Sign up for the newsletter

Sign up for the Stellantis Communications Newsletter and stay updated on all the news.

23 Feb 2022

Stellantis Posts Record Results in its First Year with 11.8% AOI Margin(1)(2) and €13.4 Billion Net Profit(1), on a Pro Forma basis

Net revenues (1) of €152 billion, up 14% Adjusted operating income(1)(2) ("AOI") nearly doubled to €18.0 billion, with 11.8% margin and all segments profitable Net profit(1) of €13.4 billion, nearly tripled year-on-year Industrial free cash flows(1)(3) of €6.1 billion, mainly driven by strong profitability and net cash synergies Strong synergies execution with ~€3.2 billion net cash benefit Strong Industrial available liquidity at €62.7 billion €3.3 billion ordinary dividend to be paid, subject to shareholder approval

Stellantis Posts Record Results in its First Year with 11.8% AOI Margin(1)(2)  and €13.4 Billion Net Profit(1), on a Pro Forma basis
  • Net revenues (1) of €152 billion, up 14%
  • Adjusted operating income(1)(2) ("AOI") nearly doubled to €18.0 billion, with 11.8% margin and all segments profitable
  • Net profit(1) of €13.4 billion, nearly tripled year-on-year
  • Industrial free cash flows(1)(3) of €6.1 billion, mainly driven by strong profitability and net cash synergies
  • Strong synergies execution with ~€3.2 billion net cash benefit
  • Strong Industrial available liquidity at €62.7 billion
  • €3.3 billion ordinary dividend to be paid, subject to shareholder approval

Figures denoted with (1) are Pro Forma and are presented as if the merger was completed on January 1, 2020. Refer to Note 1 on page 15. All comparisons are to FY 2020 Pro Forma(1)

AMSTERDAM, February 23, 2022 -  As a new company formed on January 17, 2021, Stellantis N.V. posted record results for 2021, accelerating the realization of merger synergies and building solid commercial performance, driven by a clear focus on speed of execution from day one.  Stellantis also unveiled ambitious electrification and software plans in the year, with planned investments of more than €30 billion through 2025 and strong partnerships announced in battery technology, battery materials and software development.

"Today’s record results prove that Stellantis is well positioned to deliver strong performance, even in the most uncertain market environments. I warmly thank all Stellantis employees across our regions, brands and functions for their contribution to building our new company powered by its diversity. I take this opportunity to also thank the management team for their relentless efforts as we faced and overcame intense headwinds. Together, we are focused on executing our plans as we race to become a sustainable mobility tech company." 

Carlos Tavares, CEO

RESULTS FROM CONTINUING OPERATIONS

 

FY 2022 GUIDANCE

 

Adjusted Operating Income Margin(2)    Double-Digit

 

Industrial Free Cash Flows(3)                    Positive

Assumes economic and COVID-19 conditions remain substantially unchanged

 

2022 INDUSTRY OUTLOOK(5)

 

North America        +3%     Middle East & Africa      Stable 

South America        +3%     India & Asia Pacific         +5%

Enlarged Europe     +3%    China                                 Stable

 

(€ million)

 

2021

 

2020

 

 

 

I

F

R

S

Net revenues

 

149,419

 

47,656

 

 

Net profit

 

13,218

 

2,338

 

 

Cash flows from operating activities

 

18,646

 

n.a.

 

 

PRO FORMA

 

2021 Pro Forma(1)

 

2020 Pro Forma(1)

 

2021 Pro Forma vs.

2020 Pro Forma

 

Net revenues

 

152,119

 

133,882

 

+14%

 

Net profit

 

13,354

 

4,790

 

+179%

 

N

O

N

-

G

A

A

P

PRO FORMA

 

2021 Pro Forma(1)

 

2020 Pro Forma(1)

 

2021 Pro Forma vs.

2020 Pro Forma

 

Adjusted operating income(2)

 

18,011

 

9,224

 

+95%

 

Adjusted operating income margin(2)

 

11.8%

 

6.9%

 

+490

bps

 

Industrial free cash flows(3)

 

6,072

 

n.a.

 

n.a.

 

 

n.a. = not applicable

Basis of preparation: All reported data is unaudited.  “2021” and “2020” represent results as reportable under IFRS.  2021 includes Legacy FCA from January 17, 2021, following the closure of the merger; “2021 Pro Forma” and “2020 Pro Forma" are presented as if the merger had occurred January 1, 2020. Refer to the section "Notes" for additional detail. Reference should be made to the section “Safe Harbor Statement” included elsewhere within this document.

During 2021, Stellantis launched more than 10 new models, including the Citroën C4, Fiat Pulse, DS 4, Jeep® Grand Cherokee, Wagoneer, Maserati MC20, Opel Mokka, Opel Rocks-e and Peugeot 308.  The Company accelerated its low emission vehicles (LEV) commercial momentum leveraging the portfolio of 34 LEV models in market including hydrogen fuel cell medium vans. Global LEV sales reached 388,000 units, up 160 % year-on-year with a number one position for battery electric van sales in EU30. Stellantis confirmed its strong position in the global commercial vehicles market with leadership in both EU30 and South America markets and achieved its highest ever worldwide pickup sales with approximately 1 million vehicles sold.

In North America, the Jeep Wrangler 4xe was the bestselling plug-in hybrid electric vehicle in U.S. retail for 2021. 

In South America, Stellantis was the market leader in 2021 with 22.9% share, and was also the leader in commercial vehicles with 30.9 % market share.

In Enlarged Europe, Stellantis was the EU30 market leader in commercial vehicles with 33.7% market share for 2021. The Peugeot 208 was the number one selling vehicle in the EU30 and the 2008 was number one in the EU30 B-SUV segment for 2021.

In Middle East & Africa, consolidated shipments were up 6%, while market share grew in most major markets year-on-year.

In India & Asia Pacific, the Company is preparing to launch the all-new Citroën C3, developed and produced in India. 

In China, Dongfeng Peugeot Citroën Automobile Co. Ltd (DPCA), more than doubled its annual sales volume of 2020 with 100,000 units sold and Stellantis became the fourth largest Independent After Market (IAM) parts distributor in China with sales growth of approximately 30% year on year.

Maserati global market share grew to 2.4%, with North America and China market share at 2.9% and 2.7%, respectively, for 2021.

 

Stellantis also took important steps to strengthening its global financing operations in the U.S. with the creation of Stellantis Financial Services US Corp., as well as in Europe with enhanced financing partnerships with BNP Paribas Personal Finance, Crédit Agricole Consumer Finance and Santander Consumer Finance.

On February 23, 2022 at 2:00 p.m. CET / 8:00 a.m. EST, a live webcast and conference call will be held to present Stellantis Full Year 2021 Results. The webcast and recorded replay will be accessible under the Investors section of the Stellantis corporate website at www.stellantis.com. The presentation material is expected to be posted under the Investors section of the Stellantis corporate website at approximately 8:00 a.m. CET / 2:00 a.m. EST on February 23, 2022.

