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1.
Principal activities
On January 16, 2021, Peugeot S.A. (\u201cPSA\u201d) merged with and into Fiat Chrysler Automobiles N.V. (\u201cFCA N.V.\u201d),
with FCA N.V. as the surviving company in the merger (the \u201cmerger\u201d). On January 17, 2021, the current members of the
board of directors were appointed, the Stellantis articles of association became effective and the combined company was
renamed Stellantis N.V. On this date, the Stellantis management and board of directors collectively obtained the power and
ability to control the assets, liabilities and operations of both FCA and PSA. As such, under IFRS 3, Business Combinations,
January 17, 2021 is the acquisition date for the business combination. Stellantis N.V. was established as a public limited
liability company (naamloze vennootschap), organized in the Netherlands, as the parent of Stellantis with its principal
executive offices located at Taurusavenue 1, 2132LS, Hoofddorp, the Netherlands.
In 2021, the merger was accounted for by Stellantis using the acquisition method of accounting in accordance with
IFRS 3, which requires the identification of the acquirer and the acquiree for accounting purposes. Based on the assessment
of the indicators under IFRS 3 and consideration of all pertinent facts and circumstances, management determined that PSA
was the acquirer for accounting purposes and as such, the merger was accounted for as a reverse acquisition. As a result, the
financial statements of Stellantis N.V. represent the historical financial statements of PSA. Refer to Note 3, Scope of
consolidation, for additional information.
Stellantis and its subsidiaries are engaged in the design, engineering, manufacturing, distribution and sale of
automobiles and light commercial vehicles, engines, transmission systems, mobility services, metallurgical products and
production systems. In addition, Stellantis is involved in certain other activities, including software and data businesses and
financial services activities relating to dealer and customer financing.
Unless otherwise specified, the terms \u201cwe\u201d, \u201cour\u201d, \u201cus\u201d, the \u201cCompany\u201d and \u201cStellantis\u201d refer to Stellantis N.V.,
together with its consolidated subsidiaries, or any one or more of them, as the context may require. References to \u201cFCA\u201d,
\u201cFCA N.V.\u201d and \u201cFCA Group\u201d mean Fiat Chrysler Automobiles N.V. or Fiat Chrysler Automobiles N.V. together with its
consolidated subsidiaries, or any one or more of them, as the context may require. References to \u201cPSA\u201d and \u201cGroupe PSA\u201d
mean Peugeot S.A. or Peugeot S.A. together with its consolidated subsidiaries, or any one or more of them, as the context
may require. References to the \u201cmerger\u201d refer to the merger between PSA and FCA completed on January 17, 2021 and
resulting in the creation of Stellantis.
All references in this report to \u201cEuro\u201d and \u201c\u20ac\u201d refer to the currency introduced at the start of the third stage of
European Economic and Monetary Union pursuant to the Treaty on the Functioning of the European Union, as amended.
Stellantis financial information is presented in Euro. All references to \u201cU.S. Dollars\u201d, \u201cU.S. Dollar\u201d, \u201cU.S.$\u201d and \u201c$\u201d refer to
the currency of the United States of America (\u201cU.S.\u201d).
Stellantis has filed a list of subsidiaries and associated companies, prepared in accordance with Sections 379 and
414, Book 2, Dutch Civil Code, at the Dutch trade register of Amsterdam.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-634": { "value": "Stellantis N.V.", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-635": { "value": "Stellantis N.V.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-636": { "value": "Stellantis N.V.", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-637": { "value": "public limited liability company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-638": { "value": "Netherlands", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-639": { "value": "Taurusavenue 1, 2132LS, Hoofddorp, the Netherlands", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-640": { "value": "Netherlands", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-641": { "value": "Stellantis and its subsidiaries are engaged in the design, engineering, manufacturing, distribution and sale of automobiles and light commercial vehicles, engines, transmission systems, mobility services, metallurgical products and production systems. In addition, Stellantis is involved in certain other activities, including software and data businesses and financial services activities relating to dealer and customer financing.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-642": { "value": "
2.
Basis of preparation
Basis of preparation
The Consolidated Financial Statements are prepared under the historical cost method, modified for the measurement
of certain financial instruments as required, as well as on a going concern basis. In this respect, the Company\u2019s assessment is
that no material uncertainties (as defined in IAS 1 - Presentation of Financial Statements) exist about its ability to continue as
a going concern.
For the presentation of the Consolidated Income Statement, Stellantis uses a classification based on the function of
expenses rather than based on their nature as it is considered more representative of the format used for internal reporting and
management purposes and is consistent with international practice in the automotive sector.
Effective from January 1, 2023, the Share of the profit/(loss) of equity method investees is included within
Operating income/(loss) and Profit/(loss) before tax, which was previously reported before Net profit/(loss) from continuing
operations. The comparatives for the years ended December 31, 2022 and 2021, have been adjusted accordingly. This change
was implemented as management believes these results are becoming increasingly relevant due to the number of partnerships
Stellantis has recently engaged in, and will continue to engage in in the future, around electrification and other areas critical
to the future of mobility.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-644": { "value": "Authorization of Consolidated Financial Statements and compliance with International Financial Reporting
Standards
The Consolidated Financial Statements, together with the notes thereto, of Stellantis as of and for the year ended
December\u00a031, 2023 (\u201cThe Consolidated Financial Statements\u201d) were authorized for issuance by the Stellantis Board of
Directors on February\u00a022, 2024 and have been prepared in accordance with the International Financial Reporting Standards
(\u201cIFRS\u201d) as issued by the International Accounting Standards Board (\u201cIASB\u201d), as well as IFRS as adopted by the European
Union. There is no effect on these consolidated financial statements resulting from differences between IFRS as issued by the
IASB and IFRS as adopted by the European Union. The designation \u201cIFRS\u201d includes International Accounting Standards
(\u201cIAS\u201d) as well as all interpretations of the IFRS Interpretations Committee (\u201cIFRIC\u201d).
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-643": { "value": "Authorization of Consolidated Financial Statements and compliance with International Financial Reporting
Standards
The Consolidated Financial Statements, together with the notes thereto, of Stellantis as of and for the year ended
December\u00a031, 2023 (\u201cThe Consolidated Financial Statements\u201d) were authorized for issuance by the Stellantis Board of
Directors on February\u00a022, 2024 and have been prepared in accordance with the International Financial Reporting Standards
(\u201cIFRS\u201d) as issued by the International Accounting Standards Board (\u201cIASB\u201d), as well as IFRS as adopted by the European
Union. There is no effect on these consolidated financial statements resulting from differences between IFRS as issued by the
IASB and IFRS as adopted by the European Union. The designation \u201cIFRS\u201d includes International Accounting Standards
(\u201cIAS\u201d) as well as all interpretations of the IFRS Interpretations Committee (\u201cIFRIC\u201d).
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-645": { "value": "
Basis of preparation
Effective from January 1, 2023, the Share of the profit/(loss) of equity method investees is included within
Operating income/(loss) and Profit/(loss) before tax, which was previously reported before Net profit/(loss) from continuing
operations. The comparatives for the years ended December 31, 2022 and 2021, have been adjusted accordingly. This change
was implemented as management believes these results are becoming increasingly relevant due to the number of partnerships
Stellantis has recently engaged in, and will continue to engage in in the future, around electrification and other areas critical
to the future of mobility.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-646": { "value": "
The Consolidated Financial Statements are prepared under the historical cost method, modified for the measurement
of certain financial instruments as required, as well as on a going concern basis. In this respect, the Company\u2019s assessment is
that no material uncertainties (as defined in IAS 1 - Presentation of Financial Statements) exist about its ability to continue as
a going concern.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-647": { "value": "
Material accounting policies
Basis of consolidation
Subsidiaries
Subsidiaries are entities over which the Company has control. Control is achieved when the Company has power
over the investee, when it was exposed to, or has rights to, variable returns from its involvement with the investee and has the
ability to use its power over the investee to affect the amount of the investor\u2019s returns. Subsidiaries are consolidated on a line
by line basis from the date which control is achieved by the Company. The Company reassesses whether or not it controls an
investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above.
The Company recognizes a non-controlling interest in the acquiree on a transaction-by-transaction basis, either at
fair value or at the non-controlling interest\u2019s share of the recognized amounts of the acquiree\u2019s identifiable net assets. Net
profit or loss and each component of Other comprehensive income/(loss) are attributed to Equity attributable to owners of the
parent and to Non-controlling interests. Total comprehensive income/(loss) of subsidiaries is attributed to Equity attributable
to the owners of the parent and to the non-controlling interest even if this results in a deficit balance in Non-controlling
interests.
Changes in the Company\u2019s ownership interests in a subsidiary that do not result in the Company losing control over
the subsidiary are accounted for as equity transactions. The carrying amounts of Equity attributable to owners of the parent
and Non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiary. Any difference
between the carrying amount of the non-controlling interests and the fair value of the consideration paid or received in the
transaction is recognized directly in Equity attributable to the owners of the parent.
Subsidiaries are deconsolidated from the date on which control ceases. When the Company ceases to have control
over a subsidiary, it derecognizes the assets (including any goodwill) and liabilities of the subsidiary at their carrying
amounts, derecognizes the carrying amount of non-controlling interests in the former subsidiary if any and recognizes the fair
value of any consideration received from the transaction. Any gain or loss is recognized in the Consolidated Income
Statement. Any retained interest in the former subsidiary is then remeasured to its fair value.
All intra-group balances and transactions, and any unrealized gains and losses arising from intra-group transactions,
are eliminated in preparing the Consolidated Financial Statements.
Interests in Joint Ventures and Associates
A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to
the net assets of the arrangement. Joint control is the contractually agreed sharing of control of an arrangement which exists
only when decisions about the relevant activities require the unanimous consent of the parties sharing the control.
An associate is an entity over which the Company has significant influence. Significant influence is where the
Company has the power to participate in the financial and operating policy decisions of the investee but does not have control
or joint control over those policies.
Joint ventures and associates are accounted for using the equity method of accounting from the date joint control or
significant influence is obtained. On acquisition, any excess of the investment over the share of the net fair value of the
investee's identifiable assets and liabilities is recognized as goodwill and is included in the carrying amount of the investment.
Any excess of the Company\u2019s share of the net fair value of the investee\u2019s identifiable assets and liabilities over the cost of the
investment is included as income in the determination of the Company\u2019s share of the investee\u2019s profit/(loss) in the acquisition
period.
Under the equity method, investments are initially recognized at cost and adjusted thereafter to recognize the
Company\u2019s share of the profit/(loss) and other comprehensive income/(loss) of the investee. The Company\u2019s share of the
investee\u2019s profit/(loss) is recognized in the Consolidated Income Statement. Distributions received from an investee reduce
the carrying amount of the investment. Post-acquisition movements in Other comprehensive income/(loss) are recognized in
Other comprehensive income/(loss) with a corresponding adjustment to the carrying amount of the investment.
Unrealized gains arising on transactions between the Company and its joint ventures and associates are eliminated to
the extent of the Company\u2019s interest in the joint venture or associate. Unrealized losses are also eliminated unless the
transaction provided evidence of an impairment of the asset transferred.
When the Company\u2019s share of the losses of a joint venture or associate exceeds its interest in that joint venture or
associate, the Company discontinues recognizing its share of further losses. Additional losses are provided for and a liability
is recognized only to the extent that the Company has incurred legal or constructive obligations or made payments on behalf
of the joint venture or associate.
The Company discontinues the use of the equity method from the date the investment ceases to be an associate or a
joint venture, or when it is classified as held for sale.
Interests in Joint Operations
A joint operation is a type of joint arrangement whereby the parties that have joint control have rights to the assets
and obligations for the liabilities relating to the arrangement. Joint control is the contractually agreed sharing of control of an
arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties
sharing control.
The Company recognizes its related interest in the joint operation including: (i)\u00a0its assets, including its share of any
assets held jointly, (ii)\u00a0its liabilities, including its share of any liabilities incurred jointly, (iii)\u00a0its revenue from the sale of its
share of the output arising from the joint operation, (iv)\u00a0its share of the revenue from the sale of the output by the joint
operation and (v)\u00a0its expenses, including its share of any expenses incurred jointly.
Assets held for sale, Assets held for distribution and Discontinued Operations
Pursuant to IFRS 5 - Non-current Assets Held for Sale and Discontinued Operations, non-current assets and disposal
groups are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather
than through continuing use. This condition is regarded as met only when the asset or disposal group is available for
immediate sale in its present condition, subject only to terms that are usual and customary for sales of such an asset or
disposal group, and the sale is highly probable, with the sale expected to be completed within one year from the date of
classification.
Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount
and fair value less costs to sell and are presented separately in the Consolidated Statement of Financial Position. Non-current
assets and disposal groups are not classified as held for sale within the comparative period presented for the Consolidated
Statement of Financial Position.
A discontinued operation is a component of the Company that either has been disposed of or is classified as held for
sale and (i) represents either a separate major line of business or a geographical area of operations, (ii) is part of a single
coordinated plan to dispose of a separate major line of business or geographical area of operations, or (iii) is a subsidiary
acquired exclusively with a view to resell and the disposal will result in the loss of control.
Classification as a discontinued operation occurs upon disposal or, if earlier, when the asset or disposal group meets
the criteria to be classified as held for sale. When the asset or disposal group is classified as a discontinued operation, the
comparative information is reclassified within the Consolidated Income Statement and the Consolidated Statement of Cash
Flows as if the asset or disposal group had been discontinued from the start of the earliest comparative period presented. In
addition, when an asset or disposal group is classified as held for sale, depreciation and amortization cease.
The classification, presentation and measurement requirements of IFRS 5 - Non-current Assets Held for Sale and
Discontinued Operations outlined above also apply to an asset or disposal group that is classified as held for distribution to
owners, whereby there must be commitment to the distribution, the asset or disposal group must be available for immediate
distribution and the distribution must be highly probable.
Foreign currency
The functional currency of the Company\u2019s entities is the currency used in their respective primary economic
environments. In individual companies, transactions in foreign currencies are recorded at the exchange rate prevailing at the
date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate
prevailing at the date of the Consolidated Statement of Financial Position. Exchange differences arising on the settlement of
monetary items or on reporting monetary items at rates different from those initially recorded, are recognized in the
Consolidated Income Statement.
All assets and liabilities of foreign consolidated companies with a functional currency other than the Euro are
translated using the closing rates as at the date of the Consolidated Statement of Financial Position. Income and expenses are
translated into Euro on a monthly basis at the average exchange rate for each month. Translation differences arising from the
application of this method are classified within Other comprehensive income/(loss) until the disposal of the subsidiary.
Average exchange rates for the period are used in preparing the Consolidated Statement of Cash Flows to translate
the cash flows of foreign subsidiaries.
The principal exchange rates used to translate other currencies into Euro were as follows:
2023
2022
2021
Average
At December 31
Average
At December 31
Average
At December 31
U.S. Dollar (USD)
1.081
1.105
1.054
1.067
1.183
1.133
Argentine Peso (ARS)(1)
n.a.
893.404
n.a.
188.915
n.a.
116.360
Brazilian Real (BRL)
5.401
5.350
5.441
5.568
6.377
6.320
Canadian Dollar (CAD)
1.460
1.464
1.370
1.444
1.483
1.439
Swiss Franc (CHF)
0.972
0.926
1.005
0.985
1.082
1.033
Chinese Renminbi (CNY)
7.657
7.851
7.079
7.358
7.633
7.195
Turkish Lira (TRY)(2)
n.a.
32.603
n.a.
19.953
n.a.
15.100
Pound Sterling (GBP)
0.870
0.869
0.853
0.887
0.860
0.840
Mexican Peso (MXN)
19.193
18.723
21.203
20.856
23.989
23.144
Polish Zloty (PLN)
4.544
4.348
4.686
4.690
4.566
4.599
Japanese Yen (JPY)
151.854
156.330
137.931
140.660
129.848
130.380
____________________________________________________________________________________________________
n.a. = not applicable
(1) From July 1, 2018, Argentina\u2019s economy was considered to be hyperinflationary. Transactions after July 1, 2018 for entities with the Argentine Peso as the functional currency
were translated using the spot rate at the end of the period. The price indices used are published by the Insituto Nacional de Estadistica y Censos de la Republica Argentina
(2) From April 1, 2022, Turkey\u2019s economy was considered to be hyperinflationary. Transactions after January 1, 2022 for entities with the Turkish Lira as the functional currency
were translated using the spot rate at the end of the period. The price indices used are published by the Turkish Statistical Institute
Intangible assets
Goodwill
Goodwill represents the excess of the fair value of consideration paid in a business combination over the fair value
of net tangible and identifiable intangible assets acquired. Goodwill is not amortized but is tested for impairment annually or
more frequently if events or changes in circumstances indicated that it might be impaired. After initial recognition, goodwill
is measured at cost less any accumulated impairment losses.
Intangible assets with indefinite useful lives
Intangible assets with indefinite useful lives consist principally of brands which have no legal, contractual,
competitive, economic or other factors that limit their useful lives. Intangible assets with indefinite useful lives are not
amortized but are tested for impairment annually, or more frequently if events or changes in circumstances indicated that the
asset may be impaired.
Development expenditures
Development expenditures for vehicle production and related components, engines and production systems are
recognized as an asset if all of the following conditions within IAS 38 \u2013 Intangible assets are met: (i) development
expenditures can be measured reliably, (ii) technical feasibility of the product, projected volumes and pricing support the
view that the development expenditure will generate future economic benefits and (iii) the intention to complete the
intangible asset as well as the availability of adequate technical, financial and other resources for this purpose. Capitalized
development expenditures include all costs that could be directly attributed to the development process. All other
development expenditures are expensed as incurred.
Capitalized development expenditures are amortized on a straight-line basis from when the related asset is available
for use, generally from the beginning of production, over the expected life cycle of the models (generally 5-7 years) or
propulsion systems (generally 10-12 years) developed.
Refer to Note 2, Basis of preparation - Recoverability of non-current assets with definite useful lives for additional
information on the effects of climate change.
Other internally developed or purchased intangible assets, excluding development expenditures
The portion of development expenditures relating to software for internal use that corresponds to directly
attributable internal or external costs necessary to create the software or improve its performance is recognized as an
intangible asset when it is probable that these costs will generate future economic benefits. Other software acquisition and
developments costs are expensed as incurred.
Other intangible assets (consisting principally of patents) are amortized on a straight line basis over the estimated
useful life, not to exceed twenty years.
Property, plant and equipment
Cost
Property, plant and equipment is initially recognized at cost and includes the purchase price, any costs directly
attributable to bringing the assets to the location and condition necessary to be capable of operating in the manner intended by
management and any initial estimate of the costs of dismantling and removing the asset and restoring the site on which it is
located. Self-constructed assets are initially recognized at production cost. Subsequent expenditures and the cost of replacing
parts of an asset are capitalized only if they increased the future economic benefits embodied in that asset. All other
expenditures are expensed as incurred. When such replacement costs are capitalized, the carrying amount of the parts that are
replaced is expensed to the Consolidated Income Statement.
Depreciation
During the years ended December\u00a031, 2023, 2022 and 2021, assets depreciated on a straight-line basis over their
estimated useful lives as follows:
Years
Buildings
33 - 40
Plant, machinery and equipment
2 - 25
Other assets
2 - 34
Borrowing Costs
Borrowing costs that are directly attributable to the acquisition, construction or production of property, plant or
equipment or an intangible asset that is deemed to be a qualifying asset as defined in IAS 23 - Borrowing Costs are
capitalized. Only assets with a construction period of 12 months or longer are considered. The amount of borrowing costs
eligible for capitalization corresponds to the actual borrowing costs incurred during the period, less any investment income on
the temporary investment of any borrowed funds not yet used. The amount of borrowing costs capitalized in the years ended
December\u00a031, 2023 and 2022 was \u20ac262 million and \u20ac189 million, respectively.
