeot S.A. together with its consolidated subsidiaries, or any one or more of them, as the context may require. References to the “merger” refer to the merger between PSA and FCA completed on January 17, 2021 and resulting in the creation of Stellantis. All references in this report to “Euro” and “€” refer to the currency introduced at the start of the third stage of European Economic and Monetary Union pursuant to the Treaty on the Functioning of the European Union, as amended. Stellantis financial information is presented in Euro. All references to “U.S. Dollars”, “U.S. Dollar”, “U.S.$” and “$” refer to the currency of the United States of America (“U.S.”). |
Basis of preparation
Basis of preparation | 12 Months Ended |
Dec. 31, 2022 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Basis of preparation | 2. Basis of preparation Authorization of Consolidated Financial Statements and compliance with International Financial Reporting Standards The Consolidated Financial Statements, together with the notes thereto, of Stellantis as of and for the year ended December 31, 2022 (“The Consolidated Financial Statements”) were authorized for issuance by the Stellantis Board of Directors on February 24, 2023 and have been prepared in accordance with the International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”), as well as IFRS as adopted by the European Union. There is no effect on these consolidated financial statements resulting from differences between IFRS as issued by the IASB and IFRS as adopted by the European Union. The designation “IFRS” includes International Accounting Standards (“IAS”) as well as all interpretations of the IFRS Interpretations Committee (“IFRIC”). Basis of preparation The Consolidated Financial Statements are prepared under the historical cost method, modified for the measurement of certain financial instruments as required, as well as on a going concern basis. In this respect, the Company’s assessment is that no material uncertainties (as defined in IAS 1 - Presentation of Financial Statements ) exist about its ability to continue as a going concern. For the presentation of the Consolidated Income Statement, Stellantis uses a classification based on the function of expenses rather than based on their nature as it is considered more representative of the format used for internal reporting and management purposes and is consistent with international practice in the automotive sector. Significant accounting policies Basis of consolidation Subsidiaries Subsidiaries are entities over which the Company has control. Control is achieved when the Company has power over the investee, when it was exposed to, or has rights to, variable returns from its involvement with the investee and has the ability to use its power over the investee to affect the amount of the investor’s returns. Subsidiaries are consolidated on a line by line basis from the date which control is achieved by the Company. The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. The Company recognizes a non-controlling interest in the acquiree on a transaction-by-transaction basis, either at fair value or at the non-controlling interest’s share of the recognized amounts of the acquiree’s identifiable net assets. Net profit or loss and each component of Other comprehensive income/(loss) are attributed to Equity attributable to owners of the parent and to Non-controlling interests. Total comprehensive income/(loss) of subsidiaries is attributed to Equity attributable to the owners of the parent and to the non-controlling interest even if this results in a deficit balance in Non-controlling interests. Changes in the Company’s ownership interests in a subsidiary that do not result in the Company losing control over the subsidiary are accounted for as equity transactions. The carrying amounts of Equity attributable to owners of the parent and Non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiary. Any difference between the carrying amount of the non-controlling interests and the fair value of the consideration paid or received in the transaction is recognized directly in Equity attributable to the owners of the parent. Subsidiaries are deconsolidated from the date on which control ceases. When the Company ceases to have control over a subsidiary, it derecognizes the assets (including any goodwill) and liabilities of the subsidiary at their carrying amounts, derecognizes the carrying amount of non-controlling interests in the former subsidiary if any and recognizes the fair value of any consideration received from the transaction. Any gain or loss is recognized in the Consolidated Income Statement. Any retained interest in the former subsidiary is then remeasured to its fair value. All intra-group balances and transactions, and any unrealized gains and losses arising from intra-group transactions, are eliminated in preparing the Consolidated Financial Statements. Interests in Joint Ventures and Associates A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. Joint control is the contractually agreed sharing of control of an arrangement which exist only when decisions about the relevant activities require the unanimous consent of the parties sharing the control. An associate is an entity over which the Company has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but does not have control or joint control over those policies. Joint ventures and associates are accounted for using the equity method of accounting from the date joint control or significant influence is obtained. On acquisition, any excess of the investment over the share of the net fair value of the investee's identifiable assets and liabilities is recognized as goodwill and is included in the carrying amount of the investment. Any excess of the Company’s share of the net fair value of the investee’s identifiable assets and liabilities over the cost of the investment is included as income in the determination of the Company’s share of the investee’s profit/(loss) in the acquisition period. Under the equity method, investments are initially recognized at cost and adjusted thereafter to recognize the Company’s share of the profit/(loss) and other comprehensive income/(loss) of the investee. The Company’s share of the investee’s profit/(loss) is recognized in the Consolidated Income Statement. Distributions received from an investee reduce the carrying amount of the investment. Post-acquisition movements in Other comprehensive income/(loss) are recognized in Other comprehensive income/(loss) with a corresponding adjustment to the carrying amount of the investment. Unrealized gains arising on transactions between the Company and its joint ventures and associates are eliminated to the extent of the Company’s interest in the joint venture or associate. Unrealized losses are also eliminated unless the transaction provided evidence of an impairment of the asset transferred. When the Company’s share of the losses of a joint venture or associate exceeds its interest in that joint venture or associate, the Company discontinues recognizing its share of further losses. Additional losses are provided for and a liability is recognized only to the extent that the Company has incurred legal or constructive obligations or made payments on behalf of the joint venture or associate. The Company discontinues the use of the equity method from the date the investment ceases to be an associate or a joint venture, or when it is classified as held for sale. Interests in Joint Operations A joint operation is a type of joint arrangement whereby the parties that have joint control have rights to the assets and obligations for the liabilities relating to the arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. The Company recognizes its related interest in the joint operation including: (i) its assets, including its share of any assets held jointly, (ii) its liabilities, including its share of any liabilities incurred jointl y, (iii) its revenue from the sale of its share of the output arising from the joint operation, (iv) its share of the revenue from the sale of the output by the joint operation and (v) its expenses, including its share of any expenses incurred jointly. Assets held for sale, Assets held for distribution and Discontinued Operations Pursuant to IFRS 5 - Non-current Assets Held for Sale and Discontinued Operations , non-current assets and disposal groups are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use. This condition is regarded as met only when the asset or disposal group is available for immediate sale in its present condition, subject only to terms that are usual and customary for sales of such an asset or disposal group, and the sale is highly probable, with the sale expected to be completed within one year from the date of classification. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell and are presented separately in the Consolidated Statement of Financial Position. Non-current assets and disposal groups are not classified as held for sale within the comparative period presented for the Consolidated Statement of Financial Position. A discontinued operation is a component of the Company that either has been disposed of or is classified as held for sale and (i) represents either a separate major line of business or a geographical area of operations, (ii) is part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations, or (iii) is a subsidiary acquired exclusively with a view to resell and the disposal involves loss of control. Classification as a discontinued operation occurs upon disposal or, if earlier, when the asset or disposal group meets the criteria to be classified as held for sale. When the asset or disposal group is classified as a discontinued operation, the comparative information is reclassified within the Consolidated Income Statement and the Consolidated Statement of Cash Flows as if the asset or disposal group had been discontinued from the start of the earliest comparative period presented. In addition, when an asset or disposal group is classified as held for sale, depreciation and amortization cease. The classification, presentation and measurement requirements of IFRS 5 - Non-current Assets Held for Sale and Discontinued Operations outlined above also apply to an asset or disposal group that is classified as held for distribution to owners, whereby there must be commitment to the distribution, the asset or disposal group must be available for immediate distribution and the distribution must be highly probable. Foreign currency The functional currency of the Company’s entities is the currency used in their respective primary economic environments. In individual companies, transactions in foreign currencies are recorded at the exchange rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate prevailing at the date of the Consolidated Statement of Financial Position. Exchange differences arising on the settlement of monetary items or on reporting monetary items at rates different from those initially recorded, are recognized in the Consolidated Income Statement. All assets and liabilities of foreign consolidated companies with a functional currency other than the Euro are translated using the closing rates as at the date of the Consolidated Statement of Financial Position. Income and expenses are translated into Euro on a monthly basis at the average exchange rate for each month. Translation differences arising from the application of this method are classified within Other comprehensive income/(loss) until the disposal of the subsidiary. Average exchange rates for the period are used in preparing the Consolidated Statement of Cash Flows to translate the cash flows of foreign subsidiaries. The principal exchange rates used to translate other currencies into Euro were as follows: 2022 2021 2020 Average At December 31 Average At December 31 Average At December 31 U.S. Dollar (USD) 1.054 1.067 1.183 1.133 1.139 1.227 Argentine Peso (ARS) (1) n.a. 188.915 n.a. 116.360 n.a. 103.252 Brazilian Real (BRL) 5.441 5.568 6.377 6.320 5.800 6.393 Canadian Dollar (CAD) 1.370 1.444 1.483 1.439 1.528 1.563 Swiss Franc (CHF) 1.005 0.985 1.082 1.033 1.070 1.080 Chinese Renminbi (CNY) 7.079 7.358 7.633 7.195 7.865 8.023 Turkish Lira (TRY) (2) n.a. 19.953 15.100 15.100 9.113 9.113 Czech Koruna (CZK) 24.561 24.116 25.650 24.858 26.437 26.242 Pound Sterling (GBP) 0.853 0.887 0.860 0.840 0.889 0.899 Mexican Peso (MXN) 21.203 20.856 23.989 23.144 24.363 24.416 Polish Zloty (PLN) 4.686 4.690 4.566 4.599 4.442 4.560 Japanese Yen (JPY) 137.931 140.660 129.848 130.380 121.666 126.490 ____________________________________________________________________________________________________ n.a. = not applicable (1) From July 1, 2018, Argentina’s economy was considered to be hyperinflationary. Transactions after July 1, 2018 for entities with the Argentinian Peso as the functional currency were translated using the spot rate at the end of the period. The price indices used are published by the Insituto Nacional de Estadistica y Censos de la Republica Argentina (2) From April 1, 2022, Turkey’s economy was considered to be hyperinflationary. Transactions after January 1, 2022 for entities with the Turkish Lira as the functional currency were translated using the spot rate at the end of the period. The price indices used are published by the Turkish Statistical Institute Intangible assets Goodwill Goodwill represents the excess of the fair value of consideration paid in a business combination over the fair value of net tangible and identifiable intangible assets acquired. Goodwill is not amortized but is tested for impairment annually or more frequently if events or changes in circumstances indicated that it might be impaired. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Intangible assets with indefinite useful lives Intangible assets with indefinite useful lives consist principally of brands which have no legal, contractual, competitive, economic or other factors that limit their useful lives. Intangible assets with indefinite useful lives are not amortized but are tested for impairment annually, or more frequently if events or changes in circumstances indicated that the asset may be impaired. Development expenditures Development expenditures for vehicle production and related components, engines and production systems are recognized as an asset if all of the following conditions within IAS 38 – Intangible assets are met: (i) development expenditures can be measured reliably, (ii) technical feasibility of the product, projected volumes and pricing support the view that the development expenditure will generate future economic benefits and (iii) the intention to complete the intangible asset as well as the availability of adequate technical, financial and other resources for this purpose. Capitalized development expenditures include all costs that could be directly attributed to the development process. All other development expenditures are expensed as incurred. Capitalized development expenditures are amortized on a straight-line basis from when the related asset is available for use, generally from the beginning of production, over the expected life cycle of the models (generally 5-7 years) or propulsion systems (generally 10-12 years) developed. Refer to Note 2, Basis of preparation - Recoverability of non-current assets with definite useful lives for additional information on the effects of climate change. Other internally developed or purchased intangible assets, excluding development expenditures The portion of development expenditures relating to software for internal use that corresponds to directly attributable internal or external costs necessary to create the software or improve its performance is recognized as an intangible asset when it is probable that these costs will generate future economic benefits. Other software acquisition and developments costs are expensed as incurred. Other intangible assets (consisting principally of patents) are amortized on a straight line basis over the estimated useful life, not to exceed twenty years. Property, plant and equipment Cost Property, plant and equipment is initially recognized at cost and includes the purchase price, any costs directly attributable to bringing the assets to the location and condition necessary to be capable of operating in the manner intended by management and any initial estimate of the costs of dismantling and removing the asset and restoring the site on which it is located. Self-constructed assets are initially recognized at production cost. Subsequent expenditures and the cost of replacing parts of an asset are capitalized only if they increased the future economic benefits embodied in that asset. All other expenditures are expensed as incurred. When such replacement costs are capitalized, the carrying amount of the parts that are replaced is expensed to the Consolidated Income Statement. Depreciation During the years ended December 31, 2022, 2021 and 2020, assets depreciated on a straight-line basis over their estimated useful lives as follows: Years Buildings 33 - 40 Plant, machinery and equipment 2 - 25 Other assets 2 - 34 Borrowing Costs Borrowing costs that are directly attributable to the acquisition, construction or production of property, plant or equipment or an intangible asset that is deemed to be a qualifying asset as defined in IAS 23 - Borrowing Costs are capitalized. Only assets with a construction period of 12 months or longer are considered. The amount of borrowing costs eligible for capitalization corresponds to the actual borrowing costs incurred during the period, less any investment income on the temporary investment of any borrowed funds not yet used. The amount of borrowing costs capitalized in the years ended December 31, 2022 and 2021 was €189 million and €262 million, respectively. Leases As a Lessee At the inception of a contract, the Company assesses whether the contract has, or contains, a lease. A contract has, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. At inception or on reassessment of a contract that contains a lease component, the Company allocates the consideration in the contract to each lease component on the basis of their relative stand-alone prices. Right-of-use asset The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or restore the underlying asset or the site on which it is located if required by the lease, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful life of the right-of-use asset is determined based on the nature of the asset, taking into consideration the lease term. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain corresponding remeasurements of the lease liability. Lease liability The lease liability is initially measured at the present value of the lease payments that have not been paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate is not be readily determined, the Company's incremental borrowing rate. The incremental borrowing rate is determined considering macro-economic factors such as the risk free rate based on the relevant currency and term, as well as Stellantis specific factors contributing to Stellantis’ credit spread, including the impact of security. The Company primarily uses the incremental borrowing rate as the discount rate for its lease liabilities. Lease payments used to measure the lease liability include the following, if appropriate: • fixed payments, including in-substance fixed payments; • variable lease payments that depend on an index or a rate, initially measured using the index or rate applicable as at the commencement date; • amounts expected to be payable under a residual value guarantee; • if reasonably certain to exercise, the exercise price under a purchase option, or lease payments in an optional renewal period; and • penalties for early termination of a lease unless the Company was reasonably certain not to terminate early. The lease liability is subsequently measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Company's estimate of the amount expected to be payable under a residual value guarantee, or if the Company changes its assessment of whether it would exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. The Company presents right-of-use assets that do not meet the definition of investment property in Property, plant and equipment and lease liabilities in Long-term debt and Short-term debt and current portion of long-term debt in the Consolidated Statement of Financial Position. The Company elects to not recognize right-of-use assets and lease liabilities for short-term leases and low-value leases for all classes of leased assets. The Company recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term. As a Lessor When the Company acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating lease. To classify each lease, the Company makes an overall assessment of whether the lease transfers substantially all the risks and rewards incidental to ownership of the underlying asset. If the risks and rewards are substantially transferred, then the lease is a finance lease; if not, then it is an operating lease. As part of this assessment, the Company considers certain indicators such as whether the lease is for the major part of the economic life of the asset. Impairment of long-lived assets A nnually, or more frequently if facts or circumstances indicate otherwise, the Company assesses whether there is any indication that its finite-lived intangible assets (including capitalized development expenditures) and its property, plant and equipment may be impaired. If indications of impairment are present, 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, if the carrying amount exceeds the recoverable amount. The recoverable amount is determined for the individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets, in which case the asset is tested as part of the cash-generating unit (“CGU”) to which the asset belonged. A CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. In assessing the value in use of an asset or CGU, the estimated future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. When an impairment loss for assets, other than goodwill, no longer exists or has decreased, the carrying amount of the asset or CGU is increased to the revised estimate of its recoverable amount but not in excess of the carrying amount that would have been recorded had no impairment loss been recognized. The reversal of an impairment loss is recognized in the Consolidated Income Statement. Refer to the section Use of estimates below for additional information. Financial assets and liabilities Financial assets primarily includes trade receivables, receivables from financing activities, investments in other companies, derivative financial instruments, cash and cash equivalents, and other financial securities that do not satisfy the requirements for being classified as cash equivalents. Financial liabilities primarily consists of debt, derivative financial instruments, trade payables and other liabilities. Receivables from dealer financing activities are typically generated by sales of vehicles and are generally managed under dealer network financing programs as a component of the portfolio of the Company's financial services companies. These receivables are interest bearing with the exception of an initial, limited, non-interest bearing period. The contractual terms governing the relationships with the dealer networks vary according to market and payment terms, which generally range from two In addition, the Company generates receivables from financing activities related to installment sales contracts and promissory notes originated through its automobile dealer relationships or directly with consumers. The Company utilizes warehouse credit facilities with financial institutions to fund originations. When sufficient volume is originated, the Company will complete an on-balance sheet securitization and issue term notes, thereby freeing up capacity in the warehouse credit facilities. In our securitizations, we transfer loans to securitization trusts (“Trusts”), which issue one or more classes of asset-backed securities. These asset-backed securities are then sold to investors. These Trusts are included in our consolidated financial statements, but they are separate legal entities. The assets held by these Trusts are legally owned by them and are not available to the Company’s creditors or creditors of our other Trusts. When the securitized assets are transferred to a Trust, we make certain representations and warranties regarding the securitized assets. These representations and warranties relate to specific aspects of the securitized assets, such as origination, obligors, accuracy, and security interest, but not the underlying performance of the securitized asset. If a breach were to occur related to one or more of these representations that materially affects the noteholders’ interest, we would be obligated to repurchase the securitized assets. The transfers of assets in the Company’s securitization transactions do not qualify for derecognition. The Company accounts for all securitization transactions as if they were secured financing and therefore the assets, liabilities, and related activity of these transactions are consolidated in the financial statements. As the securitized receivables amortize, finance charge collections are passed through to the investors at a specified rate for the life of the securitization and an interest in collections exceeding the specified rate is retained by the Company. The majority of these securitization transactions are within Stellantis Financial Services in the U.S. Classification and measurement The classification of a financial asset is dependent on the Company’s business model for managing such financial assets and their contractual cash flows. The Company considers whether the contractual cash flows represent solely payments of principal and interest that are consistent with a basic lending arrangement. Where the contractual terms introduce exposure to risk or volatility that are inconsistent with a basic lending arrangement, the related financial assets are classified and measured at fair value through profit or loss (“FVPL”). 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 ______________________________________________________________________________________________________________________________ (1) Trade receivables without a significant financing component, as defined by IFRS 15, are initially measured at the transaction price (2) Receivables with maturities of over one year, which bear no interest or have an interest rate significantly lower than market rates were discounted using market rates (3) On initial recognition, the Company could irrevocably designate a financial asset at FVPL that otherwise met the requirements to be measured at amortized cost or at FVOCI if doing so eliminated or significantly reduced an accounting mismatch that would otherwise arise Factors considered by the Company in determining the business model for a group of financial assets include: • past experience on how the cash flows for these assets were collected; • the frequency, volume and timing of sales of financial assets in prior periods, the reasons for such sales and future sales activity expectations; • how the asset’s performance is evaluated and reported to key management personnel; and • how risks are assessed and managed and how management is compensated. Financial assets are not reclassified subsequent to their initial recognition unless the Company changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. Cash and cash equivalents included cash at banks, units in money market funds and other money market securities, commercial paper and certificate of deposits that are readily convertible into cash, with original maturities of three months or less at the date of purchase. Cash and cash equivalents are subject to an insignificant risk of changes in value and consist of balances across various primary national and international banks and of money market instruments. Money market funds consist of investments in high quality, short-term, diversified financial instruments that can generally be liquidated on demand and are measured at FVPL. Cash at banks and Other cash equivalents are measured at amortized cost. Investments in other companies are measured at fair value. Equity investments for which there is no quoted market price in an active market and there is insufficient financial information in order to determine fair value may be measured at cost as an estimate of fair value, as permitted by IFRS 9 - Financial Instruments (“IFRS 9”). The Company may irrevocably elect to present subsequent changes in the investment’s fair value in Other comprehensive income (“OCI”) upon the initial recognition of an equity investment that is not held to sell. This election is made on an investment-by-investment basis. Generally, any dividends from these investments are recognized in Other income from investments within Result from investments when the Company’s right to receive payment is established. Other net gains and losses are recognized in OCI and will not be reclassified to the Consolidated Income Statement in subsequent periods. Impairment losses (and the reversal of impairment losses) on equity investments measured at FVOCI are not reported separately from other changes in fair value in OCI. Impairment of financial assets The Company’s credit risk differs in relation to the type of activity. In particular, receivables from financing activities, such as dealer and retail financing that are carried out through the Company’s financial services companies, are exposed both to the direct risk of default and the deterioration of the creditworthiness of the counterparty, whereas trade receivables arising from the sale of vehicles and spare parts, are mostly exposed to the direct risk of counterparty default. These risks are mitigated by different kinds of securities received and the fact that collection exposure is spread across a large number of counterparties. The IFRS 9 impairment requirements are based on a f |
Scope of consolidation
Scope of consolidation | 12 Months Ended |
Dec. 31, 2022 | |
Scope Of Consolidation [Abstract] | |
Scope of consolidation | 3. Scope of consolidation The following table sets forth a list of the principal subsidiaries of the Company, which are grouped by reportable segments, as well as listing of companies within Other activities. Name Country Percentage North America FCA US LLC USA 100.00 FCA Canada Inc. Canada 100.00 Stellantis Mexico, S.A. de C.V. Mexico 100.00 South America FCA Fiat Chrysler Automoveis Brasil LTDA. Brazil 100.00 FCA Automobiles Argentina S.A. Argentina 100.00 Enlarged Europe FCA Italy S.p.A. Italy 100.00 Automobiles Peugeot France 100.00 Automobiles Citroën France 100.00 Opel Automobile GmbH Germany 100.00 Groupe PSA Italia S.p.A. Italy 100.00 PSA Retail France SAS France 100.00 PSA Automobiles S.A. France 100.00 FCA Germany GmbH Germany 100.00 Stellantis España, S.L. Spain 99.99 Vauxhall Motors Limited United Kingdom 100.00 FCA France S.A.S. France 100.00 Peugeot Motor Company PLC United Kingdom 100.00 PSA Retail UK Limited United Kingdom 100.00 Peugeot Deutschland GmbH Germany 100.00 Fiat Chrysler Automobiles Spain S.A. Spain 100.00 Middle East & Africa Stellantis Automotiv Pazarlama Anonim Sirketi Turkey 100.00 Stellantis Middle East FZE United Arab Emirates 100.00 Peugeot Citroën Automobiles Maroc Morocco 94.93 China and India & Asia Pacific Stellantis Japan Ltd. Japan 100.00 Chrysler Group (China) Sales Ltd. People's Rep.of China 100.00 Fiat India Automobiles Private Limited India 50.00 Maserati Maserati S.p.A. Italy 100.00 Maserati (China) Cars Trading Co., Ltd. People's Rep.of China 100.00 Maserati North America Inc. USA 100.00 Financial Services Banque PSA Finance France 100.00 FCA Automotive Finance Co. Ltd. People's Rep.of China 100.00 Stellantis Financial Services US Corp. USA 100.00 Banco Fidis S.A. Brazil 100.00 Fidis S.p.A. Italy 100.00 Holdings & Other Companies FCA North America Holdings LLC USA 100.00 GIE PSA Trésorerie France 100.00 Fiat Chrysler Finance North America, Inc. USA 100.00 Fiat Chrysler Finance Europe Société en nom collectif Luxembourg 100.00 Fiat Chrysler Finance S.p.A. Italy 100.00 Stellantis International S.A. Switzerland 100.00 Local regulation allows for exemption from local statutory requirements according to sec. 264 of the German Commercial Code and the company has applied such exemption for the following legal entities: Citroën Deutschland GmbH, Stellantis Germany GmbH, PSA Retail GmbH, Peugeot Deutschland GmbH, Opel Group Warehousing GmbH, FCA Germany GmbH, FCA Motor Village Germany GmbH, Car2go GmbH and Share Now GmbH. Russia & Ukraine War In response to the on-going Russia-Ukraine war, various governments around the world have applied economic, trade and financial sanctions against Russia. In Russia, we have a joint venture assembly plant, accounted for as a joint operation, as well as national sales companies. In March 2022, the import and export of vehicles to and from Russia were suspended by Stellantis. In April 2022, operations at the joint venture assembly plant were suspended. In Ukraine, we have a national sales company. Due to the sustained Russia-Ukraine conflict, the continued economic, trade and financial sanctions imposed by various governments around the world and continued uncertainty related to the future of our operations in Russia, we have recognized an impairment of our assets in Russia for €137 million in the six months ended December 31, 2022. The impairment charges are comprised of €43 million related to inventories, €47 million related to tax assets and €47 million related to other assets. Acquisitions In order to strengthen our used car business which is one of our long term strategic priorities, on January 31, 2022, Stellantis announced it had acquired control through the purchase of 60 percent of Stimcar Holding, a company dedicated to the refurbishment of used vehicles. The total consideration was €58 million, of which €43 million was paid in cash on closing, and €15 million recognized as contingent consideration. As a result of the purchase accounting, the Company has recognized goodwill of €53 million, which is reported in the Enlarged Europe reporting segment. On July 18, 2022, as a strategic step towards Stellantis Dare Forward 2030 goal of growing its profitable mobility service, Stellantis announced the completion of its 100 percent acquisition of Share Now, a car sharing company operating in 16 major European cities. The total consideration was €81 million, of which €56 million was paid in cash on closing, and €25 million recognized as contingent consideration. As a result of the preliminary purchase accounting, the Company has recognized preliminary goodwill of €74 million, which is reported in Other activities. The amounts reported above are provisional and could be subject to further adjustment during the one-year measurement period, in accordance with IFRS 3. On December 22, 2022, Stellantis acquired 100 percent of aiMotive, an artificial intelligence company specializing in autonomous driving. This acquisition enhances Stellantis’ artificial intelligence and autonomous driving core technology, expands its global talent pool, and boosts the mid-term development of the STLA AutoDrive platform which is part of the Dare Forward 2030 strategic plan. The total consideration was €240 million, paid in cash on closing. The preliminary purchase price allocation has not been completed due to the proximity of the acquisition date to the year end. The net assets acquired amounted to €11 million resulting in a preliminary goodwill of €229 million, which is reported in Other activities. In December 2022, FCA US LLC paid a €141 million capital contribution to StarPlus Energy LLC for 49 percent of its equity. StarPlus Energy LLC is a joint venture with Samsung SDI for the production of batteries in the U.S. and is accounted for as an equity method investment. Disposals On April 8, 2022, Stellantis announced the sale of its 25 percent stake in GEFCO S.A. (“GEFCO”), which was previously reported as an equity method investment. On December 20, 2022, Stellantis completed the sale of Vari-Form Manufacturing Inc. (“VF Canada”). Stellantis received consideration of €62 million for the sale of VF Canada and recognized a loss on sale of the entity of €19 million on disposal. Vari-Form originated the concept and application of tubular hydroforming to body, chassis and other automotive structural parts. The sale is subject to customary final confirmation of purchase price after adjustments by the buyer. On December 15, 2022, Stellantis completed the sale of Dongfeng Peugeot Citroën Auto Finance Company Ltd (“DPCA Finco”), which was previously reported as an equity method investment in which it held a 25 percent direct interest as well as a 25 percent indirect interest through its 50 percent joint venture DPCA. Stellantis received consideration of €168 million for the sale of its 25 percent investment. DPCA Finco is a financial services company in China providing financing solutions for Peugeot and Citroën branded vehicles in China. The gain on sale of €40 million was reported in the Consolidated Income Statement in Gains/(losses) of disposal on investments. This is subject to customary final confirmation of purchase price after adjustments by the buyer. Held for sale On December 17, 2021, Stellantis announced the intention to reorganize its leasing activities in Europe with the intention to create a European multi-brand operational leasing company with Crédit Agricole Consumer Finance S.A. (“CACF”), (with each of Stellantis and CACF holding a 50 percent interest) that would result from the combination of the leasing activities of Leasys and the activities of Free2Move Lease (“F2ML”), a business unit created within the former Groupe PSA and which aims to develop the business to business (“B2B”) long-term leasing activity. In addition, the joint ventures with BNPP PF and SCF are planned to be reorganized so the joint ventures with BNPP PF will operate financing activities in Germany, Austria and in the UK and joint ventures with SCF will operate financing activities in France, Italy, Spain, Belgium, Poland, the Netherlands and through a commercial agreement with SCF in Portugal. The joint ventures’ financing activities will cover all Stellantis brands. The binding agreements governing this reorganization were signed on March 31, 2022 between Stellantis and each of BNP Paribas Personal Finance, Crédit Agricole Consumer Finance and Santander Consumer Finance. As a result of the reorganization above of the leasing activities, Leasys was transferred from FCA Bank to LeaseCo, a joint venture held 50 percent by both Stellantis and CACF. Prior to the transaction Stellantis and CACF both held a 50 percent interest indirectly though FCA Bank, and following the transfer both Stellantis and CACF hold a 50 percent interest in Leasys indirectly through LeaseCo. As a result of the reorganization discussed above, our 50 percent interest in FCA Bank is planned to be sold to CACF during the first half of 2023. As of December 31, 2022, the equity investment in FCA Bank met the criteria to be classified as held for sale under IFRS 5, Non-current Assets Held for Sale and Discontinued Operations . As the estimated consideration from the sale is expected to be less than book value, our investment in FCA Bank has been written down to approximately €1,700 million, with the estimated loss of €133 million recognized within Share of the profit/(loss) of equity method investees on the Income Statement. FCA Bank, a joint venture with CACF, operates in Europe, primarily in Italy, France, Germany, UK and Spain. FCA Bank provides retail and dealer financing services in the automotive sector, directly or through its subsidiaries as a partner of the FCA vehicle brands and for Maserati vehicles. The equity investment in FCA Bank was previously reported within Other activities. The remaining transactions are targeted to be completed during the first half of 2023, and is subject to customary closing conditions, including the receipt of antitrust approvals. During the year ended December 31, 2022, there were various minor businesses which met the criteria under IFRS 5 to be classified as held for sale with assets of €207 million and liabilities of €61 million. Teksid Cast Iron Components Business On October 1, 2021, Stellantis completed the sale of Teksid’s cast iron production legal entities in Brazil and Portugal, previously reported within the Other activities, with total assets and liabilities of €152 million and €144 million, respectively, which were previously reported as assets held for sale and liabilities held for sale. The loss on sale of €12 million was reported in the Consolidated Income Statement in Gains/(Losses) of disposal on investments. On October 12, 2022, we entered into a binding agreement with Cummins Inc. for the sale of Teksid’s cast iron production legal entities in Mexico and the U.S., which were previously reported within Other activities. The related assets of €139 million and liabilities of €52 million are classified as held for sale as of December 31, 2022. Consideration, subject to customary purchase price adjustments, will be paid at closing expected in Q1 2023. The proposed transactions are subject to customary closing conditions, including the receipt of antitrust approvals. GAC-Stellantis JV In January 2022, Stellantis announced a plan to increase its shareholding with GAC-Stellantis JV from 50 percent to 75 percent. Due to lack of progress in the previously announced plan for Stellantis to take a majority share in GAC-Stellantis JV, Stellantis is cooperating with GAC Group in an orderly termination of the joint venture. Stellantis will focus on distributing imported vehicles for the Jeep brand in China through an asset-light approach. As a result, Stellantis fully impaired the equity method investment in GAC-Stellantis JV of €126 million in the six months ended June 30, 2022. In addition, impairments were recognized for the loans granted to GAC-Stellantis JV of €106 million, €48 million related to trade receivables, as well as, €16 million primarily related to capitalized development expenditures. These amounts are recognized in Results from equity method investments. The GAC-Stellantis JV filed for bankruptcy in November 2022. First Investors Financial Services Group acquisition On November 1, 2021, Stellantis closed on the acquisition of F1 Holdings Corp., parent company to First Investors Financial Services Group ("First Investors"), which has been renamed Stellantis Financial Services US Corp. The total consideration paid was €255 million ($289 million). The following table shows the assets and liabilities acquired and are final: (€ million) At November 1, 2021 Goodwill and intangible assets with indefinite useful lives € 119 Other intangible assets 2 Property, plant and equipment 15 Other non-current assets 703 Other current assets and prepaid expenses 176 Cash and cash equivalents 108 Total assets € 1,123 Total equity € 256 Long-term debt 572 Short term debt and current portion of long-term debt 286 Trade payables and other payables 9 Total liabilities € 1,123 Refer to the Consolidated Statement of Cash flows for the year ended December 31, 2021, for the net cash outflows arising from the acquisition of First Investors of €147 million classified in investing activities, which consists of the cash consideration net of the cash and cash equivalents transferred in the acquisition. Merger of Groupe PSA and FCA Timeline of the merger and business combination date On December 17, 2019, FCA and PSA entered into a combination agreement providing for the combination of FCA and PSA through a cross-border merger, with FCA as the surviving legal entity in the merger (“Stellantis”). On September 14, 2020, FCA and PSA agreed to amend the combination agreement. According to the combination agreement amendment, the FCA Extraordinary Dividend, to be paid to former FCA shareholders was reduced to €2.9 billion, with PSA’s 46 percent stake in Faurecia planned to be distributed to all Stellantis shareholders promptly after closing following approval of the Stellantis board and shareholders. On January 4, 2021, PSA and FCA held their respective extraordinary general shareholder meetings in order to, among other matters, approve the merger transaction. The respective shareholder meetings approved the merger. Following the respective shareholder approvals and receipt of the final regulatory clearances, FCA and PSA completed the legal merger. The conditions agreed to as part of the regulatory clearance will not have a material impact on the cash flows or financial positions for Stellantis. On January 17, 2021, the board of directors was appointed, the Stellantis articles of association became effective and the combined company was renamed Stellantis. On this date, the Stellantis management and board of directors collectively obtained the power and the ability to control the assets, liabilities and operations of both FCA and PSA. As such, under IFRS 3, January 17, 2021 is the acquisition date for the business combination (see the following paragraph “Accounting for the merger and Identification of the accounting acquirer” for further details on the accounting for the transaction). On January 29, 2021, the approximately €2.9 billion extraordinary dividend was paid to holders of FCA common shares of record as of the close of business on Friday, January 15, 2021. On March 22, 2021, the distribution by Stellantis to the holders of its common shares was completed of 53,130,574 ordinary shares of Faurecia and €302 million which are the proceeds received by PSA in November 2020 from the sale of ordinary shares of Faurecia, both net of shares and cash retained to serve the General Motors (“GM”) Warrants. Primary reasons for the business combination The following are the primary reasons for the merger: • A New Industry Leader with resilience. The merger created a global automaker and mobility provider, with a balanced and profitable global presence with a portfolio covering all key vehicle segments; • Greater Geographic Balance. The merger added scale and substantial geographic balance through leveraging FCA’s strength in North America and Latin America with PSA’s position in Europe, as well as creating opportunities to reshape the strategy in other geographic regions, primarily China; • Stronger Platform for Innovation. The combined group is expected to be able to leverage its capabilities in new energy vehicles, sustainable mobility, autonomous driving and connectivity; and • Synergies. The merger synergies are planned to be achieved in the following four areas: technology, platforms and products, purchasing, selling, general and administrative expenses (SG&A) and all other functions, such as logistics, supply chain, quality and after-market operations. Accounting for the merger and identification of the accounting acquirer The merger has been accounted for by Stellantis using the acquisition method of accounting in accordance with IFRS 3, which requires the identification of the acquirer and the acquiree for accounting purposes. Based on the assessment of the indicators under IFRS 3 and consideration of all pertinent facts and circumstances, management determined that PSA was the acquirer for accounting purposes and as such, the merger has been accounted for as a reverse acquisition. In identifying PSA as the acquiring entity, notwithstanding that the merger was effected through an issuance of FCA shares, the most significant indicators were (i) the composition of the combined group’s board, which is composed of eleven directors, six of whom were to be nominated by PSA, PSA shareholders or PSA employees, or were current PSA executives, (ii) the combined group’s first CEO, who was vested with the full authority to individually represent the combined group, and was the president of the PSA Managing Board prior to the merger, and (iii) the payment of a premium by pre-merger shareholders of PSA. Computation of the consideration transferred PSA shareholders received 1.742 FCA common shares for each PSA ordinary share held immediately prior to the merger as consideration in connection with the merger, which represented 1,545,220,196 shares. However, as required by IFRS 3, the consideration transferred is calculated as if PSA, as the accounting acquirer, issued shares to the shareholders of the accounting acquiree, FCA. The value of the consideration transferred has been measured based on the closing price of PSA’s shares of €21.85 per share on January 15, 2021, which was the final share price of PSA prior to the acquisition date. The number of PSA shares that PSA is deemed to issue to FCA shareholders under reverse acquisition accounting provides the former FCA shareholders with the same ownership in the combined group as obtained in the merger. Based on the number of shares of FCA and PSA that are issued and outstanding as of January 16, 2021, the respective percentages of ownership of PSA and the former FCA shareholders are as follows: 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 887,038,000 (1) 1.742 1,545,220,196 49.53 % 1.742 887,038,000 49.53 % FCA 1,574,714,499 (2) 1 1,574,714,499 50.47 % 1.742 903,969,288 50.47 % Total 3,119,934,695 1,791,007,288 ________________________________________________________________________________________________________________________________________________ (1) Number of shares as of January 16, 2021, net of 7,790,213 treasury shares (2) The number of shares as of January 16, 2021 includes 7,195,225 shares that vested during 2020 in connection with FCA’s Equity Incentive Plan In addition to the above, in line with the guidance in IFRS 2 - Share-based payment and IFRS 3 - Business combinations, included within consideration transferred is a portion of the fair value of the share-based awards to former FCA employees. As a result of the merger, each outstanding FCA Performance Share Units (“PSU”) award and each outstanding FCA Restricted Stock Units (“RSU”) award has been replaced by Stellantis RSU awards, which will continue to be governed by the same terms and conditions, including service-based vesting terms. Both the FCA PSU Adjusted EBIT and PSU Total Shareholder Return (“TSR”) awards were deemed to be satisfied at target upon conversion to Stellantis RSU awards. The portion of the fair value of the share-based payment awards that is included in the consideration transferred has been determined by multiplying the fair value of the original FCA awards as of January 16, 2021 by the portion of the requisite service period that elapsed prior to the merger divided by the total service period. The computation of the consideration transferred under reverse acquisition accounting is summarized as follows: Number of shares of PSA deemed to be issued to FCA shareholders under reverse acquisition accounting Number of shares 903,969,288 Market price of PSA shares as of January 15, 2021 € € 21.85 Fair value of common shares deemed to be issued to FCA shareholders as of January 15, 2021 € million 19,752 Additional consideration for share-based compensation € million 85 Consideration transferred € million € 19,837 Calculation of Goodwill Goodwill arising from the acquisition was determined as follows: (€ million) At the acquisition date (January 17, 2021) Consideration transferred 19,837 Add: minority interests 59 Less: fair value of FCA’s Net assets acquired 8,390 Goodwill 11,506 Goodwill recognized on the acquisition relates to the expected growth, synergies, know-how and the value of FCA’s workforce, which cannot be separately recognized as an intangible asset. This goodwill has been allocated to the Company’s operating segments and is not expected to be deductible for tax purposes. Purchase Accounting The IFRS 3 acquisition method of accounting applies the fair value concepts defined in IFRS 13 - Fair Value Measurement (“IFRS 13”) and requires, among other things, the assets acquired and the liabilities assumed in a business combination to be recognized by the acquirer at their fair values as of the acquisition date, with certain exceptions. As a result, the acquisition method of accounting has been applied and the assets and liabilities of FCA have been recorded at their respective fair values, with limited exceptions as permitted by IFRS 3. The excess of the consideration transferred over the fair value of FCA’s assets acquired and liabilities assumed has been recorded as goodwill. PSA’s assets and liabilities together with PSA’s operations will continue to be recorded at their pre-merger historical carrying values for all periods presented in the consolidated financial statements of Stellantis. Following the completion of the merger, the earnings of the combined group reflect the impacts of purchase accounting adjustments, including changes in amortization and depreciation expense for acquired assets. The identifiable assets acquired and identifiable liabilities assumed of FCA, as detailed below, have been measured at their acquisition date (January 17, 2021) fair value, with limited exceptions as permitted by IFRS 3. The fair values assigned to the assets acquired and liabilities assumed are final. (€ million) At the acquisition date (January 17, 2021) Assets Intangible assets with indefinite useful lives € 12,797 Other intangible assets 8,256 Property, plant and equipment 20,667 Equity method investments 2,637 Non-current financial assets 320 Other non-current assets 3,833 Total Non-current assets 48,510 Inventories 9,333 Assets sold with a buy-back commitment 812 Trade receivables 1,970 Other current assets and prepaid expenses 4,408 Current financial assets 502 Cash and cash equivalents 22,514 Total Current assets 39,539 Total Assets € 88,049 Liabilities Long-term debt € 18,362 Other non-current financial liabilities 269 Other non-current liabilities 5,386 Non-current provisions 5,452 Employee benefits liabilities 8,181 Total Non-current liabilities 37,650 Short-term debt and current portion of long-term debt 4,052 Current provisions 7,540 Employee benefits liabilities 595 Trade payables 20,302 Other current financial liabilities 159 Other current liabilities 9,361 Total Current liabilities 42,009 Total Liabilities 79,659 Net assets acquired € 8,390 Intangible assets The fair value of brands (Jeep, Ram, Dodge, Fiat, Maserati, Alfa Romeo and Mopar) was determined through an income approach based on the relief from royalty method, which requires an estimate of future expected cash flows. The useful life associated with the brands is determined to be indefinite. For capitalized development expenditures, fair values have been assessed according to a multi-criteria approach based on relief from royalty method and an excess-earning method. The fair value for the Dealer network has been assessed using the replacement cost method. Property, pl ant and equipment The fair value of property, plant and equipment was determined primarily through the replacement cost method, which requires an estimation of the physical, functional and economic obsolescence of the related assets. A market approach, which requires the comparison of the subject assets to transactions involving comparable assets, was applied to determine the preliminary fair value of land. The fair value of certain assets was determined through an income approach. Equity method investments The fair value of equity method investments was determined based on quoted market prices, where available, or through a combination of the dividend discount model, the trading multiples method and the regression analysis method. Deferred taxes Deferred tax assets and liabilities were calculated on the fair values using the statutory tax rates applicable in the relevant jurisdictions where the related temporary differences are expected to reverse in future periods. Recognized deferred tax assets were limited to the amount of deferred tax liabilities and taxable profits expected in the foreseeable future. The tax impacts which are directly linked to the merger and migration of Stellantis N.V. tax residency from the UK to the Netherlands have been reflected in goodwill. Inventories The fair value of work-in-process and finished goods Inventories was determined as the estimated selling prices, less the sum of (i) the cost to complete work-in-process, (ii) the cost of disposal, (iii) a reasonable profit allowance for the selling effort, (iv) an implied brand royalty charge and (v) holding costs. The book value of certain precious metals has been adjusted to reflect their respective fair values using market prices as of the merger date. The book value of all other raw materials, which are measured at the lower of cost and net realizable value and which have a high turnover, are considered to approximate fair value. Financial liabilities Fair value of financial liabilities were based on quoted market prices for listed debt and based on discounted cash flow models for debt that is not listed. The acquired lease liability was measured using the present value of the remaining lease payments at the acquisition date. The right-of-use assets were measured at an amount equal to the lease liabilities and adjusted to reflect the terms of certain leases relative to market terms. Employee benefits The present value of defined benefit obligations has been measured using actuarial techniques and actuarial assumptions by using the Projected Unit Credit Method. Plan assets have been measured at fair value. Trade receivables and Receivables from financing activities Included within the identifiable assets acquired were trade receivables with a fair value of €1,970 million and gross contractual amount of €2,181 million, of which €211 million was not expected to be collected. Included within the identifiable assets acquired were receivables from financing activities with a fair value of €1,888 million and gross contractual amount of €1,903 million, of which €15 million was not expected to be collected. Contingent liabilities As a result of the acquisition an incremental contingent liability of €163 million has been recognized for the potentially higher CAFE penalty base rate on vehicle shipments prior to the merger date. Refer to Note 26, Guarantees granted, commitments and contingent liabilities for additional information. Although the specific timing of any outflow is uncertain, as a result of the acquisition, we have also recognized €141 million of contingent liabilities related to various matters, which are primarily related to indirect tax matters in Brazil. Pro forma impact on revenues and net profit From the acquisition date to December 31, 2021, the acquired business of FCA contributed revenues of approximately €100 billion and net profit of approximately €9 billion to the Company. If the acquisition had occurred on January 1, 2021, the Company’s consolidated revenues and consolidated net profit after tax for the year ended December 31, 2021 would have been €152 billion a nd €14 billion respectively. Faurecia distribution and deconsolidation Following agreement between FCA and PSA, PSA announced on October 29, 2020 the sale of approximately 9.7 million ordinary shares of Faurecia, representing approximately 7 percent of Faurecia’s outstanding share capital, with proceeds of approximately €308 million. This sale was recorded as a transaction with non-controlling interests. According to the combination agreement amendment, PSA’s 39.34 percent stake in Faurecia as well as the proceeds from the 7 percent sale were intended to be distributed to all Stellantis shareholders promptly after the closing of the merger. At December 31, 2020, Faurecia continued to be consolidated within continuing operations of PSA’s consolidated financial statements, as PSA concluded that Faurecia was not readily available for distribution until the merger was approved by PSA and FCA shareholders. On January 12, 2021, PSA (i) converted the manner in which it held its remaining Faurecia ordinary shares resulting in the loss of the double voting rights attached to such Faurecia ordinary shares and (ii) caused its representatives on the board of directors of Faurecia to resign effective January 11, 2021. As a result of its loss of control over Faurecia on January 12, 2021, PSA discontinued the consolidation of Faurecia, recognizing a gain of €515 million after tax, with Faurecia being reported retrospectively as a discontinued operation in 2021 until Faurecia was distributed by Stellantis in March 2021. The remaining 39.34 percent investment in Faurecia has been accounted for as an investment in a non-consolidated entity measured at fair value under IFRS 9. During the year ended December 31, 2021, a gain of €475 million after tax was recognized up to the distribution. On January 25, 2021, the extraordinary general meeting of shareholders (“EGM”) was convened, in order to approve the distribution by Stellantis to the holders of its common shares of up to 54,297,006 ordinary shares of Faurecia and up to €308 million which are the proceeds received by PSA in November 2020 from the sale of ordinary shares of Faurecia. The EGM was held on March 8, 2021 and the distribution occurred on March 22, 2021 resulting in 53,130,574 ordinary shares of Faurecia and €302 million in cash distributed. The following table summarizes the operating results of Faurecia that were excluded from the Consolidated Income Statement for the year ended December 31, 2020: (€ million) Year ended December 31, 2020 (1) Net revenues € 13,078 Expenses 13,033 Net financial (income)/expenses (223) Profit/(loss) before taxes from discontinued operations (178) Tax (income)/expense (124) Share of the profit/(loss) of equity method investees (13) Profit/(loss) after taxes from discontinued operations € (315) ________________________________________________________________________________________________________________________________________________ (1) Amounts presented are not representative of the income statement of Faurecia on a stand-alone basis; amounts are net of transactions between Faurecia and other companies of the Company The operating results of Faurecia during the period from January 1, 2021 to its deconsolidation on January 11, 2021 were not material and the loss of control was treated as having taken place on January 1, 2021. Consolidated Statement of Financial Position The following summarizes |
Net revenues
Net revenues | 12 Months Ended |
Dec. 31, 2022 | |
Revenue [abstract] | |
Net revenues | 4. Net revenues Net revenues were as follows: Years ended December 31, 2022 2021 2020 (€ million) Revenues from: Shipments of vehicles and sales of other goods € 173,718 € 144,559 € 45,736 Other services provided 3,786 3,112 1,318 Construction contract revenues 779 602 — Lease installments from assets sold with a buy-back commitment 849 994 578 Interest income of financial services activities 460 152 24 Total Net revenues € 179,592 € 149,419 € 47,656 Net revenues by geographical area were as follows: Years ended December 31, 2022 2021 2020 (€ million) Net revenues in: North America (1) € 87,283 € 68,885 € 122 France 16,365 15,421 14,345 Brazil 11,363 7,607 282 Italy 10,840 10,065 3,513 Germany 9,046 7,891 5,545 United Kingdom 7,348 6,106 4,591 Spain 5,307 4,428 3,508 Turkey 3,110 2,294 1,658 Argentina 2,735 1,961 434 Belgium 2,552 2,214 2,185 China 1,811 2,013 133 Netherlands 1,376 1,192 1,030 Poland 1,230 1,273 753 Japan 1,152 1,174 440 Portugal 1,138 917 704 Austria 801 1,085 685 Switzerland 763 1,160 361 Other countries 15,372 13,733 7,367 Total Net revenues € 179,592 € 149,419 € 47,656 ______________________________________________________________________________________________________________________________ (1) Refers to the geographical area and not our North America reporting segment Net revenues attributed by segment for the years ended December 31, 2022, 2021 and 2020 were as follows: 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 € 84,239 € 60,769 € 6,399 € 15,178 € 4,455 € 2,271 € 407 € 173,718 Other services provided 1,234 1,609 54 462 45 51 331 3,786 Construction contract revenues — — — — — — 779 779 Revenues from goods and services 85,473 62,378 6,453 15,640 4,500 2,322 1,517 178,283 Lease installments from assets sold with a buy-back commitment 1 848 — — — — — 849 Interest income from financial services activities — — — — — — 460 460 Total Net revenues € 85,474 € 63,226 € 6,453 € 15,640 € 4,500 € 2,322 € 1,977 € 179,592 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 € 66,618 € 56,315 € 5,088 € 10,191 € 3,868 € 1,962 € 517 € 144,559 Other services provided 1,072 1,309 77 283 56 40 275 3,112 Construction contract revenues — — — — — — 602 602 Revenues from goods and services 67,690 57,624 5,165 10,474 3,924 2,002 1,394 148,273 Lease installments from assets sold with a buy-back commitment € 16 € 978 € — € — € — € — € — € 994 Interest income from financial services activities — — — — — — 152 152 Total Net revenues € 67,706 € 58,602 € 5,165 € 10,474 € 3,924 € 2,002 € 1,546 € 149,419 2020 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 € 122 € 40,662 € 3,049 € 1,091 € 812 € — € — € 45,736 Other services provided — 1,143 5 62 52 — 56 1,318 Construction contract revenues — — — — — — — — Revenues from goods and services 122 41,805 3,054 1,153 864 — 56 47,054 Lease installments from assets sold with a buy-back commitment — 578 — — — — — 578 Interest income from financial services activities — — 1 — — — 23 24 Total Net revenues € 122 € 42,383 € 3,055 € 1,153 € 864 € — € 79 € 47,656 The Company recognized a net decrease in Net revenues of €524 million during the year ended December 31, 2022 (€921 million during the year ended December 31, 2021) from performance obligations satisfied in the prior year. This was primarily due to changes in the estimated cost of sales incentive programs occurring after the Company had transferred control of vehicles to the dealers. |
Research and development costs
Research and development costs | 12 Months Ended |
Dec. 31, 2022 | |
Analysis of income and expense [abstract] | |
Research and development costs | 5. Research and development costs Research and development costs were as follows: Years ended December 31, 2022 2021 2020 (€ million) Research and development expenditures expensed € 3,233 € 2,761 € 1,281 Amortization of capitalized development expenditures 1,889 1,575 822 Impairment and write-off of capitalized development expenditures 78 151 128 Total Research and development costs € 5,200 € 4,487 € 2,231 Refer to Note 2, Basis of preparation - Use of estimates - Recoverability of non-current assets with definite useful lives for detail on the impairment and write-off of capitalized development expenditures during the years ended December 31, 2022, 2021 and 2020. Refer to Note 10, Other intangible assets, |
Net financial expenses_(income)
Net financial expenses/(income) | 12 Months Ended |
Dec. 31, 2022 | |
Analysis of income and expense [abstract] | |
Net financial expenses/(income) | 6. Net financial expenses/(income) The following table summarizes the Company’s financial income and expenses, included within Net financial expenses: Years ended December 31, 2022 2021 2020 (€ million) Interest income and other financial income € 1,066 € 188 € 108 Financial expenses: Interest expense and other financial expenses: 959 545 178 Interest expense on notes 281 182 97 Interest expense on borrowings from bank 105 77 16 Other interest cost and financial expenses 573 286 65 Interest on lease liabilities 63 56 13 Write-down of financial assets 14 10 16 Net interest expense/(income) on employee benefits provisions 163 169 (8) Total Financial expenses 1,199 780 199 Net expenses from derivative financial instruments and exchange rate differences 635 142 3 Total Financial expenses and Net expenses from derivative financial instruments and exchange rate differences 1,834 922 202 Net Financial expenses € 768 € 734 € 94 The increase in Interest income and other financial income for the year ended December 31, 2022 is primarily due to the improved yields on investments and a general rise in interest rate levels primarily in North America, Enlarged Europe and South America. Net financial expenses for the year ended December 31, 2022, include €198 million losses (€68 million and €14 million losses for the years ended December 31, 2021 and 2020, respectively) on the net monetary position of entities whose functional currency is the currency of hyperinflationary economies including, from January 1, 2022, the Turkish Lira. Net expenses from derivatives financial instruments and exchange gain differences are mostly impacted by the cost of hedging and currency depreciation in South America. Net financial expenses for the year ended December, 2020, were referred to PSA only, and therefore did not include the Net financial expenses relating to the operations of FCA. Interest income and other financial income for the year ended December 31, 2020 includes a benefit of €57 million resulting from the remeasurement of the financial liability recognized upon the commitment to repurchase 30.7 million Groupe PSA shares from Dongfeng Group in the context of the merger with FCA. Dongfeng Group (“DFG”) agreed to sell, and Groupe PSA agreed to buy, 30.7 million shares prior to closing of the merger. At the date of commitment, December 17, 2019, a financial liability of €685 million was initially recognized against retained earnings. Subsequently, as at December 31, 2019, it was remeasured to €668 million against Net financial expenses for €17 million. The agreement was subsequently amended on December 15, 2020 when the outstanding amount of 20.7 million shares were cancelled and no obligation to repurchase shares from DFG was in place at December 31, 2020. |
Tax expense_(benefit)
Tax expense/(benefit) | 12 Months Ended |
Dec. 31, 2022 | |
Tax Expenses [Abstract] | |
Tax expense/(benefit) | 7. Tax expense/(benefit) The following table summarizes Tax expense: Years ended December 31, 2022 2021 2020 (€ million) Current tax expense € 3,565 € 2,294 € 434 Deferred tax (benefit)/expense (840) (342) 41 Tax (benefit)/expense relating to prior periods (1) 4 (41) 29 Total Tax expense/(benefit) € 2,729 € 1,911 € 504 ________________________________________________________________________________________________________________________________________________ (1) Tax expense/(benefit) relating to prior periods includes €161 million deferred tax expense and €297 million deferred tax benefit for 2022 and 2021, respectively, related to U.S. provision to return adjustments for prior years' tax positions Effective tax rate reconciliation The applicable tax rate used to determine theoretical income taxes is the statutory rate of the jurisdiction in which the Company is tax resident during each reported period. From 2021, as a result of the merger, Stellantis N.V. is tax resident in the Netherlands. For 2020, prior year comparative information represents the financial information of PSA, which was tax resident in France. The reconciliation between the theoretical income tax and actual tax is calculated on the basis of the Netherlands corporate income tax rate of 25.8 percent and 25.0 percent in 2022 and 2021, respectively, and the France corporate income tax rate of 32.0 percent in 2020, as follows: Years ended December 31, 2022 2021 2020 (€ million) Profit/(loss) before tax € 19,244 € 14,392 € 2,916 Income tax rate 25.8% 25.0% 32.0% Theoretical income taxes € 4,965 € 3,598 € 933 Tax effect on: Differences between foreign tax rates and the theoretical applicable tax rate and tax holidays (495) 178 (102) Recognition and utilization of previously unrecognized deferred tax assets (1,153) (1,954) (410) Deferred tax assets not recognized and write-downs 47 598 96 Permanent differences (338) (472) (73) Tax credits (221) (85) (1) Tax rate changes — 53 — Withholding tax 21 63 — Other differences (97) (68) 61 Total Tax expense 2,729 1,911 504 Effective tax rate 14.2% 13.3% 17.3% The increase in the effective tax rate to 14.2 percent in 2022 from 13.3 percent in 2021 is primarily related to a lower tax benefit for net recognition of Deferred tax assets, primarily in Enlarged Europe. Net deferred tax position The Company recognizes the net amount as either Deferred tax assets or Deferred tax liabilities, to the extent deferred taxes may be offset. Amounts recognized were as follows: At December 31, 2022 2021 (€ million) Deferred tax assets (1) € 2,052 € 1,927 Deferred tax liabilities (1) (4,332) (4,374) Total Net deferred tax (liabilities)/assets € (2,280) € (2,447) ________________________________________________________________________________________________________________________________________________ (1) Deferred tax assets and Deferred tax liabilities include the impacts of (i) Unrecognized deferred tax assets on temporary differences; (ii) Deferred tax assets arising from tax loss carry-forwards; and (iii) Unrecognized deferred tax assets on tax loss carry-forwards, which are reflected separately below in the Changes in deferred tax position by nature summary The change in Net deferred tax liabilities was mainly due to an increase in deferred tax assets in Enlarged Europe, partially offset by an increase in deferred tax liabilities in North America. See Note 2, Basis of preparation - Use of estimates - Recoverability of deferred tax assets for additional detail. Changes in deferred tax position by nature The significant components of Deferred tax assets and liabilities and their changes during the years ended December 31, 2022 and 2021 were as follows: At January 1, 2022 Recognized in Consolidated Income Statement Recognized in Equity Transferred to Assets/(Liabilities) Held for Sale Translation At December 31, 2022 (€ million) Deferred tax liabilities arising on: Accelerated depreciation € (2,662) € 19 € — € — € (133) € (2,775) Capitalized development assets (4,313) 116 — — (99) (4,296) Other Intangible assets and Intangible assets with indefinite useful lives (3,733) (44) — — (187) (3,964) Right-of-use assets (397) 82 — — (16) (331) Provision for employee benefits (591) — (477) — (18) (1,086) Other (1,398) (219) 162 — (33) (1,488) Total deferred tax liabilities € (13,094) € (46) € (315) € — € (486) € (13,941) Deferred tax assets arising on: Provisions 4,510 211 1 (10) 140 4,852 Provision for employee benefits 2,325 (342) 12 — 188 2,183 Lease liabilities 413 (60) — — 20 373 Impairment of tangible and intangible assets 1,590 (319) — — (2) 1,269 Inventories 250 129 — (2) (2) 375 Allowances for doubtful accounts 115 (66) — (1) 10 58 Provision for buy back 131 42 — — (4) 169 Other 2,635 (178) 25 — 107 2,589 Total deferred tax assets € 11,969 € (583) € 38 € (13) € 457 € 11,868 Unrecognized deferred tax assets on temporary differences (3,462) 466 (26) 9 (170) (3,183) Deferred tax assets arising on tax loss carry-forwards 8,803 469 — 2 232 9,506 Unrecognized deferred tax assets on tax loss carry-forwards (6,663) 373 — (3) (238) (6,531) Total Net deferred tax assets/(liabilities) € (2,447) € 680 € (303) € (5) € (205) € (2,280) At January 1, 2021 FCA PSA merger Recognized in Recognized in Equity Transferred to Assets/(Liabilities) Held for Sale Translation differences and Other (1) At December 31, 2021 (€ million) Deferred tax liabilities arising on: Accelerated depreciation € 44 € (2,159) € (374) € — € 1 € (174) € (2,662) Capitalized development assets (1,784) (2,574) (176) — — 221 (4,313) Other Intangible assets and Intangible assets with indefinite useful lives (188) (3,331) (16) — — (198) (3,733) Right-of-use assets (68) (381) 69 — — (17) (397) Provision for employee benefits — (114) 44 (491) — (30) (591) Other (742) (375) (21) (62) — (198) (1,398) Total deferred tax liabilities € (2,738) € (8,934) € (474) € (553) € 1 € (396) € (13,094) Deferred tax assets arising on: Provisions € 665 € 3,595 € (2) € — € 9 € 243 € 4,510 Provision for employee benefits 892 1,424 306 (258) 2 (41) 2,325 Lease liabilities 80 377 (66) — — 22 413 Impairment of tangible and intangible assets — 1,986 (394) — — (2) 1,590 Inventories 290 117 26 — 1 (184) 250 Provision for buy-back 69 — 64 — — (2) 131 Allowances for doubtful accounts — 126 (10) — — (1) 115 Other 694 2,288 (177) 9 1 (180) 2,635 Total deferred tax assets € 2,690 € 9,913 € (253) € (249) € 13 € (145) € 11,969 Unrecognized deferred tax assets on temporary differences (938) (3,439) 957 (16) (6) (20) (3,462) Deferred tax assets arising on tax loss carry-forwards 4,289 5,226 (130) (33) 12 (561) 8,803 Unrecognized deferred tax assets on tax loss carry-forwards (3,008) (4,783) 539 33 (12) 568 (6,663) Total Net deferred tax assets /(liabilities) € 295 € (2,017) € 639 € (818) € 8 € (554) € (2,447) ____________________________________________________________________________________________________ (1) Translation differences and other includes the deconsolidation of Faurecia, which represents a change in scope of consolidation during 2021 In accordance with IAS 12 - Income Taxes, deferred taxes are calculated for all temporary differences between the tax base of assets and liabilities and their carrying amount. Deferred tax liabilities are systematically recognized, while deferred tax assets are recognized for all deductible temporary differences to the extent that it is probable that taxable profit is available against which the deductible temporary differences could be utilized. A deferred tax liability is recognized for all taxable temporary differences associated with investments in subsidiaries and equity method investments for the variance between their tax and accounting value, except to the extent that both of the following conditions are satisfied: (i) Stellantis is able to control the timing of the reversal of the temporary difference; (ii) it is probable that the temporary difference will not reverse in the foreseeable future. At December 31, 2022, the aggregate amount of temporary differences relating to investments in subsidiaries and interests in joint ventures for which deferred tax liabilities are not recognized is approximately €423 million. As of December 31, 2022, the Company had total Deferred tax assets on deductible temporary differences of €11,868 million (€11,969 million at December 31, 2021), of which €3,183 million was not recognized (€3,462 million at December 31, 2021). As of December 31, 2022, the Company also had Deferred tax assets on tax loss carry-forwards of €9,506 million (€8,803 million at December 31, 2021), of which €6,531 million was not recognized (€6,663 million at December 31, 2021). Tax loss carry-forwards Recognition of deferred tax assets related to tax loss carry-forwards were tested for realizability based on forecasted future taxable income using estimates consistent with the main assumptions of the MTP. Deferred tax assets relating to the carry-forward of unused tax losses and tax credits, as well as those arising from deductible temporary differences, were recognized to the extent that it was probable that future profits would be available against which they could be utilized. The realization of these deferred tax assets was sensitive to the assumptions and judgments used in the determination of the taxable income in the future, as well as Stellantis’ ability to implement tax planning strategies, as necessary. For the years ended December 31, 2022 and 2021, respectively, deferred tax assets were recognized in Enlarged Europe, primarily related to tax loss carry-forwards and temporary differences. While Stellantis has not yet recognized all deferred tax assets in all jurisdictions, it is possible the Company’s assessment of realizability could change, resulting in the recognition of additional deferred tax assets in the Company’s Consolidated Statement of Financial Position and the related income tax benefit in the Company’s Consolidated Income Statement. Refer to Note 2, Basis of preparation - Use of estimates - Recoverability of deferred tax assets for additional detail. 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 € 2,066 € (2,050) € 16 Germany 249 (249) — Spain 597 (53) 544 Italy 3,640 (486) 3,154 Other Jurisdictions: Brazil 2,252 — 2,252 Others 702 (136) 566 Total € 9,506 € (2,975) € 6,531 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, 2021 (€ million) Tax Groups: France € 2,088 € (1,507) € 581 Germany 118 (118) — Spain 609 (54) 555 Italy 3,500 (421) 3,079 Other Jurisdictions: Brazil 1,853 — 1,853 Others 635 (40) 595 Total € 8,803 € (2,140) € 6,663 |
Other information by nature
Other information by nature | 12 Months Ended |
Dec. 31, 2022 | |
Additional information [abstract] | |
Other information by nature | 8. Other information by nature Personnel costs for the continuing operations of the Company for the years ended December 31, 2022, 2021 and 2020 amounted to €18.2 billion, €17.1 billion and €5.9 billion, respectively, and included costs that were capitalized mainly in connection with product development activities. For the years ended December 31, 2022, 2021 and 2020, the continuing operations of the Company had an average number of employees of 282,926, 292,434 and 111,864, respectively. Amounts relating to IFRS 16 recognized in Profit before taxes Amounts recognized within Profit before taxes were as follows: Years ended December 31, 2022 2021 2020 (€ million) Depreciation of right-of-use assets € 555 € 529 € 189 Interest expense on lease liabilities 63 56 13 Variable lease payments not included in the measurement of lease liabilities 5 5 4 Income from sub-leasing right-of-use assets (108) (95) (9) Expenses relating to short-term leases and to leases of low-value assets 107 137 24 Gains arising from sale and leaseback transactions (119) (22) — Total expense recognized in Net profit from continuing operations € 503 € 610 € 221 |
Goodwill and intangible assets
Goodwill and intangible assets with indefinite useful lives | 12 Months Ended |
Dec. 31, 2022 | |
Intangible assets and goodwill [abstract] | |
Goodwill and intangible assets with indefinite useful lives | 9. Goodwill and intangible assets with indefinite useful lives Goodwill and intangible assets with indefinite useful lives at December 31, 2022 and 2021 are summarized below: Goodwill Gross amount Accumulated impairment losses Total Goodwill Brands Other Total Goodwill and intangible assets with indefinite useful lives (€ million) At January 1, 2021 € 5,064 € (700) € 4,364 € 1,945 € 18 € 6,327 FCA-PSA merger 11,506 — 11,506 12,797 — 24,303 Additions 119 — 119 — 1 120 Change in scope of consolidation (1) (2,963) 660 (2,303) — — (2,303) Translation differences and Other 689 — 689 785 — 1,474 At December 31, 2021 14,415 (40) 14,375 15,527 19 29,921 Additions (2) 356 — 356 — — 356 Disposals (21) — (21) — — (21) Translation differences and Other 795 2 797 685 — 1,482 At December 31, 2022 € 15,545 € (38) € 15,507 € 16,212 € 19 € 31,738 _______________________________________________________________________________________________________________________________________________ (1) Primarily relates to deconsolidation of Faurecia as a discontinued operation as from January 1, 2021 (2) Primarily relates to acquisition of aiMotive and Share Now. Refer to Note 3, Scope of consolidation for additional information Translation differences in 2022 primarily related to foreign currency translation of U.S. Dollar and Pound Sterling to the Euro. Brands Brands, comprised of Jeep, Ram, Dodge, Mopar, Opel/Vauxhall, Fiat, Alfa Romeo and Maserati are allocated to North America, Enlarged Europe and Maserati segments. These rights are protected legally through registration with government agencies and through their continuous use in commerce. As these rights have no legal, contractual, competitive or economic term that limits their useful lives, they were classified as intangible assets with indefinite useful lives and were therefore not amortized but instead tested annually for impairment. For the purpose of impairment testing, the carrying value of Brands is tested jointly with the goodwill allocated to the North America, Enlarged Europe and Maserati segments. Goodwill There were nil, nil and €150 million impairment charges recognized in respect of Goodwill and intangible assets with indefinite lives during the years ended December 31, 2022, 2021 and 2020, respectively. Refer to Note 2, Basis of preparation - Use of estimates for discussion of the assumptions and judgments relating to goodwill impairment testing. The following table summarizes the allocation of Goodwill and Brands between the Company’s reportable segments: At December 31, 2022 At December 31, 2021 (€ million) Goodwill Brands Goodwill Brands North America € 10,790 € 12,220 € 10,180 € 11,509 Enlarged Europe 2,092 3,021 2,040 3,047 Middle East & Africa — — — — South America 1,461 — 1,287 — China and India & Asia Pacific 185 — 199 — Maserati 514 971 514 971 Other activities (1) 465 — 155 — Total Goodwill € 15,507 € 16,212 € 14,375 € 15,527 ________________________________________________________________________________________________________________________________________________ (1) The increase relates to acquisitions. Refer to Note 3, Scope of Consolidation for additional information |
Other intangible assets
Other intangible assets | 12 Months Ended |
Dec. 31, 2022 | |
Intangible assets other than goodwill [abstract] | |
Other intangible assets | 10. Other intangible assets Capitalized development expenditures Patents, concessions, licenses and credits Other Total (€ million) Gross carrying amount at January 1, 2021 € 23,996 € 318 € 3,053 € 27,367 Additions 3,128 59 704 3,891 FCA-PSA merger 6,292 339 1,624 8,255 Divestitures (111) (2) (151) (264) Change in scope of consolidation (4,818) (92) (1,543) (6,453) Translation differences and other changes 478 180 127 785 At December 31, 2021 28,965 802 3,814 33,581 Additions 3,589 88 535 4,212 Divestitures (54) (6) (225) (285) Change in scope of consolidation — 31 11 42 Translation differences and other changes 481 1 164 646 At December 31, 2022 32,981 916 4,299 38,196 Accumulated amortization and impairment losses at January 1, 2021 16,438 260 1,975 18,673 Amortization 1,575 102 157 1,834 Impairment losses and asset write-offs 151 — 1 152 Divestitures (104) (1) (1) (106) Change in scope of consolidation (2,758) (66) (965) (3,789) Translation differences and other changes 18 164 — 182 At December 31, 2021 15,320 459 1,167 16,946 Amortization 1,893 95 166 2,154 Impairment losses and asset write-offs (1) 67 — 6 73 Divestitures (57) (3) (10) (70) Change in scope of consolidation — (1) 1 — Translation differences and other changes 54 1 32 87 At December 31, 2022 17,277 551 1,362 19,190 Carrying amount at December 31, 2021 € 13,645 € 343 € 2,647 € 16,635 Carrying amount at December 31, 2022 € 15,704 € 365 € 2,937 € 19,006 _______________________________________________________________________________________________________________________________________________ (1) The €67 million reported for the year ended December 31, 2022 includes €10 million impairment and write-off of Capitalized development expenditure relating to Equity method investments which are reported in Share of the profit/(loss) of equity method investees within the Consolidated Income Statement Other intangible assets of the former FCA Group with an acquisition fair value of €8.3 billion were recognized on completion of the merger. Refer to Note 3, Scope of consolidation for additional information. Capitalized development expenditures included both internal and external costs that were directly attributable to the internal product development process, primarily consisting of material costs and personnel related expenses relating to engineering, design and development focused on content enhancement of existing vehicles, new models and propulsion system programs. In 2022, €73 million of impairment losses and asset write-offs were recognized, refer to Note 2, Basis of preparation - Use of estimates - Recoverability of non-current assets with definite useful lives for further information on the impairment losses and asset write-offs recognized. In 2021, €152 million of impairment losses and asset write-offs were recognized. At December 31, 2022, translation differences primarily related to foreign currency translation of the U.S. Dollar and Brazilian Real to Euro. At December 31, 2021, translation differences primarily related to foreign currency translation of the U.S. Dollar to the Euro and Pound Sterling to Euro. Amortization of capitalized development expenditures was recognized within Research and development costs within the Consolidated Income Statement, as described in Note 5, Research and development costs . Amortization of patents, concessions, licenses and other intangibles are recognized within Cost of revenues and Selling, general and other costs. At December 31, 2022 and 2021, the Company had contractual commitments for the purchase of intangible assets amounting to €141 million and €160 million, respectively. |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2022 | |
Property, plant and equipment [abstract] | |
Property, plant and equipment | 11. Property, plant and equipment Property, plant and equipment comprises owned and leased assets that do not meet the definition of investment property under IAS 40 - Investment Property . The Company leases assets including land, buildings, plant machinery and equipment, and other assets. Land Buildings Plant, machinery and equipment Other assets (1) Advances and Total (€ million) Gross carrying amount at January 1, 2021 € 514 € 7,595 € 34,313 € 5,071 € 1,624 € 49,117 Additions 2 348 2,995 214 1,569 5,128 FCA-PSA merger 1,237 4,371 9,799 807 4,452 20,666 Divestitures (39) (469) (875) (155) (11) (1,549) Change in the scope of consolidation (114) (2,046) (5,109) (628) (431) (8,328) Translation differences 51 272 816 83 128 1,350 Transfer from Assets held for sale 1 18 34 — 4 57 Other changes (1) 143 3,575 682 (3,391) 1,008 At December 31, 2021 1,651 10,232 45,548 6,074 3,944 67,449 Additions — 322 3,133 367 1,017 4,839 Divestitures and disposals (39) (491) (1,018) (280) (67) (1,895) Change in the scope of consolidation 7 (6) (10) 60 1 52 Translation differences 43 242 862 19 188 1,354 Transfer to Assets held for sale (104) (168) (158) (7) (18) (455) Other changes (9) 129 1,334 423 (1,402) 475 At December 31, 2022 1,549 10,260 49,691 6,656 3,663 71,819 Accumulated depreciation and impairment losses at January 1, 2021 23 4,648 27,101 1,338 24 33,134 Depreciation 1 545 3,096 350 — 3,992 Divestitures — (210) (822) (138) — (1,170) Impairment losses and asset write-offs — 66 71 — — 137 Change in the scope of consolidation (8) (931) (3,266) (433) — (4,638) Translation differences — 18 56 11 — 85 Transfer from Assets held for sale — — (3) (1) — (4) Other changes 1 33 287 104 — 425 At December 31, 2021 17 4,169 26,520 1,231 24 31,961 Depreciation 3 583 3,633 434 — 4,653 Divestitures and disposals (1) (250) (1,012) (154) — (1,417) Impairment losses and asset write-offs 9 37 — — — 46 Change in the scope of consolidation 2 (2) 15 24 — 39 Translation differences — 26 150 (3) 3 176 Transfer to Assets held for sale — (84) (112) (4) — (200) Other changes 2 11 158 185 — 356 At December 31, 2022 32 4,490 29,352 1,713 27 35,614 Carrying amount at December 31, 2021 € 1,634 € 6,063 € 19,028 € 4,843 € 3,920 € 35,488 Carrying amount at December 31, 2022 € 1,517 € 5,770 € 20,339 € 4,943 € 3,636 € 36,205 _______________________________________________________________________________________________________________ (1) Other assets includes vehicles sold with a buy-back commitments for which the divestitures are reported on a net basis within the changes of gross carrying amount Property, plant and equipment of the FCA Group with an acquisition fair value of €20.7 billion were recognized on completion of the merger. Refer to Note 3, Scope of consolidation for additional information. Included within the total of €36,205 million Property, plant and equipment amounts presented above was owned property, plant and equipment of €34,244 million and right-of-use assets of €1,961 million at December 31, 2022. Included within the total of €35,488 million Property, plant and equipment amounts presented above was owned property, plant and equipment of €33,162 million and right-of-use assets of €2,326 million at December 31, 2021. Changes in Right-of-use assets are as follows: Land Buildings Plant, machinery and equipment Other assets Total (€ million) Balance at January 1, 2021 € 4 € 1,357 € 216 € 107 € 1,684 FCA-PSA merger 20 1,395 300 187 1,902 Depreciation (1) (285) (125) (118) (529) Additions — 133 33 117 283 Divestitures (2) (178) (18) (4) (202) Change in the scope of consolidation — (745) (73) (79) (897) Translation differences 1 98 17 11 127 Other — (41) (1) — (42) Balance at December 31, 2021 22 1,734 349 221 2,326 Depreciation (3) (269) (126) (157) (555) Additions — 124 46 208 378 Divestitures (2) (196) (7) (7) (212) Change in the scope of consolidation 4 (11) (3) — (10) Translation differences 1 59 11 9 80 Other 1 (40) (5) (2) (46) Balance at December 31, 2022 € 23 € 1,401 € 265 € 272 € 1,961 For the year ended December 31, 2022, the Company recognized a total of €46 million of impairment losses and asset write-offs. Refer to Note 2, Basis of preparation - Use of estimates - Recoverability of non-current assets with definite useful lives, for further information on the impairment losses and asset write-offs recognized. For the year ended December 31, 2021, the Company recognized a total of €137 million of impairment losses and asset write-offs. These impairment charges were recognized within Cost of revenues in the Consolidated Income Statement for the years ended December 31, 2022, and 2021. In 2022, translation differences of €1,178 million primarily reflected the foreign currency transaction impacts of U.S. Dollar and Brazilian Real to the Euro. In 2021, translation differences of €1,265 million primarily reflected the foreign currency transaction impacts of U.S. Dollar and of Pound Sterling to the Euro. At December 31, 2022 and 2021, the carrying amounts of Property, plant and equipment of the Company (excluding the Right-of-Use assets described above) reported as pledged as security for debt and other commitments, was €1,400 million and €1,388 million, respectively. At December 31, 2022 and 2021, the Company had contractual commitments for the purchase of Property, plant and equipment amounting to €1,960 million and €1,712 million, respectively. |
Investments accounted for using
Investments accounted for using the equity method | 12 Months Ended |
Dec. 31, 2022 | |
Investments accounted for using equity method [abstract] | |
Investments accounted for using the equity method | 12. Investments accounted for using the equity method The following table summarizes Investments accounted for using the equity method: At December 31, 2022 2021 (€ million) Joint ventures € 4,561 € 5,635 Associates 195 297 Other 78 90 Total Investments accounted for using the equity method € 4,834 € 6,022 The Company's ownership percentages and the carrying value of investments in joint ventures accounted for under the equity method were as follows: Ownership percentage Investment balance At December 31, At December 31, 2022 2021 2022 2021 Joint ventures Ownership percentage (€ million) Finance companies in partnership with Santander Consumer Finance 50.0% 50.0% € 2,092 € 1,896 Finance companies in partnership with BNP Paribas Personal Finance 50.0% 50.0% 718 636 LeaseCo SAS 50.0% —% 323 — FCA Bank S.p.A. (1) 50.0% 50.0% — 1,858 Tofas-Turk Otomobil Fabrikasi A.S. 37.9% 37.9% 932 727 Automotive Cells Company SE (“ACC”) 33.0% 50.0% 177 89 StarPlus Energy LLC 49.0% —% 141 — GAC FIAT Chrysler Automobiles Co. 50.0% 50.0% — 130 Dongfeng Peugeot Citroën Auto Finance Company —% 25.0% — 137 Others 178 162 Total € 4,561 € 5,635 ________________________________________________________________________________________________________________________________________________ (1) The investment in FCA Bank S.p.A for the year ended December 31, 2022 has been reclassified to held for sale. Refer to Note 3, Scope of consolidation for additional information There were €158 million, €103 million and €7 million of unrecognized losses relating to investments in joint ventures for the years ended December 31, 2022, 2021 and 2020, respectively. Equity investments of the FCA Group with an acquisition fair value of €2,637 million were recognized on completion of the merger. Refer to Note 3, Scope of consolidation for additional information. On December 17, 2021, Stellantis announced the intention to reorganize its leasing activities in Europe with the intention to create a European multi-brand operational leasing company with Crédit Agricole Consumer Finance S.A. (“CACF”), (with each of Stellantis and CACF holding a 50 percent interest) that would result from the combination of the leasing activities of Leasys and the activities of Free2Move Lease (“F2ML”), a business unit created within the former Groupe PSA and which aims to develop the business to business (“B2B”) long-term leasing activity. In addition, the joint ventures with BNPP PF and SCF are planned to be reorganized so the joint ventures with BNPP PF will operate financing activities in Germany, Austria and in the UK and joint ventures with SCF will operate financing activities in France, Italy, Spain, Belgium, Poland, the Netherlands and through a commercial agreement with SCF in Portugal. The joint ventures’ financing activities will cover all Stellantis brands. The binding agreements organizing this overall reorganization were signed on March 31, 2022 between Stellantis and each of BNP Paribas Personal Finance, Crédit Agricole Consumer Finance and Santander Consumer Finance and the proposed transactions are targeted to be completed during the first half of 2023, subject to regulatory approvals including from relevant authorities and market regulators. As a result of the reorganization above of the leasing activities, Leasys was transferred from FCA Bank to LeaseCo, a joint venture held 50 percent by both Stellantis and CACF. Prior to the transaction Stellantis and CACF both held a 50 percent interest indirectly through FCA Bank, and following the transfer both Stellantis and CACF hold a 50 percent interest in Leasys indirectly through LeaseCo. Refer to Note 3, Scope of consolidation for additional information on the FCA Bank investment impairment. FCA Bank, a joint venture with CACF, operates in Europe, primarily in Italy, France, Germany, UK and Spain. FCA Bank provides retail and dealer financing services in the automotive sector, directly or through its subsidiaries as a partner of the FCA vehicle brands and for Maserati vehicles. There are two partnerships with Santander Consumer Finance, which covers the activities of financing and insurance of the Peugeot, Citroën and DS brands’ operations in the following countries: France, the United Kingdom, Malta, Spain, Italy, the Netherlands, Belgium, Germany, Austria, Brazil and Poland. The following tables include summarized financial information relating to the finance companies in partnership with Santander Consumer Finance: At December 31, 2022 2021 (€ million) Financial assets € 33,616 € 31,959 Of which: Cash and cash equivalents 2,527 2,758 Other assets 1,600 1,147 Financial liabilities 28,558 27,445 Other liabilities 2,474 1,869 Total Equity 4,184 3,792 Carrying amount of interest Company’s share of net assets 2,092 1,896 Carrying amount of interest € 2,092 € 1,896 Years ended December 31, 2022 2021 2020 (€ million) Interest and similar income € 2,592 € 2,300 € 2,249 Interest and similar expenses (1,258) (997) (979) Income tax expense (219) (210) (227) Profit from continuing operations 690 673 552 Net profit 690 673 552 Net profit attributable to owners of the parent (A) 345 336 276 Other comprehensive income/(loss) attributable to owners of the parent (B) (8) 15 (24) Total Comprehensive income attributable to owners of the parent (A+B) € 337 € 351 € 252 Company’s share of net profit € 345 € 336 € 276 Tofas, the Company’s joint venture with Koç Holding, is registered with the Turkish Capital Market Board and listed on the İstanbul Stock Exchange. At December 31, 2022, the market value of the Company’s interest in Tofas was €1,572 million (€976 million at December 31, 2021). The Company's proportionate share of the earnings of its joint ventures, associates and interests in unconsolidated subsidiaries accounted for using the equity method is included within Share of the profit/(loss) of equity method investees in the Consolidated Income Statement. The following table summarizes the share of profits of equity method investees included within Share of the profit/(loss) of equity method investees: Years ended December 31, 2022 2021 2020 (€ million) Joint Ventures (1) € 286 € 737 € (95) Associates 13 22 24 Other (35) (22) (3) Total Share of the profit/(loss) of equity method investees € 264 € 737 € (74) ________________________________________________________________________________________________________________________________________________ (1) Includes FCA Bank Immaterial Joint Ventures and Associates The aggregate amounts recognized for the Company’s share in all individually immaterial joint ventures and associates accounted for using the equity method were as follows: Years ended December 31, 2022 2021 2020 (€ million) Joint ventures: Profit/(loss) from continuing operations € (152) € 168 € (372) Net profit/(loss) (152) 168 (372) Other comprehensive loss (47) (72) (4) Total Other comprehensive (loss)/income € (199) € 96 € (376) Associates: Income/(loss) from continuing operations € 13 € 22 € 24 Net income/(loss) 13 22 24 Other comprehensive income — 13 — Total Other comprehensive income € 13 € 35 € 24 |
Financial assets
Financial assets | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of financial assets [abstract] | |