 

About Stellantis

Stellantis N.V. (NYSE / MTA / Euronext Paris: STLA) is one of the world's leading automakers and a mobility provider. Its storied and iconic brands embody the passion of their visionary founders and today’s customers in their innovative products and services, including Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DS Automobiles, Fiat, Jeep®, Lancia, Maserati, Opel, Peugeot, Ram, Vauxhall, Free2move and Leasys. Powered by our diversity, we lead the way the world moves – aspiring to become the greatest sustainable mobility tech company, not the biggest, while creating added value for all stakeholders as well as the communities in which it operates. For more information, visit www.stellantis.com

Contacts: communications@stellantis.com  or investor.relations@stellantis.com

 

SEGMENT PERFORMANCE

In addition to the commentary provided below, all segments’ shipments and results reflect the impacts of 2020 COVID-related temporary production suspensions and 2021 losses of ~20% of planned production due to unfilled semiconductor orders

NORTH AMERICA

 

 

SOUTH AMERICA

 

€ million, except as otherwise stated

 

2021

Pro Forma(1)

 

2020

Pro Forma(1)

 

vs. 2020

Pro Forma

 

€ million, except as otherwise stated

2021

Pro Forma(1)

 

2020

Pro Forma(1)

 

vs. 2020

Pro Forma

Shipments (000s)

1,820

 

1,852

 

(32)

 

Shipments (000s)

830

 

560

 

+270

Net revenues

69,736

 

60,633

 

+9,103

 

Net revenues

10,681

 

6,252

 

+4,429

AOI

11,356

 

6,123

 

+5,233

 

AOI

882

 

156

 

+726

AOI margin

16.3%

 

10.1%

 

           +620  

bps

 

AOI margin

8.3%

 

2.5%

 

           +580  

bps

  • Shipments down 2%, mainly due to discontinuation of Dodge Grand Caravan and Journey in H2 2020, partially offset by 2021 Jeep and Wagoneer white-space launches, as well as higher Ram pickup volumes
  • Net revenues up 15%, primarily due to favorable vehicle mix and strong net pricing, partially offset by unfavorable FX translation
  • Adjusted operating income up 85%, with record 16.3% margin, driven by higher Net revenues

 

  • Shipments up 48%, primarily due to extended COVID interruptions in 2020 and strong demand for Fiat Strada and all-new Fiat Pulse, as well as mid-cycle refreshes of Fiat Toro and Jeep Compass
  • Net revenues up 71%, mainly driven by higher volumes and strong net pricing, as well as favorable vehicle and market mix, partially offset by negative FX translation
  • Adjusted operating income up 465%, due to higher Net revenues, more than offsetting increased raw materials costs and unfavorable FX impacts

 

ENLARGED EUROPE

 

 

 

MIDDLE EAST & AFRICA

 

€ million, except as otherwise stated

 

2021

Pro Forma(1)

 

2020

Pro Forma(1)

 

vs. 2020

Pro Forma

 

€ million, except as otherwise stated

 

2021

Pro Forma(1)

 

2020

Pro Forma(1)

 

vs. 2020

Pro Forma

Shipments (000s)

2,860

 

2,939

 

(79)

 

Combined shipments(4) (000s)

389

 

398

 

(9)

 

 

 

Consolidated(4) shipments (000s)

273

 

257

 

+16

Net revenues

59,060

 

56,480

 

+2,580

 

Net revenues

5,201

 

4,756

 

+445

AOI

5,370

 

3,059

 

+2,311

 

AOI

545

 

300

 

+245

AOI margin

9.1%

 

5.4%

 

            +370 

bps

 

AOI margin

10.5%

 

6.3%

 

           +420  

bps

  • Shipments down 3%, with higher volumes of all-new Opel Mokka, Citroën C4 and Fiat New 500 more than offset by impact of unfilled semiconductor orders
  • Net revenues up 5%, mainly due to favorable vehicle mix, primarily higher BEV and PHEV volumes, net pricing, as well as parts and services, partially offset by reduced new and used vehicle volumes
  • Adjusted operating income up 76%, driven by increased Net revenues, purchasing and manufacturing efficiencies, as well as reduced compliance costs, more than offsetting higher raw materials costs

 

  • Consolidated shipments up 6%, primarily driven by all-new Citroën C4, Opel Mokka and Jeep Grand Cherokee L, as well as higher Peugeot 208 and Jeep Wrangler volumes
  • Net revenues up 9%, mainly due to higher net pricing, including pricing actions for Turkish lira devaluation, and increased volumes, partially offset by negative FX translation
  • Adjusted operating income up 82%, reflects higher Net revenues, partially offset by negative FX transaction effects

CHINA AND INDIA & ASIA PACIFIC

 

 

MASERATI

 

€ million, except as otherwise stated

 

2021

Pro Forma(1)

 

2020

Pro Forma(1)

 

vs. 2020

Pro Forma

 

€ million, except as otherwise stated

 

2021

Pro Forma(1)

 

2020

Pro Forma(1)

 

vs. 2020

Pro Forma

Combined shipments(4) (000s)

219

 

181

 

+38

 

Shipments (000s)

24.2

 

16.9

 

+7.3

Consolidated(4) shipments (000s)

120

 

95

 

+25

 

Net revenues

2,021

 

1,375

 

+646

Net revenues

3,980

 

3,200

 

+780

 

AOI

103

 

(91)

 

+194

AOI

442

 

231

 

+211

 

AOI margin

5.1%

 

(6.6)%

 

          +1,170

bps

AOI margin

11.1%

 

7.2%

 

           +390  

bps

 

 

 

  • Improved results mainly driven by favorable net pricing, volumes and vehicle mix, primarily related to Jeep Wrangler and Ram 1500, partially offset by increased product costs

 

  • Improved results mainly due to higher volumes and net pricing, driven by launch of refreshed lineup, favorable market mix, particularly in China, and improved residual values, partially offset by negative FX transaction effects

 

H2 RESULTS FROM CONTINUING OPERATIONS

(€ million)

 

H2 2021

 

H2 2020

Pro Forma(1)

 

H2 2021 vs.

H2 2020

Pro Forma

 

H2 2020

I

F

R

S

Net revenues

 

76,809

 

82,214

 

(7)%

 

28,042

Net profit

 

7,418

 

5,603

 

+32%

 

1,541

Cash flows from operating activities

 

13,031

 

 

 

 

 

 

N

O

N

-

G

A

A

P

Adjusted operating income(2)

 

9,389

 

8,472

 

11%

 

 

Adjusted operating income margin(2)

 

12.2%

 

10.3%

 

+190

bps

 

 

Industrial free cash flows(3)

 

7,235

 

 

 

 

 

 

 

NORTH AMERICA

 

 

SOUTH AMERICA

 

€ million, except as otherwise stated

 

H2 2021

 

H2 2020

Pro Forma(1)

 

vs. H2 2020 Pro Forma

 

€ million, except as otherwise stated

H2 2021

 

H2 2020

Pro Forma(1)

 

vs. H2 2020

Pro Forma

Shipments (000s)

947

 

1,155

 

(208)

 

Shipments (000s)

406

 

374

 

+32

Net revenues

37,289

 

37,792

 

(503)

 

Net revenues

5,745

 

4,060

 

+1,685

AOI

6,120

 

5,247

 

+873

 

AOI

556

 

219

 

+337

AOI margin

16.4%

 

13.9%

 

            +250 

bps

 

AOI margin

9.7%

 

5.4%

 

           +430  

bps

 

ENLARGED EUROPE

 

 

 

MIDDLE EAST & AFRICA

 

€ million, except as otherwise stated

 

H2 2021

 

H2 2020

Pro Forma(1)

 

vs. H2 2020 Pro Forma

 

€ million, except as otherwise stated

H2 2021

 

H2 2020

Pro Forma(1)

 

vs. H2 2020

Pro Forma

Shipments (000s)

1,196

 

1,758

 

(562)

 

Combined shipments(4) (000s)

189

 

268

 

(79)

 

 

 

Consolidated shipments (000s)

135

 

164

 

(29)

Net revenues

27,020

 

33,797

 

(6,777)

 

Net revenues

2,654

 

2,999

 

(345)

AOI

2,541

 

2,865

 

(324)

 

AOI

298

 

257

 

+41

AOI margin

9.4%

 

8.5%

 

              +90  

bps

 

AOI margin

11.2%

 

8.6%

 

            +260 

bps

 

CHINA AND INDIA & PACIFIC

 

 

MASERATI

 

€ million, except as otherwise stated

 

H2 2021

 

H2 2020

Pro Forma(1)

 

vs. H2 2020 Pro Forma

 

€ million, except as otherwise stated

H2 2021

 

H2 2020

Pro Forma(1)

 

vs. H2 2020

Pro Forma

Combined shipments(4) (000s)

117

 

106

 

+11

 

Shipments (000s)

13.4

 

11.8

 

+1.6

Consolidated shipments (000s)

59

 

59

 

 

Net revenues

1,136

 

930

 

