Stellantis NV Strong 2020 Results

Stellantis NV Strong 2020 Results

04.03.2021: Further to the creation of Stellantis N.V. through the closing of the cross-border legal merger between Fiat Chrysler Automobiles N.V. (FCA) and Peugeot S.A. (PSA) on January 16, 2021, the following documents are the earnings releases of the legacy operat

Further to the creation of Stellantis N.V. through the closing of the cross-border legal merger between Fiat Chrysler Automobiles N.V. (FCA) and Peugeot S.A. (PSA) on January 16, 2021, the following documents are the earnings releases of the legacy operations of FCA and PSA for the year ended December 31, 2020.



“These figures demonstrate the financial soundness of Stellantis, bringing together two strong and healthy companies. Stellantis gets off to a flying start and is fully focused on achieving the full promised synergies.”
- Carlos Tavares, Stellantis CEO



Pursuant to Sept ‘20 Amendment to Combination Agreement, Board has approved a €1.0B distribution(1) to shareholders, subject to shareholder approval at the AGM on April 15, 2021.



2021 Industry Outlook(2): North America +8%, South America +20%, Europe +10%, Middle East & Africa +3%, India & Asia Pacific +3% and China +5%



2021 Guidance(3): Adjusted Operating Income Margin of 5.5 - 7.5%; assumes no significant COVID-19 related lockdowns



Financial Calendar:

Q1 '21 - Sales and Revenues Only - May 5 '21
H1 '21 - Full Financial Results - Aug 3 '21
Q3 '21 - Sales and Revenues Only - Oct 28 '21



These results do not represent the consolidated results of Stellantis N.V.



On March 3, 2021 at 3:30 p.m. CET / 9:30 a.m. EST, a conference call and webcast will be held to present the Fourth Quarter and Full Year 2020 results of FCA and Full Year 2020 results of PSA.


FCA reports record fourth quarter Group and North America results, with Adjusted EBIT of €2.3B and €2.2B and margins of 8.2% and 11.6%, respectively. All regions and Maserati profitable. Net profit and Adjusted net profit of €1.6B and €1.8B, respectively. Industrial free cash flows of €3.9B for the quarter and positive for the full year at €0.6B.






2020 FOURTH QUARTER RESULTS:



• Worldwide combined shipments(7) flat at 1,167 thousand units, with continued strong retail mix and inventory management discipline



• Record fourth quarter Group and North America Adjusted EBIT results of €2.3 billion and €2.2 billion, respectively, with positive results in all regions and Maserati for the first time since Q1 2018



• Record fourth quarter Group and North America margins at 8.2%, up 110 bps, and 11.6%, up 160 bps, respectively



• Industrial free cash flows of €3.9 billion, driven by strong operating performance and positive working capital impacts. Capex at €2.4 billion, down €0.5 billion






2020 FULL YEAR RESULTS:




• Worldwide combined shipments(7) of 3,435 thousand units, down 22%, due to COVID-19 related production and demand disruptions



• Adjusted EBIT at €3.7 billion, down 44%, with North America at €5.4 billion and achieving 8.9% margin despite COVID-19 related disruptions



• Industrial free cash flows at €0.6 billion; with strong cash generation during the second half of the year more than offsetting significant pandemic-related cash absorption during the first half. Capex at €8.6 billion, up €0.2 billion



• Available liquidity at December 31, 2020, of €31.4 billion, including €7.3 billion of committed and undrawn revolving credit facilities






FCA NOTES



(1) All results for the twelve months ended December 31, 2019 exclude Magneti Marelli up to the completion of the sale transaction on May 2, 2019, following its presentation as a discontinued operation;


(2) Refer to page 5 for the reconciliations of Net profit to Adjusted EBIT, page 6 for the reconciliations of Net profit to Adjusted net profit, Diluted EPS to Adjusted diluted EPS and of Cash flows from operating activities to Industrial free cash flows for the three months ended December 31, 2020 and 2019. Refer to pages 7-8 for the applicable reconciliations for the years ended December 31, 2020 and 2019;


(3) Adjusted EBIT excludes certain adjustments from Net profit from continuing operations, including: gains/(losses) on the disposal of investments, restructuring, impairments, asset write-offs and unusual income/(expenses) that are considered rare or discrete events that are infrequent in nature, and also excludes Net financial expenses and Tax expense/(benefit);