Financial assets | 13. Financial assets Financial assets consisted of the following: At December 31, 2022 2021 Note Current Non-current Total Current Non-current Total (€ million) Derivative financial assets 17 € 13 € 21 € 34 € 53 € — € 53 Financial securities measured at fair value through other comprehensive income 24 96 62 158 67 38 105 Financial securities measured at fair value through profit or loss 24 573 367 940 629 378 1,007 Financial securities measured at amortized cost 3,171 52 3,223 1,087 29 1,116 Financial receivables 469 158 627 65 117 182 Collateral deposits (1) 24 1 50 51 2 45 47 Total financial assets € 4,323 € 710 € 5,033 € 1,903 € 607 € 2,510 ______________________________________________________________________________________________________________________________ (1) Collateral deposits are held in connection with derivative transactions and debt obligations Financial securities measured at amortized cost increased by €2,107 million during the year ended December 31, 2022, mainly driven by the investments of liquidity in financial assets which do not meet all of the conditions to be classified as cash equivalents. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Inventories | 14. Inventories At December 31, 2022 2021 (€ million) Finished goods and goods for resale € 8,304 € 5,144 Work-in-progress, raw materials and manufacturing supplies 8,781 6,019 Amount due from customers for contract work 275 198 Total Inventories € 17,360 € 11,361 Inventories of FCA with an acquisition fair value of €9.3 billion were recognized on completion of the merger resulting in a revaluation of €522 million as compared to the book value in FCA that was reversed as the inventory turned during the first half of the year ended December 31, 2021. Refer to Note 3, Scope of consolidation for additional information. The increase in total inventories in 2022 compared to 2021 reflects increases in raw materials and components costs and safety stock, as well as an increase in new vehicle inventory levels mainly as a result of logistic challenges. In addition, due to the continuing effects of logistical challenges in Enlarged Europe, there was a significant increase in Finished goods as of December 31, 2022. The amount of inventory write-downs recognized primarily within Cost of revenues during the years ended December 31, 2022, 2021 and 2020 was €397 million, €479 million and €23 million, respectively. These mainly relate to finished goods. The Construction contracts, net asset/(liability) related to the design and production of industrial automation systems and related products and is summarized as follows: At December 31, 2022 2021 (€ million) Aggregate amount of costs incurred and recognized profits (less recognized losses) to date € 826 € 696 Less: Progress billings 662 552 Construction contracts, net asset/(liability) € 164 € 144 Construction contract assets 275 198 Less: Construction contract liabilities (Note 23) 111 54 Construction contracts, net asset/(liability) € 164 € 144 Changes in the Company's construction contracts, net asset/(liability) for the year ended December 31, 2022, were as follows: At January 1, 2022 Advances received from customers Amounts recognized within revenue At December 31, 2022 (€ million) Construction contracts, net asset/(liability) € 144 € (759) € 779 € 164 At December 31, 2022, the entire amount of Construction contracts, net asset/(liability) was expected to be recognized as revenue in the following 12 months. |
Working capital
Working capital | 12 Months Ended |
Dec. 31, 2022 | |
Working Capital [Abstract] | |
Working capital | 15. Working capital Years ended December 31, 2022 2021 2020 (€ million) (Increase)/decrease in inventories € (5,606) € 2,201 € 844 (Increase)/decrease in trade receivables (1,986) 246 191 Increase/(decrease) in trade payables 4,165 (1,273) 218 Other changes (1,054) 38 47 Total change in working capital € (4,481) € 1,212 € 1,300 The change in working capital in 2022 of €4,481 million includes (i) an increase of €5,606 million in inventories, reflecting increases in raw materials and components costs and safety stock, as well as an increase in new vehicle inventory levels mainly as a result of logistic challenges, (ii) an increase of €1,986 million in trade receivables primarily due to a reduction in level of factoring, (iii) an increase of €1,054 million in other receivables net of other payables mainly due to advances to suppliers and indirect taxes in Enlarged Europe, partially offset by (v) an increase of €4,165 million in trade payables, primarily reflecting increases in both inventories and costs of raw materials and components. |
Trade receivables, other assets
Trade receivables, other assets, prepaid expenses and Tax receivables | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other receivables [abstract] | |
Trade receivables, other assets, prepaid expenses and Tax receivables | 16. Trade receivables, other assets, prepaid expenses and tax receivables Other assets and prepaid expenses consisted of the following: At December 31 2022 2021 Current Non-current Total Current Non-current Total (€ million) Receivables from financing activities € 2,153 € 2,553 € 4,706 € 2,296 € 1,347 € 3,643 Other receivables 3,506 1,730 5,236 2,679 2,122 4,801 Defined benefit plan assets (Note 20) — 1,844 1,844 — 2,423 2,423 Derivative operating assets 587 286 873 641 114 755 Prepaid expenses and other 1,303 310 1,613 746 260 1,006 Total other assets and prepaid expenses € 7,549 € 6,723 € 14,272 € 6,362 € 6,266 € 12,628 The following table summarizes Receivables from financing activities, Other receivables, Derivative operating assets and Tax receivables by due date: At December 31, 2022 2021 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 € 2,153 € 1,918 € 635 € 2,553 € 4,706 € 2,296 € 923 € 424 € 1,347 € 3,643 Other receivables 3,506 1,614 116 1,730 5,236 2,679 1,773 349 2,122 4,801 Derivative operating assets 587 286 — 286 873 641 114 — 114 755 Total € 6,246 € 3,818 € 751 € 4,569 € 10,815 € 5,616 € 2,810 € 773 € 3,583 € 9,199 Tax receivables € 543 € 79 € 33 € 112 € 655 € 285 € 74 € 31 € 105 € 390 Trade receivables Trade receivables are shown net of an ECL allowance, calculated using the simplified approach. Changes in the allowance for trade receivables were as follows: At January 1, 2022 Provision Use and Transferred to Assets held for sale At December 31, 2022 (€ million) ECL allowance - Trade receivables € 482 € 159 € (74) € (5) € 562 Trade receivables of an immaterial amount were written off during the year ended December 31, 2022, and are still subject to enforcement activities. The following table provides information about the exposure to credit risk and ECLs for trade receivables: At December 31, 2022 2021 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 € 4,820 € 669 € 5,489 € 2,882 € 593 € 3,475 ECL allowance (178) (384) (562) (80) (402) (482) Carrying amount € 4,642 € 285 € 4,927 € 2,802 € 191 € 2,993 In addition to the amounts above, a further €1 million at December 31, 2022 (€5 million at December 31, 2021) of trade receivables were measured at FVPL. Refer to Note 24, Fair value measurement . Receivables from financing activities Receivables from financing activities mainly relate to the business of financial services companies fully consolidated by the Company and are summarized as follows: At December 31, 2022 2021 (€ million) Dealer financing € 1,644 € 1,499 Retail financing 2,475 1,438 Finance leases 7 5 Other 580 701 Total Receivables from financing activities € 4,706 € 3,643 Receivables from financing activities are shown net of an ECL allowance. Changes in the allowance for receivables from financing activities were as follows: At January 1, 2022 Provision Use and Transferred to Assets held for sale At December 31, 2022 (€ million) ECL allowance - Receivables from financing activities € 121 € 96 € (45) € — € 172 Receivables from financing activities of an immaterial amount were written off during the year ended December 31, 2022, and are still subject to enforcement activities. The following table provides information about the exposure to credit risk and ECLs for receivables from financing activities: At December 31, 2022 2021 Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total (€ million) Gross amount € 4,492 € 69 € 58 € 4,619 € 3,359 € 108 € 45 € 3,512 ECL allowance (138) (22) (12) (172) (105) (8) (8) (121) Carrying amount € 4,354 € 47 € 46 € 4,447 € 3,254 € 100 € 37 € 3,391 In addition to the amounts above, a further €259 million at December 31, 2022 (€252 million at December 31, 2021) of receivables from financing activities were measured at FVPL. Refer to Note 24, Fair value measurement . Other receivables At December 31, 2022, Other receivables primarily consisted of tax receivables for VAT and other indirect taxes of €3,545 million (€3,370 million at December 31, 2021). During 2017, the Brazilian Supreme Court ruled that the state value added tax should be excluded from the basis for calculating a federal tax on revenue. The Brazilian government appealed this decision, and in May 2021, the Brazilian Supreme Court rendered a final and definitive decision confirming the 2017 decision. Certain of Stellantis’ companies in Brazil had previously filed individual lawsuits on this matter. During the year ended December 31, 2021, as a result of the Supreme Court ruling, the previously recognized provision of €166 million related to PSA was no longer considered probable and was reversed. Corresponding deposits of approximately €180 million remain recorded within Other receivables pending release by the courts. During the year ended December 31, 2021, other receivables of €113 million of which €87 million were recognized within Net revenues and €26 million within Net financial results for previously paid amounts that have not yet been recovered as these amounts are now virtually certain. The Company also expects to recognize approximately an additional €48 million of previously paid taxes pending full resolution of these related cases. During the year ended December 31, 2022, deposits of €144 million were released and received. The remaining amount of approximately €70 million is recorded within Other receivables. Transfer of financial assets At December 31, 2022, the Company had receivables due after that date, which had been transferred without recourse and which were derecognized in accordance with IFRS 9 – Financial Instruments, amounting to €13,935 million (€12,509 million at December 31, 2021), of which 66 percent (57 percent at December 31, 2021), was mainly due from the sales network, transferred to financing companies in partnership with Santander, BNP Paribas and Crédit Agricole. At December 31, 2022 and 2021, the carrying amount of transferred financial assets not derecognized and the related liabilities were as follows: At December 31, 2022 2021 Trade receivables Receivables Total Trade Receivables Total (€ million) Carrying amount of assets transferred and not derecognized € 119 € 9 € 128 € 137 € 12 € 149 Carrying amount of the related liabilities (Note 22) € 119 € 9 € 128 € 137 € 12 € 149 |
Derivative financial and operat
Derivative financial and operating assets and liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Financial Instruments [Abstract] | |
Derivative financial and operating assets and liabilities | 17. Derivative financial and operating assets and liabilities The following table summarizes the fair value of the Company's derivative financial instruments: At December 31, 2022 2021 Positive fair Negative fair Positive fair Negative fair (€ million) Fair value hedges: Interest rate risk - interest rate swaps € — € — € — € — Interest rate and currency risk - combined interest rate and currency swaps — — 1 (2) Currency risk - forward contracts, currency swaps and currency options 25 (22) 184 (80) Commodity price risk – commodity swaps and commodity options — — — — Total Fair value hedges 25 (22) 185 (82) Cash flow hedges: Interest rate risk - interest rate swaps 19 — 1 (3) Currency risks - forward contracts, currency swaps and currency options 423 (266) 73 (160) Commodity price risk – commodity swaps and commodity options 406 (637) 488 (274) Total Cash flow hedges 848 (903) 562 (437) Net investment hedges: Currency risks - forward contracts, currency swaps and currency options — — — — Total Net investment hedges — — — — Derivatives for trading 34 (25) 61 (82) Total Fair value of derivative financial assets/(liabilities) € 907 € (950) € 808 € (601) Financial derivative assets/(liabilities) - current € 13 € (18) € 53 € (89) Financial derivative assets/(liabilities) - non-current € 21 € — € — € (6) Derivative operating assets/(liabilities) - current € 587 € (708) € 641 € (374) Derivative operating assets/(liabilities) - non-current € 286 € (224) € 114 € (132) Derivatives used in financing activities are reported in the financial assets/liabilities, while derivatives used in operating activities are reported in Other assets/liabilities. The following table summarizes the outstanding notional amounts of the Company's derivative financial instruments by due date: At December 31, 2022 2021 Due within one year Due between one and Due beyond Total Due within one year Due between Due Total (€ million) Currency risk management € 22,142 € 5,831 € — € 27,973 € 19,842 € 5,759 € — € 25,601 Interest rate risk management 220 830 — 1,050 323 337 — 660 Interest rate and currency risk management 14 101 — 115 10 93 — 103 Commodity price risk management 3,291 3,252 — 6,543 2,131 1,635 — 3,766 Total Notional amount € 25,667 € 10,014 € — € 35,681 € 22,306 € 7,824 € — € 30,130 Fair value hedges The net gains and losses arising from the valuation of outstanding currency derivatives and interest rate and currency derivatives (for managing currency risk) were recognized in accordance with fair value hedge accounting and the net gains and losses arising from the respective hedged items are summarized as follows: Years ended December 31, 2022 2021 2020 (€ million) Currency and interest rate risk Change in ineffective portion € (34) € (16) € (10) Net gains/(losses) € (34) € (16) € (10) Ineffectiveness portion is recognized in Net financial expenses. Cash flow hedges Amounts recognized in the Consolidated Income Statement mainly related to currency risk management and commodity price risk management and, to a lesser extent, cash flows that were exposed to interest rate risk. The Company's policy for managing currency risk and commodity price risk normally required hedging of projected future flows from trading activities which will occur within the following twenty-four For the year ended December 31, 2022 net losses of €6 million related to ineffectiveness were recognized in the Consolidated Income Statement (net gains €2 million for the year ended December 31, 2021 and nil for the year ended December 31, 2020). The Company reclassified gains/(losses) arising on Cash flow hedges, net of the tax effect, from Other comprehensive income and Inventories to the Consolidated Income Statement as follows: Years ended December 31, 2022 2021 2020 (€ million) Currency risk (Increase)/Decrease in Cost of revenues € (111) € (82) € 6 Net financial income/(expenses) — (86) — Result from investments (10) 20 — Interest rate risk Result from investments (59) (6) — Net financial expenses — 2 — Commodity price risk Decrease/(Increase) in Cost of revenues 464 18 (34) Ineffectiveness and discontinued hedges (6) 2 — Tax expense (99) 5 8 Total recognized in the Consolidated Income Statement € 179 € (127) € (20) Net investment hedges In order to manage the Company’s foreign currency risk related to its investments, the Company enters into hedges of a net investment in a foreign operation, in particular foreign currency swaps, forward contracts and currency options. For the year ended December 31, 2022, gains of €100 million (nil for the years ended December 31, 2021 and 2020) related to the hedges of a net investment in foreign operation were recognized in Other comprehensive gain within currency translation differences. There was no ineffectiveness for the year ended December 31, 2022. Derivatives for trading At December 31, 2022, 2021 and 2020, Derivatives for trading primarily consisted of derivative contracts entered into for hedging purposes which did not qualify for hedge accounting. |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Cash and cash equivalents | 18. Cash and cash equivalents Cash and cash equivalents consisted of the following: At December 31, 2022 2021 (€ million) Cash at banks € 9,836 € 13,176 Money market securities measured at FVTPL 20,870 25,042 Other cash equivalents 15,727 11,411 Total Cash and cash equivalents € 46,433 € 49,629 Cash and cash equivalents of the FCA Group with an acquisition fair value of €22,514 million were recognized on completion of the merger. Refer to Note 3, Scope of consolidation for additional information. Cash and cash equivalents held in certain foreign countries (primarily in Argentina, with an amount of €910 million at December 31, 2022) were subject to local exchange control regulations providing restrictions on the amount of cash, other than dividends, that can leave the country. In addition, a certain amount of cash and cash equivalent was held related to our entities in Russia (totaling €121 million at December 31, 2022). Certain specific uses of these resources may be restricted by the trade and financial sanctions adopted by various governments around the world and the counter-sanctions imposed by the Russian government. Refer to Note 3, Scope of consolidation for additional information. Cash and cash equivalents include €107 million at December 31, 2022 held in bank deposits which are restricted to the operations related to securitization programs and warehouse credit facilities of Stellantis Financial Services. These deposits are primarily used for the collection of the loan installments from customers and the payment of debt and service costs and to the originator Stellantis Financial Services itself, according to the programs and facilities regulation. Refer to Note 22, Debt for additional information on securitization programs and warehouse credit facilities. |
Share-based compensation
Share-based compensation | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangements [Abstract] | |
Share-based compensation | 19. Share-based compensation 2022-2024 Long Term Incentive Plan At the General Meeting of Shareholders in April 2021, shareholders approved the Company’s framework equity incentive plan under which the 2022-2024 Long-Term Incentive Plan (“2022-2024 LTIP”) operates. In July and September 2022, the Company granted a total of approximately 8.8 million Performance Share Units (“PSU”) and approximately 4.3 million Restricted Share Units (“RSU”) awards to eligible employees under the 2022-2024 LTIP. In December 2022, the Company granted 0.6 million PSU and 0.6 million RSU additional awards. The PSU awards, which represent the right to receive Stellantis common shares, have certain performance targets which are settled independently of each other. Of the total PSU awards, 40 percent are expected to vest based on certain market performance conditions (“PSU TSR awards”) covering an approximate three year performance period from the grant date to December 31, 2024, with a payout scale ranging from 0 percent to 200 percent . Of the total PSU awards, 40 percent are expected to vest based on the Company’s targets for the achievement of synergies less implementation costs (“PSU Synergies”), following the completion of the merger, covering an approximate three year period from the grant date to December 31, 2024, with a payout scale ranging from 0 percent to 100 percent. Ten percent of the PSU awards are expected to vest based on the achievement of certain regulatory emissions compliance targets (“PSU Compliance”) in the years ending December 31, 2022, 2023 and 2024. The remaining 10 percent of the PSU awards are expected to vest based on the achievement of certain vehicle nameplate electrification targets (“PSU Electrification”), covering an approximate three-year period from the grant date to December 31, 2024, with a payout scale ranging from 0 percent to 100 percent. Accordingly, the total number of shares that are expected to be issued could vary from the original award of approximately 9.4 million units. If the performance goals for the respective periods are met, the PSU awards are expected to vest in one tranche in the second quarter of 2025. The RSU awards (“2022 RSU awards”), which represents the right to receive Stellantis common shares, are expected to vest in the second quarter of 2025. The fair values of the PSU Synergies, PSU Compliance, PSU Electrification and the RSU awards were measured using the Stellantis share price on the grant date, adjusted for expected dividends at a constant yield as these PSU and RSU awards do not have the right to receive ordinary dividends prior to vesting. The fair value of the PSU TSR awards were calculated using a Monte Carlo Simulation. 2021-2023 Long Term Incentive Plan At the General Meeting of Shareholders in April 2021, shareholders approved the Company’s framework equity incentive plan. under which the 2021-2023 Long-Term Incentive Plan (“2021-2023 LTIP”) operates. In June 2021, the Company granted a total of approximately 6.0 million PSU and approximately 2.7 million RSU awards to eligible employees under the 2021-2023 LTIP. In September and October 2021, the Company granted approximately 1.3 million PSU and 1.0 million RSU additional awards. In December 2021, the Company granted 0.4 million PSU special awards. These have certain performance targets which are settled independently of each other and are expected to vest based on the Company’s targets for achievement of fixed costs, Adjusted operating income margin and break-even level, covering an approximate two year period from January 18, 2021 to December 31, 2022, with a payout scale ranging from 0 percent to 100 percent. The PSU awards, which represent the right to receive Stellantis common shares, have certain performance targets which are settled independently of each other. Of the total PSU awards, 40 percent are expected to vest based on certain market performance conditions covering an approximate three year performance period from January 18, 2021 (the date of the completion of the merger) to December 31, 2023, with a payout scale ranging from 0 percent to 200 percent. Of the total PSU awards, 40 percent are expected to vest based on the Company’s targets for the achievement of synergies less implementation costs, following the completion of the merger, covering an approximate three year period from January 18, 2021 to December 31, 2023, with a payout scale ranging from 0 percent to 100 percent. 10 percent of the PSU awards are expected to vest based on the achievement of certain regulatory emissions compliance targets in the years ending December 31, 2021, 2022 and 2023. The remaining 10 percent of the PSU awards are expected to vest based on the achievement of certain vehicle nameplate electrification targets, covering an approximate three-year period from January 18, 2021 to December 31, 2023, with a payout scale ranging from 0 percent to 100 percent. Accordingly, the total number of shares that are expected to be issued could vary from the original award of approximately 7.3 million units. If the performance goals for the respective periods are met, the PSU awards are expected to vest in one tranche in the second quarter of 2024. The RSU awards (“2021 RSU awards”), which represents the right to receive Stellantis common shares, are expected to vest in the second and fourth quarters of 2024 for the awards granted during the six months ended June 30, 2021, and during the six months ended December 31, 2021, respectively. The fair values of the PSU Synergies, PSU Compliance, PSU Electrification and the RSU awards were measured using the Stellantis share price on the grant date, adjusted for expected dividends at a constant yield as these PSU and RSU awards do not have the right to receive ordinary dividends prior to vesting. The fair value of the PSU TSR awards were calculated using a Monte Carlo Simulation. Chief Executive Officer Shareholder Incentive Awards In June 2021, the Company provided a long-term incentive award of 1.0 million PSUs to the Chief Executive Officer. The incentive award vests based on the achievement of absolute total shareholder return performance, covering the period starting January 18, 2021 and ending January 17, 2026, with a payout scale ranging from 0 percent to 200 percent. The fair values of the special PSU awards were measured using a Monte Carlo Simulation. Other Restricted Share Unit and Performance Share Unit Grants During the year ended December 31, 2022, the Company granted approximately 0.3 million RSU awards and 0.1 million PSU awards to certain key employees of the Company, which represents the right to receive Stellantis common shares. A portion of these awards are expected to vest in 2023 with the remaining portion expected to vest in 2024, 2025 or 2026, in accordance with the award agreements. The fair values of the PSU Synergies, PSU Compliance, PSU Electrification and the RSU awards were measured using the Stellantis share price on the grant date, adjusted for expected dividends at a constant yield as these PSU and RSU awards do not have the right to receive ordinary dividends prior to vesting. The fair value of the PSU TSR awards were calculated using a Monte Carlo Simulation. During the year ended December 31, 2021, the Company granted approximately 0.8 million RSU awards to certain key employees of the Company, which represents the right to receive Stellantis common shares. A portion of these awards are expected to vest in 2022, with the remaining portion expected to vest in 2023 or 2024, in accordance with the award agreements. The fair values of these RSU awards were measured using the Stellantis share price on the grant date, adjusted for expected dividends at a constant yield as these RSU awards do not have the right to receive ordinary dividends prior to vesting. Share-based payment plans issued by the former FCA As a result of the merger, each outstanding legacy FCA PSU award, and each outstanding legacy FCA RSU award has been replaced by Stellantis RSU awards (“replacement Stellantis RSU awards”), which will continue to be governed by the same terms and conditions, including service-based vesting terms. Both the legacy FCA PSU Adjusted EBIT and legacy FCA PSU TSR awards were deemed to be satisfied at target upon conversion to Stellantis RSU awards. On completion of the merger 24.3 million replacement Stellantis RSU awards were granted. In line with the guidance in IFRS 2 - Share-based payment and IFRS 3 - Business combinations, the fair value of the Stellantis RSU awards was determined based on the FCA share price as of January 15, 2021, with a portion of this fair value included in the consideration transferred, which has been determined by multiplying the fair value of the original FCA awards as of January 15, 2021 by the portion of the requisite service period that elapsed prior to the merger divided by the total service period. The remaining portion of the fair value is expected to be recognized within the Stellantis income statement over the remaining vesting term. The replacement Stellantis RSU awards, which represents the right to receive Stellantis common shares are expected to vest in 2023 in accordance with the award agreements. Share-based payment plans issued by former PSA As a result of the merger, each outstanding legacy PSA PSU award has been replaced by Stellantis RSU awards (“replacement Stellantis RSU awards”), which will continue to be governed by the same terms and conditions, including service-based vesting terms. The legacy PSA PSU awards were deemed to be either totally or partially satisfied upon conversion into Stellantis RSU awards. Refer below for further details regarding the conversion of the awards to Stellantis RSU awards. 2018 performance share plan In 2018, a performance share plan was established. The allocation of performance shares was subject to a condition of service within PSA at the end of the vesting period. In light of the objectives, half of the shares vested in April 2021 with the remaining portion vested in April 2022. On completion of the merger 4.1 million replacement Stellantis RSU awards were granted, in respect of this plan, with an additional 0.2 million granted for the equal distribution of Faurecia. 2019 performance share plan In 2019, a performance share plan was established. The allocation of performance shares was subject to a condition of service within PSA at the end of the vesting period. In light of the objectives, the shares are vested in two equal parts with one part vested in May 2022 and the remaining part expected to be vested in May 2023. On completion of the merger 4.3 million replacement Stellantis RSU awards were granted, in respect of this plan, with an additional 0.3 million granted for the equal distribution of Faurecia. 2020 performance share plan In 2020, a performance share plan was established. The allocation of performance shares was subject to a condition of service within PSA at the end of the vesting period. The shares are expected vest in May 2023. On completion of the merger 4.6 million replacement Stellantis RSU awards were granted, in respect of this plan, with an additional 0.3 million granted for the equal for distribution of Faurecia. PSU Awards Changes during 2022 and 2021 for the PSU awards under the 2022-2024 and 2021-2023 LTIPs were as follows: 2022 PSU TSR Weighted PSU Synergies Weighted PSU Compliance Weighted PSU Electrification Weighted Outstanding shares unvested at January 1 2,757,605 € 17.07 2,757,605 € 14.55 689,516 € 14.55 689,285 € 14.55 Granted 3,803,956 10.38 3,803,956 11.29 950,992 11.29 950,986 11.29 Vested — — — — — — — — Canceled — — — — — — — — Forfeited (209,121) 16.50 (209,121) 14.27 (52,286) 14.27 (52,273) 14.27 Outstanding shares unvested at December 31 6,352,440 € 13.09 6,352,440 € 12.61 1,588,222 € 12.61 1,587,998 € 12.61 2021 PSU TSR Weighted PSU Synergies Weighted PSU Compliance Weighted PSU Electrification Weighted Outstanding shares unvested at January 1 — € — — € — — € — — € — Granted 2,934,454 17.07 2,934,454 14.55 733,729 14.55 733,498 14.55 Vested — — — — — — — — Canceled — — — — — — — — Forfeited (176,849) 17.07 (176,849) 14.55 (44,213) 14.55 (44,213) 14.55 Outstanding shares unvested at December 31 2,757,605 € 17.07 2,757,605 € 14.55 689,516 € 14.55 689,285 € 14.55 The fair values of the PSU TSR awards were calculated using a Monte Carlo simulation model. The key assumptions utilized to calculate the grant-date fair values for the PSU TSR awards are summarized below: 2022 2021 Key assumptions PSU TSR Awards Range Grant date stock price €12.51 - €13.33 €16.98 - €17.68 Expected volatility 42 % 41 % Risk-free rate 0.4 % (0.69) % The expected volatility was based on the observed historical volatility for common shares of Stellantis. The risk-free rate was derived from the yield on Euro Area Government Bonds of appropriate term, as detailed by the European Central Bank. The weighted average fair value of the PSU Synergies, PSU Compliance and PSU Electrification awards that were granted during year ended December 31, 2022 and 2021 were measured using the Stellantis stock price on the grant date, adjusted for expected dividends at a constant yield as these PSU awards do not have the right to receive ordinary dividends prior to vesting. RSU awards Changes during 2022 and 2021 for the RSU awards under the 2022-2024 and 2021-2023 LTIPs were as follows: 2022 2021 RSUs Weighted RSUs Weighted Outstanding shares unvested at January 1 4,316,256 € 14.62 — € — Granted 5,186,760 11.45 4,499,970 14.62 Vested (310,968) 16.11 — — Canceled — — — — Forfeited (367,105) 14.02 (183,714) 14.62 Outstanding shares unvested at December 31 8,824,943 € 12.77 4,316,256 € 14.62 The weighted average fair value of the RSU awards that were granted at December 31, 2022 and 2021, were measured using the Stellantis stock price on the grant date, adjusted for expected dividends at a constant yield as these RSU awards do not have the right to receive ordinary dividends prior to vesting. Replacement Stellantis RSU awards Changes during 2022 and 2021 for the Replacement Stellantis RSU awards from share-based payment plans issued by the former FCA Group were as follows: 2022 2021 Replacement Stellantis RSU awards Weighted Replacement Stellantis RSU awards Weighted Outstanding shares unvested at January 1 17,520,829 € 11.08 — € — Anti-dilution adjustment — — 2,181,936 11.09 Granted — — 24,321,968 11.14 Vested (6,923,401) 10.19 (8,438,777) 11.30 Canceled — — — — Forfeited (875,295) 10.05 (544,298) 10.32 Outstanding shares unvested at December 31 9,722,133 € 9.95 17,520,829 € 11.08 The weighted average fair value of the RSU awards that were granted at December 31, 2022 and 2021 were measured using the Stellantis stock price on the grant date, adjusted for expected dividends at a constant yield as these PSU and RSU awards do not have the right to receive ordinary dividends prior to vesting. Changes during 2022, 2021 and 2020 for the Replacement Stellantis RSU awards from share-based payment plans issued by former PSA were as follows: 2022 2021 2020 Replacement Stellantis RSU awards Weighted Replacement Stellantis RSU awards Weighted Replacement Stellantis RSU awards Weighted Outstanding shares unvested at January 1 11,573,960 € 7.9 8,576,981 € 15.3 9,574,500 € 16.53 Anti-dilution adjustment — — 7,278,029 — 8,786 — Granted — — — — 2,740,165 10.34 Vested (4,187,770) 8.78 (4,245,183) 9.15 (2,153,500) 13.77 Canceled — — — — (1,299,970) 16.79 Forfeited (964,112) 7.76 (35,867) 8.99 (293,000) 11.35 Outstanding shares unvested at December 31 6,422,078 € 6.71 11,573,960 € 7.9 8,576,981 € 15.3 The weighted average fair value of the RSU awards that were granted at December 31, 2022, 2021 and 2020 were measured using the Stellantis stock price on the grant date, adjusted for expected dividends at a constant yield as these PSU and RSU awards do not have the right to receive ordinary dividends prior to vesting. Anti-dilution adjustments - RSU awards The documents governing long-term incentive plans contain anti-dilution provisions which provide an adjustment to the number of awards granted under the plans in order to preserve, or alternatively prevent the enlargement of, the benefits intended to be made available to the recipients of the awards should an event occur that impacted the Company’s capital structure. There were no anti-dilution adjustments in 2022. In March 2021, the Remuneration Committee approved the methodology to calculate the conversion factor of 1.0670166 that was applied to outstanding awards under the Long Term Incentive Plan to make equity award holders whole for the resulting diminution in the value of n Stellantis common share as a result of the distribution of Faurecia shares and cash to holders of Stellantis common shares on March 22, 2021 (March 15, 2021 ex-dividend date). In May 2021, the Remuneration Committee approved the methodology to calculate the conversion factor of 1.0216283 that was applied to certain of the outstanding awards under the Long Term Incentive Plan to make equity award holders whole for the resulting diminution in the value of a Stellantis common share as a result of the extraordinary Distribution contemplated by the merger, as approved by Shareholders on April 15, 2021, to holders of Stellantis common shares on April 28, 2021 (April 19, 2021 ex-dividend date). There were no changes to the total cost of these awards to be amortized over the remaining vesting period as a result of these adjustments. The following table reflects the changes resulting from the anti-dilution adjustments: 2021 Anti-dilution adjustment RSU Awards: Number of awards - as adjusted 3,179,903 Share-based Compensation Expense Total expense for the PSU awards and RSU awards of approximately €170 million, €201 million and €34 million was recorded for the years ended December 31, 2022, 2021 and 2020, respectively. |
Employee benefits liabilities
Employee benefits liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Employee Benefits [Abstract] | |
Employee benefits liabilities | 20. Employee benefits liabilities Employee benefits liabilities consisted of the following: At December 31, 2022 2021 Current Non-current Total Current Non-current Total (€ million) Pension benefits € 43 € 2,783 € 2,826 € 129 € 4,045 € 4,174 Health care and life insurance plans 126 1,596 1,722 126 2,132 2,258 Other post-employment benefits 56 771 827 66 1,090 1,156 Other provisions for employees 320 741 1,061 363 798 1,161 Total Employee benefits liabilities € 545 € 5,891 € 6,436 € 684 € 8,065 € 8,749 Employee benefits liabilities of the FCA Group with an acquisition fair value of €8.8 billion were recognized on completion of the merger. Refer to Note 3, Scope of consolidation for additional information. The Company recognized total expense related to continuing op erations of €2,018 million f or defined contribution plans for the year ended December 31, 2022 (€1,812 million in 2021 and €462 million in 2020). The Company’s defined benefit liabilities were remeasured at December 31, 2022 resulting in a decrease in the net liability of approx imately €1.79 billion primarily due to increases in discount rates of €7.41 billion partially offset by a negative return on assets of €6.17 billion. The following table summarizes the fair value of defined benefit obligations and the fair value of related plan assets: At December 31, 2022 2021 (€ million) Present value of defined benefit obligations: Pension benefits € 23,652 € 30,231 Health care and life insurance plans 1,722 2,258 Other post-employment benefits 805 1,125 Total present value of defined benefit obligations (a) 26,179 33,614 Fair value of plan assets (b) 22,676 28,475 Asset ceiling (c) 28 26 Total net defined benefit plans (a - b + c) 3,531 5,165 of which: Net defined benefit liability (d) 5,375 7,588 Defined benefit plan asset (Note 16) (1,844) (2,423) Other provisions for employees (e) 1,061 1,161 Total Employee benefits liabilities (d + e) € 6,436 € 8,749 Pension benefits The Company’s funding policy for defined benefits pension plans was to contribute the minimum amounts required by applicable laws and regulations or to directly pay benefit payments where appropriate. In the U.S., these excess amounts w ere tracked and the resulting credit balance can be used to satisfy minimum funding requirements in future years. At December 31, 2022, the combined credit balances for the U.S. and Canada qualified pension plans were approximately €1.6 billion, with the usage of the credit balances to satisfy minimum funding requirements subject to the plans maintaining certain funding levels. During the year ended December 31, 2022, the Company made pension contributions in the U.S. and Canada totaling €314 million. Contributions to the pension plans of the Company for 2023 are expected to be €123 million, including both contributions to pension funds and direct benefit payments to employees. Of this amount, €79 million relates to the U.S. and Canada, with €78 million being mandatory contributions and €1 million discretionary contributions, €8 million relates to the UK, and €12 million relates to Germany. The expected benefit payments for pension plans are as follows: Expected benefit (€ million) 2023 € 1,746 2024 € 1,731 2025 € 1,728 2026 € 1,740 2027 € 1,736 2028-2032 € 8,539 The following table summarizes changes in pension plans: 2022 2021 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 € (24,197) € (2,480) € (3,141) € (413) € (30,231) € — € (2,132) € (4,603) € (180) € (6,915) Effect of changes in scope of consolidation and other 22 1 (283) 34 (226) (23,698) (256) 444 (197) (23,707) Service cost (160) — (57) (11) (228) (153) — (74) (11) (238) Interest cost (729) (44) (46) (9) (828) (613) (32) (25) (8) (678) Benefit payments for the year 1,564 97 105 24 1,790 1,291 113 367 18 1,789 Participant contributions (1) — — — (1) (1) — — (1) (2) Actuarial gains and (losses) 5,568 756 750 149 7,223 624 (13) 568 (26) 1,153 Demographic assumptions and experience 58 (71) (219) (23) (255) 85 (74) 61 5 77 Financial assumptions 5,510 827 969 172 7,478 539 61 507 (31) 1,076 Effect of changes in exchange rates (1,265) 128 — (12) (1,149) (1,647) (162) — (8) (1,817) Past service cost (3) (3) — 2 (4) — 2 182 — 184 Effect of curtailments and settlements/Other — — 1 1 2 — — — — — At period-end: Present value € (19,201) € (1,545) € (2,671) € (235) € (23,652) € (24,197) € (2,480) € (3,141) € (413) € (30,231) Plan Assets At beginning of period: Fair value € 21,856 € 3,148 € 3,238 € 233 € 28,475 € — € 2,707 € 4,022 € 147 € 6,876 Effect of changes in scope of consolidation and other (29) — 264 (26) 209 19,927 212 (245) 92 19,986 Expected return on assets 660 56 47 2 765 524 40 22 2 588 Participant contributions 1 — — — 1 1 — — 1 2 Administrative Expenses (82) (1) — (1) (84) (72) — — — (72) Actuarial gains and (losses) (4,267) (978) (909) (20) (6,174) 1,359 56 (207) (4) 1,204 Effect of changes in exchange rates 1,067 (165) — 2 904 1,370 201 — 1 1,572 Employer contributions 309 26 8 2 345 35 45 7 4 91 Benefit payments for the year (1,556) (97) (101) (11) (1,765) (1,288) (113) (361) (10) (1,772) At period-end: Fair value € 17,959 € 1,989 € 2,547 € 181 € 22,676 € 21,856 € 3,148 € 3,238 € 233 € 28,475 2022 2021 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 € (19,201) € (1,545) € (2,671) € (235) € (23,652) € (24,197) € (2,480) € (3,141) € (413) € (30,231) Fair value of plan assets 17,959 1,989 2,547 181 22,676 21,856 3,148 3,238 233 28,475 Net (liability) asset recognized in the balance sheet before minimum funding requirement (IFRIC 14) (1,242) 444 (124) (54) (976) (2,341) 668 97 (180) (1,756) Minimum funding requirement liability (IFRIC 14) (28) — — — (28) (26) — — — (26) Net (liability) asset recognized in the balance sheet (1,270) 444 (124) (54) (1,004) (2,367) 668 97 (180) (1,782) Of which, liability (2,528) (38) (192) (68) (2,826) (3,659) (65) (270) (180) (4,174) Of which, asset 1,258 482 68 14 1,822 1,292 733 367 — 2,392 Amounts recognized in the Consolidated Income Statement were as follows: Years ended December 31, 2022 2021 2020 (1) (€ million) Current service cost € 228 € 238 € 208 Interest expense 828 678 99 Interest income (765) (588) (111) Other administration costs 83 73 — Past service costs/(credits) and (gains)/losses arising from settlements/curtailments 3 (184) (18) Items relating to discontinued operations — — (33) Total recognized in the Consolidated Income Statement € 377 € 217 € 145 ____________________________________________________________________________________________________ (1) 2020 amounts include Other post-employment benefits During the year ended December 31, 2021, there was a prior service credit primarily due to an amendment to benefits offered which incentivizes employees to elect lump sum or installment options over annuity payouts. The fair value of plan assets by class was as follows: At December 31, 2022 2021 Amount of which have a Amount of which have a (€ million) Cash and cash equivalents € 961 € 850 € 922 € 780 U.S. equity securities 908 906 1,244 1,242 Non-U.S. equity securities 641 641 732 731 Equity commingled funds 1,445 399 2,058 498 Equity instruments 2,994 1,946 4,034 2,471 Government securities 2,262 986 6,176 1,212 Corporate bonds (including convertible and high yield bonds) 4,333 14 8,375 — Other fixed income 4,950 37 1,583 — Fixed income securities 11,545 1,037 16,134 1,212 Private equity funds 2,965 — 3,125 — Diversified Commingled funds 125 34 — — Real estate funds 1,343 4 1,015 — Hedge funds 2,634 — 2,718 — Investment funds 7,067 38 6,858 — Insurance contracts and other 109 73 527 18 Total fair value of plan assets € 22,676 € 3,944 € 28,475 € 4,481 Non-U.S. equity securities were invested broadly in developed international and emerging markets. Fixed income securities were debt instruments primarily comprised of long-term U.S. Treasury and global government bonds, as well as U.S., developed international and emerging market companies’ debt securities diversified by sector, geography and through a wide range of market capitalizations. Private equity funds included those in limited partnerships that invest primarily in the equity of companies that are not publicly traded on a stock exchange. Private debt funds included those in limited partnerships that invest primarily in the debt of companies and real estate developers. Commingled funds included common collective trust funds, mutual funds and other investment entities. Real estate fund investments included those in limited partnerships that invest in various commercial and residential real estate projects around the world. Hedge fund investments included those seeking to maximize absolute return using a broad range of strategies to enhance returns and provide additional diversification. The investment strategies and objectives for pension assets primarily in the U.S., Canada, France, Germany and UK reflected a balance of liability-hedging and return-seeking investment considerations. The investment objectives were to minimize the volatility of the value of pension assets relative to pension liabilities and to ensure that assets were sufficient to pay plan obligations. The objective of minimizing the volatility of assets relative to liabilities was addressed primarily through asset diversification, partial asset-liability matching and hedging. Assets were broadly diversified across many asset classes to achieve risk-adjusted returns that, in total, lower asset volatility relative to the liabilities. Additionally, in order to minimize pension asset volatility relative to the pension liabilities, a portion of the pension plan assets were allocated to fixed income securities. The Company policy for these plans ensured actual allocations were in line with target allocations as appropriate. Assets were actively monitored and managed primarily by external investment managers. Investment managers were not permitted to invest outside of the asset class or strategy for which they had been appointed. The Company used investment guidelines to ensure investment managers invested solely within the mandated investment strategy. Certain investment managers used derivative financial instruments to mitigate the risk of changes in interest rates and foreign currencies impacting the fair values of certain investments. Derivative financial instruments could also be used in place of physical securities when it was more cost-effective and/or efficient to do so. Plan assets did not include the Company shares or properties occupied by Stellantis companies, with the possible exception of commingled investment vehicles where the Company did not control the investment guidelines. Sources of potential risk in pension plan assets were related to market risk, interest rate risk and operating risk. Market risk was mitigated by diversification strategies and as a result, there were no significant concentrations of risk in terms of sector, industry, geography, market capitalization, manager or counterparty. Interest rate risk was mitigated by partial asset-liability matching. The fixed income target asset allocation partially matched the bond-like and long-dated nature of the pension liabilities. Interest rate increases generally will result in a decline in the fair value of the investments in fixed income securities and the present value of the obligations. Conversely, interest rate decreases will generally increase the fair value of the investments in fixed income securities and the present value of the obligations. Operating risks were mitigated through ongoing oversight of external investment managers’ style adherence, team strength and firm health. The weighted average assumptions used to determine defined benefit obligations were as follows: At December 31, 2022 2021 U.S. Canada UK France Germany U.S. Canada UK France Germany Discount rate 5.40% 5.27% 4.52% 4.01% 3.56% 2.85% 3.15% 1.82% 1.14% 1.38% Future salary increase rate —% 3.50% 2.55% 2.68% 2.80% —% 3.50% —% 1.82% 2.30%/ 2.55% The average duration of U.S., Canada, UK, France and Germany liabilities was approximat ely 9, 10, 13, 7 and 15, respectively. Health care and life insurance plans Liabilities arising from these unfunded plans comprised obligations for retiree health care and life insurance granted to employees and to retirees only in the U.S. and Canada. Upon retirement from the Company, these employees may become eligible for continuation of certain benefits. Benefits and eligibility rules may be modified periodically. The expected benefit payments for unfunded health care and life insurance plans are as follows: Expected benefit payments (€ million) 2023 € 127 2024 € 126 2025 € 126 2026 € 125 2027 € 125 2028-2032 € 614 Changes in net defined benefit obligations for healthcare and life insurance plans were as follows: 2022 2021 (€ million) Present value of obligations at January 1 € 2,258 € — FCA - PSA merger — 2,230 Included in the Consolidated Income Statement 92 81 Included in Other comprehensive income: Actuarial (gains)/losses from: - Demographic and other assumptions (45) (11) - Financial assumptions (565) (97) Effect of movements in exchange rates 118 156 Other: Benefits paid (136) (101) December 31 € 1,722 € 2,258 Amounts recognized in the Consolidated Income Statement were as follows: Years ended December 31, 2022 2021 2020 (€ million) Current service cost € 21 € 21 € — Interest expense 70 60 — Past service costs/(credits) and losses/(gains) arising from settlements 1 — — Total recognized in the Consolidated Income Statement € 92 € 81 € — Health care and life insurance plans were accounted for on an actuarial basis, which required the selection of various assumptions. In particular, it required the use of estimates of the present value of the projected future payments to all participants, taking into consideration the likelihood of potential future events such as health care cost increases and demographic experience. The weighted average assumptions used to determine the defined benefit obligations were as follows: At December 31, 2022 2021 U.S. Canada U.S. Canada Discount rate 5.54% 5.27% 2.99 % 3.26 % Salary growth 1.50% 1.25% 1.50 % 1.25 % Weighted average ultimate healthcare cost trend rate 4.00% 4.00% 4.00 % 4.00 % The average duration of the U.S. and Canadian liabilities was approximatel y 10 and 13 years, respectively. The annual rate of increase in the per capita cost of covered U.S. health care benefits assumed for the next year and used in the 2022 plan valuation was 5.5 percent. The annual rate was assumed to decrease gradually to 3.9 percent through 2045 and remain at that level thereafter. The annual rate of increase in the per capita cost of covered Canadian health care benefits assumed for next year and used in the 2022 plan valuation was 4.4 percent. The annual rate was assumed to decrease gradually to 4.0 percent through 2040 and remain at that level thereafter. Other post-employment benefits Other post-employment benefits comprised other employee benefits granted to Company employees primarily in Europe. Changes in defined benefit obligations for other post-employment benefits were as follows: 2022 2021 (€ million) Present value of obligations at January 1 € 1,125 € 752 FCA - PSA merger — 779 Included in the Consolidated Income Statement (34) 23 Included in Other comprehensive income: Actuarial (gains)/losses from: - Demographic and other assumptions 49 33 - Financial assumptions (279) (28) Effect of movements in exchange rates 1 4 Other: Benefits paid (56) (113) Change in scope of consolidation — (208) Other changes (1) (117) Present value of obligations at December 31 € 805 € 1,125 As at December 31, 2022, the above Other post-employment benefit liability is net of plan assets of €297 million. Amounts recognized in the Consolidated Income Statement were as follows: Years ended December 31, 2022 2021 2020 (€ million) Current service cost € 38 € 95 € 48 Interest expense 12 10 9 Past service costs/(credits) and losses/(gains) arising from settlements (84) (82) — Total recognized in the Consolidated Income Statement € (34) € 23 € 57 Past service credits are primarily due to the impact on French plans of voluntary departures. Other provisions for employees |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2022 | |
Provisions [abstract] | |
Provisions | 21. Provisions Provisions consisted of the following: At December 31, 2022 2021 Current Non-current Total Current Non-current Total (€ million) Product warranty and recall campaigns € 3,501 € 5,764 € 9,265 € 3,461 € 4,761 € 8,222 Sales incentives 3,395 — 3,395 3,008 — 3,008 Restructuring 853 687 1,540 647 529 1,176 Legal proceedings and disputes 405 793 1,198 456 608 1,064 Commercial risks 2,444 228 2,672 1,441 292 1,733 Other risks 713 988 1,701 896 1,080 1,976 Total Provisions € 11,311 € 8,460 € 19,771 € 9,909 € 7,270 € 17,179 Changes in Provisions were as follows: At January 1, 2022 Additional Settlements Unused Translation differences Transfer to Liabilities held for sale Change in scope Other At December 31, 2022 (€ million) Product warranty and recall campaigns € 8,222 € 4,879 € (4,094) € (101) € 314 € (2) € 2 € 45 € 9,265 Sales incentives 3,008 6,418 (6,013) (85) 63 (1) — 5 3,395 Restructuring costs 1,176 1,167 (760) (47) (1) — — 5 1,540 Legal proceedings and disputes 1,064 259 (519) (61) 85 (7) 22 355 1,198 Commercial risks 1,733 1,759 (553) (129) 86 (4) 3 (223) 2,672 Other risks 1,976 439 (363) (245) 23 (1) 10 (138) 1,701 Total Provisions € 17,179 € 14,921 € (12,302) € (668) € 570 € (15) € 37 € 49 € 19,771 Product warranty and recall campaigns During the year ended December 31, 2022, a total provision of €951 million was recognized in Product warranty and recall campaigns which related to an extension of a recall of Takata airbags in Enlarged Europe, North America, Middle East & Africa and South America. The estimated future costs of actions 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 historical claims experience for the vehicles. In addition, the number and magnitude of additional service actions expected to be approved and policies related to additional service actions are taken into consideration. The cash outflow for the non-current portion of the Product warranty and recall campaigns provision is primarily expected within a period through 2026. Prior to 2021, certain warranty costs that were incurred beyond the contractual warranty period (“goodwill warranty”) were expensed as incurred due to the inability to reliably estimate the amount and frequency. As a result of converged process and methodology of legacy PSA and FCA entities, the Company was able to reliably estimate the cost of the goodwill warranty as of December 31, 2021. For the six months ended December 31, 2021, the change in estimate was recognized as an increase to the warranty provision of €732 million for vehicles sold in prior periods. During 2022, further refinements to the model implemented during 2021 were made to consider new information related to expected future spending for individually significant actions. For the year ended December 31, 2022, the change in estimate was recognized as an increase to the warranty provision of €314 million. Refer to Note 29, Segment reporting for additional detail. Sales incentives As described within Note 2, Basis of preparation - Use of estimates , the Company recorded the estimated cost of sales incentive programs offered to dealers and consumers as a reduction to revenue at the time of sale of the vehicle to the dealer. At December 31, 2022, the Sales incentive provision increased primarily due to higher provisions for sales incentives in connection with increased dealer stock and higher per unit accruals. Legal proceedings and disputes As described within Note 2 , Basis of preparation - Use of estimates , a provision for legal proceedings was recognized when it was deemed probable that the proceedings would result in an outflow of resources and when the amount could be reasonably estimated. As the ultimate outcome of pending litigation was uncertain, the timing of cash outflows for the Legal proceedings and disputes provision was also uncertain. Commercial risks Commercial risks arose in connection with the sale of products and services, such as onerous maintenance contracts, and as a result of certain regulatory emission requirements. For items such as onerous maintenance contracts, a provision was recognized when the expected costs to complete the services under these contracts exceeded the revenues expected to be realized. A provision for costs related to regulatory emission requirements was recognized at the time vehicles were sold based on the estimated cost to settle the obligation, measured as the sum of the cost of regulatory credits previously purchased plus the amount, if any, of the fine expected to be paid in cash. The cash outflow for the non-current portion of the Commercial risks provision was primarily expected within a period through 2025. Corporate Average Fuel Economy (“CAFE”) standards The increase in the Commercial risks as at December 31, 2022, is primarily related to the incremental provision of €660 million as a result of the issuance of the final rule by the National Highway Traffic Safety Administration (“NHTSA”) in March 2022. Refer to Note 26, Guarantees granted, commitments and contingent liabilities for additional information. Restructuring costs During the year ended December 31, 2022, a total provision for €1,167 million was recognized primarily related to workforce reduction mainly in Enlarged Europe, North America and South America (refer to Note 29, Segment reporting ). During the year ended December 31, 2021, a total provision for €678 million was recognized mainly in Enlarged Europe as part of the integration and optimization of the operations (refer to Note 29, Segment reporting ). Other risks Other risks included, among other items: provisions for disputes with suppliers related to supply contracts or other matters that were not subject to legal proceedings, provisions for product liabilities arising from personal injuries including wrongful death and potential exemplary or punitive damages alleged to be the result of product defects, disputes with other parties relating to contracts or other matters not subject to legal proceedings and management's best estimate of the Company’s probable environmental obligations, which also included costs related to claims on environmental matters. The cash outflow for the non-current portion of the Other risks provision was primarily expected within a period through 2025. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2022 | |
Borrowings [abstract] | |
Debt | 22. Debt Debt classified within current liabilities included short-term borrowings from banks and other financing with an original maturity date falling within twelve months, as well as the current portion of long-term debt. Debt classified within non-current liabilities included borrowings from banks and other financing with maturity dates greater than twelve months (long-term debt), net of the current portion. The following table summarizes the Company's current and non-current Debt by maturity date (amounts include accrued interest): At December 31, 2022 2021 Due Due Due Total (non-current) Total Debt Due within Due Due Total (non-current) Total Debt (€ million) Notes € 3,692 € 7,662 € 7,911 € 15,573 € 19,265 € 1,782 € 8,776 € 7,935 € 16,711 € 18,493 Borrowings from banks 1,389 1,416 145 1,561 2,950 7,697 3,079 35 3,114 10,811 Asset-backed financing 1,009 558 88 646 1,655 420 523 50 573 993 Lease liabilities 634 896 729 1,625 2,259 431 1,090 965 2,055 2,486 Other debt 960 63 1 64 1,024 628 170 1 171 799 Total Debt € 7,684 € 10,595 € 8,874 € 19,469 € 27,153 € 10,958 € 13,638 € 8,986 € 22,624 € 33,582 Debt reduced by approximately €6.4 billion primarily as a result of the early repayment of the €6.3 billion credit facility entered in June 2020 with Intesa Sanpaolo and the repayment at maturity of the €420 million EIB loan and the reduction in other bank debt, partially offset by the net increase in the notes outstanding and the increase in asset-backed financing liabilities in relation to Stellantis Financial Services U.S. growth. The main classes of debt are described below. Notes The following table summarizes the notes outstanding at December 31, 2022 and 2021: At December 31, (€ million) Currency Face value of Coupon % Maturity 2022 2021 Stellantis (Peugeot S.A. issuances): STELLANTIS N.V. (Peugeot S.A.) 2016 EUR 500 2.375 Q2/2023 508 508 STELLANTIS N.V. (Peugeot S.A.) 2017 EUR 600 2.000 Q1/2024 608 608 STELLANTIS N.V. (Peugeot S.A.) 2017 EUR 100 2.000 Q1/2024 102 102 STELLANTIS N.V. (Peugeot S.A.) 2018 EUR 650 2.000 Q1/2025 658 658 STELLANTIS N.V. (Peugeot S.A.) 2019 EUR 600 1.125 Q3/2029 594 594 STELLANTIS N.V. (Peugeot S.A.) 2020 EUR 1,000 2.750 Q2/2026 1,011 1,011 STELLANTIS N.V. (Peugeot S.A.) Schuldschein 2019 EUR 100 1.050 Q4/2023 101 101 STELLANTIS N.V. (Peugeot S.A.) Schuldschein 2019 EUR 60 1.600 Q2/2026 61 61 STELLANTIS N.V. (Peugeot S.A.) Schuldschein 2019 EUR 50 1.810 Q2/2027 50 50 STELLANTIS N.V. (Peugeot S.A.) Schuldschein 2019 EUR 70 Euribor 6M + 1.050 Q4/2023 71 71 STELLANTIS N.V. (Peugeot S.A.) Schuldschein 2019 EUR 204 Euribor 6M + 1.400 Q2/2026 204 204 Medium Term Note Programme (1) : Fiat Chrysler Finance Europe Senc 2014 EUR 1,350 4.750 Q3/2022 — 1,414 STELLANTIS N.V. (FCA N.V.) 2016 EUR 1,250 3.750 Q1/2024 1,340 1,385 STELLANTIS N.V. (FCA N.V.) 2020 EUR 1,250 3.375 Q3/2023 1,289 1,326 STELLANTIS N.V. (FCA N.V.) 2020 EUR 1,250 3.875 Q1/2026 1,420 1,460 STELLANTIS N.V. (FCA N.V.) 2020 EUR 1,000 4.500 Q3/2028 1,219 1,245 STELLANTIS N.V. 2021 EUR 1,250 0.625 Q1/2027 1,254 1,254 STELLANTIS N.V. 2021 EUR 1,250 0.750 Q1/2029 1,250 1,249 STELLANTIS N.V. 2021 EUR 1,250 1.250 Q2/2033 1,240 1,238 STELLANTIS N.V. 2022 EUR 1,000 2.750 Q2/2032 1,016 — Other Notes: STELLANTIS N.V. (FCA N.V.) 2015 U.S.$ 1,500 5.250 Q2/2023 1,437 1,406 STELLANTIS FINANCE US 2021 U.S $ 1,000 1.711 Q1/2027 942 884 STELLANTIS FINANCE US 2021 U.S $ 1,000 2.691 Q3/2031 941 886 STELLANTIS FINANCE US 2022 U.S. $ 550 5.625 Q1/2028 520 — STELLANTIS FINANCE US 2022 U.S. $ 700 6.375 Q3/2032 665 — GIE PSA Trésorerie 2003 EUR 600 6.000 Q3/2033 764 778 Total Notes € 19,265 € 18,493 ______________________________________________________________________________________________________________________________ (1) Listing on the Irish Stock Exchange was obtained Notes Issued by Peugeot S.A Bonds issued by Peugeot S.A. are governed by the terms and conditions of the Peugeot S.A. €5 billion EMTN Program that was renewed on June 8, 2020 for the last time. Those bonds are guaranteed by the GIE PSA Trésorerie. In April 2019, Peugeot S.A. raised funds using a private investment under German law through a Schuldscheindarlehen. This transaction was structured in several tranches denominated in euros, with maturities ranging from Q4 2023 to Q2 2027. Notes Issued Under the Medium Term Note Programme Certain notes issued by Stellantis were governed by the terms and conditions of the Medium Term Note (“MTN”) Programme (previously known as the Global Medium Term Note Programme, or “GMTN” Programme) formerly available to FCA N.V., the predecessor of Stellantis N.V.. A maximum of €20 billion was allowed under this programme, and notes of €4.75 billion (principal amounts) were outstanding as at December 31, 2022. After the merger, Stellantis established a Euro Medium Term Note Programme (“EMTN”) under which it may from time to time issue notes up to an amount of €30 billion. In 2021 Stellantis N.V. issued notes under this programme for a total of €3.75 billion (principal amounts). On March 15, 2022 Stellantis received the approval by the Central Bank of Ireland for the new Base Prospectus of its EMTN Programme. On April 1, 2022, Stellantis N.V. issued €1.0 billion principal amount of 2.750 percent notes due April 1, 2032, under the EMTN Programme. As at December 31, 2022, the outstanding principal amount of the notes issued under the successive versions of the programme was €9.5 billion. All the notes were rated Baa2 by Moody’s Investors Service, BBB by S&P Global Ratings and BBB by Fitch Ratings. These notes impose covenants on the issuer, which include: (i) negative pledge clauses which require that in the case that any security interest upon assets of Stellantis N.V. is granted in connection with other notes or debt securities having the same ranking, such a security should be equally and ratably extended to the outstanding notes; (ii) pari passu clauses, under which the notes rank and will rank pari passu with all other present and future unsubordinated and unsecured obligations of Stellantis N.V.; (iii) periodic disclosure obligations; (iv) cross-default clauses which require immediate repayment of the notes under certain events of default on other financial instruments issued by Stellantis' main entities; and (v) other clauses that are generally applicable to securities of a similar type. A breach of these covenants may require the early repayment of the notes. As of December 31, 2022, Stellantis was in compliance with the covenants under the MTN Programme. From time to time, Stellantis may buy back notes in the market. Such buybacks, if made, depend upon market conditions, the Company's financial situation and other factors which could affect such decisions. Other Notes On September 12, 2022, Stellantis Finance US issued US$0.6 billion 5.625 percent Senior Notes due January 12, 2028 and US$0.7 billion 6.375 percent Senior Notes due September 12, 2032, both guaranteed by Stellantis N.V. As at December 31, 2022, all the Notes were rated Baa2 by Moody’s Investors Service, BBB by S&P Global Ratings and BBB by Fitch Ratings. The Notes impose covenants on Stellantis N.V. including: (i) negative pledge clauses which require that in the case that any security interest upon assets of Stellantis N.V. is granted in connection with other notes or debt securities having the same ranking, such a security should be equally and ratably extended to the outstanding Notes; (ii) pari passu clauses, under which the Notes rank and will rank pari passu with all other present and future unsubordinated and unsecured obligations of Stellantis N.V.; (iii) periodic disclosure obligations; (iv) cross-default clauses which require immediate repayment of the Notes under certain events of default on other financial instruments issued by Stellantis’ main entities; and (v) other clauses that are generally applicable to securities of a similar type. A breach of these covenants may require the early repayment of the Notes. As of December 31, 2022, Stellantis was in compliance with the covenants of the Notes. Borrowings from banks European Investment Bank Borrowings Stellantis had financing agreements with the European Investment Bank (“EIB”) for a total of €1.0 billion outstanding at December 31, 2022 (€1.5 billion at December 31, 2021), which were entered into to finance specific projects and investment plans among which: the manufacturing of PHEV vehicles at production plant in Melfi (Italy), the manufacturing of battery electric vehicles at the production plant in Mirafiori (Italy), the research, development and innovation for electrification, connectivity and self-driving technologies mainly conducted at laboratories in Turin (Italy) and the development of low emissions and fuel efficient propulsion systems in PSA Automobiles SA plants. In July 2022, Stellantis repaid at maturity a €420 million four-year loan granted in 2018 by EIB to support research and development projects. Brazil Stellantis’ Brazilian subsidiaries have access to various local bank facilities in order to fund investments and operations. Total debt outstanding under those facilities amounted to a principal amount of €0.6 billion at December 31, 2022 (€0.9 billion at December 31, 2021). The loans primarily include subsidized loans granted by public financing institutions, such as Banco Nacional do Desenvolvimento, with the aim to support industrial projects in certain areas. This provided the Company with the opportunity to fund large investments in Brazil with loans of sizeable amounts at attractive rates. At December 31, 2022, outstanding subsidized loans amounted to €0.3 billion (€0.4 billion at December 31, 2021), of which approximately €0.2 billion (€0.3 billion at December 31, 2021) related to the construction of the plant in Pernambuco (Brazil), which was supported by subsidized credit lines totaling Brazilian Real (“BRL”) 6.5 billion (€1.2 billion). Intesa Sanpaolo Credit Facility On January 28, 2022, Stellantis repaid early the €6.3 billion credit facility entered in June 2020 with Intesa Sanpaolo and maturity in March 2023. The facility was structured to support the restart and transformation of Italy’s automotive sector after the COVID-19 outbreak by providing liquidity to the Company’s business in Italy and to its Italian suppliers. Undrawn committed credit lines On July 23, 2021, Stellantis announced that it had signed a new syndicated revolving credit facility (“RCF”) of €12.0 billion, with a group of 29 relationship banks. This new RCF replaces the existing syndicated RCFs from the PSA Group (€3.0 billion) and FCA Group (€6.25 billion), thereby providing an increase in the Company’s overall liquidity and an extension of the duration of the facility and is available for use in general corporate purposes. The credit facility is structured in two tranches: €6.0 billion, with a 3 year tenor, and €6.0 billion, with a 5 year tenor, each tranche benefiting from two further extension options, each of 1-year. In June 2022, the first 1-year extension option has been exercised. Current maturities are July, 2025 and July, 2027 respectively for the two tranches. At December 31, 2022, undrawn committed credit lines of €12.7 billion include the syndicated revolving credit facility of €12.0 billion, signed in 2021. The covenants of the RCF include negative pledge, pari passu , cross-default and change of control clauses. Failure to comply with these covenants, and in certain cases if not suitably remedied, can lead to the requirement of early repayment of any outstanding amounts. As of December 31, 2022, Stellantis was in compliance with the covenants of the RCF. Mexico Bank Loan FCA Mexico, S.A. de C.V. (“FCA Mexico”), Stellantis’ principal operating subsidiary in Mexico, had a non-revolving loan agreement (“Mexico Bank Loan”), which was fully repaid on maturity on March 20, 2022. Asset-backed financing Asset-backed financing primarily represented the amount of financing received by Stellantis Financial Services U.S. through securitization programs of €1,527 million, that will be settled through the collection of a portfolio of receivables which originate from consumers. The retail consumer contracts are pledged to special purpose entities as collateral. The following table summarizes the asset-back financing amounts at December 31, 2022 and 2021: At December 31, (€ million) Currency Interest rate % Maturity (1) 2022 2021 Warehouse Credit Facilities: FIARC USD Libor+spread Q2/2023 101 191 SFS Funding I USD CP/SOFR+spread Q3/2024 627 — SFS Funding II USD CP/SOFR+spread Q3/2024 10 — Term Notes: Term Notes 2017-2020 USD 1.49%-7.31% Q2/2027 114 274 Term Notes 2021-1 USD 0.45%-5.37% Q2/2028 75 126 Term Notes 2021-2 USD 0.48%-3.14% Q4/2028 158 253 Term Notes 2022-1 USD 2.03%-5.41% Q2/2029 201 — Term Notes 2022-2 USD 6.26%-9.50% Q4/2029 241 — Total € 1,527 € 844 ________________________________________________________________________________________________________________________________________________ (1) Final maturity of the commitment for the warehouse credit facilities and the expected date of the last payment for the Term Notes Warehouse Credit Facilities There are three revolving warehouse credit facilities used to finance loan originations by Stellantis Financial Services U.S. The Company believes that the credit facilities will continue to be renewed or replaced, and that it will be able to secure additional sources of financing on satisfactory terms; however, there can be no assurance that it will be able to do so. In the event that the Company is unable to renew its facilities, the receivables pledged would amortize over time to pay down the warehouse credit facilities; however, the Company would not be able to finance new receivables without alternative sources of funding. Stellantis Financial Services U.S. uses interest rate derivatives in order to reduce the interest rate risk of certain warehouse credit facilities. The Company has three separate USD warehouse credit facilities. First Investors Auto Receivables Corporation (“FIARC”) was implemented on August 31, 2012 and has a commitment through June 2023. The FIARC facility has a capacity of €281 million ($300 million) and bears interest based on one month LIBOR plus a spread. Stellantis Financial Services U.S. has also implemented two additional separate warehouse credit facilities. The first Stellantis Financial Services U.S. facility, SFS Funding, LLC, was implemented on August 18, 2022 and matures on August 18, 2024. The €2.3 billion ($2.5 billion) commitment bears interest based on variable commercial paper rates plus a spread or one month term SOFR, plus a spread. The second Stellantis Financial Services U.S. facility, SFS Funding II, LLC, was implemented on August 31, 2022 and matures on August 31, 2024. The €469 million ($500 million) commitment bears interest based on variable commercial paper rates plus a spread or one month term SOFR, plus a spread. ABS Term Notes ABS Term Notes are issued in various classes ranging from Class A to Class E Notes. These notes are sequentially paid with Class A Notes paid first. The range in interest rates depends on the level of risk of loss and is determined by investor interest in each class of the notes. The terms governing the warehouse credit facilities and ABS Term Notes contains numerous covenants relating to the issuer’s business, the observance of certain financial covenants, the avoidance of certain levels of delinquency experience and other matters. A breach of a covenant, if not cured within the time limits specified, could precipitate events of default that might result in the acceleration of the ABS Term Notes or warehouse credit facilities. The Company was not in default with respect to any financial and non-financial covenants governing these financing arrangements at December 31, 2022. Refer to Note 24, Fair value measurement for further information on fair and carrying values of assigned receivables and related liabilities. Other Additionally, there is €128 million of debt relating to factoring transactions which do not meet the IFRS 9 derecognition requirements and are recognized within assets of the same amount as of December 31, 2022 (€149 million at December 31, 2021) in the Consolidated Statement of Financial Position, refer to Note 16, Trade receivables, other assets, prepaid expenses and tax receivables . Other debt Other debt also includes funds raised from financial services companies and deposits from dealers in South America, primarily in Brazil. Lease liabilities The following table summarizes the Company's current and non-current lease liabilities: Lease liabilities included in the Statement of Financial Position At December 31, 2022 2021 (€ million) Long-term debt (non-current) € 1,625 € 2,055 Short-term debt and current portion of long-term debt (current) € 634 € 431 Maturity analysis - contractual undiscounted cash flows At December 31, 2022 (€ million) Due within one year € 634 Due between one and five years 896 Due beyond five years 729 Total undiscounted lease liabilities € 2,259 In addition, the Company entered into commitments relating to leases not yet commenced of €70 million, of which the most significant relating to contracts in the U.S. and in Italy. In addition to the above, the Company entered into non-cancellable short-term leases, which have not been classified as lease liabilities, of €28 million which is expected to be settled within the next 12 months. Debt secured by assets At December 31, 2022, debt secured by assets of the Company amounted to €176 million (€366 million at December 31, 2021), excluding the Lease liabilities and Asset-backed financing as described above, mainly related to subsidized financing in South America and India & Asia Pacific. The total carrying amount of assets acting as security for loans for the Company amounted to €1,360 million, excluding the Right-of-use assets as described in Note 11, Property, plant and equipment , at December 31, 2022 (€1,311 million at December 31, 2021). |
Other liabilities
Other liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Other liabilities | 23. Other liabilities Other liabilities consisted of the following: At December 31, 2022 2021 Current Non-current Total Current Non-current Total (€ million) Payables for buy-back agreements € 1,968 € 4,931 € 6,899 € 3,027 € 4,736 € 7,763 Accrued expenses and deferred income 3,620 149 3,769 2,690 117 2,807 Indirect tax payables 1,563 23 1,586 1,625 118 1,743 Payables to personnel 2,700 6 2,706 2,736 13 2,749 Social security payables 633 14 647 647 19 666 Construction contract liabilities 111 — 111 54 — 54 Service contract liability 948 2,255 3,203 940 2,188 3,128 Derivatives operating liability 708 224 932 374 132 506 Other 2,277 527 2,804 2,346 373 2,719 Total Other liabilities € 14,528 € 8,129 € 22,657 € 14,439 € 7,696 € 22,135 Other liabilities (excluding Accrued expenses, Deferred income and Service contract liability) by due date were as follows: At December 31, 2022 2021 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) € 9,960 € 2,449 € 3,276 € 5,725 € 15,685 € 10,809 € 5,242 € 149 € 5,391 € 16,200 Payables for buy-back agreements include the price received for the product, recognized as an advance at the date of the sale and, subsequently, the repurchase price and the remaining lease installments yet to be recognized. During 2017, the Brazilian Supreme Court ruled that the state value added tax should be excluded from the basis for calculating a federal tax on revenue. The Brazilian government appealed this decision, and in May 2021, the Brazilian Supreme Court rendered a final and definitive decision confirming the 2017 decision. Certain of Stellantis’ companies in Brazil had previously filed individual lawsuits on this matter. During the year ended December 31, 2021, as a result of the Supreme Court ruling, the previously recognized provision of €166 million related to PSA was no longer considered probable and was reversed. Corresponding deposits of approximately €180 million remain recorded within Other receivables pending release by the courts. Refer to Note 16, Trade receivables, other assets, prepaid expenses and tax receivables. During the year ended December 31, 2021, other receivables of €113 million of which €87 million were recognized within Net revenues and €26 million within Net financial results for previously paid amounts that have not yet been recovered as these amounts are now virtually certain. The Company also expects to recognize approximately additional €48 million of previously paid taxes pending full resolution of these related cases. During the year ended December 31, 2022, deposits of €144 million were released and received. The remaining amount of approximately €70 million is recorded within Other receivables. Service contract liability The service contract liability was mainly comprised of maintenance plans and extended warranties. Changes in the Company's service contract liability for the year ended December 31, 2022, were as follows: At January 1, 2022 Advances received from customers Amounts recognized within revenue Transfers to Assets/(Liabilities) held for sale Other Changes At December 31, 2022 (€ million) Service contract liability € 3,128 € 1,370 € (1,268) € (1) € (26) € 3,203 Of the total Service contract liability at December 31, 2022, the Company expected to recognize approximately €944 million in 2023, €811 million in 2024, €694 million in 2025 and €754 million thereafter. |
Fair value measurement
Fair value measurement | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Measurement [Abstract] | |
Fair value measurement | 24. Fair value measurement Assets and liabilities that are measured at fair value on a recurring basis The following table shows the fair value hierarchy, based on observable and unobservable inputs, for financial assets and liabilities measured at fair value on a recurring basis: At December 31, 2022 2021 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 € 99 € 19 € 40 € 158 € 71 € 21 € 13 € 105 Financial securities and equity instruments measured at FVPL 13 726 — 214 940 878 — 129 1,007 Derivative financial assets 17 2 30 2 34 5 48 — 53 Derivative operating assets 17 — 873 — 873 — 754 1 755 Collateral deposits 13 51 — — 51 32 — 15 47 Receivables from financing activities 16 — — 259 259 — — 252 252 Trade receivables 16 — 1 — 1 — 5 — 5 Other receivables 16 — — 89 89 2 218 134 354 Investment held for sale — — — — 49 — — 49 Money market securities 18 20,869 — 1 20,870 24,732 298 12 25,042 Total Assets € 21,747 € 923 € 605 € 23,275 € 25,769 € 1,344 € 556 € 27,669 Derivative financial liabilities 17 — 18 — 18 — 93 2 95 Derivative operating liabilities 17 — 883 49 932 — 497 9 506 Total Liabilities € — € 901 € 49 € 950 € — € 590 € 11 € 601 The fair value of derivative financial assets and liabilities was measured by taking into consideration market parameters at the balance sheet date and using valuation techniques widely accepted in the financial business environment, as described below: • the fair value of forward contracts, swaps and options hedging currency risk was determined by using valuation techniques common in the financial markets and taking market parameters at the balance sheet date (in particular, exchange rates, interest rates and volatility rates); • the fair value of interest rate swaps and forward rate agreements was determined by taking the prevailing interest rates at the balance sheet date and using the discounted expected cash flow method; • the fair value of combined interest rate and currency swaps was determined using the exchange and interest rates prevailing at the balance sheet date and the discounted expected cash flow method; and • the fair value of swaps and options hedging commodity price risk was determined by using valuation techniques common in the financial markets and taking market parameters at the balance sheet date (in particular, underlying prices, interest rates and volatility rates). The fair value of money market securities was also based on available market quotations. Where appropriate, the fair value of cash equivalents was determined with discounted expected cash flow techniques using observable market yields (categorized as Level 2). The fair value of Receivables from financing activities, which are classified in Level 3 of the fair value hierarchy, was estimated using discounted cash flow models. The most significant inputs used in this measurement were market discount rates that reflected conditions applied in various reference markets on receivables with similar characteristics, adjusted in order to take into account the credit risk of the counterparties. The fair value of Other receivables is classified in Level 3 of the fair value hierarchy and was estimated using discounted cash flow models. The most significant inputs used in this measurement were market discount rates. For assets and liabilities recognized in the financial statements at fair value on a recurring basis, the Company determined whether transfers occurred between levels in the hierarchy by re-assessing categorization at the end of each reporting period. The following table provides a reconciliation of the changes in items measured at fair value and categorized within Level 3: Receivables from financing activities Financial securities Derivative Collateral deposits Money market securities Other receivables (€ million) At January 1, 2022 € 252 € 142 € (11) € 15 € 12 € 134 Gains/(Losses) recognized in Consolidated Income Statement — 5 4 — — 20 Losses recognized in Other comprehensive income/(loss) — — (41) — — — Issues/Settlements 7 — — — — — Purchases/Sales — 58 — — (11) — Transfers to Assets/(Liabilities) held for sale — — — — — — Transfers from Level 3 — 49 — (15) — (65) At December 31, 2022 € 259 € 254 € (48) € — € 1 € 89 Receivables from financing activities Financial securities Derivative Collateral deposits Money market securities Other receivables (€ million) At January 1, 2021 € — € 111 € — € 1 € — € 187 FCA - PSA merger 473 28 — — — 63 Losses recognized in Consolidated Income Statement — 20 — — — (13) Gains recognized in Other comprehensive income/(loss) — 1 — — — (2) Issues/Settlements (221) (57) — — — (61) Purchases/Sales — 39 (11) 14 12 29 Transfers from Level 3 — — — (69) At December 31, 2021 € 252 € 142 € (11) € 15 € 12 € 134 The gains/(losses) included in the Consolidated Income Statements were recognized within Cost of revenues and Net financial expenses. Of the total gains/(losses) recognized in Other comprehensive income, €41 million were recognized within Cash flow reserves (nil at December 31, 2021) and no amounts were recognized within Currency translation differences (nil at December 31, 2021). Assets and liabilities not measured at fair value on recurring basis The carrying value of debt securities measured at amortized cost, current receivables and payables was a reasonable approximation of fair value as the present value of future cash flows did not differ significantly from the carrying amount. The carrying value of Cash at banks and Other cash equivalents usually approximated fair value due to the short maturity of these instruments (refer to Note 18, Cash and cash equivalents ). The following table provides the carrying amount and fair value of financial assets and liabilities not measured at fair value on a recurring basis: At December 31, 2022 2021 Note Carrying Fair Carrying Fair (€ million) Dealer financing € 1,370 € 1,365 € 1,247 € 1,244 Retail financing 2,475 2,301 1,438 1,444 Finance lease 7 7 5 5 Other receivables from financing activities 595 564 701 701 Total Receivables from financing activities (1) 16 € 4,447 € 4,237 € 3,391 € 3,394 Asset-backed financing € 1,655 € 1,629 € 993 € 993 Notes 19,265 17,321 18,493 18,790 Borrowings from banks & Other debt 3,974 3,901 11,610 11,573 Total Debt, excluding Lease liabilities 22 € 24,894 € 22,851 € 31,096 € 31,356 ______________________________________________________________________________________________________________________________ (1) Amount excludes receivables measured at FVPL The fair value of Receivables from financing activities, which are categorized within Level 3 of the fair value hierarchy, was estimated with discounted cash flows models. The most significant inputs used in this measurement were market discount rates that reflected conditions applied in various reference markets on receivables with similar characteristics, adjusted in order to take into account the credit risk of the counterparties. Notes that were traded in active markets for which close or last trade pricing was available are classified within Level 1 of the fair value hierarchy. Notes for which such prices were not available were valued at the last available price or based on quotes received from independent pricing services or from dealers who trade in such securities and are categorized as Level 2. At December 31, 2022, €16,841 million and €480 million of notes were classified within Level 1 and Level 2, respectively. At December 31, 2021, €18,286 million of notes were classified within Level 1 and €504 million of notes were classified within Level 2. |
Related party transactions
Related party transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related party transactions [abstract] | |
Related party transactions | 25. Related party transactions Related parties of the Company are entities and individuals capable of exercising control, joint control or significant influence over the Company and its subsidiaries. Related parties also include associates, joint ventures and unconsolidated subsidiaries of the Company, members of the Stellantis Board of Directors, executives with strategic responsibilities and certain members of their families. Related parties include companies belonging to Exor N.V. (“Exor”), which include Ferrari N.V., CNH Industrial N.V. (“CNHI”) and Iveco Group N.V. ("Iveco"), which was spun-off from CNHI effective January 1, 2022. Transactions carried out by Stellantis with its related parties are on commercial terms that are normal in the respective markets, considering the characteristics of the goods or services involved, and primarily relate to: • the purchase of engines and engine components for Maserati vehicles from Ferrari N.V.; • the purchase of propulsion system components for light commercial vehicles from Iveco; • the sale of propulsion system and other components to the companies of CNHI; • the provision of services (accounting, payroll, tax administration, information technology and security) to the companies of CNHI and Iveco; • the sale of vehicles for leasing, renting and resale to the joint ventures FCA Bank and Koç Fiat Kredi and to the joint ventures with Santander and BNP Paribas; • the purchase of light commercial vehicles and passenger cars from the joint venture Tofas; • the provision of services and the sale of goods to the GAC-Stellantis JV and to Dongfeng Peugeot Citroën Automobiles; • the purchases of goods and services from GEFCO. Refer to Note 3, Scope of consolidation for additional information on the disposal; • the purchase of vehicles from, and the provision of services and the sale of goods to, the joint operation Fiat India Automobiles Private Limited; and • the Jeep brand sponsorship of Juventus Football Club (a subsidiary of Exor). The most significant financial transactions with related parties generated Receivables from financing activities of the Company’s financial services companies from joint ventures and Asset-backed financing relating to amounts due to FCA Bank for the sale of receivables, which did not qualify for derecognition under IFRS 9 – Financial Instruments . Refer to Note 3, Scope of consolidation for additional information. The amounts for significant transactions with related parties recognized in the Consolidated Income Statements were as follows: Years ended December 31, 2022 2021 2020 Net Cost of Selling, Net Financial Net Cost of Selling, Net Financial Net Cost of Selling, Net Financial (€ million) Tofas € 1,129 € 1,699 € 24 € — € 831 € 1,220 € 14 € — € — € — € — € — FCA Bank 2,007 33 30 21 1,666 19 (1) 39 — — — — GAC-Stellantis JV 24 — — (2) 45 — — (3) — — — — Dongfeng Peugeot Citroën Automobiles 140 604 — (7) 150 122 — — 95 54 — (2) Partnership with Santander 4,358 504 1 (2) 3,955 632 57 — 3,799 558 — — Partnership with BNP Paribas Personal Finance (1) 3,415 119 — — 3,296 15 — — 3,318 272 — — Other 3 — 12 (4) 4 2 8 — — — — — Total joint arrangements 11,076 2,959 67 6 9,947 2,010 78 36 7,212 884 — (2) GEFCO — — — — 25 2,048 — — 23 1,913 — — Other 65 183 16 — 66 144 16 (2) 58 4 — (3) Total associates 65 183 16 — 91 2,192 16 (2) 81 1,917 — (3) CNHI 50 — — — 332 169 1 — — — — — Iveco 233 26 (1) — — — — — — — — — Ferrari N.V. 22 83 — — 27 115 — — — — — — Directors and Key Management — — 75 — — — 73 — — — 48 — Other 1 1 48 — 179 5 49 — — — — — Total CNHI, Ferrari, Directors and other 306 110 122 — 538 289 123 — — — 48 — Total unconsolidated 17 50 5 (1) 261 11 5 (4) — — — — Total transactions with related parties € 11,464 € 3,302 € 210 € 5 € 10,837 € 4,502 € 222 € 30 € 7,293 € 2,801 € 48 € (5) Total for the Company € 179,592 € 144,327 € 8,981 € 768 € 149,419 € 119,943 € 9,130 € 734 € 47,656 € 38,250 € 3,923 € 94 ________________________________________________________________________________________________________________________________________________ (1) Net revenues for the years ended December 31, 2021 and 2020 previously reported have been increased by €2,563 million and €2,540 million respectively to reflect the sales of vehicles in certain markets that pass through a financial services joint venture before being directed to the independent dealer network Assets and liabilities from significant transactions with related parties were as follows: At December 31, 2022 2021 Trade and other Trade Asset- Debt (1) Trade Trade Asset- Debt (1) (€ million) Tofas € 214 € 423 € — € — € 25 € 356 € — € — FCA Bank 272 122 2 113 105 115 1 88 GAC-Stellantis JV — 14 — — 125 5 — — Dongfeng Peugeot Citroën Automobiles 114 64 — — 132 68 — — Partnership with Santander 538 100 55 16 165 139 120 26 Partnership with BNP Paribas Personal Finance 381 158 — — 93 138 — — Other 14 16 — — 2 14 — — Total joint arrangements 1,533 897 57 129 647 835 121 114 GEFCO — — — — 15 383 — — Other 102 27 — — 19 54 — — Total associates 102 27 — — 34 437 — — CNHI 19 1 — — 29 12 — — Iveco 34 17 — — — — — — Ferrari N.V. 11 17 — — 11 23 — — Other 1 39 — — 55 31 — — Total CNHI, Ferrari N.V. and other 65 74 — — 95 66 — — Total unconsolidated subsidiaries 95 91 — 8 61 34 — 28 Total originating from related parties € 1,795 € 1,089 € 57 € 137 € 837 € 1,372 € 121 € 142 Total for the Company € 14,870 € 54,383 € 1,655 € 25,498 € 11,442 € 50,316 € 993 € 32,589 ______________________________________________________________________________________________________________________________ (1) Relating to Debt excluding Asset-backed financing, refer to Note, 22 Debt Commitments and Guarantees As of December 31, 2022, the Company had a take-or-pay commitment with Tofas with future minimum expected obligations as follows: (€ million) 2023 € 157 2024 € 154 2025 € — In December 2019, the Company committed to pay €198 million over an 18 year period to Dongfeng Peugeot Citroën Automobiles for the promotion of the Company's brands, subject to presentation of detailed plans of use and effectiveness. The residual commitment at December 31, 2022 amounts to €150 million. As of December 31, 2022, the future minimum expected obligations were as follows: (€ million) 2023 € 10 2024 € 10 2025 € 10 2026 € 10 2027 € 10 2028 and thereafter € 100 For commitments related to joint ventures for battery production, refer to Note 26, Guarantees granted, commitments and contingent liabilities for additional information. Compensation to Directors and Key Management The fees of the Directors of the Company for carrying out their respective functions were €31 million and €29 million for the year ended December 31, 2022 and 2021, respectively. The aggregate compensation expense for remaining executives with strategic responsibilities was approximately €44 million for 2022 (€44 million for 2021), which in addition to base compensation, included: • €16 million in 2022 (€19 million in 2021) for share-based compensation expense; • €14 million in 2022 (€12 million in 2021) for short-term employee benefits; and • €3 million in 2022 (€4 million in 2021) for pension and similar benefits. Refer to Note 19, Share-based compensation , for information related to the PSU and RSU awards granted to certain key employees. |
Guarantees granted, commitments
Guarantees granted, commitments and contingent liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract] | |