Leases
As a Lessee
At the inception of a contract, the Company assesses whether the contract has, or contains, a lease. A contract has, or
contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for
consideration.
At inception or on reassessment of a contract that contains a lease component, the Company allocates the
consideration in the contract to each lease component on the basis of their relative stand-alone prices.
Right-of-use asset
The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use
asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments
made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and
remove the underlying asset or restore the underlying asset or the site on which it is located if required by the lease, less any
lease incentives received.
The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to
the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful life of the
right-of-use asset is determined based on the nature of the asset, taking into consideration the lease term. In addition, the
right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain corresponding
remeasurements of the lease liability.
Lease liability
The lease liability is initially measured at the present value of the lease payments that have not been paid at the
commencement date, discounted using the interest rate implicit in the lease or, if that rate is not be readily determined, the
Company's incremental borrowing rate. The incremental borrowing rate is determined considering macro-economic factors
such as the risk free rate based on the relevant currency and term, as well as the Company specific factors contributing to the
Company\u2019s credit spread, including the impact of security. The Company primarily uses the incremental borrowing rate as
the discount rate for its lease liabilities.
Lease payments used to measure the lease liability include the following, if appropriate:
\u2022 fixed payments, including in-substance fixed payments;
\u2022 variable lease payments that depend on an index or a rate, initially measured using the index or rate applicable
as at the commencement date;
\u2022 amounts expected to be payable under a residual value guarantee;
\u2022 if reasonably certain to exercise, the exercise price under a purchase option, or lease payments in an optional
renewal period; and
\u2022 penalties for early termination of a lease unless the Company was reasonably certain not to terminate early.
The lease liability is subsequently measured at amortized cost using the effective interest method. It is remeasured
when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the
Company's estimate of the amount expected to be payable under a residual value guarantee, or if the Company changes its
assessment of whether it would exercise a purchase, extension or termination option. When the lease liability is remeasured in
this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss
if the carrying amount of the right-of-use asset has been reduced to zero.
The Company presents right-of-use assets that do not meet the definition of investment property in Property, plant
and equipment and lease liabilities in Long-term debt and Short-term debt and current portion of long-term debt in the
Consolidated Statement of Financial Position.
The Company elects to not recognize right-of-use assets and lease liabilities for short-term leases and low-value
leases for all classes of leased assets. The Company recognizes the lease payments associated with these leases as an expense
on a straight-line basis over the lease term.
As a Lessor
When the Company acts as a lessor, it determines at lease inception whether each lease is a finance lease or an
operating lease.
To classify each lease, the Company makes an overall assessment of whether the lease transfers substantially all the
risks and rewards incidental to ownership of the underlying asset. If the risks and rewards are substantially transferred, then
the lease is a finance lease; if not, then it is an operating lease. As part of this assessment, the Company considers certain
indicators such as whether the lease is for the major part of the economic life of the asset.
Impairment of long-lived assets
Annually, or more frequently if facts or circumstances indicate otherwise, the Company assesses whether there is
any indication that its finite-lived intangible assets (including capitalized development expenditures) and its property, plant
and equipment may be impaired.
If indicators of impairment are present, an impairment test is performed, comparing the carrying amount of the asset
to its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. In the event that the
carrying amount is in excess of the recoverable amount, an impairment is recorded to reduce the value of the asset to its
recoverable amount. The recoverable amount is determined for the individual asset, unless the asset does not generate cash
inflows that are largely independent of those from other assets or groups of assets, in which case the asset is tested as part of
the cash-generating unit (\u201cCGU\u201d) to which the asset belongs. A CGU is the smallest identifiable group of assets that
generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. In assessing the
value in use of an asset or CGU, the estimated future cash flows are discounted to their present value using a discount rate
that reflects current market assessments of the time value of money and the risks specific to the asset or CGU.
When an impairment loss for assets, other than goodwill, no longer exists or has decreased, the carrying amount of
the asset or CGU is increased to the revised estimate of its recoverable amount but not in excess of the carrying amount that
would have been recorded had no impairment loss been recognized. The reversal of an impairment loss is recognized in the
Consolidated Income Statement. Refer to the section Use of estimates below for additional information.
Financial assets and liabilities
Financial assets primarily includes trade receivables, receivables from financing activities, investments in other
companies, derivative financial instruments, cash and cash equivalents, and other financial securities that do not satisfy the
requirements for being classified as cash equivalents.
Financial liabilities primarily consists of debt, derivative financial instruments, trade payables and other liabilities.
Receivables from dealer financing activities are typically generated by sales of vehicles and are generally managed
under dealer network financing programs as a component of the portfolio of the Company's financial services companies.
These receivables are interest bearing with the exception of an initial, limited, non-interest bearing period. The contractual
terms governing the relationships with the dealer networks vary according to market and payment terms, which generally
range from two to twelve months.
In addition, the Company generates receivables from financing activities related to installment sales contracts and
promissory notes originated through its automobile dealer relationships or directly with consumers. The Company utilizes
warehouse credit facilities with financial institutions to fund originations. When sufficient volume is originated, the Company
will complete an on-balance sheet securitization and issue term notes, thereby freeing up capacity in the warehouse credit
facilities.
In our securitizations, we transfer loans to securitization trusts (\u201cTrusts\u201d), which issue one or more classes of asset-
backed securities. These asset-backed securities are then sold to investors. These Trusts are included in our consolidated
financial statements, but they are separate legal entities. The assets held by these Trusts are legally owned by them and are
not available to the Company\u2019s creditors or creditors of our other Trusts. When the securitized assets are transferred to a
Trust, we make certain representations and warranties regarding the securitized assets. These representations and warranties
relate to specific aspects of the securitized assets, such as origination, obligors, accuracy, and security interest, but not the
underlying performance of the securitized asset. If a breach were to occur related to one or more of these representations that
materially affects the noteholders\u2019 interest, we would be obligated to repurchase the securitized assets.
The transfers of assets in the Company\u2019s securitization transactions do not qualify for derecognition. The Company
accounts for all securitization transactions as if they were secured financing and therefore the assets, liabilities, and related
activity of these transactions are consolidated in the financial statements. As the securitized receivables amortize, finance
charge collections are passed through to the investors at a specified rate for the life of the securitization and an interest in
collections exceeding the specified rate is retained by the Company. The majority of these securitization transactions are
within Stellantis Financial Services U.S.
Classification and measurement
The classification of a financial asset is dependent on the Company\u2019s business model for managing such financial
assets and their contractual cash flows. The Company considers whether the contractual cash flows represent solely payments
of principal and interest that are consistent with a basic lending arrangement. Where the contractual terms introduce exposure
to risk or volatility that are inconsistent with a basic lending arrangement, the related financial assets are classified and
measured at fair value through profit or loss (\u201cFVPL\u201d).
Financial asset cash flow business model
Initial measurement(1)
Measurement category(3)
Solely to collect the contractual cash flows (Held to
Collect)
Fair Value including transaction costs
Amortized Cost(2)
Collect both the contractual cash flows and generate
cash flows arising from the sale of assets (Held to
Collect and Sell)
Fair Value including transaction costs
Fair value through other comprehensive
income (\u201cFVOCI\u201d)
Generate cash flows primarily from the sale of
assets (Held to Sell)
Fair Value
FVPL
______________________________________________________________________________________________________________________________
(1) Trade receivables without a significant financing component, as defined by IFRS 15, are initially measured at the transaction price
(2) Receivables with maturities of over one year, which bear no interest or have an interest rate significantly lower than market rates were discounted using market rates
(3) On initial recognition, the Company could irrevocably designate a financial asset at FVPL that otherwise met the requirements to be measured at amortized cost or at FVOCI
if doing so eliminated or significantly reduced an accounting mismatch that would otherwise arise
Factors considered by the Company in determining the business model for a group of financial assets include:
\u2022 past experience on how the cash flows for these assets were collected;
\u2022 the frequency, volume and timing of sales of financial assets in prior periods, the reasons for such sales and
future sales activity expectations;
\u2022 how the asset\u2019s performance is evaluated and reported to key management personnel; and
\u2022 how risks are assessed and managed and how management is compensated.
Financial assets are not reclassified subsequent to their initial recognition unless the Company changes its business
model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first
reporting period following the change in the business model.
Cash and cash equivalents included cash at banks, units in money market funds and other money market securities,
commercial paper and certificate of deposits that are readily convertible into cash, with original maturities of three months or
less at the date of purchase. Cash and cash equivalents are subject to an insignificant risk of changes in value and consist of
balances across various primary national and international banks and of money market instruments. Money market funds
consist of investments in high quality, short-term, diversified financial instruments that can generally be liquidated on
demand and are measured at FVPL. Cash at banks and Other cash equivalents are measured at amortized cost.
Investments in other companies are measured at fair value. Equity investments for which there is no quoted market
price in an active market and there is insufficient financial information in order to determine fair value may be measured at
cost as an estimate of fair value, as permitted by IFRS 9 - Financial Instruments (\u201cIFRS 9\u201d). The Company may irrevocably
elect to present subsequent changes in the investment\u2019s fair value in Other comprehensive income (\u201cOCI\u201d) upon the initial
recognition of an equity investment that is not held to sell. This election is made on an investment-by-investment basis.
Generally, any dividends from these investments are recognized in Other income from investments within Result from
investments when the Company\u2019s right to receive payment is established. Other net gains and losses are recognized in OCI
and will not be reclassified to the Consolidated Income Statement in subsequent periods. Impairment losses (and the reversal
of impairment losses) on equity investments measured at FVOCI are not reported separately from other changes in fair value
in OCI.
Impairment of financial assets
The Company\u2019s credit risk differs in relation to the type of activity. In particular, receivables from financing
activities, such as dealer and retail financing that are carried out through the Company\u2019s financial services companies, are
exposed both to the direct risk of default and the deterioration of the creditworthiness of the counterparty, whereas trade
receivables arising from the sale of vehicles and spare parts, are mostly exposed to the direct risk of counterparty default.
These risks are mitigated by different kinds of securities received and the fact that collection exposure is spread across a large
number of counterparties.
The IFRS 9 impairment requirements are based on a forward-looking expected credit loss (\u201cECL\u201d) model. ECL is a
probability-weighted estimate of the present value of cash shortfalls.
The calculation of the amount of ECL is based on the risk of default by the counterparty, which is determined by
taking into account the information available at the end of each reporting period as to the counterparty\u2019s solvency, the fair
value of any guarantees and the Company\u2019s historical experience. The Company considers a financial asset to be in default
when: (i) the borrower is unlikely to pay its obligations in full and without consideration of compensating guarantees or
collateral (if any exist); or (ii) the financial asset is more than 90 days past due.
The Company applies two impairment models for financial assets as set out in IFRS 9: the simplified approach and
the general approach. The table below indicates the impairment model used for each of the Company\u2019s financial asset
categories. Impairment losses on financial assets are recognized in the Consolidated Income Statement within the
corresponding line items, based on the classification of the counterparty.
Financial asset
IFRS 9 impairment model
Trade receivables
Simplified approach
Receivables from financing activities
General approach
Other receivables
General approach
In order to test for impairment, individually significant receivables and receivables for which collectability is at risk
are assessed individually, while all other receivables are grouped into homogeneous risk categories based on shared risk
characteristics such as instrument type, industry or geographical location of the counterparty.
The simplified approach for determining the lifetime ECL allowance is performed in two steps:
\u2022 All trade receivables that are in default, as defined above, are individually assessed for impairment; and
\u2022 A general reserve is recognized for all other trade receivables (including those not past due) based on historical
loss rates.
The Company applies the general approach as determined by IFRS 9 by assessing at each reporting date whether
there has been a significant increase in credit risk on the financial instrument since initial recognition. The Company
considers receivables to have experienced a significant increase in credit risk when certain quantitative or qualitative
indicators have been met or the borrower was more than 30 days past due on its contractual payments.
The \u201cthree-stages\u201d for determining and measuring the impairment based on changes in credit quality since initial
recognition are summarized below:
Stage
Description
Time period for
measurement of ECL
Stage 1
A financial instrument that is not credit-impaired on initial recognition
12-month ECL
Stage 2
A financial instrument with a significant increase in credit risk since initial
recognition
Lifetime ECL
Stage 3
A financial instrument that is credit-impaired or has defaulted
Lifetime ECL
Considering forward-looking economic information, ECL is determined by projecting the probability of default,
exposure at default and loss given default for each future contractual period and for each individual exposure or collective
portfolio. The discount rate used in the ECL calculation is the stated effective interest rate or an approximation thereof. Each
reporting period, the assumptions underlying the ECL calculation are reviewed and updated as necessary. Since adoption,
there have been no significant changes in estimation techniques or significant assumptions that led to material changes in the
ECL allowance.
The gross carrying amount of a financial asset is written-off to the extent that there is no realistic prospect of
recovery. This is generally the case when the Company determined that a debtor does not have assets or sources of income
that could generate sufficient cash flows to repay the amounts subject to the write-off. However, financial assets that are
written off could still be subject to enforcement activities.
Derivative financial instruments
Derivative financial instruments are used for economic hedging purposes in order to reduce currency, interest rate
and market price risks (primarily related to commodities). In accordance with IFRS 9, derivative financial instruments are
recognized when we become a party to the contractual provisions of the instrument and, upon initial recognition, are
measured at fair value. Subsequent to initial recognition, all derivative financial instruments are measured at fair value.
Furthermore, derivative financial instruments qualify for hedge accounting when (i) there is formal designation and
documentation of the hedging relationship and the Company\u2019s risk management objective and strategy for undertaking the
hedge at inception of the hedge and (ii) the hedge is expected to be effective. If the hedging relationship ceases to meet the
hedge effectiveness requirement relating to the hedge ratio but the risk management objective for that designated hedging
relationship remains the same, this ratio must then be rebalanced. Rebalancing consists in adjusting either the designated
quantities of the hedged item or the hedging instrument of an already existing hedging relationship.
When derivative financial instruments qualify for hedge accounting, the following accounting treatments apply:
\u2022 Fair value hedges - where a derivative financial instrument is designated as a hedge of the exposure to changes
in fair value of a recognized asset or liability attributable to a particular risk that could affect the Consolidated
Income Statement, the gain or loss from remeasuring the hedging instrument at fair value is recognized in the
Consolidated Income Statement. The gain or loss on the hedged item attributable to the hedged risk adjusts the
carrying amount of the hedged item and is recognized in the Consolidated Income Statement.
\u2022 Cash flow hedges - where a derivative financial instrument is designated as a hedge of the exposure to
variability in future cash flows of a recognized asset or liability or a highly probable forecasted transaction and
could affect the Consolidated Income Statement, the effective portion of any gain or loss on the derivative
financial instrument is recognized directly in Other comprehensive income/(loss). When the hedged forecasted
transaction results in the recognition of a non-financial asset, the gains and losses previously deferred in Other
comprehensive income/(loss) are reclassified and included in the initial measurement of the cost of the non-
financial asset. The effective portion of any gain or loss is recognized in the Consolidated Income Statement at
the same time as the economic effect arising from the hedged item that affects the Consolidated Income
Statement. The gain or loss associated with a hedge or part of a hedge that has become ineffective is recognized
in the Consolidated Income Statement immediately.
When a hedging instrument or hedge relationship is terminated but the hedged transaction is still expected to
occur, the cumulative gain or loss realized to the point of termination remains and is recognized in the
Consolidated Income Statement at the same time as the underlying transaction occurred. If the hedged
transaction is no longer probable, the cumulative unrealized gain or loss held in Other comprehensive income/
(loss) is recognized in the Consolidated Income Statement immediately.
\u2022 Hedges of a net investment - if a derivative financial instrument is designated as a hedging instrument for a net
investment in a foreign operation, the effective portion of the gain or loss on the derivative financial instrument
is recognized in Other comprehensive income/(loss). The cumulative gain or loss is reclassified from Other
comprehensive income/(loss) to the Consolidated Income Statement upon disposal of the foreign operation.
Hedge effectiveness is determined at the inception of the hedge relationship and through periodic prospective
effectiveness assessments to ensure the hedge relationships meet the effectiveness requirements (including the existence of an
economic relationship between\u00a0the hedged item and hedging instrument). The Company enters into hedge relationships where
the critical terms of the hedging instrument match closely or exactly with the terms of the hedged item, and so a qualitative
assessment of effectiveness is performed. In the event there was a hedge relationship where the critical terms of the hedged
item do not match closely or perfectly with the critical terms of the hedging instrument, the Company would perform a
quantitative assessment to assess effectiveness.
Ineffectiveness is measured by comparing the cumulative changes in fair value of the hedging instrument and
cumulative change in fair value of the hedged item arising from the designated risk. The primary potential sources of hedge
ineffectiveness are mismatches in timing or the critical terms of the hedged item and the hedging instrument.
The hedge ratio is the relationship between the quantity of the derivative and the hedged item. The Company\u2019s
derivatives have the same underlying quantity as the hedged items, therefore the hedge ratio is expected to be one for one.
If hedge accounting cannot be applied, the gains or losses from the fair value measurement of derivative financial
instruments are recognized immediately in the Consolidated Income Statement.
Refer to Note 17, Derivative financial and operating assets and liabilities, for additional information on fair value
measurements.
Transfers of financial assets
The Company derecognizes financial assets when the contractual rights to the cash flows arising from the asset are
no longer held or if it transfers substantially all the risks and rewards of ownership of the financial asset. On derecognition of
financial assets, the difference between the carrying amount of the asset and the consideration received or receivable for the
transfer of the asset is recognized in the Consolidated Income Statement.
The Company transfers certain of its financial, trade and tax receivables, mainly through factoring transactions.
Factoring transactions may be either with recourse or without recourse. Certain transfers include deferred payment clauses
requiring first loss cover (for example, when the payment by the factor of a minor part of the purchase price is dependent on
the total amount collected from the receivables), whereby the transferor has priority participation in the losses, or requires a
significant exposure to the variability of cash flows arising from the transferred receivables to be retained. These types of
transactions do not meet the requirements of IFRS 9 for the derecognition of the assets since the risks and rewards connected
with ownership of the financial asset are not substantially transferred, and accordingly the Company continues to recognize
these receivables within the Consolidated Statement of Financial Position and recognizes a financial liability for the same
amount under Asset-backed financing, which is included within Debt. These types of receivables are classified as held-to-
collect, since the business model is consistent with the Company\u2019s continuing recognition of the receivables.
Inventories
Raw materials, semi-finished products and finished goods inventories are stated at the lower of cost and net
realizable value, with cost being determined on a first-in, first-out basis. The measurement of Inventories includes the direct
cost of materials and labor as well as indirect costs (variable and fixed). A provision is made for obsolete and slow-moving
raw materials, finished goods, spare parts and other supplies based on their expected future use and realizable value. Net
realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and
the estimated costs for sale and distribution.
The measurement of production systems construction contracts is based on the stage of completion, which is
determined as the proportion of cost incurred at the balance sheet date over the estimated total contract cost. These items are
presented net of progress billings received from customers. Any losses on such contracts are recorded in the Consolidated
Income Statement in the period in which they are identified.
