Stellantis (prev. PSA Group)

The PSA 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 relation to 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 2020, Peugeot 1810 – which is 76.5%-owned by Peugeot Invest and 23.5%-owned by Établissements Peugeot Frères – owned 14.4% of PSA’s equity and 19.3% of its voting rights.
At 16 January 2021, the day on which the merger between PSA and FCA was completed, Peugeot 1810 owned 7.2% of Stellantis’ equity and 7.2% 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 Motors) undertook not to sell any Stellantis shares for three years aer 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 aer 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 Dong Feng Motors 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 2020.

In 2020, FCA generated revenue of €86.7 billion and adjusted EBIT of €3.7 billion, resulting in an EBIT margin of 4.3%. PSA Group (excluding Faurecia) generated revenue of €47.7 billion and adjusted EBIT of €3.4 billion, resulting in an EBIT margin of 7.1%. On a pro-forma basis, Stellantis’ revenue therefore totalled €134.4 billion, with an operating margin of 5.3%. Given PSA and FCA’s strong historical cash flow, Stellantis’ pro-forma net cash position amounted to €17.8 billion at the end of 2020.

In 2021, the group has given the following guidance to the market in terms of revenue growth by geographical zone: North America +8%, South America +20%, Europe +10%, China +5%, Africa and the Middle East +3% and Asia +3%. Management also announced EBIT margin guidance of 5.5-7.5%.

In accordance with the agreements signed in relation to the merger, Stellantis will distribute its Faurecia shares to its shareholders after approval in its extraordinary general meeting of 8 March 2021. The payment of a special dividend of €1 billion (€0.32 per share) will be submitted to a shareholder vote in the 15 April 2021 general meeting.

The amount of synergies estimated by management has been revised upward to €5.5 billion (from €3.7 billion previously).