+206

Net revenues

2,097

 

2,000

 

+97

 

AOI

74

 

13

 

+61

AOI

236

 

164

 

+72

 

AOI margin

6.5%

 

1.4%

 

             +510 

bps

AOI margin

11.3%

 

8.2%

 

            +310 

bps

 

 

 

 

Reconciliations - Full Year

Net revenues from external customers to Pro Forma Net revenues and Net profit from continuing operations to Pro Forma Adjusted operating income

 

Results from continuing operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2021

(€ million)

 

NORTH AMERICA

 

SOUTH AMERICA

 

ENLARGED EUROPE

 

MIDDLE EAST & AFRICA

 

CHINA AND INDIA & ASIA PACIFIC

 

MASERATI

 

OTHER(*)

 

STELLANTIS

Net revenues from external customers(A)

 

            67,706 

 

            10,474 

 

           58,602  

 

               5,165

 

              3,924 

 

              2,002  

 

               1,546 

 

           149,419  

Add: FCA Net revenues from external customers January 1 - 16, 2021(B)

 

               2,015

 

                  189 

 

                   335 

 

                     36 

 

                      51

 

                     18 

 

                    60  

 

               2,704  

Add: Pro Forma adjustments(C)

 

                       3 

 

                     — 

 

                      (7)

 

                     — 

 

                     — 

 

                     — 

 

                     — 

 

                       (4)

Pro Forma Net revenues from external customers, January 1 - December 31, 2021

 

           69,724   

 

           10,663  

 

          58,930   

 

              5,201 

 

              3,975  

 

             2,020   

 

             1,606  

 

             152,119

Net revenues from transactions with other segments

 

                      12

 

                     18 

 

                   130 

 

                     — 

 

                       5 

 

                        1

 

                 (166)

 

                       — 

Pro Forma Net revenues(D)

 

           69,736   

 

           10,681  

 

          59,060    

 

              5,201 

 

             3,980   

 

              2,021 

 

             1,440  

 

             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 and other costs, net of reversals(E)

 

                     (4)

 

                    54  

 

                  781 

 

                       2 

 

                     — 

 

                        1

 

                    39 

 

                    873  

Change in estimate of non-contractual warranties(F)

 

                       2 

 

                    68  

 

                  581 

 

                     57 

 

                     13

 

                      11

 

                     — 

 

                    732 

Reversal of inventory fair value adjustment in purchase accounting(G)

 

                  401  

 

                     13

 

                    89  

 

                     — 

 

                     19 

 

                     — 

 

                     — 

 

                    522 

Impairment expense and supplier obligations(H)

 

                    58  

 

                       6 

 

                  233 

 

                       6 

 

                     — 

 

                       6 

 

                     — 

 

                   309  

Brazilian indirect tax-reversal of liability/recognition of credits(I)

 

                     — 

 

                (253)

 

                     — 

 

                     — 

 

                     — 

 

                     — 

 

                     — 

 

                  (253)

Other(J)

 

                  228  

 

                     41 

 

                    (17)

 

                     (6)

 

                       7 

 

                       2 

 

                  274  

 

                    529  

Total adjustments January  1 - December 31, 2021

 

                 685  

 

                    (71)

 

              1,667 

 

                    59 

 

                    39 

 

                    20  

 

                   313 

 

                 2,712 

Pro Forma Adjusted operating income(2)

 

            11,356 

 

                 882  

 

              5,370  

 

                  545  

 

                 442  

 

                  103 

 

                (687)

 

              18,011 

 

(*) 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 January 1, 2021. FCA was consolidated into Stellantis effective January 17, 2021, the day after the merger became effective.
(B) FCA consolidated Net revenues, January 1 - January 16, 2021, excluding intercompany transactions
(C) Reclassifications made to present FCA’s Net revenues January 1 - January 16, 2021 consistently with that of PSA
(D) Pro Forma Stellantis consolidated Net revenues, January 1 - December 31, 2021
(E) Restructuring and other costs related to reorganization of operations and dealer network, primarily in Enlarged Europe
(F) Change in estimate for warranty costs incurred after the contractual warranty period
(G) Reversal of fair value adjustment recognized in purchase accounting on FCA inventories
(H) Primarily related to certain vehicle platforms in Enlarged Europe
(I) Benefit related to final decision of Brazilian Supreme Court on calculation of state value added tax
(J) Includes other costs primarily related to merger and integration activities

 

Net profit from continuing operations to Adjusted operating income

Results from continuing operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2021

(€ million)

 

NORTH AMERICA

 

SOUTH AMERICA

 

ENLARGED EUROPE

 

MIDDLE EAST & AFRICA

 

CHINA AND INDIA & ASIA PACIFIC

 

MASERATI

 

OTHER(*)

 

STELLANTIS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restructuring and other costs, net of reversals(A)

 

                     (4)

 

                    54  

 

                  781 

 

                       2 

 

                     — 

 

                        1

 

                    39 

 

                    873  

Change in estimate of non-contractual warranties(B)

 

                       2 

 

                    68  

 

                  581 

 

                     57 

 

                     13

 

                      11

 

                     — 

 

                    732 

Reversal of inventory fair value adjustment in purchase accounting(C)

 

                  401  

 

                     13

 

                    89  

 

                     — 

 

                     19 

 

                     — 

 

                     — 

 

                    522 

Impairment expense and supplier obligations(D)

 

                    58  

 

                       6 

 

                  233 

 

                       6 

 

                     — 

 

                       6 

 

                     — 

 

                   309  

Brazilian indirect tax-reversal of liability/recognition of credits(E)

 

                     — 

 

                (253)

 

                     — 

 

                     — 

 

                     — 

 

                     — 

 

                     — 

 

                  (253)

Other(F)

 

                  228  

 

                     41 

 

                    (17)

 

                     (6)

 

                       7 

 

                       2 

 

                  274  

 

                    529  

Total adjustments January 1 - December 31, 2021

 

                 685  

 

                    (71)

 

              1,667 

 

                    59 

 

                    39 

 

                    20  

 

                   313 

 

                 2,712 

Less: Adjustments January 1 - 16, 2021(G)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                        11

Adjusted operating income(2)

 

             11,103

 

                  873  

 

              5,419  

 

                  554  

 

                 444   

 

                   116

 

               (682)

 

              17,827 

 

(*) Other activities, unallocated items and eliminations
(A) Restructuring and other costs related to reorganization of operations and dealer network, primarily in Enlarged Europe
(B) Change in estimate for warranty costs incurred after the contractual warranty period
(C) Reversal of fair value adjustment recognized in purchase accounting on FCA inventories
(D) Primarily related to certain vehicle platforms in Enlarged Europe
(E) Benefit related to final decision of Brazilian Supreme Court on calculation of state value added tax
(F) Includes other costs primarily related to merger and integration activities
(G) Primarily costs related to the merger

 

Net revenues from external customers to Pro Forma Net revenues and Net profit from continuing operations to Pro Forma Adjusted operating income

 

Results from continuing operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2020

(€ million)

 

NORTH AMERICA

 

SOUTH AMERICA

 

ENLARGED EUROPE

 

MIDDLE EAST & AFRICA

 

CHINA AND INDIA & ASIA PACIFIC

 

MASERATI

 

OTHER(*)

 

STELLANTIS

Net revenues from external customers, restated(A)

 

                   122

 

                1,153

 

            42,383 

 

               3,055 

 

                 864  

 

                     — 

 

                     79 

 

             47,656   

Add: FCA Net revenues from external customers, January 1 – December 31, 2020(B)

 

            60,307  

 

               5,236 

 

            14,497 

 

              1,680 

 

               2,267 

 

                1,376

 

                1,313

 

            86,676   

Add: Pro Forma adjustments(C)

 

                  189 

 

                 (134)

 

                (490) 

 

                     — 

 

                      15

 

                      (3)

 

                    (27)

 

                 (450)

Pro Forma Net revenues from external customers, January 1 – December 31, 2020

 

          60,618   

 