Employee benefits
Defined contribution plans
Costs arising from defined contribution plans are expensed as incurred.
Defined benefit plans
The Company\u2019s net obligations are determined separately for each defined benefit plan by estimating the present
value of future benefits that employees have earned and deducting the fair value of any plan assets. The present value of
defined benefit obligations is measured using actuarial techniques and actuarial assumptions that are unbiased, mutually
compatible and attribute benefits to periods in which the obligation to provide post-employment benefits arise by using the
Projected Unit Credit Method. Plan assets are recognized and measured at fair value.
When the net obligation is a potential asset, the recognized amount is limited to the present value of any economic
benefits available in the form of future refunds or reductions in future contributions to the plan (asset ceiling).
The components of defined benefit cost are recognized as follows:
\u2022 Service cost is recognized in the Consolidated Income Statement by function and is presented within the
relevant line items (Cost of revenues, Selling, general and other costs, and Research and development costs);
\u2022 Net interest expense on the defined benefit liability/(asset) is recognized in the Consolidated Income Statement
within Net financial expenses and is determined by multiplying the net liability/(asset) by the discount rate used
to discount obligations taking into account the effect of contributions and benefit payments made during the
year; and
\u2022 Remeasurement components of the net obligation, which comprise actuarial gains and losses, the return on plan
assets (excluding interest income recognized in the Consolidated Income Statement) and any change in the
effect of the asset ceiling are recognized immediately in Other comprehensive income/(loss). These
remeasurement components are not reclassified to the Consolidated Income Statement in a subsequent period.
Past service costs arising from plan amendments and curtailments and gains and losses on the settlement of a plan
are recognized immediately in the Consolidated Income Statement.
Other long-term employee benefits
The Company\u2019s obligations represent the present value of future benefits that employees have earned in return for
their service. The effects of remeasuring other long-term employee benefits to the present value of future benefits are
recognized within the Consolidated Income Statement in the period in which they arise.
Share-based compensation
The Company has several compensation plans that provide for the granting of share-based compensation to certain
employees and directors. Share-based compensation plans are accounted for in accordance with IFRS 2 -Share-based
Payment, which requires the recognition of share-based compensation expense based on fair value.
For equity-settled transactions, the cost is determined by the fair value at the date when the grant is determined with
reference to the grant-date share price and, where applicable, using a Monte Carlo simulation model. Refer to Note 19, Share-
based compensation, for additional information.
Share-based compensation expense is recognized within Selling, general and other costs within the Consolidated
Income Statement, together with a corresponding increase in equity, over the period in which the service and, where
applicable, the performance conditions are fulfilled (\u201cvesting period\u201d). The cumulative expense is recognized for equity-
settled transactions at each reporting date using the graded vesting method and reflected the Company\u2019s best estimate of the
number of equity instruments that will ultimately vest. The expense, or credit, in the Consolidated Income Statement for a
period represents the movement in cumulative expense recognized as at the beginning and end of that period.
Service and non-market performance conditions are not taken into account when determining the grant date fair
value of awards, but the likelihood of the conditions being met is assessed as part of the Company\u2019s best estimate of the
number of equity instruments that will ultimately vest. Market performance conditions are reflected within the grant date fair
value. Any other conditions attached to an award, but without an associated service requirement, are considered to be non-
vesting conditions. Non-vesting conditions are reflected in the fair value of an award and lead to an immediate expensing of
an award unless there were also service and/or performance conditions.
No expense is recognized for awards that do not ultimately vest because non-market performance and/or service
conditions have not been met. Where awards included a market or non-vesting condition, the transactions are treated as
vested irrespective of whether the market or non-vesting condition is satisfied, provided that all other performance and/or
service conditions are satisfied.
When the terms of an equity-settled award are modified, the minimum expense recognized is the grant date fair
value of the unmodified award, provided the original vesting terms of the award are met. Any incremental expense between
the original grant and the modified grant, measured at the date of modification, is recognized over the modified vesting terms.
Where an award is cancelled by the entity or by the counterparty, any unrecognized element of the fair value of the award is
expensed immediately through the Consolidated Income Statement.
For cash-settled transactions, a liability is recognized for the fair value measured initially and at each reporting date
up to and including the settlement date. The fair value is expensed over the period until the vesting date, with recognition of a
corresponding liability. The approach used to account for vesting conditions when measuring equity-settled transactions also
applies to cash-settled transactions.
Revenue recognition
Revenue is recognized when control of the Company\u2019s vehicles, services or parts has been transferred and the
Company\u2019s performance obligations to its customers have been satisfied. Revenue is measured as the amount of
consideration the Company expects to receive in exchange for transferring goods or providing services. The timing of when
the Company transfers the goods or services to the customer could differ from the timing of the customer\u2019s payment. The
Company recognizes a contract liability when it invoices an amount to a customer prior to the transfer of the goods or
services provided. When the Company gives its customers the right to return eligible goods, the Company estimates the
expected returns based on an analysis of historical experiences. Sales, value added and other taxes that the Company collects
on behalf of others concurrently with revenue generating activities are excluded from revenue and are recognized within the
Other liabilities and the Tax liabilities line items in the Consolidated Statement of Financial Position. Incidental items that are
immaterial in the context of the contract are recognized as expense.
The Company also enters into contracts with multiple performance obligations. For these contracts, the Company
allocates revenue from the transaction price to the distinct goods and services in the contract on a relative standalone selling
price basis. To the extent that the Company sells the good or service separately in the same market, the standalone selling
price is the observable price at which the Company sold the good or service separately. For all other goods or services, the
Company estimates the standalone selling price using a cost-plus-margin approach.
Shipments of vehicles and sales of other goods
The Company has determined that its customers from the sale of vehicles and service parts are generally dealers,
distributors, fleet customers or retail customers. Transfer of control, and therefore revenue recognition, generally corresponds
to the date when the vehicles or service parts are made available to the customer, or when the vehicles or service parts are
released to the carrier responsible for transporting them to the customer. This is also the point at which invoices are issued,
with payment for vehicles typically due immediately and payment for service parts typically due in the following month. For
component part sales, revenue recognition is consistent with that of service parts. In the case of service parts sold that are
expected to be used for repairs under warranty, no revenue is recognized upon shipment. The Company also sells tooling,
with control transferring at the point in time when the customer accepts the tooling.
The cost of incentives, if any, is estimated at the inception of a contract at the expected amount that will ultimately
be paid and is recognized as a reduction to revenue at the time of the sale. If a vehicle contract transaction has multiple
performance obligations, the cost of incentives is allocated entirely to the vehicle as the intent of the incentives is to
encourage sales of vehicles. If the estimate of the incentive changes following the sale to the customer, the change in estimate
is recognized as an adjustment to revenue in the period of the change. Refer to the Use of estimates - Sales incentives for
more information on these programs.
New vehicles sales with residual value guarantees provided by the Company are recognized as revenue when control
of the vehicle transfers to the customer, except in situations where the Company issues a put option for which there is a
significant economic incentive to exercise, as discussed below. Upon recognition of the vehicle revenue, the Company
established a liability equal to the estimated amount of any residual value guarantee.
The Company also sells vehicles where, the contract includes a put option whereby the customer may require the
Company to repurchase the vehicles. For these types of arrangements, the Company assesses whether a significant economic
incentive exists for the customer to exercise its put option. If the Company determines that a significant economic incentive
does not exist for the customer to exercise its put option, then revenue is recognized when control of the vehicle transferred to
the fleet customer and a liability is recognized equal to the estimated amount of the residual value guarantee if any. If the
Company determines that a significant economic incentive exists, then the arrangement is accounted for similarly to a
repurchase obligation, as described in Lease installments from assets sold with buy-back commitments.
Other services provided
Other revenues from services provided are primarily comprised of maintenance plans, extended warranties, and
connectivity services, and are recognized over the contract period in proportion to the costs expected to be incurred based on
the Company\u2019s historical experience. These services are either included in the selling price of the vehicle or separately priced.
Revenue for services is allocated based on the estimated stand-alone selling price. Costs associated with these services are
deferred and are subsequently amortized to expense consistent with how the related revenue is recognized. The Company had
\u20ac254 million of deferred costs related to these services at December 31, 2023 (\u20ac236 million at December 31, 2022) and
recognized \u20ac98 million of amortization expense during the year ended December\u00a031, 2023 (\u20ac91 million and \u20ac58 million
during the year ended December\u00a031, 2022 and 2021, respectively).
Contract revenues
Revenue from construction contracts, which is comprised of industrial automation systems, included within \u201cOther
activities\u201d, is recognized as revenue over the contract period in proportion to the costs expected to be incurred based on the
Company\u2019s historical experience. A loss is recognized if the sum of the expected costs for services under the contract exceeds
the transaction price.
Lease installments from assets sold with buy-back commitments
Vehicle sales to customers can include a repurchase obligation, whereby the Company is required to repurchase the
vehicles at a given point in time. The Company accounts for such sales as an operating lease. Upon the transfer of vehicles to
the customer, the Company records a liability equal to the proceeds received within Other liabilities in the Consolidated
Statement of Financial Position. The difference between the proceeds received and the guaranteed repurchase amount is
recognized as revenue over the contractual term on a straight-line basis. The cost of the vehicle is recorded within Assets sold
with a buy-back commitment if the contract term is 12 months or less, and recorded in Property, plant and equipment if the
contract term is greater than 12 months. The difference between the cost of the vehicle and the estimated residual value is
recognized within Cost of revenues in the Consolidated Income Statement over the contractual term.
Interest income of financial services activities
Interest income, which is primarily generated from the Company by providing dealer and retail financing, is
recognized using the effective interest method.
Cost of revenues
Cost of revenues comprises expenses incurred in the manufacturing and distribution of vehicles and parts.
Historically the most significant element is the cost of materials and components and the remaining costs included labor
(consisting of direct and indirect wages), transportation costs, depreciation of property, plant and equipment and amortization
of other intangible assets relating to production. In addition, expenses which are directly attributable to the consolidated
financial services companies, including interest expense related to their financing as a whole and provisions for risks and
write-downs of assets, are recorded within Cost of revenues (\u20ac563 million, \u20ac289 million and \u20ac68 million for the years ended
December 31, 2023, 2022 and 2021, respectively). Cost of revenues also included \u20ac82 million, \u20ac31 million and \u20ac227 million
related to the decrease in value for assets sold with buy-back commitments for the years ended December 31, 2023, 2022 and
2021, respectively. In addition, estimated costs related to product warranty and recall campaigns were recorded within Cost
of revenues (refer to the section Use of estimates below for further information).
Government Grants
Government grants are recognized in the Consolidated Financial Statements when there is reasonable assurance of
the Company's compliance with the conditions for receiving such grants and that the grants will be received. Government
grants are recognized as income over the same periods as the related costs which they are intended to offset.
Government grants are recognized as a reduction in the cost of the corresponding assets.
A below-market rate of interest loan provided by a government or governmental authority is treated as a government
grant. The government grant is measured as the difference between the initial carrying amount of the loans (their fair values,
including transaction costs) and the proceeds received.
Taxes
Income taxes include all taxes which are based on the taxable profits of the Company. Current and deferred taxes are
recognized as a benefit or expense and are included in the Consolidated Income Statement for the period, except for tax
arising from (i)\u00a0a transaction or event which is recognized, in the same or a different period, either in Other comprehensive
income/(loss) or directly in Equity, or (ii)\u00a0a business combination.
Deferred taxes are accounted for under the full liability method. Deferred tax liabilities are recognized for all taxable
temporary differences between the carrying amounts of assets or liabilities and their tax base, except to the extent that the
deferred tax liabilities arise from the initial recognition of goodwill or the initial recognition of an asset or liability in a
transaction which is not a business combination and at the time of the transaction, affects neither accounting profit nor
taxable profit. Deferred tax assets are recognized for all deductible temporary differences to the extent that it was probable
that taxable profit will be available against which the deductible temporary differences can be utilized, unless the deferred tax
assets arise from the initial recognition of an asset or liability in a transaction that is not a business combination and at the
time of the transaction, affected neither accounting profit nor taxable profit.
Deferred tax assets and liabilities are measured at the substantively enacted tax rates in the respective jurisdictions in
which the Company operates that are expected to apply to the period when the asset is realized or liability is settled.
The Company recognizes deferred tax liabilities associated with the existence of a subsidiary\u2019s undistributed profits
when it is probable that this temporary difference will reverse in the foreseeable future, except when it is able to control the
timing of the reversal of the temporary difference. The Company recognizes deferred tax assets associated with the deductible
temporary differences on investments in subsidiaries only to the extent that it is probable that the temporary differences will
reverse in the foreseeable future and taxable profit will be available against which the temporary difference can be utilized.
Deferred tax assets relating to the carry-forward of unused tax losses and tax credits, as well as those arising from
deductible temporary differences, are recognized to the extent that it is probable that future profits will be available against
which they can be utilized. The Company monitors unrecognized deferred tax assets at each reporting date and recognizes a
previously unrecognized deferred tax asset to the extent that it has become probable that future taxable profit will allow the
deferred tax asset to be recovered. Refer to Use of estimates - Recoverability of deferred tax assets for additional detail.
Current income taxes and deferred taxes are offset when they relate to the same taxation jurisdiction and there is a
legally enforceable right of offset. Other taxes not based on income, such as property taxes and capital taxes, are included
within Cost of revenue, Selling, general and other costs and Research and development costs.
Refer to Note 7, Tax expense/(benefit), for additional information on tax expense and deferred tax assets.
Fair Value Measurement
Fair value for measurement and disclosure purposes is determined as the consideration that would be received to sell
an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date,
regardless of whether that price is directly observable or estimated using a valuation technique. Fair value measurement is
based on the presumption that the transaction to sell the asset or transfer the liability takes place either:
\u2022 in the principal market for the asset or liability; or
\u2022 in the absence of a principal market, in the most advantageous market for the asset or liability.
The fair value of an asset or a liability is measured using the assumptions that market participants would use when
pricing the asset or liability, assuming that market participants act in their own economic best interest. A fair value
measurement of a non-financial asset takes into account a market participant's ability to generate economic benefits by using
the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and
best use. In estimating fair value, the Company use market-observable data to the extent it is available. When market-
observable data is not available, the Company use valuation techniques that maximize the use of relevant observable inputs
and minimize the use of unobservable inputs.
IFRS 13 - Fair Value Measurement establishes a hierarchy which prioritizes the inputs used in measuring fair value.
The hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets and liabilities
(Level 1 inputs) and the lowest priority to unobservable inputs (level 3 inputs). In some cases, the inputs used to measure the
fair value of an asset or a liability might be categorized within different levels of the fair value hierarchy. In those cases, the
fair value measurement is categorized in its entirety in the same level of the fair value hierarchy at the lowest level input that
is significant to the entire measurement.
Levels used in the hierarchy are as follows:
\u2022 Level 1 inputs include quoted prices (unadjusted) in active markets for identical assets and liabilities that the
Company can access at the measurement date. Level 1 primarily consists of financial instruments such as
certain held to collect and sell and held to sell securities;
\u2022 Level 2 inputs include those which are directly or indirectly observable as of the measurement date. Level 2
instruments include commercial paper and non-exchange-traded derivatives such as over-the-counter currency
and commodity forwards, swaps and option contracts, which are valued using models or other valuation
methodologies. These models are primarily industry-standard models that consider various assumptions,
including quoted forward prices for similar instruments in active markets, quoted prices for identical or similar
inputs not in active markets, and observable inputs; and
\u2022 Level 3 inputs are unobservable from objective sources in the market and reflect management judgment about
the assumptions market participants would use in pricing the instruments. Instruments in this category include
non-exchange-traded derivatives such as certain over-the-counter commodity option and swap contracts that are
complex or with non-standard clauses.
Refer to Note 24, Fair value measurement, for additional information on fair value measurements.
Use of estimates
Employee Benefits
The Company provides post-employment benefits for certain of its active employees and retirees, which vary
according to the legal, fiscal and economic conditions of each country in which the Company operates and changes
periodically. The plans are classified by the Company on the basis of the type of benefit provided as follows: pension
benefits, health care and life insurance plans and other post-employment benefits.
The Company provides certain post-employment benefits, such as pension or health care benefits, to their employees
under defined contribution plans whereby the Company pays contributions to public or private plans on a legally mandatory,
contractual, or voluntary basis. The Company recognizes the cost for defined contribution plans as incurred and classifies this
by function within Cost of revenues, Selling, general and other costs, and Research and development costs in the
Consolidated Income Statement.
Pension plans
The Company sponsored both non-contributory and contributory defined benefit pension plans primarily in the U.S.,
Canada, the UK and Germany, the majority of which were funded. Non-contributory pension plans cover certain hourly and
salaried employees and the benefits are based on a fixed rate for each year of service. Additionally, contributory benefits are
provided to certain salaried employees under the salaried employees\u2019 retirement plans.
The Company\u2019s defined benefit pension plans are accounted for on an actuarial basis, which requires the use of
estimates and assumptions to determine the net liability or net asset. The Company estimates the present value of the
projected future payments to all participants by taking into consideration parameters of a financial nature such as discount
rates, the rate of salary increases and the likelihood of potential future events estimated by using demographic assumptions,
which may have an effect on the amount and timing of future payments, such as mortality, dismissal and retirement rates,
which are developed to reflect actual and projected plan experience. Mortality rates are developed using Stellantis plan-
specific populations where appropriate as well as recent mortality information published by recognized experts in this field
such as the U.S. Society of Actuaries and the Canadian Institute of Actuaries and other data where appropriate to reflect
actual and projected plan experience. Comparable country specific sources and methods are used for all other countries. The
expected amount and timing of contributions is based on an assessment of minimum funding requirements. From time to
time, contributions are made beyond those that are legally required.
Plan obligations and costs are based on existing retirement plan provisions. Assumptions regarding any potential
future changes to benefit provisions beyond those to which the Company is presently committed are not made. Significant
differences in actual experience or significant changes in the following key assumption may affect the pension obligations
and pension expense:
\u2022 Discount rates. The Company\u2019s discount rates are based on yields of high-quality (AA-rated) fixed income
investments for which the timing and amounts of maturities match the timing and amounts of the projected
benefit payments.
The effects of actual results differing from assumptions and of amended assumptions are included in Other
comprehensive income/(loss). The weighted average discount rates used to determine the defined benefit obligation for the
defined benefit plans were 5.17 percent and 5.14 percent at December\u00a031, 2023 and 2022, respectively.
At December\u00a031, 2023, the effect on the defined benefit obligation of a decrease or increase in the discount rate,
holding all other assumptions constant, is as follows:
Effect on
pension
benefit
obligation
increase/
(decrease) in
Net liability
Germany and
France
UK
US and Canada
Other
(\u20ac million)
25 basis point decrease in discount rate
584
100
44
434
6
25 basis point increase in discount rate
(559)
(95)
(42)
(416)
(6)
Refer to Note 20 , Employee benefits liabilities, for additional information on the Company\u2019s pension plans.
Other post-employment benefits
The Company provides health care, legal, severance, indemnity life insurance benefits and other post-retirement
benefits to certain hourly and salaried employees. Upon retirement, these employees may become eligible for a continuation
of certain benefits. Benefits and eligibility rules may be modified periodically.