(4) Adjusted net profit is calculated as Net profit from continuing operations excluding post-tax impacts of the same items excluded from Adjusted EBIT, as well as financial income/(expenses) and tax income/(expenses) considered rare or discrete events that are infrequent in nature;


(5) Adjusted diluted EPS is calculated by adjusting Diluted earnings per share from continuing operations for the impact per share of the same items excluded from Adjusted net profit);


(6) Industrial free cash flows is calculated as Cash flows from operating activities less: cash flows from operating activities from discontinued operations; cash flows from operating activities related to financial services, net of eliminations; investments in property, plant and equipment and intangible assets for industrial activities; adjusted for net intercompany payments between continuing operations and discontinued operations; and adjusted for discretionary pension contributions in excess of those required by the pension plans, net of tax. The timing of Industrial free cash flows may be affected by the timing of monetization of receivables and the payment of accounts payable, as well as changes in other components of working capital, which can vary from period to period due to, among other things, cash management initiatives and other factors, some of which may be outside of the FCA Group’s control;


(7) Combined shipments include all shipments by the FCA Group's unconsolidated joint ventures, whereas consolidated shipments only include shipments from the FCA Group's consolidated subsidiaries.







Highly profitable in 2020 despite COVID-19 with 7.1% Automotive adjusted operating margin



    1% Automotive adjusted operating margin[1] at €3.4 billion

    4% H2 Automotive adjusted operating margin at a record level

    Net result group share at €2.2 billion

    €2.7 billion Automotive free cash flow[2]

    €13.2 billion Automotive net financial position[3]




Carlos Tavares, CEO Stellantis said: “2020 strong results have proven once again Groupe PSA’s resilience thanks to both the rigorous execution of the Push to Pass strategic plan and the agility and fighting spirit of the teams to push forward efficiency against headwinds.



Groupe PSA sustainable financial results represent a key contribution to Stellantis launch, aiming at providing a clean, safe and affordable mobility as well as added value to all its external stakeholders and employees. I would also like to express my sincere and warm thanks to all employees for their outstanding behavior and commitment during this dreadful year.”



Group revenue amounted to €60,734 million in 2020, down by 18.7% compared to 2019. Automotive revenue amounted to €47,613 million down by 19.2% versus 2019, mainly driven by the negative impact of volumes and country mix (-23.9%), the impact of exchange rates (-1.8%) and the decrease of sales to partners (-0.3%); conversely, revenues benefited from the positive effect of product mix (+4.2%) and price (+0.9%), as well as others (+1.7%).



Group adjusted operating income[4] amounted to €3,685 million, down 41.7% with Automotive adjusted operating income down 33.0% at € €3,377 million. This 7.1% profitability level was reached despite the sharp decline of automotive markets and thanks to a positive product mix and costs savings. The rebound was strong in H2 2020 with a record automotive adjusted operating margin of 9.4%, up 1.1 pts versus H2 2019.



Group adjusted operating margin reached 6.1%, down 2.4 pts versus 2019.



Other operating income and expenses amounted to -€631 million, compared to -€1,656 million in 2019.



Group net financial expenses decreased to -€317 million compared to -€344 million in 2019.



Consolidated net income reached €2,022 million, a decrease of €1,562 million compared to 2019. Net income, Group share, reached €2,173 million, down €1,028 million compared to 2019.



Banque PSA Finance reported adjusted operating income of €965 million[5], down 4.6%.



Faurecia adjusted operating income was €315 million, down 74.3%.



The free cash flow of Automotive division and holding was €2,660 million.



Total inventory, including independent dealers, stood at 493,000 vehicles at 31 December 2020, down 19% compared to 31 December 2019.



The net financial position of Automotive division and holding was €13,231 million at 31 December 2020, up €2,625 million compared to 31 December 2019.



Groupe PSA consolidated financial statements for the year ended 31 December 2020 were approved by the Board of Directors of Stellantis N.V. on 02 March 2021 ; Stellantis N.V. is the surviving legal entity after the merger of Fiat Chrysler Automobiles N.V. (FCA) and Peugeot S.A. (PSA). The audit procedures on the consolidated accounts were carried out by the Group's Independent Auditors. Their certification report is being issued. The report on the annual results and the presentation of the 2020 results can be consulted on the Group’s website (www.stellantis.com), in the “Investors” section.