              6,255  

 

          56,390   

 

              4,735  

 

              3,146  

 

               1,373 

 

              1,365 

 

           133,882  

Net revenues from transactions with other segments

 

                      15

 

                      (3)

 

                    90  

 

                      21

 

                     54 

 

                       2 

 

                  (179)                 

 

                       — 

Pro Forma Net revenues(D)

 

          60,633   

 

              6,252  

 

          56,480    

 

              4,756  

 

             3,200   

 

               1,375 

 

              1,186 

 

           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(E)

 

                  154 

 

                  176 

 

                  319 

 

                      (1)

 

                   135 

 

                  297 

 

                    49  

 

                 1,129 

Restructuring costs, net of reversals(F)

 

                     32 

 

                     27 

 

                  414  

 

                     — 

 

                     — 

 

                       3 

 

                     14 

 

                   490   

Provision for U.S. investigation matters(G)

 

                     — 

 

                     — 

 

                     — 

 

                     — 

 

                     — 

 

                     — 

 

                  222 

 

                    222 

Loss/(gain) on disposal of investments(H)

 

                     — 

 

                     — 

 

                     10 

 

                     — 

 

               (204)

 

                     — 

 

                     16 

 

                   (178)

Other(I)

 

                     10 

 

                     (2)

 

                (199)

 

                     (4)

 

                     — 

 

                       4 

 

                  316 

 

                     125 

Total adjustments January 1 - December 31, 2020

 

                  196 

 

                  201 

 

                 544  

 

                     (5)

 

                  (69)

 

                 304  

 

                  617 

 

                1,788  

Pro Forma Adjusted operating income (2)

 

              6,123 

 

                  156 

 

             3,059  

 

                 300  

 

                   231 

 

                   (91)

 

                (554)

 

               9,224  

 

(*) Other activities, unallocated items and eliminations
(A) 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, which is presented as a discontinued operation in the Income Statement of the Company for the year ended December 31, 2020
(B) Net revenues from external customers of FCA as reported, re-presented to reflect the reportable segments presented by the Company
(C) Reclassifications made to present FCA’s Net revenues consistently with that of PSA
(D) Pro Forma Stellantis consolidated Net revenues presented as if the Merger had been completed on January 1, 2020
(E) 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
(F) Restructuring costs related to reorganization of operations, primarily in Enlarged Europe
(G) Provision recognized for estimated probable losses to settle matters under investigation by the U.S. Department of Justice, primarily related to criminal investigations associated with U.S. diesel emissions matters
(H) Primarily related to disposal of Changan PSA Auto Company Ltd (“CAPSA”), which was a joint venture in China
(I) Primarily includes other costs related to merger and litigation proceedings

 

Cash flows from operating activities to Pro Forma Industrial free cash flows

2021

(€ million)

 

 

Cash flows from operating activities

 

                      18,646    

Less: Cash flows from operating activities - discontinued operations

 

                                  — 

Cash flows from operating activities - continuing operations

 

                      18,646    

Less: Operating activities not attributable to industrial activities

 

                              276  

Less: Capital Expenditures and capitalized research and development expenditures and change in amounts payable on property, plant and equipment and intangible assets for industrial activities

 

                       10,081   

Add: Proceeds from disposal of assets and other changes in investing activities

 

                               327  

Less: Contributions of equity to joint ventures and minor acquisitions of consolidated subsidiaries and equity method investments

 

                               811 

Add: Net intercompany payments between continuing operations and discontinued operations

 

                                  — 

Add: Defined benefit pension contributions, net of tax

 

                                80   

Industrial free cash flows(3)

 

                         7,885    

Add: FCA Industrial free cash flows, January 1 - 16, 2021

 

                         (1,813)

Pro Forma Industrial free cash flows(3)

 

                         6,072   

 

Aggregated Industrial free cash flows

    2020          (€ million)

 

 

PSA Automotive free cash flows

 

                         2,660    

FCA Industrial free cash flows

 

                              624   

Aggregated Industrial free cash flows(*)

 

                         3,284   

 

(*) The aggregated Industrial free cash flows for 2020 is the simple aggregation of FCA and PSA (excluding Faurecia) and does not reflect purchase accounting adjustments required by IFRS.

 

Debt to Industrial net financial position

€ million

 

December 31, 2021

Debt

 

                     (33,582)

Current financial receivables from jointly-controlled financial services companies

 

                              103  

Derivative financial assets/(liabilities), net and collateral deposits

 

                                  (9)

Financial securities

 

                          1,499   

Cash and cash equivalents

 

                      49,629    

Net financial position

 

                       17,640   

Less: Net financial position of financial services

 

                        (1,450)

Industrial net financial position(6)

 

                      19,090    

 

Aggregated Industrial net financial position(*)

€ million

 

December 31, 2020

PSA Automotive net financial position

 

                         13,231 

FCA Net industrial cash

 

                         4,595   

Aggregated Industrial net financial position

 

                       17,826   

 

(*)The aggregated Industrial net financial position at December 31, 2020 is the simple aggregation of the previously reported amounts by FCA and PSA (excluding Faurecia) and does not reflect a) fair value adjustments increasing debt by approximately €1,400 million as of January 17, 2021 recorded as part of the purchase accounting adjustments required by IFRS; and b) approximately €230 million of a reduction in the Industrial net financial position to align to the Stellantis definition of Industrial net financial position.

 

Reconciliations - H2

Net revenues from external customers to Net revenues and Net profit from continuing operations to Adjusted operating income

Results from continuing operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

H2 2021

(€ million)

 

NORTH AMERICA

 

SOUTH AMERICA

 

ENLARGED EUROPE

 

MIDDLE EAST & AFRICA

 

CHINA AND INDIA & ASIA PACIFIC

 

MASERATI

 

OTHER(*)

 

STELLANTIS

Net revenues from external customers

 

            37,286 

 

               5,732

 

            27,098  

 

              2,654 

 

               2,102

 

                1,139

 

                  798 

 

            76,809   

Net revenues from transactions with other segments

 

                       3 

 

                      13

 

                   (78)

 

                     — 

 

                      (5)

 

                      (3)

 

                     70 

 

                       — 

Net revenues

 

           37,289  

 

              5,745  

 

           27,020   

 

             2,654  

 

             2,097  

 

               1,136 

 

                868   

 

            76,809   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net profit from continuing operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                7,418  

Tax expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                    182 

Net financial expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                     517 

Share of the profit of equity method investees

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                  (335)

Operating income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                7,782  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in estimate of non-contractual warranties(A)

 

                       2 

 

                    68  

 

                  581 

 

                     57 

 

                     13

 

                      11

 

                     — 

 

                    732 

Restructuring and other costs, net of reversals(B)

 

                     (2)

 

                       6 

 

                 294  

 

                        1

 

                     — 

 

                        1

 

                     32 

 

                    332 

Impairment expense and supplier obligations(C)

 

                    58  

 

                       6 

 

                   212 

 

                       6 

 

                     — 

 

                       6 

 

                     — 

 

                   288  

Reversal of inventory fair value adjustment in purchase accounting

 

                     — 

 

                     — 

 

                     — 

 

                     — 

 

                     — 

 

                     — 

 

                     — 

 

                       — 

Brazilian indirect tax-reversal of liability/recognition of credits(D)

 

                     — 

 

                    (31)

 

                     — 

 

                     — 

 

                     — 

 

                     — 

 

                     — 

 

                      (31)

Other(E)

 

                  192 

 

                     41 

 

                (102)

 

                     (6)

 

                       7 

 

                     — 

 

                  154 

 

                   286  

Total adjustments

 

                 250  

 

                    90  

 

                 985  

 

                    58  

 

                    20  

 

                     18 

 

                  186  

 

                1,607  

Adjusted operating income(2)

 

              6,120  

 

                  556  

 

              2,541 

 

                 298  

 

                  236  

 

                    74 

 

                (436)

 