These other post-employment benefits (\u201cOPEB\u201d) are accounted for on an actuarial basis, which requires the
selection of various assumptions. The estimation of the Company\u2019s obligations, costs and liabilities associated with OPEB
requires the use of estimates of the present value of the projected future payments to all participants, taking into consideration
the likelihood of potential future events estimated by using demographic assumptions, which may have an effect on the
amount and timing of future payments, such as mortality, dismissal and retirement rates, which are developed to reflect actual
and projected plan experience, as well as legal requirements for retirement in respective countries. Mortality rates are
developed using plan-specific populations, recent mortality information published by recognized experts in this field and
other data where appropriate to reflect actual and projected plan experience.
Plan obligations and costs are based on existing plan provisions. Assumptions regarding any potential future changes
to benefit provisions beyond those to which the Company are presently committed are not made.
Significant differences in actual experience or significant changes in the following key assumptions may affect the
OPEB obligation and expense:
\u2022 Discount rates. Stellantis\u2019 discount rates are based on yields of high-quality (AA-rated) fixed income
investments for which the timing and amounts of maturities matched the timing and amounts of the projected
benefit payments.
\u2022 Health care cost trends. The Company\u2019s health care cost trend assumptions are developed based on historical
cost data, the near-term outlook and an assessment of likely long-term trends.
At December\u00a031, 2023, the effect of a decrease or increase in the key assumptions affecting the health care and life
insurance plans, holding all other assumptions constant, is shown below:
Effect\u00a0on\u00a0health
care, life insurance and OPEB
obligation
(\u20ac million)
25 basis point decrease in discount rate
68
25 basis point increase in discount rate
(66)
100 basis point decrease in health care cost trend rate
(16)
100 basis point increase in health care cost trend rate
17
Refer to Note 20, Employee benefits liabilities, for additional information on the Company\u2019s OPEB liabilities.
Recoverability of non-current assets with definite useful lives
Non-current assets with definite useful lives include property, plant and equipment, intangible assets and assets held
for sale. Intangible assets with definite useful lives mainly consist of capitalized development expenditures primarily related
to the North America and Enlarged Europe segments. The Company periodically reviews the carrying amount of non-current
assets with definite useful lives when events or circumstances indicate that an asset may be impaired. The Medium-Term
Plan (\u201cMTP\u201d) used to perform the impairment testing covers the period from 2024 to 2026. The recoverability of non-current
assets with definite useful lives is based on the estimated future cash flows, using the Company\u2019s MTP of the Cash
Generating Units (\u201cCGUs\u201d) to which the assets relate to. The lowest level of asset groups that generate largely independent
cash flows is the vehicle platform level, which is considered the CGU for impairment testing. Goodwill is allocated only to
the operating segment. As such, the operating segments are the CGU for impairment testing for Goodwill and Intangible
assets with indefinite useful lives.
The global automotive industry is experiencing significant change due to increased focus on climate change
resulting in evolving regulatory requirements for fuel efficiency, driving electrification as well as changes in fuel efficiency,
greenhouse gas emissions and other tailpipe emissions. This is in addition to technological changes, such as electrification
and autonomous driving. The Company has announced significant investments in electrification and software which are
reflected in the MTP. However, its business plans could change in response to these evolving requirements and technological
changes or in relation to any future business plans or strategies developed as part of partnerships and collaborations. As the
Company continues to assess the potential impacts of these evolving requirements, technological changes or future plans and
strategies, and of operationalizing and implementing the strategic targets set out in the MTP, including reallocation of our
resources, the recoverability of certain of the Company\u2019s assets or CGUs may be impacted in future periods. For example,
product development strategies may be affected by regulatory changes as well as changes in the expected costs of
implementing electrification, including the cost of batteries. As relevant circumstances change, the Company expects to
adjust its product plans which may result in changes to the expected use of certain of the Company\u2019s vehicle platforms and
propulsion systems.
These uncertainties may result in either impairments of, or reductions to the expected useful lives of, platforms and
propulsion systems, or both. Any change in recoverability would be accounted for at the time such change to the business
plan occurs. For the years ended December 31, 2023, 2022 and 2021, the impairment tests performed compared the carrying
amount of the assets included in the respective CGUs to their value-in-use. The value-in-use of the CGUs is determined using
a discounted cash flow methodology based on estimated pre-tax future cash flows attributable to the CGUs and a pre-tax
discount rate reflecting a current market assessment of the time value of money and the risks specific to the CGUs.
During the year ended December 31, 2023, impairment losses of \u20ac201\u00a0million were recognized, mainly related to
impairment of research and development assets in China and India & Asia Pacific, and to impairment of certain platform
assets in Enlarged Europe.
During the year ended December 31, 2022, impairment losses of \u20ac237\u00a0million were recognized, mainly related to
Enlarged Europe, primarily in Russia with \u20ac43\u00a0million related to inventories, \u20ac47\u00a0million related to tax assets and \u20ac47\u00a0million
related to other assets.
During the year ended December 31, 2021, impairment losses of \u20ac309\u00a0million were recognized, primarily in relation
to the impairment of certain vehicle platforms in the Enlarged Europe segment. These vehicle platforms were legacy
platforms on which there are a limited number of models. The impairments are generated mainly as a result of the projections
reflected in the MTP used to perform the impairment testing, in which these platforms had reduced volumes and profitability.
The impairment loss of \u20ac309\u00a0million mainly relate to Property, plant and equipment of \u20ac137\u00a0million and \u20ac151\u00a0million of
capitalized development expenditures.
Recoverability of Goodwill and Intangible assets with indefinite useful lives
In accordance with IAS 36 - Impairment of Assets, Goodwill and intangible assets with indefinite useful lives are not
amortized and are tested for impairment annually or more frequently if facts or circumstances indicate that the asset may be
impaired.
Goodwill and intangible assets with indefinite useful lives are allocated to operating segments or to CGUs within the
operating segments or other CGUs which represent the lowest level within the entity at which the goodwill is monitored for
internal management purposes. The impairment test is performed by comparing the carrying amount (which mainly
comprises property, plant and equipment, goodwill, brands, capitalized development expenditures, working capital and
reserves) and the recoverable amount of each CGU or group of CGUs to which Goodwill has been allocated. The recoverable
amount of a CGU is the higher of its fair value less costs of disposal and its value-in-use. The balance of Goodwill and
intangible assets with indefinite useful lives recognized by the Company primarily relate to the merger with FCA. Goodwill
from the merger with FCA is allocated to the North America, South America, Maserati, India and Asia Pacific and Enlarged
Europe operating segments. All other Goodwill balances relate primarily to Enlarged Europe, Other activities and to a lesser
extent China.
The MTP is used as a basis to perform the Company\u2019s annual impairment test for Goodwill and intangible assets
with indefinite useful lives.
\u2022 The estimate of the recoverable amount for purposes of performing the annual impairment test for each of the
operating segments is determined using value-in-use and was based on the following assumptions:
\u25e6 The expected future cash flows covering the period from October 1, 2023 through December 31, 2026.
These expected cash flows reflect the current expectations regarding economic conditions and market
trends as well as the Company\u2019s initiatives for the period covered by the projections. These cash flows
relate to the respective CGUs in their current condition when preparing the financial statements and exclude
the estimated cash flows that might arise from restructuring plans or other structural changes. Volumes and
sales mix used for estimating the future cash flow are based on assumptions that are considered reasonable
and sustainable and represent the best estimate of expected conditions regarding market trends and
segment, brand and model share for the respective operating segment over the period considered.
\u25e6 The expected future cash flows include a normalized terminal period to estimate the future result beyond
the time period explicitly considered which incorporated a long-term growth rate assumption of 2.0 percent
to 2.2 percent. The growth rate per region is determined by reference to the risk free rate and the rate of
inflation considered in the regional discount rate. The long-term AOI margins are set considering the
Company\u2019s long-term projections for each of the CGUs.
\u2022 The estimated future cash flows are discounted to their present value using a discount rate that reflects current
market assessments of the time value of money and the risks specific to the asset or CGU that are not reflected
in the estimated future cash flows.
\u2022 Pre-tax cash flows are discounted using a pre-tax discount rate which reflects the current market assessment of
the time value of money for the period being considered, and the risks specific to those cash flows under
consideration. The pre-tax Weighted Average Cost of Capital (\u201cWACC\u201d) discount rate applied ranged from
11.3 percent to 25.8 percent.
The values estimated as described above are determined to be in excess of the carrying amount for each operating
segment or other CGUs to which Goodwill is allocated. As such, no impairment charges were recognized for Goodwill and
Intangible assets with indefinite useful lives for the year ended December 31, 2023. No impairment charges were recognized
for Goodwill and Intangible assets with indefinite useful lives for the year ended December 31, 2021 and 2022.
Recoverability of deferred tax assets
Deferred tax assets are recognized to the extent that it is probable that sufficient taxable profit will be available to
allow the benefit of part or all of the deferred tax assets to be utilized. The recoverability of deferred tax assets is dependent
on the Company\u2019s ability to generate sufficient future taxable income in the period in which it is assumed that the deductible
temporary differences reverse and tax losses carried forward can be utilized. In making this assessment, the Company
considers future taxable income arising based on the most recent business plan. Moreover, the Company estimates the impact
of the reversal of taxable temporary differences on earnings and it also considers the period over which these deferred tax
assets could be recovered. The estimates and assumptions used in the assessment are subject to uncertainty especially related
to the Company\u2019s future performance as compared to the business plan. Therefore, changes in current estimates due to
unanticipated events could have a significant impact on the Consolidated Financial Statements. Refer to Note 7, Tax expense/
(benefit) for additional information.
Sales incentives
The Company records the estimated cost of sales incentive programs offered to dealers and consumers as a reduction
to revenue at the time of sale to the dealer. This estimated cost represents the incentive programs offered to dealers and
consumers, as well as the expected modifications to these programs in order to facilitate sales of the dealer inventory.
Subsequent adjustments to sales incentive programs related to vehicles previously sold to dealers are recognized as an
adjustment to Net revenues in the period the adjustment is determinable.
The Company uses price discounts to adjust vehicle pricing in response to a number of market and product factors,
including pricing actions and incentives offered by competitors, economic conditions, the amount of excess industry
production capacity, the intensity of market competition, consumer demand for the product and the desire to support
promotional campaigns. The Company may offer a variety of sales incentive programs at any given point in time, including
cash offers to dealers and consumers and subvention programs offered to customers, or lease subsidies, which reduce the
retail customer\u2019s monthly lease payment or cash due at the inception of the financing arrangement, or both. Sales incentive
programs are generally brand, model and region specific for a defined period of time.
Multiple factors are used in estimating the future incentive expense by vehicle line, including the current incentive
programs in the market, planned promotional programs and the normal incentive escalation incurred as the model year ages.
The estimated incentive rates are reviewed monthly and changes to planned rates are adjusted accordingly, thereby impacting
revenues. As there are a multitude of inputs affecting the calculation of the estimate for sales incentives, an increase or
decrease of any of these variables could have a significant effect on Net revenues.
Product warranties, recall campaigns and product liabilities
The Company establishes reserves for product warranties at the time the related sale is recognized. The Company
issues various types of product warranties under which the performance of products delivered is generally guaranteed for a
certain period or term. The accrual for product warranties includes the expected costs of warranty obligations imposed by law
or contract, as well as the expected costs for policy coverage, recall actions and buyback commitments. The estimated future
costs of these actions are principally based on assumptions regarding the lifetime warranty costs of each vehicle line and each
model year of that vehicle line, as well as historical claims experience for the Company\u2019s vehicles. In addition, the number
and magnitude of additional service actions expected to be approved and policies related to additional service actions are
taken into consideration. Due to the uncertainty and potential volatility of these estimated factors, changes in the assumptions
used could materially affect the results of operations.
The Company periodically initiates voluntary service and recall actions to address various customer satisfaction as
well as safety and emissions issues related to vehicles sold. Included in the reserve is the estimated cost of these service and
recall actions. The Company accrues estimated costs for recalls when they are probable of occurring and a reliable estimate of
the costs can be made.
Estimates of the future costs of these actions are subject to numerous uncertainties, including the enactment of new
laws and regulations, the number of vehicles affected by a service or recall action and the nature of the corrective action. It is
reasonably possible that the ultimate cost of these service and recall actions may require the Company to make expenditures
in excess of (or less than) established reserves over an extended period of time and in a range of amounts that cannot be
reasonably estimated. The estimate of warranty and additional service and recall action obligations is periodically reviewed
during the year. Experience has shown that initial data for any given model year can be volatile; therefore, the Company\u2019s
process relies upon long-term historical averages until sufficient data is available. As actual experience becomes available, it
is used to modify the historical averages to ensure that the forecast is within the range of likely outcomes. Resulting accruals
are then compared with current spending rates to ensure that the balances are adequate to meet expected future obligations.
In addition, the Company makes provisions for estimated product liability costs arising from property damage and
personal injuries including wrongful death, and potential exemplary or punitive damages alleged to be the result of product
defects. By nature, these costs can be infrequent, difficult to predict and have the potential to vary significantly in amount.
The valuation of the reserve is actuarially determined on an annual basis based on, among other factors, the number of
vehicles sold and product liability claims incurred. Costs associated with these provisions are recorded in the Consolidated
Income Statement and any subsequent adjustments are recorded in the period in which the adjustment is determined.
Litigation
Various legal proceedings, claims and governmental investigations are pending against the Company on a wide
range of topics, including vehicle safety, emissions and fuel economy, competition, tax and securities matters, alleged
violations of law, labor, dealer, supplier and other contractual relationships, intellectual property rights, product warranties
and environmental matters. Some of these proceedings allege defects in specific component parts or systems (including
airbags, seats, seat belts, brakes, ball joints, transmissions, engines and fuel systems), in various vehicle models or allege
general design defects relating to vehicle handling and stability, sudden unintended movement or crashworthiness. These
proceedings seek recovery for damage to property, personal injuries or wrongful death and in some cases include a claim for
exemplary or punitive damages. Adverse decisions in one or more of these proceedings could require the Company to pay
substantial damages, or undertake service actions, recall campaigns or other costly actions.
Litigation is subject to many uncertainties, and the outcome of individual matters is not predictable with assurance.
Moreover, the cases and claims against the Company are often derived from complex legal issues that are subject to differing
degrees of uncertainty, including the facts and circumstances of each particular case, the manner in which the applicable law
is likely to be interpreted and applied and the jurisdiction and the different laws involved. A provision is established in
connection with pending or threatened litigation if it is probable there would be an outflow of funds and when the amount can
be reasonably estimated. If an outflow of funds becomes probable, but the amount cannot be estimated, the matter is
disclosed in the notes to the Consolidated Financial Statements. Since these provisions represent estimates, the resolution of
some of these matters could require the Company to make payments in excess of the amounts accrued or may require the
Company to make payments in an amount or range of amounts that could not be reasonably estimated.
The Company monitors the status of pending legal proceedings and consults with experts on legal and tax matters on
a regular basis. As such, the provisions for the Company\u2019s legal proceedings and litigation may vary as a result of future
developments in pending matters.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-649": { "value": "
Basis of consolidation
Subsidiaries
Subsidiaries are entities over which the Company has control. Control is achieved when the Company has power
over the investee, when it was exposed to, or has rights to, variable returns from its involvement with the investee and has the
ability to use its power over the investee to affect the amount of the investor\u2019s returns. Subsidiaries are consolidated on a line
by line basis from the date which control is achieved by the Company. The Company reassesses whether or not it controls an
investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above.
The Company recognizes a non-controlling interest in the acquiree on a transaction-by-transaction basis, either at
fair value or at the non-controlling interest\u2019s share of the recognized amounts of the acquiree\u2019s identifiable net assets. Net
profit or loss and each component of Other comprehensive income/(loss) are attributed to Equity attributable to owners of the
parent and to Non-controlling interests. Total comprehensive income/(loss) of subsidiaries is attributed to Equity attributable
to the owners of the parent and to the non-controlling interest even if this results in a deficit balance in Non-controlling
interests.
Changes in the Company\u2019s ownership interests in a subsidiary that do not result in the Company losing control over
the subsidiary are accounted for as equity transactions. The carrying amounts of Equity attributable to owners of the parent
and Non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiary. Any difference
between the carrying amount of the non-controlling interests and the fair value of the consideration paid or received in the
transaction is recognized directly in Equity attributable to the owners of the parent.
Subsidiaries are deconsolidated from the date on which control ceases. When the Company ceases to have control
over a subsidiary, it derecognizes the assets (including any goodwill) and liabilities of the subsidiary at their carrying
amounts, derecognizes the carrying amount of non-controlling interests in the former subsidiary if any and recognizes the fair
value of any consideration received from the transaction. Any gain or loss is recognized in the Consolidated Income
Statement. Any retained interest in the former subsidiary is then remeasured to its fair value.
All intra-group balances and transactions, and any unrealized gains and losses arising from intra-group transactions,
are eliminated in preparing the Consolidated Financial Statements.
Interests in Joint Ventures and Associates
A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to
the net assets of the arrangement. Joint control is the contractually agreed sharing of control of an arrangement which exists
only when decisions about the relevant activities require the unanimous consent of the parties sharing the control.
An associate is an entity over which the Company has significant influence. Significant influence is where the
Company has the power to participate in the financial and operating policy decisions of the investee but does not have control
or joint control over those policies.
Joint ventures and associates are accounted for using the equity method of accounting from the date joint control or
significant influence is obtained. On acquisition, any excess of the investment over the share of the net fair value of the
investee's identifiable assets and liabilities is recognized as goodwill and is included in the carrying amount of the investment.
Any excess of the Company\u2019s share of the net fair value of the investee\u2019s identifiable assets and liabilities over the cost of the
investment is included as income in the determination of the Company\u2019s share of the investee\u2019s profit/(loss) in the acquisition
period.
Under the equity method, investments are initially recognized at cost and adjusted thereafter to recognize the
Company\u2019s share of the profit/(loss) and other comprehensive income/(loss) of the investee. The Company\u2019s share of the
investee\u2019s profit/(loss) is recognized in the Consolidated Income Statement. Distributions received from an investee reduce
the carrying amount of the investment. Post-acquisition movements in Other comprehensive income/(loss) are recognized in
Other comprehensive income/(loss) with a corresponding adjustment to the carrying amount of the investment.
Unrealized gains arising on transactions between the Company and its joint ventures and associates are eliminated to
the extent of the Company\u2019s interest in the joint venture or associate. Unrealized losses are also eliminated unless the
transaction provided evidence of an impairment of the asset transferred.
When the Company\u2019s share of the losses of a joint venture or associate exceeds its interest in that joint venture or
associate, the Company discontinues recognizing its share of further losses. Additional losses are provided for and a liability
is recognized only to the extent that the Company has incurred legal or constructive obligations or made payments on behalf
of the joint venture or associate.
The Company discontinues the use of the equity method from the date the investment ceases to be an associate or a
joint venture, or when it is classified as held for sale.
Interests in Joint Operations
A joint operation is a type of joint arrangement whereby the parties that have joint control have rights to the assets
and obligations for the liabilities relating to the arrangement. Joint control is the contractually agreed sharing of control of an
arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties
sharing control.
The Company recognizes its related interest in the joint operation including: (i)\u00a0its assets, including its share of any
assets held jointly, (ii)\u00a0its liabilities, including its share of any liabilities incurred jointly, (iii)\u00a0its revenue from the sale of its
share of the output arising from the joint operation, (iv)\u00a0its share of the revenue from the sale of the output by the joint
operation and (v)\u00a0its expenses, including its share of any expenses incurred jointly.
