Stellantis Reports 12% Increase in Q1 2022 Net Revenues
Full-Year Guidance Confirmed
- Net revenues of €41.5 billion, up 12% compared to €37.0 billion for Q1 2021 Pro Forma(1) reflecting strong pricing and vehicle mix, as well as favorable FX translation effects
- Consolidated shipments(2) of 1,374 thousand units, down 12% primarily due to impact of unfilled semiconductor orders
- Total new vehicle inventory of 807 thousand units at
March 31, 2022 , broadly in line with December 31, 2021; Company inventory of 179 thousand units - Ordinary dividend of €1.04 per share approved at AGM and paid to shareholders in
April 2022
All comparisons are to Q1 2021 Pro Forma(1)
“Q1 Net revenues were up 12% thanks to strong net pricing, favorable vehicle mix and positive FX translation effects, while shipments were down 12%. Our full-year guidance for double-digit Adjusted operating income(3) margins and positive cash-flow is confirmed, despite supply and inflationary headwinds, as good product momentum and strategic partnerships continue to pave the way.”
RESULTS FROM CONTINUING OPERATIONS | FY 2022 GUIDANCE - CONFIRMED Adjusted Operating Income Margin(3) Double-Digit Industrial Free Cash Flows(4) Positive Assumes economic and COVID-19 conditions remain substantially unchanged 2022 INDUSTRY OUTLOOK(5)* North America Stable (from +3%) Enlarged *2022 Industry Outlook unchanged for all regions except NA and EE compared to outlook provided on | |||||||||
| Q1 2022 | Q1 2021 Pro Forma(1) | Q1 2022 vs. Q1 2021 Pro Forma | Q1 2021 | ||||||
Combined shipments (000 units) | 1,420 | 1,618 | (12)% | 1,526 | ||||||
Consolidated shipments (000 units) | 1,374 | 1,567 | (12)% | 1,477 | ||||||
Net revenues (€ billion) | 41.5 | 37.0 | +12% | 34.3 |
Basis of preparation: All reported data is unaudited. “Q1 2022” and “Q1 2021” represent revenues as reportable under IFRS. Q1 2021 includes Legacy FCA from
The Company also made important progress towards its planned battery capacity of 400 GWh by 2030 by executing strategic partnerships during Q1 2022 with LG Energy Solution and
Financial Calendar:
H1 2022 - Full Financial Results -
Q3 2022 - Shipments and Revenues -
On
About
Contacts: communications@stellantis.com or investor.relations@stellantis.com
SEGMENT PERFORMANCE
Q1 2022 | Q1 2021 Pro Forma(1) | vs. Q1 2021 Pro Forma |
| ||||
Shipments (000s) | 480 | 451 | +29 | ||||
Net revenues (€ million) | 20,693 | 15,916 | +4,777 |
ENLARGED | |||||||
Q1 2022 | Q1 2021 Pro Forma(1) | vs. Q1 2021 Pro Forma |
| ||||
Shipments (000s) | 622 | 823 | (201) | ||||
Net revenues (€ million) | 14,622 | 16,029 | (1,407) |
Q1 2022 | Q1 2021 Pro Forma(1) | vs. Q1 2021 Pro Forma |
| ||||
Combined shipments (000s) | 89 | 100 | (11) | ||||
Consolidated shipments (000s) | 67 | 70 | (3) | ||||
Net revenues (€ million) | 1,397 | 1,311 | +86 |
Q1 2022 | Q1 2021 Pro Forma(1) | vs. Q1 2021 Pro Forma |
| ||||
Shipments (000s) | 174 | 189 | (15) | ||||
Net revenues (€ million) | 2,947 | 2,101 | +846 |
CHINA AND | |||||||
Q1 2022 | Q1 2021 Pro Forma(1) | vs. Q1 2021 Pro Forma |
| ||||
Combined shipments (000s) | 51 | 50 | +1 | ||||
Consolidated shipments (000s) | 27 | 29 | (2) | ||||
Net revenues (€ million) | 934 | 865 | +69 |
MASERATI | |||||||
Q1 2022 | Q1 2021 Pro Forma(1) | vs. Q1 2021 Pro Forma |
| ||||
Shipments (000s) | 4.3 | 5.4 | (1.1) | ||||
Net revenues (€ million) | 419 | 442 | (23) |
Reconciliations
Net revenues from external customers to Net revenues
Results from continuing operations | |||||||||||||||||
2022 | (€ million) | ENLARGED | CHINA AND | MASERATI | OTHER(*) | ||||||||||||
Net revenues from external customers | 20,693 | 14,609 | 1,397 | 2,945 | 933 | 420 | 485 | 41,482 | |||||||||
Net revenues from transactions with other segments | — | 13 | — | 2 | 1 | (1) | (15) | — | |||||||||
Net revenues | 20,693 | 14,622 | 1,397 | 2,947 | 934 | 419 | 470 | 41,482 |
___________________________________________________________________________________________________________________
(*) Other activities, unallocated items and eliminations
Net revenues from external customers to Pro
Results from continuing operations | |||||||||||||||||
2021 | (€ million) | ENLARGED | CHINA AND | MASERATI | OTHER(*) | ||||||||||||
Net revenues from external customers(A) | 13,892 | 15,658 | 1,275 | 1,912 | 811 | 420 | 331 | 34,299 | |||||||||
Add: FCA Net revenues from external customers, | 2,015 | 335 | 36 | 189 | 51 | 18 | 60 | 2,704 | |||||||||
Add: Pro Forma adjustments(C) | 3 | (7) | — | — | — | — | — | (4) | |||||||||
Pro | 15,910 | 15,986 | 1,311 | 2,101 | 862 | 438 | 391 | 36,999 | |||||||||
Net revenues from transactions with other segments | 6 | 43 | — | — | 3 | 4 | (56) | — | |||||||||
Pro | 15,916 | 16,029 | 1,311 | 2,101 | 865 | 442 | 335 | 36,999 |