               9,389   

(*) Other activities, unallocated items and eliminations
(A) Change in estimate for warranty costs incurred after the contractual warranty period
(B) Restructuring and other costs related to reorganization of operations and dealer network, primarily in Enlarged Europe
(C) Primarily related to certain vehicle platforms in Enlarged Europe
(D) Benefit related to final decision of Brazilian Supreme Court on calculation of state value added tax
(E) Includes other costs primarily related to merger and integration activities

 

Net revenues from external customers to Pro Forma Net revenues and Net profit from continuing operations to Pro Forma Adjusted operating income

Results from continuing operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

H2 2020

(€ million)

 

NORTH AMERICA

 

SOUTH AMERICA

 

ENLARGED EUROPE

 

MIDDLE EAST & AFRICA

 

CHINA AND INDIA & ASIA PACIFIC

 

MASERATI

 

OTHER(*)

 

STELLANTIS

Net revenues from external customers, restated(A)

 

                     77

 

                  674 

 

            24,760  

 

               1,959 

 

                  530 

 

                     — 

 

                     42 

 

            28,042   

Add: FCA Net revenues from external customers, July 1 – December 31, 2020(B)

 

             37,563 

 

               3,479 

 

               9,232 

 

               1,027

 

               1,424 

 

                   941 

 

                  736 

 

            54,402   

Add: Pro Forma adjustments(C)

 

                   143 

 

                   (95)

 

                  (251)                 

 

                     — 

 

                     10 

 

                   (10)

 

                    (27)

 

                  (230)

Pro Forma Net revenues from external customers, July 1 – December 31, 2020

 

           37,783  

 

             4,058   

 

            33,741 

 

             2,986   

 

              1,964  

 

                  931 

 

                   751 

 

             82,214  

Net revenues from transactions with other segments

 

                       9 

 

                       2 

 

                     56 

 

                      13

 

                     36 

 

                      (1)                     

 

                  (115)                 

 

                       — 

Pro Forma Net revenues(D)

 

            37,792  

 

            4,060   

 

            33,797  

 

             2,999   

 

            2,000   

 

                 930  

 

                 636  

 

             82,214  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net profit from continuing operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                 1,541 

Tax expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                   349  

Net financial expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                    254  

Share of the loss of equity method investees

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                    150 

Add: FCA operating income, July 1 - December 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

               3,840   

Add: Pro forma adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                 1,237 

Pro Forma Operating income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                 7,371 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restructuring costs, net of reversals(E)

 

                     14 

 

                       2 

 

                  376  

 

                     — 

 

                     — 

 

                     — 

 

                      11

 

                   403  

Impairment expense and supplier obligations(F)

 

                  138 

 

                     (3)

 

                    111

 

                      (1)

 

                     55 

 

                       9 

 

                    49  

 

                   358  

Provision for U.S. investigation matters(G)

 

                     — 

 

                     — 

 

                     — 

 

                     — 

 

                     — 

 

                     — 

 

                  222 

 

                    222 

Loss on disposal of investments(H)

 

                     — 

 

                     — 

 

                    40  

 

                       3 

 

                     — 

 

                     — 

 

                    20  

 

                      63 

Other(I)

 

                       3 

 

                     (2)

 

                 (165)

 

                     (4)

 

                     — 

 

                       4 

 

                  219 

 

                       55 

Total adjustments

 

                   155 

 

                     (3)

 

                  362  

 

                     (2)

 

                     55 

 

                     13

 

                   521 

 

                 1,101

Pro Forma Adjusted operating income(2)

 

              5,247  

 

                  219 

 

             2,865  

 

                  257 

 

                  164  

 

                     13

 

                (293)

 

               8,472  

 

(*) Other activities, unallocated items and eliminations
(A) 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, which is presented as a discontinued operation in the Income Statement of the Company for the year ended December 31, 2020
(B) Net revenues from external customers of FCA as reported, re-presented to reflect the reportable segments presented by the Company
(C) Reclassifications made to present FCA’s Net revenues consistently with that of PSA
(D) Pro Forma Stellantis consolidated Net revenues presented as if the Merger had been completed on January 1, 2020
(E) Restructuring costs related to reorganization of operations, primarily in Enlarged Europe
(F) Primarily related to impairment of 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
(G) Provision recognized for estimated probable losses to settle matters under investigation by the U.S. Department of Justice, primarily related to criminal investigations associated with U.S. diesel emissions matters
(H) Primarily related to loss on disposal of investment in Enlarged Europe
(I) Primarily includes other costs related to merger and litigation proceedings

 

Cash flows from operating activities to Industrial free cash flows

H2 2021

(€ million)

 

 

Cash flows from operating activities

 

                        13,031  

Less: Cash flows from operating activities - discontinued operations

 

                                  — 

Cash flows from operating activities - continuing operations

 

                        13,031  

Less: Operating activities not attributable to industrial activities

 

                             298   

Less: Capital Expenditures and capitalized research and development expenditures and change in amounts payable on property, plant and equipment and intangible assets for industrial activities

 

                         5,099    

Add: Proceeds from disposal of assets and other changes in investing activities

 

                               227  

Less: Contributions of equity to joint ventures and minor acquisitions of consolidated subsidiaries and equity method investments

 

                              670   

Add: Net intercompany payments between continuing operations and discontinued operations

 

                                  — 

Add: Defined benefit pension contributions, net of tax

 

                                44   

Industrial free cash flows(3)

 

                          7,235  

 

Aggregated Industrial free cash flows

 H2 2020  (€ million)

 

 

PSA Automotive free cash flows

 

                          6,261   

FCA Industrial free cash flows

 

                       10,596    

Aggregated Industrial free cash flows(*)

 

                       16,857   

(*) The aggregated Industrial free cash flows for H2 2020 is the simple aggregation of FCA and PSA (excluding Faurecia) and does not reflect purchase accounting adjustments required by IFRS.

 

 

NOTES

(1) Completed merger of Peugeot S.A. (“PSA”) with and into Fiat Chrysler Automobiles N.V. (“FCA”) on January 16, 2021 (“Merger”). On January 17, 2021, combined company was renamed Stellantis N.V. (“Stellantis” or “Company”). PSA was determined to be the acquirer for accounting purposes, therefore, the historical financial statements of Stellantis represent the continuing operations of PSA, which also reflect the loss of control and the classification of Faurecia S.E. (Faurecia) as a discontinued operation as of January 1, 2021 with the restatement of comparative periods. Acquisition date of business combination was January 17, 2021, therefore, results of FCA for the period January 1 -16, 2021 are excluded from 2021 results unless otherwise stated. 2021 Pro Forma results are presented as if the merger had occurred on January 1, 2020 and include results of FCA for the period January 1 –16, 2021. H2 2020 and 2020 represent results of the continuing operations of PSA only and are not directly comparable to previously reported results of PSA and reflect accounting policies and reporting classifications of the Company. H2 2020 Pro Forma and 2020 Pro Forma results are presented as if the merger had occurred on January 1, 2020. The fair values assigned to the assets acquired and liabilities assumed have been finalized during the one-year measurement period from the acquisition date, as provided for by IFRS 3.
(2) 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 - 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 31, 2020. For the six months ended December 31, 2020, Pro Forma Adjusted operating income includes the Adjusted operating income result of FCA for the period July 1 - December 31, 2020.
(3) 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. For the year ended December 31, 2021, Pro Forma Industrial free cash flows includes the Industrial free cash flows of FCA for the period January 1 - 16, 2021. 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.
(4) 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.
(5) Source: IHS Global Insight, Wards, China Passenger Car Association and Company estimates.
(6) Industrial net financial position is calculated as Debt plus derivative financial liabilities related to industrial activities less cash and cash equivalents, financial securities that are considered liquid, current financial receivables from the Group or its jointly controlled financial services entities and derivative financial assets and collateral deposits; therefore, debt, cash and cash equivalents and other financial assets/liabilities pertaining to Stellantis’ financial services entities are excluded from the computation of the Industrial net financial position. Industrial net financial position includes the Industrial net financial position classified as held for sale.
Market share information is derived from third-party industry sources (e.g. European Automobile Manufacturers Association (ACEA), Ward’s Automotive, Associação Nacional dos Fabricantes de Veículos Automotores (ANFAVEA)) and internal information.
Represents Passenger cars (PC) and light commercial vehicles (LCV), except as noted below:

  • India & Asia Pacific reflects aggregate for major markets where Stellantis competes (Japan (PC), India (PC), South Korea (PC + Pickups), Australia and South East Asia)
  • Middle East & Africa exclude Iran, Sudan and Syria
  • 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.
EU30 = EU27 (excluding Malta), Iceland, Norway, Switzerland and UK.