Guarantees granted, commitments and contingent liabilities | 26. Guarantees granted, commitments and contingent liabilities Guarantees granted At December 31, 2022, the Company had pledged guarantees on the debt or commitments of third parties totaling €24 million (€25 million at December 31, 2021), as well as guarantees on related party debt and commitments of €248 million at December 31, 2022 (€161 million at December 31, 2021). SCUSA Private-label financing agreement In February 2013, FCA US entered into a private-label financing agreement (the “SCUSA Agreement”) with Santander Consumer USA Inc. (“SCUSA”), an affiliate of Banco Santander, which launched on May 1, 2013. Under the SCUSA Agreement, SCUSA provides a wide range of wholesale and retail financing services to FCA US's dealers and consumers in accordance with its usual and customary lending standards, under the Chrysler Capital brand name. The SCUSA Agreement has a ten-year term expiring in April 2023, subject to early termination in certain circumstances, including the failure by a party to comply with certain of its ongoing obligations under the SCUSA Agreement. In accordance with the terms of the agreement, SCUSA provided an upfront, non-refundable payment of €109 million (U.S.$150 million) in May 2013, which was recognized as deferred revenue and is amortized over ten years. At December 31, 2022, €12 million (U.S.$12 million) remained in deferred revenue. On June 28, 2019, FCA US entered into an amendment (the “Amendment”) to the SCUSA Agreement. The Amendment modified certain terms of the agreement, with the remaining term unchanged through to April 2023, and in connection with its execution, SCUSA made a one-time, nonrefundable, non-contingent, cash payment of U.S. $60 million (€53 million) to FCA US as part of a negotiated resolution of open matters. This amount was recognized by FCA during 2019. The duration of the agreement remained unchanged. In April 2022 the SCUSA Agreement was amended and extended through 2025, allowing SCUSA to serve a complementary role to Stellantis Financial Services. Under the SCUSA Agreement, SCUSA has certain rights, including limited exclusivity to participate in specified minimum percentages of certain retail financing subvention programs. From time to time, FCA US worked with certain lenders to subsidize interest rates or cash payments at the inception of a financing arrangement to incentivize customers to purchase its vehicles, a practice known as “subvention”. FCA US has provided SCUSA with limited exclusivity rights to participate in specified minimum percentages of certain of its retail financing rate subvention programs. SCUSA has committed to certain revenue sharing arrangements, as well as to consider future revenue sharing opportunities. SCUSA bears the risk of loss on loans contemplated by the SCUSA Agreement. The parties share in any residual gains and losses in respect of consumer leases, subject to specific provisions in the SCUSA Agreement, including limitations on FCA US participation in gains and losses. Other repurchase obligations In accordance with the terms of other wholesale financing arrangements in Mexico, Stellantis Mexico was required to repurchase dealer inventory financed under these arrangements, upon certain triggering events and with certain exceptions, including in the event of an actual or constructive termination of a dealer’s franchise agreement. These obligations exclude certain vehicles including, but not limited to, vehicles that have been damaged or altered, that are missing equipment or that have excessive mileage or an original invoice date that is more than one year prior to the repurchase date. In December 2015, Stellantis Mexico entered into a ten-year private label financing agreement with STM Financial, S.A De C.V., Sofom, E.R., Grupo Financiaro Inbursa (“STM Financial”), a wholly owned subsidiary of Banco Inbursa, under which STM Financial provides a wide range of financial wholesale and retail financial services to Stellantis Mexico's dealers and retail customers under the Stellantis Financial Mexico brand name. The wholesale repurchase obligation under the new agreement will be limited to wholesale purchases in case of actual or constructive termination of a dealer's franchise agreement. At December 31, 2022, the maximum potential amount of future payments required to be made in accordance with these wholesale financing arrangements was approximately €264 million ($282 million) and was based on the aggregate repurchase value of eligible vehicles financed through such arrangements in the respective dealer's stock. If vehicles are required to be repurchased through such arrangements, the total exposure would be reduced to the extent the vehicles can be resold to another dealer. The fair value of the guarantee was nil at December 31, 2022. Arrangements with key suppliers From time to time and in the ordinary course of business, the Company entered into various arrangements with key third party suppliers in order to establish strategic and technological advantages. A limited number of these arrangements contained unconditional purchase obligations to purchase a fixed or minimum quantity of goods and/or services with fixed and determinable price provisions. Future minimum purchase obligations under these arrangements at December 31, 2022 were as follows for the Company's continuing operations: (€ million) 2023 € 971 2024 € 350 2025 € 277 2026 € 396 2027 € 418 2028 and thereafter € 2,968 In December 2022, the Company committed to the purchase of batteries for the amount of €3,568 million over a 9 year period starting from 2025 with StarPlus Energy LLC. The residual commitment at December 31, 2022 amounts to €3,568 million. This commitment is included in the table above. Other commitments, arrangements and contractual rights On March 23, 2022, Stellantis announced that it will support ACC growth plans as it intends to build a third production site transforming Stellantis’ existing Termoli (Italy) plant into a new electric vehicle battery facility and finalized the agreement to add Mercedes-Benz AG as a new, equal partner with TotalEnergies/Saft and Stellantis. The partners have also committed to increase ACC’s total industrial capacity to at least 120 gigawatt hours (GWh) by 2030 and to scale up development and production of next-generation high-performance battery cells and modules. On May 24, 2022, Stellantis and Samsung SDI Co., Ltd announced their plan to invest over €2.4 billion ($2.5 billion) in a joint venture, that was incorporated in December 2022 under the name of StarPlus Energy LLC for a lithium-ion battery production plant in Kokomo, Indiana, U.S. Refer to Note 3, Scope of consolidation for additional information. On March 23, 2022, Stellantis and LG Energy Solution announced their plan to invest over €3.7 billion ($5 billion CAD) in a joint venture for Canada’s first large scale lithium-ion battery production plant, which will be built in Windsor, Canada. The agreement is subject to customary closing conditions, including regulatory approvals. At December 31, 2022, total capital commitments related to the above were €2.2 billion for the period 2023 through to 2025. European leasing agreements On December 17, 2021, Stellantis announced the intention to reorganize its leasing activities in Europe with the intention to create a European multi-brand operational leasing company with CACF, (with each of Stellantis and CACF holding a 50 percent interest) that would result from the combination of the leasing activities of Leasys, a subsidiary transferred at December 31, 2022, from FCA Bank to LeaseCo, a joint venture held 50 percent by both Stellantis and CACF, and the activities of F2ML, a business unit created within the former Groupe PSA and which aims to develop the B2B long-term leasing activity. In addition, the joint ventures with BNPP PF and SCF are planned to be reorganized so the joint ventures with BNPP PF will operate financing activities in Germany, Austria and in the UK and joint ventures with SCF will operate financing activities in France, Italy, Spain, Belgium, Poland, the Netherlands and through a commercial agreement with SCF in Portugal. The joint ventures’ financing activities will cover all Stellantis brands. The binding agreements governing this reorganization were signed on March 31, 2022 between Stellantis and each of BNP Paribas Personal Finance, Crédit Agricole Consumer Finance and Santander Consumer Finance and the proposed transactions are targeted to be completed during the first half of 2023, subject to regulatory approvals including from relevant authorities and market regulators. Refer to Note 3, Scope of consolidation for additional information. Contingent liabilities In connection with significant asset divestitures carried out in prior years, the Company provided indemnities to purchasers with the maximum amount of potential liability under these contracts generally capped at a percentage of the purchase price. These liabilities refer principally to potential liabilities arising from possible breaches of representations and warranties provided in the contracts and, in certain instances, environmental or tax matters, generally for a limited period of time. Potential obligations with respect to these indemnities were nil as of December 31, 2022 (€5 million as of December 31, 2021). The Company provided certain other indemnifications that do not limit potential payment and as such, it was not possible to estimate the maximum amount of potential future payments that could result from claims made under these indemnities. Takata airbag inflators Putative class action lawsuits were filed in March 2018 against FCA US LLC (“FCA US”), a wholly owned subsidiary of Stellantis, in the U.S. District Courts for the Southern District of Florida and the Eastern District of Michigan, asserting claims under federal and state laws alleging economic loss due to Takata airbag inflators installed in certain of our vehicles. The cases were subsequently consolidated in the Southern District of Florida. On November 8, 2022, the Court granted summary judgement in FCA US’s favor against all claimants except those in Georgia and North Carolina. FCA US has moved to dismiss all remaining claims and decisions on those motions are pending. At this stage of the proceedings, we are unable to reliably evaluate the likelihood that a loss will be incurred or estimate a range of possible loss. Emissions Matters On January 10, 2019, FCA US announced it had reached final settlements on civil environmental and consumer claims with the U.S. Environmental Protection Agency (“EPA”), the Civil Division of the U.S. Department of Justice (“DoJ”), the California Air Resources Board (“CARB”), the State of California, 49 other States and U.S. Customs and Border Protection, for which we accrued €748 million during the year ended December 31, 2018. Approximately €350 million of the amount accrued by FCA US, which was prior to the merger, was related to civil penalties to resolve differences over diesel emissions requirements. A portion of the amount accrued, prior to the merger, was attributable to settlement of a putative class action on behalf of consumers in connection with which FCA US agreed to pay an average of $2,800 per vehicle to eligible customers affected by the recall. That settlement received final court approval on May 3, 2019. On April 9, 2021, FCA US reached an agreement with substantially all of the approximately 3,200 consumers that exercised their right to opt out of the class action settlement to settle their claims for an amount that is not material to the Company. As of December 31, 2022, our best estimate of a probable loss is reflected in the amount previously accrued prior to the merger. In September 2019, the DoJ filed criminal charges against an employee of FCA US for, among other things, fraud, conspiracy, false statements and violations of the Clean Air Act primarily in connection with efforts to obtain regulatory approval of the vehicles that were the subject of the civil settlements described above. In April 2021, two additional employees of a Stellantis subsidiary were indicted by the DoJ on similar charges. The three employees were placed on administrative leave following their indictments. On June 3, 2022, FCA US announced that it had agreed to a settlement to resolve the DoJ, Criminal Division’s investigation as it relates to FCA US. The settlement, which received court approval, includes a guilty plea, a fine of approximately $96 million, and the forfeiture of approximately $204 million in gains. Prior to the merger, we accrued approximately €200 million during the three months ended September 30, 2020 as our best estimate of probable loss with regard to matters under discussion. In light of subsequent progress in our discussions with the DoJ, Criminal Division, we increased our accrual for this matter to approximately €266 million as of December 31, 2021, which is sufficient to cover the forfeiture and penalty imposed by the plea agreement. We remain subject to a number of related private lawsuits (the “Non Opt-Out Litigation”). We have also received inquiries from other regulatory authorities in a number of jurisdictions as they examine the on-road tailpipe emissions of several automakers’ vehicles and, when jurisdictionally appropriate, we continue to cooperate with these governmental agencies and authorities. In Europe, we have continued to work with the Italian Ministry of Transport (“MIT”) and the Dutch Vehicle Regulator (“RDW”), the authorities that certified FCA diesel vehicles for sale in the European Union, and the UK Driver and Vehicle Standards Agency in connection with their review of several diesel models. We also responded to inquiries from the German authority, the Kraftfahrt-Bundesamt (“KBA”), regarding emissions test results for FCA diesel vehicles, and discussed the KBA reported test results, our emission control calibrations and the features of the vehicles in question. After these initial discussions, the MIT, which has sole authority for regulatory compliance of the vehicles it has certified, asserted its exclusive jurisdiction over the matters raised by the KBA, tested the vehicles, determined that the vehicles complied with applicable European regulations and informed the KBA of its determination. Thereafter, mediations were held under European Commission (“EC”) rules, between the MIT and the German Ministry of Transport and Digital Infrastructure, which oversees the KBA, in an effort to resolve their differences. The mediation concluded and no action was taken with respect to FCA. In May 2017, the EC announced its intention to open an infringement procedure against Italy regarding Italy's alleged failure to respond to EC's concerns regarding certain FCA emission control calibrations. The MIT responded to the EC's allegations by confirming that the vehicles' approval process was properly performed. On December 2, 2021, the EC notified Italy of its position that Italy did not comply with its obligation to enforce EU emission type approval rules. In December 2019, the MIT notified FCA of communications with the Dutch Ministry of Infrastructure and Water Management (“I&W”) regarding certain irregularities allegedly found by the RDW and the Dutch Center of Research TNO in the emission levels of certain Jeep Grand Cherokee Euro 5 models and a vehicle model of another OEM containing a Euro 6 diesel engine supplied by FCA. In January 2020, the Dutch Parliament published a letter from the I&W summarizing the conclusions of the RDW regarding those vehicles and engines and indicating an intention to order a recall and report their findings to the Public Prosecutor, the EC and other Member States. FCA engaged with the RDW to present our positions and cooperate to reach an appropriate resolution of this matter. FCA proposed certain updates to the relevant vehicles that have been tested and approved by the RDW and are now being implemented. Nevertheless, this matter is still pending. In addition, as part of the judicial investigation of several automakers in France, commencing in 2016 and 2017, Automobiles Peugeot and Automobiles Citroën were placed under examination by the Judicial Court of Paris in June 2021 on allegations of consumer fraud in connection with the sale of Euro 5 diesel vehicles in France between 2009 and 2015. In July 2021, FCA Italy was placed under examination by the same court for possible consumer fraud in connection with the sale of Euro 6 diesel vehicles in France between 2014 and 2017. FCA Italy was also designated as a material witness in connection with allegations of obstruction of the actions of an economy ministry antifraud inspector in 2016 and 2017. As is typical in a French criminal inquiry, each of the companies were required to pay bail for the potential payment of damages and fines and to ensure representation in court, and to provide a guarantee for the potential compensation of losses. None of these amounts were, individually or in the aggregate, material to the Company. In July 2020, unannounced inspections took place at several of FCA’s sites in Germany, Italy and the UK at the initiative of the Public Prosecutors of Frankfurt am Main and of Turin, as part of their investigations of potential violations of diesel emissions regulations and consumer protection laws. In April 2022, former FCA companies received an order to produce documents to the Public Prosecutors. In October 2022, inspections took place at the Italian offices of FCA Italy and Maserati and at the German office of Maserati Deutschland. The Public Prosecutor of Frankfurt has also informed us that it is conducting a criminal investigation regarding the emissions of certain PSA diesel engines installed in approximately 1,000 PSA vehicles and 29,000 Mitsubishi vehicles sold in Germany. We continue to cooperate with these investigations. We also face class actions and individual claims in several European countries. Several former FCA and PSA companies and our Dutch dealers have been served with two class actions filed in the Netherlands by Dutch foundations seeking monetary damages and vehicle buybacks in connection with alleged emissions non-compliance of certain diesel vehicles. We have also been notified of a potential class action on behalf of Dutch consumers alleging emissions non-compliance of certain former FCA vehicles sold as recreational vehicles, as well as a securities class action in the Netherlands, alleging misrepresentations by FCA, now Stellantis. A class action alleging emissions non-compliance has also been filed in Portugal regarding former FCA vehicles and similar claims in the UK regarding former FCA and PSA vehicles are in a pre-litigation phase. We are also defending approximately 11,300 individual consumer claims alleging emissions non-compliance of certain former FCA vehicles in Germany and approximately 150 in Austria. In December 2018, the Korean Ministry of Environment (“MOE”) announced its determination that approximately 2,400 FCA vehicles imported into Korea during 2015, 2016 and 2017 were not emissions compliant and that the vehicles with a subsequent update of the emission control calibrations voluntarily performed by FCA, although compliant, would have required re-homologation of the vehicles concerned. In May 2019, the MOE revoked certification of the above-referenced vehicles and announced an administrative fine for an amount not material to the Company which has been paid by our Korean subsidiary. Our appeal of the MOE’s decision was rejected and we are no longer pursuing appeals other than in connection with calculation of the fine. Our Korean subsidiary has also paid an administrative fine, in an amount not material to the Company, imposed by the Korean Fair Trade Commission for a purported breach of the Act on Fair Labeling and Advertisement in connection with these vehicles. In November 2021, the MOE issued notice of its intention to impose a recall order, revocation of certification and an administrative fine on the basis of the alleged non-compliance of approximately 2,250 other FCA vehicles. The amount of the administrative fine is not material to the Company. We are waiting for the MOE to issue the final disposition on this matter. Our subsidiary in Seoul, Korea is also cooperating with local criminal authorities in connection with their review of these matters. In both cases, the authorities decided to not refer the matter to prosecutors, as they had found no evidence of wrongdoing by our Korean subsidiary. The results of the unresolved governmental inquiries and private litigation related to the emissions matters disclosed above cannot be predicted at this time and these inquiries and litigation may lead to further enforcement actions, penalties or damage awards, any of which may have a material adverse effect on our business, financial condition and results of operations. It is also possible that these matters and their ultimate resolution may adversely affect our reputation with consumers, which may negatively impact demand for our vehicles and consequently could have a material adverse effect on our business, financial condition and results of operations. At this stage, we are unable to evaluate the likelihood that a loss will be incurred with regard to the unresolved inquiries, Non Opt-Out Litigation and other private litigation or estimate a range of possible loss. National Training Center On January 27, 2021, FCA US announced an agreement with the U.S. Attorney’s Office for the Eastern District of Michigan to resolve its investigation into past misconduct of certain former FCA US employees involving the UAW-Chrysler National Training Center (“NTC”). Pursuant to the agreement, which received court approval on July 19, 2021, FCA US agreed to plead guilty to a single count of conspiracy to violate the Labor Management Relations Act and the payment of a fine in an amount that is not material to the Company and which was accrued prior to the merger. FCA US also agreed to implement an independent compliance monitor for three years with respect to the dissolution of the NTC and internal controls as they relate to the trusts being implemented to replace the NTC. Several putative class action lawsuits have been filed against FCA US in U.S. federal court alleging harm to UAW workers as a result of these acts. Those actions have been dismissed both at the trial court stage and on appeal. Three plaintiffs in these lawsuits also filed charges alleging unfair labor practices with the U.S. National Labor Relations Board (the “Board”). The Board issued a complaint regarding these allegations and sought a cease and desist order as well as the posting of a notification with respect to the alleged practices, but subsequently dismissed the charges. On July 20, 2020, a group of employees in FCA’s Toledo, Ohio Jeep plant filed a lawsuit in U.S. District Court for the Northern District of Ohio against FCA US, the UAW and certain individuals claiming violations of the Racketeer Influenced and Corrupt Organizations (RICO) Act and civil conspiracy. On October 20, 2020, FCA US filed a motion to dismiss. Plaintiffs filed their second amended complaint on June 25, 2021. Briefing on the motion to dismiss has been stayed pending decisions on motions to dismiss in two related cases in the U.S. District Court for the Eastern District of Michigan. At this stage, we are unable to reliably evaluate the likelihood that a loss will be incurred or estimate a range of possible loss. On October 16, 2020 and February 28, 2021, lawsuits were filed in U.S. District Court for the Eastern District of Michigan, by groups of current and former employees making similar claims. The court granted our motion to dismiss one of the cases and that decision has been appealed by plaintiffs. Our motion to dismiss the other case remains pending. At this stage, we are unable to reliably evaluate the likelihood that a loss will be incurred or estimate a range of possible loss with regard to these lawsuits. General Motors Litigation On November 20, 2019, General Motors LLC and General Motors Company (collectively, “GM”) filed a lawsuit in the U.S. District Court for the Eastern District of Michigan against FCA US, FCA N.V., now Stellantis N.V., and certain individuals, claiming violations of the RICO Act, unfair competition and civil conspiracy in connection with allegations that FCA US made payments to UAW officials that corrupted the bargaining process with the UAW and as a result FCA US enjoyed unfair labor costs and operational advantages that caused harm to GM. GM also claimed that FCA US had made concessions to the UAW in collective bargaining that the UAW was then able to extract from GM through pattern bargaining which increased costs to GM and that this was done by FCA US in an effort to force a merger between GM and FCA N.V. The court dismissed GM’s lawsuit with prejudice. GM subsequently appealed the dismissal to the U.S. Court of Appeals for the Sixth Circuit the court affirmed the dismissal of GM’s complaint. On January 9, 2023, GM filed a petition with the U.S. Supreme Court, seeking review of the Sixth Circuit’s decision. Following dismissal of its Federal court case, GM filed an action against FCA US and FCA N.V., now Stellantis N.V., in Michigan state court, making substantially the same claims as it made in the federal litigation. On October 15, 2021, the court granted Stellantis N.V. and FCA US’s motion for summary disposition. GM filed a motion for reconsideration and on December 6, 2021, the court granted GM’s motion, permitting GM to amend its complaint. GM filed a second amended complaint on December 23, 2021. On May 16, 2022, the court denied FCA US’s motion for summary disposition and permitted discovery to proceed against FCA US. On July 20, 2022, the court granted Stellantis N.V.’s motion for summary disposition, but on November 28, 2022 the court granted GM’s motion for reconsideration and permitted jurisdictional discovery to proceed against Stellantis N.V. At this stage, we are unable to reliably evaluate the likelihood that a loss will be incurred or estimate a range of possible loss. Tigershark Engine – EPA Matter In connection with internal testing, FCA US determined that approximately 935,000 vehicles equipped with the 2.4L Tigershark engine may have excess tailpipe emissions. FCA US discussed this issue and reviewed the proposed solution with the EPA and CARB. Prior to the merger, FCA US increased its warranty campaign provision by approximately €200 million associated with a recall campaign to implement this solution. Tigershark Engine – Litigation In addition, putative class action lawsuits have been filed against FCA US and consolidated into a single action in U.S. District court in Michigan asserting claims under federal and state laws claiming manufacturing and design defects in certain vehicles equipped with the 2.4L Tigershark engine, which has been installed in approximately 1.6 million vehicles sold in the U.S. The claims allege excessive oil consumption and related excess emissions. In November 2021, we entered into an agreement in principle to settle the litigation, contingent on court approval, for an amount that is not material to the Company. The court granted final approval of the settlement in December 2022. Other matters Corporate Average Fuel Economy (“CAFE”) standards On August 31, 2020, the U.S. Court of Appeals for the Second Circuit vacated a final rule published by NHTSA in July 2019 that had reversed NHTSA’s 2016 increase to the base rate of the CAFE penalty from $5.50 to $14.00. The base rate applies to each tenth of a mile per gallon that a manufacturer’s fleet-wide average fuel efficiency is below the CAFE standard, and is multiplied by the number of vehicles in the manufacturer’s fleet to arrive at an aggregate penalty. On January 14, 2021, NHTSA published an interim final rule with immediate effect, the result of which was to apply the increased fine rate that resulted from the Second Circuit’s ruling to future model years. In particular, NHTSA’s interim rule imposed a CAFE penalty base rate of $5.50 through 2021 Model Year and increased the CAFE penalty base rate to $14.00 prospectively from the 2022 Model Year. FCA accrued estimated amounts for any probable CAFE penalty based on the $5.50 rate for Model Years 2021 and earlier. In addition, as a result of the acquisition, and in accordance with IFRS 3, we recognized an incremental contingent liability of €163 million for the potentially higher fine rate on vehicle shipments prior to the merger date. On April 1, 2022, NHTSA published a final rule repealing the interim final rule issued in January 2021 and reverting to the December 2016 final rule which increased the CAFE civil penalty rate from $5.00 to $14.00, beginning with 2019 Model Year. NHTSA is expected to continue to make mandatory inflation adjustments to the CAFE civil penalty rate, as required by law for all civil monetary penalties. Applying the annual inflation adjustment procedures did not result in an increase in the $14.00 rate through 2021 Model Year, but did result in an increased fine rate to $15.00 for 2022 Model Year vehicles. An additional accrual of €655 million has been recognized resulting from an increase in the provision related to the Model Year 2019-2021 penalty rate adjustment. In addition, an accrual of €5 million has been recognized to reflect the Model Year 2022 inflation adjustment for vehicles sold in 2021, and penalties for Model Year 2022 vehicles sold in the current year have been accrued based on a penalty rate of $15.00. Greenhouse Gas Standards On March 9, 2022, the EPA reinstated California’s authority under the Clean Air Act to enforce its own, more stringent, greenhouse gas (“GHG”) emission standards for passenger vehicles and light duty trucks (the “California Waiver”). California emission standards covered by the California Waiver may be adopted by other states and to date 17 other states and the District of Columbia (the “California Waiver States”) have adopted California’s GHG emissions standards under the California Waiver. Prior to the EPA’s withdrawal of the California Waiver, automotive OEMs were deemed to be compliant with California’s GHG emissions standards if they were compliant with the EPA’s GHG standards. This “deemed to comply” mechanism was removed from the California regulation prior to the reinstatement of the California Waiver. As interpreted by CARB, the EPA’s reinstatement of the California Waiver together with the removal of the “deemed to comply” mechanism means that automotive OEMs are retroactively subject to the separate California GHG standards beginning with the model year 2021 fleet. OEMs may achieve compliance with the California GHG emission standards in several ways, including through the sale of emission-compliant vehicles within their fleet for a given model year, through the carryforward or carryback of excess credits generated by a compliant fleet in past or future years, by the purchase of California-specific regulatory credits from third parties or by a combination of the foregoing. We did not meet the California GHG targets for model year 2021 and do not expect to meet the California GHG targets for model year 2022, as in planning both model years prior to reinstatement of the California Waiver we assumed the ability to utilize existing credits based on regulations in force at the time. We intend to be compliant with the California GHG program, and for those years and any other model year with deficits, we intend to seek to cover such deficits with excess credits generated through our compliance in model years within the applicable five-year carryback period. While we are executing on several important steps to ensure our carryback strategy, the success of our carryback strategy depends on future levels and mix of production and sales, as well as general market demand for battery electric vehicles, all of which are inherently speculative. As we are unable to reliably estimate the cost of compliance, we have not recognized a provision. We understand that certain other automobile OEMs are subject to less stringent California GHG emissions standards pursuant to settlement agreements entered into with CARB on terms that are not available us. We are currently evaluating the enforceability of the California GHG emissions standards as applied by CARB, particularly in light of their retroactive application following the EPA’s reinstatement of the California Waiver, as well as the |
Equity
Equity | 12 Months Ended |
Dec. 31, 2022 | |
Share Capital, Reserves And Other Equity Interest [Abstract] | |
Equity | 27. Equity Share capital At December 31, 2022, the authorized share capital of Stellantis was ninety million Euro (€90,000,000), divided into 4.5 billion (4,500,000,000) Stellantis common shares, nominal value of one Euro cent (€0.01) per share and 4.5 billion (4,499,750,000) class A special voting shares, nominal value of one Euro cent (€0.01) per share each and two hundred and fifty thousand (250,000) class B special voting shares with a nominal value of one euro cent (€0.01) each. At December 31, 2022, fully paid-up share capital of Stellantis amounted to €32 million (€31 million at December 31, 2021) and consisted of 3,213,372,229 common shares (3,132,618,655 at December 31, 2021). This included 69,125,544 common shares held in Treasury (refer to Exercise of GM Warrants for further information) and therefore at December 31, 2022 there were 3,144,246,685 outstanding common shares. On December 21, 2022, all the outstanding special voting shares B were exchanged with newly issued special voting shares A in accordance with article 7.5 of the terms and conditions of the special voting shares. As a result all the 208,622 issued special voting shares B are held in the Company’s treasury. At December 31, 2022 there were 178,790 issued special voting shares A and 208,622 issued special voting shares B (208,622 at December 31, 2021), all with a par value of €0.01 each. In accordance with IFRS 3 - Business Combinations, as applied to a reverse acquisition, the share capital of Stellantis reflects the share capital of the legal acquirer, FCA N.V. with the difference between share capital of the legal acquirer and the accounting acquirer, PSA, being aggregated and shown as part of retained earnings and other reserves. The following table summarizes the changes in the number of outstanding common shares and special voting shares of Stellantis during the year ended December 31, 2022: Common Shares Special Voting Shares A Special Voting Shares B Total Balance at January 1, 2022 3,132,618,655 — 208,622 3,132,827,277 Issuance of Special Voting Shares — 178,790 — 178,790 Issuance upon the exercise of GM warrants 69,125,544 — — 69,125,544 Purchase of Treasury shares (69,125,544) (98) (208,622) (69,334,264) Shares issued to serve Long Term Incentive Plans 11,628,030 — — 11,628,030 Balance at December 31, 2022 3,144,246,685 178,692 — 3,144,425,377 In June 2021, one of the Company's consolidated subsidiaries, ARAMIS SAS ("Aramis") listed a portion of its shares on the Euronext Paris stock exchange. Prior to the listing, the Company held a 70 percent interest in Aramis, and as a result of the IPO, the Company’s interest has been diluted to 61 percent. As there was no loss of control as a result of the listing, the transaction has been accounted for as an equity transaction with €178 million recognized as an increase in non-controlling interest and €121 million recognized as additional retained earnings. In the context of the contemplated merger with FCA, on December 17, 2019, DFG agreed to sell, and Groupe PSA agreed to buy, up to 30.7 million shares of PSA prior to the earlier of the closing of the merger or December 31, 2020 at a price based on the market price of PSA share when PSA is notified to effect a sale by DFG (those shares will be cancelled). On the date of commitment, a current financial liability of €685 million was initially recognized against equity to reflect the PSA repurchase obligation with subsequent remeasurement of the liability recorded as financial income (expense). At December 31, 2019, this liability was remeasured at €668 million against a net financial income (expense) of €17 million. On September 23, 2020, PSA repurchased 10 million of its own shares from DFG for a total purchase price of €164 million (excluding costs) that were subsequently cancelled and PSA and DFG agreed to amend the original agreement so that the remaining 20.7 million shares would have been sold by DFG to third parties by December 31, 2022 in the event those shares have not been sold to PSA by December 31, 2020. As under the amended agreement, as of December 15, 2020 the current financial liability was remeasured to €446 million and reversed against equity as PSA no longer had the obligation to repurchase these 20.7 million shares. Pursuant to the Articles of Association, the Board of Directors is irrevocably authorized to issue shares (common and special voting shares) and to grant rights to subscribe for shares in the capital of the Company. This authorization is up to a maximum aggregate amount of shares as set out in the Articles of Association, as amended from time to time, and limits or excludes the right of pre-emption with respect to common shares. Exercise of GM Warrants As part of the acquisition of Opel/Vauxhall by Groupe PSA, on July 31, 2017, PSA issued warrants to Adam Opel GmbH (a GM company), hereafter referred to as “GM”. The equity warrants entitled the holder to subscribe for 39,727,324 shares in Peugeot S.A. with a par value of €1 per warrant, and each warrant being eligible for one share in PSA Automobiles S.A. (“PSA”). The warrants were exercisable between the 5th and the 9th year following issuance, meaning that the exercise window opened on July 31, 2022. On the merger date, each of the warrants issued by PSA to GM was converted into one equity warrant, each of which entitled the holder to subscribe for 1.74 Stellantis shares (same conversion ratio as for all other PSA shares), with an exercise price equal to €1 per original warrant (€39,727,324). On September 15, 2022, upon the exercise of the warrants above by GM we issued 69,125,544 common shares, representing approximately 2.2 percent of Stellantis’ share capital (on a diluted basis) and with a cash proceed of €40 million. Following the agreement entered into with GM, we immediately repurchased all the shares issued with a cash disbursement of €923 million corresponding to €13.36 per share (such amount was based on the volume weighted average price of one Stellantis common share on the regulated market of Euronext in Milan over the previous five trading days). The issuance and subsequent share buy-back have been accounted for as separate transactions within equity. In addition, the warrant agreement noted that in case of transactions including dividends, allocation of shares to shareholders, merger or spin-off, where the date for determining the shareholders entitlement to benefit from or participate in the transaction, the warrant holders rights are protected until the delivery date. Such transactions included cash dividends payable to GM by PSA prior to the merger and paid by Stellantis since the merger, the Faurecia spin-off in 2021 and the 2021 Faurecia dividends payable. The amounts paid were previously recognized as liabilities when such dividends were declared. The payments reduced the liability for the dividends declared in years prior to 2022 and recognized against equity for the dividends declared during 2022. Equity Incentive Plans On April 15, 2021, the Annual General Meeting of Shareholders (“AGM”) resolved to authorize, under certain conditions, the Board of Directors to issue common shares, to grant rights to subscribe for shares under the LTIP and its sub-plans, up to maximum of 100 million common shares, and to exclude pre-emptive rights of shareholders in that regard, both for a period of five years. Furthermore, the AGM authorized the Board of Directors, for a period of 18 months from the date of the AGM, to repurchase up to a maximum of 10 percent of the Company’s common shares issued as of the date of the AGM. Pursuant to the authorization, which does not entail any obligation for the Company but is designed to provide additional flexibility, the Board of Directors may repurchase common shares in compliance with applicable regulations, subject to certain maximum and minimum price thresholds. Other reserves: Other reserves comprised the following: • legal reserves of €18,037 million at December 31, 2022 (€13,030 million at December 31, 2021) determined in accordance with Dutch law and primarily relating to development expenditures capitalized by subsidiaries and their earnings, subject to certain restrictions on distributions to Stellantis; • capital reserves of €20,119 million at December 31, 2022 (€20,840 million at December 31, 2021); • retained earnings, after the separation of the legal reserve, of positive €13,873 million (positive €5,664 million at December 31, 2021); and • profit attributable to owners of the parent of €16,799 million for the year ended December 31, 2022 (€14,200 million for the year ended December 31, 2021). Other comprehensive income Other comprehensive income was as follows: Years ended December 31, 2022 2021 2020 (€ million) Fair value remeasurement of cash flow hedges (482) 149 107 of which, reclassified to the income statement (353) (98) (32) of which, recognized in equity during the period (129) 247 139 Gains and losses from remeasurement of financial assets 3 6 — of which, reclassified to the income statement — — — of which, recognized in equity during the period 3 6 — Exchange differences on translating foreign operations 2,013 2,005 (377) Share of Other comprehensive income/(loss) for equity method investees (7) (47) (43) Items relating to discontinued operations — — (337) Total amounts to be potentially reclassified to profit or loss 1,527 2,113 (650) Actuarial gains and losses on defined benefit pension obligations € 1,753 € 2,488 € (117) Share of Other comprehensive income for equity method investees (5) 8 — Items relating to discontinued operations — — (52) Amounts not to be reclassified to profit or loss 1,748 2,496 (169) Total Other comprehensive income/(loss) for the period 3,275 4,609 (819) Income tax benefit (expense) (290) (783) — Income tax benefit (expense) - discontinued operations — — 10 Total Other comprehensive income/(loss) for the period, net of tax € 2,985 € 3,826 € (809) Gains and losses arising from the remeasurement of defined benefit plans primarily include actuarial gains and losses arising during the period, the return on plan assets (net of interest income recognized in the Consolidated Income Statement) and any changes in the effect of the asset ceiling. These gains and losses are offset against the related defined benefit plan's net liabilities or assets (Note 20, Employee benefits liabilities ). The following table summarizes the tax effect relating to Other comprehensive income: Years ended December 31, 2022 2021 2020 Pre-tax Tax Net Pre-tax Tax Net Pre-tax Tax Net (€ million) Fair value remeasurement of cash flow hedges (482) 89 (393) 149 (54) 95 107 (31) 76 Gains and losses from remeasurement of € 3 € — € 3 € 6 € — € 6 € — € — € — Actuarial gains and losses on defined benefit € 1,753 € (379) € 1,374 € 2,488 € (729) € 1,759 € (117) € 31 € (86) Exchange differences on translating foreign 2,013 — 2,013 2,005 — 2,005 (377) — (377) Share of Other comprehensive income/(loss) for equity method investees (12) — (12) (39) — (39) (43) — (43) Items relating to discontinued operations — — — — — — (389) 10 (379) Total Other comprehensive income/(loss) € 3,275 € (290) € 2,985 € 4,609 € (783) € 3,826 € (819) € 10 € (809) Policies and processes for managing capital The objectives identified by the Company for managing capital were to create value for shareholders as a whole, safeguard business continuity and support the growth of the Company. As a result, the Company endeavored to maintain an adequate level of capital that, at the same time, enables it to obtain a satisfactory economic return for its shareholders and guarantee economic access to external sources of funds, including by means of achieving an adequate credit rating. The Company constantly monitors its net financial position in comparison with net equity and the generation of cash from its industrial activities. In order to reach these objectives, the Company continues to aim for improvement in the profitability of its operations. Furthermore, the Board of Directors may make proposals to Stellantis shareholders at a general meeting to reduce or increase share capital or, where permitted by law, to distribute reserves. The Company may also make purchases of treasury shares, without exceeding the limits authorized at a general meeting of Stellantis shareholders, under the same logic of creating value, compatible with the objectives of achieving financial equilibrium and an improvement in the Company's rating. Dividends proposed, declared and paid On April 13, 2022, the AGM approved an ordinary dividend distribution of €1.04 per common share corresponding to a total distribution of approximately €3.3 billion, that was paid on April 29, 2022. On February 22, 2023, the Company announced an ordinary dividend of €4.2 billion corresponding to €1.34 per share to be paid, subject to shareholder approval. The expected dates for NYSE, Euronext Milan and Euronext Paris will be as follows: (i) ex-date April 24, 2023, (ii) record date April 25, 2023, and (iii) payment date May 4, 2023. Dividend policy Common shares The Company’s dividend policy contemplates an annual ordinary dividend to the holders of common shares targeting a payout ratio of 25 percent - 30 percent of the Company’s Net profit for the relevant prior financial year. The actual level of dividend to be distributed by the Company will be determined by the Board of Directors in its sole discretion and will be subject to earnings, cash balances, commitments, strategic plans and any other factors that the Board of Directors may deem relevant at the time of a dividend distribution, including adjustments for income or costs that are significant in nature but expected to occur infrequently. Special voting shares The holders of special voting shares are not entitled to any distributions. However, pursuant to article 29.4 of the Company's articles of association, from any amount of profits not reserved by the Board of Directors, first an amount shall be allocated and added to a separate special voting shares dividend reserve for the benefit of the holders of special voting shares (the "Special Voting Shares Dividend Reserve"). The Company has no intention to propose any distribution from the Special Voting Shares Dividend Reserve. |
Earnings per share
Earnings per share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings per share [abstract] | |
Earnings per share | 28. Earnings per share Basic earnings per share Basic earnings per share for the years ended December 31, 2022, 2021 and 2020 was determined by dividing the Net profit attributable to the equity holders of the parent by the weighted average number of shares outstanding during each period. The following tables provide the amounts used in the calculation of basic earnings per share: Years ended December 31, 2022 2021 2020 Net profit attributable to owners of the parent million € 16,799 € 14,200 € 2,173 Weighted average number of shares outstanding thousand 3,140,089 3,059,284 1,544,002 Basic earnings per share € € 5.35 € 4.64 € 1.41 Years ended December 31, 2022 2021 2020 Net profit from continuing operations attributable to owners of the parent million € 16,799 € 13,210 € 2,353 Weighted average number of shares outstanding thousand 3,140,089 3,059,284 1,544,002 Basic earnings per share from continuing operations € € 5.35 € 4.32 € 1.52 Years ended December 31, 2022 2021 2020 Net profit from discontinued operations attributable to owners of the parent million € — € 990 € (180) Weighted average number of shares outstanding thousand 3,140,089 3,059,284 1,544,002 Basic earnings per share from discontinued operations € € — € 0.32 € (0.12) Diluted earnings per share In order to calculate the diluted earnings per share, the weighted average number of shares outstanding was increased to take into consideration the theoretical effect of potential common shares that would be issued for the restricted and performance share units outstanding and unvested at December 31, 2022, 2021 and 2020 (Note 19, Share-based compensation ), as determined using the treasury stock method. Additionally, in 2021 and in 2020 the weighted average number of shares outstanding was increased to reflect the 39,727,324 GM warrants issued by PSA in 2017, that became exercisable in July 2022. 2020 weighted average number of shares of former PSA have been adjusted by the exchange ratio of 1.742 to provide comparability in accordance with IFRS 3 - Business Combinations. There were no instruments excluded from the calculation of diluted earnings per share because of an anti-dilutive impact for the years ended December 31, 2022, 2021 and 2020 except for the calculation of diluted earnings per share from discontinued operations which reported a loss in 2020. The following tables provide the amounts used in the calculation of diluted earnings per share: Years ended December 31, 2022 2021 2020 Net profit attributable to owners of the parent million € 16,799 € 14,200 € 2,173 Weighted average number of shares outstanding thousand 3,140,089 3,059,284 1,544,002 Number of shares deployable for share-based compensation thousand 23,870 23,651 14,441 Equity warrants delivered to GM thousand — 68,497 68,497 Weighted average number of shares outstanding for diluted earnings per share thousand 3,163,959 3,151,432 1,626,940 Diluted earnings per share € € 5.31 € 4.51 € 1.34 Years ended December 31, 2022 2021 2020 Net profit from continuing operations attributable to owners of the parent million € 16,799 € 13,210 € 2,353 Weighted average number of shares outstanding 3,140,089 3,059,284 1,544,002 Number of shares deployable for share-based compensation thousand 23,870 23,651 14,441 Equity warrants delivered to GM thousand — 68,497 68,497 Weighted average number of shares outstanding for diluted earnings per share thousand 3,163,959 3,151,432 1,626,940 Diluted earnings per share from continuing operations € € 5.31 € 4.19 € 1.45 Years ended December 31, 2022 2021 2020 Net profit from discontinued operations attributable to owners of the parent million € — € 990 € (180) Weighted average number of shares outstanding 3,140,089 3,059,284 1,544,002 Number of shares deployable for share-based compensation thousand 23,870 23,651 14,441 Equity warrants delivered to GM thousand — 68,497 68,497 Weighted average number of shares outstanding for diluted earnings per share (1) thousand 3,163,959 3,151,432 1,544,002 Diluted earnings per share from discontinued operations € € — € 0.31 € (0.12) ________________________________________________________________________________________________________________________________________________ (1) Number of shares deployable for share-based compensation and equity warrants delivered to GM have not been taken into consideration in the calculation of diluted loss per share for the year ended December 31, 2020 as this would have had an anti-dilutive effect |
Segment reporting
Segment reporting | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of operating segments [abstract] | |
Segment reporting | 29. Segment reporting Prior to the merger, PSA’s four reportable segments were the Automotive division, consisting of the historical Peugeot Citroën DS business segment and of the Opel Vauxhall business segment, the Automotive Equipment segment, corresponding to the Faurecia Group (refer to Note 3, Scope of consolidation for additional detail), and the Finance segment, corresponding to the Banque PSA Finance group, which provides exclusively retail financing to customers of the Peugeot, Citroën, DS, Opel and Vauxhall brands, as well as wholesale financing to the brands' dealer networks through joint ventures. Subsequent to the completion of the merger, the historical results of the Company have been re-presented to reflect the six reportable segments presented by Stellantis and include the impact of reclassifications made to align the previously reported results of PSA to the presentation adopted by Stellantis and the presentation of Faurecia as a discontinued operation. The Company’s activities are carried out through six reportable segments: five regional vehicle segments (North America, Enlarged Europe, Middle East & Africa, South America and China and India & Asia Pacific) and Maserati, our global luxury brand segment. These reportable segments reflect the operating segments of the Company that are regularly reviewed by the Chief Executive Officer, who is the “chief operating decision maker”, for making strategic decisions, allocating resources and assessing performance, and that exceed the quantitative threshold provided in IFRS 8 – Operating Segments (“IFRS 8”), or whose information is considered useful for the users of the financial statements. The Company’s five regional vehicle reportable segments deal with the design, engineering, development, manufacturing, distribution and sale of passenger cars, light commercial vehicles and related parts and services in specific geographic areas: North America (U.S., Canada and Mexico), Enlarged Europe (primarily the countries of the European Union and United Kingdom), Middle East & Africa (primarily Turkey, Morocco, Egypt and Algeria), South America (including Central America and the Caribbean islands), and China and India & Asia Pacific (Asia and Pacific countries). The Company's global luxury brand reportable segment, Maserati, deals with the design, engineering, development, manufacturing, worldwide distribution and sale of luxury vehicles under the Maserati brand. Transactions among the mass-market vehicle segments generally are presented on a “where-sold” basis, which reflect the profit/(loss) on the ultimate sale to third party customer within the segment. This presentation generally eliminates the effect of the legal entity transfer price within the segments. Revenues of the other segments, aside from the mass-market vehicle segments, are those directly generated by or attributable to the segment as the result of its usual business activities and includes revenues from transactions with third parties as well as those arising from transactions with segments, recognized at normal market prices. Other activities includes the results of our industrial automation systems design and production business, our cast iron and aluminum components business, our mobility businesses, our software and data businesses and our financial services activities, as well as the activities and businesses that are not operating segments under IFRS 8. In addition, Unallocated items and eliminations includes consolidation adjustments and eliminations. Financial income and expenses, income taxes and share of the profit of equity method investees are not attributable to the performance of the segments as they do not fall under the scope of their operational responsibilities. Adjusted operating income is the measure used by the chief operating decision maker to assess performance, allocate resources to the Company's operating segments and to view operating trends, perform analytical comparisons and benchmark performance between periods and among the segments. Adjusted operating income/(loss) excludes from Net profit/(loss) from continuing operations adjustments comprising restructuring, impairments, asset write-offs, disposals of investments and unusual operating income/(expense) that are considered rare or discrete events and are infrequent in nature, as inclusion of such items is not considered to be indicative of the Company's ongoing operating performance, and also excludes Net financial expenses/(income), Tax expense/(benefit) and Share of the profit/(loss) of equity method investees. Unusual operating income/(expense) are impacts from strategic decisions as well as events considered rare or discrete and infrequent in nature, as inclusion of such items is not considered to be indicative of the Company's ongoing operating performance. Unusual operating income/(expense) includes, but may not be limited to: • Impacts from strategic decisions to rationalize Stellantis’ core operations; • Facility-related costs stemming from Stellantis’ plans to match production capacity and cost structure to market demand; and • Convergence and integration costs directly related to significant acquisitions or mergers. For the year ended December 31, 2021, Pro Forma Adjusted operating income includes the Adjusted operating income of FCA for the period January 1 - January 16, 2021. For the year ended December 31, 2020, Pro Forma Adjusted operating income includes the Adjusted operating income result of FCA for the period January 1 - December 30, 2020. See below for a reconciliation of Net profit from continuing operations, which is the most directly comparable measure included in our Consolidated Income Statement, to Adjusted operating income. Operating assets are not included in the data reviewed by the chief operating decision maker, and as a result and as permitted by IFRS 8, the related information is not provided. The following tables summarize selected financial information by segment for the years ended December 31, 2022, 2021 and 2020: 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 € 85,474 € 63,226 € 6,453 € 15,640 € 4,500 € 2,322 € 1,953 € 24 € 179,592 Net revenues from transactions with other segments 1 85 — (20) 5 (2) 1,216 (1,285) — Net revenues 85,475 63,311 6,453 15,620 4,505 2,320 3,169 (1,261) 179,592 Net profit/(loss) from continuing operations € 16,779 Tax expense € 2,729 Net financial expenses € 768 Share of the profit of equity method investees € (264) Operating income € 20,012 Adjustments: Restructuring costs and other costs, net of reversals (1) € 56 € 1,020 € — € 36 € — € 2 € 30 € — € 1,144 Takata recall campaign (2) € 382 € 545 € 22 € 2 € — € — € — € — € 951 CAFE penalty rate (3) € 660 € — € — € — € — € — € — € — € 660 Change in estimate of non-contractual warranties (4) € — € 294 € 14 € 3 € 3 € — € — € — € 314 Impairment expense and supplier obligations (5) € 99 € 92 € — € 45 € — € — € — € 1 € 237 Patents litigation (6) € 93 € 40 € — € 1 € — € — € — € — € 134 Other (7) € (24) € (232) € (1) € 62 € 36 € — € 27 € 3 € (129) Total adjustments Jan 1 - Dec 31, 2022 € 1,266 € 1,759 € 35 € 149 € 39 € 2 € 57 € 4 € 3,311 Adjusted Operating income € 13,989 € 6,293 € 1,078 € 2,048 € 654 € 201 € (495) € (445) € 23,323 Share of profit of equity method investees € (2) € (75) € 110 € — € (310) € — € 541 € — € 264 ______________________________________________________________________________________________________________________________ (1) Primarily related to workforce reductions, mainly in Enlarged Europe, North America and South America (2) Extension of Takata airbags recall campaign (3) Increase in provision related to Model Year 2019 - 2021 CAFE penalty rate adjustment. Refer to Note 21, Provisions, for additional information (4) Further refinements in estimate for warranty costs incurred after the contractual warranty period (5) Primarily impairment expense in Enlarged Europe, mainly related to Russia, as well as North America and South America (6) Provision related to litigation by certain patent owners related to the use of certain technologies in prior periods (7) Mainly related to release of litigation provisions, changes in ownership of equity method investments, partially offset by net losses on disposals 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) € 67,715 € 58,728 € 5,165 € 10,496 € 3,927 € 2,003 € 2,768 € (1,383) € 149,419 Net revenues from transactions with other segments (9) (126) — (22) (3) (1) (1,222) 1,383 — Net revenues from external customers (1) 67,706 58,602 5,165 10,474 3,924 2,002 1,546 — 149,419 Add: FCA Net revenues from external customers January 1 - January 16, 2021 (2) 2,015 335 36 189 51 18 60 — 2,704 Add: Pro forma adjustments (3) 3 (7) — — — — — — (4) Pro Forma Net revenues from external customers, January 1 - December 31, 2021 69,724 58,930 5,201 10,663 3,975 2,020 1,606 — 152,119 Net revenues from transactions with other segments 12 130 — 18 5 1 1,122 (1,288) — Pro Forma Net revenues (4) € 69,736 € 59,060 € 5,201 € 10,681 € 3,980 € 2,021 € 2,728 € (1,288) € 152,119 Net profit from continuing operations € 13,218 Tax expense € 1,911 Net financial expenses € 734 Share of the profit of equity method investees € (737) Operating income € 15,126 Add: FCA operating income, January 1 - 16, 2021 € 77 Add: Pro forma adjustments € 96 Pro Forma Operating income € 15,299 Adjustments: Restructuring costs and other costs, net of reversals (5) € (4) € 781 € 2 € 54 € — € 1 € 39 € — € 873 Change in estimate of non-contractual warranties (6) € 2 € 581 € 57 € 68 € 13 € 11 € — € — € 732 Reversal of inventory fair value adjustment in purchase accounting (7) € 401 € 89 € — € 13 € 19 € — € — € — € 522 Impairment expense and supplier obligations (8) € 58 € 233 € 6 € 6 € — € 6 € — € — € 309 Brazilian indirect tax - reversal of liability/recognition of credits (9) € — € — € — € (253) € — € — € — € — € (253) Other (10) € 228 € (17) € (6) € 41 € 7 € 2 € 140 € 134 € 529 Total adjustments Jan 1 - Dec 31, 2021 € 685 € 1,667 € 59 € (71) € 39 € 20 € 179 € 134 € 2,712 Pro Forma Adjusted Operating income € 11,356 € 5,370 € 545 € 882 € 442 € 103 € (718) € 31 € 18,011 Share of profit of equity method investees € (14) € (46) € 118 € — € (7) € — € 686 € — € 737 ______________________________________________________________________________________________________________________________ (1) Groupe PSA (“PSA”) was identified as the accounting acquirer in the FCA-PSA merger, which was accounted for as a reverse acquisition, under IFRS 3 – Business Combinations, and, as such, it contributed to the results of the Company beginning January 1, 2021. FCA was consolidated into Stellantis effective January 17, 2021, the day after the merger became effective (2) FCA consolidated Net revenues, January 1 - January 16, 2021, excluding intercompany transactions (3) Reclassifications made to present FCA’s Net revenues January 1 - January 16, 2021 consistently with that of PSA (4) Pro forma Stellantis consolidated Net revenues, January 1 - December 31, 2021 (5) Restructuring and other costs related to the reorganization of operations and the dealer network primarily in Enlarged Europe (6) Change in estimate for warranty costs incurred after the contractual warranty period. Refer to Note 21, Provisions, for additional information (7) Reversal of fair value adjustment recognized in purchase accounting on FCA inventories (8) Primarily related to certain vehicle platforms in Enlarged Europe (9) Benefit related to the final decision of the Brazilian Supreme Court on the calculation of the state value added tax, resulting in the recognition of €87 million in Net revenues and €166 million in Selling, general and other costs. Refer to Note 23, Other liabilities, for additional information (10) Includes other costs primarily related to merger and integration activities 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 € 13,218 Tax expense € 1,911 Net financial expenses € 734 Share of the profit of equity method investees € (737) Operating income € 15,126 Adjustments: Restructuring costs and other costs, net of reversals (1) € (4) € 781 € 2 € 54 € — € 1 € 39 € — € 873 Change in estimates of non-contractual warranties (2) € 2 € 581 € 57 € 68 € 13 € 11 € — € — € 732 Reversal of inventory fair value adjustment in purchase accounting (3) € 401 € 89 € — € 13 € 19 € — € — € — € 522 Impairment expense and supplier obligations (4) € 58 € 233 € 6 € 6 € — € 6 € — € — € 309 Brazilian indirect tax - reversal of liability/recognition of credits (5) € — € — € — € (253) € — € — € — € — € (253) Other (6) € 228 € (17) € (6) € 41 € 7 € 2 € 140 € 134 € 529 Total adjustments Jan 1 - Dec 31, 2021 € 685 € 1,667 € 59 € (71) € 39 € 20 € 179 € 134 € 2,712 Less: Adjustments Jan 1-16, 2021 (7) € — € — € — € — € — € — € — € — € 11 Adjusted Operating income € 11,103 € 5,419 € 554 € 873 € 444 € 116 € (713) € 31 € 17,827 _______________________________________________________________________________________________________________________________________________ (1) Restructuring and other costs related to the reorganization of operations and the dealer network primarily in Enlarged Europe (2) Change in estimate for warranty costs incurred after the contractual warranty period. Refer to Note 21, Provisions, for additional information (3) Reversal of fair value adjustment recognized in purchase accounting on FCA inventories (4) Primarily related to certain vehicle platforms in Enlarged Europe (5) Benefit related to the final decision of the Brazilian Supreme Court on the calculation of the state value added tax, resulting in the recognition of €87 million in Net revenues and €166 million in Selling, general and other costs. Refer to Note 23, Other liabilities, for additional information (6) Includes other costs primarily related to merger and integration activities (7) Primarily costs related to the merger 2020 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, restated (1) € 122 € 42,383 € 3,055 € 1,153 € 864 € — € 79 € 0 € 47,656 Add: FCA Net revenues from external customers January 1 - December 31, 2020 (2) 60,307 14,497 1,680 5,236 2,267 1,376 1,313 — 86,676 Add: Pro forma adjustments (3) 189 (490) 0 (134) 15 (3) (27) — (450) Pro Forma Net revenues from external customers 60,618 56,390 4,735 6,255 3,146 1,373 1,365 0 133,882 Net revenues from transactions with other segments 15 90 21 (3) 54 2 1,124 (1,303) — Pro Forma Net revenues (4) 60,633 56,480 4,756 6,252 3,200 1,375 2,489 (1,303) 133,882 Net profit from continuing operations € 2,338 Tax expense € 504 Net financial expenses € 94 Share of the loss of equity method investees € 74 Add: FCA operating income, January 1 - December 31, 2020 € 2,165 Add: Pro forma adjustments € 2,261 Pro Forma Operating income € 7,436 Adjustments: Impairment expense and supplier obligations (5) € 154 € 319 € (1) € 176 € 135 € 297 € 5 € 44 € 1,129 Restructuring costs, net of reversal (6) € 32 € 414 € — € 27 € — € 3 € 14 € — € 490 Provision for U.S. investigation matters (7) € — € — € — € — € — € — € — € 222 € 222 Loss/(gain) on disposal of investments (8) € — € 10 € — € — € (204) € — € 16 € — € (178) Other (9) € 10 € (199) € (4) € (2) € — € 4 € 141 € 175 € 125 Total adjustments € 196 € 544 € (5) € 201 € (69) € 304 € 176 € 441 € 1,788 Pro Forma Adjusted Operating income € 6,123 € 3,059 € 300 € 156 € 231 € (91) € (487) € (67) € 9,224 Share of profit of equity method investees € — € (3) € 1 € — € (446) € — € 374 € — € (74) ______________________________________________________________________________________________________________________________ (1) Net revenues from external customers of PSA as reported, re-presented to reflect the reportable segments presented by the Company, and to exclude the results of Faurecia S.E., which has been presented as a discontinued operation in the comparative Income Statement of the Company for the year ended December 31,2020 (2) Net revenues from external customers of FCA as reported, re-presented to reflect the reportable segments presented by the Company (3) Reclassifications made to present FCA’s Net revenues consistently with that of PSA (4) Pro forma Stellantis consolidated Net revenues presented as if the FCA-PSA merger had been completed on January 1, 2020 (5) Impairment expense and supplier obligations, primarily related to impairment expense in North America, South America, Enlarged Europe and China and India & Asia Pacific due to reduced volume expectations primarily as a result of the estimated impacts of COVID, impairments of certain assets in Maserati and certain B-segment assets in Enlarged Europe, as well as impairments in North America due to the change in CAFE penalty rates for future model years (6) Restructuring costs related to reorganization of operations, primarily in Enlarged Europe (7) Provision recognized for estimated probable loss to settle matters under investigation by the U.S. Department of Justice, primarily related to criminal investigations associated with U.S. diesel emissions matters (8) Loss/(gain) on disposal of investment primarily related to the disposal of CAPSA, which was a joint venture in China (9) Primarily includes other costs related to merger and litigation proceedings Information about geographical area The following table summarizes the non-current assets (other than financial instruments, deferred tax assets and post-employment benefits assets) attributed to certain geographic areas: At December 31, 2022 2021 (€ million) North America (1) € 50,410 € 48,344 France 16,031 14,717 Italy 8,646 9,564 Germany 5,334 4,918 Brazil 3,556 2,946 Spain 2,030 2,096 United Kingdom 1,278 1,335 Poland 812 637 Slovakia 377 392 Serbia 105 109 Other countries 3,536 3,221 Total Non-current assets (other than financial instruments, deferred tax assets and post-employment benefits assets) 92,115 88,279 ______________________________________________________________________________________________________________________________ (1) Refers to the geographical area and not our North America reporting segment |
Explanatory notes to the Consol
Explanatory notes to the Consolidated Statements of Cash Flows | 12 Months Ended |
Dec. 31, 2022 | |
Cash Flows Explanatory Notes [Abstract] | |
Explanatory notes to the Consolidated Statement of Cash Flows | 30. Explanatory notes to the Consolidated Statement of Cash Flows Non-cash items For the year ended December 31, 2022, non-cash items of €6,285 million primarily included: (i) €6,797 million for depreciation and amortization expense, partially offset by (ii) a €711 million change in deferred taxes resulting primarily from the recognition of deferred tax assets previously unrecognized (Refer to Note 7, Tax expense/(benefit) for additional detail). For the year ended December 31, 2021, non-cash items of €5,195 million primarily included: (i) €5,871 million for depreciation and amortization expense and (ii) a €654 million change in deferred taxes impacted by the recognition of deferred tax assets previously unrecognized primarily in France and Germany (Refer to Note 7, Tax expense/(benefit) for additional detail). For the year ended December 31, 2020, non-cash items of €2,362 million primarily included €2,376 million of depreciation and amortization expense. Operating activities For the year ended December 31, 2022, net cash from operating activities of €19,959 million was primarily the result of: (i) net profit from continuing operations of €16,779 million adjusted by: (1) non-cash items of €6,285 million , (2) net increase in provisions of €1,906 million mainly attributable to product warranty, sales incentives and accruals for restructuring and CAFE penalty rates, (3) the negative effect of the change in working capital of €4,481 million, which was mainly driven by (i) an increase o f €5,606 million in inventories, reflecting increases in raw materials and components costs and safety stock, as well as an increase in new vehicle inventory levels mainly as a result of logistic challenges, (ii) an in crease of €1,986 million in trade receivables primarily due to a reduction in level of factoring, (iii) an increase of €1,054 million in other receivables net of other payables mainly due to advances to suppliers and indirect taxes in Enlarged Europe, partially offset by (iv) an in crease of €4,165 million in trade payables, primarily reflecting increases in both inventories and costs of raw materials and components. For the year ended December 31, 2021, net cash from operating activities of €18,646 million was primarily the result of: (i) net profit from continuing operations of €13,218 million adjusted by: (1) non-cash items of €5,195 million, (2) the positive effect of the change in working capital of €1,212 million, which was mainly driven by (i) a decrease of €2,201 million in inventories, primarily in Enlarged Europe and North America, (ii) a decrease of €246 million in trade receivables, partially offset by (iii) a decrease of €1,273 million in trade payables, primarily due to reduced volumes of production in Enlarged Europe and North America. For the year ended December 31, 2020, net cash from operating activities of €6,241 million was primarily the result of: (i) net profit from continuing operations of €2,338 million adjusted by: (1) non-cash items of €2,362 million, (2) €1,136 million of cash from operating activities of discontinued operations and (4) the positive effect of the change in working capital of €1,300 million, which was primarily driven by (i) a decrease of €844 million in inventories as a result of stock management, (ii) an increase of €218 million in trade payables and (iii) a decrease of €191 million of trade receivables. Investing activities For the year ended December 31, 2022, net cash from investing activities of €10,531 million was primarily the result of (1) €8,615 million of investment in property, plant and equipment and intangible assets, including €3,487 million of capitalized development expenditures, (2) €399 million decrease in payables related to the investments in properties, plant and equipment and intangible assets, (3) an increase in receivables from financing activities of €1,413 million, which was mainly attributable to increased retail financing of Stellantis Financial Services U.S. and dealer financing in Brazil, (4) acquisitions of consolidated subsidiaries and equity method investments for €666 million including primarily the controlling interest in aiMotive, Share Now and Stimcar Holding and the capital contribution paid to StarPlus Energy LLC (Refer to Note 3, Scope of consolidation for additional detail), partially offset by the disposal of property, plant and equipment of €545 million and of investments in subsidiaries and associates of €235 million. For the year ended December 31, 2021, net cash from investing activities of €8,674 million was primarily the result of (1) cash and cash equivalents of FCA at the date of the merger of €22,514 million, (2) €8,687 million of investment in property, plant and equipment and intangible assets, including €3,116 million of capitalized development expenditures, (2) €1,426 million decrease in payables related to the investments in properties, plant and equipment and intangible assets, and (3) an increase in receivables from financing activities of €306 million, which was mainly attributable to higher volumes of activity in South America and China, and (4) €726 million of acquisitions of consolidated subsidiaries net of their cash and equity method investments, including €147 million relating to the acquisition of First Investors Financial Services Group and €196 million capital injection in GAC-Stellantis JV. Investing activities also include the reduction of €3,115 million in cash and cash equivalents held by Faurecia at loss of control. For the year ended December 31, 2020, net cash used in investing activities of €3,899 million was primarily the result of (1) €2,733 million of investment in properties, plant and equipment and intangible assets, including €1,238 million of capitalized development expenditures, (2) €217 million decrease in payables related to the investments in property, plant and equipment and intangible assets and (3) €1,359 million of cash used by discontinued operations, partially offset by (4) €359 million proceeds from disposal of consolidated subsidiaries and equity method investments. Financing activities For the year ended December 31, 2022 , net cash used in financing activities of €13,167 million resulted primarily from (1) the net decrease in long-term debt of €6,480 million including (i) the repayment of €6,300 million Intesa San Paolo credit facility and of other long-term debt for €1,448 million , (ii) the repayment of bonds at maturity for €1,350 million, partially offset by the issuance of bonds for €2,231 million and new long-term debt for €387 million , (2) the distribution of dividends to Shareholders of €3,353 million, (3) the increase in securities of €2,069 million mainly driven by the investment of liquidity in financial assets which do not meet all the condition to be classified as cash equivalents , (4) the purchase of treasury shares for €923 million as a result of the exercise of GM Warrants (Refer to Note 27, Equity for additional detail), and (5) the changes in short-term debt and other financial assets and liabilities for negative €400 million . For the year ended December 31, 2021, net cash used in financing activities of €1,366 million resulted primarily from (1) the distribution to Shareholders of €4,204 million, including (i) €2,897 million for an extraordinary distribution to FCA shareholders in accordance with the merger agreement, (ii) €1,000 million extraordinary distribution to Stellantis shareholders and (iii) €302 million distributed in cash as part of the Faurecia distribution (refer to Note 3, Scope of consolidation included elsewhere in this report), (2) the repayment at maturity of a bond issued by FCA for €1,000 million, (3) the repayment of other long-term debt for €637 million, (4) €610 million increase in investments in securities primarily by the treasury companies in North America, and (5) €846 million in net decrease in short-term debt. These were partially offset by the proceed from the issuance of notes under the EMTN Program for €3,671 million (€3,750 million nominal) and in North America for €1,770 million (US$2.0 billion) (Refer to Note 22, Debt for further information) and from new long term debt for €309 million. For the year ended December 31, 2020, net cash from financing activities of €3,116 million resulted primarily from the issuance of a note of €1,000 million, changes in short-term debt and other financial assets and liabilities of €529 million, decrease in securities held by central treasuries of €686 million and cash flows from financing activities of discontinued operations of €1,091 million. The following is a reconciliation of liabilities arising from financing activities for the years ended December 31, 2022 and 2021: Years ended December 31, 2022 2021 (€ million) Total Debt at January 1 € 33,582 € 13,703 Add: Derivative (assets)/liabilities and collateral at January 1 (1,205) 21 Add: Securities at January 1 (839) (1,094) Total Liabilities from financing activities at January 1 € 31,537 € 12,630 FCA-PSA merger — 22,415 Add: Derivative (assets)/liabilities and collateral from FCA-PSA merger — (350) Add: Securities from FCA-PSA merger — 129 Cash flows (8,949) 2,650 Foreign exchange effects 397 314 Fair value changes (110) (139) Changes in scope of consolidation 389 (5,616) Transfer to (Assets)/Liabilities held for sale — — Other changes (354) (495) Total Liabilities from financing activities at December 31 € 22,910 € 31,538 Less: Derivative (assets)/liabilities and collateral at December 31 (67) (6) Less: Securities at December 31 (4,176) (2,038) Total Debt at December 31 € 27,153 € 33,582 Interest expense and taxes paid During the years ended December 31, 2022, 2021 and 2020, the Company paid interest of €937 million and received interest of €1,201 million, €1,185 million and €347 million, €88 million and €76 million, respectively. Amounts indicated are also inclusive of interest rate differentials paid or received on interest rate derivatives. During the years ended December 31, 2022, 2021 and 2020, the Company made income tax payments, net of refunds, totaling €2,860 million, €2,170 million and €385 million, respectively. Amounts relating to IFRS 16 recognized in Consolidated Statement of Cash Flows During the year ended December 31, 2022, 2021 and 2020, the total cash outflow for leases recognized in accordance with IFRS 16 was €626 million, €616 million and €178 million, respectively, of which €568 million, €566 million and €177 million, respectively, related to cash payments for the principal portion of lease liabilities (recognized within Cash flows from financing activities in the Consolidated Statement of cash flows) and €58 million, €50 million and €1 million, respectively, related to cash payments for interest expense related to lease liabilities (recognized within Cash flows from operating activities in the Consolidated Statement of cash flows). |
Qualitative and quantitative in
Qualitative and quantitative information on financial risk | 12 Months Ended |
Dec. 31, 2022 | |
Financial Instruments [Abstract] | |
Qualitative and quantitative information on financial risks | 31. Qualitative and quantitative information on financial risks The Company is exposed to the following financial risks connected with its operations: • credit risk, principally arising from its normal commercial relations with final customers and dealers, and its financing activities; • liquidity risk, with particular reference to the availability of funds and access to the credit market and to financial instruments in general; • financial market risk (primarily relating to exchange rates, interest rates and commodity prices), since the Company operates at an international level in different currencies, uses financial instruments which generate interest and is exposed to the risk of changes in the price of certain commodities which are used in the production processes. These risks could significantly affect the Company’s financial position and results and for this reason, the Company systematically identifies and monitors these risks in order to detect potential negative effects in advance and take the necessary action to mitigate them, primarily through its operating and financing activities and if required, through the use of derivative financial instruments in accordance with established risk management policies. Financial instruments held by the funds that manage the Company’s pension plan assets are not included in this analysis (refer to Note 20, Employee benefits liabilities ). The following section provides qualitative and quantitative disclosures on the effect that these risks could have upon the Company. The quantitative data reported in the following does not have any predictive value, in particular the sensitivity analysis on finance market risks does not reflect the complexity of the market or the reaction which may result from any changes that were assumed to take place. Credit risk Overall, the credit risk regarding the Company’s trade receivables and receivables from financing activities is concentrated mainly in North America, Enlarged Europe and South America. The maximum credit risk to which the Company is potentially exposed at December 31, 2022 is represented by the carrying amounts of financial assets in the financial statements discussed in Note 16, Trade receivables, other assets, prepaid expenses and Tax receivables and the nominal value of the guarantees provided on liabilities and commitments to third parties discussed in Note 26, Guarantees granted, commitments and contingent liabilities . In addition, the Company is exposed to credit risk in relation to the investment of cash and to transaction with derivatives counterparties, as disclosed in Note 17, Derivative financial and operating assets and liabilities and in the Note 18, C ash and cash equivalents . The Company’s exposure to credit risk is influenced mainly by the individual characteristics of each counterparty. The Company monitors these exposures and established credit lines with single or homogeneous categories of counterparties. Dealers and final customers for which the Company provides financing are subject to specific assessments of their creditworthiness under a detailed scoring system. To mitigate this risk, the Company could obtain financial and non-financial guarantees. These guarantees are further strengthened where possible by reserve of title clauses on financed vehicle sales to the sales network made by the Company financial service companies and on vehicles assigned under finance and operating lease agreements. For further information regarding the exposure to credit risk and ECLs of Trade receivables, other receivables and financial receivables at December 31, 2022 and 2021, refer to Note 16, Trade receivables, other assets, prepaid expenses and tax receivables. The Company differentiates Cash investments with primary bank counterparties and high rated liquid financial instruments. The investments are actively managed and constantly monitored, in compliance with policies that establish limits of concentration and duration, taking into account the creditworthiness of the counterparties and of the various countries in which the cash is invested. The policies also define limits in the operations with Derivatives counterparties. Even though the Company’s current securities and Cash and cash equivalents consist of balances spread across various primary national and international banking institutions and money market funds that were measured at fair value, there was no exposure to sovereign debt securities at December 31, 2022 and 2021 which could lead to significant risk of repayment. Liquidity risk Liquidity risk represents the risk the Company is unable to obtain the funds needed to carry out its operations and meet its obligations. Any actual or perceived limitations on the Company’s liquidity could affect the ability of counterparties to do business with the Company or may require additional amounts of cash and cash equivalents to be allocated as collateral for outstanding obligations. The continuation of challenging economic conditions in the markets in which the Company operates and the uncertainties that characterize the financial markets, necessitate special attention to the management of liquidity risk. In that sense, measures taken to generate funds through operations and to maintain a conservative level of available liquidity are important factors for ensuring operational flexibility and addressing strategic challenges over the next few years. The main factors that determined the Company’s liquidity situation are the funds generated by or used in operating and investing activities, the debt lending period and its renewal features or the liquidity of the funds employed and market terms and conditions. The Company adopted a series of policies and procedures whose purpose was to optimize the management of funds and to reduce liquidity risk as follows: • centralizing the management of receipts and payments where it may be economical in the context of the local civil, currency and fiscal regulations of the countries in which the Company was present; • maintaining a conservative level of available liquidity; • diversifying the means by which funds were obtained and maintaining a continuous and active presence in the capital markets; • obtaining adequate credit lines; and • monitoring future liquidity on the basis of business planning. The Company manages liquidity risk by monitoring cash flows and keeping an adequate level of funds at its disposal. The operating cash management and liquidity investment of the Company are centrally coordinated in the Company’s treasury companies, with the objective of ensuring effective and efficient management of the Company’s funds. These entities obtain funds in the financial markets from various funding sources. Certain notes issued by the Company and its treasury subsidiaries include covenants which could be affected by circumstances related to certain subsidiaries; in particular, there are cross-default clauses which could accelerate repayments in the event that such subsidiaries fail to pay certain of their debt obligations. Details of the repayment structure of the Company’s financial assets and liabilities are provided in Note 16, Trade receivables, other assets, prepaid expenses and Tax recei vables and Note 23, Other liabilities and in Note 22, Debt . Details of the repayment structure of derivative financial instruments are provided in Note 17, Derivative financial and operating assets and liabilitie s. Financial market risks Due to the nature of the Company’s business, the Company is exposed to a variety of market risks, primarily foreign currency exchange rate risk, interest rate risk and commodity price risk. The Company’s exposure to foreign currency exchange rate risk arises both in connection with the geographical distribution of the Company’s industrial activities compared to the markets in which it sells its products, and in relation to the use of external borrowing denominated in foreign currencies. The Company’s exposure to interest rate risk arises from the need to fund industrial and financial operating activities and the necessity to invest surplus funds. Changes in market interest rates could have the effect of either increasing or decreasing the Company’s Net profit, thereby indirectly affecting the costs and returns of financing and investing transactions. The Company’s exposure to commodity price risk arises from the risk of changes in the price of certain raw materials and energy used in production. Changes in the price of raw materials could have a significant effect on the Company’s results by indirectly affecting costs and product margins. These risks could significantly affect the Company’s financial position and results and for this reason, these risks were systematically identified and monitored, in order to detect potential negative effects in advance and take the necessary actions to mitigate them, primarily through its operating and financing activities and if required, through the use of derivative financial instruments in accordance with its established risk management policies. The Company’s policy permit derivatives to be used only for managing the exposure to fluctuations in foreign currency exchange rates and interest rates as well as commodities prices connected with future cash flows and assets and liabilities. The Company utilizes derivative financial instruments designated as fair value hedges mainly to hedge: • the foreign currency exchange rate risk on financial instruments denominated in foreign currency; and • the interest rate risk on fixed rate loans and borrowings. The instruments used for these hedges are mainly foreign currency forward contracts, interest rate swaps and combined interest rate and foreign currency financial instruments. The Company uses derivative financial instruments as cash flow hedges for the purpose of pre-determining: • the exchange rate at which forecasted transactions denominated in foreign currencies would be accounted for; • the interest paid on borrowings, both to match the fixed interest received on loans (customer financing activity), and to achieve a targeted mix of floating versus fixed rate funding structured loans; and • the price of certain commodities and components. The foreign currency exchange rate exposure on forecasted commercial flows is hedged by foreign currency swaps and forward contracts. Interest rate exposures are usually hedged by interest rate swaps and, in limited cases, by forward rate agreements. Exposure to changes in the price of commodities is generally hedged by using commodity swaps and commodity options. Counterparties to these agreements are major financial institutions. Information on the fair value of derivative financial instruments held at the balance sheet date is provided in Note 17, Derivative financial and operating assets and liabilitie s. Quantitative information on foreign currency exchange rate risk The Company is exposed to risk resulting from changes in foreign currency exchange rates, which could affect its earnings and equity. In particular: • where a Stellantis company incurred costs in a currency different from that of its revenues, any change in exchange rates could affect the operating results of that company; • the principal exchange rates to which the Company is exposed are: ◦ EUR/GBP, relating to sales in the UK of vehicles produced in the Euro zone; ◦ CNY and JPY in relation to costs paid to Chinese and Japanese suppliers net of sales in China and Japan respectively originating from European and North America entities; ◦ U.S.$/CAD and U.S.$/MXP, primarily relating to sales in Canada and Mexico of produced vehicles, net of local cost and import in U.S. of Canadian produced vehicles; ◦ EUR/U.S.$, relating to sales and purchases (mainly linked to commodity) in U.S.$ made by European entities and to sales and purchases in Euro made by U.S. entities; ◦ TRY and PLN, in relation to sales in Turkish and Poland markets, net of manufacturing costs incurred in Turkey and Poland; and ◦ U.S.$/BRL and EUR/BRL, relating to Brazilian manufacturing operations and the related import and export flows. The Company’s policy is to use derivative financial instruments to hedge a percentage of certain exposures subject to foreign currency exchange rate risk for the upcoming twenty-four months (including such risk before or beyond that date where it is deemed appropriate in relation to the characteristics of the business) and to hedge the exposure resulting from firm commitments unless not deemed appropriate. The Stellantis entities could have trade receivables or payables denominated in a currency different from their respective functional currency. In addition, in a limited number of cases, it could be convenient from an economic point of view, or it could be required under local market conditions, for the Stellantis entities to obtain financing or invest funds in a currency different from their respective functional currency, e.g. Argentinean industrial companies (with U.S.$ as functional currency) invest a significant amount of cash denominated in Argentinean Pesos. Changes in exchange rates could result in exchange gains or losses arising from these situations. The Company’s policy is to hedge, whenever deemed appropriate, the exposure resulting from receivables, payables, cash and securities denominated in foreign currencies different from the respective Stellantis entity’s functional currency. Certain of the Stellantis entities are located in countries which are outside of the Eurozone, primarily the U.S., Brazil, Canada, Poland, Serbia, Turkey, Mexico, Argentina, India, China. As the Company's reporting currency is the Euro, the income statements of those entities that have a reporting currency other than the Euro are translated into Euro using the average exchange rate for the period. In addition, the assets and liabilities of those consolidated entities are translated into Euro at the period-end foreign exchange rate. The effects of these changes in foreign exchange rates are recognized directly in the Cumulative translation adjustments reserve included in Other comprehensive income. Changes in exchange rates could lead to effects on the translated balances of revenues, costs and assets and liabilities reported in Euro, even when corresponding items are unchanged in the respective local currency of these entities. The Company monitors its principal exposure to conversion exchange risk and, in certain circumstances, enters into derivatives for the purpose of hedging the specific risk. The potential loss in fair value of derivative financial instruments held for foreign currency exchange rate risk management (currency swaps/forwards) at December 31, 2022 resulting from a 10 percent change in the exchange rates would have been approximately €197 million on the Consolidated Income Statement and €1,404 million in Other comprehensive income. This analysis assumes that a hypothetical, unfavorable 10 percent change in exchange rates as at year-end is applied in the measurement of the fair value of derivative financial instruments. Receivables, payables and future trade flows whose hedging transactions have been analyzed were not included in this analysis. It is reasonable to assume that changes in market exchange rates would produce the opposite effect, of an equal or greater amount, on the underlying transactions that have been hedged. Quantitative information on interest rate risk The manufacturing companies and treasuries of the Company make use of external borrowings and invest in monetary and financial market instruments. In addition, the Stellantis entities sell receivables resulting from their trading activities on a continuing basis. Changes in market interest rates could affect the cost of the various forms of financing, including the sale of receivables, or the return on investments and the employment of funds, thus negatively impacting the net financial expenses incurred by the Company. In addition, the financial services companies provide loans (mainly to customers and dealers), financing themselves using various forms of direct debt or asset-backed financing (e.g., factoring of receivables or securitizations). Where the characteristics of the variability of the interest rate applied to loans granted differ from those of the variability of the cost of the financing obtained, changes in the current level of interest rates could affect the operating result of those entities and the Company as a whole. In order to manage these risks, the Company uses interest rate derivative financial instruments, mainly interest rate swaps and forward rate agreements, when available in the market, with the objective of mitigating, under economically acceptable conditions, the potential variability of interest rates on the Company's Net profit. In assessing the potential impact of changes in interest rates, the Company segregated fixed rate financial instruments (for which the impact was assessed in terms of fair value) from floating rate and short term financial instruments (for which the impact was assessed in terms of cash flows). The fixed rate financial instruments used by the Company consisted principally of part of the portfolio of the financial services companies (primarily customer financing and financial leases) and part of debt (including subsidized loans and notes). These instruments are measured at amortized cost and changes in market interest rates for these instruments do not affect Net profit or Equity. Certain financial securities are accounted for at FVPL. The impact of an unfavorable 50 basis points change in interest rate levels would result in increase in financial expenses of €13 million due to the change in fair values of these securities. The Company entered in certain derivatives in order to manage interest rate risk on underlying debt exposures. A 50 basis points change in interest rates level applied to the interest rate derivatives outstanding at December 31, 2022 would have an immaterial impact on financial expenses, and a negative impact of €3 million on the Other comprehensive income. In addition, financial services companies use derivatives in order to hedge the interest rate risk arising from the mismatch between financial receivables and related funding. A 50 basis points change in interest rates level applied to the interest rate derivatives outstanding at December 31, 2022 would have a negative impact of €6 million in the operating income. This impact would be offset by a corresponding effect on the underlying positions. Floating rate financial instruments consisted principally of cash and cash equivalents, loans provided by the financial services companies to the sales network and part of debt. The effect of the sale of receivables was also considered in the sensitivity analysis. A hypothetical 50 basis points change in short-term interest rates at December 31, 2022, applied to floating rate financial assets and liabilities, operations for the sale of receivables and derivative financial instruments, would result in increased net financial expenses, on an annual basis, of approximately €191 million. This analysis is based on the assumption that there is an unfavorable change of 50 basis points of interest rate levels across homogeneous categories. A homogeneous category is defined on the basis of the currency in which the financial assets and liabilities are denominated. In addition, the sensitivity analysis applied to floating rate financial instruments assumes that cash and cash equivalents and other short-term financial assets and liabilities which expire during the projected 12-month period will be renewed or reinvested in similar instruments, that will reflect the hypothetical 50 basis points change in short-term interest rates. Quantitative information on commodity price risk The Company, in addition to supply agreements that provide protections to the price increases and supply shortages, entered into derivative contracts for certain commodities to hedge its exposure to commodity price risk associated with buying raw materials and energy used in its normal operations, primarily base metals and PGM (platinum, palladium and rhodium). In connection with the commodity price derivative contracts outstanding at December 31, 2022, a hypothetical 10 percent change in the price of the commodities at that date would have caused a negative impact on the Other comprehensive income of €654 million. Future trade flows whose hedging transactions have been analyzed were not considered in this analysis. It is reasonable to assume that changes in commodity prices would produce the opposite effect, of an equal or greater amount, on the underlying transactions that have been hedged. |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Subsequent events | 32. Subsequent events On February 21, 2023, a share buyback of up to €1.5 billion was approved, to be executed by end of 2023 in the open market. The Company has evaluated subsequent events through February 24, 2023, which is the date the financial statements were authorized for issuance. |
Basis of preparation (Policies)
Basis of preparation (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Authorization of Consolidated Financial Statements and compliance with International Financial Reporting Standards | Authorization of Consolidated Financial Statements and compliance with International Financial Reporting Standards The Consolidated Financial Statements, together with the notes thereto, of Stellantis as of and for the year ended December 31, 2022 (“The Consolidated Financial Statements”) were authorized for issuance by the Stellantis Board of Directors on February 24, 2023 and have been prepared in accordance with the International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”), as well as IFRS as adopted by the European Union. There is no effect on these consolidated financial statements resulting from differences between IFRS as issued by the IASB and IFRS as adopted by the European Union. The designation “IFRS” includes International Accounting Standards (“IAS”) as well as all interpretations of the IFRS Interpretations Committee (“IFRIC”). |
Basis of preparation | Basis of preparation The Consolidated Financial Statements are prepared under the historical cost method, modified for the measurement of certain financial instruments as required, as well as on a going concern basis. In this respect, the Company’s assessment is that no material uncertainties (as defined in IAS 1 - Presentation of Financial Statements ) exist about its ability to continue as a going concern. For the presentation of the Consolidated Income Statement, Stellantis uses a classification based on the function of expenses rather than based on their nature as it is considered more representative of the format used for internal reporting and management purposes and is consistent with international practice in the automotive sector. |
Subsidiaries | Subsidiaries Subsidiaries are entities over which the Company has control. Control is achieved when the Company has power over the investee, when it was exposed to, or has rights to, variable returns from its involvement with the investee and has the ability to use its power over the investee to affect the amount of the investor’s returns. Subsidiaries are consolidated on a line by line basis from the date which control is achieved by the Company. The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. The Company recognizes a non-controlling interest in the acquiree on a transaction-by-transaction basis, either at fair value or at the non-controlling interest’s share of the recognized amounts of the acquiree’s identifiable net assets. Net profit or loss and each component of Other comprehensive income/(loss) are attributed to Equity attributable to owners of the parent and to Non-controlling interests. Total comprehensive income/(loss) of subsidiaries is attributed to Equity attributable to the owners of the parent and to the non-controlling interest even if this results in a deficit balance in Non-controlling interests. Changes in the Company’s ownership interests in a subsidiary that do not result in the Company losing control over the subsidiary are accounted for as equity transactions. The carrying amounts of Equity attributable to owners of the parent and Non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiary. Any difference between the carrying amount of the non-controlling interests and the fair value of the consideration paid or received in the transaction is recognized directly in Equity attributable to the owners of the parent. Subsidiaries are deconsolidated from the date on which control ceases. When the Company ceases to have control over a subsidiary, it derecognizes the assets (including any goodwill) and liabilities of the subsidiary at their carrying amounts, derecognizes the carrying amount of non-controlling interests in the former subsidiary if any and recognizes the fair value of any consideration received from the transaction. Any gain or loss is recognized in the Consolidated Income Statement. Any retained interest in the former subsidiary is then remeasured to its fair value. All intra-group balances and transactions, and any unrealized gains and losses arising from intra-group transactions, are eliminated in preparing the Consolidated Financial Statements. |
Interests in Joint Ventures and Associates | Interests in Joint Ventures and Associates A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. Joint control is the contractually agreed sharing of control of an arrangement which exist only when decisions about the relevant activities require the unanimous consent of the parties sharing the control. An associate is an entity over which the Company has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but does not have control or joint control over those policies. Joint ventures and associates are accounted for using the equity method of accounting from the date joint control or significant influence is obtained. On acquisition, any excess of the investment over the share of the net fair value of the investee's identifiable assets and liabilities is recognized as goodwill and is included in the carrying amount of the investment. Any excess of the Company’s share of the net fair value of the investee’s identifiable assets and liabilities over the cost of the investment is included as income in the determination of the Company’s share of the investee’s profit/(loss) in the acquisition period. Under the equity method, investments are initially recognized at cost and adjusted thereafter to recognize the Company’s share of the profit/(loss) and other comprehensive income/(loss) of the investee. The Company’s share of the investee’s profit/(loss) is recognized in the Consolidated Income Statement. Distributions received from an investee reduce the carrying amount of the investment. Post-acquisition movements in Other comprehensive income/(loss) are recognized in Other comprehensive income/(loss) with a corresponding adjustment to the carrying amount of the investment. Unrealized gains arising on transactions between the Company and its joint ventures and associates are eliminated to the extent of the Company’s interest in the joint venture or associate. Unrealized losses are also eliminated unless the transaction provided evidence of an impairment of the asset transferred. When the Company’s share of the losses of a joint venture or associate exceeds its interest in that joint venture or associate, the Company discontinues recognizing its share of further losses. Additional losses are provided for and a liability is recognized only to the extent that the Company has incurred legal or constructive obligations or made payments on behalf of the joint venture or associate. The Company discontinues the use of the equity method from the date the investment ceases to be an associate or a joint venture, or when it is classified as held for sale. |