___________________________________________________________________________________________________________________
(*) Other activities, unallocated items and eliminations
(A) PSA was identified as the accounting acquirer in the 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
(B)
(C) Reclassifications made to present FCA’s Net revenues
(D) Pro forma
NOTES
(1) Completed merger of Peugeot S.A. (“PSA”) with and into
(2) Combined shipments include shipments by the Company's consolidated subsidiaries and unconsolidated joint ventures, whereas Consolidated shipments only include shipments by the Company's consolidated subsidiaries.
(3) 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
(4) 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; contributions of equity to joint ventures and minor acquisitions of consolidated subsidiaries and equity method investments; adjusted for: net intercompany payments between continuing operations and discontinued operations; proceeds from disposal of assets and contributions to defined benefit 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 payables, 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 Company’s control
(5) Source:
Market share information is derived from third-party industry sources (e.g.
Represents Passenger cars (PC) and light commercial vehicles (LCV), except as noted below:
Middle East & Africa excludeIran ,Sudan andSyria India &Asia Pacific reflects aggregate for major markets whereStellantis competes (Japan (PC),India (PC),South Korea (PC + Pickups),Australia andSouth East Asia )- China represents PC only
- Maserati reflects aggregate for 17 major markets where Maserati competes and is derived from IHS data, Maserati competitive segment and internal information
Commercial Vehicles market share refers to light commercial vehicles.
(6) Low emission vehicles = battery electric (BEV), fuel cell electric (FCEV) and plug-in hybrid (PHEV).
(7) Battery electric vehicles (BEV) retail sales based on Company estimates and include Citroën Ami and
SAFE HARBOR STATEMENT
This document, in particular references to “FY 2022 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 Company’s current state of knowledge, future expectations and projections about future events and are by their nature, subject to inherent risks and uncertainties. They relate 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 continued impact of unfilled semiconductor orders; the Company’s ability to realize the anticipated benefits of the merger, the continued impact of the COVID-19 pandemic; the Company’s ability to launch new products successfully and to maintain vehicle shipment volumes; the Company’s ability to successfully manage the industry-wide transition from internal combustion engines to full electrification; 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, 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 Company’s ability to produce or procure electric batteries with competitive performance, cost and at required volumes; the Company’s ability to offer innovative, attractive products and 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 level of competition in the automotive industry, which may increase due to consolidation; exposure to shortfalls in the funding of the Company’s defined benefit pension plans; the Company’s 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 Company’s ability to access funding to execute its business plans; a significant malfunction, disruption or security breach compromising information technology systems or the electronic control systems contained in the Company’s vehicles; the Company’s ability to realize anticipated benefits from joint venture arrangements; disruptions arising from political, social and economic instability; risks associated with the Company’s relationships with employees, dealers and suppliers; increases in costs, disruptions of supply or shortages of raw materials, parts, components and systems used in the Company’s vehicles; the Company’s ability to maintain effective internal controls over financial reporting; 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; and other risks and uncertainties.
Any forward-looking statements contained in this document speak only as of the date of this document and the Company disclaims any obligation to update or revise publicly forward-looking statements. Further information concerning the Company and its businesses, including factors that could materially affect the Company’s financial results, is included in the Company’s reports and filings with the
Attachment
Stellantis NV Q1 2022 Press Release 4 May 15.02 FINAL_EN
Source:
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