 

Appendix

UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL INFORMATION

This Unaudited Pro Forma Consolidated Financial Information has been prepared to give effect to completion of the merger of PSA and FCA to create Stellantis, which was completed on January 17, 2021, as if it had been completed on January 1, 2020. The Unaudited Pro Forma Consolidated Financial Information includes the unaudited pro forma consolidated income statement for years ended December 31, 2021 and 2020 and the related explanatory notes (the “Unaudited Pro Forma Consolidated Financial Information”). The Unaudited Pro Forma Consolidated Financial Information has been prepared for illustrative purposes only with the aim to provide comparative period income statement information, and does not necessarily represent what the actual results of operations would have been had the merger been completed on January 1, 2020. Additionally, the Unaudited Pro Forma Consolidated Financial Information does not attempt to represent, or be an indication of, the future results of operations or cash flows of Stellantis. No pro forma statement of financial position has been presented as the effects of the merger have been reflected in the Consolidated Statement of Financial Position of Stellantis as of December 31, 2021.

The Unaudited Pro Forma Consolidated Financial Information presented herein is derived from (i) the Consolidated Income Statement of Stellantis for the years ended December 31, 2021 and 2020, (ii) FCA’s Consolidated Income Statement for the year ended December 31, 2020, contained in FCA’s Annual Report on Form 20-F filed with the SEC on March 4, 2020, (iii) the consolidated statement of income included in the audited consolidated financial statements of PSA for the year ended December 31, 2020 in the Consolidated Financial Statements and Management's Discussion and Analysis of Groupe PSA on Form 6-K, furnished to the SEC on March 4, 2021, and (iv) FCA’s accounting records for the period from January 1, 2021 to January 16, 2021. The Unaudited Pro Forma Consolidated Financial Information should be read in conjunction with the historical consolidated financial statements referenced above and the accompanying notes thereto.

The consolidated financial statements of Stellantis, PSA and FCA are prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and in accordance with IFRS as adopted by the European Union. There is no effect on the consolidated financial statements resulting from differences between IFRS as issued by the IASB and IFRS as adopted by the European Union. The Unaudited Pro Forma Consolidated Financial Information is prepared on a basis that is consistent with the accounting policies used in the preparation of the Consolidated Financial Statements of Stellantis as of and for year ended December 31, 2021 and 2020.

The historical consolidated financial information has been adjusted in the accompanying Unaudited Pro Forma Consolidated Financial Information to give effect to unaudited pro forma events that are directly attributable to the merger and factually supportable. Specifically, the pro forma adjustments relate to the following:

  • The purchase price allocation, primarily to reflect adjustments to depreciation and amortization associated with the acquired property, plant and equipment and intangible assets with a finite useful life, as well as a reduction in the interest expense related to the fair value adjustment to financial liabilities.
  • The alignment of accounting policies of FCA to those applied by Stellantis.
  • The elimination of intercompany transactions between FCA and PSA.

The pro forma adjustments relate to the two periods from January 1, 2020 to December 31, 2020 and from January 1, 2021 to January 16, 2021.

The Unaudited Pro Forma Consolidated Financial Information does not reflect any anticipated synergies, operating efficiencies or cost savings that may be achieved, or any integration costs that may be incurred, following the completion of the merger.

 

2021 (€ million, except per share amounts)

 

Stellantis

 

January 1 - 16, 2021 results of FCA

 

Purchase Price Allocation

 

Other adjustments

 

Stellantis Pro Forma Consolidated Income Statement

 

 

Note 1

 

Note 2

 

Note 3

 

Note 4

 

 

Net revenues

 

                        149,419 

 

                            2,704 

 

                         2

 

                                   (6)

 

                          152,119                         

Cost of revenues

 

                        119,943

 

                             2,322

 

                     (52)

 

                                   (6)

 

                        122,207

Selling, general and other costs

 

                            9,130 

 

                                192

 

                       (2)

 

                                   —

 

                            9,320 

Research and development costs

 

                           4,487  

 

                                 113

 

                    (40)

 

                                   —

 

                           4,560  

Gains/(Losses) on disposal of investments

 

                                 (35)

 

                                   —

 

                       —

 

                                   —

 

                                 (35)

Restructuring costs

 

                               698  

 

                                   —

 

                       —

 

                                   —

 

                               698  

Operating income

 

                          15,126 

 

                                  77 

 

                     96  

 

                                   —

 

                         15,299  

Net financial expenses

 

                                734 

 

                                  29 

 

                      (17)                     

 

                                   —

 

                                746 

Profit before taxes

 

                         14,392  

 

                                 48  

 

                     113

 

                                   —

 

                         14,553 

Tax expense

 

                              1,911                             

 

                                   21

 

                         7

 

                                   —

 

                             1,939

Share of the profit of equity method investees

 

                                737

 

                                     3 

 

                       —

 

                                   —

 

                               740 

Net profit from continuing operations

 

                          13,218 

 

                                 30  

 

                   106 

 

                                   —

 

                         13,354 

Profit from discontinued operations, net of tax

 

                               990  

 

                                   —

 

                       —

 

                                   —

 

                               990  

Net profit

 

                        14,208  

 

                                 30  

 

                   106 

 

                                   —

 

                        14,344  

 

 

 

 

 

 

 

 

 

 

 

Net profit attributable to:

 

 

 

 

 

 

 

 

 

 

Owners of the parent

 

                         14,200 

 

                                  30 

 

                    106 

 

                                   —

 

                          14,336

Non controlling interests

 

                                    8 

 

                                   —

 

                       —

 

                                   —

 

                                    8 

 

 

 

 

 

 

 

 

 

 

 

Net profit from continuing operations

 

 

 

 

 

 

 

 

 

 

Owners of the parent

 

                           13,210

 

                                  30 

 

                    106 

 

                                   —

 

                          13,346

Non controlling interests

 

                                    8 

 

                                   —

 

                       —

 

                                   —

 

                                    8 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share (€/share):

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

                              4.64 

 

 

 

 

 

 

 

                              4.69 

Diluted earnings per share

 

                               4.51

 

 

 

 

 

 

 

                               4.55 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share from continuing operations (€/share):

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

                               4.32 

 

 

 

 

 

 

 

                              4.36 

Diluted earnings per share

 

                               4.19

 

 

 

 

 

 

 

                               4.23 

 

2020 (€ million, except per share amounts)

 

PSA Historical Consolidated (as adjusted)

 

FCA Historical Consolidated

 

Purchase Price Allocation

 

Other adjustments

 

Stellantis Pro Forma Consolidated Income Statement

 

 

Note 1

 

Note 2

 

Note 3

 

Note 4

 

 

Net revenues

 

                         47,656 

 

                         86,676  

 

                     110

 

                              (560)

 

                        133,882 

Cost of revenues

 

                         38,250 

 

                          75,962 

 

               (1,266)

 

                              (759)

 

                          112,187                         

Selling, general and other costs

 

                            3,923 

 

                             5,501

 

                     (52)

 

                                  25 

 

                            9,397 

Research and development costs

 

                             2,231

 

                            2,979 

 

                 (960) 

 

                                301

 

                             4,551

Gains/(Losses) on disposal of investments

 

                                174

 

                                    4 

 

                       —

 

                                   —

 

                                178

Restructuring costs

 

                                416 

 

                                   73

 

                       —

 

                                   —

 

                               489  

Operating income/(loss)