Interests in Joint Operations | Interests in Joint Operations A joint operation is a type of joint arrangement whereby the parties that have joint control have rights to the assets and obligations for the liabilities relating to the arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. The Company recognizes its related interest in the joint operation including: (i) its assets, including its share of any assets held jointly, (ii) its liabilities, including its share of any liabilities incurred jointl y, (iii) its revenue from the sale of its share of the output arising from the joint operation, (iv) its share of the revenue from the sale of the output by the joint operation and (v) its expenses, including its share of any expenses incurred jointly. |
Assets held for sale, Assets held for distribution and Discontinued Operations | Assets held for sale, Assets held for distribution and Discontinued Operations Pursuant to IFRS 5 - Non-current Assets Held for Sale and Discontinued Operations , non-current assets and disposal groups are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use. This condition is regarded as met only when the asset or disposal group is available for immediate sale in its present condition, subject only to terms that are usual and customary for sales of such an asset or disposal group, and the sale is highly probable, with the sale expected to be completed within one year from the date of classification. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell and are presented separately in the Consolidated Statement of Financial Position. Non-current assets and disposal groups are not classified as held for sale within the comparative period presented for the Consolidated Statement of Financial Position. A discontinued operation is a component of the Company that either has been disposed of or is classified as held for sale and (i) represents either a separate major line of business or a geographical area of operations, (ii) is part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations, or (iii) is a subsidiary acquired exclusively with a view to resell and the disposal involves loss of control. The classification, presentation and measurement requirements of IFRS 5 - Non-current Assets Held for Sale and Discontinued Operations |
Foreign currency | Foreign currency The functional currency of the Company’s entities is the currency used in their respective primary economic environments. In individual companies, transactions in foreign currencies are recorded at the exchange rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate prevailing at the date of the Consolidated Statement of Financial Position. Exchange differences arising on the settlement of monetary items or on reporting monetary items at rates different from those initially recorded, are recognized in the Consolidated Income Statement. All assets and liabilities of foreign consolidated companies with a functional currency other than the Euro are translated using the closing rates as at the date of the Consolidated Statement of Financial Position. Income and expenses are translated into Euro on a monthly basis at the average exchange rate for each month. Translation differences arising from the application of this method are classified within Other comprehensive income/(loss) until the disposal of the subsidiary. Average exchange rates for the period are used in preparing the Consolidated Statement of Cash Flows to translate the cash flows of foreign subsidiaries. The principal exchange rates used to translate other currencies into Euro were as follows: 2022 2021 2020 Average At December 31 Average At December 31 Average At December 31 U.S. Dollar (USD) 1.054 1.067 1.183 1.133 1.139 1.227 Argentine Peso (ARS) (1) n.a. 188.915 n.a. 116.360 n.a. 103.252 Brazilian Real (BRL) 5.441 5.568 6.377 6.320 5.800 6.393 Canadian Dollar (CAD) 1.370 1.444 1.483 1.439 1.528 1.563 Swiss Franc (CHF) 1.005 0.985 1.082 1.033 1.070 1.080 Chinese Renminbi (CNY) 7.079 7.358 7.633 7.195 7.865 8.023 Turkish Lira (TRY) (2) n.a. 19.953 15.100 15.100 9.113 9.113 Czech Koruna (CZK) 24.561 24.116 25.650 24.858 26.437 26.242 Pound Sterling (GBP) 0.853 0.887 0.860 0.840 0.889 0.899 Mexican Peso (MXN) 21.203 20.856 23.989 23.144 24.363 24.416 Polish Zloty (PLN) 4.686 4.690 4.566 4.599 4.442 4.560 Japanese Yen (JPY) 137.931 140.660 129.848 130.380 121.666 126.490 ____________________________________________________________________________________________________ n.a. = not applicable (1) From July 1, 2018, Argentina’s economy was considered to be hyperinflationary. Transactions after July 1, 2018 for entities with the Argentinian Peso as the functional currency were translated using the spot rate at the end of the period. The price indices used are published by the Insituto Nacional de Estadistica y Censos de la Republica Argentina |
Intangible assets | Intangible assets Goodwill Goodwill represents the excess of the fair value of consideration paid in a business combination over the fair value of net tangible and identifiable intangible assets acquired. Goodwill is not amortized but is tested for impairment annually or more frequently if events or changes in circumstances indicated that it might be impaired. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Intangible assets with indefinite useful lives Intangible assets with indefinite useful lives consist principally of brands which have no legal, contractual, competitive, economic or other factors that limit their useful lives. Intangible assets with indefinite useful lives are not amortized but are tested for impairment annually, or more frequently if events or changes in circumstances indicated that the asset may be impaired. Development expenditures Development expenditures for vehicle production and related components, engines and production systems are recognized as an asset if all of the following conditions within IAS 38 – Intangible assets are met: (i) development expenditures can be measured reliably, (ii) technical feasibility of the product, projected volumes and pricing support the view that the development expenditure will generate future economic benefits and (iii) the intention to complete the intangible asset as well as the availability of adequate technical, financial and other resources for this purpose. Capitalized development expenditures include all costs that could be directly attributed to the development process. All other development expenditures are expensed as incurred. Capitalized development expenditures are amortized on a straight-line basis from when the related asset is available for use, generally from the beginning of production, over the expected life cycle of the models (generally 5-7 years) or propulsion systems (generally 10-12 years) developed. Refer to Note 2, Basis of preparation - Recoverability of non-current assets with definite useful lives for additional information on the effects of climate change. Other internally developed or purchased intangible assets, excluding development expenditures The portion of development expenditures relating to software for internal use that corresponds to directly attributable internal or external costs necessary to create the software or improve its performance is recognized as an intangible asset when it is probable that these costs will generate future economic benefits. Other software acquisition and developments costs are expensed as incurred. Other intangible assets (consisting principally of patents) are amortized on a straight line basis over the estimated useful life, not to exceed twenty years. |
Property, plant and equipment | Property, plant and equipment Cost Property, plant and equipment is initially recognized at cost and includes the purchase price, any costs directly attributable to bringing the assets to the location and condition necessary to be capable of operating in the manner intended by management and any initial estimate of the costs of dismantling and removing the asset and restoring the site on which it is located. Self-constructed assets are initially recognized at production cost. Subsequent expenditures and the cost of replacing parts of an asset are capitalized only if they increased the future economic benefits embodied in that asset. All other expenditures are expensed as incurred. When such replacement costs are capitalized, the carrying amount of the parts that are replaced is expensed to the Consolidated Income Statement. Depreciation During the years ended December 31, 2022, 2021 and 2020, assets depreciated on a straight-line basis over their estimated useful lives as follows: Years Buildings 33 - 40 Plant, machinery and equipment 2 - 25 Other assets 2 - 34 |
Borrowing Costs | Borrowing Costs Borrowing costs that are directly attributable to the acquisition, construction or production of property, plant or equipment or an intangible asset that is deemed to be a qualifying asset as defined in IAS 23 - Borrowing Costs |
Leases | Leases As a Lessee At the inception of a contract, the Company assesses whether the contract has, or contains, a lease. A contract has, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. At inception or on reassessment of a contract that contains a lease component, the Company allocates the consideration in the contract to each lease component on the basis of their relative stand-alone prices. Right-of-use asset The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or restore the underlying asset or the site on which it is located if required by the lease, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful life of the right-of-use asset is determined based on the nature of the asset, taking into consideration the lease term. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain corresponding remeasurements of the lease liability. Lease liability The lease liability is initially measured at the present value of the lease payments that have not been paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate is not be readily determined, the Company's incremental borrowing rate. The incremental borrowing rate is determined considering macro-economic factors such as the risk free rate based on the relevant currency and term, as well as Stellantis specific factors contributing to Stellantis’ credit spread, including the impact of security. The Company primarily uses the incremental borrowing rate as the discount rate for its lease liabilities. Lease payments used to measure the lease liability include the following, if appropriate: • fixed payments, including in-substance fixed payments; • variable lease payments that depend on an index or a rate, initially measured using the index or rate applicable as at the commencement date; • amounts expected to be payable under a residual value guarantee; • if reasonably certain to exercise, the exercise price under a purchase option, or lease payments in an optional renewal period; and • penalties for early termination of a lease unless the Company was reasonably certain not to terminate early. The lease liability is subsequently measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Company's estimate of the amount expected to be payable under a residual value guarantee, or if the Company changes its assessment of whether it would exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. The Company presents right-of-use assets that do not meet the definition of investment property in Property, plant and equipment and lease liabilities in Long-term debt and Short-term debt and current portion of long-term debt in the Consolidated Statement of Financial Position. The Company elects to not recognize right-of-use assets and lease liabilities for short-term leases and low-value leases for all classes of leased assets. The Company recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term. As a Lessor When the Company acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating lease. To classify each lease, the Company makes an overall assessment of whether the lease transfers substantially all the risks and rewards incidental to ownership of the underlying asset. If the risks and rewards are substantially transferred, then the lease is a finance lease; if not, then it is an operating lease. As part of this assessment, the Company considers certain indicators such as whether the lease is for the major part of the economic life of the asset. |
Impairment of long-lived assets | Impairment of long-lived assets A nnually, or more frequently if facts or circumstances indicate otherwise, the Company assesses whether there is any indication that its finite-lived intangible assets (including capitalized development expenditures) and its property, plant and equipment may be impaired. If indications of impairment are present, 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, if the carrying amount exceeds the recoverable amount. The recoverable amount is determined for the individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets, in which case the asset is tested as part of the cash-generating unit (“CGU”) to which the asset belonged. A CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. In assessing the value in use of an asset or CGU, the estimated future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. |
Financial assets and liabilities | Financial assets and liabilities Financial assets primarily includes trade receivables, receivables from financing activities, investments in other companies, derivative financial instruments, cash and cash equivalents, and other financial securities that do not satisfy the requirements for being classified as cash equivalents. Financial liabilities primarily consists of debt, derivative financial instruments, trade payables and other liabilities. Receivables from dealer financing activities are typically generated by sales of vehicles and are generally managed under dealer network financing programs as a component of the portfolio of the Company's financial services companies. These receivables are interest bearing with the exception of an initial, limited, non-interest bearing period. The contractual terms governing the relationships with the dealer networks vary according to market and payment terms, which generally range from two In addition, the Company generates receivables from financing activities related to installment sales contracts and promissory notes originated through its automobile dealer relationships or directly with consumers. The Company utilizes warehouse credit facilities with financial institutions to fund originations. When sufficient volume is originated, the Company will complete an on-balance sheet securitization and issue term notes, thereby freeing up capacity in the warehouse credit facilities. In our securitizations, we transfer loans to securitization trusts (“Trusts”), which issue one or more classes of asset-backed securities. These asset-backed securities are then sold to investors. These Trusts are included in our consolidated financial statements, but they are separate legal entities. The assets held by these Trusts are legally owned by them and are not available to the Company’s creditors or creditors of our other Trusts. When the securitized assets are transferred to a Trust, we make certain representations and warranties regarding the securitized assets. These representations and warranties relate to specific aspects of the securitized assets, such as origination, obligors, accuracy, and security interest, but not the underlying performance of the securitized asset. If a breach were to occur related to one or more of these representations that materially affects the noteholders’ interest, we would be obligated to repurchase the securitized assets. The transfers of assets in the Company’s securitization transactions do not qualify for derecognition. The Company accounts for all securitization transactions as if they were secured financing and therefore the assets, liabilities, and related activity of these transactions are consolidated in the financial statements. As the securitized receivables amortize, finance charge collections are passed through to the investors at a specified rate for the life of the securitization and an interest in collections exceeding the specified rate is retained by the Company. The majority of these securitization transactions are within Stellantis Financial Services in the U.S. Classification and measurement The classification of a financial asset is dependent on the Company’s business model for managing such financial assets and their contractual cash flows. The Company considers whether the contractual cash flows represent solely payments of principal and interest that are consistent with a basic lending arrangement. Where the contractual terms introduce exposure to risk or volatility that are inconsistent with a basic lending arrangement, the related financial assets are classified and measured at fair value through profit or loss (“FVPL”). 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 ______________________________________________________________________________________________________________________________ (1) Trade receivables without a significant financing component, as defined by IFRS 15, are initially measured at the transaction price (2) Receivables with maturities of over one year, which bear no interest or have an interest rate significantly lower than market rates were discounted using market rates (3) On initial recognition, the Company could irrevocably designate a financial asset at FVPL that otherwise met the requirements to be measured at amortized cost or at FVOCI if doing so eliminated or significantly reduced an accounting mismatch that would otherwise arise Factors considered by the Company in determining the business model for a group of financial assets include: • past experience on how the cash flows for these assets were collected; • the frequency, volume and timing of sales of financial assets in prior periods, the reasons for such sales and future sales activity expectations; • how the asset’s performance is evaluated and reported to key management personnel; and • how risks are assessed and managed and how management is compensated. Financial assets are not reclassified subsequent to their initial recognition unless the Company changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. Cash and cash equivalents included cash at banks, units in money market funds and other money market securities, commercial paper and certificate of deposits that are readily convertible into cash, with original maturities of three months or less at the date of purchase. Cash and cash equivalents are subject to an insignificant risk of changes in value and consist of balances across various primary national and international banks and of money market instruments. Money market funds consist of investments in high quality, short-term, diversified financial instruments that can generally be liquidated on demand and are measured at FVPL. Cash at banks and Other cash equivalents are measured at amortized cost. Investments in other companies are measured at fair value. Equity investments for which there is no quoted market price in an active market and there is insufficient financial information in order to determine fair value may be measured at cost as an estimate of fair value, as permitted by IFRS 9 - Financial Instruments (“IFRS 9”). The Company may irrevocably elect to present subsequent changes in the investment’s fair value in Other comprehensive income (“OCI”) upon the initial recognition of an equity investment that is not held to sell. This election is made on an investment-by-investment basis. Generally, any dividends from these investments are recognized in Other income from investments within Result from investments when the Company’s right to receive payment is established. Other net gains and losses are recognized in OCI and will not be reclassified to the Consolidated Income Statement in subsequent periods. Impairment losses (and the reversal of impairment losses) on equity investments measured at FVOCI are not reported separately from other changes in fair value in OCI. Impairment of financial assets The Company’s credit risk differs in relation to the type of activity. In particular, receivables from financing activities, such as dealer and retail financing that are carried out through the Company’s financial services companies, are exposed both to the direct risk of default and the deterioration of the creditworthiness of the counterparty, whereas trade receivables arising from the sale of vehicles and spare parts, are mostly exposed to the direct risk of counterparty default. These risks are mitigated by different kinds of securities received and the fact that collection exposure is spread across a large number of counterparties. The IFRS 9 impairment requirements are based on a forward-looking expected credit loss (“ECL”) model. ECL is a probability-weighted estimate of the present value of cash shortfalls. The calculation of the amount of ECL is based on the risk of default by the counterparty, which is determined by taking into account the information available at the end of each reporting period as to the counterparty’s solvency, the fair value of any guarantees and the Company’s historical experience. The Company considers a financial asset to be in default when: (i) the borrower is unlikely to pay its obligations in full and without consideration of compensating guarantees or collateral (if any exist); or (ii) the financial asset is more than 90 days past due. The Company applies two impairment models for financial assets as set out in IFRS 9: the simplified approach and the general approach. The table below indicates the impairment model used for each of the Company’s financial asset categories. Impairment losses on financial assets are recognized in the Consolidated Income Statement within the corresponding line items, based on the classification of the counterparty. Financial asset IFRS 9 impairment model Trade receivables Simplified approach Receivables from financing activities General approach Other receivables General approach In order to test for impairment, individually significant receivables and receivables for which collectability is at risk are assessed individually, while all other receivables are grouped into homogeneous risk categories based on shared risk characteristics such as instrument type, industry or geographical location of the counterparty. The simplified approach for determining the lifetime ECL allowance is performed in two steps: • All trade receivables that are in default, as defined above, are individually assessed for impairment; and • A general reserve is recognized for all other trade receivables (including those not past due) based on historical loss rates. The Company applies the general approach as determined by IFRS 9 by assessing at each reporting date whether there has been a significant increase in credit risk on the financial instrument since initial recognition. The Company considers receivables to have experienced a significant increase in credit risk when certain quantitative or qualitative indicators have been met or the borrower was more than 30 days past due on its contractual payments. The “three-stages” for determining and measuring the impairment based on changes in credit quality since initial recognition are summarized below: 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 Considering forward-looking economic information, ECL is determined by projecting the probability of default, exposure at default and loss given default for each future contractual period and for each individual exposure or collective portfolio. The discount rate used in the ECL calculation is the stated effective interest rate or an approximation thereof. Each reporting period, the assumptions underlying the ECL calculation are reviewed and updated as necessary. Since adoption, there have been no significant changes in estimation techniques or significant assumptions that led to material changes in the ECL allowance. |
Derivative financial instruments | Derivative financial instruments Derivative financial instruments are used for economic hedging purposes in order to reduce currency, interest rate and market price risks (primarily related to commodities). In accordance with IFRS 9 , derivative financial instruments are recognized when we become a party to the contractual provisions of the instrument and, upon initial recognition, are measured at fair value. Subsequent to initial recognition, all derivative financial instruments are measured at fair value. Furthermore, derivative financial instruments qualify for hedge accounting when (i) there is formal designation and documentation of the hedging relationship and the Company’s risk management objective and strategy for undertaking the hedge at inception of the hedge and (ii) the hedge is expected to be effective. If the hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk management objective for that designated hedging relationship remains the same, this ratio must then be rebalanced. Rebalancing consists in adjusting either the designated quantities of the hedged item or the hedging instrument of an already existing hedging relationship. When derivative financial instruments qualify for hedge accounting, the following accounting treatments apply: • Fair value hedges - where a derivative financial instrument is designated as a hedge of the exposure to changes in fair value of a recognized asset or liability attributable to a particular risk that could affect the Consolidated Income Statement, the gain or loss from remeasuring the hedging instrument at fair value is recognized in the Consolidated Income Statement. The gain or loss on the hedged item attributable to the hedged risk adjusts the carrying amount of the hedged item and is recognized in the Consolidated Income Statement. • Cash flow hedges - where a derivative financial instrument is designated as a hedge of the exposure to variability in future cash flows of a recognized asset or liability or a highly probable forecasted transaction and could affect the Consolidated Income Statement, the effective portion of any gain or loss on the derivative financial instrument is recognized directly in Other comprehensive income/(loss). When the hedged forecasted transaction results in the recognition of a non-financial asset, the gains and losses previously deferred in Other comprehensive income/(loss) are reclassified and included in the initial measurement of the cost of the non-financial asset. The effective portion of any gain or loss is recognized in the Consolidated Income Statement at the same time as the economic effect arising from the hedged item that affects the Consolidated Income Statement. The gain or loss associated with a hedge or part of a hedge that has become ineffective is recognized in the Consolidated Income Statement immediately. When a hedging instrument or hedge relationship is terminated but the hedged transaction is still expected to occur, the cumulative gain or loss realized to the point of termination remains and is recognized in the Consolidated Income Statement at the same time as the underlying transaction occurred. If the hedged transaction is no longer probable, the cumulative unrealized gain or loss held in Other comprehensive income/(loss) is recognized in the Consolidated Income Statement immediately. • Hedges of a net investment - if a derivative financial instrument is designated as a hedging instrument for a net investment in a foreign operation, the effective portion of the gain or loss on the derivative financial instrument is recognized in Other comprehensive income/(loss). The cumulative gain or loss is reclassified from Other comprehensive income/(loss) to the Consolidated Income Statement upon disposal of the foreign operation. Hedge effectiveness is determined at the inception of the hedge relationship and through periodic prospective effectiveness assessments to ensure the hedge relationships meet the effectiveness requirements (including the existence of an economic relationship between the hedged item and hedging instrument). The Company enters into hedge relationships where the critical terms of the hedging instrument match closely or exactly with the terms of the hedged item, and so a qualitative assessment of effectiveness is performed. In the event there was a hedge relationship where the critical terms of the hedged item do not match closely or perfectly with the critical terms of the hedging instrument, the Company would perform a quantitative assessment to assess effectiveness. Ineffectiveness is measured by comparing the cumulative changes in fair value of the hedging instrument and cumulative change in fair value of the hedged item arising from the designated risk. The primary potential sources of hedge ineffectiveness are mismatches in timing or the critical terms of the hedged item and the hedging instrument. The hedge ratio is the relationship between the quantity of the derivative and the hedged item. The Company’s derivatives have the same underlying quantity as the hedged items, therefore the hedge ratio is expected to be one for one. |
Transfers of financial assets | Transfers of financial assets The Company derecognizes financial assets when the contractual rights to the cash flows arising from the asset are no longer held or if it transfers substantially all the risks and rewards of ownership of the financial asset. On derecognition of financial assets, the difference between the carrying amount of the asset and the consideration received or receivable for the transfer of the asset is recognized in the Consolidated Income Statement. The Company transfers certain of its financial, trade and tax receivables, mainly through factoring transactions. Factoring transactions may be either with recourse or without recourse. Certain transfers include deferred payment clauses requiring first loss cover (for example, when the payment by the factor of a minor part of the purchase price is dependent on the total amount collected from the receivables), whereby the transferor has priority participation in the losses, or requires a significant exposure to the variability of cash flows arising from the transferred receivables to be retained. These types of transactions do not meet the requirements of IFRS 9 for the derecognition of the assets since the risks and rewards connected with ownership of the financial asset are not substantially transferred, and accordingly the Company continues to recognize these receivables within the Consolidated Statement of Financial Position and recognizes a financial liability for the same amount under Asset-backed financing, which is included within Debt. These types of receivables are classified as held-to-collect, since the business model is consistent with the Company’s continuing recognition of the receivables. |
Inventories | Inventories Raw materials, semi-finished products and finished goods inventories are stated at the lower of cost and net realizable value, with cost being determined on a first-in, first-out (“FIFO”) basis. The measurement of Inventories includes the direct cost of materials and labor as well as indirect costs (variable and fixed). A provision is made for obsolete and slow-moving raw materials, finished goods, spare parts and other supplies based on their expected future use and realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and the estimated costs for sale and distribution. |
Employee benefits | Employee benefits Defined contribution plans Costs arising from defined contribution plans are expensed as incurred. Defined benefit plans The Company’s net obligations are determined separately for each defined benefit plan by estimating the present value of future benefits that employees have earned and deducting the fair value of any plan assets. The present value of defined benefit obligations is measured using actuarial techniques and actuarial assumptions that are unbiased, mutually compatible and attribute benefits to periods in which the obligation to provide post-employment benefits arise by using the Projected Unit Credit Method. Plan assets are recognized and measured at fair value. When the net obligation is a potential asset, the recognized amount is limited to the present value of any economic benefits available in the form of future refunds or reductions in future contributions to the plan (asset ceiling). The components of defined benefit cost are recognized as follows: • Service cost is recognized in the Consolidated Income Statement by function and is presented within the relevant line items (Cost of revenues, Selling, general and other costs, and Research and development costs); • Net interest expense on the defined benefit liability/(asset) is recognized in the Consolidated Income Statement within Net financial expenses and is determined by multiplying the net liability/(asset) by the discount rate used to discount obligations taking into account the effect of contributions and benefit payments made during the year; and • Remeasurement components of the net obligation, which comprise actuarial gains and losses, the return on plan assets (excluding interest income recognized in the Consolidated Income Statement) and any change in the effect of the asset ceiling are recognized immediately in Other comprehensive income/(loss). These remeasurement components are not reclassified to the Consolidated Income Statement in a subsequent period. Past service costs arising from plan amendments and curtailments and gains and losses on the settlement of a plan are recognized immediately in the Consolidated Income Statement. Other long term employee benefits The Company’s obligations represent the present value of future benefits that employees have earned in return for their service. The effects of remeasuring other long-term employee benefits to the present value of future benefits are recognized within the Consolidated Income Statement in the period in which they arise. |
Share-based compensation | Share-based compensation The Company has several compensation plans that provide for the granting of share-based compensation to certain employees and directors. Share-based compensation plans are accounted for in accordance with IFRS 2 - Share-based Payment , which requires the recognition of share-based compensation expense based on fair value. For equity-settled transactions, the cost is determined by the fair value at the date when the grant is determined with reference to the grant-date share price and, where applicable, using a Monte Carlo simulation model. Refer to Note 19, Share-based compensation, for further information. Share-based compensation expense is recognized within Selling, general and other costs within the Consolidated Income Statement, together with a corresponding increase in equity, over the period in which the service and, where applicable, the performance conditions are fulfilled (“vesting period”). The cumulative expense is recognized for equity-settled transactions at each reporting date using the graded vesting method and reflected the Company’s best estimate of the number of equity instruments that will ultimately vest. The expense, or credit, in the Consolidated Income Statement for a period represents the movement in cumulative expense recognized as at the beginning and end of that period. Service and non-market performance conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Company’s best estimate of the number of equity instruments that will ultimately vest. Market performance conditions are reflected within the grant date fair value. Any other conditions attached to an award, but without an associated service requirement, are considered to be non-vesting conditions. Non-vesting conditions are reflected in the fair value of an award and lead to an immediate expensing of an award unless there were also service and/or performance conditions. No expense is recognized for awards that do not ultimately vest because non-market performance and/or service conditions have not been met. Where awards included a market or non-vesting condition, the transactions are treated as vested irrespective of whether the market or non-vesting condition is satisfied, provided that all other performance and/or service conditions are satisfied. When the terms of an equity-settled award are modified, the minimum expense recognized is the grant date fair value of the unmodified award, provided the original vesting terms of the award are met. Any incremental expense between the original grant and the modified grant, measured at the date of modification, is recognized over the modified vesting terms. Where an award is cancelled by the entity or by the counterparty, any unrecognized element of the fair value of the award is expensed immediately through the Consolidated Income Statement. For cash-settled transactions, a liability is recognized for the fair value measured initially and at each reporting date up to and including the settlement date. The fair value is expensed over the period until the vesting date, with recognition of a corresponding liability. The approach used to account for vesting conditions when measuring equity-settled transactions also applies to cash-settled transactions. |
Revenue recognition | Revenue recognition Revenue is recognized when control of the Company’s vehicles, services or parts has been transferred and the Company’s performance obligations to its customers have been satisfied. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods or providing services. The timing of when the Company transfers the goods or services to the customer could differ from the timing of the customer’s payment. The Company recognizes a contract liability when it invoices an amount to a customer prior to the transfer of the goods or services provided. When the Company gives its customers the right to return eligible goods, the Company estimates the expected returns based on an analysis of historical experiences. Sales, value added and other taxes that the Company collects on behalf of others concurrently with revenue generating activities are excluded from revenue and are recognized within the Other liabilities and the Tax liabilities line items in the Consolidated Statement of Financial Position. Incidental items that are immaterial in the context of the contract are recognized as expense. The Company also enters into contracts with multiple performance obligations. For these contracts, the Company allocates revenue from the transaction price to the distinct goods and services in the contract on a relative standalone selling price basis. To the extent that the Company sells the good or service separately in the same market, the standalone selling price is the observable price at which the Company sold the good or service separately. For all other goods or services, the Company estimates the standalone selling price using a cost-plus-margin approach. Shipments of vehicles and sales of other goods The Company has determined that the Company’s customers from the sale of vehicles and service parts are generally dealers, distributors or fleet customers. Transfer of control, and therefore revenue recognition, generally corresponds to the date when the vehicles or service parts are made available to the customer, or when the vehicles or service parts are released to the carrier responsible for transporting them to the customer. This is also the point at which invoices are issued, with payment for vehicles typically due immediately and payment for service parts typically due in the following month. For component part sales, revenue recognition is consistent with that of service parts. In the case of service parts sold that are expected to be used for repairs under warranty, no revenue is recognized upon shipment. The Company also sells tooling, with control transferring at the point in time when the customer accepts the tooling. The cost of incentives, if any, is estimated at the inception of a contract at the expected amount that will ultimately be paid and is recognized as a reduction to revenue at the time of the sale. If a vehicle contract transaction has multiple performance obligations, the cost of incentives is allocated entirely to the vehicle as the intent of the incentives is to encourage sales of vehicles. If the estimate of the incentive changes following the sale to the customer, the change in estimate is recognized as an adjustment to revenue in the period of the change. Refer to the Use of estimates - Sales incentives for more information on these programs. New vehicles sales with residual value guarantees provided by the Company are recognized as revenue when control of the vehicle transfers to the customer, except in situations where the Company issues a put option for which there is a significant economic incentive to exercise, as discussed below. Upon recognition of the vehicle revenue, the Company established a liability equal to the estimated amount of any residual value guarantee. The Company also sells vehicles where, the contract includes a put option whereby the customer may require the Company to repurchase the vehicles. For these types of arrangements, the Company assesses whether a significant economic incentive exists for the customer to exercise its put option. If the Company determines that a significant economic incentive does not exist for the customer to exercise its put option, then revenue is recognized when control of the vehicle transferred to the fleet customer and a liability is recognized equal to the estimated amount of the residual value guarantee if any. If the Company determines that a significant economic incentive exists, then the arrangement is accounted for similarly to a repurchase obligation, as described in Lease installments from assets sold with buy-back commitments . Other services provided Other revenues from services provided are primarily comprised of maintenance plans, extended warranties, and connectivity services, and are recognized over the contract period in proportion to the costs expected to be incurred based on the Company’s historical experience. These services are either included in the selling price of the vehicle or separately priced. Revenue for services is allocated based on the estimated stand-alone selling price. Costs associated with these services are deferred and are subsequently amortized to expense consistent with how the related revenue is recognized. The Company had €236 million of deferred costs related to these services at December 31, 2022 (€159 million at December 31, 2021) and recognized €91 million of amortization expense during the year ended December 31, 2022 (€58 million during the year ended December 31, 2021). Contract revenues Revenue from construction contracts, which is comprised of industrial automation systems, included within “Other activities”, is recognized as revenue over the contract period in proportion to the costs expected to be incurred based on the Company’s historical experience. A loss is recognized if the sum of the expected costs for services under the contract exceeds the transaction price. Lease installments from assets sold with buy-back commitments Vehicle sales to customers can include a repurchase obligation, whereby the Company is required to repurchase the vehicles at a given point in time. The Company accounts for such sales as an operating lease. Upon the transfer of vehicles to the customer, the Company records a liability equal to the proceeds received within Other liabilities in the Consolidated Statement of Financial Position. The difference between the proceeds received and the guaranteed repurchase amount is recognized as revenue over the contractual term on a straight-line basis. The cost of the vehicle is recorded within Assets sold with a buy-back commitment if the contract term is 12 months or less, and recorded in Property, plant and equipment if the contract term is greater than 12 months. The difference between the cost of the vehicle and the estimated residual value is recognized within Cost of revenues in the Consolidated Income Statement over the contractual term. Interest income of financial services activities Interest income, which is primarily generated from the Company by providing dealer and retail financing, is recognized using the effective interest method. |
Cost of revenues | Cost of revenues Cost of revenues comprises expenses incurred in the manufacturing and distribution of vehicles and parts. Historically the most significant element is the cost of materials and components and the remaining costs included labor (consisting of direct and indirect wages), transportation costs, depreciation of property, plant and equipment and amortization of other intangible assets relating to production. In addition, expenses which are directly attributable to the consolidated financial services companies, including interest expense related to their financing as a whole and provisions for risks and write-downs of assets, are recorded within Cost of revenues (€289 million, €68 million and €5 million for the years ended December 31, 2022, 2021 and 2020, respectively). Cost of revenues also included €31 million, €227 million and €74 million related to the decrease in value for assets sold with buy-back commitments for the years ended December 31, 2022, 2021 and 2020, respectively. In addition, estimated costs related to product warranty and recall campaigns were recorded within Cost of revenues (refer to the section Use of estimates |
Government Grants | Government Grants Government grants are recognized in the Consolidated Financial Statements when there is reasonable assurance of the Company's compliance with the conditions for receiving such grants and that the grants will be received. Government grants are recognized as income over the same periods as the related costs which they are intended to offset. Government grants are recognized as a reduction in the cost of the corresponding assets. |
Taxes | Taxes Income taxes include all taxes which are based on the taxable profits of the Company. Current and deferred taxes are recognized as a benefit or expense and are included in the Consolidated Income Statement for the period, except for tax arising from (i) a transaction or event which is recognized, in the same or a different period, either in Other comprehensive income/(loss) or directly in Equity, or (ii) a business combination. Deferred taxes are accounted for under the full liability method. Deferred tax liabilities are recognized for all taxable temporary differences between the carrying amounts of assets or liabilities and their tax base, except to the extent that the deferred tax liabilities arise from the initial recognition of goodwill or the initial recognition of an asset or liability in a transaction which is not a business combination and at the time of the transaction, affects neither accounting profit nor taxable profit. Deferred tax assets are recognized for all deductible temporary differences to the extent that it was probable that taxable profit will be available against which the deductible temporary differences can be utilized, unless the deferred tax assets arise from the initial recognition of an asset or liability in a transaction that is not a business combination and at the time of the transaction, affected neither accounting profit nor taxable profit. Deferred tax assets and liabilities are measured at the substantively enacted tax rates in the respective jurisdictions in which the Company operates that are expected to apply to the period when the asset is realized or liability is settled. The Company recognizes deferred tax liabilities associated with the existence of a subsidiary’s undistributed profits when it is probable that this temporary difference will reverse in the foreseeable future, except when it is able to control the timing of the reversal of the temporary difference. The Company recognizes deferred tax assets associated with the deductible temporary differences on investments in subsidiaries only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary difference can be utilized. Deferred tax assets relating to the carry-forward of unused tax losses and tax credits, as well as those arising from deductible temporary differences, are recognized to the extent that it is probable that future profits will be available against which they can be utilized. The Company monitors unrecognized deferred tax assets at each reporting date and recognizes a previously unrecognized deferred tax asset to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered. Refer to Use of estimates - Recoverability of deferred tax assets for additional detail. Current income taxes and deferred taxes are offset when they relate to the same taxation jurisdiction and there is a legally enforceable right of offset. Other taxes not based on income, such as property taxes and capital taxes, are included within Cost of revenue, Selling, general and other costs and Research and development costs. |
Fair Value Measurement | Fair Value Measurement Fair value for measurement and disclosure purposes is determined as the consideration that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using a valuation technique. Fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: • in the principal market for the asset or liability; or • in the absence of a principal market, in the most advantageous market for the asset or liability. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their own economic best interest. A fair value measurement of a non-financial asset takes into account a market participant's ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. In estimating fair value, the Company use market-observable data to the extent it is available. When market-observable data is not available, the Company use valuation techniques that maximize the use of relevant observable inputs and minimize the use of unobservable inputs. IFRS 13 - Fair Value Measurement establishes a hierarchy which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets and liabilities (Level 1 inputs) and the lowest priority to unobservable inputs (level 3 inputs). In some cases, the inputs used to measure the fair value of an asset or a liability might be categorized within different levels of the fair value hierarchy. In those cases, the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy at the lowest level input that is significant to the entire measurement. Levels used in the hierarchy are as follows: • Level 1 inputs include quoted prices (unadjusted) in active markets for identical assets and liabilities that the Company can access at the measurement date. Level 1 primarily consists of financial instruments such as certain held to collect and sell and held to sell securities; • Level 2 inputs include those which are directly or indirectly observable as of the measurement date. Level 2 instruments include commercial paper and non-exchange-traded derivatives such as over-the-counter currency and commodity forwards, swaps and option contracts, which are valued using models or other valuation methodologies. These models are primarily industry-standard models that consider various assumptions, including quoted forward prices for similar instruments in active markets, quoted prices for identical or similar inputs not in active markets, and observable inputs; and • Level 3 inputs are unobservable from objective sources in the market and reflect management judgment about the assumptions market participants would use in pricing the instruments. Instruments in this category include non-exchange-traded derivatives such as certain over-the-counter commodity option and swap contracts that are complex or with non standard clauses. Refer to Note 24, Fair value measurement |
Use of estimates | Use of estimates The Consolidated Financial Statements are prepared in accordance with IFRS which requires the use of estimates, judgments and assumptions that affect the carrying amount of assets and liabilities, the disclosure of contingent assets and liabilities and the amounts of income and expenses recognized. The estimates and associated assumptions are based on management's best judgment of elements that were known when the financial statements are prepared, on historical experience and on any other factors that are considered to be relevant. Estimates and underlying assumptions are reviewed by the Company periodically and when circumstances require. Actual results could differ from the estimates, which would require adjustment accordingly. The effects of any changes in estimates are recognized in the Consolidated Income Statement in the period in which the adjustment is made, or in future periods. Items requiring estimates for which there is a risk that a material difference could arise in the future in respect of the carrying amounts of assets and liabilities are discussed below. Employee Benefits The Company provides post-employment benefits for certain of its active employees and retirees, which vary according to the legal, fiscal and economic conditions of each country in which the Company operates and changes periodically. The plans are classified by the Company on the basis of the type of benefit provided as follows: pension benefits, health care and life insurance plans and other post-employment benefits. The Company provides certain post-employment benefits, such as pension or health care benefits, to their employees under defined contribution plans whereby the Company pays contributions to public or private plans on a legally mandatory, contractual, or voluntary basis. The Company recognizes the cost for defined contribution plans as incurred and classifies this by function within Cost of revenues, Selling, general and other costs, and Research and development costs in the Consolidated Income Statement. Pension plans The Company sponsored both non-contributory and contributory defined benefit pension plans primarily in the U.S., Canada, the UK and Germany, the majority of which were funded. Non-contributory pension plans cover certain hourly and salaried employees and the benefits are based on a fixed rate for each year of service. Additionally, contributory benefits are provided to certain salaried employees under the salaried employees’ retirement plans. The Company’s defined benefit pension plans are accounted for on an actuarial basis, which requires the use of estimates and assumptions to determine the net liability or net asset. The Company estimates the present value of the projected future payments to all participants by taking into consideration parameters of a financial nature such as discount rates, the rate of salary increases and the likelihood of potential future events estimated by using demographic assumptions, which may have an effect on the amount and timing of future payments, such as mortality, dismissal and retirement rates, which are developed to reflect actual and projected plan experience. Mortality rates are developed using Stellantis plan-specific populations where appropriate as well as recent mortality information published by recognized experts in this field such as the U.S. Society of Actuaries and the Canadian Institute of Actuaries and other data where appropriate to reflect actual and projected plan experience. Comparable country specific sources and methods are used for all other countries. The expected amount and timing of contributions is based on an assessment of minimum funding requirements. From time to time, contributions are made beyond those that are legally required. Plan obligations and costs are based on existing retirement plan provisions. Assumptions regarding any potential future changes to benefit provisions beyond those to which the Company is presently committed are not made. Significant differences in actual experience or significant changes in the following key assumption may affect the pension obligations and pension expense: • Discount rates . The Company’s discount rates are based on yields of high-quality (AA-rated) fixed income investments for which the timing and amounts of maturities match the timing and amounts of the projected benefit payments. The effects of actual results differing from assumptions and of amended assumptions are included in Other comprehensive income/(loss). The weighted average discount rates used to determine the defined benefit obligation for the defined benefit plans were 5.14 percent and 2.60 percent at December 31, 2022 and 2021, respectively. At December 31, 2022, the effect on the defined benefit obligation of an increase in the discount rate, holding all other assumptions constant, is as follows: Effect on pension benefit Germany and France UK US and Canada Other (€ million) 25 basis point decrease in discount rate 609 96 51 455 7 25 basis point increase in discount rate (580) (91) (48) (435) (6) Refer to Note 20, Employee benefits liabilities, for additional information on the Company’s pension plans. Other post-employment benefits The Company provides health care, legal, severance, indemnity life insurance benefits and other post-retirement benefits to certain hourly and salaried employees. Upon retirement, these employees may become eligible for a continuation of certain benefits. Benefits and eligibility rules may be modified periodically. These other post-employment benefits (“OPEB”) are accounted for on an actuarial basis, which requires the selection of various assumptions. The estimation of the Company’s obligations, costs and liabilities associated with OPEB requires the use of estimates of the present value of the projected future payments to all participants, taking into consideration the likelihood of potential future events estimated by using demographic assumptions, which may have an effect on the amount and timing of future payments, such as mortality, dismissal and retirement rates, which are developed to reflect actual and projected plan experience, as well as legal requirements for retirement in respective countries. Mortality rates are developed using plan-specific populations, recent mortality information published by recognized experts in this field and other data where appropriate to reflect actual and projected plan experience. Plan obligations and costs are based on existing plan provisions. Assumptions regarding any potential future changes to benefit provisions beyond those to which the Company are presently committed are not made. Significant differences in actual experience or significant changes in the following key assumptions may affect the OPEB obligation and expense: • Discount rates . Stellantis’ discount rates are based on yields of high-quality (AA-rated) fixed income investments for which the timing and amounts of maturities matched the timing and amounts of the projected benefit payments. • Health care cost trends . The Company’s health care cost trend assumptions are developed based on historical cost data, the near-term outlook and an assessment of likely long-term trends. At December 31, 2022, the effect of a decrease or increase in the key assumptions affecting the health care and life insurance plans, holding all other assumptions constant, is shown below: Effect on health (€ million) 25 basis point decrease in discount rate 70 25 basis point increase in discount rate (67) 100 basis point decrease in health care cost trend rate (18) 100 basis point increase in health care cost trend rate 20 Refer to Note 20, Employee benefits liabilities, for additional information on the Company’s OPEB liabilities. Recoverability of non-current assets with definite useful lives Non-current assets with definite useful lives include property, plant and equipment, intangible assets and assets held for sale. Intangible assets with definite useful lives mainly consist of capitalized development expenditures primarily related to the North America and Enlarged Europe segments. The Company periodically reviews the carrying amount of non-current assets with definite useful lives when events or circumstances indicate that an asset may be impaired. The Medium-Term Plan (“MTP”) used to perform the impairment testing covers the period from 2023 to 2025. The recoverability of non-current assets with definite useful lives is based on the estimated future cash flows, using the Company’s MTP of the Cash Generating Units (“CGUs”) to which the assets relate to. The lowest level of asset groups that generate largely independent cash flows is the vehicle platform level, which is considered the CGU for impairment testing. Goodwill is allocated only to the operating segment. As such, the operating segments are the CGU for impairment testing for Goodwill and Intangible assets with indefinite useful lives. The global automotive industry is experiencing significant change due to increased focus on climate change resulting in evolving regulatory requirements for fuel efficiency, driving electrification as well as changes in fuel efficiency, greenhouse gas emissions and other tailpipe emissions. This is in addition to technological changes, such as electrification and autonomous driving. The Company has announced significant investments in electrification and software which are reflected in the MTP. However, its business plans could change in response to these evolving requirements and technological changes or in relation to any future business plans or strategies developed as part of partnerships and collaborations. As the Company continues to assess the potential impacts of these evolving requirements, technological changes or future plans and strategies, and of operationalizing and implementing the strategic targets set out in the MTP, including reallocation of our resources, the recoverability of certain of the Company’s assets or CGUs may be impacted in future periods. For example, product development strategies may be affected by regulatory changes as well as changes in the expected costs of implementing electrification, including the cost of batteries. As relevant circumstances change, the Company expects to adjust its product plans which may result in changes to the expected use of certain of the Company’s vehicle platforms and propulsion systems. These uncertainties may result in either impairments of, or reductions to the expected useful lives of, platforms and propulsion systems, or both. Any change in recoverability would be accounted for at the time such change to the business plan occurs. For the years ended December 31, 2022, 2021 and 2020, the impairment tests performed compared the carrying amount of the assets included in the respective CGUs to their value-in-use. The value-in-use of the CGUs is determined using a discounted cash flow methodology based on estimated pre-tax future cash flows attributable to the CGUs and a pre-tax discount rate reflecting a current market assessment of the time value of money and the risks specific to the CGUs. During the year ended December 31, 2022, impairment losses of €237 million were recognized, mainly related to Enlarged Europe, primarily in Russia with €43 million related to inventories, €47 million related to tax assets and €47 million related to other assets. During the year ended December 31, 2021, impairment losses of €309 million were recognized, primarily in relation to the impairment of certain vehicle platforms in the Enlarged Europe segment. These vehicle platforms were legacy platforms on which there are a limited number of models. The impairments are generated mainly as a result of the projections reflected in the MTP used to perform the impairment testing, in which these platforms had reduced volumes and profitability. The impairment loss of €309 million mainly relate to Property, plant and equipment of €137 million and €151 million of capitalized development expenditures. During the year ended December 31, 2020, impairment losses totaling €202 million were recognized, mainly related to €135 million impairment of research and development assets in China, India and Asia Pacific, a €15 million impairment in South America CGU and a €53 million impairment in Enlarged Europe CGU, in each case due to decreased projections of volumes and profit, in particular as a result of market disruption caused by the COVID-19 pandemic. Recoverability of Goodwill and Intangible assets with indefinite useful lives In accordance with IAS 36 - Impairment of Assets , Goodwill and intangible assets with indefinite useful lives are not amortized and are tested for impairment annually or more frequently if facts or circumstances indicate that the asset may be impaired. Goodwill and intangible assets with indefinite useful lives are allocated to operating segments or to CGUs within the operating segments. The impairment test is performed by comparing the carrying amount (which mainly comprises property, plant and equipment, goodwill, brands, capitalized development expenditures, working capital and reserves) and the recoverable amount of each CGU or group of CGUs to which Goodwill has been allocated. The recoverable amount of a CGU is the higher of its fair value less costs of disposal and its value-in-use. The balance of Goodwill and intangible assets with indefinite useful lives recognized by the Company primarily relate to the merger with FCA. Goodwill from the merger with FCA is allocated to the North America, South America, Maserati, India and Asia Pacific and Enlarged Europe operating segments. All other Goodwill balances relate primarily to Enlarged Europe, Other activities and to a lesser extent China. The MTP is used as a basis to perform the Company’s annual impairment test for Goodwill and intangible assets with indefinite useful lives. The Company’s Goodwill and intangible assets with indefinite useful lives were tested for impairment on October 1, 2022, which is the new date the Company annually tests goodwill for impairment. In 2021, the Company performed the test on October 31. • The estimate of the recoverable amount for purposes of performing the annual impairment test for each of the operating segments is determined using value-in-use and was based on the following assumptions: ◦ The expected future cash flows covering the period from October 1, 2022 through December 31, 2025. These expected cash flows reflect the current expectations regarding economic conditions and market trends as well as the Company’s initiatives for the period covered by the projections. These cash flows relate to the respective CGUs in their current condition when preparing the financial statements and exclude the estimated cash flows that might arise from restructuring plans or other structural changes. Volumes and sales mix used for estimating the future cash flow are based on assumptions that are considered reasonable and sustainable and represent the best estimate of expected conditions regarding market trends and segment, brand and model share for the respective operating segment over the period considered. ◦ The expected future cash flows include a normalized terminal period to estimate the future result beyond the time period explicitly considered which incorporated a long-term growth rate assumption of 1.4 percent to 2.5 percent. The growth rate per region is determined by reference to the risk free rate and the rate of inflation considered in the regional discount rate. The long-term AOI margins are set considering the Company’s long-term projections for each of the segments. • The estimated future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU that are not reflected in the estimated future cash flows. • Pre-tax cash flows are discounted using a pre-tax discount rate which reflects the current market assessment of the time value of money for the period being considered, and the risks specific to those cash flows under consideration. The pre-tax Weighted Average Cost of Capital (“WACC”) discount rate applied ranged from 14.7 percent to 32.4 percent. The values estimated as described above are determined to be in excess of the carrying amount for each operating segment to which Goodwill is allocated. As such, no impairment charges were recognized for Goodwill and Intangible assets with indefinite useful lives for the year ended December 31, 2022. No impairment charges were recognized for Goodwill and Intangible assets with indefinite useful lives for the year ended December 31, 2021. There were impairment charges resulting from the impairment tests performed for the year ended December 31, 2020, of €150 million. Recoverability of deferred tax assets Deferred tax assets are recognized to the extent that it is probable that sufficient taxable profit will be available to allow the benefit of part or all of the deferred tax assets to be utilized. The recoverability of deferred tax assets is dependent on the Company’s ability to generate sufficient future taxable income in the period in which it is assumed that the deductible temporary differences reverse and tax losses carried forward can be utilized. In making this assessment, the Company considers future taxable income arising based on the most recent business plan. Moreover, the Company estimates the impact of the reversal of taxable temporary differences on earnings and it also considers the period over which these deferred tax assets could be recovered. The estimates and assumptions used in the assessment are subject to uncertainty especially related to the Company’s future performance as compared to the business plan. Therefore, changes in current estimates due to unanticipated events could have a significant impact on the Consolidated Financial Statements. Refer to Note 7, Tax expense/(benefit) for additional detail. Sales incentives The Company records the estimated cost of sales incentive programs offered to dealers and consumers as a reduction to revenue at the time of sale to the dealer. This estimated cost represents the incentive programs offered to dealers and consumers, as well as the expected modifications to these programs in order to facilitate sales of the dealer inventory. Subsequent adjustments to sales incentive programs related to vehicles previously sold to dealers are recognized as an adjustment to Net revenues in the period the adjustment is determinable. The Company uses price discounts to adjust vehicle pricing in response to a number of market and product factors, including pricing actions and incentives offered by competitors, economic conditions, the amount of excess industry production capacity, the intensity of market competition, consumer demand for the product and the desire to support promotional campaigns. The Company may offer a variety of sales incentive programs at any given point in time, including cash offers to dealers and consumers and subvention programs offered to customers, or lease subsidies, which reduce the retail customer’s monthly lease payment or cash due at the inception of the financing arrangement, or both. Sales incentive programs are generally brand, model and region specific for a defined period of time. Multiple factors are used in estimating the future incentive expense by vehicle line, including the current incentive programs in the market, planned promotional programs and the normal incentive escalation incurred as the model year ages. The estimated incentive rates are reviewed monthly and changes to planned rates are adjusted accordingly, thereby impacting revenues. As there are a multitude of inputs affecting the calculation of the estimate for sales incentives, an increase or decrease of any of these variables could have a significant effect on Net revenues. Product warranties, recall campaigns and product liabilities The Company establishes reserves for product warranties at the time the related sale is recognized. The Company issues various types of product warranties under which the performance of products delivered is generally guaranteed for a certain period or term. The accrual for product warranties includes the expected costs of warranty obligations imposed by law or contract, as well as the expected costs for policy coverage, recall actions and buyback commitments. The estimated future costs of these actions 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 historical claims experience for the Company’s vehicles. In addition, the number and magnitude of additional service actions expected to be approved and policies related to additional service actions are taken into consideration. Due to the uncertainty and potential volatility of these estimated factors, changes in the assumptions used could materially affect the results of operations. The Company periodically initiates voluntary service and recall actions to address various customer satisfaction as well as safety and emissions issues related to vehicles sold. Included in the reserve is the estimated cost of these service and recall actions. The Company accrues estimated costs for recalls when they are probable of occurring and a reliable estimate of the costs can be made. Estimates of the future costs of these actions are subject to numerous uncertainties, including the enactment of new laws and regulations, the number of vehicles affected by a service or recall action and the nature of the corrective action. It is reasonably possible that the ultimate cost of these service and recall actions may require the Company to make expenditures in excess of (or less than) established reserves over an extended period of time and in a range of amounts that cannot be reasonably estimated. The estimate of warranty and additional service and recall action obligations is periodically reviewed during the year. Experience has shown that initial data for any given model year can be volatile; therefore, the Company’s process relies upon long-term historical averages until sufficient data is available. As actual experience becomes available, it is used to modify the historical averages to ensure that the forecast is within the range of likely outcomes. Resulting accruals are then compared with current spending rates to ensure that the balances are adequate to meet expected future obligations. In addition, the Company makes provisions for estimated product liability costs arising from property damage and personal injuries including wrongful death, and potential exemplary or punitive damages alleged to be the result of product defects. By nature, these costs can be infrequent, difficult to predict and have the potential to vary significantly in amount. The valuation of the reserve is actuarially determined on an annual basis based on, among other factors, the number of vehicles sold and product liability claims incurred. Costs associated with these provisions are recorded in the Consolidated Income Statement and any subsequent adjustments are recorded in the period in which the adjustment is determined. Litigation Various legal proceedings, claims and governmental investigations are pending against the Company on a wide range of topics, including vehicle safety, emissions and fuel economy, competition, tax and securities matters, alleged violations of law, labor, dealer, supplier and other contractual relationships, intellectual property rights, product warranties and environmental matters. Some of these proceedings allege defects in specific component parts or systems (including airbags, seats, seat belts, brakes, ball joints, transmissions, engines and fuel systems), in various vehicle models or allege general design defects relating to vehicle handling and stability, sudden unintended movement or crashworthiness. These proceedings seek recovery for damage to property, personal injuries or wrongful death and in some cases include a claim for exemplary or punitive damages. Adverse decisions in one or more of these proceedings could require the Company to pay substantial damages, or undertake service actions, recall campaigns or other costly actions. Litigation is subject to many uncertainties, and the outcome of individual matters is not predictable with assurance. Moreover, the cases and claims against the Company are often derived from complex legal issues that are subject to differing degrees of uncertainty, including the facts and circumstances of each particular case, the manner in which the applicable law is likely to be interpreted and applied and the jurisdiction and the different laws involved. A provision is established in connection with pending or threatened litigation if it is probable there would be an outflow of funds and when the amount can be reasonably estimated. If an outflow of funds becomes probable, but the amount cannot be estimated, the matter is disclosed in the notes to the Consolidated Financial Statements. Since these provisions represent estimates, the resolution of some of these matters could require the Company to make payments in excess of the amounts accrued or may require the Company to make payments in an amount or range of amounts that could not be reasonably estimated. The Company monitors the status of pending legal proceedings and consults with experts on legal and tax matters on a regular basis. As such, the provisions for the Company’s legal proceedings and litigation may vary as a result of future developments in pending matters. |
New standards and amendments effective January 1, 2022 | New standards and amendments effective January 1, 2022 The following amendments and interpretations, which were effective from January 1, 2022, were adopted by the Company. The adoption of these amendments did not have a material impact on the Consolidated Financial Statements. • In May 2020, the IASB issued Annual Improvements to IFRSs 2018-2020, which includes amendments to the following standards: updating a reference in IFRS 3 - Business Combinations to the Conceptual Framework for Financial Reporting; in IAS 16 - Property, Plant and Equipment, prohibiting the deduction of amounts received from selling items produced whilst preparing the asset for its intended use from the cost of property, plant and equipment; in IAS 37 - Provisions, Contingent Liabilities and Contingent Assets, specifying what costs are to be included when assessing whether a contract will be loss-making; and minor amendments to IFRS 1 - First-time Adoption of International Financial Reporting Standards, IFRS 9 - Financial Instruments, IAS 41 - Agriculture and the Illustrative Examples accompanying IFRS 16 - Leases. |
New standards, amendments and interpretations not yet effective | New standards and amendments not yet effective The following new standards and amendments were issued by the IASB. We will comply with the relevant guidance no later than their respective effective dates: • In January 2020, the IASB issued Classification of Liabilities as Current or Non-current (Amendments to IAS 1), which affects the requirements in IAS 1 for the presentation of liabilities, including clarifying one of the criteria for classifying a liability as non-current. In October 2022, the IASB issued an amendment to further clarify that covenants of loan arrangements which an entity must comply with only after the reporting date would not affect classification of a liability as current or non-current at the reporting date. However, those covenants that an entity is required to comply with on or before the reporting date would affect classification as current or non-current, even if the covenant is only assessed after the entity’s reporting date. The amendments are effective for annual reporting periods beginning on or after January 1, 2024, with earlier adoption permitted. We do not expect a material impact on our Consolidated Financial Statements or disclosures upon adoption of the amendment. • In June 2020, the IASB issued amendments to IFRS 17 - Insurance Contracts aimed at helping companies implement the standard and making it easier for them to explain their financial performance. The fundamental principles introduced when the Board first issued IFRS 17 in May 2017 remain unaffected. The amendments, which respond to feedback from stakeholders, are designed to: reduce costs by simplifying some requirements in the Standard; make financial performance easier to explain; and ease transition by deferring the effective date of the Standard to 2023 and by providing additional relief to reduce the effort required when applying IFRS 17 for the first time. The amendment relates to insurers’ transition to the new Standard only - it does not affect any other requirements in IFRS 17. In December 2021, the IASB issued a narrow-scope amendment to the transition requirements in IFRS 17 Insurance Contracts, providing insurers with an option aimed at improving the usefulness of information to investors on initial application of the new Standard. We are currently evaluating the impact of adoption, but do not expect this to have a material impact on the Consolidated Financial Statements. • In February 2021, the IASB issued amendments to IAS 1 - Presentation of Financial Statements and IAS 8 - Accounting Policies, Change in Accounting Estimates and Errors. The amendments to IAS 1 require companies to disclose their material accounting policies rather than their significant accounting policies, including providing guidance on how to apply the concept of materiality to accounting policy disclosures. The amendments to IAS 8 clarify how companies should distinguish change in accounting policies from changes in accounting estimates. The amendments are effective for annual reporting periods beginning on or after January 1, 2023, with earlier application permitted. We do not expect a material impact to our Consolidated Financial Statements or disclosures upon adoption of the amendments. • In May 2021, the IASB issued targeted amendments to IAS 12, the IFRS Standard on income taxes, to specify how companies should account for deferred tax on transactions such as leases and decommissioning obligations. IAS 12 Income Taxes specifies how a company accounts for income tax, including deferred tax, which represents tax payable or recoverable in the future. In specified circumstances, companies are exempt from recognizing deferred tax when they recognize assets or liabilities for the first time. Previously, there had been some uncertainty about whether the exemption applied to transactions such as leases and decommissioning obligations—transactions for which companies recognize both an asset and a liability. The amendments clarify that the exemption does not apply and that companies are required to recognize deferred tax on such transactions. The aim of the amendments is to reduce diversity in the reporting of deferred tax on leases and decommissioning obligations. The amendments are effective for annual reporting periods beginning on or after January 1, 2023, with early application permitted. We do not expect a material impact to our Consolidated Financial Statements or disclosures upon adoption of the amendments. • In September 2022, the IASB issued a narrow-scope amendment to IFRS 16 - Leases, which adds to the requirements explaining how a company accounts for a sale and leaseback after the date of the transaction. The amendments are effective for annual reporting periods beginning on or after January 1, 2024. We are currently evaluating the impact of adoption. |
Basis of preparation (Tables)
Basis of preparation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Disclosure of principal exchange rates used to translate other currencies | The principal exchange rates used to translate other currencies into Euro were as follows: 2022 2021 2020 Average At December 31 Average At December 31 Average At December 31 U.S. Dollar (USD) 1.054 1.067 1.183 1.133 1.139 1.227 Argentine Peso (ARS) (1) n.a. 188.915 n.a. 116.360 n.a. 103.252 Brazilian Real (BRL) 5.441 5.568 6.377 6.320 5.800 6.393 Canadian Dollar (CAD) 1.370 1.444 1.483 1.439 1.528 1.563 Swiss Franc (CHF) 1.005 0.985 1.082 1.033 1.070 1.080 Chinese Renminbi (CNY) 7.079 7.358 7.633 7.195 7.865 8.023 Turkish Lira (TRY) (2) n.a. 19.953 15.100 15.100 9.113 9.113 Czech Koruna (CZK) 24.561 24.116 25.650 24.858 26.437 26.242 Pound Sterling (GBP) 0.853 0.887 0.860 0.840 0.889 0.899 Mexican Peso (MXN) 21.203 20.856 23.989 23.144 24.363 24.416 Polish Zloty (PLN) 4.686 4.690 4.566 4.599 4.442 4.560 Japanese Yen (JPY) 137.931 140.660 129.848 130.380 121.666 126.490 ____________________________________________________________________________________________________ n.a. = not applicable (1) From July 1, 2018, Argentina’s economy was considered to be hyperinflationary. Transactions after July 1, 2018 for entities with the Argentinian Peso as the functional currency were translated using the spot rate at the end of the period. The price indices used are published by the Insituto Nacional de Estadistica y Censos de la Republica Argentina |
Disclosure of estimated useful lives for property, plant and equipment | During the years ended December 31, 2022, 2021 and 2020, assets depreciated on a straight-line basis over their estimated useful lives as follows: Years Buildings 33 - 40 Plant, machinery and equipment 2 - 25 Other assets 2 - 34 Land Buildings Plant, machinery and equipment Other assets (1) Advances and Total (€ million) Gross carrying amount at January 1, 2021 € 514 € 7,595 € 34,313 € 5,071 € 1,624 € 49,117 Additions 2 348 2,995 214 1,569 5,128 FCA-PSA merger 1,237 4,371 9,799 807 4,452 20,666 Divestitures (39) (469) (875) (155) (11) (1,549) Change in the scope of consolidation (114) (2,046) (5,109) (628) (431) (8,328) Translation differences 51 272 816 83 128 1,350 Transfer from Assets held for sale 1 18 34 — 4 57 Other changes (1) 143 3,575 682 (3,391) 1,008 At December 31, 2021 1,651 10,232 45,548 6,074 3,944 67,449 Additions — 322 3,133 367 1,017 4,839 Divestitures and disposals (39) (491) (1,018) (280) (67) (1,895) Change in the scope of consolidation 7 (6) (10) 60 1 52 Translation differences 43 242 862 19 188 1,354 Transfer to Assets held for sale (104) (168) (158) (7) (18) (455) Other changes (9) 129 1,334 423 (1,402) 475 At December 31, 2022 1,549 10,260 49,691 6,656 3,663 71,819 Accumulated depreciation and impairment losses at January 1, 2021 23 4,648 27,101 1,338 24 33,134 Depreciation 1 545 3,096 350 — 3,992 Divestitures — (210) (822) (138) — (1,170) Impairment losses and asset write-offs — 66 71 — — 137 Change in the scope of consolidation (8) (931) (3,266) (433) — (4,638) Translation differences — 18 56 11 — 85 Transfer from Assets held for sale — — (3) (1) — (4) Other changes 1 33 287 104 — 425 At December 31, 2021 17 4,169 26,520 1,231 24 31,961 Depreciation 3 583 3,633 434 — 4,653 Divestitures and disposals (1) (250) (1,012) (154) — (1,417) Impairment losses and asset write-offs 9 37 — — — 46 Change in the scope of consolidation 2 (2) 15 24 — 39 Translation differences — 26 150 (3) 3 176 Transfer to Assets held for sale — (84) (112) (4) — (200) Other changes 2 11 158 185 — 356 At December 31, 2022 32 4,490 29,352 1,713 27 35,614 Carrying amount at December 31, 2021 € 1,634 € 6,063 € 19,028 € 4,843 € 3,920 € 35,488 Carrying amount at December 31, 2022 € 1,517 € 5,770 € 20,339 € 4,943 € 3,636 € 36,205 _______________________________________________________________________________________________________________ (1) Other assets includes vehicles sold with a buy-back commitments for which the divestitures are reported on a net basis within the changes of gross carrying amount |
Disclosure of initial measurement and measurement category of financial instruments | 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 ______________________________________________________________________________________________________________________________ (1) Trade receivables without a significant financing component, as defined by IFRS 15, are initially measured at the transaction price (2) Receivables with maturities of over one year, which bear no interest or have an interest rate significantly lower than market rates were discounted using market rates (3) On initial recognition, the Company could irrevocably designate a financial asset at FVPL that otherwise met the requirements to be measured at amortized cost or at FVOCI if doing so eliminated or significantly reduced an accounting mismatch that would otherwise arise |
Disclosure of impairment models used for financial assets categories | The table below indicates the impairment model used for each of the Company’s financial asset categories. Impairment losses on financial assets are recognized in the Consolidated Income Statement within the corresponding line items, based on the classification of the counterparty. Financial asset IFRS 9 impairment model Trade receivables Simplified approach Receivables from financing activities General approach Other receivables General approach |
Disclosure of three-stages method for determining and measuring impairment | The “three-stages” for determining and measuring the impairment based on changes in credit quality since initial recognition are summarized below: 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 |
Disclosure of sensitivity analysis for actuarial assumptions | At December 31, 2022, the effect on the defined benefit obligation of an increase in the discount rate, holding all other assumptions constant, is as follows: Effect on pension benefit Germany and France UK US and Canada Other (€ million) 25 basis point decrease in discount rate 609 96 51 455 7 25 basis point increase in discount rate (580) (91) (48) (435) (6) At December 31, 2022, the effect of a decrease or increase in the key assumptions affecting the health care and life insurance plans, holding all other assumptions constant, is shown below: Effect on health (€ million) 25 basis point decrease in discount rate 70 25 basis point increase in discount rate (67) 100 basis point decrease in health care cost trend rate (18) 100 basis point increase in health care cost trend rate 20 |
Scope of consolidation (Tables)
Scope of consolidation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Scope Of Consolidation [Abstract] | |
Disclosure of interests in principle subsidiaries | The following table sets forth a list of the principal subsidiaries of the Company, which are grouped by reportable segments, as well as listing of companies within Other activities. Name Country Percentage North America FCA US LLC USA 100.00 FCA Canada Inc. Canada 100.00 Stellantis Mexico, S.A. de C.V. Mexico 100.00 South America FCA Fiat Chrysler Automoveis Brasil LTDA. Brazil 100.00 FCA Automobiles Argentina S.A. Argentina 100.00 Enlarged Europe FCA Italy S.p.A. Italy 100.00 Automobiles Peugeot France 100.00 Automobiles Citroën France 100.00 Opel Automobile GmbH Germany 100.00 Groupe PSA Italia S.p.A. Italy 100.00 PSA Retail France SAS France 100.00 PSA Automobiles S.A. France 100.00 FCA Germany GmbH Germany 100.00 Stellantis España, S.L. Spain 99.99 Vauxhall Motors Limited United Kingdom 100.00 FCA France S.A.S. France 100.00 Peugeot Motor Company PLC United Kingdom 100.00 PSA Retail UK Limited United Kingdom 100.00 Peugeot Deutschland GmbH Germany 100.00 Fiat Chrysler Automobiles Spain S.A. Spain 100.00 Middle East & Africa Stellantis Automotiv Pazarlama Anonim Sirketi Turkey 100.00 Stellantis Middle East FZE United Arab Emirates 100.00 Peugeot Citroën Automobiles Maroc Morocco 94.93 China and India & Asia Pacific Stellantis Japan Ltd. Japan 100.00 Chrysler Group (China) Sales Ltd. People's Rep.of China 100.00 Fiat India Automobiles Private Limited India 50.00 Maserati Maserati S.p.A. Italy 100.00 Maserati (China) Cars Trading Co., Ltd. People's Rep.of China 100.00 Maserati North America Inc. USA 100.00 Financial Services Banque PSA Finance France 100.00 FCA Automotive Finance Co. Ltd. People's Rep.of China 100.00 Stellantis Financial Services US Corp. USA 100.00 Banco Fidis S.A. Brazil 100.00 Fidis S.p.A. Italy 100.00 Holdings & Other Companies FCA North America Holdings LLC USA 100.00 GIE PSA Trésorerie France 100.00 Fiat Chrysler Finance North America, Inc. USA 100.00 Fiat Chrysler Finance Europe Société en nom collectif Luxembourg 100.00 Fiat Chrysler Finance S.p.A. Italy 100.00 Stellantis International S.A. Switzerland 100.00 |
Disclosure of assets and liabilities acquired in business combination | The following table shows the assets and liabilities acquired and are final: (€ million) At November 1, 2021 Goodwill and intangible assets with indefinite useful lives € 119 Other intangible assets 2 Property, plant and equipment 15 Other non-current assets 703 Other current assets and prepaid expenses 176 Cash and cash equivalents 108 Total assets € 1,123 Total equity € 256 Long-term debt 572 Short term debt and current portion of long-term debt 286 Trade payables and other payables 9 Total liabilities € 1,123 Goodwill arising from the acquisition was determined as follows: (€ million) At the acquisition date (January 17, 2021) Consideration transferred 19,837 Add: minority interests 59 Less: fair value of FCA’s Net assets acquired 8,390 Goodwill 11,506 (€ million) At the acquisition date (January 17, 2021) Assets Intangible assets with indefinite useful lives € 12,797 Other intangible assets 8,256 Property, plant and equipment 20,667 Equity method investments 2,637 Non-current financial assets 320 Other non-current assets 3,833 Total Non-current assets 48,510 Inventories 9,333 Assets sold with a buy-back commitment 812 Trade receivables 1,970 Other current assets and prepaid expenses 4,408 Current financial assets 502 Cash and cash equivalents 22,514 Total Current assets 39,539 Total Assets € 88,049 Liabilities Long-term debt € 18,362 Other non-current financial liabilities 269 Other non-current liabilities 5,386 Non-current provisions 5,452 Employee benefits liabilities 8,181 Total Non-current liabilities 37,650 Short-term debt and current portion of long-term debt 4,052 Current provisions 7,540 Employee benefits liabilities 595 Trade payables 20,302 Other current financial liabilities 159 Other current liabilities 9,361 Total Current liabilities 42,009 Total Liabilities 79,659 Net assets acquired € 8,390 |
Disclosure of detailed information for consideration transferred calculation | Based on the number of shares of FCA and PSA that are issued and outstanding as of January 16, 2021, the respective percentages of ownership of PSA and the former FCA shareholders are as follows: 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 887,038,000 (1) 1.742 1,545,220,196 49.53 % 1.742 887,038,000 49.53 % FCA 1,574,714,499 (2) 1 1,574,714,499 50.47 % 1.742 903,969,288 50.47 % Total 3,119,934,695 1,791,007,288 ________________________________________________________________________________________________________________________________________________ (1) Number of shares as of January 16, 2021, net of 7,790,213 treasury shares (2) The number of shares as of January 16, 2021 includes 7,195,225 shares that vested during 2020 in connection with FCA’s Equity Incentive Plan |
Disclosure of consideration transferred computation under reverse acquisition accounting | The computation of the consideration transferred under reverse acquisition accounting is summarized as follows: Number of shares of PSA deemed to be issued to FCA shareholders under reverse acquisition accounting Number of shares 903,969,288 Market price of PSA shares as of January 15, 2021 € € 21.85 Fair value of common shares deemed to be issued to FCA shareholders as of January 15, 2021 € million 19,752 Additional consideration for share-based compensation € million 85 Consideration transferred € million € 19,837 |
Summary of operating results excluded from Consolidated Income Statement | The following table summarizes the operating results of Faurecia that were excluded from the Consolidated Income Statement for the year ended December 31, 2020: (€ million) Year ended December 31, 2020 (1) Net revenues € 13,078 Expenses 13,033 Net financial (income)/expenses (223) Profit/(loss) before taxes from discontinued operations (178) Tax (income)/expense (124) Share of the profit/(loss) of equity method investees (13) Profit/(loss) after taxes from discontinued operations € (315) ________________________________________________________________________________________________________________________________________________ (1) Amounts presented are not representative of the income statement of Faurecia on a stand-alone basis; amounts are net of transactions between Faurecia and other companies of the Company |
Disclosure of impact of reclassifications made to align the presentation adopted by Stellantis and the presentation of Faurecia as a discontinued operations | The following summarizes the impact of reclassifications made to align previously reported assets and liabilities of PSA to the presentation adopted by Stellantis: PSA Consolidated Statement of financial position At December 31, 2020 (as previously reported) Reclassifications At January 1, 2021 (as adjusted) Stellantis Consolidated Statement of financial position Of which - Faurecia (1) € million Assets Assets Goodwill € 4,364 € (4,364) € — — 6,327 6,327 Goodwill and intangible assets with indefinite useful lives € 2,368 Intangible assets 10,658 (1,964) 8,694 Other intangible assets 2,668 Property, plant and equipment 16,776 (793) 15,983 Property, plant and equipment 3,727 Equity method Investments - manufacturing and sales companies 520 (520) — Equity method investments - finance companies 2,632 (2,632) — — 3,152 3,152 Equity method investments 177 Other non-current financial assets - manufacturing and sales companies 721 (721) — Other non-current financial assets - finance companies — — — — 412 412 Non-current financial assets (1,196) Other non-current assets 1,485 610 2,095 Other non-current assets and prepaid expenses 604 Deferred tax assets 1,096 — 1,096 Deferred tax assets 475 — — Tax receivables — Total non-current assets € 38,252 € (493) € 37,759 Total non-current assets € 8,823 Loans and receivables - finance companies 31 (31) — Short-term investments - finance companies 67 (67) — Inventories 5,366 — 5,366 Inventories 1,677 — 793 793 Assets sold with a buy-back commitment — Trade receivables 3,147 1,776 4,923 Trade receivables 3,065 Current taxes 216 — 216 Tax receivables 54 2,393 2,393 Other current assets and prepaid expenses 635 Other receivables 2,789 (2,789) — Derivative financial instruments on operating - assets 115 (115) — Operating assets 11,731 — — Current financial assets and Financial investments 627 308 935 Current financial assets 5 Cash and cash equivalents - manufacturing and sales companies 22,303 (22,303) — Cash and cash equivalents - finance companies 590 (590) — — 22,893 22,893 Cash and cash equivalents 3,091 Assets held for sale — 7 7 Assets held for sale — Total current assets € 35,251 € 2,275 € 37,526 Total current assets € 8,527 Assets held for sale 7 (7) — TOTAL ASSETS € 73,510 € 1,775 € 75,285 TOTAL ASSETS € 17,350 ________________________________________________________________________________________________________________________________________________ (1) Amounts are net of intercompany eliminations PSA Consolidated Statement of financial position At December 31, 2020 (as previously reported) Reclassifications At January 1, 2021 (as adjusted) Stellantis Consolidated Statement of financial position Of which - Faurecia (1) Equity and liabilities € million Equity and liabilities Equity Equity Share capital € 895 (895) Treasury shares (183) 183 Retained earnings and other accumulated equity, excluding non-controlling interests 20,582 (20,582) 96 21,293 21,293 Equity attributable to owners of the parent — Non-controlling interests 2,580 — 2,580 Non-controlling interests 2,459 Total equity € 23,874 € (1) € 23,873 Total equity € 2,555 Non-current financial liabilities 11,083 (11,083) — — 11,068 11,068 Long-term debt 5,008 — 17 17 Other non-current financial liabilities 12 Other non-current liabilities 5,361 (680) 4,681 Other non-current liabilities 117 Non-current provisions 1,578 32 1,610 Non-current provisions 63 — 1,463 1,463 Employee benefits liabilities 483 — 312 312 Tax liabilities — Deferred tax liabilities 801 — 801 Deferred tax liabilities 81 Total non-current liabilities € 18,823 € 1,129 € 19,952 Total non-current liabilities € 5,764 Financing liabilities - finance companies 236 (236) — — 2,635 2,635 Short-term debt and current portion of long-term debt 1,480 Current provisions 3,808 306 4,114 Current provisions 245 — 50 50 Employee benefits liabilities 32 Trade payables 15,166 789 15,955 Trade payables 5,703 Current taxes 440 (312) 128 Tax liabilities 74 Other payables 8,712 (143) 8,569 Other liabilities 1,489 Derivative financial instruments on operating - liabilities 42 (42) — Operating liabilities 28,404 — — Current financial liabilities 2,409 (2,400) 9 Other current financial liabilities 8 — — — Liabilities held for sale — Total current liabilities € 30,813 € 647 € 31,460 Total current liabilities € 9,031 Liabilities held for sale — — — — TOTAL EQUITY AND LIABILITIES € 73,510 € 1,775 € 75,285 TOTAL EQUITY AND LIABILITIES € 17,350 ________________________________________________________________________________________________________________________________________________ (1) Amounts are net of intercompany eliminations The following summarizes the impact of reclassifications made to align the previously reported results of PSA to the presentation adopted by Stellantis and the presentation of Faurecia as a discontinued operation in line with IFRS 5, Non-current Assets Held for Sale and Discontinued Operations : PSA Consolidated income statement Note Year ended December 31, 2020 (as previously reported) Reclassifications Less: Faurecia discontinued operations Year ended December 31, 2020 (as adjusted) Stellantis Consolidated income statement Continuing operations Revenue € 60,734 € — € 13,078 € 47,656 Net revenues Cost of goods and services sold (i), (ii), (iii) 49,584 526 11,860 38,250 Cost of revenues Selling, general and administrative expenses (i), (iii) 5,019 (367) 729 3,923 Selling, general and other costs Research and development expenses (ii) 2,446 128 343 2,231 Research and development costs (iii) — 352 178 174 Gains/(Losses) on disposal of investments Restructuring costs 695 — 279 416 Restructuring costs Impairment of CGUs (ii) 367 (367) — — Other operating (expense) income (iii) (432) 432 — — Operating income (loss) 3,055 — 45 3,010 Operating income Financial income (iv) (180) 180 — — Financial expenses (iv) 497 (497) — — Net financial expense (income) (iv) — 317 223 94 Net financial expenses/(income) Income (loss) before tax of fully consolidated companies 2,738 — (178) 2,916 Profit before taxes Current taxes (v) 644 (644) — — Deferred taxes (v) (16) 16 — — Income taxes (v) — 628 124 504 Tax expense Share in net earnings of equity method investments (87) — (13) (74) Share of the profit/(loss) of equity method investees Consolidated profit (loss) from continuing operations 2,023 — (315) 2,338 Net profit from continuing operations Attributable to Owners of the parent 2,173 (180) 2,353 Owners of the parent Attributable to Non-controlling interests (150) (135) (15) Non-controlling interests Consolidated profit (loss) from discontinued operations — (315) (315) Loss from discontinued operations, net of tax CONSOLIDATED PROFIT (LOSS) FOR THE PERIOD € 2,023 € — € — 2,023 Net profit Net profit/(loss) attributable to: Attributable to Owners of the parent 2,173 € — € — € 2,173 Owners of the parent Attributable to Non-controlling interests (150) € — € — € (150) Non-controlling interests Net profit/(loss) from discontinued operations attributable to: € — € — € (180) € (180) Owners of the parent € — € — € (135) € (135) Non-controlling interests Earnings per share: Earnings per share: Basic earnings per €1 par value share - attributable to Owners of the parent € 2.45 € 1.41 Basic earnings per share Diluted earnings per €1 par value share - attributable to Owners of the parent € 2.33 € 1.34 Diluted earnings per share Earnings per share for Net profit from continuing operations: Earnings per share for Net profit from continuing operations: Basic earnings per €1 par value share of continuing operations - attributable to Owners of the parent € 2.45 € 1.52 Basic earnings per share Diluted earnings per €1 par value share of continuing operations - attributable to Owners of the parent € 2.33 € 1.45 Diluted earnings per share |