Assets held for sale, Assets held for distribution and Discontinued Operations
Pursuant to IFRS 5 - Non-current Assets Held for Sale and Discontinued Operations, non-current assets and disposal
groups are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather
than through continuing use. This condition is regarded as met only when the asset or disposal group is available for
immediate sale in its present condition, subject only to terms that are usual and customary for sales of such an asset or
disposal group, and the sale is highly probable, with the sale expected to be completed within one year from the date of
classification.
Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount
and fair value less costs to sell and are presented separately in the Consolidated Statement of Financial Position. Non-current
assets and disposal groups are not classified as held for sale within the comparative period presented for the Consolidated
Statement of Financial Position.
A discontinued operation is a component of the Company that either has been disposed of or is classified as held for
sale and (i) represents either a separate major line of business or a geographical area of operations, (ii) is part of a single
coordinated plan to dispose of a separate major line of business or geographical area of operations, or (iii) is a subsidiary
acquired exclusively with a view to resell and the disposal will result in the loss of control.
Classification as a discontinued operation occurs upon disposal or, if earlier, when the asset or disposal group meets
the criteria to be classified as held for sale. When the asset or disposal group is classified as a discontinued operation, the
comparative information is reclassified within the Consolidated Income Statement and the Consolidated Statement of Cash
Flows as if the asset or disposal group had been discontinued from the start of the earliest comparative period presented. In
addition, when an asset or disposal group is classified as held for sale, depreciation and amortization cease.
The classification, presentation and measurement requirements of IFRS 5 - Non-current Assets Held for Sale and
Discontinued Operations outlined above also apply to an asset or disposal group that is classified as held for distribution to
owners, whereby there must be commitment to the distribution, the asset or disposal group must be available for immediate
distribution and the distribution must be highly probable.
Foreign currency
The functional currency of the Company\u2019s entities is the currency used in their respective primary economic
environments. In individual companies, transactions in foreign currencies are recorded at the exchange rate prevailing at the
date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate
prevailing at the date of the Consolidated Statement of Financial Position. Exchange differences arising on the settlement of
monetary items or on reporting monetary items at rates different from those initially recorded, are recognized in the
Consolidated Income Statement.
All assets and liabilities of foreign consolidated companies with a functional currency other than the Euro are
translated using the closing rates as at the date of the Consolidated Statement of Financial Position. Income and expenses are
translated into Euro on a monthly basis at the average exchange rate for each month. Translation differences arising from the
application of this method are classified within Other comprehensive income/(loss) until the disposal of the subsidiary.
Average exchange rates for the period are used in preparing the Consolidated Statement of Cash Flows to translate
the cash flows of foreign subsidiaries.
The principal exchange rates used to translate other currencies into Euro were as follows:
2023
2022
2021
Average
At December 31
Average
At December 31
Average
At December 31
U.S. Dollar (USD)
1.081
1.105
1.054
1.067
1.183
1.133
Argentine Peso (ARS)(1)
n.a.
893.404
n.a.
188.915
n.a.
116.360
Brazilian Real (BRL)
5.401
5.350
5.441
5.568
6.377
6.320
Canadian Dollar (CAD)
1.460
1.464
1.370
1.444
1.483
1.439
Swiss Franc (CHF)
0.972
0.926
1.005
0.985
1.082
1.033
Chinese Renminbi (CNY)
7.657
7.851
7.079
7.358
7.633
7.195
Turkish Lira (TRY)(2)
n.a.
32.603
n.a.
19.953
n.a.
15.100
Pound Sterling (GBP)
0.870
0.869
0.853
0.887
0.860
0.840
Mexican Peso (MXN)
19.193
18.723
21.203
20.856
23.989
23.144
Polish Zloty (PLN)
4.544
4.348
4.686
4.690
4.566
4.599
Japanese Yen (JPY)
151.854
156.330
137.931
140.660
129.848
130.380
____________________________________________________________________________________________________
n.a. = not applicable
(1) From July 1, 2018, Argentina\u2019s economy was considered to be hyperinflationary. Transactions after July 1, 2018 for entities with the Argentine Peso as the functional currency
were translated using the spot rate at the end of the period. The price indices used are published by the Insituto Nacional de Estadistica y Censos de la Republica Argentina
(2) From April 1, 2022, Turkey\u2019s economy was considered to be hyperinflationary. Transactions after January 1, 2022 for entities with the Turkish Lira as the functional currency
were translated using the spot rate at the end of the period. The price indices used are published by the Turkish Statistical Institute", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-648": { "value": "
Basis of consolidation
Subsidiaries
The Company recognizes a non-controlling interest in the acquiree on a transaction-by-transaction basis, either at
fair value or at the non-controlling interest\u2019s share of the recognized amounts of the acquiree\u2019s identifiable net assets. Net
profit or loss and each component of Other comprehensive income/(loss) are attributed to Equity attributable to owners of the
parent and to Non-controlling interests. Total comprehensive income/(loss) of subsidiaries is attributed to Equity attributable
to the owners of the parent and to the non-controlling interest even if this results in a deficit balance in Non-controlling
interests.
Changes in the Company\u2019s ownership interests in a subsidiary that do not result in the Company losing control over
the subsidiary are accounted for as equity transactions. The carrying amounts of Equity attributable to owners of the parent
and Non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiary. Any difference
between the carrying amount of the non-controlling interests and the fair value of the consideration paid or received in the
transaction is recognized directly in Equity attributable to the owners of the parent.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-650": { "value": "
Subsidiaries
Subsidiaries are entities over which the Company has control. Control is achieved when the Company has power
over the investee, when it was exposed to, or has rights to, variable returns from its involvement with the investee and has the
ability to use its power over the investee to affect the amount of the investor\u2019s returns. Subsidiaries are consolidated on a line
by line basis from the date which control is achieved by the Company. The Company reassesses whether or not it controls an
investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above.
The Company recognizes a non-controlling interest in the acquiree on a transaction-by-transaction basis, either at
fair value or at the non-controlling interest\u2019s share of the recognized amounts of the acquiree\u2019s identifiable net assets. Net
profit or loss and each component of Other comprehensive income/(loss) are attributed to Equity attributable to owners of the
parent and to Non-controlling interests. Total comprehensive income/(loss) of subsidiaries is attributed to Equity attributable
to the owners of the parent and to the non-controlling interest even if this results in a deficit balance in Non-controlling
interests.
Changes in the Company\u2019s ownership interests in a subsidiary that do not result in the Company losing control over
the subsidiary are accounted for as equity transactions. The carrying amounts of Equity attributable to owners of the parent
and Non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiary. Any difference
between the carrying amount of the non-controlling interests and the fair value of the consideration paid or received in the
transaction is recognized directly in Equity attributable to the owners of the parent.
Subsidiaries are deconsolidated from the date on which control ceases. When the Company ceases to have control
over a subsidiary, it derecognizes the assets (including any goodwill) and liabilities of the subsidiary at their carrying
amounts, derecognizes the carrying amount of non-controlling interests in the former subsidiary if any and recognizes the fair
value of any consideration received from the transaction. Any gain or loss is recognized in the Consolidated Income
Statement. Any retained interest in the former subsidiary is then remeasured to its fair value.
All intra-group balances and transactions, and any unrealized gains and losses arising from intra-group transactions,
are eliminated in preparing the Consolidated Financial Statements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-653": { "value": "
Interests in Joint Ventures and Associates
A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to
the net assets of the arrangement. Joint control is the contractually agreed sharing of control of an arrangement which exists
only when decisions about the relevant activities require the unanimous consent of the parties sharing the control.
An associate is an entity over which the Company has significant influence. Significant influence is where the
Company has the power to participate in the financial and operating policy decisions of the investee but does not have control
or joint control over those policies.
Joint ventures and associates are accounted for using the equity method of accounting from the date joint control or
significant influence is obtained. On acquisition, any excess of the investment over the share of the net fair value of the
investee's identifiable assets and liabilities is recognized as goodwill and is included in the carrying amount of the investment.
Any excess of the Company\u2019s share of the net fair value of the investee\u2019s identifiable assets and liabilities over the cost of the
investment is included as income in the determination of the Company\u2019s share of the investee\u2019s profit/(loss) in the acquisition
period.
Under the equity method, investments are initially recognized at cost and adjusted thereafter to recognize the
Company\u2019s share of the profit/(loss) and other comprehensive income/(loss) of the investee. The Company\u2019s share of the
investee\u2019s profit/(loss) is recognized in the Consolidated Income Statement. Distributions received from an investee reduce
the carrying amount of the investment. Post-acquisition movements in Other comprehensive income/(loss) are recognized in
Other comprehensive income/(loss) with a corresponding adjustment to the carrying amount of the investment.
Unrealized gains arising on transactions between the Company and its joint ventures and associates are eliminated to
the extent of the Company\u2019s interest in the joint venture or associate. Unrealized losses are also eliminated unless the
transaction provided evidence of an impairment of the asset transferred.
When the Company\u2019s share of the losses of a joint venture or associate exceeds its interest in that joint venture or
associate, the Company discontinues recognizing its share of further losses. Additional losses are provided for and a liability
is recognized only to the extent that the Company has incurred legal or constructive obligations or made payments on behalf
of the joint venture or associate.
The Company discontinues the use of the equity method from the date the investment ceases to be an associate or a
joint venture, or when it is classified as held for sale.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-651": { "value": "
Interests in Joint Ventures and Associates
A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to
the net assets of the arrangement. Joint control is the contractually agreed sharing of control of an arrangement which exists
only when decisions about the relevant activities require the unanimous consent of the parties sharing the control.
Joint ventures and associates are accounted for using the equity method of accounting from the date joint control or
significant influence is obtained. On acquisition, any excess of the investment over the share of the net fair value of the
investee's identifiable assets and liabilities is recognized as goodwill and is included in the carrying amount of the investment.
Any excess of the Company\u2019s share of the net fair value of the investee\u2019s identifiable assets and liabilities over the cost of the
investment is included as income in the determination of the Company\u2019s share of the investee\u2019s profit/(loss) in the acquisition
period.
Under the equity method, investments are initially recognized at cost and adjusted thereafter to recognize the
Company\u2019s share of the profit/(loss) and other comprehensive income/(loss) of the investee. The Company\u2019s share of the
investee\u2019s profit/(loss) is recognized in the Consolidated Income Statement. Distributions received from an investee reduce
the carrying amount of the investment. Post-acquisition movements in Other comprehensive income/(loss) are recognized in
Other comprehensive income/(loss) with a corresponding adjustment to the carrying amount of the investment.
Unrealized gains arising on transactions between the Company and its joint ventures and associates are eliminated to
the extent of the Company\u2019s interest in the joint venture or associate. Unrealized losses are also eliminated unless the
transaction provided evidence of an impairment of the asset transferred.
When the Company\u2019s share of the losses of a joint venture or associate exceeds its interest in that joint venture or
associate, the Company discontinues recognizing its share of further losses. Additional losses are provided for and a liability
is recognized only to the extent that the Company has incurred legal or constructive obligations or made payments on behalf
of the joint venture or associate.
The Company discontinues the use of the equity method from the date the investment ceases to be an associate or a
joint venture, or when it is classified as held for sale.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-652": { "value": "
Interests in Joint Ventures and Associates
An associate is an entity over which the Company has significant influence. Significant influence is where the
Company has the power to participate in the financial and operating policy decisions of the investee but does not have control
or joint control over those policies.
Joint ventures and associates are accounted for using the equity method of accounting from the date joint control or
significant influence is obtained. On acquisition, any excess of the investment over the share of the net fair value of the
investee's identifiable assets and liabilities is recognized as goodwill and is included in the carrying amount of the investment.
Any excess of the Company\u2019s share of the net fair value of the investee\u2019s identifiable assets and liabilities over the cost of the
investment is included as income in the determination of the Company\u2019s share of the investee\u2019s profit/(loss) in the acquisition
period.
Under the equity method, investments are initially recognized at cost and adjusted thereafter to recognize the
Company\u2019s share of the profit/(loss) and other comprehensive income/(loss) of the investee. The Company\u2019s share of the
investee\u2019s profit/(loss) is recognized in the Consolidated Income Statement. Distributions received from an investee reduce
the carrying amount of the investment. Post-acquisition movements in Other comprehensive income/(loss) are recognized in
Other comprehensive income/(loss) with a corresponding adjustment to the carrying amount of the investment.
Unrealized gains arising on transactions between the Company and its joint ventures and associates are eliminated to
the extent of the Company\u2019s interest in the joint venture or associate. Unrealized losses are also eliminated unless the
transaction provided evidence of an impairment of the asset transferred.
When the Company\u2019s share of the losses of a joint venture or associate exceeds its interest in that joint venture or
associate, the Company discontinues recognizing its share of further losses. Additional losses are provided for and a liability
is recognized only to the extent that the Company has incurred legal or constructive obligations or made payments on behalf
of the joint venture or associate.
The Company discontinues the use of the equity method from the date the investment ceases to be an associate or a
joint venture, or when it is classified as held for sale.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-656": { "value": "
Assets held for sale, Assets held for distribution and Discontinued Operations
Pursuant to IFRS 5 - Non-current Assets Held for Sale and Discontinued Operations, non-current assets and disposal
groups are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather
than through continuing use. This condition is regarded as met only when the asset or disposal group is available for
immediate sale in its present condition, subject only to terms that are usual and customary for sales of such an asset or
disposal group, and the sale is highly probable, with the sale expected to be completed within one year from the date of
classification.
Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount
and fair value less costs to sell and are presented separately in the Consolidated Statement of Financial Position. Non-current
assets and disposal groups are not classified as held for sale within the comparative period presented for the Consolidated
Statement of Financial Position.
A discontinued operation is a component of the Company that either has been disposed of or is classified as held for
sale and (i) represents either a separate major line of business or a geographical area of operations, (ii) is part of a single
coordinated plan to dispose of a separate major line of business or geographical area of operations, or (iii) is a subsidiary
acquired exclusively with a view to resell and the disposal will result in the loss of control.
Classification as a discontinued operation occurs upon disposal or, if earlier, when the asset or disposal group meets
the criteria to be classified as held for sale. When the asset or disposal group is classified as a discontinued operation, the
comparative information is reclassified within the Consolidated Income Statement and the Consolidated Statement of Cash
Flows as if the asset or disposal group had been discontinued from the start of the earliest comparative period presented. In
addition, when an asset or disposal group is classified as held for sale, depreciation and amortization cease.
The classification, presentation and measurement requirements of IFRS 5 - Non-current Assets Held for Sale and
Discontinued Operations outlined above also apply to an asset or disposal group that is classified as held for distribution to
owners, whereby there must be commitment to the distribution, the asset or disposal group must be available for immediate
distribution and the distribution must be highly probable.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-655": { "value": "
Assets held for sale, Assets held for distribution and Discontinued Operations
Pursuant to IFRS 5 - Non-current Assets Held for Sale and Discontinued Operations, non-current assets and disposal
groups are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather
than through continuing use. This condition is regarded as met only when the asset or disposal group is available for
immediate sale in its present condition, subject only to terms that are usual and customary for sales of such an asset or
disposal group, and the sale is highly probable, with the sale expected to be completed within one year from the date of
classification.
Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount
and fair value less costs to sell and are presented separately in the Consolidated Statement of Financial Position. Non-current
assets and disposal groups are not classified as held for sale within the comparative period presented for the Consolidated
Statement of Financial Position.
A discontinued operation is a component of the Company that either has been disposed of or is classified as held for
sale and (i) represents either a separate major line of business or a geographical area of operations, (ii) is part of a single
coordinated plan to dispose of a separate major line of business or geographical area of operations, or (iii) is a subsidiary
acquired exclusively with a view to resell and the disposal will result in the loss of control.
Classification as a discontinued operation occurs upon disposal or, if earlier, when the asset or disposal group meets
the criteria to be classified as held for sale. When the asset or disposal group is classified as a discontinued operation, the
comparative information is reclassified within the Consolidated Income Statement and the Consolidated Statement of Cash
Flows as if the asset or disposal group had been discontinued from the start of the earliest comparative period presented. In
addition, when an asset or disposal group is classified as held for sale, depreciation and amortization cease.
The classification, presentation and measurement requirements of IFRS 5 - Non-current Assets Held for Sale and
Discontinued Operations outlined above also apply to an asset or disposal group that is classified as held for distribution to
owners, whereby there must be commitment to the distribution, the asset or disposal group must be available for immediate
distribution and the distribution must be highly probable.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-654": { "value": "
Assets held for sale, Assets held for distribution and Discontinued Operations
A discontinued operation is a component of the Company that either has been disposed of or is classified as held for
sale and (i) represents either a separate major line of business or a geographical area of operations, (ii) is part of a single
coordinated plan to dispose of a separate major line of business or geographical area of operations, or (iii) is a subsidiary
acquired exclusively with a view to resell and the disposal will result in the loss of control.
Classification as a discontinued operation occurs upon disposal or, if earlier, when the asset or disposal group meets
the criteria to be classified as held for sale. When the asset or disposal group is classified as a discontinued operation, the
comparative information is reclassified within the Consolidated Income Statement and the Consolidated Statement of Cash
Flows as if the asset or disposal group had been discontinued from the start of the earliest comparative period presented. In
addition, when an asset or disposal group is classified as held for sale, depreciation and amortization cease.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-657": { "value": "
Foreign currency
The functional currency of the Company\u2019s entities is the currency used in their respective primary economic
environments. In individual companies, transactions in foreign currencies are recorded at the exchange rate prevailing at the
date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate
prevailing at the date of the Consolidated Statement of Financial Position. Exchange differences arising on the settlement of
monetary items or on reporting monetary items at rates different from those initially recorded, are recognized in the
Consolidated Income Statement.
All assets and liabilities of foreign consolidated companies with a functional currency other than the Euro are
translated using the closing rates as at the date of the Consolidated Statement of Financial Position. Income and expenses are
translated into Euro on a monthly basis at the average exchange rate for each month. Translation differences arising from the
application of this method are classified within Other comprehensive income/(loss) until the disposal of the subsidiary.
Average exchange rates for the period are used in preparing the Consolidated Statement of Cash Flows to translate
the cash flows of foreign subsidiaries.
The principal exchange rates used to translate other currencies into Euro were as follows:
2023
2022
2021
Average
At December 31
Average
At December 31
Average
At December 31
U.S. Dollar (USD)
1.081
1.105
1.054
1.067
1.183
1.133
Argentine Peso (ARS)(1)
n.a.
893.404
n.a.
188.915
n.a.
116.360
Brazilian Real (BRL)
5.401
5.350
5.441
5.568
6.377
6.320
Canadian Dollar (CAD)
1.460
1.464
1.370
1.444
1.483
1.439
Swiss Franc (CHF)
0.972
0.926
1.005
0.985
1.082
1.033
Chinese Renminbi (CNY)
7.657
7.851
7.079
7.358
7.633
7.195
Turkish Lira (TRY)(2)
n.a.
32.603
n.a.
19.953
n.a.
