“These figures demonstrate the financial soundness of Stellantis, bringing together two strong and healthy companies. Stellantis gets off to a flying start and is fully focused on achieving the full promised synergies.”
– Carlos Tavares, Stellantis CEO
Pursuant to Sept ‘20 Amendment to Combination Agreement, Board has approved a €1.0B distribution(1) to shareholders, subject to shareholder approval at the AGM on April 15, 2021
2021 Industry Outlook(2): North America +8%, South America +20%, Europe +10%, Middle East & Africa +3%, India & Asia Pacific +3% and China +5%
2021 Guidance(3): Adjusted Operating Income Margin of 5.5 – 7.5%; assumes no significant COVID-19 related lockdowns
Financial Calendar:
Q1 ’21 – Sales and Revenues Only – May 5 ’21
H1 ’21 – Full Financial Results – Aug 3 ’21
Q3 ’21 – Sales and Revenues Only – Oct 28 ’21
These results do not represent the consolidated results of Stellantis N.V.
On March 3, 2021 at 3:30 p.m. CET / 9:30 a.m. EST, a conference call and webcast will be held to present the Fourth Quarter and Full Year 2020 results of FCA and Full Year 2020 results of PSA. The call can be followed live and a recording will be available later on the Group’s website (https://www.stellantis.com/en). The supporting documents will be made available on the Group’s website prior to the call.
Reference should be made to the section “Safe Harbor Statement” included elsewhere within this document.
*Refer to the FCA sections “Fourth Quarter Reconciliations”, “FY 2020 Reconciliations” and “FCA Notes” and the PSA section “Appendix” for definitions of the respective company’s supplemental financial measures and reconciliations to applicable IFRS metrics.
NOTES
(1) The combination agreement, as amended in September 2020, contemplated a potential cash distribution of €1 billion following the completion of the merger. The Board of Directors resolved to propose to the AGM the approval of a special cash distribution of €0.32 per common share corresponding to a total distribution of approximately €1 billion (approximately US$1.2 billion translated at the exchange rate reported by the European Central Bank on February 26, 2021). The distribution will be subject to approval by the AGM, which is scheduled to be held on April 15, 2021. The expected calendar for MTA, Euronext Paris and NYSE is as follows: (i) ex-date April 19, 2021, (ii) record date April 20, 2021, and (iii) payment date April 28, 2021.
(2) Source: IHS Global Insight, Wards, China Passenger Car Association and Group estimates.
(3) Adjusted operating income (loss) excludes from Operating income (loss) adjustments comprising restructuring, impairments, asset write-offs, disposals of investments and unusual operating income (expense) that are considered rare or discrete events and are infrequent in nature, as inclusion of such items is not considered to be indicative of the Group’s ongoing operating performance. Guidance does not reflect impacts from purchase accounting adjustments or changes in accounting policies as required by IFRS in connection with the merger.
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SAFE HARBOR STATEMENT
This document, in particular references to “2021 Guidance”, contains forward-looking statements. In particular, statements regarding future financial performance and the Company’s expectations as to the achievement of certain targeted metrics, including revenues, industrial free cash flows, vehicle shipments, capital investments, research and development costs and other expenses at any future date or for any future period are forward-looking statements. These statements may include terms such as “may”, “will”, “expect”, “could”, “should”, “intend”, “estimate”, “anticipate”, “believe”, “remain”, “on track”, “design”, “target”, “objective”, “goal”, “forecast”, “projection”, “outlook”, “prospects”, “plan”, or similar terms. Forward-looking statements are not guarantees of future performance. Rather, they are based on the Group’s current state of knowledge, future expectations and projections about future events and are by their nature, subject to inherent risks and uncertainties. They related to events and depend on circumstances that may or may not occur or exist in the future and, as such, undue reliance should not be placed on them.
Actual results may differ materially from those expressed in forward-looking statements as a result of a variety of factors, including: the impact of the COVID-19 pandemic; the ability of the Group to launch new products successfully and to maintain vehicle shipment volumes; changes in the global financial markets, general economic environment and changes in demand for automotive products, which is subject to cyclicality; changes in local economic and political conditions, changes in trade policy and the imposition of global and regional tariffs or tariffs targeted to the automotive industry, the enactment of tax reforms or other changes in tax laws and regulations; the Group’s ability to expand certain of their brands globally; its ability to offer innovative, attractive products; its ability to develop, manufacture and sell vehicles with advanced features including enhanced electrification, connectivity and autonomous-driving characteristics; various types of claims, lawsuits, governmental investigations and other contingencies, including product liability and warranty claims and environmental claims, investigations and lawsuits; material operating expenditures in relation to compliance with environmental, health and safety regulations; the intense level of competition in the automotive industry, which may increase due to consolidation; exposure to shortfalls in the funding of the Group’s defined benefit pension plans; the ability to provide or arrange for access to adequate financing for dealers and retail customers and associated risks related to the establishment and operations of financial services companies; the ability to access funding to execute the Group’s business plans and improve their businesses, financial condition and results of operations; a significant malfunction, disruption or security breach compromising information technology systems or the electronic control systems contained in the Group’s vehicles; the Group’s ability to realize anticipated benefits from joint venture arrangements; disruptions arising from political, social and economic instability; risks associated with our relationships with employees, dealers and suppliers; increases in costs, disruptions of supply or shortages of raw materials; developments in labor and industrial relations and developments in applicable labor laws; exchange rate fluctuations, interest rate changes, credit risk and other market risks; political and civil unrest; earthquakes or other disasters; the risk that the operations of Groupe PSA and FCA will not be integrated successfully and other risks and uncertainties.
Any forward-looking statements contained in this document speak only as of the date of this document and the Group disclaims any obligation to update or revise publicly forward-looking statements. Further information concerning the Group and its businesses, including factors that could materially affect the Group’s financial results, are included in FCA’s reports and filings with the U.S. Securities and Exchange Commission (including the registration statement on Form F-4 that was declared effective by the SEC on November 20, 2020), the AFM and CONSOB and PSA’s filings with the AMF.