Net revenues (Tables)
Net revenues (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue [abstract] | |
Schedule of revenue by type | Net revenues were as follows: Years ended December 31, 2022 2021 2020 (€ million) Revenues from: Shipments of vehicles and sales of other goods € 173,718 € 144,559 € 45,736 Other services provided 3,786 3,112 1,318 Construction contract revenues 779 602 — Lease installments from assets sold with a buy-back commitment 849 994 578 Interest income of financial services activities 460 152 24 Total Net revenues € 179,592 € 149,419 € 47,656 |
Schedule of revenue by geographical area | Net revenues by geographical area were as follows: Years ended December 31, 2022 2021 2020 (€ million) Net revenues in: North America (1) € 87,283 € 68,885 € 122 France 16,365 15,421 14,345 Brazil 11,363 7,607 282 Italy 10,840 10,065 3,513 Germany 9,046 7,891 5,545 United Kingdom 7,348 6,106 4,591 Spain 5,307 4,428 3,508 Turkey 3,110 2,294 1,658 Argentina 2,735 1,961 434 Belgium 2,552 2,214 2,185 China 1,811 2,013 133 Netherlands 1,376 1,192 1,030 Poland 1,230 1,273 753 Japan 1,152 1,174 440 Portugal 1,138 917 704 Austria 801 1,085 685 Switzerland 763 1,160 361 Other countries 15,372 13,733 7,367 Total Net revenues € 179,592 € 149,419 € 47,656 ______________________________________________________________________________________________________________________________ (1) Refers to the geographical area and not our North America reporting segment The following table summarizes the non-current assets (other than financial instruments, deferred tax assets and post-employment benefits assets) attributed to certain geographic areas: At December 31, 2022 2021 (€ million) North America (1) € 50,410 € 48,344 France 16,031 14,717 Italy 8,646 9,564 Germany 5,334 4,918 Brazil 3,556 2,946 Spain 2,030 2,096 United Kingdom 1,278 1,335 Poland 812 637 Slovakia 377 392 Serbia 105 109 Other countries 3,536 3,221 Total Non-current assets (other than financial instruments, deferred tax assets and post-employment benefits assets) 92,115 88,279 ______________________________________________________________________________________________________________________________ (1) Refers to the geographical area and not our North America reporting segment |
Schedule of revenue by segment and type | Net revenues attributed by segment for the years ended December 31, 2022, 2021 and 2020 were as follows: 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 € 84,239 € 60,769 € 6,399 € 15,178 € 4,455 € 2,271 € 407 € 173,718 Other services provided 1,234 1,609 54 462 45 51 331 3,786 Construction contract revenues — — — — — — 779 779 Revenues from goods and services 85,473 62,378 6,453 15,640 4,500 2,322 1,517 178,283 Lease installments from assets sold with a buy-back commitment 1 848 — — — — — 849 Interest income from financial services activities — — — — — — 460 460 Total Net revenues € 85,474 € 63,226 € 6,453 € 15,640 € 4,500 € 2,322 € 1,977 € 179,592 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 € 66,618 € 56,315 € 5,088 € 10,191 € 3,868 € 1,962 € 517 € 144,559 Other services provided 1,072 1,309 77 283 56 40 275 3,112 Construction contract revenues — — — — — — 602 602 Revenues from goods and services 67,690 57,624 5,165 10,474 3,924 2,002 1,394 148,273 Lease installments from assets sold with a buy-back commitment € 16 € 978 € — € — € — € — € — € 994 Interest income from financial services activities — — — — — — 152 152 Total Net revenues € 67,706 € 58,602 € 5,165 € 10,474 € 3,924 € 2,002 € 1,546 € 149,419 2020 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 € 122 € 40,662 € 3,049 € 1,091 € 812 € — € — € 45,736 Other services provided — 1,143 5 62 52 — 56 1,318 Construction contract revenues — — — — — — — — Revenues from goods and services 122 41,805 3,054 1,153 864 — 56 47,054 Lease installments from assets sold with a buy-back commitment — 578 — — — — — 578 Interest income from financial services activities — — 1 — — — 23 24 Total Net revenues € 122 € 42,383 € 3,055 € 1,153 € 864 € — € 79 € 47,656 |
Research and development costs
Research and development costs (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Analysis of income and expense [abstract] | |
Disclosure of research and development costs | Research and development costs were as follows: Years ended December 31, 2022 2021 2020 (€ million) Research and development expenditures expensed € 3,233 € 2,761 € 1,281 Amortization of capitalized development expenditures 1,889 1,575 822 Impairment and write-off of capitalized development expenditures 78 151 128 Total Research and development costs € 5,200 € 4,487 € 2,231 |
Net financial expenses_(incom_2
Net financial expenses/(income) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Analysis of income and expense [abstract] | |
Disclosure of detailed information about net finance expenses | The following table summarizes the Company’s financial income and expenses, included within Net financial expenses: Years ended December 31, 2022 2021 2020 (€ million) Interest income and other financial income € 1,066 € 188 € 108 Financial expenses: Interest expense and other financial expenses: 959 545 178 Interest expense on notes 281 182 97 Interest expense on borrowings from bank 105 77 16 Other interest cost and financial expenses 573 286 65 Interest on lease liabilities 63 56 13 Write-down of financial assets 14 10 16 Net interest expense/(income) on employee benefits provisions 163 169 (8) Total Financial expenses 1,199 780 199 Net expenses from derivative financial instruments and exchange rate differences 635 142 3 Total Financial expenses and Net expenses from derivative financial instruments and exchange rate differences 1,834 922 202 Net Financial expenses € 768 € 734 € 94 |
Tax expense_(benefit) (Tables)
Tax expense/(benefit) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Tax Expenses [Abstract] | |
Summary of tax expense | The following table summarizes Tax expense: Years ended December 31, 2022 2021 2020 (€ million) Current tax expense € 3,565 € 2,294 € 434 Deferred tax (benefit)/expense (840) (342) 41 Tax (benefit)/expense relating to prior periods (1) 4 (41) 29 Total Tax expense/(benefit) € 2,729 € 1,911 € 504 ________________________________________________________________________________________________________________________________________________ (1) Tax expense/(benefit) relating to prior periods includes €161 million deferred tax expense and €297 million deferred tax benefit for 2022 and 2021, respectively, related to U.S. provision to return adjustments for prior years' tax positions |
Disclosure of reconciliation between theoretical income taxes and income taxes recognised | The reconciliation between the theoretical income tax and actual tax is calculated on the basis of the Netherlands corporate income tax rate of 25.8 percent and 25.0 percent in 2022 and 2021, respectively, and the France corporate income tax rate of 32.0 percent in 2020, as follows: Years ended December 31, 2022 2021 2020 (€ million) Profit/(loss) before tax € 19,244 € 14,392 € 2,916 Income tax rate 25.8% 25.0% 32.0% Theoretical income taxes € 4,965 € 3,598 € 933 Tax effect on: Differences between foreign tax rates and the theoretical applicable tax rate and tax holidays (495) 178 (102) Recognition and utilization of previously unrecognized deferred tax assets (1,153) (1,954) (410) Deferred tax assets not recognized and write-downs 47 598 96 Permanent differences (338) (472) (73) Tax credits (221) (85) (1) Tax rate changes — 53 — Withholding tax 21 63 — Other differences (97) (68) 61 Total Tax expense 2,729 1,911 504 Effective tax rate 14.2% 13.3% 17.3% |
Disclosure of components of deferred tax assets and liabilities and their changes | The Company recognizes the net amount as either Deferred tax assets or Deferred tax liabilities, to the extent deferred taxes may be offset. Amounts recognized were as follows: At December 31, 2022 2021 (€ million) Deferred tax assets (1) € 2,052 € 1,927 Deferred tax liabilities (1) (4,332) (4,374) Total Net deferred tax (liabilities)/assets € (2,280) € (2,447) ________________________________________________________________________________________________________________________________________________ (1) Deferred tax assets and Deferred tax liabilities include the impacts of (i) Unrecognized deferred tax assets on temporary differences; (ii) Deferred tax assets arising from tax loss carry-forwards; and (iii) Unrecognized deferred tax assets on tax loss carry-forwards, which are reflected separately below in the Changes in deferred tax position by nature summary The significant components of Deferred tax assets and liabilities and their changes during the years ended December 31, 2022 and 2021 were as follows: At January 1, 2022 Recognized in Consolidated Income Statement Recognized in Equity Transferred to Assets/(Liabilities) Held for Sale Translation At December 31, 2022 (€ million) Deferred tax liabilities arising on: Accelerated depreciation € (2,662) € 19 € — € — € (133) € (2,775) Capitalized development assets (4,313) 116 — — (99) (4,296) Other Intangible assets and Intangible assets with indefinite useful lives (3,733) (44) — — (187) (3,964) Right-of-use assets (397) 82 — — (16) (331) Provision for employee benefits (591) — (477) — (18) (1,086) Other (1,398) (219) 162 — (33) (1,488) Total deferred tax liabilities € (13,094) € (46) € (315) € — € (486) € (13,941) Deferred tax assets arising on: Provisions 4,510 211 1 (10) 140 4,852 Provision for employee benefits 2,325 (342) 12 — 188 2,183 Lease liabilities 413 (60) — — 20 373 Impairment of tangible and intangible assets 1,590 (319) — — (2) 1,269 Inventories 250 129 — (2) (2) 375 Allowances for doubtful accounts 115 (66) — (1) 10 58 Provision for buy back 131 42 — — (4) 169 Other 2,635 (178) 25 — 107 2,589 Total deferred tax assets € 11,969 € (583) € 38 € (13) € 457 € 11,868 Unrecognized deferred tax assets on temporary differences (3,462) 466 (26) 9 (170) (3,183) Deferred tax assets arising on tax loss carry-forwards 8,803 469 — 2 232 9,506 Unrecognized deferred tax assets on tax loss carry-forwards (6,663) 373 — (3) (238) (6,531) Total Net deferred tax assets/(liabilities) € (2,447) € 680 € (303) € (5) € (205) € (2,280) At January 1, 2021 FCA PSA merger Recognized in Recognized in Equity Transferred to Assets/(Liabilities) Held for Sale Translation differences and Other (1) At December 31, 2021 (€ million) Deferred tax liabilities arising on: Accelerated depreciation € 44 € (2,159) € (374) € — € 1 € (174) € (2,662) Capitalized development assets (1,784) (2,574) (176) — — 221 (4,313) Other Intangible assets and Intangible assets with indefinite useful lives (188) (3,331) (16) — — (198) (3,733) Right-of-use assets (68) (381) 69 — — (17) (397) Provision for employee benefits — (114) 44 (491) — (30) (591) Other (742) (375) (21) (62) — (198) (1,398) Total deferred tax liabilities € (2,738) € (8,934) € (474) € (553) € 1 € (396) € (13,094) Deferred tax assets arising on: Provisions € 665 € 3,595 € (2) € — € 9 € 243 € 4,510 Provision for employee benefits 892 1,424 306 (258) 2 (41) 2,325 Lease liabilities 80 377 (66) — — 22 413 Impairment of tangible and intangible assets — 1,986 (394) — — (2) 1,590 Inventories 290 117 26 — 1 (184) 250 Provision for buy-back 69 — 64 — — (2) 131 Allowances for doubtful accounts — 126 (10) — — (1) 115 Other 694 2,288 (177) 9 1 (180) 2,635 Total deferred tax assets € 2,690 € 9,913 € (253) € (249) € 13 € (145) € 11,969 Unrecognized deferred tax assets on temporary differences (938) (3,439) 957 (16) (6) (20) (3,462) Deferred tax assets arising on tax loss carry-forwards 4,289 5,226 (130) (33) 12 (561) 8,803 Unrecognized deferred tax assets on tax loss carry-forwards (3,008) (4,783) 539 33 (12) 568 (6,663) Total Net deferred tax assets /(liabilities) € 295 € (2,017) € 639 € (818) € 8 € (554) € (2,447) ____________________________________________________________________________________________________ (1) Translation differences and other includes the deconsolidation of Faurecia, which represents a change in scope of consolidation during 2021 |
Summary of tax loss carry-forwards | 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 € 2,066 € (2,050) € 16 Germany 249 (249) — Spain 597 (53) 544 Italy 3,640 (486) 3,154 Other Jurisdictions: Brazil 2,252 — 2,252 Others 702 (136) 566 Total € 9,506 € (2,975) € 6,531 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, 2021 (€ million) Tax Groups: France € 2,088 € (1,507) € 581 Germany 118 (118) — Spain 609 (54) 555 Italy 3,500 (421) 3,079 Other Jurisdictions: Brazil 1,853 — 1,853 Others 635 (40) 595 Total € 8,803 € (2,140) € 6,663 |
Other information by nature (Ta
Other information by nature (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Additional information [abstract] | |
Disclosure of detailed information about leases for lessee | Amounts recognized within Profit before taxes were as follows: Years ended December 31, 2022 2021 2020 (€ million) Depreciation of right-of-use assets € 555 € 529 € 189 Interest expense on lease liabilities 63 56 13 Variable lease payments not included in the measurement of lease liabilities 5 5 4 Income from sub-leasing right-of-use assets (108) (95) (9) Expenses relating to short-term leases and to leases of low-value assets 107 137 24 Gains arising from sale and leaseback transactions (119) (22) — Total expense recognized in Net profit from continuing operations € 503 € 610 € 221 |
Goodwill and intangible asset_2
Goodwill and intangible assets with indefinite useful lives (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Intangible assets and goodwill [abstract] | |
Summary of goodwill and intangible assets with indefinite useful lives and by segment | Goodwill and intangible assets with indefinite useful lives at December 31, 2022 and 2021 are summarized below: Goodwill Gross amount Accumulated impairment losses Total Goodwill Brands Other Total Goodwill and intangible assets with indefinite useful lives (€ million) At January 1, 2021 € 5,064 € (700) € 4,364 € 1,945 € 18 € 6,327 FCA-PSA merger 11,506 — 11,506 12,797 — 24,303 Additions 119 — 119 — 1 120 Change in scope of consolidation (1) (2,963) 660 (2,303) — — (2,303) Translation differences and Other 689 — 689 785 — 1,474 At December 31, 2021 14,415 (40) 14,375 15,527 19 29,921 Additions (2) 356 — 356 — — 356 Disposals (21) — (21) — — (21) Translation differences and Other 795 2 797 685 — 1,482 At December 31, 2022 € 15,545 € (38) € 15,507 € 16,212 € 19 € 31,738 _______________________________________________________________________________________________________________________________________________ (1) Primarily relates to deconsolidation of Faurecia as a discontinued operation as from January 1, 2021 (2) Primarily relates to acquisition of aiMotive and Share Now. Refer to Note 3, Scope of consolidation for additional information The following table summarizes the allocation of Goodwill and Brands between the Company’s reportable segments: At December 31, 2022 At December 31, 2021 (€ million) Goodwill Brands Goodwill Brands North America € 10,790 € 12,220 € 10,180 € 11,509 Enlarged Europe 2,092 3,021 2,040 3,047 Middle East & Africa — — — — South America 1,461 — 1,287 — China and India & Asia Pacific 185 — 199 — Maserati 514 971 514 971 Other activities (1) 465 — 155 — Total Goodwill € 15,507 € 16,212 € 14,375 € 15,527 ________________________________________________________________________________________________________________________________________________ (1) The increase relates to acquisitions. Refer to Note 3, Scope of Consolidation for additional information |
Other intangible assets (Tables
Other intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Intangible assets other than goodwill [abstract] | |
Disclosure of detailed information about other intangible assets | Capitalized development expenditures Patents, concessions, licenses and credits Other Total (€ million) Gross carrying amount at January 1, 2021 € 23,996 € 318 € 3,053 € 27,367 Additions 3,128 59 704 3,891 FCA-PSA merger 6,292 339 1,624 8,255 Divestitures (111) (2) (151) (264) Change in scope of consolidation (4,818) (92) (1,543) (6,453) Translation differences and other changes 478 180 127 785 At December 31, 2021 28,965 802 3,814 33,581 Additions 3,589 88 535 4,212 Divestitures (54) (6) (225) (285) Change in scope of consolidation — 31 11 42 Translation differences and other changes 481 1 164 646 At December 31, 2022 32,981 916 4,299 38,196 Accumulated amortization and impairment losses at January 1, 2021 16,438 260 1,975 18,673 Amortization 1,575 102 157 1,834 Impairment losses and asset write-offs 151 — 1 152 Divestitures (104) (1) (1) (106) Change in scope of consolidation (2,758) (66) (965) (3,789) Translation differences and other changes 18 164 — 182 At December 31, 2021 15,320 459 1,167 16,946 Amortization 1,893 95 166 2,154 Impairment losses and asset write-offs (1) 67 — 6 73 Divestitures (57) (3) (10) (70) Change in scope of consolidation — (1) 1 — Translation differences and other changes 54 1 32 87 At December 31, 2022 17,277 551 1,362 19,190 Carrying amount at December 31, 2021 € 13,645 € 343 € 2,647 € 16,635 Carrying amount at December 31, 2022 € 15,704 € 365 € 2,937 € 19,006 _______________________________________________________________________________________________________________________________________________ (1) The €67 million reported for the year ended December 31, 2022 includes €10 million impairment and write-off of Capitalized development expenditure relating to Equity method investments which are reported in Share of the profit/(loss) of equity method investees within the Consolidated Income Statement |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, plant and equipment [abstract] | |
Disclosure of detailed information about property, plant and equipment | During the years ended December 31, 2022, 2021 and 2020, assets depreciated on a straight-line basis over their estimated useful lives as follows: Years Buildings 33 - 40 Plant, machinery and equipment 2 - 25 Other assets 2 - 34 Land Buildings Plant, machinery and equipment Other assets (1) Advances and Total (€ million) Gross carrying amount at January 1, 2021 € 514 € 7,595 € 34,313 € 5,071 € 1,624 € 49,117 Additions 2 348 2,995 214 1,569 5,128 FCA-PSA merger 1,237 4,371 9,799 807 4,452 20,666 Divestitures (39) (469) (875) (155) (11) (1,549) Change in the scope of consolidation (114) (2,046) (5,109) (628) (431) (8,328) Translation differences 51 272 816 83 128 1,350 Transfer from Assets held for sale 1 18 34 — 4 57 Other changes (1) 143 3,575 682 (3,391) 1,008 At December 31, 2021 1,651 10,232 45,548 6,074 3,944 67,449 Additions — 322 3,133 367 1,017 4,839 Divestitures and disposals (39) (491) (1,018) (280) (67) (1,895) Change in the scope of consolidation 7 (6) (10) 60 1 52 Translation differences 43 242 862 19 188 1,354 Transfer to Assets held for sale (104) (168) (158) (7) (18) (455) Other changes (9) 129 1,334 423 (1,402) 475 At December 31, 2022 1,549 10,260 49,691 6,656 3,663 71,819 Accumulated depreciation and impairment losses at January 1, 2021 23 4,648 27,101 1,338 24 33,134 Depreciation 1 545 3,096 350 — 3,992 Divestitures — (210) (822) (138) — (1,170) Impairment losses and asset write-offs — 66 71 — — 137 Change in the scope of consolidation (8) (931) (3,266) (433) — (4,638) Translation differences — 18 56 11 — 85 Transfer from Assets held for sale — — (3) (1) — (4) Other changes 1 33 287 104 — 425 At December 31, 2021 17 4,169 26,520 1,231 24 31,961 Depreciation 3 583 3,633 434 — 4,653 Divestitures and disposals (1) (250) (1,012) (154) — (1,417) Impairment losses and asset write-offs 9 37 — — — 46 Change in the scope of consolidation 2 (2) 15 24 — 39 Translation differences — 26 150 (3) 3 176 Transfer to Assets held for sale — (84) (112) (4) — (200) Other changes 2 11 158 185 — 356 At December 31, 2022 32 4,490 29,352 1,713 27 35,614 Carrying amount at December 31, 2021 € 1,634 € 6,063 € 19,028 € 4,843 € 3,920 € 35,488 Carrying amount at December 31, 2022 € 1,517 € 5,770 € 20,339 € 4,943 € 3,636 € 36,205 _______________________________________________________________________________________________________________ (1) Other assets includes vehicles sold with a buy-back commitments for which the divestitures are reported on a net basis within the changes of gross carrying amount |
Disclosure of changes in right-of-use assets | Changes in Right-of-use assets are as follows: Land Buildings Plant, machinery and equipment Other assets Total (€ million) Balance at January 1, 2021 € 4 € 1,357 € 216 € 107 € 1,684 FCA-PSA merger 20 1,395 300 187 1,902 Depreciation (1) (285) (125) (118) (529) Additions — 133 33 117 283 Divestitures (2) (178) (18) (4) (202) Change in the scope of consolidation — (745) (73) (79) (897) Translation differences 1 98 17 11 127 Other — (41) (1) — (42) Balance at December 31, 2021 22 1,734 349 221 2,326 Depreciation (3) (269) (126) (157) (555) Additions — 124 46 208 378 Divestitures (2) (196) (7) (7) (212) Change in the scope of consolidation 4 (11) (3) — (10) Translation differences 1 59 11 9 80 Other 1 (40) (5) (2) (46) Balance at December 31, 2022 € 23 € 1,401 € 265 € 272 € 1,961 |
Investments accounted for usi_2
Investments accounted for using the equity method (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investments accounted for using equity method [abstract] | |
Disclosure of investments accounted for using the equity method | The following table summarizes Investments accounted for using the equity method: At December 31, 2022 2021 (€ million) Joint ventures € 4,561 € 5,635 Associates 195 297 Other 78 90 Total Investments accounted for using the equity method € 4,834 € 6,022 Years ended December 31, 2022 2021 2020 (€ million) Joint Ventures (1) € 286 € 737 € (95) Associates 13 22 24 Other (35) (22) (3) Total Share of the profit/(loss) of equity method investees € 264 € 737 € (74) ________________________________________________________________________________________________________________________________________________ (1) Includes FCA Bank |
Disclosure of interests in joint ventures | The Company's ownership percentages and the carrying value of investments in joint ventures accounted for under the equity method were as follows: Ownership percentage Investment balance At December 31, At December 31, 2022 2021 2022 2021 Joint ventures Ownership percentage (€ million) Finance companies in partnership with Santander Consumer Finance 50.0% 50.0% € 2,092 € 1,896 Finance companies in partnership with BNP Paribas Personal Finance 50.0% 50.0% 718 636 LeaseCo SAS 50.0% —% 323 — FCA Bank S.p.A. (1) 50.0% 50.0% — 1,858 Tofas-Turk Otomobil Fabrikasi A.S. 37.9% 37.9% 932 727 Automotive Cells Company SE (“ACC”) 33.0% 50.0% 177 89 StarPlus Energy LLC 49.0% —% 141 — GAC FIAT Chrysler Automobiles Co. 50.0% 50.0% — 130 Dongfeng Peugeot Citroën Auto Finance Company —% 25.0% — 137 Others 178 162 Total € 4,561 € 5,635 ________________________________________________________________________________________________________________________________________________ (1) The investment in FCA Bank S.p.A for the year ended December 31, 2022 has been reclassified to held for sale. Refer to Note 3, Scope of consolidation for additional information Years ended December 31, 2022 2021 2020 (€ million) Joint ventures: Profit/(loss) from continuing operations € (152) € 168 € (372) Net profit/(loss) (152) 168 (372) Other comprehensive loss (47) (72) (4) Total Other comprehensive (loss)/income € (199) € 96 € (376) Associates: Income/(loss) from continuing operations € 13 € 22 € 24 Net income/(loss) 13 22 24 Other comprehensive income — 13 — Total Other comprehensive income € 13 € 35 € 24 |
Summary of financial information related to FCA Bank and the finance companies in partnership with Santander Consumer Finance | The following tables include summarized financial information relating to the finance companies in partnership with Santander Consumer Finance: At December 31, 2022 2021 (€ million) Financial assets € 33,616 € 31,959 Of which: Cash and cash equivalents 2,527 2,758 Other assets 1,600 1,147 Financial liabilities 28,558 27,445 Other liabilities 2,474 1,869 Total Equity 4,184 3,792 Carrying amount of interest Company’s share of net assets 2,092 1,896 Carrying amount of interest € 2,092 € 1,896 Years ended December 31, 2022 2021 2020 (€ million) Interest and similar income € 2,592 € 2,300 € 2,249 Interest and similar expenses (1,258) (997) (979) Income tax expense (219) (210) (227) Profit from continuing operations 690 673 552 Net profit 690 673 552 Net profit attributable to owners of the parent (A) 345 336 276 Other comprehensive income/(loss) attributable to owners of the parent (B) (8) 15 (24) Total Comprehensive income attributable to owners of the parent (A+B) € 337 € 351 € 252 Company’s share of net profit € 345 € 336 € 276 |
Disclosure of interests in associates | The aggregate amounts recognized for the Company’s share in all individually immaterial joint ventures and associates accounted for using the equity method were as follows: Years ended December 31, 2022 2021 2020 (€ million) Joint ventures: Profit/(loss) from continuing operations € (152) € 168 € (372) Net profit/(loss) (152) 168 (372) Other comprehensive loss (47) (72) (4) Total Other comprehensive (loss)/income € (199) € 96 € (376) Associates: Income/(loss) from continuing operations € 13 € 22 € 24 Net income/(loss) 13 22 24 Other comprehensive income — 13 — Total Other comprehensive income € 13 € 35 € 24 |
Financial assets (Tables)
Financial assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of financial assets [abstract] | |
Summary of financial assets | Financial assets consisted of the following: At December 31, 2022 2021 Note Current Non-current Total Current Non-current Total (€ million) Derivative financial assets 17 € 13 € 21 € 34 € 53 € — € 53 Financial securities measured at fair value through other comprehensive income 24 96 62 158 67 38 105 Financial securities measured at fair value through profit or loss 24 573 367 940 629 378 1,007 Financial securities measured at amortized cost 3,171 52 3,223 1,087 29 1,116 Financial receivables 469 158 627 65 117 182 Collateral deposits (1) 24 1 50 51 2 45 47 Total financial assets € 4,323 € 710 € 5,033 € 1,903 € 607 € 2,510 ______________________________________________________________________________________________________________________________ (1) Collateral deposits are held in connection with derivative transactions and debt obligations |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of detailed information about inventory | At December 31, 2022 2021 (€ million) Finished goods and goods for resale € 8,304 € 5,144 Work-in-progress, raw materials and manufacturing supplies 8,781 6,019 Amount due from customers for contract work 275 198 Total Inventories € 17,360 € 11,361 |
Disclosure of amounts due from customers for contract work | The Construction contracts, net asset/(liability) related to the design and production of industrial automation systems and related products and is summarized as follows: At December 31, 2022 2021 (€ million) Aggregate amount of costs incurred and recognized profits (less recognized losses) to date € 826 € 696 Less: Progress billings 662 552 Construction contracts, net asset/(liability) € 164 € 144 Construction contract assets 275 198 Less: Construction contract liabilities (Note 23) 111 54 Construction contracts, net asset/(liability) € 164 € 144 |
Disclosure of significant changes in contract assets and contract liabilities | Changes in the Company's construction contracts, net asset/(liability) for the year ended December 31, 2022, were as follows: At January 1, 2022 Advances received from customers Amounts recognized within revenue At December 31, 2022 (€ million) Construction contracts, net asset/(liability) € 144 € (759) € 779 € 164 At January 1, 2022 Advances received from customers Amounts recognized within revenue Transfers to Assets/(Liabilities) held for sale Other Changes At December 31, 2022 (€ million) Service contract liability € 3,128 € 1,370 € (1,268) € (1) € (26) € 3,203 |
Working capital (Tables)
Working capital (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Working Capital [Abstract] | |
Disclosure of changes in working capital | Years ended December 31, 2022 2021 2020 (€ million) (Increase)/decrease in inventories € (5,606) € 2,201 € 844 (Increase)/decrease in trade receivables (1,986) 246 191 Increase/(decrease) in trade payables 4,165 (1,273) 218 Other changes (1,054) 38 47 Total change in working capital € (4,481) € 1,212 € 1,300 |
Trade receivables, other asse_2
Trade receivables, other assets, prepaid expenses and Tax receivables (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other receivables [abstract] | |
Summary of other assets and prepaid expenses | Other assets and prepaid expenses consisted of the following: At December 31 2022 2021 Current Non-current Total Current Non-current Total (€ million) Receivables from financing activities € 2,153 € 2,553 € 4,706 € 2,296 € 1,347 € 3,643 Other receivables 3,506 1,730 5,236 2,679 2,122 4,801 Defined benefit plan assets (Note 20) — 1,844 1,844 — 2,423 2,423 Derivative operating assets 587 286 873 641 114 755 Prepaid expenses and other 1,303 310 1,613 746 260 1,006 Total other assets and prepaid expenses € 7,549 € 6,723 € 14,272 € 6,362 € 6,266 € 12,628 |
Schedule of receivables by due date | The following table summarizes Receivables from financing activities, Other receivables, Derivative operating assets and Tax receivables by due date: At December 31, 2022 2021 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 € 2,153 € 1,918 € 635 € 2,553 € 4,706 € 2,296 € 923 € 424 € 1,347 € 3,643 Other receivables 3,506 1,614 116 1,730 5,236 2,679 1,773 349 2,122 4,801 Derivative operating assets 587 286 — 286 873 641 114 — 114 755 Total € 6,246 € 3,818 € 751 € 4,569 € 10,815 € 5,616 € 2,810 € 773 € 3,583 € 9,199 Tax receivables € 543 € 79 € 33 € 112 € 655 € 285 € 74 € 31 € 105 € 390 |
Disclosure of allowance for credit losses | Trade receivables are shown net of an ECL allowance, calculated using the simplified approach. Changes in the allowance for trade receivables were as follows: At January 1, 2022 Provision Use and Transferred to Assets held for sale At December 31, 2022 (€ million) ECL allowance - Trade receivables € 482 € 159 € (74) € (5) € 562 Receivables from financing activities are shown net of an ECL allowance. Changes in the allowance for receivables from financing activities were as follows: At January 1, 2022 Provision Use and Transferred to Assets held for sale At December 31, 2022 (€ million) ECL allowance - Receivables from financing activities € 121 € 96 € (45) € — € 172 |
Disclosure of credit risk exposure | The following table provides information about the exposure to credit risk and ECLs for trade receivables: At December 31, 2022 2021 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 € 4,820 € 669 € 5,489 € 2,882 € 593 € 3,475 ECL allowance (178) (384) (562) (80) (402) (482) Carrying amount € 4,642 € 285 € 4,927 € 2,802 € 191 € 2,993 The following table provides information about the exposure to credit risk and ECLs for receivables from financing activities: At December 31, 2022 2021 Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total (€ million) Gross amount € 4,492 € 69 € 58 € 4,619 € 3,359 € 108 € 45 € 3,512 ECL allowance (138) (22) (12) (172) (105) (8) (8) (121) Carrying amount € 4,354 € 47 € 46 € 4,447 € 3,254 € 100 € 37 € 3,391 |
Schedule of receivables from financing activities | Receivables from financing activities mainly relate to the business of financial services companies fully consolidated by the Company and are summarized as follows: At December 31, 2022 2021 (€ million) Dealer financing € 1,644 € 1,499 Retail financing 2,475 1,438 Finance leases 7 5 Other 580 701 Total Receivables from financing activities € 4,706 € 3,643 |
Disclosure of carrying amount of assets not derecognised | At December 31, 2022 and 2021, the carrying amount of transferred financial assets not derecognized and the related liabilities were as follows: At December 31, 2022 2021 Trade receivables Receivables Total Trade Receivables Total (€ million) Carrying amount of assets transferred and not derecognized € 119 € 9 € 128 € 137 € 12 € 149 Carrying amount of the related liabilities (Note 22) € 119 € 9 € 128 € 137 € 12 € 149 |
Derivative financial and oper_2
Derivative financial and operating assets and liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Financial Instruments [Abstract] | |
Summary of derivative financial assets and liabilities | The following table summarizes the fair value of the Company's derivative financial instruments: At December 31, 2022 2021 Positive fair Negative fair Positive fair Negative fair (€ million) Fair value hedges: Interest rate risk - interest rate swaps € — € — € — € — Interest rate and currency risk - combined interest rate and currency swaps — — 1 (2) Currency risk - forward contracts, currency swaps and currency options 25 (22) 184 (80) Commodity price risk – commodity swaps and commodity options — — — — Total Fair value hedges 25 (22) 185 (82) Cash flow hedges: Interest rate risk - interest rate swaps 19 — 1 (3) Currency risks - forward contracts, currency swaps and currency options 423 (266) 73 (160) Commodity price risk – commodity swaps and commodity options 406 (637) 488 (274) Total Cash flow hedges 848 (903) 562 (437) Net investment hedges: Currency risks - forward contracts, currency swaps and currency options — — — — Total Net investment hedges — — — — Derivatives for trading 34 (25) 61 (82) Total Fair value of derivative financial assets/(liabilities) € 907 € (950) € 808 € (601) Financial derivative assets/(liabilities) - current € 13 € (18) € 53 € (89) Financial derivative assets/(liabilities) - non-current € 21 € — € — € (6) Derivative operating assets/(liabilities) - current € 587 € (708) € 641 € (374) Derivative operating assets/(liabilities) - non-current € 286 € (224) € 114 € (132) |
Summary of outstanding notional amounts by due date | The following table summarizes the outstanding notional amounts of the Company's derivative financial instruments by due date: At December 31, 2022 2021 Due within one year Due between one and Due beyond Total Due within one year Due between Due Total (€ million) Currency risk management € 22,142 € 5,831 € — € 27,973 € 19,842 € 5,759 € — € 25,601 Interest rate risk management 220 830 — 1,050 323 337 — 660 Interest rate and currency risk management 14 101 — 115 10 93 — 103 Commodity price risk management 3,291 3,252 — 6,543 2,131 1,635 — 3,766 Total Notional amount € 25,667 € 10,014 € — € 35,681 € 22,306 € 7,824 € — € 30,130 |
Summary of fair value hedges | The net gains and losses arising from the valuation of outstanding currency derivatives and interest rate and currency derivatives (for managing currency risk) were recognized in accordance with fair value hedge accounting and the net gains and losses arising from the respective hedged items are summarized as follows: Years ended December 31, 2022 2021 2020 (€ million) Currency and interest rate risk Change in ineffective portion € (34) € (16) € (10) Net gains/(losses) € (34) € (16) € (10) Ineffectiveness portion is recognized in Net financial expenses. |
Summary of reclassification adjustments from other comprehensive income to Consolidated Income Statement | The Company reclassified gains/(losses) arising on Cash flow hedges, net of the tax effect, from Other comprehensive income and Inventories to the Consolidated Income Statement as follows: Years ended December 31, 2022 2021 2020 (€ million) Currency risk (Increase)/Decrease in Cost of revenues € (111) € (82) € 6 Net financial income/(expenses) — (86) — Result from investments (10) 20 — Interest rate risk Result from investments (59) (6) — Net financial expenses — 2 — Commodity price risk Decrease/(Increase) in Cost of revenues 464 18 (34) Ineffectiveness and discontinued hedges (6) 2 — Tax expense (99) 5 8 Total recognized in the Consolidated Income Statement € 179 € (127) € (20) |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of cash and cash equivalents | Cash and cash equivalents consisted of the following: At December 31, 2022 2021 (€ million) Cash at banks € 9,836 € 13,176 Money market securities measured at FVTPL 20,870 25,042 Other cash equivalents 15,727 11,411 Total Cash and cash equivalents € 46,433 € 49,629 |
Share-based compensation (Table
Share-based compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangements [Abstract] | |
Disclosure of number and weighted average exercise prices of other equity instruments | Changes during 2022 and 2021 for the PSU awards under the 2022-2024 and 2021-2023 LTIPs were as follows: 2022 PSU TSR Weighted PSU Synergies Weighted PSU Compliance Weighted PSU Electrification Weighted Outstanding shares unvested at January 1 2,757,605 € 17.07 2,757,605 € 14.55 689,516 € 14.55 689,285 € 14.55 Granted 3,803,956 10.38 3,803,956 11.29 950,992 11.29 950,986 11.29 Vested — — — — — — — — Canceled — — — — — — — — Forfeited (209,121) 16.50 (209,121) 14.27 (52,286) 14.27 (52,273) 14.27 Outstanding shares unvested at December 31 6,352,440 € 13.09 6,352,440 € 12.61 1,588,222 € 12.61 1,587,998 € 12.61 2021 PSU TSR Weighted PSU Synergies Weighted PSU Compliance Weighted PSU Electrification Weighted Outstanding shares unvested at January 1 — € — — € — — € — — € — Granted 2,934,454 17.07 2,934,454 14.55 733,729 14.55 733,498 14.55 Vested — — — — — — — — Canceled — — — — — — — — Forfeited (176,849) 17.07 (176,849) 14.55 (44,213) 14.55 (44,213) 14.55 Outstanding shares unvested at December 31 2,757,605 € 17.07 2,757,605 € 14.55 689,516 € 14.55 689,285 € 14.55 Changes during 2022 and 2021 for the RSU awards under the 2022-2024 and 2021-2023 LTIPs were as follows: 2022 2021 RSUs Weighted RSUs Weighted Outstanding shares unvested at January 1 4,316,256 € 14.62 — € — Granted 5,186,760 11.45 4,499,970 14.62 Vested (310,968) 16.11 — — Canceled — — — — Forfeited (367,105) 14.02 (183,714) 14.62 Outstanding shares unvested at December 31 8,824,943 € 12.77 4,316,256 € 14.62 Changes during 2022 and 2021 for the Replacement Stellantis RSU awards from share-based payment plans issued by the former FCA Group were as follows: 2022 2021 Replacement Stellantis RSU awards Weighted Replacement Stellantis RSU awards Weighted Outstanding shares unvested at January 1 17,520,829 € 11.08 — € — Anti-dilution adjustment — — 2,181,936 11.09 Granted — — 24,321,968 11.14 Vested (6,923,401) 10.19 (8,438,777) 11.30 Canceled — — — — Forfeited (875,295) 10.05 (544,298) 10.32 Outstanding shares unvested at December 31 9,722,133 € 9.95 17,520,829 € 11.08 Changes during 2022, 2021 and 2020 for the Replacement Stellantis RSU awards from share-based payment plans issued by former PSA were as follows: 2022 2021 2020 Replacement Stellantis RSU awards Weighted Replacement Stellantis RSU awards Weighted Replacement Stellantis RSU awards Weighted Outstanding shares unvested at January 1 11,573,960 € 7.9 8,576,981 € 15.3 9,574,500 € 16.53 Anti-dilution adjustment — — 7,278,029 — 8,786 — Granted — — — — 2,740,165 10.34 Vested (4,187,770) 8.78 (4,245,183) 9.15 (2,153,500) 13.77 Canceled — — — — (1,299,970) 16.79 Forfeited (964,112) 7.76 (35,867) 8.99 (293,000) 11.35 Outstanding shares unvested at December 31 6,422,078 € 6.71 11,573,960 € 7.9 8,576,981 € 15.3 |
Disclosure of key assumptions utilized to calculate the grant-date fair values for the PSU TSR awards | The key assumptions utilized to calculate the grant-date fair values for the PSU TSR awards are summarized below: 2022 2021 Key assumptions PSU TSR Awards Range Grant date stock price €12.51 - €13.33 €16.98 - €17.68 Expected volatility 42 % 41 % Risk-free rate 0.4 % (0.69) % |
Disclosure of anti-dilutive securities | The following table reflects the changes resulting from the anti-dilution adjustments: 2021 Anti-dilution adjustment RSU Awards: Number of awards - as adjusted 3,179,903 |
Employee benefits liabilities (
Employee benefits liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Employee Benefits [Abstract] | |
Disclosure of employee benefits liabilities | Employee benefits liabilities consisted of the following: At December 31, 2022 2021 Current Non-current Total Current Non-current Total (€ million) Pension benefits € 43 € 2,783 € 2,826 € 129 € 4,045 € 4,174 Health care and life insurance plans 126 1,596 1,722 126 2,132 2,258 Other post-employment benefits 56 771 827 66 1,090 1,156 Other provisions for employees 320 741 1,061 363 798 1,161 Total Employee benefits liabilities € 545 € 5,891 € 6,436 € 684 € 8,065 € 8,749 |
Disclosure of defined benefit obligation and fair value of related plan assets | The following table summarizes the fair value of defined benefit obligations and the fair value of related plan assets: At December 31, 2022 2021 (€ million) Present value of defined benefit obligations: Pension benefits € 23,652 € 30,231 Health care and life insurance plans 1,722 2,258 Other post-employment benefits 805 1,125 Total present value of defined benefit obligations (a) 26,179 33,614 Fair value of plan assets (b) 22,676 28,475 Asset ceiling (c) 28 26 Total net defined benefit plans (a - b + c) 3,531 5,165 of which: Net defined benefit liability (d) 5,375 7,588 Defined benefit plan asset (Note 16) (1,844) (2,423) Other provisions for employees (e) 1,061 1,161 Total Employee benefits liabilities (d + e) € 6,436 € 8,749 The following table summarizes changes in pension plans: 2022 2021 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 € (24,197) € (2,480) € (3,141) € (413) € (30,231) € — € (2,132) € (4,603) € (180) € (6,915) Effect of changes in scope of consolidation and other 22 1 (283) 34 (226) (23,698) (256) 444 (197) (23,707) Service cost (160) — (57) (11) (228) (153) — (74) (11) (238) Interest cost (729) (44) (46) (9) (828) (613) (32) (25) (8) (678) Benefit payments for the year 1,564 97 105 24 1,790 1,291 113 367 18 1,789 Participant contributions (1) — — — (1) (1) — — (1) (2) Actuarial gains and (losses) 5,568 756 750 149 7,223 624 (13) 568 (26) 1,153 Demographic assumptions and experience 58 (71) (219) (23) (255) 85 (74) 61 5 77 Financial assumptions 5,510 827 969 172 7,478 539 61 507 (31) 1,076 Effect of changes in exchange rates (1,265) 128 — (12) (1,149) (1,647) (162) — (8) (1,817) Past service cost (3) (3) — 2 (4) — 2 182 — 184 Effect of curtailments and settlements/Other — — 1 1 2 — — — — — At period-end: Present value € (19,201) € (1,545) € (2,671) € (235) € (23,652) € (24,197) € (2,480) € (3,141) € (413) € (30,231) Plan Assets At beginning of period: Fair value € 21,856 € 3,148 € 3,238 € 233 € 28,475 € — € 2,707 € 4,022 € 147 € 6,876 Effect of changes in scope of consolidation and other (29) — 264 (26) 209 19,927 212 (245) 92 19,986 Expected return on assets 660 56 47 2 765 524 40 22 2 588 Participant contributions 1 — — — 1 1 — — 1 2 Administrative Expenses (82) (1) — (1) (84) (72) — — — (72) Actuarial gains and (losses) (4,267) (978) (909) (20) (6,174) 1,359 56 (207) (4) 1,204 Effect of changes in exchange rates 1,067 (165) — 2 904 1,370 201 — 1 1,572 Employer contributions 309 26 8 2 345 35 45 7 4 91 Benefit payments for the year (1,556) (97) (101) (11) (1,765) (1,288) (113) (361) (10) (1,772) At period-end: Fair value € 17,959 € 1,989 € 2,547 € 181 € 22,676 € 21,856 € 3,148 € 3,238 € 233 € 28,475 2022 2021 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 € (19,201) € (1,545) € (2,671) € (235) € (23,652) € (24,197) € (2,480) € (3,141) € (413) € (30,231) Fair value of plan assets 17,959 1,989 2,547 181 22,676 21,856 3,148 3,238 233 28,475 Net (liability) asset recognized in the balance sheet before minimum funding requirement (IFRIC 14) (1,242) 444 (124) (54) (976) (2,341) 668 97 (180) (1,756) Minimum funding requirement liability (IFRIC 14) (28) — — — (28) (26) — — — (26) Net (liability) asset recognized in the balance sheet (1,270) 444 (124) (54) (1,004) (2,367) 668 97 (180) (1,782) Of which, liability (2,528) (38) (192) (68) (2,826) (3,659) (65) (270) (180) (4,174) Of which, asset 1,258 482 68 14 1,822 1,292 733 367 — 2,392 Changes in net defined benefit obligations for healthcare and life insurance plans were as follows: 2022 2021 (€ million) Present value of obligations at January 1 € 2,258 € — FCA - PSA merger — 2,230 Included in the Consolidated Income Statement 92 81 Included in Other comprehensive income: Actuarial (gains)/losses from: - Demographic and other assumptions (45) (11) - Financial assumptions (565) (97) Effect of movements in exchange rates 118 156 Other: Benefits paid (136) (101) December 31 € 1,722 € 2,258 Changes in defined benefit obligations for other post-employment benefits were as follows: 2022 2021 (€ million) Present value of obligations at January 1 € 1,125 € 752 FCA - PSA merger — 779 Included in the Consolidated Income Statement (34) 23 Included in Other comprehensive income: Actuarial (gains)/losses from: - Demographic and other assumptions 49 33 - Financial assumptions (279) (28) Effect of movements in exchange rates 1 4 Other: Benefits paid (56) (113) Change in scope of consolidation — (208) Other changes (1) (117) Present value of obligations at December 31 € 805 € 1,125 |
Disclosure of maturity profile of defined benefit obligation | The expected benefit payments for pension plans are as follows: Expected benefit (€ million) 2023 € 1,746 2024 € 1,731 2025 € 1,728 2026 € 1,740 2027 € 1,736 2028-2032 € 8,539 Expected benefit payments (€ million) 2023 € 127 2024 € 126 2025 € 126 2026 € 125 2027 € 125 2028-2032 € 614 |
Disclosure of amounts recognized in the consolidated income statement | Amounts recognized in the Consolidated Income Statement were as follows: Years ended December 31, 2022 2021 2020 (1) (€ million) Current service cost € 228 € 238 € 208 Interest expense 828 678 99 Interest income (765) (588) (111) Other administration costs 83 73 — Past service costs/(credits) and (gains)/losses arising from settlements/curtailments 3 (184) (18) Items relating to discontinued operations — — (33) Total recognized in the Consolidated Income Statement € 377 € 217 € 145 ____________________________________________________________________________________________________ (1) 2020 amounts include Other post-employment benefits Amounts recognized in the Consolidated Income Statement were as follows: Years ended December 31, 2022 2021 2020 (€ million) Current service cost € 21 € 21 € — Interest expense 70 60 — Past service costs/(credits) and losses/(gains) arising from settlements 1 — — Total recognized in the Consolidated Income Statement € 92 € 81 € — Amounts recognized in the Consolidated Income Statement were as follows: Years ended December 31, 2022 2021 2020 (€ million) Current service cost € 38 € 95 € 48 Interest expense 12 10 9 Past service costs/(credits) and losses/(gains) arising from settlements (84) (82) — Total recognized in the Consolidated Income Statement € (34) € 23 € 57 |
Disclosure of fair value of plan assets by class | The fair value of plan assets by class was as follows: At December 31, 2022 2021 Amount of which have a Amount of which have a (€ million) Cash and cash equivalents € 961 € 850 € 922 € 780 U.S. equity securities 908 906 1,244 1,242 Non-U.S. equity securities 641 641 732 731 Equity commingled funds 1,445 399 2,058 498 Equity instruments 2,994 1,946 4,034 2,471 Government securities 2,262 986 6,176 1,212 Corporate bonds (including convertible and high yield bonds) 4,333 14 8,375 — Other fixed income 4,950 37 1,583 — Fixed income securities 11,545 1,037 16,134 1,212 Private equity funds 2,965 — 3,125 — Diversified Commingled funds 125 34 — — Real estate funds 1,343 4 1,015 — Hedge funds 2,634 — 2,718 — Investment funds 7,067 38 6,858 — Insurance contracts and other 109 73 527 18 Total fair value of plan assets € 22,676 € 3,944 € 28,475 € 4,481 |
Disclosure of weighted average assumptions to determine defined benefit obligations | The weighted average assumptions used to determine defined benefit obligations were as follows: At December 31, 2022 2021 U.S. Canada UK France Germany U.S. Canada UK France Germany Discount rate 5.40% 5.27% 4.52% 4.01% 3.56% 2.85% 3.15% 1.82% 1.14% 1.38% Future salary increase rate —% 3.50% 2.55% 2.68% 2.80% —% 3.50% —% 1.82% 2.30%/ 2.55% The weighted average assumptions used to determine the defined benefit obligations were as follows: At December 31, 2022 2021 U.S. Canada U.S. Canada Discount rate 5.54% 5.27% 2.99 % 3.26 % Salary growth 1.50% 1.25% 1.50 % 1.25 % Weighted average ultimate healthcare cost trend rate 4.00% 4.00% 4.00 % 4.00 % |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Provisions [abstract] | |
Disclosure of provisions | Provisions consisted of the following: At December 31, 2022 2021 Current Non-current Total Current Non-current Total (€ million) Product warranty and recall campaigns € 3,501 € 5,764 € 9,265 € 3,461 € 4,761 € 8,222 Sales incentives 3,395 — 3,395 3,008 — 3,008 Restructuring 853 687 1,540 647 529 1,176 Legal proceedings and disputes 405 793 1,198 456 608 1,064 Commercial risks 2,444 228 2,672 1,441 292 1,733 Other risks 713 988 1,701 896 1,080 1,976 Total Provisions € 11,311 € 8,460 € 19,771 € 9,909 € 7,270 € 17,179 |
Disclosure of changes in other provisions | Changes in Provisions were as follows: At January 1, 2022 Additional Settlements Unused Translation differences Transfer to Liabilities held for sale Change in scope Other At December 31, 2022 (€ million) Product warranty and recall campaigns € 8,222 € 4,879 € (4,094) € (101) € 314 € (2) € 2 € 45 € 9,265 Sales incentives 3,008 6,418 (6,013) (85) 63 (1) — 5 3,395 Restructuring costs 1,176 1,167 (760) (47) (1) — — 5 1,540 Legal proceedings and disputes 1,064 259 (519) (61) 85 (7) 22 355 1,198 Commercial risks 1,733 1,759 (553) (129) 86 (4) 3 (223) 2,672 Other risks 1,976 439 (363) (245) 23 (1) 10 (138) 1,701 Total Provisions € 17,179 € 14,921 € (12,302) € (668) € 570 € (15) € 37 € 49 € 19,771 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Borrowings [abstract] | |
Summary of short-term debt and long-term debt and outstanding notes | The following table summarizes the Company's current and non-current Debt by maturity date (amounts include accrued interest): At December 31, 2022 2021 Due Due Due Total (non-current) Total Debt Due within Due Due Total (non-current) Total Debt (€ million) Notes € 3,692 € 7,662 € 7,911 € 15,573 € 19,265 € 1,782 € 8,776 € 7,935 € 16,711 € 18,493 Borrowings from banks 1,389 1,416 145 1,561 2,950 7,697 3,079 35 3,114 10,811 Asset-backed financing 1,009 558 88 646 1,655 420 523 50 573 993 Lease liabilities 634 896 729 1,625 2,259 431 1,090 965 2,055 2,486 Other debt 960 63 1 64 1,024 628 170 1 171 799 Total Debt € 7,684 € 10,595 € 8,874 € 19,469 € 27,153 € 10,958 € 13,638 € 8,986 € 22,624 € 33,582 Debt reduced by approximately €6.4 billion primarily as a result of the early repayment of the €6.3 billion credit facility entered in June 2020 with Intesa Sanpaolo and the repayment at maturity of the €420 million EIB loan and the reduction in other bank debt, partially offset by the net increase in the notes outstanding and the increase in asset-backed financing liabilities in relation to Stellantis Financial Services U.S. growth. The main classes of debt are described below. Notes The following table summarizes the notes outstanding at December 31, 2022 and 2021: At December 31, (€ million) Currency Face value of Coupon % Maturity 2022 2021 Stellantis (Peugeot S.A. issuances): STELLANTIS N.V. (Peugeot S.A.) 2016 EUR 500 2.375 Q2/2023 508 508 STELLANTIS N.V. (Peugeot S.A.) 2017 EUR 600 2.000 Q1/2024 608 608 STELLANTIS N.V. (Peugeot S.A.) 2017 EUR 100 2.000 Q1/2024 102 102 STELLANTIS N.V. (Peugeot S.A.) 2018 EUR 650 2.000 Q1/2025 658 658 STELLANTIS N.V. (Peugeot S.A.) 2019 EUR 600 1.125 Q3/2029 594 594 STELLANTIS N.V. (Peugeot S.A.) 2020 EUR 1,000 2.750 Q2/2026 1,011 1,011 STELLANTIS N.V. (Peugeot S.A.) Schuldschein 2019 EUR 100 1.050 Q4/2023 101 101 STELLANTIS N.V. (Peugeot S.A.) Schuldschein 2019 EUR 60 1.600 Q2/2026 61 61 STELLANTIS N.V. (Peugeot S.A.) Schuldschein 2019 EUR 50 1.810 Q2/2027 50 50 STELLANTIS N.V. (Peugeot S.A.) Schuldschein 2019 EUR 70 Euribor 6M + 1.050 Q4/2023 71 71 STELLANTIS N.V. (Peugeot S.A.) Schuldschein 2019 EUR 204 Euribor 6M + 1.400 Q2/2026 204 204 Medium Term Note Programme (1) : Fiat Chrysler Finance Europe Senc 2014 EUR 1,350 4.750 Q3/2022 — 1,414 STELLANTIS N.V. (FCA N.V.) 2016 EUR 1,250 3.750 Q1/2024 1,340 1,385 STELLANTIS N.V. (FCA N.V.) 2020 EUR 1,250 3.375 Q3/2023 1,289 1,326 STELLANTIS N.V. (FCA N.V.) 2020 EUR 1,250 3.875 Q1/2026 1,420 1,460 STELLANTIS N.V. (FCA N.V.) 2020 EUR 1,000 4.500 Q3/2028 1,219 1,245 STELLANTIS N.V. 2021 EUR 1,250 0.625 Q1/2027 1,254 1,254 STELLANTIS N.V. 2021 EUR 1,250 0.750 Q1/2029 1,250 1,249 STELLANTIS N.V. 2021 EUR 1,250 1.250 Q2/2033 1,240 1,238 STELLANTIS N.V. 2022 EUR 1,000 2.750 Q2/2032 1,016 — Other Notes: STELLANTIS N.V. (FCA N.V.) 2015 U.S.$ 1,500 5.250 Q2/2023 1,437 1,406 STELLANTIS FINANCE US 2021 U.S $ 1,000 1.711 Q1/2027 942 884 STELLANTIS FINANCE US 2021 U.S $ 1,000 2.691 Q3/2031 941 886 STELLANTIS FINANCE US 2022 U.S. $ 550 5.625 Q1/2028 520 — STELLANTIS FINANCE US 2022 U.S. $ 700 6.375 Q3/2032 665 — GIE PSA Trésorerie 2003 EUR 600 6.000 Q3/2033 764 778 Total Notes € 19,265 € 18,493 ______________________________________________________________________________________________________________________________ (1) Listing on the Irish Stock Exchange was obtained The following table summarizes the asset-back financing amounts at December 31, 2022 and 2021: At December 31, (€ million) Currency Interest rate % Maturity (1) 2022 2021 Warehouse Credit Facilities: FIARC USD Libor+spread Q2/2023 101 191 SFS Funding I USD CP/SOFR+spread Q3/2024 627 — SFS Funding II USD CP/SOFR+spread Q3/2024 10 — Term Notes: Term Notes 2017-2020 USD 1.49%-7.31% Q2/2027 114 274 Term Notes 2021-1 USD 0.45%-5.37% Q2/2028 75 126 Term Notes 2021-2 USD 0.48%-3.14% Q4/2028 158 253 Term Notes 2022-1 USD 2.03%-5.41% Q2/2029 201 — Term Notes 2022-2 USD 6.26%-9.50% Q4/2029 241 — Total € 1,527 € 844 ________________________________________________________________________________________________________________________________________________ (1) Final maturity of the commitment for the warehouse credit facilities and the expected date of the last payment for the Term Notes |
Disclosure of lease liabilities and contractual maturities of lease liabilities | The following table summarizes the Company's current and non-current lease liabilities: Lease liabilities included in the Statement of Financial Position At December 31, 2022 2021 (€ million) Long-term debt (non-current) € 1,625 € 2,055 Short-term debt and current portion of long-term debt (current) € 634 € 431 Maturity analysis - contractual undiscounted cash flows At December 31, 2022 (€ million) Due within one year € 634 Due between one and five years 896 Due beyond five years 729 Total undiscounted lease liabilities € 2,259 |
Other liabilities (Tables)
Other liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of details about other liabilities | Other liabilities consisted of the following: At December 31, 2022 2021 Current Non-current Total Current Non-current Total (€ million) Payables for buy-back agreements € 1,968 € 4,931 € 6,899 € 3,027 € 4,736 € 7,763 Accrued expenses and deferred income 3,620 149 3,769 2,690 117 2,807 Indirect tax payables 1,563 23 1,586 1,625 118 1,743 Payables to personnel 2,700 6 2,706 2,736 13 2,749 Social security payables 633 14 647 647 19 666 Construction contract liabilities 111 — 111 54 — 54 Service contract liability 948 2,255 3,203 940 2,188 3,128 Derivatives operating liability 708 224 932 374 132 506 Other 2,277 527 2,804 2,346 373 2,719 Total Other liabilities € 14,528 € 8,129 € 22,657 € 14,439 € 7,696 € 22,135 |
Disclosure of analysis of other liabilities by due date | Other liabilities (excluding Accrued expenses, Deferred income and Service contract liability) by due date were as follows: At December 31, 2022 2021 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) € 9,960 € 2,449 € 3,276 € 5,725 € 15,685 € 10,809 € 5,242 € 149 € 5,391 € 16,200 |
Disclosure of significant changes in contract assets and contract liabilities | Changes in the Company's construction contracts, net asset/(liability) for the year ended December 31, 2022, were as follows: At January 1, 2022 Advances received from customers Amounts recognized within revenue At December 31, 2022 (€ million) Construction contracts, net asset/(liability) € 144 € (759) € 779 € 164 At January 1, 2022 Advances received from customers Amounts recognized within revenue Transfers to Assets/(Liabilities) held for sale Other Changes At December 31, 2022 (€ million) Service contract liability € 3,128 € 1,370 € (1,268) € (1) € (26) € 3,203 |
Fair value measurement (Tables)
Fair value measurement (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Measurement [Abstract] | |
Disclosure of assets measured at fair value, reconciliation of changes in items and assets not measured at fair value | The following table shows the fair value hierarchy, based on observable and unobservable inputs, for financial assets and liabilities measured at fair value on a recurring basis: At December 31, 2022 2021 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 € 99 € 19 € 40 € 158 € 71 € 21 € 13 € 105 Financial securities and equity instruments measured at FVPL 13 726 — 214 940 878 — 129 1,007 Derivative financial assets 17 2 30 2 34 5 48 — 53 Derivative operating assets 17 — 873 — 873 — 754 1 755 Collateral deposits 13 51 — — 51 32 — 15 47 Receivables from financing activities 16 — — 259 259 — — 252 252 Trade receivables 16 — 1 — 1 — 5 — 5 Other receivables 16 — — 89 89 2 218 134 354 Investment held for sale — — — — 49 — — 49 Money market securities 18 20,869 — 1 20,870 24,732 298 12 25,042 Total Assets € 21,747 € 923 € 605 € 23,275 € 25,769 € 1,344 € 556 € 27,669 Derivative financial liabilities 17 — 18 — 18 — 93 2 95 Derivative operating liabilities 17 — 883 49 932 — 497 9 506 Total Liabilities € — € 901 € 49 € 950 € — € 590 € 11 € 601 The following table provides a reconciliation of the changes in items measured at fair value and categorized within Level 3: Receivables from financing activities Financial securities Derivative Collateral deposits Money market securities Other receivables (€ million) At January 1, 2022 € 252 € 142 € (11) € 15 € 12 € 134 Gains/(Losses) recognized in Consolidated Income Statement — 5 4 — — 20 Losses recognized in Other comprehensive income/(loss) — — (41) — — — Issues/Settlements 7 — — — — — Purchases/Sales — 58 — — (11) — Transfers to Assets/(Liabilities) held for sale — — — — — — Transfers from Level 3 — 49 — (15) — (65) At December 31, 2022 € 259 € 254 € (48) € — € 1 € 89 Receivables from financing activities Financial securities Derivative Collateral deposits Money market securities Other receivables (€ million) At January 1, 2021 € — € 111 € — € 1 € — € 187 FCA - PSA merger 473 28 — — — 63 Losses recognized in Consolidated Income Statement — 20 — — — (13) Gains recognized in Other comprehensive income/(loss) — 1 — — — (2) Issues/Settlements (221) (57) — — — (61) Purchases/Sales — 39 (11) 14 12 29 Transfers from Level 3 — — — (69) At December 31, 2021 € 252 € 142 € (11) € 15 € 12 € 134 The following table provides the carrying amount and fair value of financial assets and liabilities not measured at fair value on a recurring basis: At December 31, 2022 2021 Note Carrying Fair Carrying Fair (€ million) Dealer financing € 1,370 € 1,365 € 1,247 € 1,244 Retail financing 2,475 2,301 1,438 1,444 Finance lease 7 7 5 5 Other receivables from financing activities 595 564 701 701 Total Receivables from financing activities (1) 16 € 4,447 € 4,237 € 3,391 € 3,394 Asset-backed financing € 1,655 € 1,629 € 993 € 993 Notes 19,265 17,321 18,493 18,790 Borrowings from banks & Other debt 3,974 3,901 11,610 11,573 Total Debt, excluding Lease liabilities 22 € 24,894 € 22,851 € 31,096 € 31,356 ______________________________________________________________________________________________________________________________ (1) Amount excludes receivables measured at FVPL |
Disclosure of liabilities measured at fair value, reconciliation of changes in items and liabilities not measured at fair value | The following table shows the fair value hierarchy, based on observable and unobservable inputs, for financial assets and liabilities measured at fair value on a recurring basis: At December 31, 2022 2021 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 € 99 € 19 € 40 € 158 € 71 € 21 € 13 € 105 Financial securities and equity instruments measured at FVPL 13 726 — 214 940 878 — 129 1,007 Derivative financial assets 17 2 30 2 34 5 48 — 53 Derivative operating assets 17 — 873 — 873 — 754 1 755 Collateral deposits 13 51 — — 51 32 — 15 47 Receivables from financing activities 16 — — 259 259 — — 252 252 Trade receivables 16 — 1 — 1 — 5 — 5 Other receivables 16 — — 89 89 2 218 134 354 Investment held for sale — — — — 49 — — 49 Money market securities 18 20,869 — 1 20,870 24,732 298 12 25,042 Total Assets € 21,747 € 923 € 605 € 23,275 € 25,769 € 1,344 € 556 € 27,669 Derivative financial liabilities 17 — 18 — 18 — 93 2 95 Derivative operating liabilities 17 — 883 49 932 — 497 9 506 Total Liabilities € — € 901 € 49 € 950 € — € 590 € 11 € 601 The following table provides a reconciliation of the changes in items measured at fair value and categorized within Level 3: Receivables from financing activities Financial securities Derivative Collateral deposits Money market securities Other receivables (€ million) At January 1, 2022 € 252 € 142 € (11) € 15 € 12 € 134 Gains/(Losses) recognized in Consolidated Income Statement — 5 4 — — 20 Losses recognized in Other comprehensive income/(loss) — — (41) — — — Issues/Settlements 7 — — — — — Purchases/Sales — 58 — — (11) — Transfers to Assets/(Liabilities) held for sale — — — — — — Transfers from Level 3 — 49 — (15) — (65) At December 31, 2022 € 259 € 254 € (48) € — € 1 € 89 Receivables from financing activities Financial securities Derivative Collateral deposits Money market securities Other receivables (€ million) At January 1, 2021 € — € 111 € — € 1 € — € 187 FCA - PSA merger 473 28 — — — 63 Losses recognized in Consolidated Income Statement — 20 — — — (13) Gains recognized in Other comprehensive income/(loss) — 1 — — — (2) Issues/Settlements (221) (57) — — — (61) Purchases/Sales — 39 (11) 14 12 29 Transfers from Level 3 — — — (69) At December 31, 2021 € 252 € 142 € (11) € 15 € 12 € 134 The following table provides the carrying amount and fair value of financial assets and liabilities not measured at fair value on a recurring basis: At December 31, 2022 2021 Note Carrying Fair Carrying Fair (€ million) Dealer financing € 1,370 € 1,365 € 1,247 € 1,244 Retail financing 2,475 2,301 1,438 1,444 Finance lease 7 7 5 5 Other receivables from financing activities 595 564 701 701 Total Receivables from financing activities (1) 16 € 4,447 € 4,237 € 3,391 € 3,394 Asset-backed financing € 1,655 € 1,629 € 993 € 993 Notes 19,265 17,321 18,493 18,790 Borrowings from banks & Other debt 3,974 3,901 11,610 11,573 Total Debt, excluding Lease liabilities 22 € 24,894 € 22,851 € 31,096 € 31,356 ______________________________________________________________________________________________________________________________ (1) Amount excludes receivables measured at FVPL |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related party transactions [abstract] | |
Disclosure of transactions between related parties and compensation to Directors and Key Management | The amounts for significant transactions with related parties recognized in the Consolidated Income Statements were as follows: Years ended December 31, 2022 2021 2020 Net Cost of Selling, Net Financial Net Cost of Selling, Net Financial Net Cost of Selling, Net Financial (€ million) Tofas € 1,129 € 1,699 € 24 € — € 831 € 1,220 € 14 € — € — € — € — € — FCA Bank 2,007 33 30 21 1,666 19 (1) 39 — — — — GAC-Stellantis JV 24 — — (2) 45 — — (3) — — — — Dongfeng Peugeot Citroën Automobiles 140 604 — (7) 150 122 — — 95 54 — (2) Partnership with Santander 4,358 504 1 (2) 3,955 632 57 — 3,799 558 — — Partnership with BNP Paribas Personal Finance (1) 3,415 119 — — 3,296 15 — — 3,318 272 — — Other 3 — 12 (4) 4 2 8 — — — — — Total joint arrangements 11,076 2,959 67 6 9,947 2,010 78 36 7,212 884 — (2) GEFCO — — — — 25 2,048 — — 23 1,913 — — Other 65 183 16 — 66 144 16 (2) 58 4 — (3) Total associates 65 183 16 — 91 2,192 16 (2) 81 1,917 — (3) CNHI 50 — — — 332 169 1 — — — — — Iveco 233 26 (1) — — — — — — — — — Ferrari N.V. 22 83 — — 27 115 — — — — — — Directors and Key Management — — 75 — — — 73 — — — 48 — Other 1 1 48 — 179 5 49 — — — — — Total CNHI, Ferrari, Directors and other 306 110 122 — 538 289 123 — — — 48 — Total unconsolidated 17 50 5 (1) 261 11 5 (4) — — — — Total transactions with related parties € 11,464 € 3,302 € 210 € 5 € 10,837 € 4,502 € 222 € 30 € 7,293 € 2,801 € 48 € (5) Total for the Company € 179,592 € 144,327 € 8,981 € 768 € 149,419 € 119,943 € 9,130 € 734 € 47,656 € 38,250 € 3,923 € 94 ________________________________________________________________________________________________________________________________________________ (1) Net revenues for the years ended December 31, 2021 and 2020 previously reported have been increased by €2,563 million and €2,540 million respectively to reflect the sales of vehicles in certain markets that pass through a financial services joint venture before being directed to the independent dealer network Assets and liabilities from significant transactions with related parties were as follows: At December 31, 2022 2021 Trade and other Trade Asset- Debt (1) Trade Trade Asset- Debt (1) (€ million) Tofas € 214 € 423 € — € — € 25 € 356 € — € — FCA Bank 272 122 2 113 105 115 1 88 GAC-Stellantis JV — 14 — — 125 5 — — Dongfeng Peugeot Citroën Automobiles 114 64 — — 132 68 — — Partnership with Santander 538 100 55 16 165 139 120 26 Partnership with BNP Paribas Personal Finance 381 158 — — 93 138 — — Other 14 16 — — 2 14 — — Total joint arrangements 1,533 897 57 129 647 835 121 114 GEFCO — — — — 15 383 — — Other 102 27 — — 19 54 — — Total associates 102 27 — — 34 437 — — CNHI 19 1 — — 29 12 — — Iveco 34 17 — — — — — — Ferrari N.V. 11 17 — — 11 23 — — Other 1 39 — — 55 31 — — Total CNHI, Ferrari N.V. and other 65 74 — — 95 66 — — Total unconsolidated subsidiaries 95 91 — 8 61 34 — 28 Total originating from related parties € 1,795 € 1,089 € 57 € 137 € 837 € 1,372 € 121 € 142 Total for the Company € 14,870 € 54,383 € 1,655 € 25,498 € 11,442 € 50,316 € 993 € 32,589 ______________________________________________________________________________________________________________________________ (1) Relating to Debt excluding Asset-backed financing, refer to Note, 22 Debt |
Disclosure of future minimum expected obligations | As of December 31, 2022, the Company had a take-or-pay commitment with Tofas with future minimum expected obligations as follows: (€ million) 2023 € 157 2024 € 154 2025 € — (€ million) 2023 € 10 2024 € 10 2025 € 10 2026 € 10 2027 € 10 2028 and thereafter € 100 |
Guarantees granted, commitmen_2
Guarantees granted, commitments and contingent liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract] | |
Disclosure of maturity analysis of purchase obligations | Future minimum purchase obligations under these arrangements at December 31, 2022 were as follows for the Company's continuing operations: (€ million) 2023 € 971 2024 € 350 2025 € 277 2026 € 396 2027 € 418 2028 and thereafter € 2,968 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share Capital, Reserves And Other Equity Interest [Abstract] | |
Disclosure of number of shares outstanding | The following table summarizes the changes in the number of outstanding common shares and special voting shares of Stellantis during the year ended December 31, 2022: Common Shares Special Voting Shares A Special Voting Shares B Total Balance at January 1, 2022 3,132,618,655 — 208,622 3,132,827,277 Issuance of Special Voting Shares — 178,790 — 178,790 Issuance upon the exercise of GM warrants 69,125,544 — — 69,125,544 Purchase of Treasury shares (69,125,544) (98) (208,622) (69,334,264) Shares issued to serve Long Term Incentive Plans 11,628,030 — — 11,628,030 Balance at December 31, 2022 3,144,246,685 178,692 — 3,144,425,377 |
Disclosure of analysis of other comprehensive income by item and tax effect | Other comprehensive income was as follows: Years ended December 31, 2022 2021 2020 (€ million) Fair value remeasurement of cash flow hedges (482) 149 107 of which, reclassified to the income statement (353) (98) (32) of which, recognized in equity during the period (129) 247 139 Gains and losses from remeasurement of financial assets 3 6 — of which, reclassified to the income statement — — — of which, recognized in equity during the period 3 6 — Exchange differences on translating foreign operations 2,013 2,005 (377) Share of Other comprehensive income/(loss) for equity method investees (7) (47) (43) Items relating to discontinued operations — — (337) Total amounts to be potentially reclassified to profit or loss 1,527 2,113 (650) Actuarial gains and losses on defined benefit pension obligations € 1,753 € 2,488 € (117) Share of Other comprehensive income for equity method investees (5) 8 — Items relating to discontinued operations — — (52) Amounts not to be reclassified to profit or loss 1,748 2,496 (169) Total Other comprehensive income/(loss) for the period 3,275 4,609 (819) Income tax benefit (expense) (290) (783) — Income tax benefit (expense) - discontinued operations — — 10 Total Other comprehensive income/(loss) for the period, net of tax € 2,985 € 3,826 € (809) The following table summarizes the tax effect relating to Other comprehensive income: Years ended December 31, 2022 2021 2020 Pre-tax Tax Net Pre-tax Tax Net Pre-tax Tax Net (€ million) Fair value remeasurement of cash flow hedges (482) 89 (393) 149 (54) 95 107 (31) 76 Gains and losses from remeasurement of € 3 € — € 3 € 6 € — € 6 € — € — € — Actuarial gains and losses on defined benefit € 1,753 € (379) € 1,374 € 2,488 € (729) € 1,759 € (117) € 31 € (86) Exchange differences on translating foreign 2,013 — 2,013 2,005 — 2,005 (377) — (377) Share of Other comprehensive income/(loss) for equity method investees (12) — (12) (39) — (39) (43) — (43) Items relating to discontinued operations — — — — — — (389) 10 (379) Total Other comprehensive income/(loss) € 3,275 € (290) € 2,985 € 4,609 € (783) € 3,826 € (819) € 10 € (809) |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings per share [abstract] | |
Disclosure of reconciliation of basic and diluted earnings per share | The following tables provide the amounts used in the calculation of basic earnings per share: Years ended December 31, 2022 2021 2020 Net profit attributable to owners of the parent million € 16,799 € 14,200 € 2,173 Weighted average number of shares outstanding thousand 3,140,089 3,059,284 1,544,002 Basic earnings per share € € 5.35 € 4.64 € 1.41 Years ended December 31, 2022 2021 2020 Net profit from continuing operations attributable to owners of the parent million € 16,799 € 13,210 € 2,353 Weighted average number of shares outstanding thousand 3,140,089 3,059,284 1,544,002 Basic earnings per share from continuing operations € € 5.35 € 4.32 € 1.52 Years ended December 31, 2022 2021 2020 Net profit from discontinued operations attributable to owners of the parent million € — € 990 € (180) Weighted average number of shares outstanding thousand 3,140,089 3,059,284 1,544,002 Basic earnings per share from discontinued operations € € — € 0.32 € (0.12) The following tables provide the amounts used in the calculation of diluted earnings per share: Years ended December 31, 2022 2021 2020 Net profit attributable to owners of the parent million € 16,799 € 14,200 € 2,173 Weighted average number of shares outstanding thousand 3,140,089 3,059,284 1,544,002 Number of shares deployable for share-based compensation thousand 23,870 23,651 14,441 Equity warrants delivered to GM thousand — 68,497 68,497 Weighted average number of shares outstanding for diluted earnings per share thousand 3,163,959 3,151,432 1,626,940 Diluted earnings per share € € 5.31 € 4.51 € 1.34 Years ended December 31, 2022 2021 2020 Net profit from continuing operations attributable to owners of the parent million € 16,799 € 13,210 € 2,353 Weighted average number of shares outstanding 3,140,089 3,059,284 1,544,002 Number of shares deployable for share-based compensation thousand 23,870 23,651 14,441 Equity warrants delivered to GM thousand — 68,497 68,497 Weighted average number of shares outstanding for diluted earnings per share thousand 3,163,959 3,151,432 1,626,940 Diluted earnings per share from continuing operations € € 5.31 € 4.19 € 1.45 Years ended December 31, 2022 2021 2020 Net profit from discontinued operations attributable to owners of the parent million € — € 990 € (180) Weighted average number of shares outstanding 3,140,089 3,059,284 1,544,002 Number of shares deployable for share-based compensation thousand 23,870 23,651 14,441 Equity warrants delivered to GM thousand — 68,497 68,497 Weighted average number of shares outstanding for diluted earnings per share (1) thousand 3,163,959 3,151,432 1,544,002 Diluted earnings per share from discontinued operations € € — € 0.31 € (0.12) ________________________________________________________________________________________________________________________________________________ (1) Number of shares deployable for share-based compensation and equity warrants delivered to GM have not been taken into consideration in the calculation of diluted loss per share for the year ended December 31, 2020 as this would have had an anti-dilutive effect |
Segment reporting (Tables)
Segment reporting (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of operating segments [abstract] | |
Disclosure of selected financial information by segment | The following tables summarize selected financial information by segment for the years ended December 31, 2022, 2021 and 2020: 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 € 85,474 € 63,226 € 6,453 € 15,640 € 4,500 € 2,322 € 1,953 € 24 € 179,592 Net revenues from transactions with other segments 1 85 — (20) 5 (2) 1,216 (1,285) — Net revenues 85,475 63,311 6,453 15,620 4,505 2,320 3,169 (1,261) 179,592 Net profit/(loss) from continuing operations € 16,779 Tax expense € 2,729 Net financial expenses € 768 Share of the profit of equity method investees € (264) Operating income € 20,012 Adjustments: Restructuring costs and other costs, net of reversals (1) € 56 € 1,020 € — € 36 € — € 2 € 30 € — € 1,144 Takata recall campaign (2) € 382 € 545 € 22 € 2 € — € — € — € — € 951 CAFE penalty rate (3) € 660 € — € — € — € — € — € — € — € 660 Change in estimate of non-contractual warranties (4) € — € 294 € 14 € 3 € 3 € — € — € — € 314 Impairment expense and supplier obligations (5) € 99 € 92 € — € 45 € — € — € — € 1 € 237 Patents litigation (6) € 93 € 40 € — € 1 € — € — € — € — € 134 Other (7) € (24) € (232) € (1) € 62 € 36 € — € 27 € 3 € (129) Total adjustments Jan 1 - Dec 31, 2022 € 1,266 € 1,759 € 35 € 149 € 39 € 2 € 57 € 4 € 3,311 Adjusted Operating income € 13,989 € 6,293 € 1,078 € 2,048 € 654 € 201 € (495) € (445) € 23,323 Share of profit of equity method investees € (2) € (75) € 110 € — € (310) € — € 541 € — € 264 ______________________________________________________________________________________________________________________________ (1) Primarily related to workforce reductions, mainly in Enlarged Europe, North America and South America (2) Extension of Takata airbags recall campaign (3) Increase in provision related to Model Year 2019 - 2021 CAFE penalty rate adjustment. Refer to Note 21, Provisions, for additional information (4) Further refinements in estimate for warranty costs incurred after the contractual warranty period (5) Primarily impairment expense in Enlarged Europe, mainly related to Russia, as well as North America and South America (6) Provision related to litigation by certain patent owners related to the use of certain technologies in prior periods (7) Mainly related to release of litigation provisions, changes in ownership of equity method investments, partially offset by net losses on disposals 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) € 67,715 € 58,728 € 5,165 € 10,496 € 3,927 € 2,003 € 2,768 € (1,383) € 149,419 Net revenues from transactions with other segments (9) (126) — (22) (3) (1) (1,222) 1,383 — Net revenues from external customers (1) 67,706 58,602 5,165 10,474 3,924 2,002 1,546 — 149,419 Add: FCA Net revenues from external customers January 1 - January 16, 2021 (2) 2,015 335 36 189 51 18 60 — 2,704 Add: Pro forma adjustments (3) 3 (7) — — — — — — (4) Pro Forma Net revenues from external customers, January 1 - December 31, 2021 69,724 58,930 5,201 10,663 3,975 2,020 1,606 — 152,119 Net revenues from transactions with other segments 12 130 — 18 5 1 1,122 (1,288) — Pro Forma Net revenues (4) € 69,736 € 59,060 € 5,201 € 10,681 € 3,980 € 2,021 € 2,728 € (1,288) € 152,119 Net profit from continuing operations € 13,218 Tax expense € 1,911 Net financial expenses € 734 Share of the profit of equity method investees € (737) Operating income € 15,126 Add: FCA operating income, January 1 - 16, 2021 € 77 Add: Pro forma adjustments € 96 Pro Forma Operating income € 15,299 Adjustments: Restructuring costs and other costs, net of reversals (5) € (4) € 781 € 2 € 54 € — € 1 € 39 € — € 873 Change in estimate of non-contractual warranties (6) € 2 € 581 € 57 € 68 € 13 € 11 € — € — € 732 Reversal of inventory fair value adjustment in purchase accounting (7) € 401 € 89 € — € 13 € 19 € — € — € — € 522 Impairment expense and supplier obligations (8) € 58 € 233 € 6 € 6 € — € 6 € — € — € 309 Brazilian indirect tax - reversal of liability/recognition of credits (9) € — € — € — € (253) € — € — € — € — € (253) Other (10) € 228 € (17) € (6) € 41 € 7 € 2 € 140 € 134 € 529 Total adjustments Jan 1 - Dec 31, 2021 € 685 € 1,667 € 59 € (71) € 39 € 20 € 179 € 134 € 2,712 Pro Forma Adjusted Operating income € 11,356 € 5,370 € 545 € 882 € 442 € 103 € (718) € 31 € 18,011 Share of profit of equity method investees € (14) € (46) € 118 € — € (7) € — € 686 € — € 737 ______________________________________________________________________________________________________________________________ (1) Groupe PSA (“PSA”) was identified as the accounting acquirer in the FCA-PSA merger, which was accounted for as a reverse acquisition, under IFRS 3 – Business Combinations, and, as such, it contributed to the results of the Company beginning January 1, 2021. FCA was consolidated into Stellantis effective January 17, 2021, the day after the merger became effective (2) FCA consolidated Net revenues, January 1 - January 16, 2021, excluding intercompany transactions (3) Reclassifications made to present FCA’s Net revenues January 1 - January 16, 2021 consistently with that of PSA (4) Pro forma Stellantis consolidated Net revenues, January 1 - December 31, 2021 (5) Restructuring and other costs related to the reorganization of operations and the dealer network primarily in Enlarged Europe (6) Change in estimate for warranty costs incurred after the contractual warranty period. Refer to Note 21, Provisions, for additional information (7) Reversal of fair value adjustment recognized in purchase accounting on FCA inventories (8) Primarily related to certain vehicle platforms in Enlarged Europe (9) Benefit related to the final decision of the Brazilian Supreme Court on the calculation of the state value added tax, resulting in the recognition of €87 million in Net revenues and €166 million in Selling, general and other costs. Refer to Note 23, Other liabilities, for additional information (10) Includes other costs primarily related to merger and integration activities 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 € 13,218 Tax expense € 1,911 Net financial expenses € 734 Share of the profit of equity method investees € (737) Operating income € 15,126 Adjustments: Restructuring costs and other costs, net of reversals (1) € (4) € 781 € 2 € 54 € — € 1 € 39 € — € 873 Change in estimates of non-contractual warranties (2) € 2 € 581 € 57 € 68 € 13 € 11 € — € — € 732 Reversal of inventory fair value adjustment in purchase accounting (3) € 401 € 89 € — € 13 € 19 € — € — € — € 522 Impairment expense and supplier obligations (4) € 58 € 233 € 6 € 6 € — € 6 € — € — € 309 Brazilian indirect tax - reversal of liability/recognition of credits (5) € — € — € — € (253) € — € — € — € — € (253) Other (6) € 228 € (17) € (6) € 41 € 7 € 2 € 140 € 134 € 529 Total adjustments Jan 1 - Dec 31, 2021 € 685 € 1,667 € 59 € (71) € 39 € 20 € 179 € 134 € 2,712 Less: Adjustments Jan 1-16, 2021 (7) € — € — € — € — € — € — € — € — € 11 Adjusted Operating income € 11,103 € 5,419 € 554 € 873 € 444 € 116 € (713) € 31 € 17,827 _______________________________________________________________________________________________________________________________________________ (1) Restructuring and other costs related to the reorganization of operations and the dealer network primarily in Enlarged Europe (2) Change in estimate for warranty costs incurred after the contractual warranty period. Refer to Note 21, Provisions, for additional information (3) Reversal of fair value adjustment recognized in purchase accounting on FCA inventories (4) Primarily related to certain vehicle platforms in Enlarged Europe (5) Benefit related to the final decision of the Brazilian Supreme Court on the calculation of the state value added tax, resulting in the recognition of €87 million in Net revenues and €166 million in Selling, general and other costs. Refer to Note 23, Other liabilities, for additional information (6) Includes other costs primarily related to merger and integration activities (7) Primarily costs related to the merger 2020 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, restated (1) € 122 € 42,383 € 3,055 € 1,153 € 864 € — € 79 € 0 € 47,656 Add: FCA Net revenues from external customers January 1 - December 31, 2020 (2) 60,307 14,497 1,680 5,236 2,267 1,376 1,313 — 86,676 Add: Pro forma adjustments (3) 189 (490) 0 (134) 15 (3) (27) — (450) Pro Forma Net revenues from external customers 60,618 56,390 4,735 6,255 3,146 1,373 1,365 0 133,882 Net revenues from transactions with other segments 15 90 21 (3) 54 2 1,124 (1,303) — Pro Forma Net revenues (4) 60,633 56,480 4,756 6,252 3,200 1,375 2,489 (1,303) 133,882 Net profit from continuing operations € 2,338 Tax expense € 504 Net financial expenses € 94 Share of the loss of equity method investees € 74 Add: FCA operating income, January 1 - December 31, 2020 € 2,165 Add: Pro forma adjustments € 2,261 Pro Forma Operating income € 7,436 Adjustments: Impairment expense and supplier obligations (5) € 154 € 319 € (1) € 176 € 135 € 297 € 5 € 44 € 1,129 Restructuring costs, net of reversal (6) € 32 € 414 € — € 27 € — € 3 € 14 € — € 490 Provision for U.S. investigation matters (7) € — € — € — € — € — € — € — € 222 € 222 Loss/(gain) on disposal of investments (8) € — € 10 € — € — € (204) € — € 16 € — € (178) Other (9) € 10 € (199) € (4) € (2) € — € 4 € 141 € 175 € 125 Total adjustments € 196 € 544 € (5) € 201 € (69) € 304 € 176 € 441 € 1,788 Pro Forma Adjusted Operating income € 6,123 € 3,059 € 300 € 156 € 231 € (91) € (487) € (67) € 9,224 Share of profit of equity method investees € — € (3) € 1 € — € (446) € — € 374 € — € (74) ______________________________________________________________________________________________________________________________ (1) Net revenues from external customers of PSA as reported, re-presented to reflect the reportable segments presented by the Company, and to exclude the results of Faurecia S.E., which has been presented as a discontinued operation in the comparative Income Statement of the Company for the year ended December 31,2020 (2) Net revenues from external customers of FCA as reported, re-presented to reflect the reportable segments presented by the Company (3) Reclassifications made to present FCA’s Net revenues consistently with that of PSA (4) Pro forma Stellantis consolidated Net revenues presented as if the FCA-PSA merger had been completed on January 1, 2020 (5) Impairment expense and supplier obligations, primarily related to impairment expense in North America, South America, Enlarged Europe and China and India & Asia Pacific due to reduced volume expectations primarily as a result of the estimated impacts of COVID, impairments of certain assets in Maserati and certain B-segment assets in Enlarged Europe, as well as impairments in North America due to the change in CAFE penalty rates for future model years (6) Restructuring costs related to reorganization of operations, primarily in Enlarged Europe (7) Provision recognized for estimated probable loss to settle matters under investigation by the U.S. Department of Justice, primarily related to criminal investigations associated with U.S. diesel emissions matters (8) Loss/(gain) on disposal of investment primarily related to the disposal of CAPSA, which was a joint venture in China (9) Primarily includes other costs related to merger and litigation proceedings |
Disclosure of information about geographical area | Net revenues by geographical area were as follows: Years ended December 31, 2022 2021 2020 (€ million) Net revenues in: North America (1) € 87,283 € 68,885 € 122 France 16,365 15,421 14,345 Brazil 11,363 7,607 282 Italy 10,840 10,065 3,513 Germany 9,046 7,891 5,545 United Kingdom 7,348 6,106 4,591 Spain 5,307 4,428 3,508 Turkey 3,110 2,294 1,658 Argentina 2,735 1,961 434 Belgium 2,552 2,214 2,185 China 1,811 2,013 133 Netherlands 1,376 1,192 1,030 Poland 1,230 1,273 753 Japan 1,152 1,174 440 Portugal 1,138 917 704 Austria 801 1,085 685 Switzerland 763 1,160 361 Other countries 15,372 13,733 7,367 Total Net revenues € 179,592 € 149,419 € 47,656 ______________________________________________________________________________________________________________________________ (1) Refers to the geographical area and not our North America reporting segment The following table summarizes the non-current assets (other than financial instruments, deferred tax assets and post-employment benefits assets) attributed to certain geographic areas: At December 31, 2022 2021 (€ million) North America (1) € 50,410 € 48,344 France 16,031 14,717 Italy 8,646 9,564 Germany 5,334 4,918 Brazil 3,556 2,946 Spain 2,030 2,096 United Kingdom 1,278 1,335 Poland 812 637 Slovakia 377 392 Serbia 105 109 Other countries 3,536 3,221 Total Non-current assets (other than financial instruments, deferred tax assets and post-employment benefits assets) 92,115 88,279 ______________________________________________________________________________________________________________________________ (1) Refers to the geographical area and not our North America reporting segment |
Explanatory notes to the Cons_2
Explanatory notes to the Consolidated Statements of Cash Flows (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Cash Flows Explanatory Notes [Abstract] | |
Disclosure of reconciliation of liabilities arising from financing activities | The following is a reconciliation of liabilities arising from financing activities for the years ended December 31, 2022 and 2021: Years ended December 31, 2022 2021 (€ million) Total Debt at January 1 € 33,582 € 13,703 Add: Derivative (assets)/liabilities and collateral at January 1 (1,205) 21 Add: Securities at January 1 (839) (1,094) Total Liabilities from financing activities at January 1 € 31,537 € 12,630 FCA-PSA merger — 22,415 Add: Derivative (assets)/liabilities and collateral from FCA-PSA merger — (350) Add: Securities from FCA-PSA merger — 129 Cash flows (8,949) 2,650 Foreign exchange effects 397 314 Fair value changes (110) (139) Changes in scope of consolidation 389 (5,616) Transfer to (Assets)/Liabilities held for sale — — Other changes (354) (495) Total Liabilities from financing activities at December 31 € 22,910 € 31,538 Less: Derivative (assets)/liabilities and collateral at December 31 (67) (6) Less: Securities at December 31 (4,176) (2,038) Total Debt at December 31 € 27,153 € 33,582 |
Basis of preparation - Disclosu
Basis of preparation - Disclosure of principal exchange rates used to translate other currencies (Details) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2022 $ / € | Dec. 31, 2022 R$ / € $ / € | Dec. 31, 2022 $ / € $ / € | Dec. 31, 2022 SFr / € $ / € | Dec. 31, 2022 ¥ / € $ / € | Dec. 31, 2022 Kč / € $ / € | Dec. 31, 2022 £ / € $ / € | Dec. 31, 2022 $ / € $ / € | Dec. 31, 2022 zł / € $ / € | Dec. 31, 2022 ¥ / € $ / € | Dec. 31, 2021 $ / € | Dec. 31, 2021 $ / € R$ / € | Dec. 31, 2021 $ / € $ / € | Dec. 31, 2021 $ / € SFr / € | Dec. 31, 2021 $ / € ¥ / € | Dec. 31, 2021 ₺ / € $ / € | Dec. 31, 2021 $ / € Kč / € | Dec. 31, 2021 £ / € $ / € | Dec. 31, 2021 $ / € $ / € | Dec. 31, 2021 zł / € $ / € | Dec. 31, 2021 ¥ / € $ / € | Dec. 31, 2020 $ / € | Dec. 31, 2020 $ / € R$ / € | Dec. 31, 2020 $ / € $ / € | Dec. 31, 2020 $ / € SFr / € | Dec. 31, 2020 $ / € ¥ / € | Dec. 31, 2020 ₺ / € $ / € | Dec. 31, 2020 $ / € Kč / € | Dec. 31, 2020 $ / € £ / € | Dec. 31, 2020 $ / € $ / € | Dec. 31, 2020 zł / € $ / € | Dec. 31, 2020 ¥ / € $ / € | Dec. 31, 2022 $ / € | Dec. 31, 2022 R$ / € | Dec. 31, 2022 $ / € | Dec. 31, 2022 SFr / € | Dec. 31, 2022 ¥ / € | Dec. 31, 2022 ₺ / € | Dec. 31, 2022 Kč / € | Dec. 31, 2022 £ / € | Dec. 31, 2022 $ / € | Dec. 31, 2022 zł / € | Dec. 31, 2022 ¥ / € | Dec. 31, 2021 $ / € | Dec. 31, 2021 R$ / € | Dec. 31, 2021 $ / € | Dec. 31, 2021 SFr / € | Dec. 31, 2021 ¥ / € | Dec. 31, 2021 ₺ / € | Dec. 31, 2021 Kč / € | Dec. 31, 2021 £ / € | Dec. 31, 2021 $ / € | Dec. 31, 2021 zł / € | Dec. 31, 2021 ¥ / € | Dec. 31, 2020 $ / € | Dec. 31, 2020 R$ / € | Dec. 31, 2020 $ / € | Dec. 31, 2020 SFr / € | Dec. 31, 2020 ¥ / € | Dec. 31, 2020 ₺ / € | Dec. 31, 2020 Kč / € | Dec. 31, 2020 £ / € | Dec. 31, 2020 $ / € | Dec. 31, 2020 zł / € | Dec. 31, 2020 ¥ / € | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average foreign exchange rate | 1.054 | 5.441 | 1.370 | 1.005 | 7.079 | 24.561 | 0.853 | 21.203 | 4.686 | 137.931 | 1.183 | 6.377 | 1.483 | 1.082 | 7.633 | 15.100 | 25.650 | 0.860 | 23.989 | 4.566 | 129.848 | 1.139 | 5.800 | 1.528 | 1.070 | 7.865 | 9.113 | 26.437 | 0.889 | 24.363 | 4.442 | 121.666 | |||||||||||||||||||||||||||||||||
Closing foreign exchange rate | 1.067 | 1.067 | 1.067 | 1.067 | 1.067 | 1.067 | 1.067 | 1.067 | 1.067 | 1.067 | 1.133 | 1.133 | 1.133 | 1.133 | 1.133 | 1.133 | 1.133 | 1.133 | 1.133 | 1.133 | 1.133 | 1.227 | 1.227 | 1.227 | 1.227 | 1.227 | 1.227 | 1.227 | 1.227 | 1.227 | 1.227 | 1.227 | 188.915 | 5.568 | 1.444 | 0.985 | 7.358 | 19.953 | 24.116 | 0.887 | 20.856 | 4.690 | 140.660 | 116.360 | 6.320 | 1.439 | 1.033 | 7.195 | 15.100 | 24.858 | 0.840 | 23.144 | 4.599 | 130.380 | 103.252 | 6.393 | 1.563 | 1.080 | 8.023 | 9.113 | 26.242 | 0.899 | 24.416 | 4.560 | 126.490 |
Basis of preparation - Intangib
Basis of preparation - Intangible assets (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Models | Minimum | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life, intangible assets other than goodwill | 5 years |
Models | Maximum | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life, intangible assets other than goodwill | 7 years |
Powertrains | Minimum | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life, intangible assets other than goodwill | 10 years |
Powertrains | Maximum | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life, intangible assets other than goodwill | 12 years |
Other intangible assets | Maximum | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life, intangible assets other than goodwill | 20 years |
Basis of preparation - Disclo_2
Basis of preparation - Disclosure of estimated useful lives for property, plant and equipment (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Buildings | Minimum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life, property, plant and equipment | 33 years |
Buildings | Maximum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life, property, plant and equipment | 40 years |
Plant, machinery and equipment | Minimum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life, property, plant and equipment | 2 years |
Plant, machinery and equipment | Maximum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life, property, plant and equipment | 25 years |
Other assets | Minimum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life, property, plant and equipment | 2 years |
Other assets | Maximum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life, property, plant and equipment | 34 years |
Basis of preparation - Borrowin
Basis of preparation - Borrowing costs (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | ||
Borrowing costs capitalised | € 189 | € 262 |
Basis of preparation - Financia
Basis of preparation - Financial assets and liabilities (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about financial instruments [line items] | |
Financial assets in default, minimum period | 90 days |
Credit risk, minimum period of contractual payments past due | 30 days |
Minimum | |
Disclosure of detailed information about financial instruments [line items] | |
Financial instruments, contractual term | 2 months |
Maximum | |
Disclosure of detailed information about financial instruments [line items] | |
Financial instruments, contractual term | 12 months |
Basis of preparation - Revenue
Basis of preparation - Revenue recognition (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | ||
Deferred income | € 236 | € 159 |
Amortization of deferred income | € 91 | € 58 |
Lease installments, maximum period to recognise vehicle cost within assets with buy-back commitment | 12 months | |
Lease installments, minimum period to recognise vehicle cost within property, plant and equipment | 12 months |
Basis of preparation - Cost of
Basis of preparation - Cost of revenues (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |||
Interest expense from financial services and write-downs of assets included in cost of revenue | € 289 | € 68 | € 5 |
Decrease in assets sold with buy-back commitment related in cost of revenue | € 31 | € 227 | € 74 |
Basis of preparation - Use of e
Basis of preparation - Use of estimates (Details) - EUR (€) | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of defined benefit plans [line items] | ||||
Impairment expenses and supplier obligations | € 237,000,000 | € 309,000,000 | € 202,000,000 | |
Impairment loss recognised in profit or loss, property, plant and equipment | 137,000,000 | |||
Impairment loss recognised in profit or loss, intangible assets and goodwill | 0 | 0 | 150,000,000 | |
Capitalised development expenditure | ||||
Disclosure of defined benefit plans [line items] | ||||
Impairment and write-off of capitalized development expenditures | 78,000,000 | 151,000,000 | 128,000,000 | |
Accumulated amortization and impairment losses | ||||
Disclosure of defined benefit plans [line items] | ||||
Impairment loss recognised in profit or loss, property, plant and equipment | 46,000,000 | 137,000,000 | ||
Impairment and write-off of capitalized development expenditures | 73,000,000 | 152,000,000 | ||
Accumulated amortization and impairment losses | Capitalised development expenditure | ||||
Disclosure of defined benefit plans [line items] | ||||
Impairment and write-off of capitalized development expenditures | € 67,000,000 | € 151,000,000 | ||
Cash-generating units | Minimum | ||||
Disclosure of defined benefit plans [line items] | ||||
Growth rate used to extrapolate cash flow projections | 1.40% | 1.40% | ||
Discount rate applied to cash flow projections | 14.70% | 14.70% | ||
Cash-generating units | Maximum | ||||
Disclosure of defined benefit plans [line items] | ||||
Growth rate used to extrapolate cash flow projections | 2.50% | 2.50% | ||
Discount rate applied to cash flow projections | 32.40% | 32.40% | ||
Enlarged Europe | ||||
Disclosure of defined benefit plans [line items] | ||||
Impairment expenses and supplier obligations | 53,000,000 | |||
Enlarged Europe | Russia | ||||
Disclosure of defined benefit plans [line items] | ||||
Impairment expenses and supplier obligations | € 137,000,000 | |||
Enlarged Europe | Tax assets | Russia | ||||
Disclosure of defined benefit plans [line items] | ||||
Impairment expenses and supplier obligations | 47,000,000 | |||
Enlarged Europe | Other assets | Russia | ||||
Disclosure of defined benefit plans [line items] | ||||
Impairment expenses and supplier obligations | 47,000,000 | |||
Enlarged Europe | Inventories | Russia | ||||
Disclosure of defined benefit plans [line items] | ||||
Impairment expenses and supplier obligations | € 43,000,000 | |||
China and India & Asia Pacific | ||||
Disclosure of defined benefit plans [line items] | ||||
Impairment expenses and supplier obligations | 135,000,000 | |||
South America | ||||
Disclosure of defined benefit plans [line items] | ||||
Impairment expenses and supplier obligations | € 15,000,000 | |||
Pension benefits | ||||
Disclosure of defined benefit plans [line items] | ||||
Discount rate | 5.14% | 5.14% | 2.60% |
Basis of preparation - Disclo_3
Basis of preparation - Disclosure of sensitivity analysis for actuarial assumptions (Details) € in Millions | Dec. 31, 2022 EUR (€) |
Pension benefits | Actuarial assumption of discount rates | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Percentage of reasonably possible increase in actuarial assumption | 0.25% |
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption | € 609 |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | (580) |
Pension benefits | Actuarial assumption of discount rates | Germany and France | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption | 96 |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | (91) |
Pension benefits | Actuarial assumption of discount rates | UK | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption | 51 |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | (48) |
Pension benefits | Actuarial assumption of discount rates | US and Canada | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption | 455 |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | (435) |
Pension benefits | Actuarial assumption of discount rates | Other | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption | 7 |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | € (6) |
Health care and life insurance plans | Actuarial assumption of discount rates | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Percentage of reasonably possible decrease in actuarial assumption | 0.25% |
Percentage of reasonably possible increase in actuarial assumption | 0.25% |
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption | € 70 |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | € (67) |
Health care and life insurance plans | Actuarial assumption of medical cost trend rates | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Percentage of reasonably possible decrease in actuarial assumption | 1% |
Percentage of reasonably possible increase in actuarial assumption | 1% |
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption | € (18) |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | € 20 |
Scope of consolidation - Disclo
Scope of consolidation - Disclosure of interest in principal subsidiaries (Details) | 12 Months Ended |
Dec. 31, 2022 | |
FCA US LLC | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100% |
FCA Canada Inc. | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Stellantis Mexico, S.A. de C.V. | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100% |
FCA Fiat Chrysler Automoveis Brasil LTDA. | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100% |
FCA Automobiles Argentina S.A. | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100% |
FCA Italy S.p.A. | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Automobiles Peugeot | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Automobiles Citroën | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Opel Automobile GmbH | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Groupe PSA Italia S.p.A. | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100% |