15.100
Pound Sterling (GBP)
0.870
0.869
0.853
0.887
0.860
0.840
Mexican Peso (MXN)
19.193
18.723
21.203
20.856
23.989
23.144
Polish Zloty (PLN)
4.544
4.348
4.686
4.690
4.566
4.599
Japanese Yen (JPY)
151.854
156.330
137.931
140.660
129.848
130.380
____________________________________________________________________________________________________
n.a. = not applicable
(1) From July 1, 2018, Argentina\u2019s economy was considered to be hyperinflationary. Transactions after July 1, 2018 for entities with the Argentine Peso as the functional currency
were translated using the spot rate at the end of the period. The price indices used are published by the Insituto Nacional de Estadistica y Censos de la Republica Argentina
(2) From April 1, 2022, Turkey\u2019s economy was considered to be hyperinflationary. Transactions after January 1, 2022 for entities with the Turkish Lira as the functional currency
were translated using the spot rate at the end of the period. The price indices used are published by the Turkish Statistical Institute", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-658": { "value": "
Intangible assets
Goodwill
Goodwill represents the excess of the fair value of consideration paid in a business combination over the fair value
of net tangible and identifiable intangible assets acquired. Goodwill is not amortized but is tested for impairment annually or
more frequently if events or changes in circumstances indicated that it might be impaired. After initial recognition, goodwill
is measured at cost less any accumulated impairment losses.
Intangible assets with indefinite useful lives
Intangible assets with indefinite useful lives consist principally of brands which have no legal, contractual,
competitive, economic or other factors that limit their useful lives. Intangible assets with indefinite useful lives are not
amortized but are tested for impairment annually, or more frequently if events or changes in circumstances indicated that the
asset may be impaired.
Development expenditures
Development expenditures for vehicle production and related components, engines and production systems are
recognized as an asset if all of the following conditions within IAS 38 \u2013 Intangible assets are met: (i) development
expenditures can be measured reliably, (ii) technical feasibility of the product, projected volumes and pricing support the
view that the development expenditure will generate future economic benefits and (iii) the intention to complete the
intangible asset as well as the availability of adequate technical, financial and other resources for this purpose. Capitalized
development expenditures include all costs that could be directly attributed to the development process. All other
development expenditures are expensed as incurred.
Capitalized development expenditures are amortized on a straight-line basis from when the related asset is available
for use, generally from the beginning of production, over the expected life cycle of the models (generally 5-7 years) or
propulsion systems (generally 10-12 years) developed.
Refer to Note 2, Basis of preparation - Recoverability of non-current assets with definite useful lives for additional
information on the effects of climate change.
Other internally developed or purchased intangible assets, excluding development expenditures
The portion of development expenditures relating to software for internal use that corresponds to directly
attributable internal or external costs necessary to create the software or improve its performance is recognized as an
intangible asset when it is probable that these costs will generate future economic benefits. Other software acquisition and
developments costs are expensed as incurred.
Other intangible assets (consisting principally of patents) are amortized on a straight line basis over the estimated
useful life, not to exceed twenty years.
Recoverability of non-current assets with definite useful lives
Non-current assets with definite useful lives include property, plant and equipment, intangible assets and assets held
for sale. Intangible assets with definite useful lives mainly consist of capitalized development expenditures primarily related
to the North America and Enlarged Europe segments. The Company periodically reviews the carrying amount of non-current
assets with definite useful lives when events or circumstances indicate that an asset may be impaired. The Medium-Term
Plan (\u201cMTP\u201d) used to perform the impairment testing covers the period from 2024 to 2026. The recoverability of non-current
assets with definite useful lives is based on the estimated future cash flows, using the Company\u2019s MTP of the Cash
Generating Units (\u201cCGUs\u201d) to which the assets relate to. The lowest level of asset groups that generate largely independent
cash flows is the vehicle platform level, which is considered the CGU for impairment testing. Goodwill is allocated only to
the operating segment. As such, the operating segments are the CGU for impairment testing for Goodwill and Intangible
assets with indefinite useful lives.
The global automotive industry is experiencing significant change due to increased focus on climate change
resulting in evolving regulatory requirements for fuel efficiency, driving electrification as well as changes in fuel efficiency,
greenhouse gas emissions and other tailpipe emissions. This is in addition to technological changes, such as electrification
and autonomous driving. The Company has announced significant investments in electrification and software which are
reflected in the MTP. However, its business plans could change in response to these evolving requirements and technological
changes or in relation to any future business plans or strategies developed as part of partnerships and collaborations. As the
Company continues to assess the potential impacts of these evolving requirements, technological changes or future plans and
strategies, and of operationalizing and implementing the strategic targets set out in the MTP, including reallocation of our
resources, the recoverability of certain of the Company\u2019s assets or CGUs may be impacted in future periods. For example,
product development strategies may be affected by regulatory changes as well as changes in the expected costs of
implementing electrification, including the cost of batteries. As relevant circumstances change, the Company expects to
adjust its product plans which may result in changes to the expected use of certain of the Company\u2019s vehicle platforms and
propulsion systems.
These uncertainties may result in either impairments of, or reductions to the expected useful lives of, platforms and
propulsion systems, or both. Any change in recoverability would be accounted for at the time such change to the business
plan occurs. For the years ended December 31, 2023, 2022 and 2021, the impairment tests performed compared the carrying
amount of the assets included in the respective CGUs to their value-in-use. The value-in-use of the CGUs is determined using
a discounted cash flow methodology based on estimated pre-tax future cash flows attributable to the CGUs and a pre-tax
discount rate reflecting a current market assessment of the time value of money and the risks specific to the CGUs.
During the year ended December 31, 2023, impairment losses of \u20ac201\u00a0million were recognized, mainly related to
impairment of research and development assets in China and India & Asia Pacific, and to impairment of certain platform
assets in Enlarged Europe.
During the year ended December 31, 2022, impairment losses of \u20ac237\u00a0million were recognized, mainly related to
Enlarged Europe, primarily in Russia with \u20ac43\u00a0million related to inventories, \u20ac47\u00a0million related to tax assets and \u20ac47\u00a0million
related to other assets.
During the year ended December 31, 2021, impairment losses of \u20ac309\u00a0million were recognized, primarily in relation
to the impairment of certain vehicle platforms in the Enlarged Europe segment. These vehicle platforms were legacy
platforms on which there are a limited number of models. The impairments are generated mainly as a result of the projections
reflected in the MTP used to perform the impairment testing, in which these platforms had reduced volumes and profitability.
The impairment loss of \u20ac309\u00a0million mainly relate to Property, plant and equipment of \u20ac137\u00a0million and \u20ac151\u00a0million of
capitalized development expenditures.
Recoverability of Goodwill and Intangible assets with indefinite useful lives
In accordance with IAS 36 - Impairment of Assets, Goodwill and intangible assets with indefinite useful lives are not
amortized and are tested for impairment annually or more frequently if facts or circumstances indicate that the asset may be
impaired.
Goodwill and intangible assets with indefinite useful lives are allocated to operating segments or to CGUs within the
operating segments or other CGUs which represent the lowest level within the entity at which the goodwill is monitored for
internal management purposes. The impairment test is performed by comparing the carrying amount (which mainly
comprises property, plant and equipment, goodwill, brands, capitalized development expenditures, working capital and
reserves) and the recoverable amount of each CGU or group of CGUs to which Goodwill has been allocated. The recoverable
amount of a CGU is the higher of its fair value less costs of disposal and its value-in-use. The balance of Goodwill and
intangible assets with indefinite useful lives recognized by the Company primarily relate to the merger with FCA. Goodwill
from the merger with FCA is allocated to the North America, South America, Maserati, India and Asia Pacific and Enlarged
Europe operating segments. All other Goodwill balances relate primarily to Enlarged Europe, Other activities and to a lesser
extent China.
The MTP is used as a basis to perform the Company\u2019s annual impairment test for Goodwill and intangible assets
with indefinite useful lives.
\u2022 The estimate of the recoverable amount for purposes of performing the annual impairment test for each of the
operating segments is determined using value-in-use and was based on the following assumptions:
\u25e6 The expected future cash flows covering the period from October 1, 2023 through December 31, 2026.
These expected cash flows reflect the current expectations regarding economic conditions and market
trends as well as the Company\u2019s initiatives for the period covered by the projections. These cash flows
relate to the respective CGUs in their current condition when preparing the financial statements and exclude
the estimated cash flows that might arise from restructuring plans or other structural changes. Volumes and
sales mix used for estimating the future cash flow are based on assumptions that are considered reasonable
and sustainable and represent the best estimate of expected conditions regarding market trends and
segment, brand and model share for the respective operating segment over the period considered.
\u25e6 The expected future cash flows include a normalized terminal period to estimate the future result beyond
the time period explicitly considered which incorporated a long-term growth rate assumption of 2.0 percent
to 2.2 percent. The growth rate per region is determined by reference to the risk free rate and the rate of
inflation considered in the regional discount rate. The long-term AOI margins are set considering the
Company\u2019s long-term projections for each of the CGUs.
\u2022 The estimated future cash flows are discounted to their present value using a discount rate that reflects current
market assessments of the time value of money and the risks specific to the asset or CGU that are not reflected
in the estimated future cash flows.
\u2022 Pre-tax cash flows are discounted using a pre-tax discount rate which reflects the current market assessment of
the time value of money for the period being considered, and the risks specific to those cash flows under
consideration. The pre-tax Weighted Average Cost of Capital (\u201cWACC\u201d) discount rate applied ranged from
11.3 percent to 25.8 percent.
The values estimated as described above are determined to be in excess of the carrying amount for each operating
segment or other CGUs to which Goodwill is allocated. As such, no impairment charges were recognized for Goodwill and
Intangible assets with indefinite useful lives for the year ended December 31, 2023. No impairment charges were recognized
for Goodwill and Intangible assets with indefinite useful lives for the year ended December 31, 2021 and 2022.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-660": { "value": "
Goodwill
Goodwill represents the excess of the fair value of consideration paid in a business combination over the fair value
of net tangible and identifiable intangible assets acquired. Goodwill is not amortized but is tested for impairment annually or
more frequently if events or changes in circumstances indicated that it might be impaired. After initial recognition, goodwill
is measured at cost less any accumulated impairment losses.
Recoverability of Goodwill and Intangible assets with indefinite useful lives
In accordance with IAS 36 - Impairment of Assets, Goodwill and intangible assets with indefinite useful lives are not
amortized and are tested for impairment annually or more frequently if facts or circumstances indicate that the asset may be
impaired.
Goodwill and intangible assets with indefinite useful lives are allocated to operating segments or to CGUs within the
operating segments or other CGUs which represent the lowest level within the entity at which the goodwill is monitored for
internal management purposes. The impairment test is performed by comparing the carrying amount (which mainly
comprises property, plant and equipment, goodwill, brands, capitalized development expenditures, working capital and
reserves) and the recoverable amount of each CGU or group of CGUs to which Goodwill has been allocated. The recoverable
amount of a CGU is the higher of its fair value less costs of disposal and its value-in-use. The balance of Goodwill and
intangible assets with indefinite useful lives recognized by the Company primarily relate to the merger with FCA. Goodwill
from the merger with FCA is allocated to the North America, South America, Maserati, India and Asia Pacific and Enlarged
Europe operating segments. All other Goodwill balances relate primarily to Enlarged Europe, Other activities and to a lesser
extent China.
The MTP is used as a basis to perform the Company\u2019s annual impairment test for Goodwill and intangible assets
with indefinite useful lives.
\u2022 The estimate of the recoverable amount for purposes of performing the annual impairment test for each of the
operating segments is determined using value-in-use and was based on the following assumptions:
\u25e6 The expected future cash flows covering the period from October 1, 2023 through December 31, 2026.
These expected cash flows reflect the current expectations regarding economic conditions and market
trends as well as the Company\u2019s initiatives for the period covered by the projections. These cash flows
relate to the respective CGUs in their current condition when preparing the financial statements and exclude
the estimated cash flows that might arise from restructuring plans or other structural changes. Volumes and
sales mix used for estimating the future cash flow are based on assumptions that are considered reasonable
and sustainable and represent the best estimate of expected conditions regarding market trends and
segment, brand and model share for the respective operating segment over the period considered.
\u25e6 The expected future cash flows include a normalized terminal period to estimate the future result beyond
the time period explicitly considered which incorporated a long-term growth rate assumption of 2.0 percent
to 2.2 percent. The growth rate per region is determined by reference to the risk free rate and the rate of
inflation considered in the regional discount rate. The long-term AOI margins are set considering the
Company\u2019s long-term projections for each of the CGUs.
\u2022 The estimated future cash flows are discounted to their present value using a discount rate that reflects current
market assessments of the time value of money and the risks specific to the asset or CGU that are not reflected
in the estimated future cash flows.
\u2022 Pre-tax cash flows are discounted using a pre-tax discount rate which reflects the current market assessment of
the time value of money for the period being considered, and the risks specific to those cash flows under
consideration. The pre-tax Weighted Average Cost of Capital (\u201cWACC\u201d) discount rate applied ranged from
11.3 percent to 25.8 percent.
The values estimated as described above are determined to be in excess of the carrying amount for each operating
segment or other CGUs to which Goodwill is allocated. As such, no impairment charges were recognized for Goodwill and
Intangible assets with indefinite useful lives for the year ended December 31, 2023. No impairment charges were recognized
for Goodwill and Intangible assets with indefinite useful lives for the year ended December 31, 2021 and 2022.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-659": { "value": "
Goodwill
Goodwill represents the excess of the fair value of consideration paid in a business combination over the fair value
of net tangible and identifiable intangible assets acquired. Goodwill is not amortized but is tested for impairment annually or
more frequently if events or changes in circumstances indicated that it might be impaired. After initial recognition, goodwill
is measured at cost less any accumulated impairment losses.
Recoverability of Goodwill and Intangible assets with indefinite useful lives
In accordance with IAS 36 - Impairment of Assets, Goodwill and intangible assets with indefinite useful lives are not
amortized and are tested for impairment annually or more frequently if facts or circumstances indicate that the asset may be
impaired.
Goodwill and intangible assets with indefinite useful lives are allocated to operating segments or to CGUs within the
operating segments or other CGUs which represent the lowest level within the entity at which the goodwill is monitored for
internal management purposes. The impairment test is performed by comparing the carrying amount (which mainly
comprises property, plant and equipment, goodwill, brands, capitalized development expenditures, working capital and
reserves) and the recoverable amount of each CGU or group of CGUs to which Goodwill has been allocated. The recoverable
amount of a CGU is the higher of its fair value less costs of disposal and its value-in-use. The balance of Goodwill and
intangible assets with indefinite useful lives recognized by the Company primarily relate to the merger with FCA. Goodwill
from the merger with FCA is allocated to the North America, South America, Maserati, India and Asia Pacific and Enlarged
Europe operating segments. All other Goodwill balances relate primarily to Enlarged Europe, Other activities and to a lesser
extent China.
The MTP is used as a basis to perform the Company\u2019s annual impairment test for Goodwill and intangible assets
with indefinite useful lives.
\u2022 The estimate of the recoverable amount for purposes of performing the annual impairment test for each of the
operating segments is determined using value-in-use and was based on the following assumptions:
\u25e6 The expected future cash flows covering the period from October 1, 2023 through December 31, 2026.
These expected cash flows reflect the current expectations regarding economic conditions and market
trends as well as the Company\u2019s initiatives for the period covered by the projections. These cash flows
relate to the respective CGUs in their current condition when preparing the financial statements and exclude
the estimated cash flows that might arise from restructuring plans or other structural changes. Volumes and
sales mix used for estimating the future cash flow are based on assumptions that are considered reasonable
and sustainable and represent the best estimate of expected conditions regarding market trends and
segment, brand and model share for the respective operating segment over the period considered.
\u25e6 The expected future cash flows include a normalized terminal period to estimate the future result beyond
the time period explicitly considered which incorporated a long-term growth rate assumption of 2.0 percent
to 2.2 percent. The growth rate per region is determined by reference to the risk free rate and the rate of
inflation considered in the regional discount rate. The long-term AOI margins are set considering the
Company\u2019s long-term projections for each of the CGUs.
\u2022 The estimated future cash flows are discounted to their present value using a discount rate that reflects current
market assessments of the time value of money and the risks specific to the asset or CGU that are not reflected
in the estimated future cash flows.
\u2022 Pre-tax cash flows are discounted using a pre-tax discount rate which reflects the current market assessment of
the time value of money for the period being considered, and the risks specific to those cash flows under
consideration. The pre-tax Weighted Average Cost of Capital (\u201cWACC\u201d) discount rate applied ranged from
11.3 percent to 25.8 percent.
The values estimated as described above are determined to be in excess of the carrying amount for each operating
segment or other CGUs to which Goodwill is allocated. As such, no impairment charges were recognized for Goodwill and
Intangible assets with indefinite useful lives for the year ended December 31, 2023. No impairment charges were recognized
for Goodwill and Intangible assets with indefinite useful lives for the year ended December 31, 2021 and 2022.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-661": { "value": "
Intangible assets with indefinite useful lives
Intangible assets with indefinite useful lives consist principally of brands which have no legal, contractual,
competitive, economic or other factors that limit their useful lives. Intangible assets with indefinite useful lives are not
amortized but are tested for impairment annually, or more frequently if events or changes in circumstances indicated that the
asset may be impaired.
Development expenditures
Development expenditures for vehicle production and related components, engines and production systems are
recognized as an asset if all of the following conditions within IAS 38 \u2013 Intangible assets are met: (i) development
expenditures can be measured reliably, (ii) technical feasibility of the product, projected volumes and pricing support the
view that the development expenditure will generate future economic benefits and (iii) the intention to complete the
intangible asset as well as the availability of adequate technical, financial and other resources for this purpose. Capitalized
development expenditures include all costs that could be directly attributed to the development process. All other
development expenditures are expensed as incurred.
Capitalized development expenditures are amortized on a straight-line basis from when the related asset is available
for use, generally from the beginning of production, over the expected life cycle of the models (generally 5-7 years) or
propulsion systems (generally 10-12 years) developed.
Refer to Note 2, Basis of preparation - Recoverability of non-current assets with definite useful lives for additional
information on the effects of climate change.
Other internally developed or purchased intangible assets, excluding development expenditures
The portion of development expenditures relating to software for internal use that corresponds to directly
attributable internal or external costs necessary to create the software or improve its performance is recognized as an
intangible asset when it is probable that these costs will generate future economic benefits. Other software acquisition and
developments costs are expensed as incurred.
Other intangible assets (consisting principally of patents) are amortized on a straight line basis over the estimated
useful life, not to exceed twenty years.
Recoverability of non-current assets with definite useful lives
Non-current assets with definite useful lives include property, plant and equipment, intangible assets and assets held
for sale. Intangible assets with definite useful lives mainly consist of capitalized development expenditures primarily related
to the North America and Enlarged Europe segments. The Company periodically reviews the carrying amount of non-current
assets with definite useful lives when events or circumstances indicate that an asset may be impaired. The Medium-Term
Plan (\u201cMTP\u201d) used to perform the impairment testing covers the period from 2024 to 2026. The recoverability of non-current
assets with definite useful lives is based on the estimated future cash flows, using the Company\u2019s MTP of the Cash
Generating Units (\u201cCGUs\u201d) to which the assets relate to. The lowest level of asset groups that generate largely independent
cash flows is the vehicle platform level, which is considered the CGU for impairment testing. Goodwill is allocated only to
the operating segment. As such, the operating segments are the CGU for impairment testing for Goodwill and Intangible
assets with indefinite useful lives.
The global automotive industry is experiencing significant change due to increased focus on climate change
resulting in evolving regulatory requirements for fuel efficiency, driving electrification as well as changes in fuel efficiency,
greenhouse gas emissions and other tailpipe emissions. This is in addition to technological changes, such as electrification
and autonomous driving. The Company has announced significant investments in electrification and software which are
reflected in the MTP. However, its business plans could change in response to these evolving requirements and technological
changes or in relation to any future business plans or strategies developed as part of partnerships and collaborations. As the
Company continues to assess the potential impacts of these evolving requirements, technological changes or future plans and
strategies, and of operationalizing and implementing the strategic targets set out in the MTP, including reallocation of our
resources, the recoverability of certain of the Company\u2019s assets or CGUs may be impacted in future periods. For example,
product development strategies may be affected by regulatory changes as well as changes in the expected costs of
implementing electrification, including the cost of batteries. As relevant circumstances change, the Company expects to
adjust its product plans which may result in changes to the expected use of certain of the Company\u2019s vehicle platforms and
propulsion systems.
