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Stellantis

Stellantis

Stellantis is one of the world's major automotive manufacturers. Operations are based on 14 car brands, with their own worldwide reputation and distinct personalities – as part of coordinated international strategies and a coherent product plan.

As at December 31, 2022

The Stellantis group was created on 16 January 2021 after the merger between PSA Group and Fiat Chrysler Automobiles, and is one of the world’s automotive manufacturers. Stellantis has strong positions in Europe and North America, and benefits from the excellent fit between the two merged groups in terms of technologies and product ranges. With industrial activities in 30 countries and a commercial presence in more than 130 markets, along with its 14 brands, Stellantis offers a comprehensive range of vehicles including luxury, mainstream and light utility vehicles, along with specialist brands in the fields of mobility, finance, spare parts and services.

Stake in Stellantis
7 %
Investment date
1890

Peugeot 1810's investment

The Peugeot SA automotive group was founded by the Peugeot family. Peugeot Invest bought PSA shares in PSA’s 2012 and 2014 rights issues and played an active role in the negotiations that led to its merger with FCA.

In accordance with the agreements signed in relationto the merger with FCA, Peugeot 1810 acquired a further 2.0% stake in PSA in 2020 when an equity swap transaction settled.

At 31 December 2022, Peugeot 1810 – which is 76.5%-owned by Peugeot Invest and 23.5%-owned by Établissements Peugeot Frères – owned 7.0% of Stellantis’ equity and 7.0% of its voting rights.

Robert Peugeot is Vice-Chairman of the Stellantis Board of Directors and a member of its Remuneration Committee.

In accordance with undertakings made in relation to the merger, PSA and FCA’s major shareholders (Exor, Peugeot 1810, Bpifrance and Dongfeng Motor) undertook not to sell any Stellantis shares for three years after the merger (i.e. until 16 January 2024). In addition, PSA and FCA’s major shareholders undertook not to increase their stakes in Stellantis shares for seven years after the merger (i.e. until 16 January 2028). As an exception to that undertaking, Peugeot 1810 may acquire a 1.5% stake in Stellantis from Dongfeng Motor or Bpifrance, or may buy Stellantis shares in the market to the same extent as any shares sold by Bpifrance to another counterparty.

The value of the shareholding, for the purposes of Net Asset Value and the consolidated financial statements, is based on the share price at 31 December 2022.

In 2022

In 2022, Stellantis generated revenue of €180 billion, an increase of 18%, driven mainly by a positive price mix and favourable exchange-rate movements, and despite ongoing disruption in the macroeconomic environment. Adjusted operating profit totalled €23 billion, up 29% compared with 2021 and representing a consolidated operating margin of 13.0% (up 1.2 points). Free cash flow was €11 billion and net debt was €26 billion at 31 December 2022. A dividend of €1.34 per share will be put to the vote in the next AGM. In addition, given the group’s solid performance, the Board of Directors has approved a €1.5 billion share buyback programme to be carried out in 2023. By the end of 2022, Stellantis had achieved €7.1 billion of synergies from its merger, more than its initial target of €5 billion and two years ahead of schedule.

In 2023, management is aiming to maintain an operating margin of over 10% and to continue generating significant cash flow.

Key figures

Net cash in 2021
19 bn

Shareholding structure

14 %
Exor
7 %
Peugeot 1810
6 %
bpifrance
3.1 %
Dong Feng Motors
69.9 %
Free-float