PSA Retail France SAS | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100% |
PSA Automobiles S.A. | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100% |
FCA Germany GmbH | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Stellantis España, S.L. | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 99.99% |
Vauxhall Motors Limited | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100% |
FCA France S.A.S. | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Peugeot Motor Company PLC | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100% |
PSA Retail UK Limited | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Peugeot Deutschland GmbH | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Fiat Chrysler Automobiles Spain S.A. | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Stellantis Automotiv Pazarlama Anonim Sirketi | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Stellantis Middle East FZE | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Peugeot Citroën Automobiles Maroc | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 94.93% |
Stellantis Japan Ltd. | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Chrysler Group (China) Sales Ltd. | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Fiat India Automobiles Private Limited | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 50% |
Maserati S.p.A. | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Maserati (China) Cars Trading Co., Ltd. | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Maserati North America Inc. | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Banque PSA Finance | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100% |
FCA Automotive Finance Co. Ltd. | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Stellantis Financial Services US Corp. | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Banco Fidis S.A. | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Fidis S.p.A. | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100% |
FCA North America Holdings LLC | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100% |
GIE PSA Trésorerie | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Fiat Chrysler Finance North America, Inc. | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Fiat Chrysler Finance Europe Société en nom collectif | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Fiat Chrysler Finance S.p.A. | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Stellantis International S.A. | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Scope of consolidation - Narrat
Scope of consolidation - Narrative (Details) € / shares in Units, € in Millions, $ in Millions | 1 Months Ended | 6 Months Ended | 11 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||
Dec. 22, 2022 EUR (€) | Dec. 20, 2022 EUR (€) | Dec. 15, 2022 EUR (€) | Dec. 14, 2022 | Dec. 01, 2022 EUR (€) | Jul. 18, 2022 EUR (€) | Apr. 13, 2022 EUR (€) | Apr. 08, 2022 | Mar. 31, 2022 | Mar. 30, 2022 | Jan. 31, 2022 EUR (€) | Nov. 01, 2021 EUR (€) | Nov. 01, 2021 USD ($) | Mar. 22, 2021 EUR (€) shares | Jan. 29, 2021 EUR (€) | Oct. 29, 2020 EUR (€) shares | Sep. 14, 2020 EUR (€) | Jan. 31, 2022 EUR (€) | Jan. 16, 2021 shares segment | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 EUR (€) segment | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 EUR (€) | Dec. 31, 2020 EUR (€) | Oct. 12, 2022 EUR (€) | Apr. 01, 2022 EUR (€) | Oct. 01, 2021 EUR (€) | Mar. 04, 2021 EUR (€) shares | Jan. 17, 2021 EUR (€) area director | Jan. 15, 2021 € / shares | ||||
Disclosure Of Detailed Information About The Scope Of Consolidation [Line Items] | |||||||||||||||||||||||||||||||||
Impairment expenses and supplier obligations | € 237 | € 309 | € 202 | ||||||||||||||||||||||||||||||
Less: fair value of FCA’s Net assets acquired | € 11 | ||||||||||||||||||||||||||||||||
Gains/(Losses) on disposal of investments | 178 | ||||||||||||||||||||||||||||||||
Equity method investments | € 4,834 | € 6,022 | [1] | 4,834 | 6,022 | [1] | 3,152 | ||||||||||||||||||||||||||
Company’s share of net profit | (286) | (737) | 95 | ||||||||||||||||||||||||||||||
Assets | 186,156 | € 171,766 | [1] | 186,156 | 171,766 | [1] | 75,285 | ||||||||||||||||||||||||||
Acquisitions of consolidated subsidiaries and equity method and other investments | (666) | (726) | (276) | ||||||||||||||||||||||||||||||
Gains/(Losses) on disposal of investments | (72) | 35 | (174) | [2] | |||||||||||||||||||||||||||||
Distributions paid to Stellantis shareholders | 3,353 | 4,204 | 0 | ||||||||||||||||||||||||||||||
Number of reportable segments | segment | 4 | 6 | |||||||||||||||||||||||||||||||
Number of reportable regional vehicle segments | segment | 5 | ||||||||||||||||||||||||||||||||
FCA Shareholders | |||||||||||||||||||||||||||||||||
Disclosure Of Detailed Information About The Scope Of Consolidation [Line Items] | |||||||||||||||||||||||||||||||||
Distributions paid to Stellantis shareholders | 2,897 | ||||||||||||||||||||||||||||||||
Stellantis Shareholders | |||||||||||||||||||||||||||||||||
Disclosure Of Detailed Information About The Scope Of Consolidation [Line Items] | |||||||||||||||||||||||||||||||||
Distributions paid to Stellantis shareholders | € 3,300 | 1,000 | |||||||||||||||||||||||||||||||
Capitalised development expenditure | |||||||||||||||||||||||||||||||||
Disclosure Of Detailed Information About The Scope Of Consolidation [Line Items] | |||||||||||||||||||||||||||||||||
Impairment and write-off of capitalized development expenditures | 78 | 151 | 128 | ||||||||||||||||||||||||||||||
Accumulated amortization and impairment losses | |||||||||||||||||||||||||||||||||
Disclosure Of Detailed Information About The Scope Of Consolidation [Line Items] | |||||||||||||||||||||||||||||||||
Impairment and write-off of capitalized development expenditures | 73 | 152 | |||||||||||||||||||||||||||||||
Accumulated amortization and impairment losses | Capitalised development expenditure | |||||||||||||||||||||||||||||||||
Disclosure Of Detailed Information About The Scope Of Consolidation [Line Items] | |||||||||||||||||||||||||||||||||
Impairment and write-off of capitalized development expenditures | 67 | 151 | |||||||||||||||||||||||||||||||
Assets and liabilities classified as held for sale | |||||||||||||||||||||||||||||||||
Disclosure Of Detailed Information About The Scope Of Consolidation [Line Items] | |||||||||||||||||||||||||||||||||
Assets | 207 | 207 | |||||||||||||||||||||||||||||||
Liabilities | 61 | € 61 | |||||||||||||||||||||||||||||||
Teksid Cast Iron Components | Assets and liabilities classified as held for sale | |||||||||||||||||||||||||||||||||
Disclosure Of Detailed Information About The Scope Of Consolidation [Line Items] | |||||||||||||||||||||||||||||||||
Assets | € 152 | ||||||||||||||||||||||||||||||||
Liabilities | € 144 | ||||||||||||||||||||||||||||||||
Gains/(Losses) on disposal of investments | 12 | ||||||||||||||||||||||||||||||||
PSA | |||||||||||||||||||||||||||||||||
Disclosure Of Detailed Information About The Scope Of Consolidation [Line Items] | |||||||||||||||||||||||||||||||||
Number of reportable segments | segment | 4 | ||||||||||||||||||||||||||||||||
Faurecia S.E | Stellantis Shareholders | |||||||||||||||||||||||||||||||||
Disclosure Of Detailed Information About The Scope Of Consolidation [Line Items] | |||||||||||||||||||||||||||||||||
Distributions paid to Stellantis shareholders | € 302 | ||||||||||||||||||||||||||||||||
Leasys | CACF And Stellantis | |||||||||||||||||||||||||||||||||
Disclosure Of Detailed Information About The Scope Of Consolidation [Line Items] | |||||||||||||||||||||||||||||||||
Proportion of ownership interest in associate | 50% | ||||||||||||||||||||||||||||||||
Faurecia S.E | PSA | |||||||||||||||||||||||||||||||||
Disclosure Of Detailed Information About The Scope Of Consolidation [Line Items] | |||||||||||||||||||||||||||||||||
Proportion of ownership interest in associate | 46% | ||||||||||||||||||||||||||||||||
GEFCO | |||||||||||||||||||||||||||||||||
Disclosure Of Detailed Information About The Scope Of Consolidation [Line Items] | |||||||||||||||||||||||||||||||||
Proportion of ownership interest in associate, disposal | 0.25 | ||||||||||||||||||||||||||||||||
Vari-Form Manufacturying Inc | |||||||||||||||||||||||||||||||||
Disclosure Of Detailed Information About The Scope Of Consolidation [Line Items] | |||||||||||||||||||||||||||||||||
Consideration paid (received) | € 62 | ||||||||||||||||||||||||||||||||
Losses on disposal of securities | € 19 | ||||||||||||||||||||||||||||||||
Dongfeng Peugeot Citroën Auto Finance Company | |||||||||||||||||||||||||||||||||
Disclosure Of Detailed Information About The Scope Of Consolidation [Line Items] | |||||||||||||||||||||||||||||||||
Consideration paid (received) | € 168 | ||||||||||||||||||||||||||||||||
Proportion of ownership interest in joint venture | 50% | ||||||||||||||||||||||||||||||||
Proportion of ownership interest in associate, disposal | 0.25 | ||||||||||||||||||||||||||||||||
Gains/(Losses) on disposal of investments | € 40 | ||||||||||||||||||||||||||||||||
Dongfeng Peugeot Citroën Auto Finance Company | Dongfeng Peugeot Citroën Auto Finance Company | |||||||||||||||||||||||||||||||||
Disclosure Of Detailed Information About The Scope Of Consolidation [Line Items] | |||||||||||||||||||||||||||||||||
Proportion of ownership interest in associate, direct interest | 0.25 | ||||||||||||||||||||||||||||||||
Proportion of ownership interest in associate, indirect interest | 0.25 | ||||||||||||||||||||||||||||||||
StarPlus Energy LLC | |||||||||||||||||||||||||||||||||
Disclosure Of Detailed Information About The Scope Of Consolidation [Line Items] | |||||||||||||||||||||||||||||||||
Consideration paid (received) | € (141) | ||||||||||||||||||||||||||||||||
Proportion of ownership interest in joint venture | 49% | ||||||||||||||||||||||||||||||||
Credit Agricole Consumer Finance | |||||||||||||||||||||||||||||||||
Disclosure Of Detailed Information About The Scope Of Consolidation [Line Items] | |||||||||||||||||||||||||||||||||
Proportion of ownership interest in joint venture | 50% | ||||||||||||||||||||||||||||||||
LeaseCo SAS | |||||||||||||||||||||||||||||||||
Disclosure Of Detailed Information About The Scope Of Consolidation [Line Items] | |||||||||||||||||||||||||||||||||
Proportion of ownership interest in joint venture | 50% | 50% | 0% | ||||||||||||||||||||||||||||||
LeaseCo SAS | CACF And Stellantis | |||||||||||||||||||||||||||||||||
Disclosure Of Detailed Information About The Scope Of Consolidation [Line Items] | |||||||||||||||||||||||||||||||||
Proportion of ownership interest in joint venture | 50% | ||||||||||||||||||||||||||||||||
FCA Bank | |||||||||||||||||||||||||||||||||
Disclosure Of Detailed Information About The Scope Of Consolidation [Line Items] | |||||||||||||||||||||||||||||||||
Proportion of ownership interest in joint venture | 50% | ||||||||||||||||||||||||||||||||
Equity method investments | 1,700 | € 1,700 | |||||||||||||||||||||||||||||||
Company’s share of net profit | 133 | ||||||||||||||||||||||||||||||||
GAC-Stellantis JV | |||||||||||||||||||||||||||||||||
Disclosure Of Detailed Information About The Scope Of Consolidation [Line Items] | |||||||||||||||||||||||||||||||||
Proportion of ownership interest in associate | 50% | ||||||||||||||||||||||||||||||||
Proportion Of Ownership Interest In Associate, Plan to Increase | 0.75 | ||||||||||||||||||||||||||||||||
Impairment loss recognised in profit or loss | 126 | ||||||||||||||||||||||||||||||||
Impairment loss recognised in profit or loss, loans and advances | 106 | ||||||||||||||||||||||||||||||||
Impairment loss recognised in profit or loss, trade receivables | 48 | ||||||||||||||||||||||||||||||||
Acquisitions of consolidated subsidiaries and equity method and other investments | € (196) | ||||||||||||||||||||||||||||||||
GAC-Stellantis JV | Accumulated amortization and impairment losses | Capitalised development expenditure | |||||||||||||||||||||||||||||||||
Disclosure Of Detailed Information About The Scope Of Consolidation [Line Items] | |||||||||||||||||||||||||||||||||
Impairment and write-off of capitalized development expenditures | € 16 | ||||||||||||||||||||||||||||||||
Stimcar Holdings | |||||||||||||||||||||||||||||||||
Disclosure Of Detailed Information About The Scope Of Consolidation [Line Items] | |||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 60% | ||||||||||||||||||||||||||||||||
Consideration paid (received) | € (58) | ||||||||||||||||||||||||||||||||
Cash transferred | 43 | € 43 | |||||||||||||||||||||||||||||||
Contingent consideration recognised as of acquisition date | 15 | 15 | |||||||||||||||||||||||||||||||
Share Now | |||||||||||||||||||||||||||||||||
Disclosure Of Detailed Information About The Scope Of Consolidation [Line Items] | |||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||
Consideration paid (received) | € (81) | ||||||||||||||||||||||||||||||||
Cash transferred | 56 | ||||||||||||||||||||||||||||||||
Contingent consideration recognised as of acquisition date | 25 | ||||||||||||||||||||||||||||||||
aiMotive | |||||||||||||||||||||||||||||||||
Disclosure Of Detailed Information About The Scope Of Consolidation [Line Items] | |||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||
Consideration paid (received) | € (240) | ||||||||||||||||||||||||||||||||
Stellantis Financial Services US Corp. | |||||||||||||||||||||||||||||||||
Disclosure Of Detailed Information About The Scope Of Consolidation [Line Items] | |||||||||||||||||||||||||||||||||
Consideration paid (received) | € (255) | $ (289) | |||||||||||||||||||||||||||||||
Acquisitions of consolidated subsidiaries and equity method and other investments | 147 | ||||||||||||||||||||||||||||||||
FCA and PSA Merger | |||||||||||||||||||||||||||||||||
Disclosure Of Detailed Information About The Scope Of Consolidation [Line Items] | |||||||||||||||||||||||||||||||||
Less: fair value of FCA’s Net assets acquired | € 8,390 | ||||||||||||||||||||||||||||||||
Gains/(Losses) on disposal of investments | (475) | ||||||||||||||||||||||||||||||||
Merger synergies, number of areas | area | 4 | ||||||||||||||||||||||||||||||||
Number of Directors in the combined Group's board | director | 11 | ||||||||||||||||||||||||||||||||
Number of Directors in the combined Group's board nominated by PSA | director | 6 | ||||||||||||||||||||||||||||||||
Number of instruments or interests issued or issuable (in shares) | shares | 3,119,934,695 | ||||||||||||||||||||||||||||||||
Trade receivables | € 1,970 | ||||||||||||||||||||||||||||||||
Trade rceivables, gross contractual amount | 2,181 | ||||||||||||||||||||||||||||||||
Trade rceivables, not expected to be collected | 211 | ||||||||||||||||||||||||||||||||
Receivables from financing activities | 1,888 | ||||||||||||||||||||||||||||||||
Receivables from financing activities, gross contractual amount | 1,903 | ||||||||||||||||||||||||||||||||
Receivables from financing activities, not expected to be collected | 15 | ||||||||||||||||||||||||||||||||
Revenue of acquiree since acquisition date | 100,000 | ||||||||||||||||||||||||||||||||
Profit (loss) of acquiree since acquisition date | 9,000 | ||||||||||||||||||||||||||||||||
Revenue of combined entity as if combination occurred at beginning of period | 152,000 | ||||||||||||||||||||||||||||||||
Profit (loss) of combined entity as if combination occurred at beginning of period | 14,000 | ||||||||||||||||||||||||||||||||
FCA and PSA Merger | CAFE provision | |||||||||||||||||||||||||||||||||
Disclosure Of Detailed Information About The Scope Of Consolidation [Line Items] | |||||||||||||||||||||||||||||||||
Contingent liabilities recognised in business combination | € 655 | 163 | |||||||||||||||||||||||||||||||
FCA and PSA Merger | Other contingent liabilities | |||||||||||||||||||||||||||||||||
Disclosure Of Detailed Information About The Scope Of Consolidation [Line Items] | |||||||||||||||||||||||||||||||||
Contingent liabilities recognised in business combination | € 141 | ||||||||||||||||||||||||||||||||
FCA and PSA Merger | FCA Shareholders | |||||||||||||||||||||||||||||||||
Disclosure Of Detailed Information About The Scope Of Consolidation [Line Items] | |||||||||||||||||||||||||||||||||
Distributions paid to Stellantis shareholders | € 2,900 | € 2,900 | |||||||||||||||||||||||||||||||
FCA and PSA Merger | PSA | |||||||||||||||||||||||||||||||||
Disclosure Of Detailed Information About The Scope Of Consolidation [Line Items] | |||||||||||||||||||||||||||||||||
Number of equity instruments or interests issued or issuable, convertion ratio | 1.742 | ||||||||||||||||||||||||||||||||
Number of instruments or interests issued or issuable (in shares) | shares | 1,545,220,196 | ||||||||||||||||||||||||||||||||
FCA and PSA Merger | Faurecia S.E | |||||||||||||||||||||||||||||||||
Disclosure Of Detailed Information About The Scope Of Consolidation [Line Items] | |||||||||||||||||||||||||||||||||
Proportion of ownership interest in associate | 39.34% | ||||||||||||||||||||||||||||||||
Sale of equity instruments, number of shares (in shares) | shares | 9,700,000 | ||||||||||||||||||||||||||||||||
Sale of equity instruments, percentage sold | 7% | ||||||||||||||||||||||||||||||||
Proceeds from sales of equity | € 308 | ||||||||||||||||||||||||||||||||
Gains (losses) recognised when control of subsidiary is lost | € 515 | ||||||||||||||||||||||||||||||||
FCA and PSA Merger | Faurecia S.E | Stellantis Shareholders | |||||||||||||||||||||||||||||||||
Disclosure Of Detailed Information About The Scope Of Consolidation [Line Items] | |||||||||||||||||||||||||||||||||
Distributions paid to Stellantis shareholders | € 302 | ||||||||||||||||||||||||||||||||
Number of instruments distributed (in shares) | shares | 53,130,574 | ||||||||||||||||||||||||||||||||
Conditional distribution, maximum number of instruments distributed (in shares) | shares | 54,297,006 | ||||||||||||||||||||||||||||||||
Conditional distribution, maximum amount of cash distributed | € 308 | ||||||||||||||||||||||||||||||||
FCA and PSA Merger | FCA | |||||||||||||||||||||||||||||||||
Disclosure Of Detailed Information About The Scope Of Consolidation [Line Items] | |||||||||||||||||||||||||||||||||
Number of equity instruments or interests issued or issuable, convertion ratio | 1.742 | ||||||||||||||||||||||||||||||||
Number of instruments or interests issued or issuable (in shares) | shares | 1,574,714,499 | ||||||||||||||||||||||||||||||||
Market price of PSA shares as of January 15, 2021 (in euro per share) | € / shares | € 21.85 | ||||||||||||||||||||||||||||||||
Enlarged Europe | |||||||||||||||||||||||||||||||||
Disclosure Of Detailed Information About The Scope Of Consolidation [Line Items] | |||||||||||||||||||||||||||||||||
Impairment expenses and supplier obligations | € 53 | ||||||||||||||||||||||||||||||||
Enlarged Europe | Stimcar Holdings | |||||||||||||||||||||||||||||||||
Disclosure Of Detailed Information About The Scope Of Consolidation [Line Items] | |||||||||||||||||||||||||||||||||
Goodwill | € 53 | € 53 | |||||||||||||||||||||||||||||||
Other activities | Share Now | |||||||||||||||||||||||||||||||||
Disclosure Of Detailed Information About The Scope Of Consolidation [Line Items] | |||||||||||||||||||||||||||||||||
Goodwill | € 74 | ||||||||||||||||||||||||||||||||
Other activities | aiMotive | |||||||||||||||||||||||||||||||||
Disclosure Of Detailed Information About The Scope Of Consolidation [Line Items] | |||||||||||||||||||||||||||||||||
Goodwill | € 229 | ||||||||||||||||||||||||||||||||
Mexico and U.S. | Teksid Cast Iron Components | Assets and liabilities classified as held for sale | |||||||||||||||||||||||||||||||||
Disclosure Of Detailed Information About The Scope Of Consolidation [Line Items] | |||||||||||||||||||||||||||||||||
Assets | € 139 | ||||||||||||||||||||||||||||||||
Liabilities | € 52 | ||||||||||||||||||||||||||||||||
Russia | Enlarged Europe | |||||||||||||||||||||||||||||||||
Disclosure Of Detailed Information About The Scope Of Consolidation [Line Items] | |||||||||||||||||||||||||||||||||
Impairment expenses and supplier obligations | 137 | ||||||||||||||||||||||||||||||||
Russia | Enlarged Europe | Inventories | |||||||||||||||||||||||||||||||||
Disclosure Of Detailed Information About The Scope Of Consolidation [Line Items] | |||||||||||||||||||||||||||||||||
Impairment expenses and supplier obligations | 43 | ||||||||||||||||||||||||||||||||
Russia | Enlarged Europe | Tax assets | |||||||||||||||||||||||||||||||||
Disclosure Of Detailed Information About The Scope Of Consolidation [Line Items] | |||||||||||||||||||||||||||||||||
Impairment expenses and supplier obligations | 47 | ||||||||||||||||||||||||||||||||
Russia | Enlarged Europe | Other assets | |||||||||||||||||||||||||||||||||
Disclosure Of Detailed Information About The Scope Of Consolidation [Line Items] | |||||||||||||||||||||||||||||||||
Impairment expenses and supplier obligations | € 47 | ||||||||||||||||||||||||||||||||
[1]Refer to Note 3, Scope of consolidation[2]Refer to Note 3, Scope of consolidation |
Scope of consolidation - Disc_2
Scope of consolidation - Disclosure of assets and liabilities acquired, Stellantis Services US Corp (Details) - Stellantis Financial Services US Corp. € in Millions | Nov. 01, 2021 EUR (€) |
Disclosure of detailed information about business combination [line items] | |
Goodwill and intangible assets with indefinite useful lives | € 119 |
Other intangible assets | 2 |
Property, plant and equipment | 15 |
Other non-current assets | 703 |
Other current assets and prepaid expenses | 176 |
Cash and cash equivalents | 108 |
Total assets | 1,123 |
Total equity | 256 |
Long-term debt | 572 |
Short term debt and current portion of long-term debt | 286 |
Trade payables and other payables | 9 |
Total liabilities | € 1,123 |
Scope of consolidation - Disc_3
Scope of consolidation - Disclosure of detailed information for consideration transferred calculation (Details) | 12 Months Ended | |||
Dec. 31, 2020 shares | Dec. 31, 2022 shares | Dec. 31, 2021 shares | Jan. 16, 2021 shares | |
Disclosure of detailed information about business combination [line items] | ||||
Number of shares outstanding (in shares) | 3,144,425,377 | 3,132,827,277 | ||
PSA | Treasury shares | ||||
Disclosure of detailed information about business combination [line items] | ||||
Number of shares outstanding (in shares) | 7,790,213 | |||
FCA | FCA's Equity Incentive Plan | ||||
Disclosure of detailed information about business combination [line items] | ||||
Number of other equity instruments vested in share-based payment arrangement (in shares) | 7,195,225 | |||
FCA and PSA Merger | ||||
Disclosure of detailed information about business combination [line items] | ||||
Number of instruments or interests issued or issuable (in shares) | 3,119,934,695 | |||
Deemed number of shares issued for business combination (in shares) | 1,791,007,288 | |||
FCA and PSA Merger | PSA | ||||
Disclosure of detailed information about business combination [line items] | ||||
Number of shares outstanding (in shares) | 887,038,000 | |||
Number of shares outstanding, convertion ratio | 1.742 | |||
Number of instruments or interests issued or issuable (in shares) | 1,545,220,196 | |||
Percentage of equity interest on completion | 49.53% | |||
Number of equity instruments or interests issued or issuable, convertion ratio | 1.742 | |||
Deemed number of shares issued for business combination (in shares) | 887,038,000 | |||
FCA and PSA Merger | FCA | ||||
Disclosure of detailed information about business combination [line items] | ||||
Number of shares outstanding (in shares) | 1,574,714,499 | |||
Number of shares outstanding, convertion ratio | 1 | |||
Number of instruments or interests issued or issuable (in shares) | 1,574,714,499 | |||
Percentage of equity interest on completion | 50.47% | |||
Number of equity instruments or interests issued or issuable, convertion ratio | 1.742 | |||
Deemed number of shares issued for business combination (in shares) | 903,969,288 |
Scope of consolidation - Disc_4
Scope of consolidation - Disclosure of consideration transferred computation under reverse acquisition accounting (Details) - FCA and PSA Merger - EUR (€) € / shares in Units, € in Millions | Jan. 17, 2021 | Jan. 16, 2021 | Jan. 15, 2021 |
Disclosure of detailed information about business combination [line items] | |||
Number of shares of PSA deemed to be issued to FCA shareholders under reverse acquisition accounting (in shares) | 1,791,007,288 | ||
Consideration transferred | € 19,837 | ||
FCA | |||
Disclosure of detailed information about business combination [line items] | |||
Number of shares of PSA deemed to be issued to FCA shareholders under reverse acquisition accounting (in shares) | 903,969,288 | ||
Market price of PSA shares as of January 15, 2021 (in euro per share) | € 21.85 | ||
Fair value of common shares deemed to be issued to FCA shareholders as of January 15, 2021 | € 19,752 | ||
Additional consideration for share-based compensation | 85 | ||
Consideration transferred | € 19,837 |
Scope of consolidation - Disc_5
Scope of consolidation - Disclosure of calculation of Goodwill, FCA (Details) - EUR (€) € in Millions | Dec. 22, 2022 | Jan. 17, 2021 |
Disclosure of detailed information about business combination [line items] | ||
Less: fair value of FCA’s Net assets acquired | € 11 | |
FCA and PSA Merger | ||
Disclosure of detailed information about business combination [line items] | ||
Consideration transferred | € 19,837 | |
Add: minority interests | 59 | |
Less: fair value of FCA’s Net assets acquired | 8,390 | |
Goodwill | € 11,506 |
Scope of consolidation - Disc_6
Scope of consolidation - Disclosure of assets and liabilities acquired, FCA (Details) - EUR (€) € in Millions | Dec. 22, 2022 | Jan. 17, 2021 |
Liabilities | ||
Net assets acquired | € 11 | |
FCA and PSA Merger | ||
Assets | ||
Intangible assets with indefinite useful lives | € 12,797 | |
Other intangible assets | 8,256 | |
Property, plant and equipment | 20,667 | |
Equity method investments | 2,637 | |
Non-current financial assets | 320 | |
Other non-current assets | 3,833 | |
Total Non-current assets | 48,510 | |
Inventories | 9,333 | |
Assets sold with a buy-back commitment | 812 | |
Trade receivables | 1,970 | |
Other current assets and prepaid expenses | 4,408 | |
Current financial assets | 502 | |
Cash and cash equivalents | 22,514 | |
Total Current assets | 39,539 | |
Total assets | 88,049 | |
Liabilities | ||
Long-term debt | 18,362 | |
Other non-current financial liabilities | 269 | |
Other non-current liabilities | 5,386 | |
Non-current provisions | 5,452 | |
Employee benefits liabilities | 8,181 | |
Total Non-current liabilities | 37,650 | |
Short term debt and current portion of long-term debt | 4,052 | |
Current provisions | 7,540 | |
Employee benefits liabilities | 595 | |
Trade payables | 20,302 | |
Other current financial liabilities | 159 | |
Other current liabilities | 9,361 | |
Total Current liabilities | 42,009 | |
Total liabilities | 79,659 | |
Net assets acquired | € 8,390 |
Scope of consolidation - Summar
Scope of consolidation - Summary of operating results excluded from Consolidated Income Statement, Faurecia (Details) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Disclosure of analysis of single amount of discontinued operations [line items] | ||||
Net revenues | € 179,592 | € 149,419 | € 47,656 | [1] |
Expenses | 144,327 | 119,943 | 38,250 | [1] |
Net financial (income)/expenses | (768) | (734) | (94) | [1] |
Profit/(loss) before taxes | 19,244 | 14,392 | 2,916 | [1] |
Share of the profit/(loss) of equity method investees | 264 | 737 | (74) | [1] |
Profit/(loss) from discontinued operations, net of tax | € 0 | € 990 | (315) | [1] |
Discontinued operations | ||||
Disclosure of analysis of single amount of discontinued operations [line items] | ||||
Net revenues | 13,078 | |||
Expenses | 13,033 | |||
Net financial (income)/expenses | (223) | |||
Profit/(loss) before taxes | (178) | |||
Tax (income)/expense | (124) | |||
Share of the profit/(loss) of equity method investees | (13) | |||
Profit/(loss) from discontinued operations, net of tax | € (315) | |||
[1]Refer to Note 3, Scope of consolidation |
Scope of consolidation - Disc_7
Scope of consolidation - Disclosure of impact of reclassifications made in the Consolidated Statement of Financial Position to align the presentation adopted by Stellantis (Details) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Assets | |||||
Goodwill and intangible assets with indefinite useful lives | € 31,738 | € 29,921 | [1] | € 6,327 | |
Other intangible assets | 19,006 | 16,635 | [1] | 8,694 | |
Property, plant and equipment | 36,205 | 35,488 | [1] | 15,983 | |
Equity method investments | 4,834 | 6,022 | [1] | 3,152 | |
Non-current financial assets | 710 | 607 | [1] | 412 | |
Other non-current assets and prepaid expenses | 6,723 | 6,266 | [1] | 2,095 | |
Deferred tax assets | 2,052 | 1,927 | [1] | 1,096 | |
Tax receivables | 112 | 105 | [1] | 0 | |
Total Non-current assets | 101,380 | 96,971 | [1] | 37,759 | |
Inventories | 17,360 | 11,361 | [1] | 5,366 | |
Assets sold with a buy-back commitment | 1,594 | 2,134 | [1] | 793 | |
Trade receivables | 4,928 | 2,998 | [1] | 4,923 | |
Tax receivables | 543 | 285 | [1] | 216 | |
Other current assets and prepaid expenses | 7,549 | 6,362 | [1] | 2,393 | |
Other receivables | 5,236 | 4,801 | |||
Derivative financial instruments on operating - assets | 587 | 641 | |||
Current financial assets | 4,323 | 1,903 | [1] | 935 | |
Cash and cash equivalents | 46,433 | 49,629 | [1] | 22,893 | |
Assets held for sale | 2,046 | 123 | [1] | 7 | |
Total current assets | 37,526 | ||||
Total Current assets | 84,776 | 74,795 | [1] | ||
Assets held for sale | 0 | ||||
Total Assets | 186,156 | 171,766 | [1] | 75,285 | |
Equity | |||||
Equity attributable to owners of the parent | 71,999 | 55,907 | [1] | 21,293 | |
Non-controlling interests | 383 | 400 | [1] | 2,580 | |
Total Equity | 72,382 | 56,307 | [1] | 23,873 | € 21,801 |
Non-current financial liabilities | 0 | ||||
Long-term debt | 19,469 | 22,624 | [1] | 11,068 | |
Other non-current financial liabilities | 0 | 6 | [1] | 17 | |
Other non-current liabilities | 8,129 | 7,696 | [1] | 4,681 | |
Non-current provisions | 8,460 | 7,270 | [1] | 1,610 | |
Employee benefits liabilities | 5,891 | 8,065 | [1] | 1,463 | |
Tax liabilities | 668 | 567 | [1] | 312 | |
Deferred tax liabilities | 4,332 | 4,374 | [1] | 801 | |
Total Non-current liabilities | 46,949 | 50,602 | [1] | 19,952 | |
Short-term debt and current portion of long-term debt | 7,684 | 10,958 | [1] | 2,635 | |
Current provisions | 11,311 | 9,909 | [1] | 4,114 | |
Employee benefit liabilities | 545 | 684 | [1] | 50 | |
Trade payables | 31,726 | 28,181 | [1] | 15,955 | |
Tax liabilities | 900 | 546 | [1] | 128 | |
Other liabilities | 14,528 | 14,439 | [1] | 8,569 | |
Derivative financial instruments on operating - liabilities | 708 | 374 | |||
Other current financial liabilities | 18 | 89 | [1] | 9 | |
Liabilities held for sale | 113 | 51 | [1] | 0 | |
Total Current liabilities | 66,825 | 64,857 | [1] | 31,460 | |
Total Equity and liabilities | € 186,156 | € 171,766 | [1] | 75,285 | |
Faurecia S.E | |||||
Assets | |||||
Goodwill and intangible assets with indefinite useful lives | 2,368 | ||||
Other intangible assets | 2,668 | ||||
Property, plant and equipment | 3,727 | ||||
Equity method investments | 177 | ||||
Non-current financial assets | (1,196) | ||||
Other non-current assets and prepaid expenses | 604 | ||||
Deferred tax assets | 475 | ||||
Tax receivables | 0 | ||||
Total Non-current assets | 8,823 | ||||
Inventories | 1,677 | ||||
Assets sold with a buy-back commitment | 0 | ||||
Trade receivables | 3,065 | ||||
Tax receivables | 54 | ||||
Other current assets and prepaid expenses | 635 | ||||
Current financial assets | 5 | ||||
Cash and cash equivalents | 3,091 | ||||
Assets held for sale | 0 | ||||
Total Current assets | 8,527 | ||||
Total Assets | 17,350 | ||||
Equity | |||||
Retained earnings and other accumulated equity, excluding non-controlling interests | 96 | ||||
Equity attributable to owners of the parent | 0 | ||||
Non-controlling interests | 2,459 | ||||
Total Equity | 2,555 | ||||
Long-term debt | 5,008 | ||||
Other non-current financial liabilities | 12 | ||||
Other non-current liabilities | 117 | ||||
Non-current provisions | 63 | ||||
Employee benefits liabilities | 483 | ||||
Tax liabilities | 0 | ||||
Deferred tax liabilities | 81 | ||||
Total Non-current liabilities | 5,764 | ||||
Short-term debt and current portion of long-term debt | 1,480 | ||||
Current provisions | 245 | ||||
Employee benefit liabilities | 32 | ||||
Trade payables | 5,703 | ||||
Tax liabilities | 74 | ||||
Other liabilities | 1,489 | ||||
Other current financial liabilities | 8 | ||||
Liabilities held for sale | 0 | ||||
Total Current liabilities | 9,031 | ||||
Total Equity and liabilities | 17,350 | ||||
Previously reported | |||||
Assets | |||||
Goodwill | 4,364 | ||||
Goodwill and intangible assets with indefinite useful lives | 0 | ||||
Other intangible assets | 10,658 | ||||
Property, plant and equipment | 16,776 | ||||
Equity method Investments - manufacturing and sales companies | 520 | ||||
Equity method investments - finance companies | 2,632 | ||||
Equity method investments | 0 | ||||
Other non-current financial assets - manufacturing and sales companies | 721 | ||||
Other non-current financial assets - finance companies | 0 | ||||
Non-current financial assets | 0 | ||||
Other non-current assets and prepaid expenses | 1,485 | ||||
Deferred tax assets | 1,096 | ||||
Tax receivables | |||||
Total Non-current assets | 38,252 | ||||
Loans and receivables - finance companies | 31 | ||||
Short-term investments - finance companies | 67 | ||||
Inventories | 5,366 | ||||
Assets sold with a buy-back commitment | 0 | ||||
Trade receivables | 3,147 | ||||
Tax receivables | 216 | ||||
Other receivables | 2,789 | ||||
Derivative financial instruments on operating - assets | 115 | ||||
Operating assets | 11,731 | ||||
Current financial assets | 627 | ||||
Cash and cash equivalents - manufacturing and sales companies | 22,303 | ||||
Cash and cash equivalents - finance companies | 590 | ||||
Cash and cash equivalents | 0 | ||||
Assets held for sale | 0 | ||||
Total current assets | 35,251 | ||||
Assets held for sale | 7 | ||||
Total Assets | 73,510 | ||||
Equity | |||||
Share capital | 895 | ||||
Treasury shares | 183 | ||||
Retained earnings and other accumulated equity, excluding non-controlling interests | 20,582 | ||||
Non-controlling interests | 2,580 | ||||
Total Equity | 23,874 | ||||
Non-current financial liabilities | 11,083 | ||||
Long-term debt | 0 | ||||
Other non-current financial liabilities | 0 | ||||
Other non-current liabilities | 5,361 | ||||
Non-current provisions | 1,578 | ||||
Employee benefits liabilities | 0 | ||||
Tax liabilities | 0 | ||||
Deferred tax liabilities | 801 | ||||
Total Non-current liabilities | 18,823 | ||||
Financing liabilities - finance companies | 236 | ||||
Short-term debt and current portion of long-term debt | 0 | ||||
Current provisions | 3,808 | ||||
Employee benefit liabilities | 0 | ||||
Trade payables | 15,166 | ||||
Tax liabilities | 440 | ||||
Other liabilities | 8,712 | ||||
Derivative financial instruments on operating - liabilities | 42 | ||||
Operating liabilities | 28,404 | ||||
Other current financial liabilities | 2,409 | ||||
Liabilities held for sale | 0 | ||||
Total Current liabilities | 30,813 | ||||
Total Equity and liabilities | 73,510 | ||||
Reclassifications | |||||
Assets | |||||
Goodwill | (4,364) | ||||
Goodwill and intangible assets with indefinite useful lives | 6,327 | ||||
Other intangible assets | (1,964) | ||||
Property, plant and equipment | (793) | ||||
Equity method Investments - manufacturing and sales companies | (520) | ||||
Equity method investments - finance companies | (2,632) | ||||
Equity method investments | 3,152 | ||||
Other non-current financial assets - manufacturing and sales companies | (721) | ||||
Other non-current financial assets - finance companies | 0 | ||||
Non-current financial assets | 412 | ||||
Other non-current assets and prepaid expenses | 610 | ||||
Deferred tax assets | 0 | ||||
Tax receivables | 0 | ||||
Total Non-current assets | (493) | ||||
Loans and receivables - finance companies | (31) | ||||
Short-term investments - finance companies | (67) | ||||
Inventories | 0 | ||||
Assets sold with a buy-back commitment | 793 | ||||
Trade receivables | 1,776 | ||||
Tax receivables | 0 | ||||
Other current assets and prepaid expenses | 2,393 | ||||
Other receivables | (2,789) | ||||
Derivative financial instruments on operating - assets | (115) | ||||
Operating assets | 0 | ||||
Current financial assets | 308 | ||||
Cash and cash equivalents - manufacturing and sales companies | (22,303) | ||||
Cash and cash equivalents - finance companies | (590) | ||||
Cash and cash equivalents | 22,893 | ||||
Assets held for sale | 7 | ||||
Total current assets | 2,275 | ||||
Assets held for sale | (7) | ||||
Total Assets | 1,775 | ||||
Equity | |||||
Share capital | (895) | ||||
Treasury shares | (183) | ||||
Retained earnings and other accumulated equity, excluding non-controlling interests | (20,582) | ||||
Equity attributable to owners of the parent | 21,293 | ||||
Non-controlling interests | 0 | ||||
Total Equity | (1) | ||||
Non-current financial liabilities | (11,083) | ||||
Long-term debt | 11,068 | ||||
Other non-current financial liabilities | 17 | ||||
Other non-current liabilities | (680) | ||||
Non-current provisions | 32 | ||||
Employee benefits liabilities | 1,463 | ||||
Tax liabilities | 312 | ||||
Deferred tax liabilities | 0 | ||||
Total Non-current liabilities | 1,129 | ||||
Financing liabilities - finance companies | (236) | ||||
Short-term debt and current portion of long-term debt | 2,635 | ||||
Current provisions | 306 | ||||
Employee benefit liabilities | 50 | ||||
Trade payables | 789 | ||||
Tax liabilities | (312) | ||||
Other liabilities | (143) | ||||
Derivative financial instruments on operating - liabilities | (42) | ||||
Operating liabilities | 0 | ||||
Other current financial liabilities | (2,400) | ||||
Liabilities held for sale | 0 | ||||
Total Current liabilities | 647 | ||||
Total Equity and liabilities | € 1,775 | ||||
[1]Refer to Note 3, Scope of consolidation |
Scope of consolidation - Disc_8
Scope of consolidation - Disclosure of impact of reclassifications made in the Consolidated Income Statement to align the presentation adopted by Stellantis and the presentation of Faurecia as a discontinued operation (Details) - EUR (€) € / shares in Units, € in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Disclosure of reclassifications or changes in presentation [line items] | ||||
Revenue | € 179,592 | € 149,419 | € 47,656 | [1] |
Cost of revenues | 144,327 | 119,943 | 38,250 | [1] |
Selling, general and administrative expenses | 8,981 | 9,130 | 3,923 | [1] |
Research and development expenses | 5,200 | 4,487 | 2,231 | [1] |
Gains/(Losses) on disposal of investments | 72 | (35) | 174 | [1] |
Restructuring costs | 1,144 | 698 | 416 | [1] |
Impairment of CGUs | 237 | 309 | 202 | |
Other | (129) | 529 | 125 | |
Operating income/(loss) | (20,012) | (15,126) | (3,010) | [1] |
Financial income | (1,066) | (188) | (108) | |
Financial expenses | 1,199 | 780 | 199 | |
Net Financial expenses | 768 | 734 | 94 | [1] |
Profit/(loss) before taxes | (19,244) | (14,392) | (2,916) | [1] |
Current taxes | 3,565 | 2,294 | 434 | |
Deferred taxes | (840) | (342) | 41 | |
Income taxes | 2,729 | 1,911 | 504 | [1] |
Share of the profit/(loss) of equity method investees | 264 | 737 | (74) | [1] |
Net profit/(loss) from continuing operations | 16,779 | 13,218 | 2,338 | [1] |
Owners of the parent | (16,799) | (13,210) | (2,353) | [1] |
Attributable to Non-controlling interests | 20 | (8) | 15 | [1] |
Consolidated profit (loss) from discontinued operations | 0 | 990 | (315) | [1] |
Net profit/(loss) | 16,779 | 14,208 | 2,023 | [1] |
Owners of the parent | 16,799 | 14,200 | 2,173 | [1] |
Non-controlling interests | € (20) | € 8 | (150) | [1] |
Net profit from discontinued operations attributable to owners of the parent | (180) | |||
Profit (loss) from discontinued operations attributable to non-controlling interests | € (135) | |||
Par value per share (in euros per share) | € 0.01 | |||
Basic earnings per share (in EUR per share) | 5.35 | € 4.64 | € 1.41 | [1] |
Diluted earnings per share (in EUR per share) | 5.31 | 4.51 | 1.34 | [1] |
Basic earnings per share from continuing operations (in EUR per share) | 5.35 | 4.32 | 1.52 | [1] |
Diluted earnings per share (in EUR per share) | € 5.31 | 4.19 | € 1.45 | [1] |
PSA | ||||
Disclosure of reclassifications or changes in presentation [line items] | ||||
Par value per share (in euros per share) | € 1 | |||
Reclassifications | ||||
Disclosure of reclassifications or changes in presentation [line items] | ||||
Revenue | € 0 | |||
Cost of revenues | 526 | |||
Selling, general and administrative expenses | (367) | |||
Research and development expenses | 128 | |||
Gains/(Losses) on disposal of investments | 352 | |||
Restructuring costs | 0 | |||
Impairment of CGUs | (367) | |||
Other | 432 | |||
Operating income/(loss) | 0 | |||
Financial income | 180 | |||
Financial expenses | (497) | |||
Net Financial expenses | 317 | |||
Profit/(loss) before taxes | 0 | |||
Current taxes | (644) | |||
Deferred taxes | 16 | |||
Income taxes | 628 | |||
Share of the profit/(loss) of equity method investees | 0 | |||
Net profit/(loss) from continuing operations | 0 | |||
Consolidated profit (loss) from discontinued operations | 0 | |||
Net profit/(loss) | 0 | |||
Owners of the parent | 0 | |||
Non-controlling interests | 0 | |||
Previously reported | ||||
Disclosure of reclassifications or changes in presentation [line items] | ||||
Revenue | 60,734 | |||
Cost of revenues | 49,584 | |||
Selling, general and administrative expenses | 5,019 | |||
Research and development expenses | 2,446 | |||
Restructuring costs | 695 | |||
Impairment of CGUs | 367 | |||
Other | (432) | |||
Operating income/(loss) | (3,055) | |||
Financial income | (180) | |||
Financial expenses | 497 | |||
Profit/(loss) before taxes | (2,738) | |||
Current taxes | 644 | |||
Deferred taxes | (16) | |||
Share of the profit/(loss) of equity method investees | (87) | |||
Net profit/(loss) from continuing operations | 2,023 | |||
Owners of the parent | (2,173) | |||
Attributable to Non-controlling interests | 150 | |||
Net profit/(loss) | 2,023 | |||
Owners of the parent | 2,173 | |||
Non-controlling interests | € (150) | |||
Basic earnings per share (in EUR per share) | € 2.45 | |||
Diluted earnings per share (in EUR per share) | 2.33 | |||
Basic earnings per share from continuing operations (in EUR per share) | 2.45 | |||
Diluted earnings per share (in EUR per share) | € 2.33 | |||
Discontinued operations | ||||
Disclosure of reclassifications or changes in presentation [line items] | ||||
Revenue | € 13,078 | |||
Cost of revenues | 13,033 | |||
Net Financial expenses | 223 | |||
Profit/(loss) before taxes | 178 | |||
Share of the profit/(loss) of equity method investees | (13) | |||
Consolidated profit (loss) from discontinued operations | (315) | |||
Discontinued operations | Reclassifications | ||||
Disclosure of reclassifications or changes in presentation [line items] | ||||
Revenue | (13,078) | |||
Cost of revenues | (11,860) | |||
Selling, general and administrative expenses | (729) | |||
Research and development expenses | (343) | |||
Gains/(Losses) on disposal of investments | (178) | |||
Restructuring costs | (279) | |||
Operating income/(loss) | 45 | |||
Net Financial expenses | 223 | |||
Profit/(loss) before taxes | 178 | |||
Income taxes | 124 | |||
Share of the profit/(loss) of equity method investees | (13) | |||
Net profit/(loss) from continuing operations | (315) | |||
Owners of the parent | (180) | |||
Attributable to Non-controlling interests | (135) | |||
Consolidated profit (loss) from discontinued operations | (315) | |||
Net profit/(loss) | 0 | |||
Owners of the parent | 0 | |||
Non-controlling interests | 0 | |||
Net profit from discontinued operations attributable to owners of the parent | (180) | |||
Profit (loss) from discontinued operations attributable to non-controlling interests | € (135) | |||
[1]Refer to Note 3, Scope of consolidation |
Net revenues - Schedule of reve
Net revenues - Schedule of revenue by type (Details) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Revenue [abstract] | ||||
Shipments of vehicles and sales of other goods | € 173,718 | € 144,559 | € 45,736 | |
Other services provided | 3,786 | 3,112 | 1,318 | |
Construction contract revenues | 779 | 602 | 0 | |
Lease installments from assets sold with a buy-back commitment | 849 | 994 | 578 | |
Interest income of financial services activities | 460 | 152 | 24 | |
Total Net revenues | € 179,592 | € 149,419 | € 47,656 | [1] |
[1]Refer to Note 3, Scope of consolidation |
Net revenues - Schedule of re_2
Net revenues - Schedule of revenue by geographical area (Details) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Disclosure of geographical areas [line items] | ||||
Net revenues | € 179,592 | € 149,419 | € 47,656 | [1] |
North America | ||||
Disclosure of geographical areas [line items] | ||||
Net revenues | 87,283 | 68,885 | 122 | |
France | ||||
Disclosure of geographical areas [line items] | ||||
Net revenues | 16,365 | 15,421 | 14,345 | |
Brazil | ||||
Disclosure of geographical areas [line items] | ||||
Net revenues | 11,363 | 7,607 | 282 | |
Italy | ||||
Disclosure of geographical areas [line items] | ||||
Net revenues | 10,840 | 10,065 | 3,513 | |
Germany | ||||
Disclosure of geographical areas [line items] | ||||
Net revenues | 9,046 | 7,891 | 5,545 | |
United Kingdom | ||||
Disclosure of geographical areas [line items] | ||||
Net revenues | 7,348 | 6,106 | 4,591 | |
Spain | ||||
Disclosure of geographical areas [line items] | ||||
Net revenues | 5,307 | 4,428 | 3,508 | |
Turkey | ||||
Disclosure of geographical areas [line items] | ||||
Net revenues | 3,110 | 2,294 | 1,658 | |
Argentina | ||||
Disclosure of geographical areas [line items] | ||||
Net revenues | 2,735 | 1,961 | 434 | |
Belgium | ||||
Disclosure of geographical areas [line items] | ||||
Net revenues | 2,552 | 2,214 | 2,185 | |
China | ||||
Disclosure of geographical areas [line items] | ||||
Net revenues | 1,811 | 2,013 | 133 | |
Netherlands | ||||
Disclosure of geographical areas [line items] | ||||
Net revenues | 1,376 | 1,192 | 1,030 | |
Poland | ||||
Disclosure of geographical areas [line items] | ||||
Net revenues | 1,230 | 1,273 | 753 | |
Japan | ||||
Disclosure of geographical areas [line items] | ||||
Net revenues | 1,152 | 1,174 | 440 | |
Portugal | ||||
Disclosure of geographical areas [line items] | ||||
Net revenues | 1,138 | 917 | 704 | |
Austria | ||||
Disclosure of geographical areas [line items] | ||||
Net revenues | 801 | 1,085 | 685 | |
Switzerland | ||||
Disclosure of geographical areas [line items] | ||||
Net revenues | 763 | 1,160 | 361 | |
Other countries | ||||
Disclosure of geographical areas [line items] | ||||
Net revenues | € 15,372 | € 13,733 | € 7,367 | |
[1]Refer to Note 3, Scope of consolidation |
Net revenues - Schedule of re_3
Net revenues - Schedule of revenue by segment and type (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of operating segments [line items] | |||
Shipments of vehicles and sales of other goods | € 173,718 | € 144,559 | € 45,736 |
Other services provided | 3,786 | 3,112 | 1,318 |
Construction contract revenues | 779 | 602 | 0 |
Revenues from goods and services | 178,283 | 148,273 | 47,054 |
Lease installments from assets sold with a buy-back commitment | 849 | 994 | 578 |
Interest income of financial services activities | 460 | 152 | 24 |
Construction contract revenues | 179,592 | 149,419 | |
Revenue from performance obligations satisfied or partially satisfied in previous periods | 524 | 921 | |
North America | |||
Disclosure of operating segments [line items] | |||
Shipments of vehicles and sales of other goods | 84,239 | 66,618 | 122 |
Other services provided | 1,234 | 1,072 | 0 |
Construction contract revenues | 0 | 0 | 0 |
Revenues from goods and services | 85,473 | 67,690 | 122 |
Lease installments from assets sold with a buy-back commitment | 1 | 16 | 0 |
Interest income of financial services activities | 0 | 0 | 0 |
Construction contract revenues | 85,474 | 67,706 | |
Enlarged Europe | |||
Disclosure of operating segments [line items] | |||
Shipments of vehicles and sales of other goods | 60,769 | 56,315 | 40,662 |
Other services provided | 1,609 | 1,309 | 1,143 |
Construction contract revenues | 0 | 0 | 0 |
Revenues from goods and services | 62,378 | 57,624 | 41,805 |
Lease installments from assets sold with a buy-back commitment | 848 | 978 | 578 |
Interest income of financial services activities | 0 | 0 | 0 |
Construction contract revenues | 63,226 | 58,602 | |
Middle East & Africa | |||
Disclosure of operating segments [line items] | |||
Shipments of vehicles and sales of other goods | 6,399 | 5,088 | 3,049 |
Other services provided | 54 | 77 | 5 |
Construction contract revenues | 0 | 0 | 0 |
Revenues from goods and services | 6,453 | 5,165 | 3,054 |
Lease installments from assets sold with a buy-back commitment | 0 | 0 | 0 |
Interest income of financial services activities | 0 | 0 | 1 |
Construction contract revenues | 6,453 | 5,165 | |
South America | |||
Disclosure of operating segments [line items] | |||
Shipments of vehicles and sales of other goods | 15,178 | 10,191 | 1,091 |
Other services provided | 462 | 283 | 62 |
Construction contract revenues | 0 | 0 | 0 |
Revenues from goods and services | 15,640 | 10,474 | 1,153 |
Lease installments from assets sold with a buy-back commitment | 0 | 0 | 0 |
Interest income of financial services activities | 0 | 0 | 0 |
Construction contract revenues | 15,640 | 10,474 | |
China and India & Asia Pacific | |||
Disclosure of operating segments [line items] | |||
Shipments of vehicles and sales of other goods | 4,455 | 3,868 | 812 |
Other services provided | 45 | 56 | 52 |
Construction contract revenues | 0 | 0 | 0 |
Revenues from goods and services | 4,500 | 3,924 | 864 |
Lease installments from assets sold with a buy-back commitment | 0 | 0 | 0 |
Interest income of financial services activities | 0 | 0 | 0 |
Construction contract revenues | 4,500 | 3,924 | |
Maserati | |||
Disclosure of operating segments [line items] | |||
Shipments of vehicles and sales of other goods | 2,271 | 1,962 | 0 |
Other services provided | 51 | 40 | 0 |
Construction contract revenues | 0 | 0 | 0 |
Revenues from goods and services | 2,322 | 2,002 | 0 |
Lease installments from assets sold with a buy-back commitment | 0 | 0 | 0 |
Interest income of financial services activities | 0 | 0 | 0 |
Construction contract revenues | 2,322 | 2,002 | |
Other activities | |||
Disclosure of operating segments [line items] | |||
Shipments of vehicles and sales of other goods | 407 | 517 | 0 |
Other services provided | 331 | 275 | 56 |
Construction contract revenues | 779 | 602 | 0 |
Revenues from goods and services | 1,517 | 1,394 | 56 |
Lease installments from assets sold with a buy-back commitment | 0 | 0 | 0 |
Interest income of financial services activities | 460 | 152 | € 23 |
Construction contract revenues | € 1,977 | € 1,546 |
Research and development cost_2
Research and development costs (Details) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Disclosure of detailed information about intangible assets [line items] | ||||
Research and development expenditures expensed | € 3,233 | € 2,761 | € 1,281 | |
Total Research and development costs | 5,200 | 4,487 | 2,231 | [1] |
Capitalised development expenditure | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Amortization of capitalized development expenditures | 1,889 | 1,575 | 822 | |
Impairment and write-off of capitalized development expenditures | € 78 | € 151 | € 128 | |
[1]Refer to Note 3, Scope of consolidation |
Net financial expenses_(incom_3
Net financial expenses/(income) - Disclosure of detailed information about net finance expenses (Details) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Analysis of income and expense [abstract] | ||||
Interest income and other financial income | € 1,066 | € 188 | € 108 | |
Financial expenses: | ||||
Interest expense and other financial expenses: | 959 | 545 | 178 | |
Interest expense on notes | 281 | 182 | 97 | |
Interest expense on borrowings from bank | 105 | 77 | 16 | |
Other interest cost and financial expenses | 573 | 286 | 65 | |
Interest on lease liabilities | 63 | 56 | 13 | |
Write-down of financial assets | 14 | 10 | 16 | |
Net interest expense/(income) on employee benefits provisions | 163 | 169 | (8) | |
Total Financial expenses | 1,199 | 780 | 199 | |
Net expenses from derivative financial instruments and exchange rate differences | 635 | 142 | 3 | |
Total Financial expenses and Net expenses from derivative financial instruments and exchange rate differences | 1,834 | 922 | 202 | |
Net Financial expenses | € 768 | € 734 | € 94 | [1] |
[1]Refer to Note 3, Scope of consolidation |
Net financial expenses_(incom_4
Net financial expenses/(income) - Narrative (Details) - EUR (€) € in Millions, shares in Millions | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 15, 2020 | Dec. 17, 2019 | |
FCA and PSA Merger | ||||||
Disclosure Of Detailed Information About Net Financial Expenses [Line Items] | ||||||
Benefit from remeasurement of financial liability recognised upon commitments | € 57 | € 17 | ||||
Share repurchase, liability recognised | € 668 | € 446 | € 685 | |||
Number of shares cancelled (in shares) | 20.7 | |||||
FCA and PSA Merger | Dongfeng Group | ||||||
Disclosure Of Detailed Information About Net Financial Expenses [Line Items] | ||||||
Share repurchase, commitment (in shares) | 30.7 | |||||
Net foreign exchange loss | € 198 | € 68 | € 14 |
Tax expense_(benefit) - Summary
Tax expense/(benefit) - Summary of tax expense (Details) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Current tax expense | € 3,565 | € 2,294 | € 434 | |
Deferred tax (benefit)/expense | (840) | (342) | 41 | |
Tax (benefit)/expense relating to prior period | 4 | (41) | 29 | |
Total Tax expense/(benefit) | 2,729 | 1,911 | € 504 | [1] |
U.S. | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Adjustments for deferred tax of prior periods | € (161) | € 297 | ||
[1]Refer to Note 3, Scope of consolidation |
Tax expense_(benefit) - Narrati
Tax expense/(benefit) - Narrative (Details) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Income tax rate | 25.80% | 25% | 32% | |
Effective tax rate | 14.20% | 13.30% | 17.30% | |
Temporary differences associated with investments in subsidiaries, branches and associates and interests in joint arrangements for which deferred tax liabilities have not been recognised | € 423 | |||
Deferred tax assets | 2,052 | € 1,927 | [1] | € 1,096 |
Deferred tax assets arising on tax loss carry-forwards | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred tax assets | 9,506 | 8,803 | 4,289 | |
Unrecognised deferred tax assets, unused tax losses | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred tax assets | 6,531 | 6,663 | ||
Unrecognized deferred tax assets on tax loss carry-forwards | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred tax assets | 6,531 | 6,663 | 3,008 | |
France | Deferred tax assets arising on tax loss carry-forwards | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred tax assets | 2,066 | 2,088 | ||
France | Unrecognised deferred tax assets, unused tax losses | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred tax assets | € 16 | € 581 | ||
FCA and PSA Merger | France | Deferred tax assets arising on tax loss carry-forwards | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred tax assets | € 9,000 | |||
[1]Refer to Note 3, Scope of consolidation |
Tax expense_(benefit) - Disclos
Tax expense/(benefit) - Disclosure of reconciliation between theoretical income taxes and income taxes recognised (Details) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Tax Expenses [Abstract] | ||||
Profit/(loss) before tax | € 19,244 | € 14,392 | € 2,916 | |
Income tax rate | 25.80% | 25% | 32% | |
Theoretical income taxes | € 4,965 | € 3,598 | € 933 | |
Tax effect on: | ||||
Differences between foreign tax rates and the theoretical applicable tax rate and tax holidays | (495) | 178 | (102) | |
Recognition and utilization of previously unrecognized deferred tax assets | (1,153) | (1,954) | (410) | |
Deferred tax assets not recognized and write-downs | 47 | 598 | 96 | |
Permanent differences | (338) | (472) | (73) | |
Tax credits | (221) | (85) | (1) | |
Tax rate changes | 0 | 53 | 0 | |
Withholding tax | 21 | 63 | 0 | |
Other differences | (97) | (68) | 61 | |
Total Tax expense/(benefit) | € 2,729 | € 1,911 | € 504 | [1] |
Effective tax rate | 14.20% | 13.30% | 17.30% | |
[1]Refer to Note 3, Scope of consolidation |
Tax expense_(benefit) - Summa_2
Tax expense/(benefit) - Summary of deferred tax assets and liabilities (Details) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Tax Expenses [Abstract] | ||||
Deferred tax assets | € 2,052 | € 1,927 | [1] | € 1,096 |
Deferred tax liabilities | (4,332) | (4,374) | [1] | € (801) |
Total Net deferred tax (liabilities)/assets | € (2,280) | € (2,447) | ||
[1]Refer to Note 3, Scope of consolidation |
Tax expense_(benefit) - Discosu
Tax expense/(benefit) - Discosure of significant components of deferred tax assets and liabilities and their changes (Details) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||||
Deferred tax liabilities at beginning of period | € (4,374) | [1] | € (801) | |
Deferred tax assets at beginning of period | 1,927 | [1] | 1,096 | |
Deferred tax liability (asset) at beginning of period | (2,447) | |||
Deferred tax liabilities at end of period | (4,332) | (4,374) | [1] | |
Deferred tax assets at end of period | 2,052 | 1,927 | [1] | |
Deferred tax liability (asset) at end of period | (2,280) | (2,447) | ||
Total deferred tax liabilities | ||||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||||
Deferred tax liabilities at beginning of period | (13,094) | (2,738) | ||
FCA-PSA merger | (8,934) | |||
Recognized in Consolidated Income Statement | 46 | (474) | ||
Recognized in Equity | 315 | (553) | ||
Transferred to Assets/(Liabilities) Held for Sale | 0 | 1 | ||
Translation differences and Other | 486 | (396) | ||
Deferred tax liabilities at end of period | (13,941) | (13,094) | ||
Accelerated depreciation | ||||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||||
Deferred tax liabilities at beginning of period | (2,662) | (44) | ||
FCA-PSA merger | (2,159) | |||
Recognized in Consolidated Income Statement | (19) | (374) | ||
Recognized in Equity | 0 | 0 | ||
Transferred to Assets/(Liabilities) Held for Sale | 0 | 1 | ||
Translation differences and Other | 133 | (174) | ||
Deferred tax liabilities at end of period | (2,775) | (2,662) | ||
Capitalized development assets | ||||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||||
Deferred tax liabilities at beginning of period | (4,313) | (1,784) | ||
FCA-PSA merger | 2,574 | |||
Recognized in Consolidated Income Statement | (116) | 176 | ||
Recognized in Equity | 0 | 0 | ||
Transferred to Assets/(Liabilities) Held for Sale | 0 | 0 | ||
Translation differences and Other | 99 | (221) | ||
Deferred tax liabilities at end of period | (4,296) | (4,313) | ||
Other Intangible assets and Intangible assets with indefinite useful lives | ||||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||||
Deferred tax liabilities at beginning of period | (3,733) | (188) | ||
FCA-PSA merger | 3,331 | |||
Recognized in Consolidated Income Statement | 44 | 16 | ||
Recognized in Equity | 0 | 0 | ||
Transferred to Assets/(Liabilities) Held for Sale | 0 | 0 | ||
Translation differences and Other | 187 | 198 | ||
Deferred tax liabilities at end of period | (3,964) | (3,733) | ||
Right-of-use assets | ||||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||||
Deferred tax liabilities at beginning of period | (397) | (68) | ||
FCA-PSA merger | 381 | |||
Recognized in Consolidated Income Statement | (82) | (69) | ||
Recognized in Equity | 0 | 0 | ||
Transferred to Assets/(Liabilities) Held for Sale | 0 | 0 | ||
Translation differences and Other | 16 | 17 | ||
Deferred tax liabilities at end of period | (331) | (397) | ||
Provision for employee benefits | ||||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||||
Deferred tax liabilities at beginning of period | (591) | 0 | ||
FCA-PSA merger | 114 | |||
Recognized in Consolidated Income Statement | 0 | (44) | ||
Recognized in Equity | 477 | 491 | ||
Transferred to Assets/(Liabilities) Held for Sale | 0 | 0 | ||
Translation differences and Other | 18 | 30 | ||
Deferred tax liabilities at end of period | (1,086) | (591) | ||
Other | ||||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||||
Deferred tax liabilities at beginning of period | (1,398) | (742) | ||
FCA-PSA merger | 375 | |||
Recognized in Consolidated Income Statement | 219 | 21 | ||
Recognized in Equity | (162) | 62 | ||
Transferred to Assets/(Liabilities) Held for Sale | 0 | 0 | ||
Translation differences and Other | 33 | 198 | ||
Deferred tax liabilities at end of period | (1,488) | (1,398) | ||
Total deferred tax assets | ||||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||||
Deferred tax assets at beginning of period | 11,969 | 2,690 | ||
FCA-PSA merger | 9,913 | |||
Recognized in Consolidated Income Statement | (583) | (253) | ||
Recognized in Equity | 38 | (249) | ||
Transferred to Assets/(Liabilities) Held for Sale | (13) | 13 | ||
Translation differences and Other | 457 | (145) | ||
Deferred tax assets at end of period | 11,868 | 11,969 | ||
Provisions | ||||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||||
Deferred tax assets at beginning of period | 4,510 | 665 | ||
FCA-PSA merger | 3,595 | |||
Recognized in Consolidated Income Statement | 211 | (2) | ||
Recognized in Equity | 1 | 0 | ||
Transferred to Assets/(Liabilities) Held for Sale | (10) | 9 | ||
Translation differences and Other | 140 | 243 | ||
Deferred tax assets at end of period | 4,852 | 4,510 | ||
Provision for employee benefits | ||||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||||
Deferred tax assets at beginning of period | 2,325 | 892 | ||
FCA-PSA merger | 1,424 | |||
Recognized in Consolidated Income Statement | (342) | 306 | ||
Recognized in Equity | 12 | (258) | ||
Transferred to Assets/(Liabilities) Held for Sale | 0 | 2 | ||
Translation differences and Other | 188 | (41) | ||
Deferred tax assets at end of period | 2,183 | 2,325 | ||
Lease liabilities | ||||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||||
Deferred tax assets at beginning of period | 413 | 80 | ||
FCA-PSA merger | 377 | |||
Recognized in Consolidated Income Statement | (60) | (66) | ||
Recognized in Equity | 0 | 0 | ||
Transferred to Assets/(Liabilities) Held for Sale | 0 | 0 | ||
Translation differences and Other | 20 | 22 | ||
Deferred tax assets at end of period | 373 | 413 | ||
Impairment of tangible and intangible assets | ||||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||||
Deferred tax assets at beginning of period | 1,590 | 0 | ||
FCA-PSA merger | 1,986 | |||
Recognized in Consolidated Income Statement | (319) | (394) | ||
Recognized in Equity | 0 | 0 | ||
Transferred to Assets/(Liabilities) Held for Sale | 0 | 0 | ||
Translation differences and Other | (2) | (2) | ||
Deferred tax assets at end of period | 1,269 | 1,590 | ||
Inventories | ||||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||||
Deferred tax assets at beginning of period | 250 | 290 | ||
FCA-PSA merger | 117 | |||
Recognized in Consolidated Income Statement | 129 | 26 | ||
Recognized in Equity | 0 | 0 | ||
Transferred to Assets/(Liabilities) Held for Sale | (2) | 1 | ||
Translation differences and Other | (2) | (184) | ||
Deferred tax assets at end of period | 375 | 250 | ||
Allowances for doubtful accounts | ||||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||||
Deferred tax assets at beginning of period | 115 | 0 | ||
FCA-PSA merger | 126 | |||
Recognized in Consolidated Income Statement | (66) | (10) | ||
Recognized in Equity | 0 | 0 | ||
Transferred to Assets/(Liabilities) Held for Sale | (1) | 0 | ||
Translation differences and Other | 10 | (1) | ||
Deferred tax assets at end of period | 58 | 115 | ||
Provision for buy back | ||||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||||
Deferred tax assets at beginning of period | 131 | 69 | ||
FCA-PSA merger | 0 | |||
Recognized in Consolidated Income Statement | 42 | 64 | ||
Recognized in Equity | 0 | 0 | ||
Transferred to Assets/(Liabilities) Held for Sale | 0 | 0 | ||
Translation differences and Other | (4) | (2) | ||
Deferred tax assets at end of period | 169 | 131 | ||
Other | ||||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||||
Deferred tax assets at beginning of period | 2,635 | 694 | ||
FCA-PSA merger | 2,288 | |||
Recognized in Consolidated Income Statement | (178) | (177) | ||
Recognized in Equity | 25 | 9 | ||
Transferred to Assets/(Liabilities) Held for Sale | 0 | 1 | ||
Translation differences and Other | 107 | (180) | ||
Deferred tax assets at end of period | 2,589 | 2,635 | ||
Unrecognized deferred tax assets on temporary differences | ||||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||||
Deferred tax assets at beginning of period | 3,462 | 938 | ||
FCA-PSA merger | 3,439 | |||
Recognized in Consolidated Income Statement | (466) | (957) | ||
Recognized in Equity | 26 | 16 | ||
Transferred to Assets/(Liabilities) Held for Sale | (9) | 6 | ||
Translation differences and Other | 170 | 20 | ||
Deferred tax assets at end of period | 3,183 | 3,462 | ||
Deferred tax assets arising on tax loss carry-forwards | ||||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||||
Deferred tax assets at beginning of period | 8,803 | 4,289 | ||
FCA-PSA merger | 5,226 | |||
Recognized in Consolidated Income Statement | 469 | (130) | ||
Recognized in Equity | 0 | (33) | ||
Transferred to Assets/(Liabilities) Held for Sale | 2 | 12 | ||
Translation differences and Other | 232 | (561) | ||
Deferred tax assets at end of period | 9,506 | 8,803 | ||
Unrecognized deferred tax assets on tax loss carry-forwards | ||||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||||
Deferred tax assets at beginning of period | 6,663 | 3,008 | ||
FCA-PSA merger | 4,783 | |||
Recognized in Consolidated Income Statement | (373) | (539) | ||
Recognized in Equity | 0 | (33) | ||
Transferred to Assets/(Liabilities) Held for Sale | 3 | 12 | ||
Translation differences and Other | 238 | (568) | ||
Deferred tax assets at end of period | 6,531 | 6,663 | ||
Total Net deferred tax assets/(liabilities) | ||||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||||
Deferred tax liability (asset) at beginning of period | (2,447) | 295 | ||
FCA-PSA merger | 2,017 | |||
Recognized in Consolidated Income Statement | (680) | (639) | ||
Recognized in Equity | 303 | 818 | ||
Transferred to Assets/(Liabilities) Held for Sale | 5 | (8) | ||
Translation differences and Other | 205 | 554 | ||
Deferred tax liability (asset) at end of period | € (2,280) | € (2,447) | ||
[1]Refer to Note 3, Scope of consolidation |
Tax expense_(benefit) - Summa_3
Tax expense/(benefit) - Summary of tax loss carry-forwards (Details) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred tax assets | € 2,052 | € 1,927 | [1] | € 1,096 |
Deferred tax assets arising on tax loss carry-forwards | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred tax assets | 9,506 | 8,803 | € 4,289 | |
Recognized deferred tax assets on tax loss carry-forward | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred tax assets | 2,975 | 2,140 | ||
Unrecognised deferred tax assets, unused tax losses | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred tax assets | 6,531 | 6,663 | ||
France | Deferred tax assets arising on tax loss carry-forwards | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred tax assets | 2,066 | 2,088 | ||
France | Recognized deferred tax assets on tax loss carry-forward | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred tax assets | 2,050 | 1,507 | ||
France | Unrecognised deferred tax assets, unused tax losses | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred tax assets | 16 | 581 | ||
Germany | Deferred tax assets arising on tax loss carry-forwards | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred tax assets | 249 | 118 | ||
Germany | Recognized deferred tax assets on tax loss carry-forward | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred tax assets | 249 | 118 | ||
Germany | Unrecognised deferred tax assets, unused tax losses | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred tax assets | 0 | 0 | ||
Spain | Deferred tax assets arising on tax loss carry-forwards | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred tax assets | 597 | 609 | ||
Spain | Recognized deferred tax assets on tax loss carry-forward | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred tax assets | 53 | 54 | ||
Spain | Unrecognised deferred tax assets, unused tax losses | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred tax assets | 544 | 555 | ||
Italy | Deferred tax assets arising on tax loss carry-forwards | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred tax assets | 3,640 | 3,500 | ||
Italy | Recognized deferred tax assets on tax loss carry-forward | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred tax assets | 486 | 421 | ||
Italy | Unrecognised deferred tax assets, unused tax losses | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred tax assets | 3,154 | 3,079 | ||
Brazil | Deferred tax assets arising on tax loss carry-forwards | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred tax assets | 2,252 | 1,853 | ||
Brazil | Recognized deferred tax assets on tax loss carry-forward | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred tax assets | 0 | 0 | ||
Brazil | Unrecognised deferred tax assets, unused tax losses | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred tax assets | 2,252 | 1,853 | ||
Other | Deferred tax assets arising on tax loss carry-forwards | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred tax assets | 702 | 635 | ||
Other | Recognized deferred tax assets on tax loss carry-forward | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred tax assets | 136 | 40 | ||
Other | Unrecognised deferred tax assets, unused tax losses | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Deferred tax assets | € 566 | € 595 | ||
[1]Refer to Note 3, Scope of consolidation |
Other information by nature - N
Other information by nature - Narrative (Details) € in Billions | 12 Months Ended | ||
Dec. 31, 2022 EUR (€) employee | Dec. 31, 2021 EUR (€) employee | Dec. 31, 2020 EUR (€) employee | |
Additional information [abstract] | |||
Personnel costs | € | € 18.2 | € 17.1 | € 5.9 |
Average number of employees | employee | 282,926 | 292,434 | 111,864 |
Other information by nature - D
Other information by nature - Disclosure of detailed information about leases for lessee (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Additional information [abstract] | |||
Depreciation of right-of-use assets | € 555 | € 529 | € 189 |
Interest expense on lease liabilities | 63 | 56 | 13 |
Variable lease payments not included in the measurement of lease liabilities | 5 | 5 | 4 |
Income from sub-leasing right-of-use assets | (108) | (95) | (9) |
Expenses relating to short-term leases and to leases of low-value assets | 107 | 137 | 24 |
Gains arising from sale and leaseback transactions | (119) | (22) | 0 |
Total expense recognized in Net profit from continuing operations | € 503 | € 610 | € 221 |
Goodwill and intangible asset_3
Goodwill and intangible assets with indefinite useful lives - Summary of goodwill and intangible assets with indefinite useful lives (Details) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | ||||
Intangible assets and goodwill at beginning of period | € 29,921 | [1] | € 6,327 | |
FCA-PSA merger | 24,303 | |||
Additions | 356 | 120 | ||
Disposals | (21) | |||
Change in scope of consolidation | (2,303) | |||
Translation differences and Other | 1,482 | 1,474 | ||
Intangible assets and goodwill at end of period | 31,738 | 29,921 | [1] | |
Goodwill | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | ||||
Intangible assets and goodwill at beginning of period | 14,375 | 4,364 | ||
FCA-PSA merger | 11,506 | |||
Additions | 356 | 119 | ||
Disposals | (21) | |||
Change in scope of consolidation | (2,303) | |||
Translation differences and Other | 797 | 689 | ||
Intangible assets and goodwill at end of period | 15,507 | 14,375 | ||
Goodwill | Gross amount | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | ||||
Intangible assets and goodwill at beginning of period | 14,415 | 5,064 | ||
FCA-PSA merger | 11,506 | |||
Additions | 356 | 119 | ||
Disposals | (21) | |||
Change in scope of consolidation | (2,963) | |||
Translation differences and Other | 795 | 689 | ||
Intangible assets and goodwill at end of period | 15,545 | 14,415 | ||
Goodwill | Accumulated impairment losses | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | ||||
Intangible assets and goodwill at beginning of period | (40) | (700) | ||
FCA-PSA merger | 0 | |||
Additions | 0 | 0 | ||
Disposals | 0 | |||
Change in scope of consolidation | 660 | |||
Translation differences and Other | 2 | 0 | ||
Intangible assets and goodwill at end of period | (38) | (40) | ||
Brands | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | ||||
Intangible assets and goodwill at beginning of period | 15,527 | 1,945 | ||
FCA-PSA merger | 12,797 | |||
Additions | 0 | 0 | ||
Disposals | 0 | |||
Change in scope of consolidation | 0 | |||
Translation differences and Other | 685 | 785 | ||
Intangible assets and goodwill at end of period | 16,212 | 15,527 | ||
Other | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | ||||
Intangible assets and goodwill at beginning of period | 19 | 18 | ||
FCA-PSA merger | 0 | |||
Additions | 0 | 1 | ||
Disposals | 0 | |||
Change in scope of consolidation | 0 | |||
Translation differences and Other | 0 | 0 | ||
Intangible assets and goodwill at end of period | € 19 | € 19 | ||
[1]Refer to Note 3, Scope of consolidation |
Goodwill and intangible asset_4
Goodwill and intangible assets with indefinite useful lives - Narrative (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Intangible assets and goodwill [abstract] | |||
Impairment charges, goodwill and intangible assets with indefinite lives | € 0 | € 0 | € 150,000,000 |
Goodwill and intangible asset_5
Goodwill and intangible assets with indefinite useful lives - Summary of goodwill and brands by segment and former segment (Details) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of operating segments [line items] | ||||
Goodwill and intangible assets with indefinite useful lives | € 31,738 | € 29,921 | [1] | € 6,327 |
Goodwill | ||||
Disclosure of operating segments [line items] | ||||
Goodwill and intangible assets with indefinite useful lives | 15,507 | 14,375 | 4,364 | |
Goodwill | North America | ||||
Disclosure of operating segments [line items] | ||||
Goodwill and intangible assets with indefinite useful lives | 10,790 | 10,180 | ||
Goodwill | Enlarged Europe | ||||
Disclosure of operating segments [line items] | ||||
Goodwill and intangible assets with indefinite useful lives | 2,092 | 2,040 | ||
Goodwill | Middle East & Africa | ||||
Disclosure of operating segments [line items] | ||||
Goodwill and intangible assets with indefinite useful lives | 0 | 0 | ||
Goodwill | South America | ||||
Disclosure of operating segments [line items] | ||||
Goodwill and intangible assets with indefinite useful lives | 1,461 | 1,287 | ||
Goodwill | China and India & Asia Pacific | ||||
Disclosure of operating segments [line items] | ||||
Goodwill and intangible assets with indefinite useful lives | 185 | 199 | ||
Goodwill | Maserati | ||||
Disclosure of operating segments [line items] | ||||
Goodwill and intangible assets with indefinite useful lives | 514 | 514 | ||
Goodwill | Other activities | ||||
Disclosure of operating segments [line items] | ||||
Goodwill and intangible assets with indefinite useful lives | 465 | 155 | ||
Brands | ||||
Disclosure of operating segments [line items] | ||||
Goodwill and intangible assets with indefinite useful lives | 16,212 | 15,527 | € 1,945 | |
Brands | North America | ||||
Disclosure of operating segments [line items] | ||||
Goodwill and intangible assets with indefinite useful lives | 12,220 | 11,509 | ||
Brands | Enlarged Europe | ||||
Disclosure of operating segments [line items] | ||||
Goodwill and intangible assets with indefinite useful lives | 3,021 | 3,047 | ||
Brands | Middle East & Africa | ||||
Disclosure of operating segments [line items] | ||||
Goodwill and intangible assets with indefinite useful lives | 0 | 0 | ||
Brands | South America | ||||
Disclosure of operating segments [line items] | ||||
Goodwill and intangible assets with indefinite useful lives | 0 | 0 | ||
Brands | China and India & Asia Pacific | ||||
Disclosure of operating segments [line items] | ||||
Goodwill and intangible assets with indefinite useful lives | 0 | 0 | ||
Brands | Maserati | ||||
Disclosure of operating segments [line items] | ||||
Goodwill and intangible assets with indefinite useful lives | 971 | 971 | ||
Brands | Other activities | ||||
Disclosure of operating segments [line items] | ||||
Goodwill and intangible assets with indefinite useful lives | € 0 | € 0 | ||
[1]Refer to Note 3, Scope of consolidation |
Other intangible assets - Discl
Other intangible assets - Disclosure of detailed information about other intangible assets (Details) - EUR (€) € in Millions | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||||
Intangible assets other than goodwill at beginning of period | € 16,635 | [1] | € 8,694 | |||
Intangible assets other than goodwill at end of period | 19,006 | 16,635 | [1] | € 8,694 | ||
Share of the profit/(loss) of equity method investees | (264) | (737) | 74 | [2] | ||
Gross carrying amount | ||||||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||||
Intangible assets other than goodwill at beginning of period | 33,581 | 27,367 | ||||
Additions | 4,212 | 3,891 | ||||
FCA-PSA merger | 8,255 | |||||
Divestitures | (285) | (264) | ||||
Change in scope of consolidation | 42 | (6,453) | ||||
Translation differences and other changes | 646 | 785 | ||||
Intangible assets other than goodwill at end of period | 38,196 | 33,581 | 27,367 | |||
Accumulated amortization and impairment losses | ||||||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||||
Intangible assets other than goodwill at beginning of period | (16,946) | (18,673) | ||||
Divestitures | 70 | 106 | ||||
Change in scope of consolidation | 0 | 3,789 | ||||
Translation differences and other changes | (87) | (182) | ||||
Amortization | 2,154 | 1,834 | ||||
Impairment losses and asset write-offs | 73 | 152 | ||||
Intangible assets other than goodwill at end of period | (19,190) | (16,946) | (18,673) | |||
Capitalized development expenditures | ||||||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||||
Intangible assets other than goodwill at beginning of period | 13,645 | |||||
Additions | 3,487 | |||||
Amortization | 1,889 | 1,575 | 822 | |||
Impairment losses and asset write-offs | 78 | 151 | 128 | |||
Intangible assets other than goodwill at end of period | 15,704 | 13,645 | ||||
Capitalized development expenditures | Gross carrying amount | ||||||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||||
Intangible assets other than goodwill at beginning of period | 28,965 | 23,996 | ||||
Additions | 3,589 | 3,128 | ||||
FCA-PSA merger | 6,292 | |||||
Divestitures | (54) | (111) | ||||
Change in scope of consolidation | 0 | (4,818) | ||||
Translation differences and other changes | 481 | 478 | ||||
Intangible assets other than goodwill at end of period | 32,981 | 28,965 | 23,996 | |||
Capitalized development expenditures | Accumulated amortization and impairment losses | ||||||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||||
Intangible assets other than goodwill at beginning of period | (15,320) | (16,438) | ||||
Divestitures | 57 | 104 | ||||
Change in scope of consolidation | 0 | 2,758 | ||||
Translation differences and other changes | (54) | (18) | ||||
Amortization | 1,893 | 1,575 | ||||
Impairment losses and asset write-offs | 67 | 151 | ||||
Intangible assets other than goodwill at end of period | (17,277) | (15,320) | (16,438) | |||
Share of the profit/(loss) of equity method investees | 10 | |||||
Patents, concessions, licenses and credits | ||||||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||||
Intangible assets other than goodwill at beginning of period | 343 | |||||
Intangible assets other than goodwill at end of period | 365 | 343 | ||||
Patents, concessions, licenses and credits | Gross carrying amount | ||||||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||||
Intangible assets other than goodwill at beginning of period | 802 | 318 | ||||
Additions | 88 | 59 | ||||
FCA-PSA merger | 339 | |||||
Divestitures | (6) | (2) | ||||
Change in scope of consolidation | 31 | (92) | ||||
Translation differences and other changes | 1 | 180 | ||||
Intangible assets other than goodwill at end of period | 916 | 802 | 318 | |||
Patents, concessions, licenses and credits | Accumulated amortization and impairment losses | ||||||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||||
Intangible assets other than goodwill at beginning of period | (459) | (260) | ||||
Divestitures | 3 | 1 | ||||
Change in scope of consolidation | 1 | 66 | ||||
Translation differences and other changes | (1) | (164) | ||||
Amortization | 95 | 102 | ||||
Impairment losses and asset write-offs | 0 | 0 | ||||
Intangible assets other than goodwill at end of period | (551) | (459) | (260) | |||
Other intangible assets | ||||||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||||
Intangible assets other than goodwill at beginning of period | 2,647 | |||||
Intangible assets other than goodwill at end of period | 2,937 | 2,647 | ||||
Other intangible assets | Gross carrying amount | ||||||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||||
Intangible assets other than goodwill at beginning of period | 3,814 | 3,053 | ||||
Additions | 535 | 704 | ||||
FCA-PSA merger | 1,624 | |||||
Divestitures | (225) | (151) | ||||
Change in scope of consolidation | 11 | (1,543) | ||||
Translation differences and other changes | 164 | 127 | ||||
Intangible assets other than goodwill at end of period | 4,299 | 3,814 | 3,053 | |||
Other intangible assets | Accumulated amortization and impairment losses | ||||||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||||
Intangible assets other than goodwill at beginning of period | (1,167) | (1,975) | ||||
Divestitures | 10 | 1 | ||||
Change in scope of consolidation | (1) | 965 | ||||
Translation differences and other changes | (32) | 0 | ||||
Amortization | 166 | 157 | ||||
Impairment losses and asset write-offs | 6 | 1 | ||||
Intangible assets other than goodwill at end of period | € (1,362) | € (1,167) | € (1,975) | |||
[1]Refer to Note 3, Scope of consolidation[2]Refer to Note 3, Scope of consolidation |
Other intangible assets - Narra
Other intangible assets - Narrative (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Jan. 17, 2021 | |
Disclosure of detailed information about intangible assets [line items] | |||
Contractual commitments for acquisition of intangible assets | € 141 | € 160 | |
Accumulated amortization and impairment losses | |||
Disclosure of detailed information about intangible assets [line items] | |||
Impairment and write-off of capitalized development expenditures | € 73 | € 152 | |
FCA and PSA Merger | |||
Disclosure of detailed information about intangible assets [line items] | |||
Other intangible assets | € 8,256 |
Property, plant and equipment -
Property, plant and equipment - Summary of property, plant and equipment (Details) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | |||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Property, plant and equipment at beginning of period | € 35,488 | [1] | € 15,983 | |
Impairment losses and asset write-offs | 137 | |||
Property, plant and equipment at end of period | 36,205 | 35,488 | [1] | |
Gross carrying amount | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Property, plant and equipment at beginning of period | 67,449 | 49,117 | ||
Additions | 4,839 | 5,128 | ||
FCA-PSA merger | 20,666 | |||
Divestitures | (1,895) | (1,549) | ||
Change in the scope of consolidation | 52 | (8,328) | ||
Translation differences | 1,354 | 1,350 | ||
Transfer from Assets held for sale | 57 | |||
Transfer to Assets held for sale | (455) | |||
Other changes | 475 | 1,008 | ||
Property, plant and equipment at end of period | 71,819 | 67,449 | ||
Accumulated amortization and impairment losses | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Property, plant and equipment at beginning of period | (31,961) | (33,134) | ||
Divestitures | 1,417 | 1,170 | ||
Change in the scope of consolidation | (39) | 4,638 | ||
Translation differences | (176) | (85) | ||
Transfer from Assets held for sale | (200) | (4) | ||
Other changes | (356) | (425) | ||
Depreciation | 4,653 | 3,992 | ||
Impairment losses and asset write-offs | 46 | 137 | ||
Property, plant and equipment at end of period | (35,614) | (31,961) | ||
Land | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Property, plant and equipment at beginning of period | 1,634 | |||
Property, plant and equipment at end of period | 1,517 | 1,634 | ||
Land | Gross carrying amount | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Property, plant and equipment at beginning of period | 1,651 | 514 | ||
Additions | 0 | 2 | ||
FCA-PSA merger | 1,237 | |||
Divestitures | (39) | (39) | ||
Change in the scope of consolidation | 7 | (114) | ||
Translation differences | 43 | 51 | ||
Transfer from Assets held for sale | 1 | |||
Transfer to Assets held for sale | (104) | |||
Other changes | (9) | (1) | ||
Property, plant and equipment at end of period | 1,549 | 1,651 | ||
Land | Accumulated amortization and impairment losses | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Property, plant and equipment at beginning of period | (17) | (23) | ||
Divestitures | 1 | 0 | ||
Change in the scope of consolidation | (2) | 8 | ||
Translation differences | 0 | 0 | ||
Transfer from Assets held for sale | 0 | 0 | ||
Other changes | (2) | (1) | ||
Depreciation | 3 | 1 | ||
Impairment losses and asset write-offs | 9 | 0 | ||
Property, plant and equipment at end of period | (32) | (17) | ||
Buildings | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Property, plant and equipment at beginning of period | 6,063 | |||
Property, plant and equipment at end of period | 5,770 | 6,063 | ||
Buildings | Gross carrying amount | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Property, plant and equipment at beginning of period | 10,232 | 7,595 | ||
Additions | 322 | 348 | ||
FCA-PSA merger | 4,371 | |||
Divestitures | (491) | (469) | ||
Change in the scope of consolidation | (6) | (2,046) | ||
Translation differences | 242 | 272 | ||
Transfer from Assets held for sale | 18 | |||
Transfer to Assets held for sale | (168) | |||
Other changes | 129 | 143 | ||
Property, plant and equipment at end of period | 10,260 | 10,232 | ||
Buildings | Accumulated amortization and impairment losses | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Property, plant and equipment at beginning of period | (4,169) | (4,648) | ||
Divestitures | 250 | 210 | ||
Change in the scope of consolidation | 2 | 931 | ||
Translation differences | (26) | (18) | ||
Transfer from Assets held for sale | (84) | 0 | ||
Other changes | (11) | (33) | ||
Depreciation | 583 | 545 | ||
Impairment losses and asset write-offs | 37 | 66 | ||
Property, plant and equipment at end of period | (4,490) | (4,169) | ||
Plant, machinery and equipment | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Property, plant and equipment at beginning of period | 19,028 | |||
Property, plant and equipment at end of period | 20,339 | 19,028 | ||
Plant, machinery and equipment | Gross carrying amount | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Property, plant and equipment at beginning of period | 45,548 | 34,313 | ||
Additions | 3,133 | 2,995 | ||
FCA-PSA merger | 9,799 | |||
Divestitures | (1,018) | (875) | ||
Change in the scope of consolidation | (10) | (5,109) | ||
Translation differences | 862 | 816 | ||
Transfer from Assets held for sale | 34 | |||
Transfer to Assets held for sale | (158) | |||
Other changes | 1,334 | 3,575 | ||
Property, plant and equipment at end of period | 49,691 | 45,548 | ||
Plant, machinery and equipment | Accumulated amortization and impairment losses | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Property, plant and equipment at beginning of period | (26,520) | (27,101) | ||
Divestitures | 1,012 | 822 | ||
Change in the scope of consolidation | (15) | 3,266 | ||
Translation differences | (150) | (56) | ||
Transfer from Assets held for sale | (112) | (3) | ||
Other changes | (158) | (287) | ||
Depreciation | 3,633 | 3,096 | ||
Impairment losses and asset write-offs | 0 | 71 | ||
Property, plant and equipment at end of period | (29,352) | (26,520) | ||
Other assets | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Property, plant and equipment at beginning of period | 4,843 | |||
Property, plant and equipment at end of period | 4,943 | 4,843 | ||
Other assets | Gross carrying amount | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Property, plant and equipment at beginning of period | 6,074 | 5,071 | ||
Additions | 367 | 214 | ||
FCA-PSA merger | 807 | |||
Divestitures | (280) | (155) | ||
Change in the scope of consolidation | 60 | (628) | ||
Translation differences | 19 | 83 | ||
Transfer from Assets held for sale | 0 | |||
Transfer to Assets held for sale | (7) | |||
Other changes | 423 | 682 | ||
Property, plant and equipment at end of period | 6,656 | 6,074 | ||
Other assets | Accumulated amortization and impairment losses | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Property, plant and equipment at beginning of period | (1,231) | (1,338) | ||
Divestitures | 154 | 138 | ||
Change in the scope of consolidation | (24) | 433 | ||
Translation differences | 3 | (11) | ||
Transfer from Assets held for sale | (4) | (1) | ||
Other changes | (185) | (104) | ||
Depreciation | 434 | 350 | ||
Impairment losses and asset write-offs | 0 | 0 | ||
Property, plant and equipment at end of period | (1,713) | (1,231) | ||
Advances and tangible assets in progress | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Property, plant and equipment at beginning of period | 3,920 | |||
Property, plant and equipment at end of period | 3,636 | 3,920 | ||
Advances and tangible assets in progress | Gross carrying amount | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Property, plant and equipment at beginning of period | 3,944 | 1,624 | ||
Additions | 1,017 | 1,569 | ||
FCA-PSA merger | 4,452 | |||
Divestitures | (67) | (11) | ||
Change in the scope of consolidation | 1 | (431) | ||
Translation differences | 188 | 128 | ||
Transfer from Assets held for sale | 4 | |||
Transfer to Assets held for sale | (18) | |||
Other changes | (1,402) | (3,391) | ||
Property, plant and equipment at end of period | 3,663 | 3,944 | ||
Advances and tangible assets in progress | Accumulated amortization and impairment losses | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Property, plant and equipment at beginning of period | (24) | (24) | ||
Divestitures | 0 | 0 | ||
Change in the scope of consolidation | 0 | 0 | ||
Translation differences | (3) | 0 | ||
Transfer from Assets held for sale | 0 | 0 | ||
Other changes | 0 | 0 | ||
Depreciation | 0 | 0 | ||
Impairment losses and asset write-offs | 0 | 0 | ||
Property, plant and equipment at end of period | € (27) | € (24) | ||
[1]Refer to Note 3, Scope of consolidation |
Property, plant and equipment_2
Property, plant and equipment - Narrative (Details) - EUR (€) € in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Jan. 17, 2021 | Dec. 31, 2020 | ||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment | € 36,205 | € 35,488 | [1] | € 15,983 | |
Right-of-use assets | 1,961 | 2,326 | 1,684 | ||
Impairment losses and asset write-offs | 137 | ||||
Property, plant and equipment, pledged as security | 1,400 | 1,388 | |||
Contractual commitments for acquisition of property, plant and equipment | 1,960 | 1,712 | |||
FCA and PSA Merger | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment recognised as of acquisition date | € 20,667 | ||||
U.S. Dollar and Brazilian Real to Euro | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Translation differences | 1,178 | ||||
U.S. Dollar and Pound Sterling to Euro | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Translation differences | 1,265 | ||||
Accumulated amortization and impairment losses | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment | (35,614) | (31,961) | € (33,134) | ||
Impairment losses and asset write-offs | 46 | 137 | |||
Translation differences | (176) | (85) | |||
Property, plant and equipment not subject to operating leases | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment | € 34,244 | € 33,162 | |||
[1]Refer to Note 3, Scope of consolidation |
Property, plant and equipment_3
Property, plant and equipment - Disclosure of changes in right-of-use assets (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Right-of-use assets at beginning of period | € 2,326 | € 1,684 | |
FCA-PSA merger | 1,902 | ||
Depreciation | 529 | ||
Additions | 378 | 283 | |
Divestitures | (212) | (202) | |
Change in the scope of consolidation | (10) | (897) | |
Translation differences | 80 | 127 | |
Other | (46) | (42) | |
Depreciation | (555) | (529) | € (189) |
Right-of-use assets at end of period | 1,961 | 2,326 | 1,684 |
Land | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Right-of-use assets at beginning of period | 22 | 4 | |
FCA-PSA merger | 20 | ||
Depreciation | 1 | ||
Additions | 0 | 0 | |
Divestitures | (2) | (2) | |
Change in the scope of consolidation | 4 | 0 | |
Translation differences | 1 | 1 | |
Other | 1 | 0 | |
Depreciation | (3) | ||
Right-of-use assets at end of period | 23 | 22 | 4 |
Buildings | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Right-of-use assets at beginning of period | 1,734 | 1,357 | |
FCA-PSA merger | 1,395 | ||
Depreciation | 285 | ||
Additions | 124 | 133 | |
Divestitures | (196) | (178) | |
Change in the scope of consolidation | (11) | (745) | |
Translation differences | 59 | 98 | |
Other | (40) | (41) | |
Depreciation | (269) | ||
Right-of-use assets at end of period | 1,401 | 1,734 | 1,357 |
Plant, machinery and equipment | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Right-of-use assets at beginning of period | 349 | 216 | |
FCA-PSA merger | 300 | ||
Depreciation | 125 | ||
Additions | 46 | 33 | |
Divestitures | (7) | (18) | |
Change in the scope of consolidation | (3) | (73) | |
Translation differences | 11 | 17 | |
Other | (5) | (1) | |
Depreciation | (126) | ||
Right-of-use assets at end of period | 265 | 349 | 216 |
Other assets | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Right-of-use assets at beginning of period | 221 | 107 | |
FCA-PSA merger | 187 | ||
Depreciation | 118 | ||
Additions | 208 | 117 | |
Divestitures | (7) | (4) | |
Change in the scope of consolidation | 0 | (79) | |
Translation differences | 9 | 11 | |
Other | (2) | 0 | |
Depreciation | (157) | ||
Right-of-use assets at end of period | € 272 | € 221 | € 107 |
Investments accounted for usi_3
Investments accounted for using the equity method - Disclosure of investments accounted for using the equity method (Details) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Investments accounted for using equity method [abstract] | ||||
Joint ventures | € 4,561 | € 5,635 | ||
Associates | 195 | 297 | ||
Other | 78 | 90 | ||
Total Investments accounted for using the equity method | € 4,834 | € 6,022 | [1] | € 3,152 |
[1]Refer to Note 3, Scope of consolidation |
Investments accounted for usi_4
Investments accounted for using the equity method - Disclosure of ownership percentage and carrying value of investments in joint ventures (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of joint ventures [line items] | |||
Joint ventures | € 4,561 | € 5,635 | |
Finance companies in partnership with Santander Consumer Finance | |||
Disclosure of joint ventures [line items] | |||
Proportion of ownership interest in joint venture | 50% | 50% | |
Joint ventures | € 2,092 | € 1,896 | |
FCA Bank | |||
Disclosure of joint ventures [line items] | |||
Proportion of ownership interest in joint venture | 50% | 50% | |
Joint ventures | € 0 | € 1,858 | |
LeaseCo SAS | |||
Disclosure of joint ventures [line items] | |||
Proportion of ownership interest in joint venture | 50% | 50% | 0% |
Joint ventures | € 323 | € 0 | |
StarPlus Energy LLC | |||
Disclosure of joint ventures [line items] | |||
Proportion of ownership interest in joint venture | 49% | 0% | |
Joint ventures | € 141 | € 0 | |
Tofas-Turk Otomobil Fabrikasi A.S. | |||
Disclosure of joint ventures [line items] | |||
Proportion of ownership interest in joint venture | 37.90% | 37.90% | |
Joint ventures | € 932 | € 727 | |
Finance companies in partnership with BNP Paribas Personal Finance | |||
Disclosure of joint ventures [line items] | |||
Proportion of ownership interest in joint venture | 50% | 50% | |
Joint ventures | € 718 | € 636 | |
Dongfeng Peugeot Citroën Auto Finance Company | |||
Disclosure of joint ventures [line items] | |||
Proportion of ownership interest in joint venture | 0% | 25% | |
Joint ventures | € 0 | € 137 | |
GAC FIAT Chrysler Automobiles Co. | |||
Disclosure of joint ventures [line items] | |||
Proportion of ownership interest in joint venture | 50% | 50% | |
Joint ventures | € 0 | € 130 | |
Automotive Cells Company SE (“ACC”) | |||
Disclosure of joint ventures [line items] | |||
Proportion of ownership interest in joint venture | 33% | 50% | |
Joint ventures | € 177 | € 89 | |
Others | |||
Disclosure of joint ventures [line items] | |||
Joint ventures | € 178 | € 162 |
Investments accounted for usi_5
Investments accounted for using the equity method - Narrative (Details) € in Millions | 12 Months Ended | |||||
Mar. 31, 2022 | Mar. 30, 2022 | Dec. 31, 2022 EUR (€) partnership | Dec. 31, 2021 EUR (€) | Jan. 17, 2021 EUR (€) | Dec. 31, 2020 EUR (€) | |
Disclosure Of Investment Accounted For Using Equity Method [Line Items] | ||||||
Cumulative unrecognised share of losses of joint ventures, transition from proportionate consolidation to equity method | € 158 | € 103 | € 7 | |||
Number of partnerships with Santander Consumer Finance | partnership | 2 | |||||
CACF And Stellantis | Leasys | ||||||
Disclosure Of Investment Accounted For Using Equity Method [Line Items] | ||||||
Proportion of ownership interest in associate | 50% | |||||
FCA and PSA Merger | ||||||
Disclosure Of Investment Accounted For Using Equity Method [Line Items] | ||||||
Equity method investments | € 2,637 | |||||
Tofas-Turk Otomobil Fabrikasi A.S. | ||||||
Disclosure Of Investment Accounted For Using Equity Method [Line Items] | ||||||
Proportion of ownership interest in joint venture | 37.90% | 37.90% | ||||
Fair value of investments in joint ventures | € 1,572 | € 976 | ||||
Credit Agricole Consumer Finance | ||||||
Disclosure Of Investment Accounted For Using Equity Method [Line Items] | ||||||
Proportion of ownership interest in joint venture | 50% | |||||
LeaseCo SAS | ||||||
Disclosure Of Investment Accounted For Using Equity Method [Line Items] | ||||||
Proportion of ownership interest in joint venture | 50% | 50% | 0% | |||
LeaseCo SAS | CACF And Stellantis | ||||||
Disclosure Of Investment Accounted For Using Equity Method [Line Items] | ||||||
Proportion of ownership interest in joint venture | 50% |
Investments accounted for usi_6
Investments accounted for using the equity method - Summary of financial information related to FCA Bank and the finance companies in partnership with Santander Consumer Finance (Details) - EUR (€) € in Millions | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Disclosure Of Joint Ventures And Associates [Line Items] | ||||||
Financial assets | € 5,033 | € 2,510 | ||||
Cash and cash equivalents | 46,433 | 49,629 | [1] | € 22,893 | ||
Total Equity | 72,382 | 56,307 | [1] | 23,873 | € 21,801 | |
Carrying amount of interest | 4,561 | 5,635 | ||||
Interest and similar expenses | (959) | (545) | (178) | |||
Income tax expense | (2,729) | (1,911) | (504) | [2] | ||
Net profit from continuing operations | 16,779 | 13,218 | 2,338 | [2] | ||
Net profit | 16,779 | 14,208 | 2,023 | [2] | ||
Total Comprehensive income attributable to owners of the parent (A+B) | 19,781 | 18,020 | 1,591 | |||
Company’s share of net profit | 286 | 737 | (95) | |||
FCA Bank | ||||||
Disclosure Of Joint Ventures And Associates [Line Items] | ||||||
Carrying amount of interest | 0 | 1,858 | ||||
Finance companies in partnership with Santander Consumer Finance | ||||||
Disclosure Of Joint Ventures And Associates [Line Items] | ||||||
Financial assets | 33,616 | 31,959 | ||||
Cash and cash equivalents | 2,527 | 2,758 | ||||
Other assets | 1,600 | 1,147 | ||||
Financial liabilities | 28,558 | 27,445 | ||||
Other liabilities | 2,474 | 1,869 | ||||
Total Equity | 4,184 | 3,792 | ||||
Company’s share of net assets | 2,092 | 1,896 | ||||
Carrying amount of interest | 2,092 | 1,896 | ||||
Interest and similar income | 2,592 | 2,300 | 2,249 | |||
Interest and similar expenses | (1,258) | (997) | (979) | |||
Income tax expense | (219) | (210) | (227) | |||
Net profit from continuing operations | 690 | 673 | 552 | |||
Net profit | 690 | 673 | 552 | |||
Net profit attributable to owners of the parent (A) | 345 | 336 | 276 | |||
Other comprehensive income/(loss) attributable to owners of the parent (B) | (8) | 15 | (24) | |||