These uncertainties may result in either impairments of, or reductions to the expected useful lives of, platforms and
propulsion systems, or both. Any change in recoverability would be accounted for at the time such change to the business
plan occurs. For the years ended December 31, 2023, 2022 and 2021, the impairment tests performed compared the carrying
amount of the assets included in the respective CGUs to their value-in-use. The value-in-use of the CGUs is determined using
a discounted cash flow methodology based on estimated pre-tax future cash flows attributable to the CGUs and a pre-tax
discount rate reflecting a current market assessment of the time value of money and the risks specific to the CGUs.
During the year ended December 31, 2023, impairment losses of \u20ac201\u00a0million were recognized, mainly related to
impairment of research and development assets in China and India & Asia Pacific, and to impairment of certain platform
assets in Enlarged Europe.
During the year ended December 31, 2022, impairment losses of \u20ac237\u00a0million were recognized, mainly related to
Enlarged Europe, primarily in Russia with \u20ac43\u00a0million related to inventories, \u20ac47\u00a0million related to tax assets and \u20ac47\u00a0million
related to other assets.
During the year ended December 31, 2021, impairment losses of \u20ac309\u00a0million were recognized, primarily in relation
to the impairment of certain vehicle platforms in the Enlarged Europe segment. These vehicle platforms were legacy
platforms on which there are a limited number of models. The impairments are generated mainly as a result of the projections
reflected in the MTP used to perform the impairment testing, in which these platforms had reduced volumes and profitability.
The impairment loss of \u20ac309\u00a0million mainly relate to Property, plant and equipment of \u20ac137\u00a0million and \u20ac151\u00a0million of
capitalized development expenditures.
Recoverability of Goodwill and Intangible assets with indefinite useful lives
In accordance with IAS 36 - Impairment of Assets, Goodwill and intangible assets with indefinite useful lives are not
amortized and are tested for impairment annually or more frequently if facts or circumstances indicate that the asset may be
impaired.
Goodwill and intangible assets with indefinite useful lives are allocated to operating segments or to CGUs within the
operating segments or other CGUs which represent the lowest level within the entity at which the goodwill is monitored for
internal management purposes. The impairment test is performed by comparing the carrying amount (which mainly
comprises property, plant and equipment, goodwill, brands, capitalized development expenditures, working capital and
reserves) and the recoverable amount of each CGU or group of CGUs to which Goodwill has been allocated. The recoverable
amount of a CGU is the higher of its fair value less costs of disposal and its value-in-use. The balance of Goodwill and
intangible assets with indefinite useful lives recognized by the Company primarily relate to the merger with FCA. Goodwill
from the merger with FCA is allocated to the North America, South America, Maserati, India and Asia Pacific and Enlarged
Europe operating segments. All other Goodwill balances relate primarily to Enlarged Europe, Other activities and to a lesser
extent China.
The MTP is used as a basis to perform the Company\u2019s annual impairment test for Goodwill and intangible assets
with indefinite useful lives.
\u2022 The estimate of the recoverable amount for purposes of performing the annual impairment test for each of the
operating segments is determined using value-in-use and was based on the following assumptions:
\u25e6 The expected future cash flows covering the period from October 1, 2023 through December 31, 2026.
These expected cash flows reflect the current expectations regarding economic conditions and market
trends as well as the Company\u2019s initiatives for the period covered by the projections. These cash flows
relate to the respective CGUs in their current condition when preparing the financial statements and exclude
the estimated cash flows that might arise from restructuring plans or other structural changes. Volumes and
sales mix used for estimating the future cash flow are based on assumptions that are considered reasonable
and sustainable and represent the best estimate of expected conditions regarding market trends and
segment, brand and model share for the respective operating segment over the period considered.
\u25e6 The expected future cash flows include a normalized terminal period to estimate the future result beyond
the time period explicitly considered which incorporated a long-term growth rate assumption of 2.0 percent
to 2.2 percent. The growth rate per region is determined by reference to the risk free rate and the rate of
inflation considered in the regional discount rate. The long-term AOI margins are set considering the
Company\u2019s long-term projections for each of the CGUs.
\u2022 The estimated future cash flows are discounted to their present value using a discount rate that reflects current
market assessments of the time value of money and the risks specific to the asset or CGU that are not reflected
in the estimated future cash flows.
\u2022 Pre-tax cash flows are discounted using a pre-tax discount rate which reflects the current market assessment of
the time value of money for the period being considered, and the risks specific to those cash flows under
consideration. The pre-tax Weighted Average Cost of Capital (\u201cWACC\u201d) discount rate applied ranged from
11.3 percent to 25.8 percent.
The values estimated as described above are determined to be in excess of the carrying amount for each operating
segment or other CGUs to which Goodwill is allocated. As such, no impairment charges were recognized for Goodwill and
Intangible assets with indefinite useful lives for the year ended December 31, 2023. No impairment charges were recognized
for Goodwill and Intangible assets with indefinite useful lives for the year ended December 31, 2021 and 2022.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-662": { "value": "
Development expenditures
Development expenditures for vehicle production and related components, engines and production systems are
recognized as an asset if all of the following conditions within IAS 38 \u2013 Intangible assets are met: (i) development
expenditures can be measured reliably, (ii) technical feasibility of the product, projected volumes and pricing support the
view that the development expenditure will generate future economic benefits and (iii) the intention to complete the
intangible asset as well as the availability of adequate technical, financial and other resources for this purpose. Capitalized
development expenditures include all costs that could be directly attributed to the development process. All other
development expenditures are expensed as incurred.
Capitalized development expenditures are amortized on a straight-line basis from when the related asset is available
for use, generally from the beginning of production, over the expected life cycle of the models (generally 5-7 years) or
propulsion systems (generally 10-12 years) developed.
Refer to Note 2, Basis of preparation - Recoverability of non-current assets with definite useful lives for additional
information on the effects of climate change.
Other internally developed or purchased intangible assets, excluding development expenditures
The portion of development expenditures relating to software for internal use that corresponds to directly
attributable internal or external costs necessary to create the software or improve its performance is recognized as an
intangible asset when it is probable that these costs will generate future economic benefits. Other software acquisition and
developments costs are expensed as incurred.
Other intangible assets (consisting principally of patents) are amortized on a straight line basis over the estimated
useful life, not to exceed twenty years.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-663": { "value": "
Property, plant and equipment
Cost
Property, plant and equipment is initially recognized at cost and includes the purchase price, any costs directly
attributable to bringing the assets to the location and condition necessary to be capable of operating in the manner intended by
management and any initial estimate of the costs of dismantling and removing the asset and restoring the site on which it is
located. Self-constructed assets are initially recognized at production cost. Subsequent expenditures and the cost of replacing
parts of an asset are capitalized only if they increased the future economic benefits embodied in that asset. All other
expenditures are expensed as incurred. When such replacement costs are capitalized, the carrying amount of the parts that are
replaced is expensed to the Consolidated Income Statement.
Depreciation
During the years ended December\u00a031, 2023, 2022 and 2021, assets depreciated on a straight-line basis over their
estimated useful lives as follows:
Years
Buildings
33 - 40
Plant, machinery and equipment
2 - 25
Other assets
2 - 34
Recoverability of non-current assets with definite useful lives
Non-current assets with definite useful lives include property, plant and equipment, intangible assets and assets held
for sale. Intangible assets with definite useful lives mainly consist of capitalized development expenditures primarily related
to the North America and Enlarged Europe segments. The Company periodically reviews the carrying amount of non-current
assets with definite useful lives when events or circumstances indicate that an asset may be impaired. The Medium-Term
Plan (\u201cMTP\u201d) used to perform the impairment testing covers the period from 2024 to 2026. The recoverability of non-current
assets with definite useful lives is based on the estimated future cash flows, using the Company\u2019s MTP of the Cash
Generating Units (\u201cCGUs\u201d) to which the assets relate to. The lowest level of asset groups that generate largely independent
cash flows is the vehicle platform level, which is considered the CGU for impairment testing. Goodwill is allocated only to
the operating segment. As such, the operating segments are the CGU for impairment testing for Goodwill and Intangible
assets with indefinite useful lives.
The global automotive industry is experiencing significant change due to increased focus on climate change
resulting in evolving regulatory requirements for fuel efficiency, driving electrification as well as changes in fuel efficiency,
greenhouse gas emissions and other tailpipe emissions. This is in addition to technological changes, such as electrification
and autonomous driving. The Company has announced significant investments in electrification and software which are
reflected in the MTP. However, its business plans could change in response to these evolving requirements and technological
changes or in relation to any future business plans or strategies developed as part of partnerships and collaborations. As the
Company continues to assess the potential impacts of these evolving requirements, technological changes or future plans and
strategies, and of operationalizing and implementing the strategic targets set out in the MTP, including reallocation of our
resources, the recoverability of certain of the Company\u2019s assets or CGUs may be impacted in future periods. For example,
product development strategies may be affected by regulatory changes as well as changes in the expected costs of
implementing electrification, including the cost of batteries. As relevant circumstances change, the Company expects to
adjust its product plans which may result in changes to the expected use of certain of the Company\u2019s vehicle platforms and
propulsion systems.
These uncertainties may result in either impairments of, or reductions to the expected useful lives of, platforms and
propulsion systems, or both. Any change in recoverability would be accounted for at the time such change to the business
plan occurs. For the years ended December 31, 2023, 2022 and 2021, the impairment tests performed compared the carrying
amount of the assets included in the respective CGUs to their value-in-use. The value-in-use of the CGUs is determined using
a discounted cash flow methodology based on estimated pre-tax future cash flows attributable to the CGUs and a pre-tax
discount rate reflecting a current market assessment of the time value of money and the risks specific to the CGUs.
During the year ended December 31, 2023, impairment losses of \u20ac201\u00a0million were recognized, mainly related to
impairment of research and development assets in China and India & Asia Pacific, and to impairment of certain platform
assets in Enlarged Europe.
During the year ended December 31, 2022, impairment losses of \u20ac237\u00a0million were recognized, mainly related to
Enlarged Europe, primarily in Russia with \u20ac43\u00a0million related to inventories, \u20ac47\u00a0million related to tax assets and \u20ac47\u00a0million
related to other assets.
During the year ended December 31, 2021, impairment losses of \u20ac309\u00a0million were recognized, primarily in relation
to the impairment of certain vehicle platforms in the Enlarged Europe segment. These vehicle platforms were legacy
platforms on which there are a limited number of models. The impairments are generated mainly as a result of the projections
reflected in the MTP used to perform the impairment testing, in which these platforms had reduced volumes and profitability.
The impairment loss of \u20ac309\u00a0million mainly relate to Property, plant and equipment of \u20ac137\u00a0million and \u20ac151\u00a0million of
capitalized development expenditures.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-665": { "value": "
Property, plant and equipment
Depreciation
During the years ended December\u00a031, 2023, 2022 and 2021, assets depreciated on a straight-line basis over their
estimated useful lives as follows:
Years
Buildings
33 - 40
Plant, machinery and equipment
2 - 25
Other assets
2 - 34
Right-of-use asset
The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to
the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful life of the
right-of-use asset is determined based on the nature of the asset, taking into consideration the lease term. In addition, the
right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain corresponding
remeasurements of the lease liability.
Cost of revenues
Cost of revenues comprises expenses incurred in the manufacturing and distribution of vehicles and parts.
Historically the most significant element is the cost of materials and components and the remaining costs included labor
(consisting of direct and indirect wages), transportation costs, depreciation of property, plant and equipment and amortization
of other intangible assets relating to production. In addition, expenses which are directly attributable to the consolidated
financial services companies, including interest expense related to their financing as a whole and provisions for risks and
write-downs of assets, are recorded within Cost of revenues (\u20ac563 million, \u20ac289 million and \u20ac68 million for the years ended
December 31, 2023, 2022 and 2021, respectively). Cost of revenues also included \u20ac82 million, \u20ac31 million and \u20ac227 million
related to the decrease in value for assets sold with buy-back commitments for the years ended December 31, 2023, 2022 and
2021, respectively. In addition, estimated costs related to product warranty and recall campaigns were recorded within Cost
of revenues (refer to the section Use of estimates below for further information).
Product warranties, recall campaigns and product liabilities
The Company establishes reserves for product warranties at the time the related sale is recognized. The Company
issues various types of product warranties under which the performance of products delivered is generally guaranteed for a
certain period or term. The accrual for product warranties includes the expected costs of warranty obligations imposed by law
or contract, as well as the expected costs for policy coverage, recall actions and buyback commitments. The estimated future
costs of these actions are principally based on assumptions regarding the lifetime warranty costs of each vehicle line and each
model year of that vehicle line, as well as historical claims experience for the Company\u2019s vehicles. In addition, the number
and magnitude of additional service actions expected to be approved and policies related to additional service actions are
taken into consideration. Due to the uncertainty and potential volatility of these estimated factors, changes in the assumptions
used could materially affect the results of operations.
The Company periodically initiates voluntary service and recall actions to address various customer satisfaction as
well as safety and emissions issues related to vehicles sold. Included in the reserve is the estimated cost of these service and
recall actions. The Company accrues estimated costs for recalls when they are probable of occurring and a reliable estimate of
the costs can be made.
Estimates of the future costs of these actions are subject to numerous uncertainties, including the enactment of new
laws and regulations, the number of vehicles affected by a service or recall action and the nature of the corrective action. It is
reasonably possible that the ultimate cost of these service and recall actions may require the Company to make expenditures
in excess of (or less than) established reserves over an extended period of time and in a range of amounts that cannot be
reasonably estimated. The estimate of warranty and additional service and recall action obligations is periodically reviewed
during the year. Experience has shown that initial data for any given model year can be volatile; therefore, the Company\u2019s
process relies upon long-term historical averages until sufficient data is available. As actual experience becomes available, it
is used to modify the historical averages to ensure that the forecast is within the range of likely outcomes. Resulting accruals
are then compared with current spending rates to ensure that the balances are adequate to meet expected future obligations.
In addition, the Company makes provisions for estimated product liability costs arising from property damage and
personal injuries including wrongful death, and potential exemplary or punitive damages alleged to be the result of product
defects. By nature, these costs can be infrequent, difficult to predict and have the potential to vary significantly in amount.
The valuation of the reserve is actuarially determined on an annual basis based on, among other factors, the number of
vehicles sold and product liability claims incurred. Costs associated with these provisions are recorded in the Consolidated
Income Statement and any subsequent adjustments are recorded in the period in which the adjustment is determined.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-664": { "value": "
Property, plant and equipment
Depreciation
During the years ended December\u00a031, 2023, 2022 and 2021, assets depreciated on a straight-line basis over their
estimated useful lives as follows:
Years
Buildings
33 - 40
Plant, machinery and equipment
2 - 25
Other assets
2 - 34
Right-of-use asset
The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to
the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful life of the
right-of-use asset is determined based on the nature of the asset, taking into consideration the lease term. In addition, the
right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain corresponding
remeasurements of the lease liability.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-667": { "value": "
Borrowing Costs
Borrowing costs that are directly attributable to the acquisition, construction or production of property, plant or
equipment or an intangible asset that is deemed to be a qualifying asset as defined in IAS 23 - Borrowing Costs are
capitalized. Only assets with a construction period of 12 months or longer are considered. The amount of borrowing costs
eligible for capitalization corresponds to the actual borrowing costs incurred during the period, less any investment income on
the temporary investment of any borrowed funds not yet used.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-666": { "value": "
Borrowing Costs
The amount of borrowing costs capitalized in the years ended
December\u00a031, 2023 and 2022 was \u20ac262 million and \u20ac189 million, respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-668": { "value": "
Leases
As a Lessee
At the inception of a contract, the Company assesses whether the contract has, or contains, a lease. A contract has, or
contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for
consideration.
At inception or on reassessment of a contract that contains a lease component, the Company allocates the
consideration in the contract to each lease component on the basis of their relative stand-alone prices.
Right-of-use asset
The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use
asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments
made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and
remove the underlying asset or restore the underlying asset or the site on which it is located if required by the lease, less any
lease incentives received.
The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to
the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful life of the
right-of-use asset is determined based on the nature of the asset, taking into consideration the lease term. In addition, the
right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain corresponding
remeasurements of the lease liability.
Lease liability
The lease liability is initially measured at the present value of the lease payments that have not been paid at the
commencement date, discounted using the interest rate implicit in the lease or, if that rate is not be readily determined, the
Company's incremental borrowing rate. The incremental borrowing rate is determined considering macro-economic factors
such as the risk free rate based on the relevant currency and term, as well as the Company specific factors contributing to the
Company\u2019s credit spread, including the impact of security. The Company primarily uses the incremental borrowing rate as
the discount rate for its lease liabilities.
Lease payments used to measure the lease liability include the following, if appropriate:
\u2022 fixed payments, including in-substance fixed payments;
\u2022 variable lease payments that depend on an index or a rate, initially measured using the index or rate applicable
as at the commencement date;
\u2022 amounts expected to be payable under a residual value guarantee;
\u2022 if reasonably certain to exercise, the exercise price under a purchase option, or lease payments in an optional
renewal period; and
\u2022 penalties for early termination of a lease unless the Company was reasonably certain not to terminate early.
The lease liability is subsequently measured at amortized cost using the effective interest method. It is remeasured
when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the
Company's estimate of the amount expected to be payable under a residual value guarantee, or if the Company changes its
assessment of whether it would exercise a purchase, extension or termination option. When the lease liability is remeasured in
this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss
if the carrying amount of the right-of-use asset has been reduced to zero.
The Company presents right-of-use assets that do not meet the definition of investment property in Property, plant
and equipment and lease liabilities in Long-term debt and Short-term debt and current portion of long-term debt in the
Consolidated Statement of Financial Position.
The Company elects to not recognize right-of-use assets and lease liabilities for short-term leases and low-value
leases for all classes of leased assets. The Company recognizes the lease payments associated with these leases as an expense
on a straight-line basis over the lease term.
As a Lessor
When the Company acts as a lessor, it determines at lease inception whether each lease is a finance lease or an
operating lease.
To classify each lease, the Company makes an overall assessment of whether the lease transfers substantially all the
risks and rewards incidental to ownership of the underlying asset. If the risks and rewards are substantially transferred, then
the lease is a finance lease; if not, then it is an operating lease. As part of this assessment, the Company considers certain
indicators such as whether the lease is for the major part of the economic life of the asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-670": { "value": "
Impairment of long-lived assets
Annually, or more frequently if facts or circumstances indicate otherwise, the Company assesses whether there is
any indication that its finite-lived intangible assets (including capitalized development expenditures) and its property, plant
and equipment may be impaired.
If indicators of impairment are present, an impairment test is performed, comparing the carrying amount of the asset
to its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. In the event that the
carrying amount is in excess of the recoverable amount, an impairment is recorded to reduce the value of the asset to its
recoverable amount. The recoverable amount is determined for the individual asset, unless the asset does not generate cash
inflows that are largely independent of those from other assets or groups of assets, in which case the asset is tested as part of
the cash-generating unit (\u201cCGU\u201d) to which the asset belongs. A CGU is the smallest identifiable group of assets that
generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. In assessing the
value in use of an asset or CGU, the estimated future cash flows are discounted to their present value using a discount rate
that reflects current market assessments of the time value of money and the risks specific to the asset or CGU.