 

                           3,010  

 

                            2,165 

 

               2,388  

 

                               (127)

 

                           7,436  

Net financial expenses

 

                                  94 

 

                               993 

 

                 (380) 

 

                                 (35)

 

                                672 

Profit/(loss) before taxes

 

                            2,916 

 

                             1,172

 

               2,768  

 

                                (92)

 

                           6,764  

Tax expense

 

                               504  

 

                             1,332

 

                   240 

 

                                    8 

 

                           2,084  

Share of the profit/(loss) of equity method investees

 

                                 (74)

 

                                184 

 

                       —

 

                                   —

 

                                 110

Net profit/(loss) from continuing operations

 

                           2,338  

 

                                  24 

 

               2,528  

 

                             (100)

 

                          4,790   

Loss from discontinued operations, net of tax

 

                               (315)                              

 

                                   —

 

                       —

 

                                   —

 

                               (315)                              

Net profit/(loss)

 

                           2,023  

 

                                  24 

 

               2,528  

 

                             (100)

 

                           4,475  

 

 

 

 

 

 

 

 

 

 

 

Net profit/(loss) attributable to:

 

 

 

 

 

 

 

 

 

 

Owners of the parent

 

                              2,173

 

                                  29 

 

                 2,512

 

                              (100)

 

                            4,614 

Non controlling interests

 

                               (150)

 

                                   (5)

 

                       16

 

                                   —

 

                               (139)                              

 

 

 

 

 

 

 

 

 

 

 

Net profit/(loss) from continuing operations

 

 

 

 

 

 

 

 

 

 

Owners of the parent

 

                             2,353

 

                                  29 

 

                 2,512

 

                              (100)

 

                            4,794 

Non controlling interests

 

                                  (15)                                 

 

                                   (5)

 

                       16

 

                                   —

 

                                   (4)

 

 

 

 

 

 

 

 

 

 

 

Earnings per share (€/share):

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

1.41

 

 

 

 

 

 

 

                               1.48 

Diluted earnings per share

 

1.34

 

 

 

 

 

 

 

                               1.43

 

 

 

 

 

 

 

 

 

 

 

Earnings per share from continuing operations (€/share):

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

1.52

 

 

 

 

 

 

 

                               1.54

Diluted earnings per share

 

1.45

 

 

 

 

 

 

 

                               1.48 

 

The accompanying notes are an integral part of the Unaudited Pro Forma Consolidated Financial Information.

 

NOTES TO UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL INFORMATION

Note 1 – Stellantis

This column represents the Consolidated Income Statement of Stellantis for the year ended December 31, 2021 and the PSA Historical Consolidated Income Statement (as adjusted) for the year ended December 31, 2020, which is derived from the historical consolidated statement of income of PSA for the year ended December 31, 2020.

In accordance with IFRS 3, PSA was determined to be the acquirer for accounting purposes, therefore, the year ended December 31, 2020 represents the continuing operations of PSA.

 

Note 2 – FCA Historical

This column represents FCA’s results for the period from January 1, 2021 to January 16, 2021, as derived from FCA’s accounting records as well as the FCA consolidated income statement included in FCA’s audited consolidated financial statements for the year ended December 31, 2020. In order to conform to the presentation of Stellantis in its Consolidated Income Statement for the years ended December 31, 2021 and 2020, Results from investments related to equity method investments are reclassified to Share of the profit of equity method investees, and Results from Investments other than equity method investments are reclassified to Net financial expenses.

 

Note 3 – Purchase Price Allocation

As noted in the introduction to this Unaudited Pro Forma Consolidated Financial Information, the merger has been accounted for using the acquisition method of accounting in accordance with IFRS 3, with PSA identified as the accounting acquirer (reverse acquisition accounting). The acquisition method of accounting under IFRS 3 applies the fair value concepts defined in IFRS 13 and requires, among other things, that the assets acquired and the liabilities assumed in a business combination be recognized by the acquirer at their fair values as of the merger date, which for accounting purposes was January 17, 2021. As a result, the acquisition method of accounting has been applied and the assets and liabilities of FCA have been recognized at the merger acquisition date 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.

The Unaudited Pro Forma Consolidated Financial Information reflects the effects of the purchase accounting adjustments, where applicable, on the unaudited pro forma consolidated income statement for the years ended December 31, 2021 and 2020 as if the merger had occurred on January 1, 2020.

The following tables provide a summary of the pro forma effects of the purchase price allocation adjustments in the unaudited pro forma consolidated income statement for the years ended December 31, 2021 and 2020.

 

For the period January 1 - 16, 2021

January 1 - 16, 2021 (€ million)

 

Intangible assets

 

Property, plant and equipment

 

Financial liabilities

 

Other

 

Total

 

 

(A)

 

(B)

 

(C)

 

(D)

 

 

Net revenues

 

                                  — 

 

                                  — 

 

                                  — 

 

                                    2 

 

                                    2 

Cost of revenues

 

                                  — 

 

                                 45  

 

                                  — 

 

                                    7 

 

                                 52  

Selling, general and other costs

 

                                  — 

 

                                    2 

 

                                  — 

 

                                  — 

 

                                    2 

Research and development costs

 

                                40  

 

                                  — 

 

                                  — 

 

                                  — 

 

                                40   

Net financial expenses/(income)

 

                                  — 

 

                                  — 

 

                                  21

 

                                  (4)

 

                                  17 

Tax expenses

 

                                  (4)

 

                                  — 

 

                                  (3)

 

                                  — 

 

                                  (7)

Net profit

 

                                 36  

 

                                 47  

 

                                 18  

 

                                    5 

 

                              106  

 

For the year ended December 31, 2020

 

2020 (€ million)

 

Intangible assets

 

Property, plant and equipment

 

Financial liabilities

 

Other

 

Total

 

 

(A)

 

(B)

 

(C)

 

(D)

 

 

Net revenues

 

                                  — 

 

                                  — 

 

                                  — 

 

                                110 

 

                               110 

Cost of revenues

 

                                  (4)

 

                           1,092  

 

                                  — 

 

                               178 

 

                          1,266   

Selling, general and other costs

 

                                   8  

 

                                 44  

 

                                  — 

 

                                  — 

 

                                 52  

Research and development costs

 

                              960   

 

                                  — 

 

                                  — 

 

                                  — 

 

                             960   

Net financial expenses/(income)

 

                                  — 

 

                                  — 

 

                              462  

 

                               (82)

 

                             380   

Tax expenses

 

                               (90)

 

                               (28)

 

                                (74)

 

                               (48) 

 

                            (240)

Net profit

 

                             874   

 

                          1,108  

 

                             388   

 

                              158  

 

                          2,528   

 

 

The pro forma adjustments are described in further detail below.

  1. 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, the fair value has 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.  The fair value of reacquired rights has been valued based on the discounted cash flows expected from the related agreement.

Amortization of intangible assets has been calculated on the fair value taking into account the estimated remaining useful life of the acquired assets. The related change in amortization as a result of the fair value adjustment to intangible assets was a net decrease in amortization expense of €40 million and €964 million for the period January 1 to January 16, 2021 and for the year ended December 31, 2020, respectively, of which €40 million and €960 million has been recorded within Research and development costs in relation to capitalized research and development costs and other intangible assets, respectively, and €8 million has been recorded within Selling, general and other costs in relation to the dealer network and (4) million has been recorded within Cost of revenues in relation to reacquired rights for the year ended December 31, 2020.

 

  1. Property, plant 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 fair value of land. The fair value of certain assets was determined through an income approach.

Depreciation has been calculated on the fair value taking into account the estimated remaining useful life of the acquired assets. The related change in depreciation as a result of the fair value adjustment to property, plant and equipment was a decrease in depreciation expense of €47 million and €1,136 million for the period January 1 to January 16, 2021 and for the year ended December 31, 2020, respectively, of which €45 million and €1,092 million has been recorded within Cost of revenues and €2 million and €44 million has been recorded within Selling, general and other costs in the Unaudited Pro Forma Consolidated Financial Information.