Total Comprehensive income attributable to owners of the parent (A+B) | 337 | 351 | 252 | |||
Company’s share of net profit | € 345 | € 336 | € 276 | |||
[1]Refer to Note 3, Scope of consolidation[2]Refer to Note 3, Scope of consolidation |
Investments accounted for usi_7
Investments accounted for using the equity method - Summary of share of profits of equity method investees (Details) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Investments accounted for using equity method [abstract] | ||||
Joint Ventures(1) | € 286 | € 737 | € (95) | |
Associates | 13 | 22 | 24 | |
Other | (35) | (22) | (3) | |
Total Share of the profit/(loss) of equity method investees | € 264 | € 737 | € (74) | [1] |
[1]Refer to Note 3, Scope of consolidation |
Investments accounted for usi_8
Investments accounted for using the equity method - Disclosure of aggregate amounts of individually immaterial joint ventures and associates (Details) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Disclosure Of Joint Ventures And Associates [Line Items] | ||||
Net profit/(loss) | € 264 | € 737 | € (74) | [1] |
Other comprehensive income | (12) | (39) | (43) | |
Aggregated individually immaterial associates | ||||
Disclosure Of Joint Ventures And Associates [Line Items] | ||||
Profit/(loss) from continuing operations | 13 | 22 | 24 | |
Net profit/(loss) | 13 | 22 | 24 | |
Other comprehensive income | 0 | 13 | 0 | |
Total Other comprehensive (loss)/income | 13 | 35 | 24 | |
Aggregated individually immaterial joint ventures | ||||
Disclosure Of Joint Ventures And Associates [Line Items] | ||||
Profit/(loss) from continuing operations | (152) | 168 | (372) | |
Net profit/(loss) | (152) | 168 | (372) | |
Other comprehensive income | (47) | (72) | (4) | |
Total Other comprehensive (loss)/income | € (199) | € 96 | € (376) | |
[1]Refer to Note 3, Scope of consolidation |
Financial assets - Summary of f
Financial assets - Summary of financial assets (Details) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of financial assets [line items] | ||||
Current financial assets | € 4,323 | € 1,903 | [1] | € 935 |
Non-current financial assets | 710 | 607 | [1] | € 412 |
Total | 5,033 | 2,510 | ||
Financial securities | Financial assets at fair value through other comprehensive income | ||||
Disclosure of financial assets [line items] | ||||
Current financial assets | 96 | 67 | ||
Non-current financial assets | 62 | 38 | ||
Total | 158 | 105 | ||
Financial securities | Financial assets at fair value through profit or loss | ||||
Disclosure of financial assets [line items] | ||||
Current financial assets | 573 | 629 | ||
Non-current financial assets | 367 | 378 | ||
Total | 940 | 1,007 | ||
Financial securities | Financial assets at amortised cost | ||||
Disclosure of financial assets [line items] | ||||
Current financial assets | 3,171 | 1,087 | ||
Non-current financial assets | 52 | 29 | ||
Total | 3,223 | 1,116 | ||
Financial receivables | ||||
Disclosure of financial assets [line items] | ||||
Current financial assets | 469 | 65 | ||
Non-current financial assets | 158 | 117 | ||
Total | 627 | 182 | ||
Collateral deposits | ||||
Disclosure of financial assets [line items] | ||||
Current financial assets | 1 | 2 | ||
Non-current financial assets | 50 | 45 | ||
Total | 51 | 47 | ||
Financial Derivative Assets | ||||
Disclosure of financial assets [line items] | ||||
Current financial assets | 13 | 53 | ||
Non-current financial assets | 21 | 0 | ||
Total | € 34 | € 53 | ||
[1]Refer to Note 3, Scope of consolidation |
Financial assets - Narrative (D
Financial assets - Narrative (Details) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Disclosure of financial assets [line items] | ||||
Current financial assets | € 4,323 | € 1,903 | [1] | € 935 |
Financial assets at amortised cost | Financial securities | ||||
Disclosure of financial assets [line items] | ||||
Current financial assets | 3,171 | € 1,087 | ||
Financial assets at amortised cost | Financial securities | Later than six months [member] | ||||
Disclosure of financial assets [line items] | ||||
Increase (decrease) in financial assets | € 2,107 | |||
Credit Suisse Asset Management | ||||
Disclosure of financial assets [line items] | ||||
Cash proceeds received, percentage of investment | 67% | |||
Current financial assets | € 137 | |||
[1]Refer to Note 3, Scope of consolidation |
Inventories - Disclosure of det
Inventories - Disclosure of detailed information about inventory (Details) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Subclassifications of assets, liabilities and equities [abstract] | ||||
Finished goods and goods for resale | € 8,304 | € 5,144 | ||
Work-in-progress, raw materials and manufacturing supplies | 8,781 | 6,019 | ||
Amount due from customers for contract work | 275 | 198 | ||
Total Inventories | € 17,360 | € 11,361 | [1] | € 5,366 |
[1]Refer to Note 3, Scope of consolidation |
Inventories - Narrative (Detail
Inventories - Narrative (Details) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 17, 2021 | |
Disclosure Of Detailed Information About Inventory [Line Items] | ||||
Reversal of Inventory, fair value adjustment | € 951 | € 522 | ||
Inventory write-down | € 397 | € 479 | € 23 | |
Expected recognition of construction contract net asset (liability) | 12 months | |||
FCA and PSA Merger | ||||
Disclosure Of Detailed Information About Inventory [Line Items] | ||||
Inventories | € 9,333 |
Inventories - Disclosure of amo
Inventories - Disclosure of amounts due from customers for contract work (Details) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Aggregate amount of costs incurred and recognized profits (less recognized losses) to date | € 826 | € 696 |
Less: Progress billings | 662 | 552 |
Construction contracts, net asset/(liability) | 164 | 144 |
Construction contract assets | 275 | 198 |
Construction contract liabilities | € 111 | € 54 |
Inventories - Explanation of ch
Inventories - Explanation of changes in constrat assets and contract liabilities (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Subclassifications of assets, liabilities and equities [abstract] | |||
Receivables from contracts with customers at beginning of period | € 144 | ||
Advances received from customers | (759) | ||
Amounts recognized within revenue | 779 | € 602 | € 0 |
Receivables from contracts with customers at end of period | € 164 | € 144 |
Working capital - Disclosure of
Working capital - Disclosure of changes in working capital (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Working Capital [Abstract] | |||
(Increase)/decrease in inventories | € (5,606) | € 2,201 | € 844 |
(Increase)/decrease in trade receivables | (1,986) | 246 | 191 |
Increase/(decrease) in trade payables | 4,165 | (1,273) | 218 |
Other changes | (1,054) | 38 | 47 |
Total change in working capital | € (4,481) | € 1,212 | € 1,300 |
Working capital - Narrative (De
Working capital - Narrative (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Working Capital [Abstract] | |||
Changes in working capital | € (4,481) | € 1,212 | € 1,300 |
(Increase)/decrease in inventories | (5,606) | 2,201 | 844 |
(Increase)/decrease in trade receivables | (1,986) | 246 | 191 |
Increase/(decrease) in trade payables | 4,165 | (1,273) | 218 |
Other changes | € (1,054) | € 38 | € 47 |
Trade receivables, other asse_3
Trade receivables, other assets, prepaid expenses and Tax receivables - Summary of other assets and prepaid expenses (Details) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Trade and other receivables [abstract] | ||||
Current receivables from financing activities | € 2,153 | € 2,296 | ||
Non-current receivables from financing activities | 2,553 | 1,347 | ||
Receivables from financing activities | 4,706 | 3,643 | ||
Current other receivables | 3,506 | 2,679 | ||
Non-current other receivables | 1,730 | 2,122 | ||
Other receivables | 5,236 | 4,801 | ||
Current defined benefit plan assets | 0 | 0 | ||
Non-current defined benefit plan assets | 1,844 | 2,423 | ||
Defined benefit plan assets (Note 20) | 1,844 | 2,423 | ||
Current derivative operating assets | 587 | 641 | ||
Non-current derivative operating assets | 286 | 114 | ||
Derivative operating assets | 873 | 755 | ||
Current prepaid expenses and other | 1,303 | 746 | ||
Non-current prepaid expenses and other | 310 | 260 | ||
Prepaid expenses and other | 1,613 | 1,006 | ||
Other current assets and current prepaid expenses | 7,549 | 6,362 | [1] | € 2,393 |
Other non-current assets and non-current prepaid expenses | 6,723 | 6,266 | [1] | € 2,095 |
Total other assets and prepaid expenses | € 14,272 | € 12,628 | ||
[1]Refer to Note 3, Scope of consolidation |
Trade receivables, other asse_4
Trade receivables, other assets, prepaid expenses and Tax receivables - Schedule of receivables by due date (Details) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of financial assets [line items] | ||||
Current receivables from financing activities | € 2,153 | € 2,296 | ||
Non-current receivables from financing activities | 2,553 | 1,347 | ||
Receivables from financing activities | 4,706 | 3,643 | ||
Current other receivables | 3,506 | 2,679 | ||
Non-current other receivables | 1,730 | 2,122 | ||
Other receivables | 5,236 | 4,801 | ||
Current derivative operating assets | 587 | 641 | ||
Non-current derivative operating assets | 286 | 114 | ||
Derivative operating assets | 873 | 755 | ||
Current trade and other receivables | 6,246 | 5,616 | ||
Non-current trade and other receivables | 4,569 | 3,583 | ||
Total | 10,815 | 9,199 | ||
Current tax receivables | 543 | 285 | [1] | € 216 |
Non-current tax receivables | 112 | 105 | [1] | € 0 |
Tax receivables | 655 | 390 | ||
Due between one and five years | ||||
Disclosure of financial assets [line items] | ||||
Non-current receivables from financing activities | 1,918 | 923 | ||
Non-current other receivables | 1,614 | 1,773 | ||
Non-current derivative operating assets | 286 | 114 | ||
Non-current trade and other receivables | 3,818 | 2,810 | ||
Non-current tax receivables | 79 | 74 | ||
Due beyond five years | ||||
Disclosure of financial assets [line items] | ||||
Non-current receivables from financing activities | 635 | 424 | ||
Non-current other receivables | 116 | 349 | ||
Non-current derivative operating assets | 0 | 0 | ||
Non-current trade and other receivables | 751 | 773 | ||
Non-current tax receivables | € 33 | € 31 | ||
[1]Refer to Note 3, Scope of consolidation |
Trade receivables, other asse_5
Trade receivables, other assets, prepaid expenses and Tax receivables - Disclosure of allowance for trade receivables (Details) - Trade receivables € in Millions | 12 Months Ended |
Dec. 31, 2022 EUR (€) | |
Reconciliation of changes in allowance account for credit losses of financial assets [abstract] | |
Allowance, beginning balance | € 482 |
Provision | 159 |
Use and other changes | (74) |
Transferred to Assets held for sale | (5) |
Allowance, ending balance | € 562 |
Trade receivables, other asse_6
Trade receivables, other assets, prepaid expenses and Tax receivables - Disclosure of exposure to credit risk and ECLs for trade receivables (Details) - Trade receivables - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of credit risk exposure [line items] | ||
Gross amount | € 5,489 | € 3,475 |
ECL allowance | (562) | (482) |
Carrying amount | 4,927 | 2,993 |
Current and less than 90 days past due | ||
Disclosure of credit risk exposure [line items] | ||
Gross amount | 4,820 | 2,882 |
ECL allowance | (178) | (80) |
Carrying amount | 4,642 | 2,802 |
90 days or more past due | ||
Disclosure of credit risk exposure [line items] | ||
Gross amount | 669 | 593 |
ECL allowance | (384) | (402) |
Carrying amount | € 285 | € 191 |
Trade receivables, other asse_7
Trade receivables, other assets, prepaid expenses and Tax receivables - Narrative (Details) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Disclosure of continuing involvement in derecognised financial assets [line items] | ||||
Assets | € 186,156 | € 171,766 | [1] | € 75,285 |
Value added tax | 3,545 | 3,370 | ||
Fair value of assets representing derecognised financial assets | 13,935 | 12,509 | ||
Recurring fair value measurement | ||||
Disclosure of continuing involvement in derecognised financial assets [line items] | ||||
Assets | € 23,275 | € 27,669 | ||
Finance companies in partnership with Santander, BNP Paribas and Credit Agricole | ||||
Disclosure of continuing involvement in derecognised financial assets [line items] | ||||
Fair value of assets representing derecognised financial assets, percent | 66% | 57% | ||
Brazilian Tax Jurisdiction | ||||
Disclosure of continuing involvement in derecognised financial assets [line items] | ||||
Other receivables recognised in Income Statement | € 70 | € 113 | ||
Other receivables expected to be recognised in Income Statement | 48 | |||
Cash received, decrease other receivables recognised in income statement | 144 | |||
Brazilian Tax Jurisdiction | Net revenues | ||||
Disclosure of continuing involvement in derecognised financial assets [line items] | ||||
Other receivables recognised in Income Statement | 87 | |||
Brazilian Tax Jurisdiction | Net financial income (expense) | ||||
Disclosure of continuing involvement in derecognised financial assets [line items] | ||||
Other receivables recognised in Income Statement | 26 | |||
Brazilian Tax Jurisdiction | PSA | ||||
Disclosure of continuing involvement in derecognised financial assets [line items] | ||||
Value added tax | 180 | |||
Reversal of provision for indirect tax liabilities | 166 | |||
Financial receivables | ||||
Disclosure of continuing involvement in derecognised financial assets [line items] | ||||
Current financial assets at fair value through profit or loss | 5 | |||
Financial receivables | Recurring fair value measurement | ||||
Disclosure of continuing involvement in derecognised financial assets [line items] | ||||
Assets | 1 | 5 | ||
Receivables from financing activities | ||||
Disclosure of continuing involvement in derecognised financial assets [line items] | ||||
Current financial assets at fair value through profit or loss | 252 | |||
Receivables from financing activities | Recurring fair value measurement | ||||
Disclosure of continuing involvement in derecognised financial assets [line items] | ||||
Assets | € 259 | € 252 | ||
[1]Refer to Note 3, Scope of consolidation |
Trade receivables, other asse_8
Trade receivables, other assets, prepaid expenses and Tax receivables - Schedule of receivables from financing activities (Details) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Trade and other receivables [abstract] | ||
Dealer financing | € 1,644 | € 1,499 |
Retail financing | 2,475 | 1,438 |
Finance leases | 7 | 5 |
Other | 580 | 701 |
Receivables from financing activities | € 4,706 | € 3,643 |
Trade receivables, other asse_9
Trade receivables, other assets, prepaid expenses and Tax receivables - Disclosure of allowance for financing receivables (Details) - Receivables from financing activities € in Millions | 12 Months Ended |
Dec. 31, 2022 EUR (€) | |
Reconciliation of changes in allowance account for credit losses of financial assets [abstract] | |
Allowance, beginning balance | € 121 |
Provision | 96 |
Use and other changes | (45) |
Transferred to Assets held for sale | 0 |
Allowance, ending balance | € 172 |
Trade receivables, other ass_10
Trade receivables, other assets, prepaid expenses and Tax receivables - Disclosure of exposure to credit risk and ECLs for financing receivables (Details) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of credit risk exposure [line items] | ||
Receivables from financing activities | € 4,706 | € 3,643 |
Receivables from financing activities | ||
Disclosure of credit risk exposure [line items] | ||
Gross amount | 4,619 | 3,512 |
ECL allowance | (172) | (121) |
Receivables from financing activities | 4,447 | 3,391 |
Receivables from financing activities | Stage 1 | ||
Disclosure of credit risk exposure [line items] | ||
Gross amount | 4,492 | 3,359 |
ECL allowance | (138) | (105) |
Receivables from financing activities | 4,354 | 3,254 |
Receivables from financing activities | Stage 2 | ||
Disclosure of credit risk exposure [line items] | ||
Gross amount | 69 | 108 |
ECL allowance | (22) | (8) |
Receivables from financing activities | 47 | 100 |
Receivables from financing activities | Stage 3 | ||
Disclosure of credit risk exposure [line items] | ||
Gross amount | 58 | 45 |
ECL allowance | (12) | (8) |
Receivables from financing activities | € 46 | € 37 |
Trade receivables, other ass_11
Trade receivables, other assets, prepaid expenses and Tax receivables - Disclosure of carrying amount of assets not derecognised (Details) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | ||
Carrying amount of assets transferred and not derecognized | € 128 | € 149 |
Carrying amount of the related liabilities | 128 | 149 |
Trade receivables | ||
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | ||
Carrying amount of assets transferred and not derecognized | 119 | 137 |
Carrying amount of the related liabilities | 119 | 137 |
Receivables from financing activities | ||
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | ||
Carrying amount of assets transferred and not derecognized | 9 | 12 |
Carrying amount of the related liabilities | € 9 | € 12 |
Derivative financial and oper_3
Derivative financial and operating assets and liabilities - Summary of derivative financial assets and liabilities (Details) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about hedging instruments [line items] | ||||
Derivatives assets for trading | € 34 | € 61 | ||
Derivative financial assets | 907 | 808 | ||
Financial derivative assets - current | 13 | 53 | ||
Financial derivative assets - non-current | 21 | 0 | ||
Derivative financial instruments on operating - assets | 587 | 641 | ||
Derivative operating assets - non-current | 286 | 114 | ||
Derivatives liabilities for trading | (25) | (82) | ||
Derivative financial liabilities | (950) | (601) | ||
Financial derivative liabilities - current | (18) | (89) | ||
Financial derivative liabilities - non-current | 0 | (6) | [1] | € (17) |
Derivative operating liabilities - current | (708) | (374) | ||
Derivative operating liabilities - non-current | (224) | (132) | ||
Fair value hedges | ||||
Disclosure of detailed information about hedging instruments [line items] | ||||
Hedging derivative, assets | 25 | 185 | ||
Hedging derivative, liabilities | (22) | (82) | ||
Fair value hedges | Interest rate risk - interest rate swaps | ||||
Disclosure of detailed information about hedging instruments [line items] | ||||
Hedging derivative, assets | 0 | 0 | ||
Hedging derivative, liabilities | 0 | 0 | ||
Fair value hedges | Interest rate and currency risk - combined interest rate and currency swaps | ||||
Disclosure of detailed information about hedging instruments [line items] | ||||
Hedging derivative, assets | 0 | 1 | ||
Hedging derivative, liabilities | 0 | (2) | ||
Fair value hedges | Currency risk - forward contracts, currency swaps and currency options | ||||
Disclosure of detailed information about hedging instruments [line items] | ||||
Hedging derivative, assets | 25 | 184 | ||
Hedging derivative, liabilities | (22) | (80) | ||
Fair value hedges | Commodity price risk – commodity swaps and commodity options | ||||
Disclosure of detailed information about hedging instruments [line items] | ||||
Hedging derivative, assets | 0 | 0 | ||
Hedging derivative, liabilities | 0 | 0 | ||
Cash flow hedges | ||||
Disclosure of detailed information about hedging instruments [line items] | ||||
Hedging derivative, assets | 848 | 562 | ||
Hedging derivative, liabilities | (903) | (437) | ||
Cash flow hedges | Interest rate risk - interest rate swaps | ||||
Disclosure of detailed information about hedging instruments [line items] | ||||
Hedging derivative, assets | 19 | 1 | ||
Hedging derivative, liabilities | 0 | (3) | ||
Cash flow hedges | Currency risk - forward contracts, currency swaps and currency options | ||||
Disclosure of detailed information about hedging instruments [line items] | ||||
Hedging derivative, assets | 423 | 73 | ||
Hedging derivative, liabilities | (266) | (160) | ||
Cash flow hedges | Commodity price risk – commodity swaps and commodity options | ||||
Disclosure of detailed information about hedging instruments [line items] | ||||
Hedging derivative, assets | 406 | 488 | ||
Hedging derivative, liabilities | (637) | (274) | ||
Hedges of net investment in foreign operations | ||||
Disclosure of detailed information about hedging instruments [line items] | ||||
Hedging derivative, assets | 0 | 0 | ||
Hedging derivative, liabilities | 0 | 0 | ||
Hedges of net investment in foreign operations | Currency risk - forward contracts, currency swaps and currency options | ||||
Disclosure of detailed information about hedging instruments [line items] | ||||
Hedging derivative, assets | 0 | 0 | ||
Hedging derivative, liabilities | € 0 | € 0 | ||
[1]Refer to Note 3, Scope of consolidation |
Derivative financial and oper_4
Derivative financial and operating assets and liabilities - Summary of outstanding notional amounts by due date (Details) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, notional amount | 35,681 | 30,130 |
Currency risk management | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, notional amount | 27,973 | 25,601 |
Interest rate risk management | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, notional amount | 1,050 | 660 |
Interest rate and currency risk management | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, notional amount | 115 | 103 |
Commodity price risk management | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, notional amount | 6,543 | 3,766 |
Due within one year | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, notional amount | 25,667 | 22,306 |
Due within one year | Currency risk management | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, notional amount | 22,142 | 19,842 |
Due within one year | Interest rate risk management | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, notional amount | 220 | 323 |
Due within one year | Interest rate and currency risk management | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, notional amount | 14 | 10 |
Due within one year | Commodity price risk management | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, notional amount | 3,291 | 2,131 |
Due between one and five years | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, notional amount | 10,014 | 7,824 |
Due between one and five years | Currency risk management | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, notional amount | 5,831 | 5,759 |
Due between one and five years | Interest rate risk management | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, notional amount | 830 | 337 |
Due between one and five years | Interest rate and currency risk management | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, notional amount | 101 | 93 |
Due between one and five years | Commodity price risk management | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, notional amount | 3,252 | 1,635 |
Due beyond five years | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, notional amount | 0 | 0 |
Due beyond five years | Currency risk management | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, notional amount | 0 | 0 |
Due beyond five years | Interest rate risk management | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, notional amount | 0 | 0 |
Due beyond five years | Interest rate and currency risk management | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, notional amount | 0 | 0 |
Due beyond five years | Commodity price risk management | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, notional amount | 0 | 0 |
Derivative financial and oper_5
Derivative financial and operating assets and liabilities - Summary of fair value hedges (Details) - Fair value hedges - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about hedges [line items] | |||
Net gains/(losses) | € (34) | € (16) | € (10) |
Interest rate and currency risk management | |||
Disclosure of detailed information about hedges [line items] | |||
Change in ineffective portion | € (34) | € (16) | € (10) |
Derivative financial and oper_6
Derivative financial and operating assets and liabilities - Narrative (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about hedging instruments [line items] | |||
Gains (losses) on hedges of net investments in foreign operations, net of tax | € 100 | € 0 | € 0 |
Cash flow hedges | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Ineffectiveness and discontinued hedges | € (6) | € 2 | € 0 |
Cash flow hedges | Currency risk management | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Projected future cash flows from trading activities, hedging period to manage risk | 24 months | ||
Cash flow hedges | Commodity price risk management | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Projected future cash flows from trading activities, hedging period to manage risk | 36 months |
Derivative financial and oper_7
Derivative financial and operating assets and liabilities - Summary of reclassification adjustments from other comprehensive income to Consolidated Income Statement (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | |||
Reclassification adjustments on cash flow hedges, before tax | € 353 | € 98 | € 32 |
Cash flow hedges | |||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | |||
Ineffectiveness and discontinued hedges | (6) | 2 | 0 |
Tax expense | (99) | 5 | 8 |
Total recognized in the Consolidated Income Statement | 179 | (127) | (20) |
Cash flow hedges | Currency risk management | Cost of revenue | |||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | |||
Reclassification adjustments on cash flow hedges, before tax | (111) | (82) | 6 |
Cash flow hedges | Currency risk management | Net financial income (expense) | |||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | |||
Reclassification adjustments on cash flow hedges, before tax | 0 | (86) | 0 |
Cash flow hedges | Currency risk management | Results from investments | |||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | |||
Reclassification adjustments on cash flow hedges, before tax | (10) | 20 | 0 |
Cash flow hedges | Interest rate risk management | Net financial income (expense) | |||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | |||
Reclassification adjustments on cash flow hedges, before tax | 0 | (2) | 0 |
Cash flow hedges | Interest rate risk management | Results from investments | |||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | |||
Reclassification adjustments on cash flow hedges, before tax | (59) | (6) | 0 |
Cash flow hedges | Commodity price risk management | Cost of revenue | |||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | |||
Reclassification adjustments on cash flow hedges, before tax | € 464 | € 18 | € (34) |
Cash and cash equivalents - Dis
Cash and cash equivalents - Disclosure of cash and cash equivalents (Details) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Subclassifications of assets, liabilities and equities [abstract] | ||||
Cash at banks | € 9,836 | € 13,176 | ||
Money market securities measured at FVTPL | 20,870 | 25,042 | ||
Other cash and cash equivalents | 15,727 | 11,411 | ||
Total Cash and cash equivalents | € 46,433 | € 49,629 | [1] | € 22,893 |
[1]Refer to Note 3, Scope of consolidation |
Cash and cash equivalents - Nar
Cash and cash equivalents - Narrative (Details) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 | [1] | Jan. 17, 2021 | Dec. 31, 2020 |
Disclosure Of Detailed Information About Cash And Cash Equivalents [Line Items] | |||||
Cash and cash equivalents | € 46,433 | € 49,629 | € 22,893 | ||
Bank deposits restricted to securitization programs and warehouses credit facilities | |||||
Disclosure Of Detailed Information About Cash And Cash Equivalents [Line Items] | |||||
Cash and cash equivalents | 107 | ||||
Argentina | |||||
Disclosure Of Detailed Information About Cash And Cash Equivalents [Line Items] | |||||
Restricted cash and cash equivalents | 910 | ||||
Russia | |||||
Disclosure Of Detailed Information About Cash And Cash Equivalents [Line Items] | |||||
Restricted cash and cash equivalents | € 121 | ||||
FCA and PSA Merger | |||||
Disclosure Of Detailed Information About Cash And Cash Equivalents [Line Items] | |||||
Cash and cash equivalents recognised as of acquisition date | € 22,514 | ||||
[1]Refer to Note 3, Scope of consolidation |
Share-based compensation - Narr
Share-based compensation - Narrative (Details) | 1 Months Ended | 12 Months Ended | |||||||||||
Jan. 17, 2021 shares | Dec. 31, 2022 EUR (€) shares | Sep. 30, 2022 shares | Jul. 31, 2022 shares | Dec. 31, 2021 EUR (€) shares tranche | Oct. 31, 2021 shares | Sep. 30, 2021 shares | Jun. 30, 2021 shares | Dec. 31, 2022 EUR (€) shares | Dec. 31, 2021 EUR (€) shares | Dec. 31, 2020 EUR (€) shares | May 31, 2021 | Mar. 31, 2021 | |
Restricted Share Units | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Granted (in shares) | 5,186,760 | 4,499,970 | |||||||||||
Number of other equity instruments outstanding in share-based payment arrangement | 8,824,943 | 4,316,256 | 8,824,943 | 4,316,256 | 0 | ||||||||
Weighted average grant date fair value of other equity instruments outstanding in share-based payment arrangement | € | € 12.77 | € 14.62 | € 12.77 | € 14.62 | € 0 | ||||||||
Granted (in euros per share) | € | € 11.45 | € 14.62 | |||||||||||
Vested (in shares) | (310,968) | 0 | |||||||||||
Weighted average grant date fair value of other equity instruments exercised or vested in share-based payment arrangement | € | € 16.11 | € 0 | |||||||||||
Canceled (in shares) | 0 | 0 | |||||||||||
Weighted average grant date fair value of other equity instruments expired in share-based payment arrangement | € | € 0 | € 0 | |||||||||||
Forfeited (in shares) | (367,105) | (183,714) | |||||||||||
Weighted average grant date fair value of other equity instruments forfeited in share-based payment arrangement | € | € 14.02 | € 14.62 | |||||||||||
Performance Share Units TSR (PSU TSR) | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Granted (in shares) | 3,803,956 | 2,934,454 | |||||||||||
Number of other equity instruments outstanding in share-based payment arrangement | 6,352,440 | 2,757,605 | 6,352,440 | 2,757,605 | 0 | ||||||||
Weighted average grant date fair value of other equity instruments outstanding in share-based payment arrangement | € | € 13.09 | € 17.07 | € 13.09 | € 17.07 | € 0 | ||||||||
Granted (in euros per share) | € | € 10.38 | € 17.07 | |||||||||||
Vested (in shares) | 0 | 0 | |||||||||||
Weighted average grant date fair value of other equity instruments exercised or vested in share-based payment arrangement | € | € 0 | € 0 | |||||||||||
Canceled (in shares) | 0 | 0 | |||||||||||
Weighted average grant date fair value of other equity instruments expired in share-based payment arrangement | € | € 0 | € 0 | |||||||||||
Forfeited (in shares) | (209,121) | (176,849) | |||||||||||
Weighted average grant date fair value of other equity instruments forfeited in share-based payment arrangement | € | € 16.50 | € 17.07 | |||||||||||
Performance Share Units Synergies (PSU Synergies) | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Granted (in shares) | 3,803,956 | 2,934,454 | |||||||||||
Number of other equity instruments outstanding in share-based payment arrangement | 6,352,440 | 2,757,605 | 6,352,440 | 2,757,605 | 0 | ||||||||
Weighted average grant date fair value of other equity instruments outstanding in share-based payment arrangement | € | € 12.61 | € 14.55 | € 12.61 | € 14.55 | € 0 | ||||||||
Granted (in euros per share) | € | € 11.29 | € 14.55 | |||||||||||
Vested (in shares) | 0 | 0 | |||||||||||
Weighted average grant date fair value of other equity instruments exercised or vested in share-based payment arrangement | € | € 0 | € 0 | |||||||||||
Canceled (in shares) | 0 | 0 | |||||||||||
Weighted average grant date fair value of other equity instruments expired in share-based payment arrangement | € | € 0 | € 0 | |||||||||||
Forfeited (in shares) | (209,121) | (176,849) | |||||||||||
Weighted average grant date fair value of other equity instruments forfeited in share-based payment arrangement | € | € 14.27 | € 14.55 | |||||||||||
Performance Share Units Compliance (PSU Compliance) | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Granted (in shares) | 950,992 | 733,729 | |||||||||||
Number of other equity instruments outstanding in share-based payment arrangement | 1,588,222 | 689,516 | 1,588,222 | 689,516 | 0 | ||||||||
Weighted average grant date fair value of other equity instruments outstanding in share-based payment arrangement | € | € 12.61 | € 14.55 | € 12.61 | € 14.55 | € 0 | ||||||||
Granted (in euros per share) | € | € 11.29 | € 14.55 | |||||||||||
Vested (in shares) | 0 | 0 | |||||||||||
Weighted average grant date fair value of other equity instruments exercised or vested in share-based payment arrangement | € | € 0 | € 0 | |||||||||||
Canceled (in shares) | 0 | 0 | |||||||||||
Weighted average grant date fair value of other equity instruments expired in share-based payment arrangement | € | € 0 | € 0 | |||||||||||
Forfeited (in shares) | (52,286) | (44,213) | |||||||||||
Weighted average grant date fair value of other equity instruments forfeited in share-based payment arrangement | € | € 14.27 | € 14.55 | |||||||||||
Performance Share Units Electrification (PSU Electrification) | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Granted (in shares) | 950,986 | 733,498 | |||||||||||
Number of other equity instruments outstanding in share-based payment arrangement | 1,587,998 | 689,285 | 1,587,998 | 689,285 | 0 | ||||||||
Weighted average grant date fair value of other equity instruments outstanding in share-based payment arrangement | € | € 12.61 | € 14.55 | € 12.61 | € 14.55 | € 0 | ||||||||
Granted (in euros per share) | € | € 11.29 | € 14.55 | |||||||||||
Vested (in shares) | 0 | 0 | |||||||||||
Weighted average grant date fair value of other equity instruments exercised or vested in share-based payment arrangement | € | € 0 | € 0 | |||||||||||
Canceled (in shares) | 0 | 0 | |||||||||||
Weighted average grant date fair value of other equity instruments expired in share-based payment arrangement | € | € 0 | € 0 | |||||||||||
Forfeited (in shares) | (52,273) | (44,213) | |||||||||||
Weighted average grant date fair value of other equity instruments forfeited in share-based payment arrangement | € | € 14.27 | € 14.55 | |||||||||||
Replacement Stellantis RSU awards | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Granted (in shares) | 24,300,000 | ||||||||||||
Performance Share Units and Restricted Share Units | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Convertible securities conversion ratio | 1.0216283 | 1.0670166 | |||||||||||
Expense from share-based payment transactions with employees | € | € 170,000,000 | € 201,000,000 | € 34,000,000 | ||||||||||
2022-2024 LTIP | Performance Share Units | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Granted (in shares) | 600,000 | 8,800,000 | |||||||||||
2022-2024 LTIP | Restricted Share Units | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Granted (in shares) | 600,000 | 4,300,000 | |||||||||||
2022-2024 LTIP | Performance Share Units TSR (PSU TSR) | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Requisite service period | 3 years | ||||||||||||
2022-2024 LTIP | Performance Share Units TSR (PSU TSR) | Minimum | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Payout scale percent | 0% | ||||||||||||
2022-2024 LTIP | Performance Share Units TSR (PSU TSR) | Maximum | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Payout scale percent | 200% | ||||||||||||
2022-2024 LTIP | Performance Share Units Synergies (PSU Synergies) | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Percent of units subject to certain criteria | 40% | ||||||||||||
Requisite service period | 3 years | ||||||||||||
2022-2024 LTIP | Performance Share Units Synergies (PSU Synergies) | Minimum | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Payout scale percent | 0% | ||||||||||||
2022-2024 LTIP | Performance Share Units Synergies (PSU Synergies) | Maximum | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Payout scale percent | 100% | ||||||||||||
2022-2024 LTIP | Performance Share Units Compliance (PSU Compliance) | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Percent of units subject to certain criteria | 10% | ||||||||||||
2022-2024 LTIP | Performance Share Units Electrification (PSU Electrification) | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Granted (in shares) | 9,400,000 | ||||||||||||
Percent of units subject to certain criteria | 10% | ||||||||||||
Requisite service period | 3 years | ||||||||||||
2022-2024 LTIP | Performance Share Units Electrification (PSU Electrification) | Minimum | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Payout scale percent | 0% | ||||||||||||
2022-2024 LTIP | Performance Share Units Electrification (PSU Electrification) | Maximum | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Payout scale percent | 100% | ||||||||||||
2021-2023 LTIP | Performance Share Units | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Granted (in shares) | 1,300,000 | 6,000,000 | |||||||||||
2021-2023 LTIP | Performance Share Units | Chief Executive Officer | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Granted (in shares) | 1,000,000 | ||||||||||||
2021-2023 LTIP | Performance Share Units | Minimum | Chief Executive Officer | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Payout scale percent | 0% | ||||||||||||
2021-2023 LTIP | Performance Share Units | Maximum | Chief Executive Officer | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Payout scale percent | 200% | ||||||||||||
2021-2023 LTIP | Restricted Share Units | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Granted (in shares) | 1,000,000 | 2,700,000 | |||||||||||
2021-2023 LTIP | Restricted Share Units | Key employees | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Granted (in shares) | 300,000 | 800,000 | |||||||||||
2021-2023 LTIP | Performance Share Units, Special Award | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Granted (in shares) | 400,000 | ||||||||||||
Requisite service period | 2 years | ||||||||||||
2021-2023 LTIP | Performance Share Units, Special Award | Minimum | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Payout scale percent | 0% | ||||||||||||
2021-2023 LTIP | Performance Share Units, Special Award | Maximum | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Payout scale percent | 100% | ||||||||||||
2021-2023 LTIP | Performance Share Units TSR (PSU TSR) | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Requisite service period | 3 years | ||||||||||||
2021-2023 LTIP | Performance Share Units TSR (PSU TSR) | Minimum | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Payout scale percent | 0% | ||||||||||||
2021-2023 LTIP | Performance Share Units TSR (PSU TSR) | Maximum | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Payout scale percent | 200% | ||||||||||||
2021-2023 LTIP | Performance Share Units Synergies (PSU Synergies) | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Percent of units subject to certain criteria | 40% | ||||||||||||
Requisite service period | 3 years | ||||||||||||
2021-2023 LTIP | Performance Share Units Synergies (PSU Synergies) | Minimum | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Payout scale percent | 0% | ||||||||||||
2021-2023 LTIP | Performance Share Units Synergies (PSU Synergies) | Maximum | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Payout scale percent | 100% | ||||||||||||
2021-2023 LTIP | Performance Share Units Compliance (PSU Compliance) | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Percent of units subject to certain criteria | 10% | ||||||||||||
2021-2023 LTIP | Performance Share Units Electrification (PSU Electrification) | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Granted (in shares) | 7,300,000 | ||||||||||||
Percent of units subject to certain criteria | 10% | ||||||||||||
Requisite service period | 3 years | ||||||||||||
Number of tranches, vesting | tranche | 1 | ||||||||||||
2021-2023 LTIP | Performance Share Units Electrification (PSU Electrification) | Minimum | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Payout scale percent | 0% | ||||||||||||
2021-2023 LTIP | Performance Share Units Electrification (PSU Electrification) | Maximum | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Payout scale percent | 100% | ||||||||||||
2018 Performance Share Plan | Replacement Stellantis RSU awards | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Granted (in shares) | 4,100,000 | ||||||||||||
2018 Performance Share Plan | Replacement Stellantis RSU awards, after distribution of Faurecia shares | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Granted (in shares) | 200,000 | ||||||||||||
2019 Performance Share Plan | Replacement Stellantis RSU awards | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Granted (in shares) | 4,300,000 | ||||||||||||
2019 Performance Share Plan | Replacement Stellantis RSU awards, after distribution of Faurecia shares | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Granted (in shares) | 300,000 | ||||||||||||
2020 Performance Share Plan | Replacement Stellantis RSU awards | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Granted (in shares) | 4,600,000 | ||||||||||||
2020 Performance Share Plan | Replacement Stellantis RSU awards, after distribution of Faurecia shares | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Granted (in shares) | 300,000 | ||||||||||||
FCA Incentive Plan | Replacement Stellantis RSU awards | |||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||
Granted (in shares) | 0 | 24,321,968 | |||||||||||
Number of other equity instruments outstanding in share-based payment arrangement | 9,722,133 | 17,520,829 | 9,722,133 | 17,520,829 | 0 | ||||||||
Weighted average grant date fair value of other equity instruments outstanding in share-based payment arrangement | € | € 9.95 | € 11.08 | € 9.95 | € 11.08 | € 0 | ||||||||
Anti-dilution adjustment (in shares) | 0 | 2,181,936 | |||||||||||
Anti-dilution adjustment (in euros per share) | € | € 0 | € 11.09 | |||||||||||
Granted (in euros per share) | € | € 0 | € 11.14 | |||||||||||
Vested (in shares) | (6,923,401) | (8,438,777) | |||||||||||
Weighted average grant date fair value of other equity instruments exercised or vested in share-based payment arrangement | € | € 10.19 | € 11.30 | |||||||||||
Canceled (in shares) | 0 | 0 | |||||||||||
Weighted average grant date fair value of other equity instruments expired in share-based payment arrangement | € | € 0 | € 0 | |||||||||||
Forfeited (in shares) | (875,295) | (544,298) | |||||||||||
Weighted average grant date fair value of other equity instruments forfeited in share-based payment arrangement | € | € 10.05 | € 10.32 |
Share-based compensation - Disc
Share-based compensation - Disclosure of changes in PSUs and RSUs (Details) | 12 Months Ended | |||
Jan. 17, 2021 shares | Dec. 31, 2022 EUR (€) shares | Dec. 31, 2021 EUR (€) shares | Dec. 31, 2020 EUR (€) shares | |
PSU TSR | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Outstanding shares unvested at the beginning of the period (in shares) | 2,757,605 | 0 | ||
Outstanding shares unvested at the beginning of the period (in euros per share) | € | € 17.07 | € 0 | ||
Granted (in shares) | 3,803,956 | 2,934,454 | ||
Granted (in euros per share) | € | € 10.38 | € 17.07 | ||
Vested (in shares) | 0 | 0 | ||
Vested (in euros per share) | € | € 0 | € 0 | ||
Canceled (in shares) | 0 | 0 | ||
Canceled (in euros per share) | € | € 0 | € 0 | ||
Forfeited (in shares) | (209,121) | (176,849) | ||
Forfeited (in euros per share) | € | € 16.50 | € 17.07 | ||
Outstanding shares unvested at the end of the period (in shares) | 6,352,440 | 2,757,605 | 0 | |
Outstanding shares unvested at the end of the period (in euros per share) | € | € 13.09 | € 17.07 | € 0 | |
PSU Synergies | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Outstanding shares unvested at the beginning of the period (in shares) | 2,757,605 | 0 | ||
Outstanding shares unvested at the beginning of the period (in euros per share) | € | € 14.55 | € 0 | ||
Granted (in shares) | 3,803,956 | 2,934,454 | ||
Granted (in euros per share) | € | € 11.29 | € 14.55 | ||
Vested (in shares) | 0 | 0 | ||
Vested (in euros per share) | € | € 0 | € 0 | ||
Canceled (in shares) | 0 | 0 | ||
Canceled (in euros per share) | € | € 0 | € 0 | ||
Forfeited (in shares) | (209,121) | (176,849) | ||
Forfeited (in euros per share) | € | € 14.27 | € 14.55 | ||
Outstanding shares unvested at the end of the period (in shares) | 6,352,440 | 2,757,605 | 0 | |
Outstanding shares unvested at the end of the period (in euros per share) | € | € 12.61 | € 14.55 | € 0 | |
PSU Compliance | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Outstanding shares unvested at the beginning of the period (in shares) | 689,516 | 0 | ||
Outstanding shares unvested at the beginning of the period (in euros per share) | € | € 14.55 | € 0 | ||
Granted (in shares) | 950,992 | 733,729 | ||
Granted (in euros per share) | € | € 11.29 | € 14.55 | ||
Vested (in shares) | 0 | 0 | ||
Vested (in euros per share) | € | € 0 | € 0 | ||
Canceled (in shares) | 0 | 0 | ||
Canceled (in euros per share) | € | € 0 | € 0 | ||
Forfeited (in shares) | (52,286) | (44,213) | ||
Forfeited (in euros per share) | € | € 14.27 | € 14.55 | ||
Outstanding shares unvested at the end of the period (in shares) | 1,588,222 | 689,516 | 0 | |
Outstanding shares unvested at the end of the period (in euros per share) | € | € 12.61 | € 14.55 | € 0 | |
PSU Electrification | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Outstanding shares unvested at the beginning of the period (in shares) | 689,285 | 0 | ||
Outstanding shares unvested at the beginning of the period (in euros per share) | € | € 14.55 | € 0 | ||
Granted (in shares) | 950,986 | 733,498 | ||
Granted (in euros per share) | € | € 11.29 | € 14.55 | ||
Vested (in shares) | 0 | 0 | ||
Vested (in euros per share) | € | € 0 | € 0 | ||
Canceled (in shares) | 0 | 0 | ||
Canceled (in euros per share) | € | € 0 | € 0 | ||
Forfeited (in shares) | (52,273) | (44,213) | ||
Forfeited (in euros per share) | € | € 14.27 | € 14.55 | ||
Outstanding shares unvested at the end of the period (in shares) | 1,587,998 | 689,285 | 0 | |
Outstanding shares unvested at the end of the period (in euros per share) | € | € 12.61 | € 14.55 | € 0 | |
RSUs | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Outstanding shares unvested at the beginning of the period (in shares) | 4,316,256 | 0 | ||
Outstanding shares unvested at the beginning of the period (in euros per share) | € | € 14.62 | € 0 | ||
Granted (in shares) | 5,186,760 | 4,499,970 | ||
Granted (in euros per share) | € | € 11.45 | € 14.62 | ||
Vested (in shares) | (310,968) | 0 | ||
Vested (in euros per share) | € | € 16.11 | € 0 | ||
Canceled (in shares) | 0 | 0 | ||
Canceled (in euros per share) | € | € 0 | € 0 | ||
Forfeited (in shares) | (367,105) | (183,714) | ||
Forfeited (in euros per share) | € | € 14.02 | € 14.62 | ||
Outstanding shares unvested at the end of the period (in shares) | 8,824,943 | 4,316,256 | 0 | |
Outstanding shares unvested at the end of the period (in euros per share) | € | € 12.77 | € 14.62 | € 0 | |
Replacement Stellantis RSU awards | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Granted (in shares) | 24,300,000 | |||
Replacement Stellantis RSU awards | FCA Incentive Plan | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Outstanding shares unvested at the beginning of the period (in shares) | 17,520,829 | 0 | ||
Outstanding shares unvested at the beginning of the period (in euros per share) | € | € 11.08 | € 0 | ||
Anti-dilution adjustment (in shares) | 0 | 2,181,936 | ||
Anti-dilution adjustment (in euros per share) | € | € 0 | € 11.09 | ||
Granted (in shares) | 0 | 24,321,968 | ||
Granted (in euros per share) | € | € 0 | € 11.14 | ||
Vested (in shares) | (6,923,401) | (8,438,777) | ||
Vested (in euros per share) | € | € 10.19 | € 11.30 | ||
Canceled (in shares) | 0 | 0 | ||
Canceled (in euros per share) | € | € 0 | € 0 | ||
Forfeited (in shares) | (875,295) | (544,298) | ||
Forfeited (in euros per share) | € | € 10.05 | € 10.32 | ||
Outstanding shares unvested at the end of the period (in shares) | 9,722,133 | 17,520,829 | 0 | |
Outstanding shares unvested at the end of the period (in euros per share) | € | € 9.95 | € 11.08 | € 0 | |
Replacement Stellantis RSU awards | PSA Incentive Plan | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Outstanding shares unvested at the beginning of the period (in shares) | 11,573,960 | 8,576,981 | 9,574,500 | |
Outstanding shares unvested at the beginning of the period (in euros per share) | € | € 7.9 | € 15.3 | € 16.53 | |
Anti-dilution adjustment (in shares) | 0 | 7,278,029 | 8,786 | |
Anti-dilution adjustment (in euros per share) | € | € 0 | € 0 | € 0 | |
Granted (in shares) | 0 | 0 | 2,740,165 | |
Granted (in euros per share) | € | € 0 | € 0 | € 10.34 | |
Vested (in shares) | (4,187,770) | (4,245,183) | (2,153,500) | |
Vested (in euros per share) | € | € 8.78 | € 9.15 | € 13.77 | |
Canceled (in shares) | 0 | 0 | (1,299,970) | |
Canceled (in euros per share) | € | € 0 | € 0 | € 16.79 | |
Forfeited (in shares) | (964,112) | (35,867) | (293,000) | |
Forfeited (in euros per share) | € | € 7.76 | € 8.99 | € 11.35 | |
Outstanding shares unvested at the end of the period (in shares) | 6,422,078 | 11,573,960 | 8,576,981 | |
Outstanding shares unvested at the end of the period (in euros per share) | € | € 6.71 | € 7.9 | € 15.3 |
Share-based compensation - Di_2
Share-based compensation - Disclosure of key assumptions utilized to calculate the grant-date fair values for the PSU TSR awards (Details) - PSU TSR - € / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Expected volatility | 42% | 41% |
Risk-free rate | (0.40%) | 0.69% |
Minimum | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant date stock price (in euros per share) | € 12.51 | € 16.98 |
Maximum | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant date stock price (in euros per share) | € 13.33 | € 17.68 |
Share-based compensation - Di_3
Share-based compensation - Disclosure anti-dilutive securities (Details) | Dec. 31, 2021 shares |
Restricted Share Units | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Number of awards - as adjusted (in shares) | 3,179,903 |
Employee benefits liabilities -
Employee benefits liabilities - Disclosure of employee benefit liabilities (Details) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of defined benefit plans [line items] | ||||
Current employee benefit liability | € 545 | € 684 | [1] | € 50 |
Non-current employee benefit liability | 5,891 | 8,065 | [1] | € 1,463 |
Employee benefit liability | 6,436 | 8,749 | ||
Other provisions for employees | ||||
Disclosure of defined benefit plans [line items] | ||||
Current employee benefit liability | 320 | 363 | ||
Non-current employee benefit liability | 741 | 798 | ||
Employee benefit liability | 1,061 | 1,161 | ||
Pension benefits | ||||
Disclosure of defined benefit plans [line items] | ||||
Current employee benefit liability | 43 | 129 | ||
Non-current employee benefit liability | 2,783 | 4,045 | ||
Employee benefit liability | 2,826 | 4,174 | ||
Health care and life insurance plans | ||||
Disclosure of defined benefit plans [line items] | ||||
Current employee benefit liability | 126 | 126 | ||
Non-current employee benefit liability | 1,596 | 2,132 | ||
Employee benefit liability | 1,722 | 2,258 | ||
Other post-employment benefits | ||||
Disclosure of defined benefit plans [line items] | ||||
Current employee benefit liability | 56 | 66 | ||
Non-current employee benefit liability | 771 | 1,090 | ||
Employee benefit liability | € 827 | € 1,156 | ||
[1]Refer to Note 3, Scope of consolidation |
Employee benefits liabilities_2
Employee benefits liabilities - Narrative (Details) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 17, 2021 | |
Disclosure of defined benefit plans [line items] | ||||
Defined benefit plan cost | € 2,018 | € 1,812 | € 462 | |
Decrease in net defined benefit liability | 1,790 | |||
Decrease in net defined benefit liability resulting from increase in discount rates | (7,410) | |||
Decrease in net defined benefit liability resulting from increase in return on plan assets | 6,170 | |||
Net defined benefit liability (asset) | 3,531 | 5,165 | ||
Pension benefits | ||||
Disclosure of defined benefit plans [line items] | ||||
Discretionary credit balance | 1,600 | |||
Estimate of contributions expected to be paid to plan for next annual reporting period | 123 | |||
Net defined benefit liability (asset) | 1,004 | 1,782 | ||
Pension benefits | Plan Assets | ||||
Disclosure of defined benefit plans [line items] | ||||
Employer contributions | 345 | 91 | ||
Net defined benefit liability (asset) | (22,676) | (28,475) | (6,876) | |
Pension benefits | US and Canada | ||||
Disclosure of defined benefit plans [line items] | ||||
Employer contributions | 314 | |||
Estimate of contributions expected to be paid to plan for next annual reporting period | 79 | |||
Estimate of minimum funding contributions expected to be paid to plan for next annual reporting period | 78 | |||
Estimate of discretionary contributions expected to be paid to plan for next annual reporting period | 1 | |||
Net defined benefit liability (asset) | 1,270 | 2,367 | ||
Pension benefits | US and Canada | Plan Assets | ||||
Disclosure of defined benefit plans [line items] | ||||
Employer contributions | 309 | 35 | ||
Net defined benefit liability (asset) | (17,959) | (21,856) | 0 | |
Pension benefits | United Kingdom | ||||
Disclosure of defined benefit plans [line items] | ||||
Estimate of contributions expected to be paid to plan for next annual reporting period | € 8 | |||
Weighted average duration of defined benefit obligation | 13 years | |||
Net defined benefit liability (asset) | € (444) | (668) | ||
Pension benefits | United Kingdom | Plan Assets | ||||
Disclosure of defined benefit plans [line items] | ||||
Employer contributions | 26 | 45 | ||
Net defined benefit liability (asset) | (1,989) | € (3,148) | € (2,707) | |
Pension benefits | Germany | ||||
Disclosure of defined benefit plans [line items] | ||||
Estimate of contributions expected to be paid to plan for next annual reporting period | € 12 | |||
Weighted average duration of defined benefit obligation | 15 years | |||
Pension benefits | U.S. | ||||
Disclosure of defined benefit plans [line items] | ||||
Weighted average duration of defined benefit obligation | 9 years | |||
Pension benefits | Canada | ||||
Disclosure of defined benefit plans [line items] | ||||
Weighted average duration of defined benefit obligation | 10 years | |||
Pension benefits | France | ||||
Disclosure of defined benefit plans [line items] | ||||
Weighted average duration of defined benefit obligation | 7 years | |||
Health care and life insurance plans | U.S. | ||||
Disclosure of defined benefit plans [line items] | ||||
Weighted average duration of defined benefit obligation | 10 years | |||
Actuarial assumption of medical cost trend rates, next fiscal year | 5.50% | |||
Actuarial assumption of medical cost trend rates, next years | 0.039 | |||
Health care and life insurance plans | Canada | ||||
Disclosure of defined benefit plans [line items] | ||||
Weighted average duration of defined benefit obligation | 13 years | |||
Actuarial assumption of medical cost trend rates, next fiscal year | 4.40% | |||
Actuarial assumption of medical cost trend rates, next years | 0.04 | |||
Other post-employment benefits | Plan Assets | ||||
Disclosure of defined benefit plans [line items] | ||||
Net defined benefit liability (asset) | € (297) | |||
FCA and PSA Merger | ||||
Disclosure of defined benefit plans [line items] | ||||
Employee benefits liabilities | € 8,800 |
Employee benefits liabilities_3
Employee benefits liabilities - Disclosure of defined benefit obligation and fair value of related plan assets (Details) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | € 3,531 | € 5,165 | |
Employee benefit liability | 6,436 | 8,749 | |
Defined benefit plan asset (Note 16) | (1,844) | (2,423) | |
Other provisions for employees | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Employee benefit liability | 1,061 | 1,161 | |
Pension benefits | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | 1,004 | 1,782 | |
Employee benefit liability | 2,826 | 4,174 | |
Defined benefit plan asset (Note 16) | (1,822) | (2,392) | |
Health care and life insurance plans | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Employee benefit liability | 1,722 | 2,258 | |
Other post-employment benefits | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Employee benefit liability | 827 | 1,156 | |
Defined Benefit Plans | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Employee benefit liability | 5,375 | 7,588 | |
Defined benefit plan asset (Note 16) | (1,844) | (2,423) | |
Projected benefit obligation | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | 26,179 | 33,614 | |
Projected benefit obligation | Pension benefits | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | 23,652 | 30,231 | € 6,915 |
Projected benefit obligation | Health care and life insurance plans | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | 1,722 | 2,258 | 0 |
Projected benefit obligation | Other post-employment benefits | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | 805 | 1,125 | 752 |
Plan Assets | Pension benefits | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | (22,676) | (28,475) | € (6,876) |
Plan Assets | Other post-employment benefits | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | (297) | ||
Asset ceiling | Pension benefits | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | € (28) | € (26) |
Employee benefits liabilities_4
Employee benefits liabilities - Disclosure of maturity profile of defined benefit obligation (Details) € in Millions | Dec. 31, 2022 EUR (€) |
2023 | Pension benefits | |
Disclosure of net defined benefit liability (asset) [line items] | |
Expected benefit payments | € 1,746 |
2023 | Health care and life insurance plans | |
Disclosure of net defined benefit liability (asset) [line items] | |
Expected benefit payments | 127 |
2024 | Pension benefits | |
Disclosure of net defined benefit liability (asset) [line items] | |
Expected benefit payments | 1,731 |
2024 | Health care and life insurance plans | |
Disclosure of net defined benefit liability (asset) [line items] | |
Expected benefit payments | 126 |
2025 | Pension benefits | |
Disclosure of net defined benefit liability (asset) [line items] | |
Expected benefit payments | 1,728 |
2025 | Health care and life insurance plans | |
Disclosure of net defined benefit liability (asset) [line items] | |
Expected benefit payments | 126 |
2026 | Pension benefits | |
Disclosure of net defined benefit liability (asset) [line items] | |
Expected benefit payments | 1,740 |
2026 | Health care and life insurance plans | |
Disclosure of net defined benefit liability (asset) [line items] | |
Expected benefit payments | 125 |
2027 | Pension benefits | |
Disclosure of net defined benefit liability (asset) [line items] | |
Expected benefit payments | 1,736 |
2027 | Health care and life insurance plans | |
Disclosure of net defined benefit liability (asset) [line items] | |
Expected benefit payments | 125 |
2028-2032 | Pension benefits | |
Disclosure of net defined benefit liability (asset) [line items] | |
Expected benefit payments | 8,539 |
2028-2032 | Health care and life insurance plans | |
Disclosure of net defined benefit liability (asset) [line items] | |
Expected benefit payments | € 614 |
Employee benefits liabilities_5
Employee benefits liabilities - Disclosure of changes in the benefit obligations and fair value of plan assets of benefit plan (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Projected benefit obligation | ||
Net defined benefit liability (asset), beginning of period | € (5,165) | |
Net defined benefit liability (asset), end of period | (3,531) | € (5,165) |
Plan Assets | ||
Net defined benefit liability (asset), beginning of period | (5,165) | |
Net defined benefit liability (asset), end of period | (3,531) | (5,165) |
Present value of projected benefit obligation | ||
Net defined benefit liability (asset) | (3,531) | (5,165) |
Defined benefit asset | 1,844 | 2,423 |
Projected benefit obligation | ||
Projected benefit obligation | ||
Net defined benefit liability (asset), beginning of period | (33,614) | |
Net defined benefit liability (asset), end of period | (26,179) | (33,614) |
Plan Assets | ||
Net defined benefit liability (asset), beginning of period | (33,614) | |
Net defined benefit liability (asset), end of period | (26,179) | (33,614) |
Present value of projected benefit obligation | ||
Net defined benefit liability (asset) | (26,179) | (33,614) |
Pension benefits | ||
Projected benefit obligation | ||
Net defined benefit liability (asset), beginning of period | (1,782) | |
Service cost | (228) | (238) |
Net defined benefit liability (asset), end of period | (1,004) | (1,782) |
Plan Assets | ||
Net defined benefit liability (asset), beginning of period | (1,782) | |
Administrative Expenses | (83) | (73) |
Net defined benefit liability (asset), end of period | (1,004) | (1,782) |
Present value of projected benefit obligation | ||
Net defined benefit liability (asset) | (1,004) | (1,782) |
Defined benefit liability | (2,826) | (4,174) |
Defined benefit asset | 1,822 | 2,392 |
Pension benefits | Net (liability) asset recognized in the balance sheet before minimum funding requirement (IFRIC 14) | ||
Projected benefit obligation | ||
Net defined benefit liability (asset), beginning of period | (1,756) | |
Net defined benefit liability (asset), end of period | (976) | (1,756) |
Plan Assets | ||
Net defined benefit liability (asset), beginning of period | (1,756) | |
Net defined benefit liability (asset), end of period | (976) | (1,756) |
Present value of projected benefit obligation | ||
Net defined benefit liability (asset) | (976) | (1,756) |
Pension benefits | Minimum funding requirement liability (IFRIC 14) | ||
Projected benefit obligation | ||
Net defined benefit liability (asset), beginning of period | (26) | |
Net defined benefit liability (asset), end of period | (28) | (26) |
Plan Assets | ||
Net defined benefit liability (asset), beginning of period | (26) | |
Net defined benefit liability (asset), end of period | (28) | (26) |
Present value of projected benefit obligation | ||
Net defined benefit liability (asset) | (28) | (26) |
Pension benefits | US and Canada | ||
Projected benefit obligation | ||
Net defined benefit liability (asset), beginning of period | (2,367) | |
Net defined benefit liability (asset), end of period | (1,270) | (2,367) |
Plan Assets | ||
Net defined benefit liability (asset), beginning of period | (2,367) | |
Employer contributions | 314 | |
Net defined benefit liability (asset), end of period | (1,270) | (2,367) |
Present value of projected benefit obligation | ||
Net defined benefit liability (asset) | (1,270) | (2,367) |
Defined benefit liability | (2,528) | (3,659) |
Defined benefit asset | 1,258 | 1,292 |
Pension benefits | US and Canada | Net (liability) asset recognized in the balance sheet before minimum funding requirement (IFRIC 14) | ||
Projected benefit obligation | ||
Net defined benefit liability (asset), beginning of period | (2,341) | |
Net defined benefit liability (asset), end of period | (1,242) | (2,341) |
Plan Assets | ||
Net defined benefit liability (asset), beginning of period | (2,341) | |
Net defined benefit liability (asset), end of period | (1,242) | (2,341) |
Present value of projected benefit obligation | ||
Net defined benefit liability (asset) | (1,242) | (2,341) |
Pension benefits | US and Canada | Minimum funding requirement liability (IFRIC 14) | ||
Projected benefit obligation | ||
Net defined benefit liability (asset), beginning of period | (26) | |
Net defined benefit liability (asset), end of period | (28) | (26) |
Plan Assets | ||
Net defined benefit liability (asset), beginning of period | (26) | |
Net defined benefit liability (asset), end of period | (28) | (26) |
Present value of projected benefit obligation | ||
Net defined benefit liability (asset) | (28) | (26) |
Pension benefits | United Kingdom | ||
Projected benefit obligation | ||
Net defined benefit liability (asset), beginning of period | 668 | |
Net defined benefit liability (asset), end of period | 444 | 668 |
Plan Assets | ||
Net defined benefit liability (asset), beginning of period | 668 | |
Net defined benefit liability (asset), end of period | 444 | 668 |
Present value of projected benefit obligation | ||
Net defined benefit liability (asset) | 444 | 668 |
Defined benefit liability | (38) | (65) |
Defined benefit asset | 482 | 733 |
Pension benefits | United Kingdom | Net (liability) asset recognized in the balance sheet before minimum funding requirement (IFRIC 14) | ||
Projected benefit obligation | ||
Net defined benefit liability (asset), beginning of period | 668 | |
Net defined benefit liability (asset), end of period | 444 | 668 |
Plan Assets | ||
Net defined benefit liability (asset), beginning of period | 668 | |
Net defined benefit liability (asset), end of period | 444 | 668 |
Present value of projected benefit obligation | ||
Net defined benefit liability (asset) | 444 | 668 |
Pension benefits | United Kingdom | Minimum funding requirement liability (IFRIC 14) | ||
Projected benefit obligation | ||
Net defined benefit liability (asset), beginning of period | 0 | |
Net defined benefit liability (asset), end of period | 0 | 0 |
Plan Assets | ||
Net defined benefit liability (asset), beginning of period | 0 | |
Net defined benefit liability (asset), end of period | 0 | 0 |
Present value of projected benefit obligation | ||
Net defined benefit liability (asset) | 0 | 0 |
Pension benefits | France and Germany | ||
Projected benefit obligation | ||
Net defined benefit liability (asset), beginning of period | 97 | |
Net defined benefit liability (asset), end of period | (124) | 97 |
Plan Assets | ||
Net defined benefit liability (asset), beginning of period | 97 | |
Net defined benefit liability (asset), end of period | (124) | 97 |
Present value of projected benefit obligation | ||
Net defined benefit liability (asset) | (124) | 97 |
Defined benefit liability | (192) | (270) |
Defined benefit asset | 68 | 367 |
Pension benefits | France and Germany | Net (liability) asset recognized in the balance sheet before minimum funding requirement (IFRIC 14) | ||
Projected benefit obligation | ||
Net defined benefit liability (asset), beginning of period | 97 | |
Net defined benefit liability (asset), end of period | (124) | 97 |
Plan Assets | ||
Net defined benefit liability (asset), beginning of period | 97 | |
Net defined benefit liability (asset), end of period | (124) | 97 |
Present value of projected benefit obligation | ||
Net defined benefit liability (asset) | (124) | 97 |
Pension benefits | France and Germany | Minimum funding requirement liability (IFRIC 14) | ||
Projected benefit obligation | ||
Net defined benefit liability (asset), beginning of period | 0 | |
Net defined benefit liability (asset), end of period | 0 | 0 |
Plan Assets | ||
Net defined benefit liability (asset), beginning of period | 0 | |
Net defined benefit liability (asset), end of period | 0 | 0 |
Present value of projected benefit obligation | ||
Net defined benefit liability (asset) | 0 | 0 |
Pension benefits | Other | ||
Projected benefit obligation | ||
Net defined benefit liability (asset), beginning of period | (180) | |
Net defined benefit liability (asset), end of period | (54) | (180) |
Plan Assets | ||
Net defined benefit liability (asset), beginning of period | (180) | |
Net defined benefit liability (asset), end of period | (54) | (180) |
Present value of projected benefit obligation | ||
Net defined benefit liability (asset) | (54) | (180) |
Defined benefit liability | (68) | (180) |
Defined benefit asset | 14 | 0 |
Pension benefits | Other | Net (liability) asset recognized in the balance sheet before minimum funding requirement (IFRIC 14) | ||
Projected benefit obligation | ||
Net defined benefit liability (asset), beginning of period | (180) | |
Net defined benefit liability (asset), end of period | (54) | (180) |
Plan Assets | ||
Net defined benefit liability (asset), beginning of period | (180) | |
Net defined benefit liability (asset), end of period | (54) | (180) |
Present value of projected benefit obligation | ||
Net defined benefit liability (asset) | (54) | (180) |
Pension benefits | Other | Minimum funding requirement liability (IFRIC 14) | ||
Projected benefit obligation | ||
Net defined benefit liability (asset), beginning of period | 0 | |
Net defined benefit liability (asset), end of period | 0 | 0 |
Plan Assets | ||
Net defined benefit liability (asset), beginning of period | 0 | |
Net defined benefit liability (asset), end of period | 0 | 0 |
Present value of projected benefit obligation | ||
Net defined benefit liability (asset) | 0 | 0 |
Pension benefits | Projected benefit obligation | ||
Projected benefit obligation | ||
Net defined benefit liability (asset), beginning of period | (30,231) | (6,915) |
Effect of changes in scope of consolidation and other | (226) | (23,707) |
Service cost | (228) | (238) |
Interest cost | (828) | (678) |
Benefit payments for the year | 1,790 | 1,789 |
Participant contributions | (1) | (2) |
Actuarial gains and (losses) | 7,223 | 1,153 |
Effect of changes in exchange rates | (1,149) | (1,817) |
Past service cost | (4) | 184 |
Effect of curtailments and settlements/Other | 2 | 0 |
Net defined benefit liability (asset), end of period | (23,652) | (30,231) |
Plan Assets | ||
Net defined benefit liability (asset), beginning of period | (30,231) | (6,915) |
Effect of changes in scope of consolidation and other | (226) | (23,707) |
Participant contributions | (1) | (2) |
Effect of changes in exchange rates | (1,149) | (1,817) |
Benefit payments for the year | 1,790 | 1,789 |
Net defined benefit liability (asset), end of period | (23,652) | (30,231) |
Present value of projected benefit obligation | ||
Net defined benefit liability (asset) | (23,652) | (30,231) |
Pension benefits | Projected benefit obligation | Demographic assumptions and experience | ||
Projected benefit obligation | ||
Actuarial gains and (losses) | (255) | 77 |
Pension benefits | Projected benefit obligation | Financial assumptions | ||
Projected benefit obligation | ||
Actuarial gains and (losses) | 7,478 | 1,076 |
Pension benefits | Projected benefit obligation | US and Canada | ||
Projected benefit obligation | ||
Net defined benefit liability (asset), beginning of period | (24,197) | 0 |
Effect of changes in scope of consolidation and other | 22 | (23,698) |
Service cost | (160) | (153) |
Interest cost | (729) | (613) |
Benefit payments for the year | 1,564 | 1,291 |
Participant contributions | (1) | (1) |
Actuarial gains and (losses) | 5,568 | 624 |
Effect of changes in exchange rates | (1,265) | (1,647) |
Past service cost | (3) | 0 |
Effect of curtailments and settlements/Other | 0 | 0 |
Net defined benefit liability (asset), end of period | (19,201) | (24,197) |
Plan Assets | ||
Net defined benefit liability (asset), beginning of period | (24,197) | 0 |
Effect of changes in scope of consolidation and other | 22 | (23,698) |
Participant contributions | (1) | (1) |
Effect of changes in exchange rates | (1,265) | (1,647) |
Benefit payments for the year | 1,564 | 1,291 |
Net defined benefit liability (asset), end of period | (19,201) | (24,197) |
Present value of projected benefit obligation | ||
Net defined benefit liability (asset) | (19,201) | (24,197) |
Pension benefits | Projected benefit obligation | US and Canada | Demographic assumptions and experience | ||
Projected benefit obligation | ||
Actuarial gains and (losses) | 58 | 85 |
Pension benefits | Projected benefit obligation | US and Canada | Financial assumptions | ||
Projected benefit obligation | ||
Actuarial gains and (losses) | 5,510 | 539 |
Pension benefits | Projected benefit obligation | United Kingdom | ||
Projected benefit obligation | ||
Net defined benefit liability (asset), beginning of period | (2,480) | (2,132) |
Effect of changes in scope of consolidation and other | 1 | (256) |
Service cost | 0 | 0 |
Interest cost | (44) | (32) |
Benefit payments for the year | 97 | 113 |
Participant contributions | 0 | 0 |
Actuarial gains and (losses) | 756 | (13) |
Effect of changes in exchange rates | 128 | (162) |
Past service cost | (3) | 2 |
Effect of curtailments and settlements/Other | 0 | 0 |
Net defined benefit liability (asset), end of period | (1,545) | (2,480) |
Plan Assets | ||
Net defined benefit liability (asset), beginning of period | (2,480) | (2,132) |
Effect of changes in scope of consolidation and other | 1 | (256) |
Participant contributions | 0 | 0 |
Effect of changes in exchange rates | 128 | (162) |
Benefit payments for the year | 97 | 113 |
Net defined benefit liability (asset), end of period | (1,545) | (2,480) |
Present value of projected benefit obligation | ||
Net defined benefit liability (asset) | (1,545) | (2,480) |
Pension benefits | Projected benefit obligation | United Kingdom | Demographic assumptions and experience | ||
Projected benefit obligation | ||
Actuarial gains and (losses) | (71) | (74) |
Pension benefits | Projected benefit obligation | United Kingdom | Financial assumptions | ||
Projected benefit obligation | ||
Actuarial gains and (losses) | 827 | 61 |
Pension benefits | Projected benefit obligation | France and Germany | ||
Projected benefit obligation | ||
Net defined benefit liability (asset), beginning of period | (3,141) | (4,603) |
Effect of changes in scope of consolidation and other | (283) | 444 |
Service cost | (57) | (74) |
Interest cost | (46) | (25) |
Benefit payments for the year | 105 | 367 |
Participant contributions | 0 | 0 |
Actuarial gains and (losses) | 750 | 568 |
Effect of changes in exchange rates | 0 | 0 |
Past service cost | 0 | 182 |
Effect of curtailments and settlements/Other | 1 | 0 |
Net defined benefit liability (asset), end of period | (2,671) | (3,141) |
Plan Assets | ||
Net defined benefit liability (asset), beginning of period | (3,141) | (4,603) |
Effect of changes in scope of consolidation and other | (283) | 444 |
Participant contributions | 0 | 0 |
Effect of changes in exchange rates | 0 | 0 |
Benefit payments for the year | 105 | 367 |
Net defined benefit liability (asset), end of period | (2,671) | (3,141) |
Present value of projected benefit obligation | ||
Net defined benefit liability (asset) | (2,671) | (3,141) |
Pension benefits | Projected benefit obligation | France and Germany | Demographic assumptions and experience | ||
Projected benefit obligation | ||
Actuarial gains and (losses) | (219) | 61 |
Pension benefits | Projected benefit obligation | France and Germany | Financial assumptions | ||
Projected benefit obligation | ||
Actuarial gains and (losses) | 969 | 507 |
Pension benefits | Projected benefit obligation | Other | ||
Projected benefit obligation | ||
Net defined benefit liability (asset), beginning of period | (413) | (180) |
Effect of changes in scope of consolidation and other | 34 | (197) |
Service cost | (11) | (11) |
Interest cost | (9) | (8) |
Benefit payments for the year | 24 | 18 |
Participant contributions | 0 | (1) |
Actuarial gains and (losses) | 149 | (26) |
Effect of changes in exchange rates | (12) | (8) |
Past service cost | 2 | 0 |
Effect of curtailments and settlements/Other | 1 | 0 |
Net defined benefit liability (asset), end of period | (235) | (413) |
Plan Assets | ||
Net defined benefit liability (asset), beginning of period | (413) | (180) |
Effect of changes in scope of consolidation and other | 34 | (197) |
Participant contributions | 0 | (1) |
Effect of changes in exchange rates | (12) | (8) |
Benefit payments for the year | 24 | 18 |
Net defined benefit liability (asset), end of period | (235) | (413) |
Present value of projected benefit obligation | ||
Net defined benefit liability (asset) | (235) | (413) |
Pension benefits | Projected benefit obligation | Other | Demographic assumptions and experience | ||
Projected benefit obligation | ||
Actuarial gains and (losses) | (23) | 5 |
Pension benefits | Projected benefit obligation | Other | Financial assumptions | ||
Projected benefit obligation | ||
Actuarial gains and (losses) | 172 | (31) |
Pension benefits | Plan Assets | ||
Projected benefit obligation | ||
Net defined benefit liability (asset), beginning of period | 28,475 | 6,876 |
Effect of changes in scope of consolidation and other | 209 | 19,986 |
Interest cost | 765 | 588 |
Benefit payments for the year | (1,765) | (1,772) |
Participant contributions | 1 | 2 |
Actuarial gains and (losses) | (6,174) | 1,204 |
Effect of changes in exchange rates | 904 | 1,572 |
Net defined benefit liability (asset), end of period | 22,676 | 28,475 |
Plan Assets | ||
Net defined benefit liability (asset), beginning of period | 28,475 | 6,876 |
Effect of changes in scope of consolidation and other | 209 | 19,986 |
Expected return on assets | 765 | 588 |
Participant contributions | 1 | 2 |
Administrative Expenses | (84) | (72) |
Effect of changes in exchange rates | 904 | 1,572 |
Employer contributions | 345 | 91 |
Benefit payments for the year | (1,765) | (1,772) |
Net defined benefit liability (asset), end of period | 22,676 | 28,475 |
Present value of projected benefit obligation | ||
Net defined benefit liability (asset) | 22,676 | 28,475 |
Pension benefits | Plan Assets | US and Canada | ||
Projected benefit obligation | ||
Net defined benefit liability (asset), beginning of period | 21,856 | 0 |
Effect of changes in scope of consolidation and other | (29) | 19,927 |
Benefit payments for the year | (1,556) | (1,288) |
Participant contributions | 1 | 1 |
Actuarial gains and (losses) | (4,267) | 1,359 |
Effect of changes in exchange rates | 1,067 | 1,370 |
Net defined benefit liability (asset), end of period | 17,959 | 21,856 |
Plan Assets | ||
Net defined benefit liability (asset), beginning of period | 21,856 | 0 |
Effect of changes in scope of consolidation and other | (29) | 19,927 |
Expected return on assets | 660 | 524 |
Participant contributions | 1 | 1 |
Administrative Expenses | (82) | (72) |
Effect of changes in exchange rates | 1,067 | 1,370 |
Employer contributions | 309 | 35 |
Benefit payments for the year | (1,556) | (1,288) |
Net defined benefit liability (asset), end of period | 17,959 | 21,856 |
Present value of projected benefit obligation | ||
Net defined benefit liability (asset) | 17,959 | 21,856 |
Pension benefits | Plan Assets | United Kingdom | ||
Projected benefit obligation | ||
Net defined benefit liability (asset), beginning of period | 3,148 | 2,707 |
Effect of changes in scope of consolidation and other | 0 | 212 |
Benefit payments for the year | (97) | (113) |
Participant contributions | 0 | 0 |
Actuarial gains and (losses) | (978) | 56 |
Effect of changes in exchange rates | (165) | 201 |
Net defined benefit liability (asset), end of period | 1,989 | 3,148 |
Plan Assets | ||
Net defined benefit liability (asset), beginning of period | 3,148 | 2,707 |
Effect of changes in scope of consolidation and other | 0 | 212 |
Expected return on assets | 56 | 40 |
Participant contributions | 0 | 0 |
Administrative Expenses | (1) | 0 |
Effect of changes in exchange rates | (165) | 201 |
Employer contributions | 26 | 45 |
Benefit payments for the year | (97) | (113) |
Net defined benefit liability (asset), end of period | 1,989 | 3,148 |
Present value of projected benefit obligation | ||
Net defined benefit liability (asset) | 1,989 | 3,148 |
Pension benefits | Plan Assets | France and Germany | ||
Projected benefit obligation | ||
Net defined benefit liability (asset), beginning of period | 3,238 | 4,022 |
Effect of changes in scope of consolidation and other | 264 | (245) |
Benefit payments for the year | (101) | (361) |
Participant contributions | 0 | 0 |
Actuarial gains and (losses) | (909) | (207) |
Effect of changes in exchange rates | 0 | 0 |
Net defined benefit liability (asset), end of period | 2,547 | 3,238 |
Plan Assets | ||
Net defined benefit liability (asset), beginning of period | 3,238 | 4,022 |
Effect of changes in scope of consolidation and other | 264 | (245) |
Expected return on assets | 47 | 22 |
Participant contributions | 0 | 0 |
Administrative Expenses | 0 | 0 |
Effect of changes in exchange rates | 0 | 0 |
Employer contributions | 8 | 7 |
Benefit payments for the year | (101) | (361) |
Net defined benefit liability (asset), end of period | 2,547 | 3,238 |
Present value of projected benefit obligation | ||
Net defined benefit liability (asset) | 2,547 | 3,238 |
Pension benefits | Plan Assets | Other | ||
Projected benefit obligation | ||
Net defined benefit liability (asset), beginning of period | 233 | 147 |
Effect of changes in scope of consolidation and other | (26) | 92 |
Benefit payments for the year | (11) | (10) |
Participant contributions | 0 | 1 |
Actuarial gains and (losses) | (20) | (4) |
Effect of changes in exchange rates | 2 | 1 |
Net defined benefit liability (asset), end of period | 181 | 233 |
Plan Assets | ||
Net defined benefit liability (asset), beginning of period | 233 | 147 |
Effect of changes in scope of consolidation and other | (26) | 92 |
Expected return on assets | 2 | 2 |
Participant contributions | 0 | 1 |
Administrative Expenses | (1) | 0 |
Effect of changes in exchange rates | 2 | 1 |
Employer contributions | 2 | 4 |
Benefit payments for the year | (11) | (10) |
Net defined benefit liability (asset), end of period | 181 | 233 |
Present value of projected benefit obligation | ||
Net defined benefit liability (asset) | € 181 | € 233 |
Employee benefits liabilities_6
Employee benefits liabilities - Disclosure of amounts recognized in the consolidated income statement (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Pension benefits | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service cost | € 228 | € 238 | |
Other administration costs | 83 | 73 | |
Past service costs/(credits) and (gains)/losses arising from settlements/curtailments | 3 | (184) | |
Items relating to discontinued operations | 0 | 0 | |
Total recognized in the Consolidated Income Statement | 377 | 217 | |
Pension benefits | Interest expense | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service cost | 228 | 238 | |
Interest expense (income) | 828 | 678 | |
Pension benefits | Interest income | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Interest expense (income) | (765) | (588) | |
Other administration costs | 84 | 72 | |
Pension benefit and other post employment benefits | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service cost | € 208 | ||
Other administration costs | 0 | ||
Past service costs/(credits) and (gains)/losses arising from settlements/curtailments | (18) | ||
Items relating to discontinued operations | (33) | ||
Total recognized in the Consolidated Income Statement | 145 | ||
Pension benefit and other post employment benefits | Interest expense | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Interest expense (income) | 99 | ||
Pension benefit and other post employment benefits | Interest income | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Interest expense (income) | (111) | ||
Other post-employment benefits | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service cost | 38 | 95 | 48 |
Interest expense (income) | 12 | 10 | 9 |
Past service costs/(credits) and (gains)/losses arising from settlements/curtailments | (84) | (82) | 0 |
Total recognized in the Consolidated Income Statement | (34) | 23 | 57 |
Other post-employment benefits | Interest expense | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Total recognized in the Consolidated Income Statement | (34) | 23 | |
Health care and life insurance plans | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service cost | 21 | 21 | 0 |
Interest expense (income) | 70 | 60 | 0 |
Past service costs/(credits) and (gains)/losses arising from settlements/curtailments | 1 | 0 | 0 |
Total recognized in the Consolidated Income Statement | 92 | 81 | € 0 |
Health care and life insurance plans | Interest expense | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Total recognized in the Consolidated Income Statement | € 92 | € 81 |
Employee benefits liabilities_7
Employee benefits liabilities - Disclosure of fair value of plan assets (Details) - Pension benefits - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of fair value of plan assets [line items] | ||
Cash and cash equivalents | € 961 | € 922 |
Equity instruments | 2,994 | 4,034 |
Fixed income securities | 11,545 | 16,134 |
Investment funds | 7,067 | 6,858 |
Insurance contracts and other | 109 | 527 |
Total fair value of plan assets | 22,676 | 28,475 |
U.S. equity securities | ||
Disclosure of fair value of plan assets [line items] | ||
Equity instruments | 908 | 1,244 |
Non-U.S. equity securities | ||
Disclosure of fair value of plan assets [line items] | ||
Equity instruments | 641 | 732 |
Equity commingled funds | ||
Disclosure of fair value of plan assets [line items] | ||
Equity instruments | 1,445 | 2,058 |
Investment funds | 125 | 0 |
Government securities | ||
Disclosure of fair value of plan assets [line items] | ||
Fixed income securities | 2,262 | 6,176 |
Corporate bonds (including convertible and high yield bonds) | ||
Disclosure of fair value of plan assets [line items] | ||
Fixed income securities | 4,333 | 8,375 |
Other fixed income | ||
Disclosure of fair value of plan assets [line items] | ||
Fixed income securities | 4,950 | 1,583 |
Private equity funds | ||
Disclosure of fair value of plan assets [line items] | ||
Investment funds | 2,965 | 3,125 |
Real estate funds | ||
Disclosure of fair value of plan assets [line items] | ||
Investment funds | 1,343 | 1,015 |
Hedge funds | ||
Disclosure of fair value of plan assets [line items] | ||
Investment funds | 2,634 | 2,718 |
Which have a quoted market price in an active market | ||
Disclosure of fair value of plan assets [line items] | ||
Cash and cash equivalents | 850 | 780 |
Equity instruments | 1,946 | 2,471 |
Fixed income securities | 1,037 | 1,212 |
Investment funds | 38 | 0 |
Insurance contracts and other | 73 | 18 |
Total fair value of plan assets | 3,944 | 4,481 |
Which have a quoted market price in an active market | U.S. equity securities | ||
Disclosure of fair value of plan assets [line items] | ||
Equity instruments | 906 | 1,242 |
Which have a quoted market price in an active market | Non-U.S. equity securities | ||
Disclosure of fair value of plan assets [line items] | ||
Equity instruments | 641 | 731 |
Which have a quoted market price in an active market | Equity commingled funds | ||
Disclosure of fair value of plan assets [line items] | ||
Equity instruments | 399 | 498 |
Investment funds | 34 | 0 |
Which have a quoted market price in an active market | Government securities | ||
Disclosure of fair value of plan assets [line items] | ||
Fixed income securities | 986 | 1,212 |
Which have a quoted market price in an active market | Corporate bonds (including convertible and high yield bonds) | ||
Disclosure of fair value of plan assets [line items] | ||
Fixed income securities | 14 | 0 |
Which have a quoted market price in an active market | Other fixed income | ||
Disclosure of fair value of plan assets [line items] | ||
Fixed income securities | 37 | 0 |
Which have a quoted market price in an active market | Private equity funds | ||
Disclosure of fair value of plan assets [line items] | ||
Investment funds | 0 | 0 |
Which have a quoted market price in an active market | Real estate funds | ||
Disclosure of fair value of plan assets [line items] | ||
Investment funds | 4 | 0 |
Which have a quoted market price in an active market | Hedge funds | ||
Disclosure of fair value of plan assets [line items] | ||
Investment funds | € 0 | € 0 |
Employee benefits liabilities_8
Employee benefits liabilities - Disclosure of weighted average assumptions to determine defined benefit obligations (Details) | Dec. 31, 2022 | Dec. 31, 2021 |
Pension benefits | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate | 5.14% | 2.60% |
U.S. | Pension benefits | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate | 5.40% | 2.85% |
Future salary increase rate | 0% | 0% |
U.S. | Health care and life insurance plans | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate | 5.54% | 2.99% |
Future salary increase rate | 1.50% | 1.50% |
Weighted average ultimate healthcare cost trend rate | 4% | 4% |
Canada | Pension benefits | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate | 5.27% | 3.15% |
Future salary increase rate | 3.50% | 3.50% |
Canada | Health care and life insurance plans | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate | 5.27% | 3.26% |
Future salary increase rate | 1.25% | 1.25% |
Weighted average ultimate healthcare cost trend rate | 4% | 4% |
UK | Pension benefits | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate | 4.52% | 1.82% |
Future salary increase rate | 2.55% | 0% |
France | Pension benefits | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate | 4.01% | 1.14% |
Future salary increase rate | 2.68% | 1.82% |
Germany | Pension benefits | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate | 3.56% | 1.38% |
Future salary increase rate | 2.80% | |
Germany | Pension benefits | Minimum | ||
Disclosure of defined benefit plans [line items] | ||
Future salary increase rate | 2.30% | |
Germany | Pension benefits | Maximum | ||
Disclosure of defined benefit plans [line items] | ||
Future salary increase rate | 2.55% |
Employee benefits liabilities_9
Employee benefits liabilities - Disclosure of changes in net defined benefit obligations for healthcare and life insurance plans and other post-employment benefits (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset), beginning of period | € 5,165 | ||
Actuarial (gains)/losses from: | |||
Financial assumptions | 7,410 | ||
Other: | |||
Net defined benefit liability (asset), end of period | 3,531 | € 5,165 | |
Projected benefit obligation | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset), beginning of period | 33,614 | ||
Other: | |||
Net defined benefit liability (asset), end of period | 26,179 | 33,614 | |
Health care and life insurance plans | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Included in the Consolidated Income Statement | 92 | 81 | € 0 |
Health care and life insurance plans | Projected benefit obligation | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset), beginning of period | 2,258 | 0 | |
FCA - PSA merger | 0 | 2,230 | |
Included in the Consolidated Income Statement | 92 | 81 | |
Actuarial (gains)/losses from: | |||
Demographic and other assumptions | 45 | 11 | |
Financial assumptions | (565) | (97) | |
Effect of movements in exchange rates | 118 | 156 | |
Other: | |||
Benefits paid | (136) | (101) | |
Net defined benefit liability (asset), end of period | 1,722 | 2,258 | 0 |
Other post-employment benefits | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Included in the Consolidated Income Statement | (34) | 23 | 57 |
Other post-employment benefits | Projected benefit obligation | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset), beginning of period | 1,125 | 752 | |
FCA - PSA merger | 0 | 779 | |
Included in the Consolidated Income Statement | (34) | 23 | |
Actuarial (gains)/losses from: | |||
Demographic and other assumptions | (49) | (33) | |
Financial assumptions | (279) | (28) | |
Effect of movements in exchange rates | 1 | 4 | |
Other: | |||
Benefits paid | (56) | (113) | |
Change in scope of consolidation | 0 | (208) | |
Other changes | (1) | (117) | |
Net defined benefit liability (asset), end of period | € 805 | € 1,125 | € 752 |
Provisions - Disclosure of prov
Provisions - Disclosure of provisions (Details) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of other provisions [line items] | ||||
Current provisions | € 11,311 | € 9,909 | [1] | € 4,114 |
Non-current provisions | 8,460 | 7,270 | [1] | € 1,610 |
Total | 19,771 | 17,179 | ||
Product warranty and recall campaigns | ||||
Disclosure of other provisions [line items] | ||||
Current provisions | 3,501 | 3,461 | ||
Non-current provisions | 5,764 | 4,761 | ||
Total | 9,265 | 8,222 | ||
Sales incentives | ||||
Disclosure of other provisions [line items] | ||||
Current provisions | 3,395 | 3,008 | ||
Non-current provisions | 0 | 0 | ||
Total | 3,395 | 3,008 | ||
Restructuring | ||||
Disclosure of other provisions [line items] | ||||
Current provisions | 853 | 647 | ||
Non-current provisions | 687 | 529 | ||
Total | 1,540 | 1,176 | ||
Legal proceedings and disputes | ||||
Disclosure of other provisions [line items] | ||||
Current provisions | 405 | 456 | ||
Non-current provisions | 793 | 608 | ||
Total | 1,198 | 1,064 | ||
Commercial risks | ||||
Disclosure of other provisions [line items] | ||||
Current provisions | 2,444 | 1,441 | ||
Non-current provisions | 228 | 292 | ||
Total | 2,672 | 1,733 | ||
Other risks | ||||
Disclosure of other provisions [line items] | ||||
Current provisions | 713 | 896 | ||
Non-current provisions | 988 | 1,080 | ||
Total | € 1,701 | € 1,976 | ||
[1]Refer to Note 3, Scope of consolidation |
Provisions - Disclosure of chan
Provisions - Disclosure of changes in other provisions (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of changes in other provisions [abstract] | ||
Other provisions | € 19,771 | € 17,179 |
Additional provisions | 14,921 | |
Settlements | (12,302) | |
Unused amounts | (668) | |
Translation differences | 570 | |
Transfer to Liabilities held for sale | (15) | |
Change in scope | 37 | |
Other | 49 | |
Product warranty and recall campaigns | ||
Reconciliation of changes in other provisions [abstract] | ||
Other provisions | 9,265 | 8,222 |
Additional provisions | 4,879 | |
Settlements | (4,094) | |
Unused amounts | (101) | |
Translation differences | 314 | |
Transfer to Liabilities held for sale | (2) | |
Change in scope | 2 | |
Other | 45 | |
Sales incentives | ||
Reconciliation of changes in other provisions [abstract] | ||
Other provisions | 3,395 | 3,008 |
Additional provisions | 6,418 | |
Settlements | (6,013) | |
Unused amounts | (85) | |
Translation differences | 63 | |
Transfer to Liabilities held for sale | (1) | |
Change in scope | 0 | |
Other | 5 | |
Restructuring | ||
Reconciliation of changes in other provisions [abstract] | ||
Other provisions | 1,540 | 1,176 |
Additional provisions | 1,167 | 678 |
Settlements | (760) | |
Unused amounts | (47) | |
Translation differences | (1) | |
Transfer to Liabilities held for sale | 0 | |
Change in scope | 0 | |
Other | 5 | |
Legal proceedings and disputes | ||
Reconciliation of changes in other provisions [abstract] | ||
Other provisions | 1,198 | 1,064 |
Additional provisions | 259 | |
Settlements | (519) | |
Unused amounts | (61) | |
Translation differences | 85 | |
Transfer to Liabilities held for sale | (7) | |
Change in scope | 22 | |
Other | 355 | |
Commercial risks | ||
Reconciliation of changes in other provisions [abstract] | ||
Other provisions | 2,672 | 1,733 |
Additional provisions | 1,759 | |
Settlements | (553) | |
Unused amounts | (129) | |
Translation differences | 86 | |
Transfer to Liabilities held for sale | (4) | |
Change in scope | 3 | |
Other | (223) | |
Other risks | ||
Reconciliation of changes in other provisions [abstract] | ||
Other provisions | 1,701 | € 1,976 |
Additional provisions | 439 | |
Settlements | (363) | |
Unused amounts | (245) | |
Translation differences | 23 | |
Transfer to Liabilities held for sale | (1) | |
Change in scope | 10 | |
Other | € (138) |
Provisions - Narrative (Details
Provisions - Narrative (Details) - EUR (€) € in Millions | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of other provisions [line items] | |||
Reversal of Inventory, fair value adjustment | € 951 | € 522 | |
Additional provisions | 14,921 | ||
Change in estimates of non-contractual warranties | 314 | 732 | |
Warranty provision, vehicles sold in prior periods | |||
Disclosure of other provisions [line items] | |||
Additional provisions | € 732 | ||
Restructuring | |||
Disclosure of other provisions [line items] | |||
Additional provisions | € 1,167 | € 678 |
Debt - Summary of short-term an
Debt - Summary of short-term and long-term debt (Details) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about borrowings [line items] | ||||
Short-term debt and current portion of long-term debt | € 7,684 | € 10,958 | [1] | € 2,635 |
Long-term debt | 19,469 | 22,624 | [1] | 11,068 |
Borrowings | 27,153 | 33,582 | € 13,703 | |
Due between one and five years | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long-term debt | 10,595 | 13,638 | ||
Due beyond five years | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long-term debt | 8,874 | 8,986 | ||
Notes | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Short-term debt and current portion of long-term debt | 3,692 | 1,782 | ||
Long-term debt | 15,573 | 16,711 | ||
Borrowings | 19,265 | 18,493 | ||
Notes | Due between one and five years | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long-term debt | 7,662 | 8,776 | ||
Notes | Due beyond five years | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long-term debt | 7,911 | 7,935 | ||
Borrowings from banks | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Short-term debt and current portion of long-term debt | 1,389 | 7,697 | ||
Long-term debt | 1,561 | 3,114 | ||
Borrowings | 2,950 | 10,811 | ||
Borrowings from banks | Due between one and five years | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long-term debt | 1,416 | 3,079 | ||
Borrowings from banks | Due beyond five years | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long-term debt | 145 | 35 | ||
Asset-backed financing | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Short-term debt and current portion of long-term debt | 1,009 | 420 | ||
Long-term debt | 646 | 573 | ||
Borrowings | 1,655 | 993 | ||
Asset-backed financing | Due between one and five years | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long-term debt | 558 | 523 | ||
Asset-backed financing | Due beyond five years | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long-term debt | 88 | 50 | ||
Lease liabilities | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Short-term debt and current portion of long-term debt | 634 | 431 | ||
Long-term debt | 1,625 | 2,055 | ||
Borrowings | 2,259 | 2,486 | ||
Lease liabilities | Due between one and five years | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long-term debt | 896 | 1,090 | ||
Lease liabilities | Due beyond five years | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long-term debt | 729 | 965 | ||
Other debt | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Short-term debt and current portion of long-term debt | 960 | 628 | ||
Long-term debt | 64 | 171 | ||
Borrowings | 1,024 | 799 | ||
Other debt | Due between one and five years | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long-term debt | 63 | 170 | ||
Other debt | Due beyond five years | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long-term debt | € 1 | € 1 | ||
[1]Refer to Note 3, Scope of consolidation |
Debt - Summary of outstanding n
Debt - Summary of outstanding notes (Details) € in Millions, $ in Millions | Dec. 31, 2022 EUR (€) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 EUR (€) | Dec. 31, 2020 EUR (€) |
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | € 27,153 | € 33,582 | € 13,703 | |
STELLANTIS N.V. (Peugeot S.A.) 2016 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Face value of outstanding notes (million) | € 500 | |||
Coupon % | 237.50% | 237.50% | ||
STELLANTIS N.V. (Peugeot S.A.) 2017 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Face value of outstanding notes (million) | € 600 | |||
Coupon % | 200% | 200% | ||
STELLANTIS N.V. (Peugeot S.A.) 2017 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Face value of outstanding notes (million) | € 100 | |||
Coupon % | 200% | 200% | ||
STELLANTIS N.V. (Peugeot S.A.) 2018 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Face value of outstanding notes (million) | € 650 | |||
Coupon % | 200% | 200% | ||
STELLANTIS N.V. (Peugeot S.A.) 2019 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Face value of outstanding notes (million) | € 600 | |||
Coupon % | 112.50% | 112.50% | ||
STELLANTIS N.V. (Peugeot S.A.) 2020 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Face value of outstanding notes (million) | € 1,000 | |||
Coupon % | 275% | 275% | ||
STELLANTIS N.V. (Peugeot S.A.) Schuldschein 2019 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Face value of outstanding notes (million) | € 100 | |||
Coupon % | 1.05% | 1.05% | ||
STELLANTIS N.V. (Peugeot S.A.) Schuldschein 2019 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Face value of outstanding notes (million) | € 60 | |||
Coupon % | 160% | 160% | ||
STELLANTIS N.V. (Peugeot S.A.) Schuldschein 2019 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Face value of outstanding notes (million) | € 50 | |||
Coupon % | 181% | 181% | ||
STELLANTIS N.V. (Peugeot S.A.) Schuldschein 2019 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Face value of outstanding notes (million) | € 70 | |||
Coupon % | 105% | 105% | ||
STELLANTIS N.V. (Peugeot S.A.) Schuldschein 2019 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Face value of outstanding notes (million) | € 204 | |||
Coupon % | 140% | 140% | ||
Fiat Chrysler Finance Europe Senc 2014 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Face value of outstanding notes (million) | € 1,350 | |||
Coupon % | 4.75% | 4.75% | ||
STELLANTIS N.V. (FCA N.V.) 2016 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Face value of outstanding notes (million) | € 1,250 | |||
Coupon % | 3.75% | 3.75% | ||