*Refer to the FCA sections "Fourth Quarter Reconciliations", "FY 2020 Reconciliations" and "FCA Notes" and the PSA section "Appendix" for definitions of the respective company’s supplemental financial measures and reconciliations to applicable IFRS metrics.

NOTES

(1) The combination agreement, as amended in September 2020, contemplated a potential cash distribution of €1 billion following the completion of the merger. The Board of Directors resolved to propose to the AGM the approval of a special cash distribution of €0.32 per common share corresponding to a total distribution of approximately €1 billion (approximately US$1.2 billion translated at the exchange rate reported by the European Central Bank on February 26, 2021). The distribution will be subject to approval by the AGM, which is scheduled to be held on April 15, 2021. The expected calendar for MTA, Euronext Paris and NYSE is as follows: (i) ex-date April 19, 2021, (ii) record date April 20, 2021, and (iii) payment date April 28, 2021.

(2) Source: IHS Global Insight, Wards, China Passenger Car Association and Group estimates.

(3) Adjusted operating income (loss) excludes from Operating income (loss) 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 Group's ongoing operating performance. Guidance does not reflect impacts from purchase accounting adjustments or changes in accounting policies as required by IFRS in connection with the merger.


SAFE HARBOR STATEMENT


This document, in particular references to “2021 Guidance”, contains forward-looking statements. In particular, statements regarding future financial performance and the Company’s expectations as to the achievement of certain targeted metrics, including revenues, industrial free cash flows, vehicle shipments, capital investments, research and development costs and other expenses at any future date or for any future period are forward-looking statements. These statements may include terms such as “may”, “will”, “expect”, “could”, “should”, “intend”, “estimate”, “anticipate”, “believe”, “remain”, “on track”, “design”, “target”, “objective”, “goal”, “forecast”, “projection”, “outlook”, “prospects”, “plan”, or similar terms. Forward-looking statements are not guarantees of future performance. Rather, they are based on the Group’s current state of knowledge, future expectations and projections about future events and are by their nature, subject to inherent risks and uncertainties. They related to events and depend on circumstances that may or may not occur or exist in the future and, as such, undue reliance should not be placed on them.


Actual results may differ materially from those expressed in forward-looking statements as a result of a variety of factors, including: the impact of the COVID-19 pandemic; the ability of the Group to launch new products successfully and to maintain vehicle shipment volumes; changes in the global financial markets, general economic environment and changes in demand for automotive products, which is subject to cyclicality; changes in local economic and political conditions, changes in trade policy and the imposition of global and regional tariffs or tariffs targeted to the automotive industry, the enactment of tax reforms or other changes in tax laws and regulations; the Group’s ability to expand certain of their brands globally; its ability to offer innovative, attractive products; its ability to develop, manufacture and sell vehicles with advanced features including enhanced electrification, connectivity and autonomous-driving characteristics; various types of claims, lawsuits, governmental investigations and other contingencies, including product liability and warranty claims and environmental claims, investigations and lawsuits; material operating expenditures in relation to compliance with environmental, health and safety regulations; the intense level of competition in the automotive industry, which may increase due to consolidation; exposure to shortfalls in the funding of the Group’s defined benefit pension plans; the ability to provide or arrange for access to adequate financing for dealers and retail customers and associated risks related to the establishment and operations of financial services companies; the ability to access funding to execute the Group’s business plans and improve their businesses, financial condition and results of operations; a significant malfunction, disruption or security breach compromising information technology systems or the electronic control systems contained in the Group’s vehicles; the Group’s ability to realize anticipated benefits from joint venture arrangements; disruptions arising from political, social and economic instability; risks associated with our relationships with employees, dealers and suppliers; increases in costs, disruptions of supply or shortages of raw materials; developments in labor and industrial relations and developments in applicable labor laws; exchange rate fluctuations, interest rate changes, credit risk and other market risks; political and civil unrest; earthquakes or other disasters; the risk that the operations of Groupe PSA and FCA will not be integrated successfully and other risks and uncertainties.



Any forward-looking statements contained in this document speak only as of the date of this document and the Group disclaims any obligation to update or revise publicly forward-looking statements. Further information concerning the Group and its businesses, including factors that could materially affect the Group’s financial results, are included in FCA’s reports and filings with the U.S. Securities and Exchange Commission (including the registration statement on Form F-4 that was declared effective by the SEC on November 20, 2020), the AFM and CONSOB and PSA’s filings with the AMF.



Karine Douet –  logo photos Stellantis

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04.03.2021 / MaP

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