 

  1. Financial liabilities

Purchase price adjustments were recognized to step up to fair value the financial liabilities based on quoted market prices for listed debt and based on discounted cash flow models for debt that is not listed. The fair value adjustments to financial liabilities resulted in a decrease in interest expense due to the decrease of the effective interest rate based on current market conditions, of €21 million and €462 million for the period January 1 to January 16, 2021 and for the year ended December 31, 2020, respectively, and has been recorded within Net financial income (expense) in the Unaudited Pro Forma Consolidated Financial Information.

  1. Other

Primarily reflects:

  • the recognition of additional revenue of €2 million and €54 million for the period January 1 to January 16, 2021 and for the year ended December 31, 2020, respectively, as a result of a step up to fair value of deferred revenue relating to extended warranty service contracts, as well as additional finance costs of €4 million and €93 million for the period January 1 to January 16, 2021 and for the year ended December 31, 2020, respectively, due to the recognition of the fair value adjustments of the related liabilities.
  • the reversal of the impact on cost of revenues of €7 million and €232 million for the period January 1 to January 16, 2021 and for the year ended December 31, 2020, respectively, of certain prepaid assets that were written off as part of the purchase price allocation.

The step up in the value of inventories has not been recognized as a pro forma adjustment as this impact has been recognized in Stellantis results for the year ended December 31, 2021.

 

  1. Tax expense

Represents the tax effects on the pro forma adjustments reflected in the unaudited pro forma consolidated income statement, calculated based on statutory tax rates applicable in the relevant jurisdictions.

Note 4 – Other Adjustments

Other adjustments mainly include the following:

  • the elimination of the intercompany transactions with Sevel in the Stellantis Consolidated Income Statement for the year ended December 31, 2020 of €534 million. Sevel is a joint operation that was previously owned 50 percent each by both PSA and FCA. Upon completion of the merger, Stellantis holds 100 percent of Sevel, which is fully consolidated from that date;
  • The alignment of FCA’s accounting policies to Stellantis accounting policies resulting in a net decrease in Net profit of €100 million for the year ended December 31, 2020, primarily relating to an increase in Research and development expenditures expensed.
  • the alignment of the classification of certain items to align to Stellantis’ income statement presentation.

 

Note 5 - Pro Forma Earnings per Share

Pro Forma basic earnings per share is calculated by dividing the Pro Forma Net profit from continuing operations attributable to the owners of the parent by the Pro Forma weighted average number of shares outstanding, as adjusted for the merger.

Pro Forma diluted earnings per share is calculated by adjusting the historical diluted weighted average number of shares outstanding with the Pro Forma weighted average number of dilutive shares outstanding, as adjusted for the merger.

Regarding the Pro Forma basic and diluted earnings per share from continuing operations for the year ended December 31, 2020:

(i) Pro forma weighted average number of outstanding Stellantis common shares for the year ended December 31, 2020 includes PSA weighted average number of outstanding common shares for the year ended December 31, 2020 converted with the merger exchange ratio of 1.742 and Stellantis common shares issued at the merger date;

(ii) The number of the equity warrants on PSA ordinary shares delivered to General Motors, amounting to 39,727,324, have been included in the diluted number of shares and converted with the merger exchange ratio of 1.742;

(iii) Pro forma weighted average number of outstanding Stellantis common shares resulting from dilutive equity instruments performance share plans issued by PSA and converted with the merger exchange ratio of 1.742; and

(iv) Pro forma weighted average number of outstanding Stellantis common shares resulting from the equity instruments issued under FCA’s equity incentive plan.

 

Pro Forma Basic earnings per share

 

 

2021  (€ million)

 

 

(€ million except otherwise noted)

 

Stellantis

Continuing operations

Discontinued operations

Net profit attributable to owners of the parent, as adjusted

 

€     14,200   

€         13,210 

€            990   

Add: FCA Net profit attributable to owners of the parent, January 1 - 16, 2021

 

                                 30 

                                 30 

                                  — 

Add: Pro forma adjustments

 

                               106 

                               106 

                                  — 

Pro Forma Net profit attributable to owners of the parent (A)

 

€       14,336  

€         13,346  

€            990   

Weighted average number of shares outstanding for basic earnings per share (thousand), January 17 - December 31, 2021 (B)

 

                  3,059,284   

                  3,059,284   

                  3,059,284   

 Pro Forma Basic earnings per share (€ per share) (A/B)

 

€     4.69  

€         4.36  

€      0.32  

 

2020  (€ million)

 

 

(€ million except otherwise noted)

 

Stellantis

Continuing operations

Discontinued operations

Net profit/(loss) attributable to owners of the parent, as adjusted

 

€        2,173 

€     2,353  

€       (180)

Add: FCA Net profit attributable to owners of the parent, January 1 - December 31, 2020

 

                                 29 

                                 29 

                                  — 

Add: Pro forma adjustments

 

                            2,412 

                            2,412 

                                  — 

 Pro Forma Net profit/(loss) attributable to owners of the parent (A)

 

€     4,614  

€      4,794   

€          (180)

 Pro Forma Weighted average number of shares outstanding for diluted earnings per share (thousand) (B)

 

                    3,119,935

                    3,119,935

                    3,119,935

 Pro Forma Basic earnings/(loss) per share (€ per share) (A/B)

 

€        1.48  

€     1.54 

€       (0.06)

 

Pro Forma Diluted earnings per share

2021  (€ million)

 

 

(€ million except otherwise noted)

 

Stellantis

Continuing operations

Discontinued operations

Net profit attributable to owners of the parent, as adjusted

 

€    14,200   

€     13,210 

€     990   

Add: FCA Net profit attributable to owners of the parent, January 1 - 16, 2021

 

                                 30 

                                 30 

                                  — 

Add: Pro forma adjustments

 

                               106 

                               106 

                                  — 

Pro Forma Net profit attributable to owners of the parent (A)

 

€      14,336  

€       13,346  

€         990   

Weighted average number of shares outstanding (thousand), January 17 - December 31, 2021

 

                  3,059,284   

                  3,059,284   

                  3,059,284   

Number of shares deployable for share-based compensation, January 17 - December 31, 2021 (thousand)

 

                          23,651 

                          23,651 

                          23,651 

   Equity warrants delivered to General Motors (thousand)

 

                        68,497  

                        68,497  

                        68,497  

Pro Forma Weighted average number of shares outstanding for diluted earnings per share (thousand) (B)

 

                     3,151,432

                     3,151,432

                     3,151,432

Pro Forma Diluted earnings per share (€ per share) (A/B)

 

€        4.55  

€       4.23  

€       0.31 

 

2020  (€ million)

 

 

(€ million except otherwise noted)

 

Stellantis

Continuing operations

Discontinued operations(1)

Net profit/(loss) attributable to owners of the parent, as adjusted

 

€         2,173 

€    2,353  

€   (180)

Add: FCA Net profit attributable to owners of the parent, January 1 - December 31, 2020

 

                                 29 

                                 29 

                                  — 

Add: Pro forma adjustments

 

                            2,412 

                            2,412 

                                  — 

Pro Forma Net profit/(loss) attributable to owners of the parent (A)

 

€     4,614  

€      4,794   

€   (180)

Weighted average number of shares outstanding (thousand)

 

                    3,119,935

                    3,119,935

                    3,119,935

Number of shares deployable for share-based compensation (thousand)

 

                          39,137

                          39,137

                          39,137

   Equity warrants delivered to General Motors (thousand)

 

                        68,497  

                        68,497  

                        68,497  

Weighted average number of shares outstanding for diluted earnings per share (thousand) (B)

 

                   3,227,569 

                   3,227,569 

                   3,227,569 

Pro Forma Diluted earnings/(loss) per share (€ per share) (A/B)

 

€    1.43 

€     1.49  

€       (0.06)

 

 

 

SAFE HARBOR STATEMENT

This document, in particular references to “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; 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 U.S

Sign up for the newsletter.

SIGN UP NOW