STELLANTIS N.V. (FCA N.V.) 2020 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Face value of outstanding notes (million) | € 1,250 | |||
Coupon % | 3.375% | 3.375% | ||
STELLANTIS N.V. (FCA N.V.) 2020 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Face value of outstanding notes (million) | € 1,250 | |||
Coupon % | 3.875% | 3.875% | ||
STELLANTIS N.V. (FCA N.V.) 2020 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Face value of outstanding notes (million) | € 1,000 | |||
Coupon % | 450% | 450% | ||
STELLANTIS N.V. 2021 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Face value of outstanding notes (million) | € 1,250 | |||
Coupon % | 62.50% | 62.50% | ||
STELLANTIS N.V. 2021 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Face value of outstanding notes (million) | € 1,250 | |||
Coupon % | 75% | 75% | ||
STELLANTIS N.V. 2021 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Face value of outstanding notes (million) | € 1,250 | |||
Coupon % | 125% | 125% | ||
STELLANTIS N.V. 2022 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Face value of outstanding notes (million) | € 1,000 | |||
Coupon % | 275% | 275% | ||
STELLANTIS N.V. (FCA N.V.) 2015 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Face value of outstanding notes (million) | $ | $ 1,500 | |||
Coupon % | 525% | 525% | ||
STELLANTIS FINANCE US 2021 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Face value of outstanding notes (million) | $ | $ 1,000 | |||
Coupon % | 171.10% | 171.10% | ||
STELLANTIS FINANCE US 2021 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Face value of outstanding notes (million) | $ | $ 1,000 | |||
Coupon % | 269.10% | 269.10% | ||
STELLANTIS FINANCE US 2022 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Face value of outstanding notes (million) | $ | $ 550 | |||
Coupon % | 562.50% | 562.50% | ||
STELLANTIS FINANCE US 2022 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Face value of outstanding notes (million) | $ | $ 700 | |||
Coupon % | 637.50% | 637.50% | ||
GIE PSA Trésorerie 2003 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Face value of outstanding notes (million) | € 600 | |||
Coupon % | 600% | 600% | ||
Gross amount | STELLANTIS N.V. (Peugeot S.A.) 2016 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | € 508 | 508 | ||
Gross amount | STELLANTIS N.V. (Peugeot S.A.) 2017 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 608 | 608 | ||
Gross amount | STELLANTIS N.V. (Peugeot S.A.) 2017 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 102 | 102 | ||
Gross amount | STELLANTIS N.V. (Peugeot S.A.) 2018 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 658 | 658 | ||
Gross amount | STELLANTIS N.V. (Peugeot S.A.) 2019 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 594 | 594 | ||
Gross amount | STELLANTIS N.V. (Peugeot S.A.) 2020 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 1,011 | 1,011 | ||
Gross amount | STELLANTIS N.V. (Peugeot S.A.) Schuldschein 2019 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 101 | 101 | ||
Gross amount | STELLANTIS N.V. (Peugeot S.A.) Schuldschein 2019 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 61 | 61 | ||
Gross amount | STELLANTIS N.V. (Peugeot S.A.) Schuldschein 2019 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 50 | 50 | ||
Gross amount | STELLANTIS N.V. (Peugeot S.A.) Schuldschein 2019 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 71 | 71 | ||
Gross amount | STELLANTIS N.V. (Peugeot S.A.) Schuldschein 2019 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 204 | 204 | ||
Gross amount | Fiat Chrysler Finance Europe Senc 2014 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 0 | 1,414 | ||
Gross amount | STELLANTIS N.V. (FCA N.V.) 2016 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 1,340 | 1,385 | ||
Gross amount | STELLANTIS N.V. (FCA N.V.) 2020 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 1,289 | 1,326 | ||
Gross amount | STELLANTIS N.V. (FCA N.V.) 2020 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 1,420 | 1,460 | ||
Gross amount | STELLANTIS N.V. (FCA N.V.) 2020 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 1,219 | 1,245 | ||
Gross amount | STELLANTIS N.V. 2021 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 1,254 | 1,254 | ||
Gross amount | STELLANTIS N.V. 2021 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 1,250 | 1,249 | ||
Gross amount | STELLANTIS N.V. 2021 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 1,240 | 1,238 | ||
Gross amount | STELLANTIS N.V. 2022 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 1,016 | 0 | ||
Gross amount | STELLANTIS N.V. (FCA N.V.) 2015 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 1,437 | 1,406 | ||
Gross amount | STELLANTIS FINANCE US 2021 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 942 | 884 | ||
Gross amount | STELLANTIS FINANCE US 2021 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 941 | 886 | ||
Gross amount | STELLANTIS FINANCE US 2022 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 520 | 0 | ||
Gross amount | STELLANTIS FINANCE US 2022 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 665 | 0 | ||
Gross amount | GIE PSA Trésorerie 2003 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | € 764 | € 778 |
Debt - Narrative (Details)
Debt - Narrative (Details) € in Millions, $ in Millions, R$ in Billions | 1 Months Ended | 12 Months Ended | ||||||||||||
Jan. 28, 2022 EUR (€) | Jul. 23, 2021 EUR (€) bank extension_option tranche | Jun. 30, 2022 | Dec. 31, 2022 EUR (€) employees facility | Dec. 31, 2018 | Dec. 31, 2022 USD ($) employees facility | Dec. 31, 2022 BRL (R$) employees facility | Sep. 12, 2022 USD ($) | Apr. 01, 2022 EUR (€) | Dec. 31, 2021 EUR (€) | Apr. 30, 2021 EUR (€) | Mar. 19, 2021 EUR (€) | Dec. 31, 2020 EUR (€) | Jul. 08, 2020 EUR (€) | |
Disclosure of detailed information about borrowings [line items] | ||||||||||||||
Increase through merger, borrowings | € 6,400 | |||||||||||||
Borrowings | € 27,153 | € 33,582 | € 13,703 | |||||||||||
Number of warehouse credit facilities | facility | 3 | 3 | 3 | |||||||||||
Trade and other receivables | € 14,870 | 11,442 | ||||||||||||
Commitments for leases entered and not yet commenced | 70 | |||||||||||||
Lease commitments for short-term leases for which recognition exemption has been used | € 28 | |||||||||||||
Lease commitments for short-term leases, expected settlement period | 12 months | |||||||||||||
Property, plant and equipment and intangible assets, pledged as security | € 1,360 | 1,311 | ||||||||||||
Intesa Sanpaolo Credit Facility | ||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||
Repayments of borrowings | 6,300 | |||||||||||||
Repayments of current borrowings | € 6,300 | |||||||||||||
European Investment Bank Borrowings | ||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||
Repayments of borrowings | 420 | |||||||||||||
Borrowings | 1,000 | 1,500 | ||||||||||||
Repayments of non-current borrowings | 420 | |||||||||||||
Borrowings maturity term | 4 years | |||||||||||||
EMTN Programme, Peugeot S.A | ||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||
Borrowings | € 5,000 | |||||||||||||
Medium Term Note Programme | ||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||
Maximum that may be used under the program | 20,000 | |||||||||||||
Medium Term Note Programme | Gross amount | ||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||
Borrowings | 4,750 | |||||||||||||
Euro Medium Term Note Programme | ||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||
Borrowings | 9,500 | |||||||||||||
Maximum that may be used under the program | € 30,000 | |||||||||||||
Face amount | 3,750 | |||||||||||||
Euro Medium Term Note due April 1, 2032 | ||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||
Face amount | € 1,000 | |||||||||||||
Coupon % | 2.75% | |||||||||||||
Senior Notes due January 12, 2028 | ||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||
Face amount | $ | $ 600 | |||||||||||||
Coupon % | 5.625% | |||||||||||||
Senior Notes due September 12, 2032 | ||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||
Face amount | $ | $ 700 | |||||||||||||
Coupon % | 6.375% | |||||||||||||
Brazil loans | ||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||
Borrowings | 600 | 900 | ||||||||||||
Subsidized Brazil loans | ||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||
Borrowings | 300 | 400 | ||||||||||||
Subsidized Brazil loans, construction of plant in Pernambuco | ||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||
Borrowings | 200 | 300 | ||||||||||||
Maximum amount available under credit facility | 1,200 | R$ 6.5 | ||||||||||||
Revolving credit facility, 2021 | ||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||
Maximum that may be used under the program | € 12,000 | |||||||||||||
Number of group relationship banks | bank | 29 | |||||||||||||
Undrawn borrowing facilities | € 12,700 | |||||||||||||
Number of tranches | tranche | 2 | |||||||||||||
Number of extension options | extension_option | 2 | |||||||||||||
Borrowings maturity extension term | 1 year | 1 year | ||||||||||||
Borrowings maturity, term, number of tranches | employees | 2 | 2 | 2 | |||||||||||
Revolving credit facility, 2021 | Tranche one | ||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||
Maximum that may be used under the program | € 6,000 | |||||||||||||
Borrowings maturity term | 3 years | |||||||||||||
Revolving credit facility, 2021 | Tranche two | ||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||
Maximum that may be used under the program | € 6,000 | |||||||||||||
Borrowings maturity term | 5 years | |||||||||||||
Syndicated line of credit, 2020, PSA | ||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||
Undrawn borrowing facilities | € 3,000 | |||||||||||||
Revolving credit facility, FCA | ||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||
Borrowings | € 6,250 | |||||||||||||
Asset-backed financing, securitizations programs | ||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||
Borrowings | € 1,527 | |||||||||||||
FIARC Facility | ||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||
Maximum that may be used under the program | 281 | $ 300 | ||||||||||||
SFS Facility | ||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||
Maximum that may be used under the program | 2,300 | 2,500 | ||||||||||||
SFS Facility II | ||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||
Maximum that may be used under the program | 469 | $ 500 | ||||||||||||
Borrowings, Asset-backed Financing | ||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||
Borrowings | 1,655 | 993 | ||||||||||||
Trade and other receivables | 128 | 149 | ||||||||||||
Secured debt excluding lease liabilities and asset-back financing | ||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||
Borrowings | € 176 | € 366 |
Debt - Asset-backed financing (
Debt - Asset-backed financing (Details) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | € 27,153 | € 33,582 | € 13,703 |
Borrowings, Asset-backed Financing | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | 1,527 | 844 | |
Warehouse Credit Facilities: | FIARC Facility | Borrowings, Asset-backed Financing | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | 101 | 191 | |
Warehouse Credit Facilities: | SFS Facility | Borrowings, Asset-backed Financing | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | 627 | 0 | |
Warehouse Credit Facilities: | SFS Facility II | Borrowings, Asset-backed Financing | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | 10 | 0 | |
Term Notes: | Term Notes 2017-2020 | Borrowings, Asset-backed Financing | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | € 114 | 274 | |
Term Notes: | Term Notes 2017-2020 | Minimum | Borrowings, Asset-backed Financing | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate % | 1.49% | ||
Term Notes: | Term Notes 2017-2020 | Maximum | Borrowings, Asset-backed Financing | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate % | 7.31% | ||
Term Notes: | Term Notes 2021-1 | Borrowings, Asset-backed Financing | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | € 75 | 126 | |
Term Notes: | Term Notes 2021-1 | Minimum | Borrowings, Asset-backed Financing | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate % | 0.45% | ||
Term Notes: | Term Notes 2021-1 | Maximum | Borrowings, Asset-backed Financing | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate % | 5.37% | ||
Term Notes: | Term Notes 2021-2 | Borrowings, Asset-backed Financing | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | € 158 | 253 | |
Term Notes: | Term Notes 2021-2 | Minimum | Borrowings, Asset-backed Financing | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate % | 0.48% | ||
Term Notes: | Term Notes 2021-2 | Maximum | Borrowings, Asset-backed Financing | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate % | 3.14% | ||
Term Notes: | Term Notes 2022-1 | Borrowings, Asset-backed Financing | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | € 201 | 0 | |
Term Notes: | Term Notes 2022-1 | Minimum | Borrowings, Asset-backed Financing | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate % | 2.03% | ||
Term Notes: | Term Notes 2022-1 | Maximum | Borrowings, Asset-backed Financing | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate % | 5.41% | ||
Term Notes: | Term Notes 2022-2 | Borrowings, Asset-backed Financing | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | € 241 | € 0 | |
Term Notes: | Term Notes 2022-2 | Minimum | Borrowings, Asset-backed Financing | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate % | 6.26% | ||
Term Notes: | Term Notes 2022-2 | Maximum | Borrowings, Asset-backed Financing | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate % | 9.50% |
Debt - Disclosure of lease liab
Debt - Disclosure of lease liabilities (Details) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Borrowings [abstract] | ||
Long-term debt (non-current) | € 1,625 | € 2,055 |
Short-term debt and current portion of long-term debt (current) | € 634 | € 431 |
Debt - Disclosure of contractua
Debt - Disclosure of contractual maturities of lease liabilities (Details) € in Millions | Dec. 31, 2022 EUR (€) |
Disclosure of maturity analysis of operating lease payments [line items] | |
Total undiscounted lease liabilities | € 2,259 |
Due within one year | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Total undiscounted lease liabilities | 634 |
Due between one and five years | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Total undiscounted lease liabilities | 896 |
Due beyond five years | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Total undiscounted lease liabilities | € 729 |
Other liabilities - Disclosure
Other liabilities - Disclosure of other liabilities (Details) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Subclassifications of assets, liabilities and equities [abstract] | ||||
Payables for buy-back agreements, current | € 1,968 | € 3,027 | ||
Payables for buy-back agreements, non-current | 4,931 | 4,736 | ||
Payables for buy-back agreements | 6,899 | 7,763 | ||
Accrued expenses and deferred income, current | 3,620 | 2,690 | ||
Accrued expenses and deferred income, non-current | 149 | 117 | ||
Accrued expenses and deferred income | 3,769 | 2,807 | ||
Indirect tax payables, current | 1,563 | 1,625 | ||
Indirect tax payables, non-current | 23 | 118 | ||
Indirect tax payables | 1,586 | 1,743 | ||
Payables to personnel, current | 2,700 | 2,736 | ||
Payables to personnel, non-current | 6 | 13 | ||
Payables to personnel | 2,706 | 2,749 | ||
Social security payables, current | 633 | 647 | ||
Social security payables, non-current | 14 | 19 | ||
Social security payables | 647 | 666 | ||
Construction contract liabilities, current | 111 | 54 | ||
Construction contract liabilities, non-current | 0 | 0 | ||
Construction contract liabilities | 111 | 54 | ||
Service contract liability, current | 948 | 940 | ||
Service contract liability, non-current | 2,255 | 2,188 | ||
Service contract liability | 3,203 | 3,128 | ||
Derivative financial instruments on operating - liabilities | 708 | 374 | ||
Derivative operating liabilities, non-current | 224 | 132 | ||
Derivatives operating liability | 932 | 506 | ||
Other, current | 2,277 | 2,346 | ||
Other, non-current | 527 | 373 | ||
Other | 2,804 | 2,719 | ||
Total Other liabilities, current | 14,528 | 14,439 | [1] | € 8,569 |
Total Other liabilities, non-current | 8,129 | 7,696 | [1] | € 4,681 |
Total Other liabilities | € 22,657 | € 22,135 | ||
[1]Refer to Note 3, Scope of consolidation |
Other liabilities - Disclosur_2
Other liabilities - Disclosure of analysis of other liabilities by due date (Details) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Other liabilities (excluding Accrued expenses, deferred income and service contract liability) | € 15,685 | € 16,200 |
Due within one year | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Other liabilities (excluding Accrued expenses, deferred income and service contract liability) | 9,960 | 10,809 |
Due between one and five years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Other liabilities (excluding Accrued expenses, deferred income and service contract liability) | 2,449 | 5,242 |
Due beyond five years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Other liabilities (excluding Accrued expenses, deferred income and service contract liability) | 3,276 | 149 |
Total due after one year (Non-Current) | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Other liabilities (excluding Accrued expenses, deferred income and service contract liability) | € 5,725 | € 5,391 |
Other liabilities - Narrative (
Other liabilities - Narrative (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Value added tax | € 3,545 | € 3,370 |
2023 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Expected recognition of service contract liability | 944 | |
2024 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Expected recognition of service contract liability | 811 | |
2025 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Expected recognition of service contract liability | 694 | |
Thereafter | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Expected recognition of service contract liability | 754 | |
Brazilian Tax Jurisdiction | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Other receivables recognised in Income Statement | 70 | 113 |
Other receivables expected to be recognised in Income Statement | 48 | |
Increase (decrease) other receivables recognised in income statement | € 144 | |
Brazilian Tax Jurisdiction | Net revenues | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Other receivables recognised in Income Statement | 87 | |
Brazilian Tax Jurisdiction | Net financial results | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Other receivables recognised in Income Statement | 26 | |
Brazilian Tax Jurisdiction | PSA | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Reversal of provision for indirect tax liabilities | 166 | |
Value added tax | € 180 |
Other liabilities - Disclosur_3
Other liabilities - Disclosure of significant changes in group service contract liability (Details) € in Millions | 12 Months Ended |
Dec. 31, 2022 EUR (€) | |
Subclassifications of assets, liabilities and equities [abstract] | |
Contract liabilities at beginning of period | € 3,128 |
Advances received from customers | 1,370 |
Amounts recognized within revenue | (1,268) |
Transfers to Assets/(Liabilities) held for sale | (1) |
Other Changes | (26) |
Contract liabilities at end of period | € 3,203 |
Fair value measurement - Disclo
Fair value measurement - Disclosure of assets and liabilities measured at fair value on a recurring basis (Details) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Assets | € 186,156 | € 171,766 | [1] | € 75,285 |
Level 3 | Collateral deposits | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Assets | 0 | 15 | 1 | |
Level 3 | Receivables from financing activities | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Assets | 259 | 252 | 0 | |
Level 3 | Other receivables | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Assets | 89 | 134 | 187 | |
Level 3 | Money market securities | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Assets | 1 | 12 | € 0 | |
Recurring fair value measurement | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Assets | 23,275 | 27,669 | ||
Liabilities | 950 | 601 | ||
Recurring fair value measurement | Derivative financial liabilities | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Liabilities | 18 | 95 | ||
Recurring fair value measurement | Derivative operating liabilities | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Liabilities | 932 | 506 | ||
Recurring fair value measurement | Financial securities and equity instruments measured at FVOCI | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Assets | 158 | 105 | ||
Recurring fair value measurement | Financial securities and equity instruments measured at FVPL | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Assets | 940 | 1,007 | ||
Recurring fair value measurement | Derivative financial liabilities | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Assets | 34 | 53 | ||
Recurring fair value measurement | Derivative operating liabilities | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Assets | 873 | 755 | ||
Recurring fair value measurement | Collateral deposits | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Assets | 51 | 47 | ||
Recurring fair value measurement | Receivables from financing activities | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Assets | 259 | 252 | ||
Recurring fair value measurement | Trade receivables | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Assets | 1 | 5 | ||
Recurring fair value measurement | Other receivables | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Assets | 89 | 354 | ||
Recurring fair value measurement | Investment held for sale | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Assets | 0 | 49 | ||
Recurring fair value measurement | Money market securities | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Assets | 20,870 | 25,042 | ||
Recurring fair value measurement | Level 1 | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Assets | 21,747 | 25,769 | ||
Liabilities | 0 | 0 | ||
Recurring fair value measurement | Level 1 | Derivative financial liabilities | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Liabilities | 0 | 0 | ||
Recurring fair value measurement | Level 1 | Derivative operating liabilities | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Liabilities | 0 | 0 | ||
Recurring fair value measurement | Level 1 | Financial securities and equity instruments measured at FVOCI | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Assets | 99 | 71 | ||
Recurring fair value measurement | Level 1 | Financial securities and equity instruments measured at FVPL | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Assets | 726 | 878 | ||
Recurring fair value measurement | Level 1 | Derivative financial liabilities | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Assets | 2 | 5 | ||
Recurring fair value measurement | Level 1 | Derivative operating liabilities | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Assets | 0 | 0 | ||
Recurring fair value measurement | Level 1 | Collateral deposits | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Assets | 51 | 32 | ||
Recurring fair value measurement | Level 1 | Receivables from financing activities | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Assets | 0 | 0 | ||
Recurring fair value measurement | Level 1 | Trade receivables | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Assets | 0 | 0 | ||
Recurring fair value measurement | Level 1 | Other receivables | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Assets | 0 | 2 | ||
Recurring fair value measurement | Level 1 | Investment held for sale | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Assets | 0 | 49 | ||
Recurring fair value measurement | Level 1 | Money market securities | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Assets | 20,869 | 24,732 | ||
Recurring fair value measurement | Level 2 | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Assets | 923 | 1,344 | ||
Liabilities | 901 | 590 | ||
Recurring fair value measurement | Level 2 | Derivative financial liabilities | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Liabilities | 18 | 93 | ||
Recurring fair value measurement | Level 2 | Derivative operating liabilities | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Liabilities | 883 | 497 | ||
Recurring fair value measurement | Level 2 | Financial securities and equity instruments measured at FVOCI | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Assets | 19 | 21 | ||
Recurring fair value measurement | Level 2 | Financial securities and equity instruments measured at FVPL | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Assets | 0 | 0 | ||
Recurring fair value measurement | Level 2 | Derivative financial liabilities | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Assets | 30 | 48 | ||
Recurring fair value measurement | Level 2 | Derivative operating liabilities | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Assets | 873 | 754 | ||
Recurring fair value measurement | Level 2 | Collateral deposits | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Assets | 0 | 0 | ||
Recurring fair value measurement | Level 2 | Receivables from financing activities | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Assets | 0 | 0 | ||
Recurring fair value measurement | Level 2 | Trade receivables | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Assets | 1 | 5 | ||
Recurring fair value measurement | Level 2 | Other receivables | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Assets | 0 | 218 | ||
Recurring fair value measurement | Level 2 | Investment held for sale | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Assets | 0 | 0 | ||
Recurring fair value measurement | Level 2 | Money market securities | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Assets | 0 | 298 | ||
Recurring fair value measurement | Level 3 | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Assets | 605 | 556 | ||
Liabilities | 49 | 11 | ||
Recurring fair value measurement | Level 3 | Derivative financial liabilities | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Liabilities | 0 | 2 | ||
Recurring fair value measurement | Level 3 | Derivative operating liabilities | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Liabilities | 49 | 9 | ||
Recurring fair value measurement | Level 3 | Financial securities and equity instruments measured at FVOCI | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Assets | 40 | 13 | ||
Recurring fair value measurement | Level 3 | Financial securities and equity instruments measured at FVPL | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Assets | 214 | 129 | ||
Recurring fair value measurement | Level 3 | Derivative financial liabilities | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Assets | 2 | 0 | ||
Recurring fair value measurement | Level 3 | Derivative operating liabilities | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Assets | 0 | 1 | ||
Recurring fair value measurement | Level 3 | Collateral deposits | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Assets | 0 | 15 | ||
Recurring fair value measurement | Level 3 | Receivables from financing activities | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Assets | 259 | 252 | ||
Recurring fair value measurement | Level 3 | Trade receivables | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Assets | 0 | 0 | ||
Recurring fair value measurement | Level 3 | Other receivables | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Assets | 89 | 134 | ||
Recurring fair value measurement | Level 3 | Investment held for sale | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Assets | 0 | 0 | ||
Recurring fair value measurement | Level 3 | Money market securities | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Assets | € 1 | € 12 | ||
[1]Refer to Note 3, Scope of consolidation |
Fair value measurement - Disc_2
Fair value measurement - Disclosure of reconciliation of changes in items measured at fair value Level 3 (Details) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | |||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Assets, beginning | € 171,766 | [1] | € 75,285 | |
Assets, ending | 186,156 | 171,766 | [1] | |
Recurring fair value measurement | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Assets, beginning | 27,669 | |||
Assets, ending | 23,275 | 27,669 | ||
Receivables from financing activities | Recurring fair value measurement | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Assets, beginning | 252 | |||
Assets, ending | 259 | 252 | ||
Derivative financial liabilities | Recurring fair value measurement | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Assets, beginning | 53 | |||
Assets, ending | 34 | 53 | ||
Collateral deposits | Recurring fair value measurement | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Assets, beginning | 47 | |||
Assets, ending | 51 | 47 | ||
Money market securities | Recurring fair value measurement | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Assets, beginning | 25,042 | |||
Assets, ending | 20,870 | 25,042 | ||
Other receivables | Recurring fair value measurement | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Assets, beginning | 354 | |||
Assets, ending | 89 | 354 | ||
Level 3 | Recurring fair value measurement | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Assets, beginning | 556 | |||
Assets, ending | 605 | 556 | ||
Level 3 | Receivables from financing activities | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Assets, beginning | 252 | 0 | ||
FCA - PSA merger | 473 | |||
Gains/(Losses) recognized in Consolidated Income Statement | 0 | 0 | ||
Losses recognized in Other comprehensive income/(loss) | 0 | 0 | ||
Issues/Settlements | 7 | (221) | ||
Purchases/Sales | 0 | 0 | ||
Transfers from Level 3 | 0 | 0 | ||
Assets, ending | 259 | 252 | ||
Level 3 | Receivables from financing activities | Recurring fair value measurement | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Assets, beginning | 252 | |||
Decrease through transfer to assets held for sale | 0 | |||
Assets, ending | 259 | 252 | ||
Level 3 | Financial securities | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Assets, beginning | 142 | 111 | ||
FCA - PSA merger | 28 | |||
Gains/(Losses) recognized in Consolidated Income Statement | 5 | 20 | ||
Losses recognized in Other comprehensive income/(loss) | 0 | 1 | ||
Issues/Settlements | 0 | (57) | ||
Purchases/Sales | 58 | 39 | ||
Transfers from Level 3 | 49 | 0 | ||
Assets, ending | 254 | 142 | ||
Level 3 | Derivative financial liabilities | Recurring fair value measurement | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Assets, beginning | 0 | |||
Assets, ending | 2 | 0 | ||
Level 3 | Derivative financial liabilities | Derivative financial liabilities | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Assets (liabilities), beginning | (11) | 0 | ||
FCA - PSA merger | 0 | |||
Gains/(Losses) recognized in Consolidated Income Statement | 4 | 0 | ||
Losses recognized in Other comprehensive income/(loss) | (41) | 0 | ||
Issues/Settlements | 0 | 0 | ||
Purchases/Sales | 0 | (11) | ||
Transfers from Level 3 | 0 | 0 | ||
Assets (liabilities), ending | (48) | (11) | ||
Level 3 | Collateral deposits | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Assets, beginning | 15 | 1 | ||
FCA - PSA merger | 0 | |||
Gains/(Losses) recognized in Consolidated Income Statement | 0 | 0 | ||
Losses recognized in Other comprehensive income/(loss) | 0 | 0 | ||
Issues/Settlements | 0 | 0 | ||
Purchases/Sales | 0 | 14 | ||
Decrease through transfer to assets held for sale | 0 | |||
Transfers from Level 3 | 15 | |||
Assets, ending | 0 | 15 | ||
Level 3 | Collateral deposits | Recurring fair value measurement | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Assets, beginning | 15 | |||
Assets, ending | 0 | 15 | ||
Level 3 | Money market securities | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Assets, beginning | 12 | 0 | ||
FCA - PSA merger | 0 | |||
Gains/(Losses) recognized in Consolidated Income Statement | 0 | 0 | ||
Losses recognized in Other comprehensive income/(loss) | 0 | 0 | ||
Issues/Settlements | 0 | 0 | ||
Purchases/Sales | (11) | 12 | ||
Decrease through transfer to assets held for sale | 0 | |||
Transfers from Level 3 | 0 | |||
Assets, ending | 1 | 12 | ||
Level 3 | Money market securities | Recurring fair value measurement | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Assets, beginning | 12 | |||
Assets, ending | 1 | 12 | ||
Level 3 | Other receivables | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Assets, beginning | 134 | 187 | ||
FCA - PSA merger | 63 | |||
Gains/(Losses) recognized in Consolidated Income Statement | 20 | (13) | ||
Losses recognized in Other comprehensive income/(loss) | 0 | (2) | ||
Issues/Settlements | 0 | (61) | ||
Purchases/Sales | 0 | 29 | ||
Transfers from Level 3 | 65 | 69 | ||
Assets, ending | 89 | 134 | ||
Level 3 | Other receivables | Recurring fair value measurement | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Assets, beginning | 134 | |||
Decrease through transfer to assets held for sale | 0 | |||
Assets, ending | 89 | € 134 | ||
Level 3 | Available-for-sale securities | Recurring fair value measurement | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Decrease through transfer to assets held for sale | € 0 | |||
[1]Refer to Note 3, Scope of consolidation |
Fair value measurement - Narrat
Fair value measurement - Narrative (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flow hedge reserve | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Losses recognized in Other comprehensive income/(loss) | € (41) | € 0 |
Effect of change in exchange rates | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Losses recognized in Other comprehensive income/(loss) | 0 | 0 |
Notes | Not measured at fair value in statement of financial position | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial liabilities, at fair value | 17,321 | 18,790 |
Borrowings from banks & Other debt | Not measured at fair value in statement of financial position | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial liabilities, at fair value | 3,901 | 11,573 |
Level 3 | Borrowings from banks & Other debt | Not measured at fair value in statement of financial position | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial liabilities, at fair value | 387 | 468 |
Level 1 | Notes | Not measured at fair value in statement of financial position | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial liabilities, at fair value | 16,841 | 18,286 |
Level 2 | Notes | Not measured at fair value in statement of financial position | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial liabilities, at fair value | 480 | 504 |
Level 2 | Borrowings from banks & Other debt | Not measured at fair value in statement of financial position | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial liabilities, at fair value | € 3,510 | € 11,105 |
Fair value measurement - Disc_3
Fair value measurement - Disclosure of assets and liabilities not measured at fair value on a recurring basis (Details) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets | € 5,033 | € 2,510 |
Not measured at fair value in statement of financial position | Total Debt, excluding Lease liabilities | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial liabilities | 24,894 | 31,096 |
Financial liabilities, at fair value | 22,851 | 31,356 |
Not measured at fair value in statement of financial position | Asset-backed financing | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial liabilities | 1,655 | 993 |
Financial liabilities, at fair value | 1,629 | 993 |
Not measured at fair value in statement of financial position | Notes | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial liabilities | 19,265 | 18,493 |
Financial liabilities, at fair value | 17,321 | 18,790 |
Not measured at fair value in statement of financial position | Borrowings from banks & Other debt | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial liabilities | 3,974 | 11,610 |
Financial liabilities, at fair value | 3,901 | 11,573 |
Not measured at fair value in statement of financial position | Receivables from financing activities | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets | 4,447 | 3,391 |
Financial assets, at fair value | 4,237 | 3,394 |
Not measured at fair value in statement of financial position | Dealer financing | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets | 1,370 | 1,247 |
Financial assets, at fair value | 1,365 | 1,244 |
Not measured at fair value in statement of financial position | Retail financing | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets | 2,475 | 1,438 |
Financial assets, at fair value | 2,301 | 1,444 |
Not measured at fair value in statement of financial position | Finance lease | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets | 7 | 5 |
Financial assets, at fair value | 7 | 5 |
Not measured at fair value in statement of financial position | Other receivables from financing activities | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets | 595 | 701 |
Financial assets, at fair value | € 564 | € 701 |
Related party transactions - Di
Related party transactions - Disclosure of significant transactions with related parties (Details) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Disclosure of transactions between related parties [line items] | ||||
Net revenues | € 179,592 | € 149,419 | € 47,656 | [1] |
Cost of revenues | 144,327 | 119,943 | 38,250 | [1] |
Selling, general and other costs | 8,981 | 9,130 | 3,923 | [1] |
Net financial (income)/expenses | 768 | 734 | 94 | [1] |
Trade and other receivables | 14,870 | 11,442 | ||
Trade payables and other liabilities | 54,383 | 50,316 | ||
Asset- backed financing | 1,655 | 993 | ||
Debt | 25,498 | 32,589 | ||
Total transactions with related parties | ||||
Disclosure of transactions between related parties [line items] | ||||
Net revenues | 11,464 | 10,837 | 7,293 | |
Cost of revenues | 3,302 | 4,502 | 2,801 | |
Selling, general and other costs | 210 | 222 | 48 | |
Net financial (income)/expenses | 5 | 30 | (5) | |
Trade and other receivables | 1,795 | 837 | ||
Trade payables and other liabilities | 1,089 | 1,372 | ||
Asset- backed financing | 57 | 121 | ||
Debt | 137 | 142 | ||
Joint arrangements | ||||
Disclosure of transactions between related parties [line items] | ||||
Net revenues | 11,076 | 9,947 | 7,212 | |
Cost of revenues | 2,959 | 2,010 | 884 | |
Selling, general and other costs | 67 | 78 | 0 | |
Net financial (income)/expenses | 6 | 36 | (2) | |
Trade and other receivables | 1,533 | 647 | ||
Trade payables and other liabilities | 897 | 835 | ||
Asset- backed financing | 57 | 121 | ||
Debt | 129 | 114 | ||
Associates | ||||
Disclosure of transactions between related parties [line items] | ||||
Net revenues | 65 | 91 | 81 | |
Cost of revenues | 183 | 2,192 | 1,917 | |
Selling, general and other costs | 16 | 16 | 0 | |
Net financial (income)/expenses | 0 | (2) | (3) | |
Trade and other receivables | 102 | 34 | ||
Trade payables and other liabilities | 27 | 437 | ||
Asset- backed financing | 0 | 0 | ||
Debt | 0 | 0 | ||
CNHI, Ferrari, Directors and Other | ||||
Disclosure of transactions between related parties [line items] | ||||
Net revenues | 306 | 538 | 0 | |
Cost of revenues | 110 | 289 | 0 | |
Selling, general and other costs | 122 | 123 | 48 | |
Net financial (income)/expenses | 0 | 0 | 0 | |
Trade and other receivables | 65 | 95 | ||
Trade payables and other liabilities | 74 | 66 | ||
Asset- backed financing | 0 | 0 | ||
Debt | 0 | 0 | ||
Unconsolidated subsidiaries | ||||
Disclosure of transactions between related parties [line items] | ||||
Net revenues | 17 | 261 | 0 | |
Cost of revenues | 50 | 11 | 0 | |
Selling, general and other costs | 5 | 5 | 0 | |
Net financial (income)/expenses | (1) | (4) | 0 | |
Trade and other receivables | 95 | 61 | ||
Trade payables and other liabilities | 91 | 34 | ||
Asset- backed financing | 0 | 0 | ||
Debt | 8 | 28 | ||
Tofas | Joint arrangements | ||||
Disclosure of transactions between related parties [line items] | ||||
Net revenues | 1,129 | 831 | 0 | |
Cost of revenues | 1,699 | 1,220 | 0 | |
Selling, general and other costs | 24 | 14 | 0 | |
Net financial (income)/expenses | 0 | 0 | 0 | |
Trade and other receivables | 214 | 25 | ||
Trade payables and other liabilities | 423 | 356 | ||
Asset- backed financing | 0 | 0 | ||
Debt | 0 | 0 | ||
FCA Bank | Joint arrangements | ||||
Disclosure of transactions between related parties [line items] | ||||
Net revenues | 2,007 | 1,666 | 0 | |
Cost of revenues | 33 | 19 | 0 | |
Selling, general and other costs | 30 | (1) | 0 | |
Net financial (income)/expenses | 21 | 39 | 0 | |
Trade and other receivables | 272 | 105 | ||
Trade payables and other liabilities | 122 | 115 | ||
Asset- backed financing | 2 | 1 | ||
Debt | 113 | 88 | ||
GAC-Stellantis JV | Joint arrangements | ||||
Disclosure of transactions between related parties [line items] | ||||
Net revenues | 24 | 45 | 0 | |
Cost of revenues | 0 | 0 | 0 | |
Selling, general and other costs | 0 | 0 | 0 | |
Net financial (income)/expenses | (2) | (3) | 0 | |
Trade and other receivables | 0 | 125 | ||
Trade payables and other liabilities | 14 | 5 | ||
Asset- backed financing | 0 | 0 | ||
Debt | 0 | 0 | ||
Dongfeng Peugeot Citroën Auto Finance Company | Joint arrangements | ||||
Disclosure of transactions between related parties [line items] | ||||
Net revenues | 140 | 150 | 95 | |
Cost of revenues | 604 | 122 | 54 | |
Selling, general and other costs | 0 | 0 | 0 | |
Net financial (income)/expenses | (7) | 0 | (2) | |
Trade and other receivables | 114 | 132 | ||
Trade payables and other liabilities | 64 | 68 | ||
Asset- backed financing | 0 | 0 | ||
Debt | 0 | 0 | ||
Partnership with Santander | Joint arrangements | ||||
Disclosure of transactions between related parties [line items] | ||||
Net revenues | 4,358 | 3,955 | 3,799 | |
Cost of revenues | 504 | 632 | 558 | |
Selling, general and other costs | 1 | 57 | 0 | |
Net financial (income)/expenses | (2) | 0 | 0 | |
Trade and other receivables | 538 | 165 | ||
Trade payables and other liabilities | 100 | 139 | ||
Asset- backed financing | 55 | 120 | ||
Debt | 16 | 26 | ||
Partnership with BNP Paribas Personal Finance(1) | Joint arrangements | ||||
Disclosure of transactions between related parties [line items] | ||||
Net revenues | 3,415 | 3,296 | 3,318 | |
Cost of revenues | 119 | 15 | 272 | |
Selling, general and other costs | 0 | 0 | 0 | |
Net financial (income)/expenses | 0 | 0 | 0 | |
Trade and other receivables | 381 | 93 | ||
Trade payables and other liabilities | 158 | 138 | ||
Asset- backed financing | 0 | 0 | ||
Debt | 0 | 0 | ||
Adjustment in revenues, sales of vehicles through joint ventures | 2,563 | 2,540 | ||
Other | Joint arrangements | ||||
Disclosure of transactions between related parties [line items] | ||||
Net revenues | 3 | 4 | 0 | |
Cost of revenues | 0 | 2 | 0 | |
Selling, general and other costs | 12 | 8 | 0 | |
Net financial (income)/expenses | (4) | 0 | 0 | |
Trade and other receivables | 14 | 2 | ||
Trade payables and other liabilities | 16 | 14 | ||
Asset- backed financing | 0 | 0 | ||
Debt | 0 | 0 | ||
Other | Associates | ||||
Disclosure of transactions between related parties [line items] | ||||
Net revenues | 65 | 66 | 58 | |
Cost of revenues | 183 | 144 | 4 | |
Selling, general and other costs | 16 | 16 | 0 | |
Net financial (income)/expenses | 0 | (2) | (3) | |
Trade and other receivables | 102 | 19 | ||
Trade payables and other liabilities | 27 | 54 | ||
Asset- backed financing | 0 | 0 | ||
Debt | 0 | 0 | ||
Other | CNHI, Ferrari, Directors and Other | ||||
Disclosure of transactions between related parties [line items] | ||||
Net revenues | 1 | 179 | 0 | |
Cost of revenues | 1 | 5 | 0 | |
Selling, general and other costs | 48 | 49 | 0 | |
Net financial (income)/expenses | 0 | 0 | 0 | |
Trade and other receivables | 1 | 55 | ||
Trade payables and other liabilities | 39 | 31 | ||
Asset- backed financing | 0 | 0 | ||
Debt | 0 | 0 | ||
GEFCO | Associates | ||||
Disclosure of transactions between related parties [line items] | ||||
Net revenues | 0 | 25 | 23 | |
Cost of revenues | 0 | 2,048 | 1,913 | |
Selling, general and other costs | 0 | 0 | 0 | |
Net financial (income)/expenses | 0 | 0 | 0 | |
Trade and other receivables | 0 | 15 | ||
Trade payables and other liabilities | 0 | 383 | ||
Asset- backed financing | 0 | 0 | ||
Debt | 0 | 0 | ||
Iveco | CNHI, Ferrari, Directors and Other | ||||
Disclosure of transactions between related parties [line items] | ||||
Net revenues | 233 | 0 | 0 | |
Cost of revenues | 26 | 0 | 0 | |
Selling, general and other costs | (1) | 0 | 0 | |
Net financial (income)/expenses | 0 | 0 | 0 | |
Trade and other receivables | 34 | 0 | ||
Trade payables and other liabilities | 17 | 0 | ||
Asset- backed financing | 0 | 0 | ||
Debt | 0 | 0 | ||
CNHI | CNHI, Ferrari, Directors and Other | ||||
Disclosure of transactions between related parties [line items] | ||||
Net revenues | 50 | 332 | 0 | |
Cost of revenues | 0 | 169 | 0 | |
Selling, general and other costs | 0 | 1 | 0 | |
Net financial (income)/expenses | 0 | 0 | 0 | |
Trade and other receivables | 19 | 29 | ||
Trade payables and other liabilities | 1 | 12 | ||
Asset- backed financing | 0 | 0 | ||
Debt | 0 | 0 | ||
Ferrari N.V. | CNHI, Ferrari, Directors and Other | ||||
Disclosure of transactions between related parties [line items] | ||||
Net revenues | 22 | 27 | 0 | |
Cost of revenues | 83 | 115 | 0 | |
Selling, general and other costs | 0 | 0 | 0 | |
Net financial (income)/expenses | 0 | 0 | 0 | |
Trade and other receivables | 11 | 11 | ||
Trade payables and other liabilities | 17 | 23 | ||
Asset- backed financing | 0 | 0 | ||
Debt | 0 | 0 | ||
Directors and Key Management | CNHI, Ferrari, Directors and Other | ||||
Disclosure of transactions between related parties [line items] | ||||
Net revenues | 0 | 0 | 0 | |
Cost of revenues | 0 | 0 | 0 | |
Selling, general and other costs | 75 | 73 | 48 | |
Net financial (income)/expenses | € 0 | € 0 | € 0 | |
[1]Refer to Note 3, Scope of consolidation |
Related party transactions - _2
Related party transactions - Disclosure of future minimum expected obligations (Details) - Joint arrangements € in Millions | Dec. 31, 2022 EUR (€) |
Tofas-Turk Otomobil Fabrikasi A.S. | 2023 | |
Disclosure of transactions between related parties [line items] | |
Outstanding commitments made by entity | € 157 |
Tofas-Turk Otomobil Fabrikasi A.S. | 2024 | |
Disclosure of transactions between related parties [line items] | |
Outstanding commitments made by entity | 154 |
Tofas-Turk Otomobil Fabrikasi A.S. | 2025 | |
Disclosure of transactions between related parties [line items] | |
Outstanding commitments made by entity | 0 |
Dongfeng Peugeot Citroën Auto Finance Company | |
Disclosure of transactions between related parties [line items] | |
Outstanding commitments made by entity | 150 |
Dongfeng Peugeot Citroën Auto Finance Company | 2023 | |
Disclosure of transactions between related parties [line items] | |
Outstanding commitments made by entity | 10 |
Dongfeng Peugeot Citroën Auto Finance Company | 2024 | |
Disclosure of transactions between related parties [line items] | |
Outstanding commitments made by entity | 10 |
Dongfeng Peugeot Citroën Auto Finance Company | 2025 | |
Disclosure of transactions between related parties [line items] | |
Outstanding commitments made by entity | 10 |
Dongfeng Peugeot Citroën Auto Finance Company | 2026 | |
Disclosure of transactions between related parties [line items] | |
Outstanding commitments made by entity | 10 |
Dongfeng Peugeot Citroën Auto Finance Company | 2027 | |
Disclosure of transactions between related parties [line items] | |
Outstanding commitments made by entity | 10 |
Dongfeng Peugeot Citroën Auto Finance Company | 2028 and thereafter | |
Disclosure of transactions between related parties [line items] | |
Outstanding commitments made by entity | € 100 |
Related party transactions - Na
Related party transactions - Narrative (Details) - EUR (€) € in Millions | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2022 | Dec. 31, 2021 | |
Directors | |||
Disclosure of transactions between related parties [line items] | |||
Key management personnel compensation | € 31 | € 29 | |
Key management | |||
Disclosure of transactions between related parties [line items] | |||
Key management personnel compensation | 44 | 44 | |
Key management personnel compensation, share-based payment expense | 16 | 19 | |
Key management personnel compensation, short-term employee benefits | 14 | 12 | |
Key management personnel compensation, pension and similar benefits | € 3 | € 4 | |
Dongfeng Peugeot Citroën Auto Finance Company | Joint arrangements | |||
Disclosure of transactions between related parties [line items] | |||
Commitments made by entity | € 198 | ||
Commitments made by entity, period | 18 years |
Guarantees granted, commitmen_3
Guarantees granted, commitments and contingent liabilities - Narrative (Details) € in Millions | 1 Months Ended | 3 Months Ended | 11 Months Ended | 12 Months Ended | |||||||||||||||||||||||||
Jun. 03, 2022 EUR (€) | Mar. 31, 2022 | Apr. 09, 2021 consumer | Jan. 14, 2021 USD ($) | Jun. 28, 2019 EUR (€) | Jun. 28, 2019 USD ($) | Apr. 30, 2022 USD ($) vehicle | Apr. 30, 2021 employee vehicle | Dec. 31, 2018 | Dec. 31, 2015 | May 31, 2013 EUR (€) | Feb. 28, 2013 | Sep. 30, 2020 EUR (€) | Nov. 30, 2021 vehicle | Dec. 31, 2022 EUR (€) employees vehicle plaintiff | Dec. 31, 2021 EUR (€) | Dec. 31, 2020 EUR (€) | Dec. 31, 2018 EUR (€) state | Dec. 31, 2018 USD ($) state | Dec. 31, 2022 USD ($) plaintiff | May 24, 2022 EUR (€) | May 24, 2022 USD ($) | Apr. 01, 2022 EUR (€) | Mar. 23, 2022 EUR (€) | Mar. 23, 2022 USD ($) | Mar. 09, 2022 employees | Feb. 23, 2022 GWh | Jan. 17, 2021 EUR (€) | May 31, 2013 USD ($) | |
Disclosure of contingent liabilities [line items] | |||||||||||||||||||||||||||||
Financial assets pledged as collateral for liabilities or contingent liabilities | € 24 | € 25 | |||||||||||||||||||||||||||
Provision of guarantees or collateral by entity, related party transactions | 248 | 161 | |||||||||||||||||||||||||||
Deferred income including contract liabilities | 236 | 159 | |||||||||||||||||||||||||||
Ownership period limit for repurchase obligation | 1 year | ||||||||||||||||||||||||||||
Refunds provision | 264 | $ 282,000,000 | |||||||||||||||||||||||||||
Guarantee at fair value | € 0 | ||||||||||||||||||||||||||||
U.S. diesel emission matters, number of other States | state | 49 | 49 | |||||||||||||||||||||||||||
U.S. diesel emission matters, charge recognized | € 204 | € 200 | 266 | € 222 | € 748 | ||||||||||||||||||||||||
U.S. diesel emission matters, civil claims accrual | € 350 | ||||||||||||||||||||||||||||
U.S. diesel emission matters, average price per eligible vehicle | $ | $ 2,800 | ||||||||||||||||||||||||||||
U.S. diesel emission matters, agreement reached, estimate number of consumers | consumer | 3,200 | ||||||||||||||||||||||||||||
U.S. diesel emission matters, total number of employees indicted by department of justice | employee | 3 | ||||||||||||||||||||||||||||
Charge for U.S. diesel emission matters, fine, charge recognized | € 96 | ||||||||||||||||||||||||||||
Charge for Europe diesel emission matters, number of PSA vehicles impacted | vehicle | 1,000 | ||||||||||||||||||||||||||||
Charge for Europe diesel emission matters, number of Mitsubishi vehicles impacted | vehicle | 29,000 | ||||||||||||||||||||||||||||
Number of class actions filed in netherlands | employees | 2 | ||||||||||||||||||||||||||||
Number of individual consumer claims defended in Germany | employees | 11,300 | ||||||||||||||||||||||||||||
Number of individual consumer claims defended in Austria | employees | 150 | ||||||||||||||||||||||||||||
Korean diesel emission matters, number of vehicles impacted | vehicle | 2,400 | ||||||||||||||||||||||||||||
Korean diesel emission matters, number of other vehicles impacted | vehicle | 2,250 | ||||||||||||||||||||||||||||
National Training Center, independent compliance monitor period | 3 years | ||||||||||||||||||||||||||||
National Training Center, number of plaintiffs | plaintiff | 3 | 3 | |||||||||||||||||||||||||||
Tigershark engine, EPA/CARB matter, number of vehicles with excess tailpipe emissions | vehicle | 935,000 | ||||||||||||||||||||||||||||
Tigershark engine, litigation, number of vehicles impacted | vehicle | 1,600,000 | ||||||||||||||||||||||||||||
Number of atates, under california’s GHG emissions standards | employees | 17 | ||||||||||||||||||||||||||||
U.S. import duties, historic rate for Ram ProMaster City vehicles | 2.50% | ||||||||||||||||||||||||||||
U.S. import duties, rate for cargo vans | 25% | ||||||||||||||||||||||||||||
Euro Medium Term Note due April 1, 2032 | |||||||||||||||||||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||||||||||||||||||
Face amount | € 1,000 | ||||||||||||||||||||||||||||
Coupon % | 2.75% | ||||||||||||||||||||||||||||
Previous rate | |||||||||||||||||||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||||||||||||||||||
CAFE penalty fine rate | $ | $ 5.50 | $ 5 | |||||||||||||||||||||||||||
New base rate | |||||||||||||||||||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||||||||||||||||||
CAFE penalty fine rate | $ | $ 14 | 14 | |||||||||||||||||||||||||||
Penalty fine rate, new vehicles | $ | $ 15 | ||||||||||||||||||||||||||||
Product warranty and recall campaigns | |||||||||||||||||||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||||||||||||||||||
Increase in other provisions | € 200 | ||||||||||||||||||||||||||||
Contingent liabilities | |||||||||||||||||||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||||||||||||||||||
Estimated financial effect of contingent liabilities | € 0 | € 5 | |||||||||||||||||||||||||||
CAFE provision | FCA and PSA Merger | |||||||||||||||||||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||||||||||||||||||
Contingent liabilities recognised in business combination | € 655 | € 163 | |||||||||||||||||||||||||||
Inflation Effect | FCA and PSA Merger | |||||||||||||||||||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||||||||||||||||||
Contingent liabilities recognised in business combination | € 5 | ||||||||||||||||||||||||||||
Credit Agricole Consumer Finance | |||||||||||||||||||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||||||||||||||||||
Proportion of ownership interest in joint venture | 50% | ||||||||||||||||||||||||||||
LeaseCo SAS | |||||||||||||||||||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||||||||||||||||||
Proportion of ownership interest in joint venture | 50% | 50% | 0% | ||||||||||||||||||||||||||
SCUSA Private-Label Financing Agreement | |||||||||||||||||||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||||||||||||||||||
Financing agreement, term | 10 years | ||||||||||||||||||||||||||||
Deferred income including contract liabilities | € 109 | € 12 | $ 12,000,000 | $ 150,000,000 | |||||||||||||||||||||||||
Amortization period | 10 years | ||||||||||||||||||||||||||||
Amended SCUSA Private-Label Financing Agreement | |||||||||||||||||||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||||||||||||||||||
Other income | € 53 | $ 60,000,000 | |||||||||||||||||||||||||||
STM Financial Financing Agreement | |||||||||||||||||||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||||||||||||||||||
Financing agreement, term | 10 years | ||||||||||||||||||||||||||||
ACC Project | |||||||||||||||||||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||||||||||||||||||
Number of gigawatt hours capacity, committed to increase | GWh | 120 | ||||||||||||||||||||||||||||
Lithium-Ion Battery Production Plant | LG Energy Solution | |||||||||||||||||||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||||||||||||||||||
Capital commitments | € 3,700 | $ 5,000,000,000 | |||||||||||||||||||||||||||
Lithium-Ion Battery Production Plant | Samsung SDI | |||||||||||||||||||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||||||||||||||||||
Capital commitments | € 2,400 | $ 2,500,000,000 |
Guarantees granted, commitmen_4
Guarantees granted, commitments and contingent liabilities - Disclosure of maturity analysis of purchase obligations (Details) € in Millions | Dec. 31, 2022 EUR (€) |
Disclosure Of Maturity Analysis For Minimum Purchase Obligations [Line Items] | |
Purchase obligation, battery production | € 3,568 |
2023 | |
Disclosure Of Maturity Analysis For Minimum Purchase Obligations [Line Items] | |
Minimum purchase obligation payable | 971 |
2024 | |
Disclosure Of Maturity Analysis For Minimum Purchase Obligations [Line Items] | |
Minimum purchase obligation payable | 350 |
2025 | |
Disclosure Of Maturity Analysis For Minimum Purchase Obligations [Line Items] | |
Minimum purchase obligation payable | 277 |
2026 | |
Disclosure Of Maturity Analysis For Minimum Purchase Obligations [Line Items] | |
Minimum purchase obligation payable | 396 |
2027 | |
Disclosure Of Maturity Analysis For Minimum Purchase Obligations [Line Items] | |
Minimum purchase obligation payable | 418 |
2028 and thereafter | |
Disclosure Of Maturity Analysis For Minimum Purchase Obligations [Line Items] | |
Minimum purchase obligation payable | € 2,968 |
Equity - Narrative (Details)
Equity - Narrative (Details) | 1 Months Ended | 12 Months Ended | ||||||||||||||||
Sep. 15, 2022 EUR (€) € / shares shares | Jul. 31, 2022 EUR (€) € / shares | Apr. 13, 2022 EUR (€) € / shares | Feb. 22, 2022 EUR (€) € / shares | Apr. 15, 2021 shares | Jun. 30, 2021 | Dec. 31, 2022 EUR (€) € / shares shares | Dec. 31, 2021 EUR (€) € / shares shares | Dec. 31, 2020 EUR (€) | Dec. 31, 2019 EUR (€) | Jan. 16, 2021 shares | Dec. 15, 2020 EUR (€) shares | Sep. 23, 2020 EUR (€) shares | Dec. 17, 2019 EUR (€) shares | Jul. 31, 2017 € / shares shares | ||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Value of shares authorised | € | € 90,000,000 | |||||||||||||||||
Par value per share (in euros per share) | € / shares | € 0.01 | |||||||||||||||||
Equity | € | € 72,382,000,000 | € 56,307,000,000 | [1] | € 23,873,000,000 | € 21,801,000,000 | |||||||||||||
Number of shares outstanding (in shares) | 3,144,425,377 | 3,132,827,277 | ||||||||||||||||
Increase Through Issuance Exercise Of GM Warrrants | 69,125,544 | |||||||||||||||||
Purchase of treasury shares | € | [2] | € 923,000,000 | ||||||||||||||||
AGM authorization, maximum number of common shares that can be issued (in shares) | 100,000,000 | |||||||||||||||||
AGM authorization, issuing shares, period | 5 years | |||||||||||||||||
AGM authorization, shares repurchase, period | 18 months | |||||||||||||||||
AGM authorization, maximum percentage of common shares to be repurchased (in percent) | 10% | |||||||||||||||||
Statutory reserve | € | 18,037,000,000 | € 13,030,000,000 | ||||||||||||||||
Capital reserve | € | 20,119,000,000 | 20,840,000,000 | ||||||||||||||||
Retained earnings (accumulated deficit) | € | 13,873,000,000 | 5,664,000,000 | ||||||||||||||||
Net profit attributable to owners of the parent | € | 16,799,000,000 | 14,200,000,000 | 2,173,000,000 | [3] | ||||||||||||||
Distributions paid to Stellantis shareholders | € | € 3,353,000,000 | 4,204,000,000 | 0 | |||||||||||||||
Dividends announced | € | € 4,200,000,000 | |||||||||||||||||
Dividends announced (in euro per share) | € / shares | € 1.34 | |||||||||||||||||
Aramis SAS | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Proportion of ownership interest in subsidiary | 70% | 61% | ||||||||||||||||
Minimum | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Annual dividend policy, on net profit, (in percent) | 0.25 | |||||||||||||||||
Maximum | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Annual dividend policy, on net profit, (in percent) | 0.30 | |||||||||||||||||
GM Warrants | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Equity warrant, number of shares to subscribe (in shares) | 39,727,324 | |||||||||||||||||
Equity warrant, value per warrant | € / shares | € 1 | € 1 | ||||||||||||||||
Weighted average share price, share options granted | € / shares | € 1.74 | |||||||||||||||||
Increase (decrease) through exercise of warrants, equity | € | € 39,727,324 | |||||||||||||||||
Proceeds from exercise of warrants | € | € 40,000,000 | |||||||||||||||||
Stellantis Shareholders | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Dividends paid, ordinary shares per share (in euro per share) | € / shares | € 1.04 | |||||||||||||||||
Distributions paid to Stellantis shareholders | € | € 3,300,000,000 | € 1,000,000,000 | ||||||||||||||||
FCA and PSA Merger | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Share repurchase, liability recognised | € | 668,000,000 | € 446,000,000 | € 685,000,000 | |||||||||||||||
Benefit from remeasurement of financial liability recognised upon commitments | € | 57,000,000 | 17,000,000 | ||||||||||||||||
Number of shares cancelled (in shares) | 20,700,000 | |||||||||||||||||
FCA and PSA Merger | Dongfeng Group | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Share repurchase, commitment (in shares) | 30,700,000 | |||||||||||||||||
PSA | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Par value per share (in euros per share) | € / shares | € 1 | |||||||||||||||||
PSA | FCA and PSA Merger | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Number of shares outstanding (in shares) | 887,038,000 | |||||||||||||||||
PSA | FCA and PSA Merger | Dongfeng Group | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Share repurchase, commitment (in shares) | 30,700,000 | |||||||||||||||||
Number of shares repurchased (in shares) | 10,000,000 | |||||||||||||||||
Shares repurchase, purchase price | € | € 164,000,000 | |||||||||||||||||
Number of shares cancelled (in shares) | 20,700,000 | |||||||||||||||||
Share capital | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Equity | € | [4] | € 32,000,000 | € 31,000,000 | 20,000,000 | 20,000,000 | |||||||||||||
Non-controlling interests | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Equity | € | 383,000,000 | 400,000,000 | 2,580,000,000 | 2,727,000,000 | ||||||||||||||
Non-controlling interests | Aramis SAS | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Impact of the reduction in ownership of Aramis upon IPO | € | 178,000,000 | 178,000,000 | ||||||||||||||||
Retained earnings and other reserves | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Equity | € | [4] | 66,783,000,000 | 52,776,000,000 | € 22,141,000,000 | € 19,339,000,000 | |||||||||||||
Retained earnings and other reserves | Aramis SAS | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Impact of the reduction in ownership of Aramis upon IPO | € | € 121,000,000 | € 121,000,000 | ||||||||||||||||
Common Shares | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Number of shares authorised (in shares) | 4,500,000,000 | |||||||||||||||||
Number of shares outstanding (in shares) | 3,213,372,229 | |||||||||||||||||
Common Shares | GM Warrants | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Number of shares issued (in shares) | 69,125,544 | |||||||||||||||||
Shares issued, to total share capital (in percent) | 2.20% | |||||||||||||||||
Common Shares | PSA | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Number of shares outstanding (in shares) | 3,132,618,655 | |||||||||||||||||
Common Shares | FCA N.V. - Stellantis N.V. | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Number of shares outstanding (in shares) | 3,144,246,685 | 3,132,618,655 | ||||||||||||||||
Special A Voting Shares | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Number of shares authorised (in shares) | 4,499,750,000 | |||||||||||||||||
Special B Voting Shares | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Number of shares authorised (in shares) | 250,000 | |||||||||||||||||
Special Voting Shares B | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Number of shares outstanding (in shares) | 208,622 | 208,622 | ||||||||||||||||
Special Voting Shares B | FCA N.V. - Stellantis N.V. | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Number of shares outstanding (in shares) | 0 | 208,622 | ||||||||||||||||
Increase (decrease) in number of shares outstanding | 208,622 | |||||||||||||||||
Special Voting Shares A | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Number of shares outstanding (in shares) | 178,790 | |||||||||||||||||
Special Voting Shares A | FCA N.V. - Stellantis N.V. | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Number of shares outstanding (in shares) | 178,692 | 0 | ||||||||||||||||
Treasury shares | GM Warrants | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Weighted average share price, share options granted | € / shares | € 13.36 | |||||||||||||||||
Purchase of treasury shares | € | € 923,000,000 | |||||||||||||||||
[1]Refer to Note 3, Scope of consolidation[2]Refer to Note 27, Equity for additional information[3]Refer to Note 3, Scope of consolidation[4]Refer to Note 27, Equity for additional information |
Equity - Disclosure of number o
Equity - Disclosure of number of shares outstanding (Details) | 12 Months Ended |
Dec. 31, 2022 shares | |
Reconciliation of number of shares outstanding [abstract] | |
Number of shares outstanding at beginning of period (in shares) | 3,132,827,277 |
Issuance of Special Voting Shares (in shares) | 178,790 |
Increase (decrease) through exercise of warrants, equity (in shares) | 69,125,544 |
Repurchase of treasury shares (in shares) | (69,334,264) |
Shares issued to serve Long Term Incentive Plans (in shares) | 11,628,030 |
Number of shares outstanding at end of period (in shares) | 3,144,425,377 |
Common Shares | |
Reconciliation of number of shares outstanding [abstract] | |
Number of shares outstanding at end of period (in shares) | 3,213,372,229 |
Common Shares | FCA N.V. - Stellantis N.V. | |
Reconciliation of number of shares outstanding [abstract] | |
Number of shares outstanding at beginning of period (in shares) | 3,132,618,655 |
Increase (decrease) through exercise of warrants, equity (in shares) | 69,125,544 |
Repurchase of treasury shares (in shares) | (69,125,544) |
Shares issued to serve Long Term Incentive Plans (in shares) | 11,628,030 |
Number of shares outstanding at end of period (in shares) | 3,144,246,685 |
Special Voting Shares A | |
Reconciliation of number of shares outstanding [abstract] | |
Number of shares outstanding at end of period (in shares) | 178,790 |
Special Voting Shares A | FCA N.V. - Stellantis N.V. | |
Reconciliation of number of shares outstanding [abstract] | |
Number of shares outstanding at beginning of period (in shares) | 0 |
Issuance of Special Voting Shares (in shares) | 178,790 |
Repurchase of treasury shares (in shares) | (98) |
Number of shares outstanding at end of period (in shares) | 178,692 |
Special Voting Shares B | |
Reconciliation of number of shares outstanding [abstract] | |
Number of shares outstanding at beginning of period (in shares) | 208,622 |
Number of shares outstanding at end of period (in shares) | 208,622 |
Special Voting Shares B | FCA N.V. - Stellantis N.V. | |
Reconciliation of number of shares outstanding [abstract] | |
Number of shares outstanding at beginning of period (in shares) | 208,622 |
Issuance of Special Voting Shares (in shares) | 0 |
Repurchase of treasury shares (in shares) | (208,622) |
Number of shares outstanding at end of period (in shares) | 0 |
Equity - Disclosure of other co
Equity - Disclosure of other comprehensive income (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share Capital, Reserves And Other Equity Interest [Abstract] | |||
Fair value remeasurement to cash flow hedges | € (482) | € 149 | € 107 |
of which, reclassified to the income statement | (353) | (98) | (32) |
of which, recognized in equity during the period | (129) | 247 | 139 |
Gains and losses from remeasurement of financial assets | 3 | 6 | 0 |
of which, reclassified to the income statement | 0 | 0 | 0 |
of which, recognized in equity during the period | 3 | 6 | 0 |
Exchange differences on translating foreign operations | 2,013 | 2,005 | (377) |
Share of Other comprehensive income/(loss) for equity method investees | (7) | (47) | (43) |
Items relating to discontinued operations | 0 | 0 | (337) |
Total amounts to be potentially reclassified to profit or loss | 1,527 | 2,113 | (650) |
Actuarial gains and losses on defined benefit pension obligations | 1,753 | 2,488 | (117) |
Share of Other comprehensive income/(loss) for equity method investees | (5) | 8 | 0 |
Items relating to discontinued operations | 0 | 0 | (52) |
Amounts not to be reclassified to profit or loss | 1,748 | 2,496 | (169) |
Total Other comprehensive income/(loss) for the period | 3,275 | 4,609 | (819) |
Income tax benefit (expense) | (290) | (783) | 0 |
Income tax benefit (expense) - discontinued operations | 0 | 0 | 10 |
Total Other comprehensive income/(loss) for the period, net of tax | € 2,985 | € 3,826 | € (809) |
Equity - Disclosure of tax effe
Equity - Disclosure of tax effect relating to other comprehensive income (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share Capital, Reserves And Other Equity Interest [Abstract] | |||
Fair value remeasurement to cash flow hedges, pre-tax balance | € (482) | € 149 | € 107 |
Fair value remeasurement to cash flow hedges, tax income (expense) | 89 | (54) | (31) |
Fair value remeasurement to cash flow hedges, net balance | (393) | 95 | 76 |
Gains and losses from remeasurement of financial assets, pre-tax balance | 3 | 6 | 0 |
Gains and losses from remeasurement of financial assets, tax income (expenses) | 0 | 0 | 0 |
Gains and losses from remeasurement of financial assets, net balance | 3 | 6 | 0 |
Actuarial gains and losses on defined benefit pension obligations, pre-tax balance | 1,753 | 2,488 | (117) |
Actuarial gains and losses on defined benefit pension obligations, tax income (expense) | (379) | (729) | 31 |
Actuarial gains and losses on defined benefit pension obligations, net balance | 1,374 | 1,759 | (86) |
Exchange differences in translating foreign operating, pre-tax balance | 2,013 | 2,005 | (377) |
Exchange differences in translating foreign operating, tax income (expense) | 0 | 0 | 0 |
Exchange differences in translating foreign operating, net balance | 2,013 | 2,005 | (377) |
Share of Other comprehensive income/(loss) for equity method investees, pre-tax balance | (12) | (39) | (43) |
Share of Other comprehensive income/(loss) for equity method investees, tax income (expense) | 0 | 0 | 0 |
Share of Other comprehensive income/(loss) for equity method investees, net balance | (12) | (39) | (43) |
Items relating to discontinued operations, pre-tax balance | 0 | 0 | (389) |
Items relating to discontinued operations, tax income (expense) | 0 | 0 | 10 |
Items relating to discontinued operations, net balance | 0 | 0 | (379) |
Total Other comprehensive income/(loss) for the period | 3,275 | 4,609 | (819) |
Total Other comprehensive income, tax income (expense) | (290) | (783) | 10 |
Total Other comprehensive income/(loss) for the period, net of tax | € 2,985 | € 3,826 | € (809) |
Earnings per share - Disclosure
Earnings per share - Disclosure of reconciliation of basic earnings per share (Details) - EUR (€) € / shares in Units, shares in Thousands, € in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Earnings per share [abstract] | ||||
Net profit attributable to owners of the parent | € 16,799 | € 14,200 | € 2,173 | [1] |
Weighted average number of shares outstanding (in shares) | 3,140,089 | 3,059,284 | 1,544,002 | |
Basic earnings per share (in EUR per share) | € 5.35 | € 4.64 | € 1.41 | [1] |
Net profit from continuing operations attributable to owners of the parent | € 16,799 | € 13,210 | € 2,353 | [1] |
Basic earnings per share from continuing operations (in EUR per share) | € 5.35 | € 4.32 | € 1.52 | [1] |
Net profit from discontinued operations attributable to owners of the parent | € 0 | € 990 | € (180) | |
Basic earnings per share from discontinued operations (in EUR per share) | € 0 | € 0.32 | € (0.12) | |
[1]Refer to Note 3, Scope of consolidation |
Earnings per share - Narrative
Earnings per share - Narrative (Details) | 12 Months Ended | ||||
Dec. 31, 2022 shares | Dec. 31, 2021 shares | Dec. 31, 2020 shares | Dec. 31, 2017 shares | Jan. 17, 2021 exchange_ratio | |
Disclosure of Detailed Information About Earnings Per Share [Line Items] | |||||
Antidilutive securities (in shares) | 0 | 0 | 0 | ||
FCA and PSA Merger | |||||
Disclosure of Detailed Information About Earnings Per Share [Line Items] | |||||
Shares, exchange ratio | exchange_ratio | 1.742 | ||||
PSA | |||||
Disclosure of Detailed Information About Earnings Per Share [Line Items] | |||||
Number of warrants issued (in shares) | 39,727,324 |
Earnings per share - Disclosu_2
Earnings per share - Disclosure of reconciliation of diluted earnings per share (Details) - EUR (€) € / shares in Units, shares in Thousands, € in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Earnings per share [abstract] | ||||
Owners of the parent | € 16,799 | € 14,200 | € 2,173 | [1] |
Weighted average number of shares outstanding (in shares) | 3,140,089 | 3,059,284 | 1,544,002 | |
Number of shares deployable for share-based compensation (in shares) | 23,870 | 23,651 | 14,441 | |
Equity warrants deliveed to General Motors (in shares) | 0 | 68,497 | 68,497 | |
Weighted average number of shares outstanding for diluted earnings per share from discontinued operations (in shares) | 1,544,002 | |||
Weighted average number of shares outstanding for diluted earnings per share (in shares) | 3,163,959 | 3,151,432 | 1,626,940 | |
Diluted earnings per share (in EUR per share) | € 5.31 | € 4.51 | € 1.34 | [1] |
Net profit from continuing operations attributable to owners of the parent | € 16,799 | € 13,210 | € 2,353 | [1] |
Diluted earnings per share from continuing operations (in EUR per share) | € 5.31 | € 4.19 | € 1.45 | [1] |
Net profit from discontinued operations attributable to owners of the parent | € 0 | € 990 | € (180) | |
Diluted earnings per share from discontinued operations (in EUR per share) | € 0 | € 0.31 | € (0.12) | |
[1]Refer to Note 3, Scope of consolidation |
Segment reporting - Narrative (
Segment reporting - Narrative (Details) - segment | 1 Months Ended | 11 Months Ended |
Jan. 16, 2021 | Dec. 31, 2021 | |
Disclosure of operating segments [abstract] | ||
Number of reportable segments | 4 | 6 |
Number of reportable regional vehicle segments | 5 |
Segment reporting - Disclosure
Segment reporting - Disclosure of selected financial information by segment (Details) - EUR (€) € in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Jun. 03, 2022 | Jan. 16, 2021 | Sep. 30, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2018 | ||
Disclosure of operating segments [line items] | ||||||||
Construction contract revenues | € 179,592 | € 149,419 | ||||||
Net revenues | (179,592) | (149,419) | € (47,656) | [1] | ||||
FCA net revenues | € 2,704 | 86,676 | ||||||
Pro forma adjustment | (4) | (450) | ||||||
Pro Forma Net Revenues | 152,119 | 133,882 | ||||||
Net profit from continuing operations | 16,779 | 13,218 | 2,338 | [1] | ||||
Tax expense | 2,729 | 1,911 | 504 | [1] | ||||
Net financial expenses/(income) | 768 | 734 | 94 | [1] | ||||
Share of the profit/(loss) of equity method investees | (264) | (737) | 74 | [1] | ||||
Operating income/(loss) | 20,012 | 15,126 | 3,010 | [1] | ||||
FCA operating income | 77 | 2,165 | ||||||
Add: Pro forma adjustments | 96 | 2,261 | ||||||
Profit (Loss) From Continuing Operations, Pro Forma | 15,299 | 7,436 | ||||||
Restructuring costs and other costs, net of reversals | 1,144 | 873 | 490 | |||||
Change in estimates of non-contractual warranties | 314 | 732 | ||||||
Reversal of inventory fair value adjustment in purchase accounting | 951 | 522 | ||||||
CAFE penalty rate | 660 | |||||||
Impairment expenses and supplier obligations | 237 | 309 | 202 | |||||
Patents litigation | 134 | |||||||
Brazilian indirect tax - reversal of liability/recognition of credits | (253) | |||||||
U.S. diesel emission matters, charge recognized | € 204 | € 200 | 266 | 222 | € 748 | |||
Loss/(gain) on disposal of investments | (178) | |||||||
Other | (129) | 529 | 125 | |||||
Total adjustments | 11 | 3,311 | 2,712 | 1,788 | ||||
Pro Forma Adjusted Operating income | 18,011 | 9,224 | ||||||
Adjusted Operating income | 23,323 | 17,827 | ||||||
Impairment expense and supplier obligations | 1,129 | |||||||
Brazilian Tax Jurisdiction | ||||||||
Disclosure of operating segments [line items] | ||||||||
Other receivables recognised in Income Statement | 70 | 113 | ||||||
Brazilian Tax Jurisdiction | Net revenues | ||||||||
Disclosure of operating segments [line items] | ||||||||
Other receivables recognised in Income Statement | 87 | |||||||
Brazilian Tax Jurisdiction | PSA | ||||||||
Disclosure of operating segments [line items] | ||||||||
Reversal of provision for indirect tax liabilities | 166 | |||||||
North America | ||||||||
Disclosure of operating segments [line items] | ||||||||
Construction contract revenues | 85,474 | 67,706 | ||||||
Net revenues | (85,475) | (67,706) | (122) | |||||
Pro Forma Net Revenues | 69,736 | 60,633 | ||||||
Enlarged Europe | ||||||||
Disclosure of operating segments [line items] | ||||||||
Construction contract revenues | 63,226 | 58,602 | ||||||
Net revenues | (63,311) | (58,602) | (42,383) | |||||
Pro Forma Net Revenues | 59,060 | 4,756 | ||||||
Impairment expenses and supplier obligations | 53 | |||||||
Middle East & Africa | ||||||||
Disclosure of operating segments [line items] | ||||||||
Construction contract revenues | 6,453 | 5,165 | ||||||
Net revenues | (6,453) | (5,165) | (3,055) | |||||
Pro Forma Net Revenues | 5,201 | 6,252 | ||||||
South America | ||||||||
Disclosure of operating segments [line items] | ||||||||
Construction contract revenues | 15,640 | 10,474 | ||||||
Net revenues | (15,620) | (10,474) | (1,153) | |||||
Pro Forma Net Revenues | 10,681 | 56,480 | ||||||
Impairment expenses and supplier obligations | 15 | |||||||
China and India & Asia Pacific | ||||||||
Disclosure of operating segments [line items] | ||||||||
Construction contract revenues | 4,500 | 3,924 | ||||||
Net revenues | (4,505) | (3,924) | (864) | |||||
Pro Forma Net Revenues | 3,980 | 3,200 | ||||||
Impairment expenses and supplier obligations | 135 | |||||||
Maserati | ||||||||
Disclosure of operating segments [line items] | ||||||||
Construction contract revenues | 2,322 | 2,002 | ||||||
Net revenues | (2,320) | (2,002) | 0 | |||||
Pro Forma Net Revenues | 2,021 | 1,375 | ||||||
Other activities | ||||||||
Disclosure of operating segments [line items] | ||||||||
Construction contract revenues | 1,977 | 1,546 | ||||||
Net revenues | (3,169) | (1,546) | (79) | |||||
Pro Forma Net Revenues | 2,728 | 2,489 | ||||||
Operating segments | North America | ||||||||
Disclosure of operating segments [line items] | ||||||||
Construction contract revenues | 85,474 | 67,715 | ||||||
Net revenues | (122) | |||||||
FCA net revenues | 2,015 | 60,307 | ||||||
Pro forma adjustment | 3 | 189 | ||||||
Pro Forma Net Revenues | 69,724 | 60,618 | ||||||
Share of the profit/(loss) of equity method investees | 2 | 14 | 0 | |||||
Restructuring costs and other costs, net of reversals | 56 | (4) | 32 | |||||
Change in estimates of non-contractual warranties | 0 | 2 | ||||||
Reversal of inventory fair value adjustment in purchase accounting | 382 | 401 | ||||||
CAFE penalty rate | 660 | |||||||
Impairment expenses and supplier obligations | 99 | 58 | ||||||
Patents litigation | 93 | |||||||
Brazilian indirect tax - reversal of liability/recognition of credits | 0 | |||||||
U.S. diesel emission matters, charge recognized | 0 | |||||||
Loss/(gain) on disposal of investments | 0 | |||||||
Other | (24) | 228 | 10 | |||||
Total adjustments | 0 | 1,266 | 685 | 196 | ||||
Pro Forma Adjusted Operating income | 11,356 | 6,123 | ||||||
Adjusted Operating income | 13,989 | 11,103 | ||||||
Impairment expense and supplier obligations | 154 | |||||||
Operating segments | Enlarged Europe | ||||||||
Disclosure of operating segments [line items] | ||||||||
Construction contract revenues | 63,226 | 58,728 | ||||||
Net revenues | (3,055) | |||||||
FCA net revenues | 335 | 1,680 | ||||||
Pro forma adjustment | (7) | 0 | ||||||
Pro Forma Net Revenues | 58,930 | 4,735 | ||||||
Share of the profit/(loss) of equity method investees | 75 | 46 | (1) | |||||
Restructuring costs and other costs, net of reversals | 1,020 | 781 | 0 | |||||
Change in estimates of non-contractual warranties | 294 | 581 | ||||||
Reversal of inventory fair value adjustment in purchase accounting | 545 | 89 | ||||||
CAFE penalty rate | 0 | |||||||
Impairment expenses and supplier obligations | 92 | 233 | ||||||
Patents litigation | 40 | |||||||
Brazilian indirect tax - reversal of liability/recognition of credits | 0 | |||||||
U.S. diesel emission matters, charge recognized | 0 | |||||||
Loss/(gain) on disposal of investments | 0 | |||||||
Other | (232) | (17) | (4) | |||||
Total adjustments | 0 | 1,759 | 1,667 | (5) | ||||
Pro Forma Adjusted Operating income | 5,370 | 300 | ||||||
Adjusted Operating income | 6,293 | 5,419 | ||||||
Impairment expense and supplier obligations | (1) | |||||||
Operating segments | Middle East & Africa | ||||||||
Disclosure of operating segments [line items] | ||||||||
Construction contract revenues | 6,453 | 5,165 | ||||||
Net revenues | (1,153) | |||||||
FCA net revenues | 36 | 5,236 | ||||||
Pro forma adjustment | 0 | (134) | ||||||
Pro Forma Net Revenues | 5,201 | 6,255 | ||||||
Share of the profit/(loss) of equity method investees | (110) | (118) | 0 | |||||
Restructuring costs and other costs, net of reversals | 0 | 2 | 27 | |||||
Change in estimates of non-contractual warranties | 14 | 57 | ||||||
Reversal of inventory fair value adjustment in purchase accounting | 22 | 0 | ||||||
CAFE penalty rate | 0 | |||||||
Impairment expenses and supplier obligations | 0 | 6 | ||||||
Patents litigation | 0 | |||||||
Brazilian indirect tax - reversal of liability/recognition of credits | 0 | |||||||
U.S. diesel emission matters, charge recognized | 0 | |||||||
Loss/(gain) on disposal of investments | 0 | |||||||
Other | (1) | (6) | (2) | |||||
Total adjustments | 0 | 35 | 59 | 201 | ||||
Pro Forma Adjusted Operating income | 545 | 156 | ||||||
Adjusted Operating income | 1,078 | 554 | ||||||
Impairment expense and supplier obligations | 176 | |||||||
Operating segments | South America | ||||||||
Disclosure of operating segments [line items] | ||||||||
Construction contract revenues | 15,640 | 10,496 | ||||||
Net revenues | (42,383) | |||||||
FCA net revenues | 189 | 14,497 | ||||||
Pro forma adjustment | 0 | (490) | ||||||
Pro Forma Net Revenues | 10,663 | 56,390 | ||||||
Share of the profit/(loss) of equity method investees | 0 | 0 | 3 | |||||
Restructuring costs and other costs, net of reversals | 36 | 54 | 414 | |||||
Change in estimates of non-contractual warranties | 3 | 68 | ||||||
Reversal of inventory fair value adjustment in purchase accounting | 2 | 13 | ||||||
CAFE penalty rate | 0 | |||||||
Impairment expenses and supplier obligations | 45 | 6 | ||||||
Patents litigation | 1 | |||||||
Brazilian indirect tax - reversal of liability/recognition of credits | (253) | |||||||
U.S. diesel emission matters, charge recognized | 0 | |||||||
Loss/(gain) on disposal of investments | 10 | |||||||
Other | 62 | 41 | (199) | |||||
Total adjustments | 0 | 149 | (71) | 544 | ||||
Pro Forma Adjusted Operating income | 882 | 3,059 | ||||||
Adjusted Operating income | 2,048 | 873 | ||||||
Impairment expense and supplier obligations | 319 | |||||||
Operating segments | China and India & Asia Pacific | ||||||||
Disclosure of operating segments [line items] | ||||||||
Construction contract revenues | 4,500 | 3,927 | ||||||
Net revenues | (864) | |||||||
FCA net revenues | 51 | 2,267 | ||||||
Pro forma adjustment | 0 | 15 | ||||||
Pro Forma Net Revenues | 3,975 | 3,146 | ||||||
Share of the profit/(loss) of equity method investees | 310 | 7 | 446 | |||||
Restructuring costs and other costs, net of reversals | 0 | 0 | 0 | |||||
Change in estimates of non-contractual warranties | 3 | 13 | ||||||
Reversal of inventory fair value adjustment in purchase accounting | 0 | 19 | ||||||
CAFE penalty rate | 0 | |||||||
Impairment expenses and supplier obligations | 0 | 0 | ||||||
Patents litigation | 0 | |||||||
Brazilian indirect tax - reversal of liability/recognition of credits | 0 | |||||||
U.S. diesel emission matters, charge recognized | 0 | |||||||
Loss/(gain) on disposal of investments | (204) | |||||||
Other | 36 | 7 | 0 | |||||
Total adjustments | 0 | 39 | 39 | (69) | ||||
Pro Forma Adjusted Operating income | 442 | 231 | ||||||
Adjusted Operating income | 654 | 444 | ||||||
Impairment expense and supplier obligations | 135 | |||||||
Operating segments | Maserati | ||||||||
Disclosure of operating segments [line items] | ||||||||
Construction contract revenues | 2,322 | 2,003 | ||||||
Net revenues | 0 | |||||||
FCA net revenues | 18 | 1,376 | ||||||
Pro forma adjustment | 0 | (3) | ||||||
Pro Forma Net Revenues | 2,020 | 1,373 | ||||||
Share of the profit/(loss) of equity method investees | 0 | 0 | 0 | |||||
Restructuring costs and other costs, net of reversals | 2 | 1 | 3 | |||||
Change in estimates of non-contractual warranties | 0 | 11 | ||||||
Reversal of inventory fair value adjustment in purchase accounting | 0 | 0 | ||||||
CAFE penalty rate | 0 | |||||||
Impairment expenses and supplier obligations | 0 | 6 | ||||||
Patents litigation | 0 | |||||||
Brazilian indirect tax - reversal of liability/recognition of credits | 0 | |||||||
U.S. diesel emission matters, charge recognized | 0 | |||||||
Loss/(gain) on disposal of investments | 0 | |||||||
Other | 0 | 2 | 4 | |||||
Total adjustments | 0 | 2 | 20 | 304 | ||||
Pro Forma Adjusted Operating income | 103 | (91) | ||||||
Adjusted Operating income | 201 | 116 | ||||||
Impairment expense and supplier obligations | 297 | |||||||
Operating segments | Other activities | ||||||||
Disclosure of operating segments [line items] | ||||||||
Construction contract revenues | 1,953 | 2,768 | ||||||
Net revenues | (79) | |||||||
FCA net revenues | 60 | 1,313 | ||||||
Pro forma adjustment | 0 | (27) | ||||||
Pro Forma Net Revenues | 1,606 | 1,365 | ||||||
Share of the profit/(loss) of equity method investees | (541) | (686) | (374) | |||||
Restructuring costs and other costs, net of reversals | 30 | 39 | 14 | |||||
Change in estimates of non-contractual warranties | 0 | 0 | ||||||
Reversal of inventory fair value adjustment in purchase accounting | 0 | 0 | ||||||
CAFE penalty rate | 0 | |||||||
Impairment expenses and supplier obligations | 0 | 0 | ||||||
Patents litigation | 0 | |||||||
Brazilian indirect tax - reversal of liability/recognition of credits | 0 | |||||||
U.S. diesel emission matters, charge recognized | 0 | |||||||
Loss/(gain) on disposal of investments | 16 | |||||||
Other | 27 | 140 | 141 | |||||
Total adjustments | 0 | 57 | 179 | 176 | ||||
Pro Forma Adjusted Operating income | (718) | (487) | ||||||
Adjusted Operating income | (495) | (713) | ||||||
Impairment expense and supplier obligations | 5 | |||||||
Unallocated items & eliminations | ||||||||
Disclosure of operating segments [line items] | ||||||||
Net revenues | 1,261 | |||||||
Pro Forma Net Revenues | 1,288 | 1,303 | ||||||
Share of the profit/(loss) of equity method investees | 0 | 0 | 0 | |||||
Restructuring costs and other costs, net of reversals | 0 | 0 | 0 | |||||
Change in estimates of non-contractual warranties | 0 | 0 | ||||||
Reversal of inventory fair value adjustment in purchase accounting | 0 | 0 | ||||||
CAFE penalty rate | 0 | |||||||
Impairment expenses and supplier obligations | 1 | 0 | ||||||
Patents litigation | 0 | |||||||
Brazilian indirect tax - reversal of liability/recognition of credits | 0 | |||||||
U.S. diesel emission matters, charge recognized | 222 | |||||||
Loss/(gain) on disposal of investments | 0 | |||||||
Other | 3 | 134 | 175 | |||||
Total adjustments | € 0 | 4 | 134 | 441 | ||||
Pro Forma Adjusted Operating income | 31 | (67) | ||||||
Adjusted Operating income | (445) | 31 | ||||||
Impairment expense and supplier obligations | 44 | |||||||
Unallocated amounts | ||||||||
Disclosure of operating segments [line items] | ||||||||
Construction contract revenues | 24 | (1,383) | ||||||
Pro Forma Net Revenues | 0 | |||||||
Elimination of intersegment amounts | ||||||||
Disclosure of operating segments [line items] | ||||||||
Construction contract revenues | (1,383) | |||||||
Net revenues | (1,285) | |||||||
Pro Forma Net Revenues | 1,288 | 1,303 | ||||||
Elimination of intersegment amounts | North America | ||||||||
Disclosure of operating segments [line items] | ||||||||
Construction contract revenues | 9 | |||||||
Net revenues | 1 | |||||||
Pro Forma Net Revenues | (12) | (15) | ||||||
Elimination of intersegment amounts | Enlarged Europe | ||||||||
Disclosure of operating segments [line items] | ||||||||
Construction contract revenues | 126 | |||||||
Net revenues | 85 | |||||||
Pro Forma Net Revenues | (130) | (21) | ||||||
Elimination of intersegment amounts | Middle East & Africa | ||||||||
Disclosure of operating segments [line items] | ||||||||
Construction contract revenues | 0 | |||||||
Net revenues | 0 | |||||||
Pro Forma Net Revenues | 0 | 3 | ||||||
Elimination of intersegment amounts | South America | ||||||||
Disclosure of operating segments [line items] | ||||||||
Construction contract revenues | 22 | |||||||
Net revenues | (20) | |||||||
Pro Forma Net Revenues | (18) | (90) | ||||||
Elimination of intersegment amounts | China and India & Asia Pacific | ||||||||
Disclosure of operating segments [line items] | ||||||||
Construction contract revenues | 3 | |||||||
Net revenues | 5 | |||||||
Pro Forma Net Revenues | (5) | (54) | ||||||
Elimination of intersegment amounts | Maserati | ||||||||
Disclosure of operating segments [line items] | ||||||||
Construction contract revenues | 1 | |||||||
Net revenues | (2) | |||||||
Pro Forma Net Revenues | (1) | (2) | ||||||
Elimination of intersegment amounts | Other activities | ||||||||
Disclosure of operating segments [line items] | ||||||||
Construction contract revenues | 1,222 | |||||||
Net revenues | € 1,216 | |||||||
Pro Forma Net Revenues | € (1,122) | € (1,124) | ||||||
[1]Refer to Note 3, Scope of consolidation |
Segment reporting - Disclosur_2
Segment reporting - Disclosure of information about geographical area (Details) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of geographical areas [line items] | ||
Total Non-current assets (other than financial instruments, deferred tax assets and post-employment benefits assets) | € 92,115 | € 88,279 |
North America | ||
Disclosure of geographical areas [line items] | ||
Total Non-current assets (other than financial instruments, deferred tax assets and post-employment benefits assets) | 50,410 | 48,344 |
France | ||
Disclosure of geographical areas [line items] | ||
Total Non-current assets (other than financial instruments, deferred tax assets and post-employment benefits assets) | 16,031 | 14,717 |
Italy | ||
Disclosure of geographical areas [line items] | ||
Total Non-current assets (other than financial instruments, deferred tax assets and post-employment benefits assets) | 8,646 | 9,564 |
Germany | ||
Disclosure of geographical areas [line items] | ||
Total Non-current assets (other than financial instruments, deferred tax assets and post-employment benefits assets) | 5,334 | 4,918 |
Brazil | ||
Disclosure of geographical areas [line items] | ||
Total Non-current assets (other than financial instruments, deferred tax assets and post-employment benefits assets) | 3,556 | 2,946 |
Spain | ||
Disclosure of geographical areas [line items] | ||
Total Non-current assets (other than financial instruments, deferred tax assets and post-employment benefits assets) | 2,030 | 2,096 |
United Kingdom | ||
Disclosure of geographical areas [line items] | ||
Total Non-current assets (other than financial instruments, deferred tax assets and post-employment benefits assets) | 1,278 | 1,335 |
Poland | ||
Disclosure of geographical areas [line items] | ||
Total Non-current assets (other than financial instruments, deferred tax assets and post-employment benefits assets) | 812 | 637 |
Slovakia | ||
Disclosure of geographical areas [line items] | ||
Total Non-current assets (other than financial instruments, deferred tax assets and post-employment benefits assets) | 377 | 392 |
Serbia | ||
Disclosure of geographical areas [line items] | ||
Total Non-current assets (other than financial instruments, deferred tax assets and post-employment benefits assets) | 105 | 109 |
Other countries | ||
Disclosure of geographical areas [line items] | ||
Total Non-current assets (other than financial instruments, deferred tax assets and post-employment benefits assets) | € 3,536 | € 3,221 |
Explanatory notes to the Cons_3
Explanatory notes to the Consolidated Statements of Cash Flows - Narrative (Details) € in Millions, $ in Millions | 12 Months Ended | ||||||
Apr. 13, 2022 EUR (€) | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 EUR (€) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 EUR (€) | |||
Disclosure of other provisions [line items] | |||||||
Non-cash items | € 6,285 | € 5,195 | € 2,362 | ||||
depreciation and amortization | 6,797 | 5,871 | 2,376 | ||||
change in deferred taxes | 711 | 654 | (42) | ||||
Net cash from (used in) operating activities | 19,959 | 18,646 | 6,241 | ||||
Consolidated profit from continuing operations | 16,779 | 13,218 | 2,338 | [1] | |||
Change in provisions | 1,906 | (1,152) | (1,085) | ||||
Changes in working capital | (4,481) | 1,212 | 1,300 | ||||
(Increase)/decrease in inventories | (5,606) | 2,201 | 844 | ||||
(Increase)/decrease in trade receivables | (1,986) | 246 | 191 | ||||
Other changes | (1,054) | 38 | 47 | ||||
Increase/(decrease) in trade payables | 4,165 | (1,273) | 218 | ||||
Net cash from operating activities - discontinued operations | 0 | 0 | 1,136 | ||||
Net cash from (used in) investing activities | 10,531 | (8,674) | 3,899 | ||||
Investments in property, plant and equipment and intangible assets | 8,615 | 8,687 | 2,733 | ||||
Change in amounts payable on property, plant and equipment and intangible assets | 399 | 1,426 | 217 | ||||
Net change in receivables from financing activities | 1,413 | 306 | (37) | ||||
Acquisitions of consolidated subsidiaries and equity method and other investments | (666) | (726) | (276) | ||||
Proceeds from disposals of property, plant and equipment and intangible assets | 545 | 295 | 171 | ||||
Proceeds from disposal of shares in consolidated companies and of investments in non-consolidated companies | 235 | 161 | 359 | ||||
Cash and cash equivalents of FCA at the merger | 0 | 22,514 | 0 | ||||
Net cash from/(used in) investing activities - discontinued operations | 0 | 3,115 | 1,359 | ||||
Interest paid | 937 | 1,185 | 88 | ||||
Interest received | 1,201 | 347 | 76 | ||||
Income taxes paid (refund) | 2,860 | 2,170 | 385 | ||||
Cash outflow for leases | 626 | 616 | 178 | ||||
Payments of lease liabilities, classified as financing activities | 568 | 566 | 177 | ||||
Interest paid, classified as financing activities | 58 | 50 | 1 | ||||
Net cash from (used in) financing activities | 13,167 | 1,366 | (3,116) | ||||
Changes in long-term debt | (6,480) | 4,106 | 978 | ||||
Payments of other equity instruments | (1,350) | ||||||
Proceeds from issuing other equity instruments | 2,231 | ||||||
Proceeds from borrowings | 387 | ||||||
Distributions paid to Stellantis shareholders | (3,353) | (4,204) | 0 | ||||
Change in securities | 2,069 | 610 | (686) | ||||
Purchase of treasury shares | [2] | 923 | |||||
Changes in short-term debt and other financial assets and liabilities | 400 | 846 | (529) | ||||
Repayments of bonds | 1,000 | ||||||
Proceeds from issuance of shares | 1,000 | ||||||
Net cash from/(used in) financing activities - discontinued operations | 0 | 0 | 1,091 | ||||
Borrowings from banks & Other debt | |||||||
Disclosure of other provisions [line items] | |||||||
Repayments of borrowings | (1,448) | (637) | |||||
Proceeds from borrowings | 309 | ||||||
Euro Medium Term Note Programme | |||||||
Disclosure of other provisions [line items] | |||||||
Proceeds from borrowings | 3,671 | ||||||
Senior Notes Programme | |||||||
Disclosure of other provisions [line items] | |||||||
Proceeds from borrowings | 1,770 | $ 2,000 | |||||
Intesa Sanpaolo Credit Facility | |||||||
Disclosure of other provisions [line items] | |||||||
Repayments of borrowings | (6,300) | ||||||
FCA Shareholders | |||||||
Disclosure of other provisions [line items] | |||||||
Distributions paid to Stellantis shareholders | (2,897) | ||||||
Stellantis Shareholders | |||||||
Disclosure of other provisions [line items] | |||||||
Distributions paid to Stellantis shareholders | € (3,300) | (1,000) | |||||
Stellantis Shareholders | Faurecia S.E | |||||||
Disclosure of other provisions [line items] | |||||||
Distributions paid to Stellantis shareholders | (302) | ||||||
Treasury shares | |||||||
Disclosure of other provisions [line items] | |||||||
Purchase of treasury shares | [2] | 923 | |||||
GAC-Stellantis JV | |||||||
Disclosure of other provisions [line items] | |||||||
Acquisitions of consolidated subsidiaries and equity method and other investments | (196) | ||||||
First Investors Financial Services Group | |||||||
Disclosure of other provisions [line items] | |||||||
Acquisitions of consolidated subsidiaries and equity method and other investments | (147) | ||||||
Capitalised development expenditure | |||||||
Disclosure of other provisions [line items] | |||||||
Additions other than through business combinations, intangible assets other than goodwill | 3,487 | ||||||
Gross amount | |||||||
Disclosure of other provisions [line items] | |||||||
Additions other than through business combinations, intangible assets other than goodwill | 4,212 | 3,891 | |||||
Gross amount | Euro Medium Term Note Programme | |||||||
Disclosure of other provisions [line items] | |||||||
Proceeds from borrowings | 3,750 | ||||||
Gross amount | Capitalised development expenditure | |||||||
Disclosure of other provisions [line items] | |||||||
Investments in property, plant and equipment and intangible assets | 3,116 | € 1,238 | |||||
Additions other than through business combinations, intangible assets other than goodwill | € 3,589 | € 3,128 | |||||
[1]Refer to Note 3, Scope of consolidation[2]Refer to Note 27, Equity for additional information |
Explanatory notes to the Cons_4
Explanatory notes to the Consolidated Statements of Cash Flows - Disclosure of reconciliation of liabilities arising from financing activities (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Total Debt at January 1 | € 33,582 | € 13,703 | |
Add: Derivative (assets)/liabilities and collateral at January 1 | (6) | 21 | |
Add: Securities at January 1 | (2,038) | (1,094) | |
Total Liabilities from financing activities at January 1 | 22,910 | 31,538 | € 12,630 |
Changes in liabilities arising from financing activities [abstract] | |||
FCA-PSA merger | 0 | 22,415 | |
Securities from FCA-PSA merger | 0 | (350) | |
Securities from FCA-PSA Merger | 0 | 129 | |
Cash flows | (8,949) | 2,650 | |
Foreign exchange effects | 397 | 314 | |
Fair value changes | (110) | (139) | |
Changes in scope of consolidation | 389 | (5,616) | |
Transfer to (Assets)/Liabilities held for sale | 0 | 0 | |
Other changes | (354) | (495) | |
Less: Derivative (assets)/liabilities and collateral at December 31 | (67) | (6) | |
Less: Securities at December 31 | (4,176) | (2,038) | |
Total Debt at December 31 | 27,153 | 33,582 | |
Increase (decrease) due to corrections of prior period errors [member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Add: Derivative (assets)/liabilities and collateral at January 1 | (1,205) | ||
Add: Securities at January 1 | € (839) | ||
Total Liabilities from financing activities at January 1 | 31,537 | ||
Changes in liabilities arising from financing activities [abstract] | |||
Less: Derivative (assets)/liabilities and collateral at December 31 | (1,205) | ||
Less: Securities at December 31 | € (839) |
Qualitative and quantitative _2
Qualitative and quantitative information on financial risk (Details) € in Millions | 12 Months Ended |
Dec. 31, 2022 EUR (€) | |
Currency risk management | |
Disclosure of credit risk exposure [line items] | |
Reasonably possible change in risk variable, percent | 10% |
Potential impact on Income Statement from change in risk rates | € 197 |
Potential impact on Other Comprehensive Income from change in risk rates | € 1,404 |
Interest rate risk management | |
Disclosure of credit risk exposure [line items] | |
Reasonably possible change in risk variable, percent | 0.50% |
Potential impact on net financial expenses from change in risk rates | € 13 |
Interest rate risk management | Fixed interest rate | |
Disclosure of credit risk exposure [line items] | |
Reasonably possible change in risk variable, percent | 0.50% |
Potential impact on Other Comprehensive Income from change in risk rates | € (3) |
Potential impact in the operating income from change in risk rates | € (6) |
Interest rate risk management | Floating interest rate | |
Disclosure of credit risk exposure [line items] | |
Reasonably possible change in risk variable, percent | 0.50% |
Potential impact on net financial expenses from change in risk rates | € 191 |
Commodity price risk management | |
Disclosure of credit risk exposure [line items] | |
Reasonably possible change in risk variable, percent | 10% |
Potential impact on Other Comprehensive Income from change in risk rates | € (654) |
Subsequent events (Details)
Subsequent events (Details) € in Millions | Feb. 21, 2023 EUR (€) |
Announcing Implementation Of Share Repurchase | |
Disclosure of detailed information about business combination [line items] | |
Share buyback | € 1,500 |