When an impairment loss for assets, other than goodwill, no longer exists or has decreased, the carrying amount of
the asset or CGU is increased to the revised estimate of its recoverable amount but not in excess of the carrying amount that
would have been recorded had no impairment loss been recognized. The reversal of an impairment loss is recognized in the
Consolidated Income Statement. Refer to the section Use of estimates below for additional information.
Impairment of financial assets
The Company\u2019s credit risk differs in relation to the type of activity. In particular, receivables from financing
activities, such as dealer and retail financing that are carried out through the Company\u2019s financial services companies, are
exposed both to the direct risk of default and the deterioration of the creditworthiness of the counterparty, whereas trade
receivables arising from the sale of vehicles and spare parts, are mostly exposed to the direct risk of counterparty default.
These risks are mitigated by different kinds of securities received and the fact that collection exposure is spread across a large
number of counterparties.
The IFRS 9 impairment requirements are based on a forward-looking expected credit loss (\u201cECL\u201d) model. ECL is a
probability-weighted estimate of the present value of cash shortfalls.
The calculation of the amount of ECL is based on the risk of default by the counterparty, which is determined by
taking into account the information available at the end of each reporting period as to the counterparty\u2019s solvency, the fair
value of any guarantees and the Company\u2019s historical experience. The Company considers a financial asset to be in default
when: (i) the borrower is unlikely to pay its obligations in full and without consideration of compensating guarantees or
collateral (if any exist); or (ii) the financial asset is more than 90 days past due.
The Company applies two impairment models for financial assets as set out in IFRS 9: the simplified approach and
the general approach. The table below indicates the impairment model used for each of the Company\u2019s financial asset
categories. Impairment losses on financial assets are recognized in the Consolidated Income Statement within the
corresponding line items, based on the classification of the counterparty.
Financial asset
IFRS 9 impairment model
Trade receivables
Simplified approach
Receivables from financing activities
General approach
Other receivables
General approach
In order to test for impairment, individually significant receivables and receivables for which collectability is at risk
are assessed individually, while all other receivables are grouped into homogeneous risk categories based on shared risk
characteristics such as instrument type, industry or geographical location of the counterparty.
The simplified approach for determining the lifetime ECL allowance is performed in two steps:
\u2022 All trade receivables that are in default, as defined above, are individually assessed for impairment; and
\u2022 A general reserve is recognized for all other trade receivables (including those not past due) based on historical
loss rates.
The Company applies the general approach as determined by IFRS 9 by assessing at each reporting date whether
there has been a significant increase in credit risk on the financial instrument since initial recognition. The Company
considers receivables to have experienced a significant increase in credit risk when certain quantitative or qualitative
indicators have been met or the borrower was more than 30 days past due on its contractual payments.
The \u201cthree-stages\u201d for determining and measuring the impairment based on changes in credit quality since initial
recognition are summarized below:
Stage
Description
Time period for
measurement of ECL
Stage 1
A financial instrument that is not credit-impaired on initial recognition
12-month ECL
Stage 2
A financial instrument with a significant increase in credit risk since initial
recognition
Lifetime ECL
Stage 3
A financial instrument that is credit-impaired or has defaulted
Lifetime ECL
Considering forward-looking economic information, ECL is determined by projecting the probability of default,
exposure at default and loss given default for each future contractual period and for each individual exposure or collective
portfolio. The discount rate used in the ECL calculation is the stated effective interest rate or an approximation thereof. Each
reporting period, the assumptions underlying the ECL calculation are reviewed and updated as necessary. Since adoption,
there have been no significant changes in estimation techniques or significant assumptions that led to material changes in the
ECL allowance.
The gross carrying amount of a financial asset is written-off to the extent that there is no realistic prospect of
recovery. This is generally the case when the Company determined that a debtor does not have assets or sources of income
that could generate sufficient cash flows to repay the amounts subject to the write-off. However, financial assets that are
written off could still be subject to enforcement activities.
Recoverability of non-current assets with definite useful lives
Non-current assets with definite useful lives include property, plant and equipment, intangible assets and assets held
for sale. Intangible assets with definite useful lives mainly consist of capitalized development expenditures primarily related
to the North America and Enlarged Europe segments. The Company periodically reviews the carrying amount of non-current
assets with definite useful lives when events or circumstances indicate that an asset may be impaired. The Medium-Term
Plan (\u201cMTP\u201d) used to perform the impairment testing covers the period from 2024 to 2026. The recoverability of non-current
assets with definite useful lives is based on the estimated future cash flows, using the Company\u2019s MTP of the Cash
Generating Units (\u201cCGUs\u201d) to which the assets relate to. The lowest level of asset groups that generate largely independent
cash flows is the vehicle platform level, which is considered the CGU for impairment testing. Goodwill is allocated only to
the operating segment. As such, the operating segments are the CGU for impairment testing for Goodwill and Intangible
assets with indefinite useful lives.
The global automotive industry is experiencing significant change due to increased focus on climate change
resulting in evolving regulatory requirements for fuel efficiency, driving electrification as well as changes in fuel efficiency,
greenhouse gas emissions and other tailpipe emissions. This is in addition to technological changes, such as electrification
and autonomous driving. The Company has announced significant investments in electrification and software which are
reflected in the MTP. However, its business plans could change in response to these evolving requirements and technological
changes or in relation to any future business plans or strategies developed as part of partnerships and collaborations. As the
Company continues to assess the potential impacts of these evolving requirements, technological changes or future plans and
strategies, and of operationalizing and implementing the strategic targets set out in the MTP, including reallocation of our
resources, the recoverability of certain of the Company\u2019s assets or CGUs may be impacted in future periods. For example,
product development strategies may be affected by regulatory changes as well as changes in the expected costs of
implementing electrification, including the cost of batteries. As relevant circumstances change, the Company expects to
adjust its product plans which may result in changes to the expected use of certain of the Company\u2019s vehicle platforms and
propulsion systems.
These uncertainties may result in either impairments of, or reductions to the expected useful lives of, platforms and
propulsion systems, or both. Any change in recoverability would be accounted for at the time such change to the business
plan occurs. For the years ended December 31, 2023, 2022 and 2021, the impairment tests performed compared the carrying
amount of the assets included in the respective CGUs to their value-in-use. The value-in-use of the CGUs is determined using
a discounted cash flow methodology based on estimated pre-tax future cash flows attributable to the CGUs and a pre-tax
discount rate reflecting a current market assessment of the time value of money and the risks specific to the CGUs.
During the year ended December 31, 2023, impairment losses of \u20ac201\u00a0million were recognized, mainly related to
impairment of research and development assets in China and India & Asia Pacific, and to impairment of certain platform
assets in Enlarged Europe.
During the year ended December 31, 2022, impairment losses of \u20ac237\u00a0million were recognized, mainly related to
Enlarged Europe, primarily in Russia with \u20ac43\u00a0million related to inventories, \u20ac47\u00a0million related to tax assets and \u20ac47\u00a0million
related to other assets.
During the year ended December 31, 2021, impairment losses of \u20ac309\u00a0million were recognized, primarily in relation
to the impairment of certain vehicle platforms in the Enlarged Europe segment. These vehicle platforms were legacy
platforms on which there are a limited number of models. The impairments are generated mainly as a result of the projections
reflected in the MTP used to perform the impairment testing, in which these platforms had reduced volumes and profitability.
The impairment loss of \u20ac309\u00a0million mainly relate to Property, plant and equipment of \u20ac137\u00a0million and \u20ac151\u00a0million of
capitalized development expenditures.
Recoverability of Goodwill and Intangible assets with indefinite useful lives
In accordance with IAS 36 - Impairment of Assets, Goodwill and intangible assets with indefinite useful lives are not
amortized and are tested for impairment annually or more frequently if facts or circumstances indicate that the asset may be
impaired.
Goodwill and intangible assets with indefinite useful lives are allocated to operating segments or to CGUs within the
operating segments or other CGUs which represent the lowest level within the entity at which the goodwill is monitored for
internal management purposes. The impairment test is performed by comparing the carrying amount (which mainly
comprises property, plant and equipment, goodwill, brands, capitalized development expenditures, working capital and
reserves) and the recoverable amount of each CGU or group of CGUs to which Goodwill has been allocated. The recoverable
amount of a CGU is the higher of its fair value less costs of disposal and its value-in-use. The balance of Goodwill and
intangible assets with indefinite useful lives recognized by the Company primarily relate to the merger with FCA. Goodwill
from the merger with FCA is allocated to the North America, South America, Maserati, India and Asia Pacific and Enlarged
Europe operating segments. All other Goodwill balances relate primarily to Enlarged Europe, Other activities and to a lesser
extent China.
The MTP is used as a basis to perform the Company\u2019s annual impairment test for Goodwill and intangible assets
with indefinite useful lives.
\u2022 The estimate of the recoverable amount for purposes of performing the annual impairment test for each of the
operating segments is determined using value-in-use and was based on the following assumptions:
\u25e6 The expected future cash flows covering the period from October 1, 2023 through December 31, 2026.
These expected cash flows reflect the current expectations regarding economic conditions and market
trends as well as the Company\u2019s initiatives for the period covered by the projections. These cash flows
relate to the respective CGUs in their current condition when preparing the financial statements and exclude
the estimated cash flows that might arise from restructuring plans or other structural changes. Volumes and
sales mix used for estimating the future cash flow are based on assumptions that are considered reasonable
and sustainable and represent the best estimate of expected conditions regarding market trends and
segment, brand and model share for the respective operating segment over the period considered.
\u25e6 The expected future cash flows include a normalized terminal period to estimate the future result beyond
the time period explicitly considered which incorporated a long-term growth rate assumption of 2.0 percent
to 2.2 percent. The growth rate per region is determined by reference to the risk free rate and the rate of
inflation considered in the regional discount rate. The long-term AOI margins are set considering the
Company\u2019s long-term projections for each of the CGUs.
\u2022 The estimated future cash flows are discounted to their present value using a discount rate that reflects current
market assessments of the time value of money and the risks specific to the asset or CGU that are not reflected
in the estimated future cash flows.
\u2022 Pre-tax cash flows are discounted using a pre-tax discount rate which reflects the current market assessment of
the time value of money for the period being considered, and the risks specific to those cash flows under
consideration. The pre-tax Weighted Average Cost of Capital (\u201cWACC\u201d) discount rate applied ranged from
11.3 percent to 25.8 percent.
The values estimated as described above are determined to be in excess of the carrying amount for each operating
segment or other CGUs to which Goodwill is allocated. As such, no impairment charges were recognized for Goodwill and
Intangible assets with indefinite useful lives for the year ended December 31, 2023. No impairment charges were recognized
for Goodwill and Intangible assets with indefinite useful lives for the year ended December 31, 2021 and 2022.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-669": { "value": "
Impairment of long-lived assets
Annually, or more frequently if facts or circumstances indicate otherwise, the Company assesses whether there is
any indication that its finite-lived intangible assets (including capitalized development expenditures) and its property, plant
and equipment may be impaired.
If indicators of impairment are present, an impairment test is performed, comparing the carrying amount of the asset
to its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. In the event that the
carrying amount is in excess of the recoverable amount, an impairment is recorded to reduce the value of the asset to its
recoverable amount. The recoverable amount is determined for the individual asset, unless the asset does not generate cash
inflows that are largely independent of those from other assets or groups of assets, in which case the asset is tested as part of
the cash-generating unit (\u201cCGU\u201d) to which the asset belongs. A CGU is the smallest identifiable group of assets that
generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. In assessing the
value in use of an asset or CGU, the estimated future cash flows are discounted to their present value using a discount rate
that reflects current market assessments of the time value of money and the risks specific to the asset or CGU.
When an impairment loss for assets, other than goodwill, no longer exists or has decreased, the carrying amount of
the asset or CGU is increased to the revised estimate of its recoverable amount but not in excess of the carrying amount that
would have been recorded had no impairment loss been recognized. The reversal of an impairment loss is recognized in the
Consolidated Income Statement. Refer to the section Use of estimates below for additional information.
Recoverability of non-current assets with definite useful lives
Non-current assets with definite useful lives include property, plant and equipment, intangible assets and assets held
for sale. Intangible assets with definite useful lives mainly consist of capitalized development expenditures primarily related
to the North America and Enlarged Europe segments. The Company periodically reviews the carrying amount of non-current
assets with definite useful lives when events or circumstances indicate that an asset may be impaired. The Medium-Term
Plan (\u201cMTP\u201d) used to perform the impairment testing covers the period from 2024 to 2026. The recoverability of non-current
assets with definite useful lives is based on the estimated future cash flows, using the Company\u2019s MTP of the Cash
Generating Units (\u201cCGUs\u201d) to which the assets relate to. The lowest level of asset groups that generate largely independent
cash flows is the vehicle platform level, which is considered the CGU for impairment testing. Goodwill is allocated only to
the operating segment. As such, the operating segments are the CGU for impairment testing for Goodwill and Intangible
assets with indefinite useful lives.
The global automotive industry is experiencing significant change due to increased focus on climate change
resulting in evolving regulatory requirements for fuel efficiency, driving electrification as well as changes in fuel efficiency,
greenhouse gas emissions and other tailpipe emissions. This is in addition to technological changes, such as electrification
and autonomous driving. The Company has announced significant investments in electrification and software which are
reflected in the MTP. However, its business plans could change in response to these evolving requirements and technological
changes or in relation to any future business plans or strategies developed as part of partnerships and collaborations. As the
Company continues to assess the potential impacts of these evolving requirements, technological changes or future plans and
strategies, and of operationalizing and implementing the strategic targets set out in the MTP, including reallocation of our
resources, the recoverability of certain of the Company\u2019s assets or CGUs may be impacted in future periods. For example,
product development strategies may be affected by regulatory changes as well as changes in the expected costs of
implementing electrification, including the cost of batteries. As relevant circumstances change, the Company expects to
adjust its product plans which may result in changes to the expected use of certain of the Company\u2019s vehicle platforms and
propulsion systems.
These uncertainties may result in either impairments of, or reductions to the expected useful lives of, platforms and
propulsion systems, or both. Any change in recoverability would be accounted for at the time such change to the business
plan occurs. For the years ended December 31, 2023, 2022 and 2021, the impairment tests performed compared the carrying
amount of the assets included in the respective CGUs to their value-in-use. The value-in-use of the CGUs is determined using
a discounted cash flow methodology based on estimated pre-tax future cash flows attributable to the CGUs and a pre-tax
discount rate reflecting a current market assessment of the time value of money and the risks specific to the CGUs.
During the year ended December 31, 2023, impairment losses of \u20ac201\u00a0million were recognized, mainly related to
impairment of research and development assets in China and India & Asia Pacific, and to impairment of certain platform
assets in Enlarged Europe.
During the year ended December 31, 2022, impairment losses of \u20ac237\u00a0million were recognized, mainly related to
Enlarged Europe, primarily in Russia with \u20ac43\u00a0million related to inventories, \u20ac47\u00a0million related to tax assets and \u20ac47\u00a0million
related to other assets.
During the year ended December 31, 2021, impairment losses of \u20ac309\u00a0million were recognized, primarily in relation
to the impairment of certain vehicle platforms in the Enlarged Europe segment. These vehicle platforms were legacy
platforms on which there are a limited number of models. The impairments are generated mainly as a result of the projections
reflected in the MTP used to perform the impairment testing, in which these platforms had reduced volumes and profitability.
The impairment loss of \u20ac309\u00a0million mainly relate to Property, plant and equipment of \u20ac137\u00a0million and \u20ac151\u00a0million of
capitalized development expenditures.
Recoverability of Goodwill and Intangible assets with indefinite useful lives
In accordance with IAS 36 - Impairment of Assets, Goodwill and intangible assets with indefinite useful lives are not
amortized and are tested for impairment annually or more frequently if facts or circumstances indicate that the asset may be
impaired.
Goodwill and intangible assets with indefinite useful lives are allocated to operating segments or to CGUs within the
operating segments or other CGUs which represent the lowest level within the entity at which the goodwill is monitored for
internal management purposes. The impairment test is performed by comparing the carrying amount (which mainly
comprises property, plant and equipment, goodwill, brands, capitalized development expenditures, working capital and
reserves) and the recoverable amount of each CGU or group of CGUs to which Goodwill has been allocated. The recoverable
amount of a CGU is the higher of its fair value less costs of disposal and its value-in-use. The balance of Goodwill and
intangible assets with indefinite useful lives recognized by the Company primarily relate to the merger with FCA. Goodwill
from the merger with FCA is allocated to the North America, South America, Maserati, India and Asia Pacific and Enlarged
Europe operating segments. All other Goodwill balances relate primarily to Enlarged Europe, Other activities and to a lesser
extent China.
The MTP is used as a basis to perform the Company\u2019s annual impairment test for Goodwill and intangible assets
with indefinite useful lives.
\u2022 The estimate of the recoverable amount for purposes of performing the annual impairment test for each of the
operating segments is determined using value-in-use and was based on the following assumptions:
\u25e6 The expected future cash flows covering the period from October 1, 2023 through December 31, 2026.
These expected cash flows reflect the current expectations regarding economic conditions and market
trends as well as the Company\u2019s initiatives for the period covered by the projections. These cash flows
relate to the respective CGUs in their current condition when preparing the financial statements and exclude
the estimated cash flows that might arise from restructuring plans or other structural changes. Volumes and
sales mix used for estimating the future cash flow are based on assumptions that are considered reasonable
and sustainable and represent the best estimate of expected conditions regarding market trends and
segment, brand and model share for the respective operating segment over the period considered.
\u25e6 The expected future cash flows include a normalized terminal period to estimate the future result beyond
the time period explicitly considered which incorporated a long-term growth rate assumption of 2.0 percent
to 2.2 percent. The growth rate per region is determined by reference to the risk free rate and the rate of
inflation considered in the regional discount rate. The long-term AOI margins are set considering the
Company\u2019s long-term projections for each of the CGUs.
\u2022 The estimated future cash flows are discounted to their present value using a discount rate that reflects current
market assessments of the time value of money and the risks specific to the asset or CGU that are not reflected
in the estimated future cash flows.
\u2022 Pre-tax cash flows are discounted using a pre-tax discount rate which reflects the current market assessment of
the time value of money for the period being considered, and the risks specific to those cash flows under
consideration. The pre-tax Weighted Average Cost of Capital (\u201cWACC\u201d) discount rate applied ranged from
11.3 percent to 25.8 percent.
The values estimated as described above are determined to be in excess of the carrying amount for each operating
segment or other CGUs to which Goodwill is allocated. As such, no impairment charges were recognized for Goodwill and
Intangible assets with indefinite useful lives for the year ended December 31, 2023. No impairment charges were recognized
for Goodwill and Intangible assets with indefinite useful lives for the year ended December 31, 2021 and 2022.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-672": { "value": "
Financial assets and liabilities
Financial assets primarily includes trade receivables, receivables from financing activities, investments in other
companies, derivative financial instruments, cash and cash equivalents, and other financial securities that do not satisfy the
requirements for being classified as cash equivalents.
Financial liabilities primarily consists of debt, derivative financial instruments, trade payables and other liabilities.
Receivables from dealer financing activities are typically generated by sales of vehicles and are generally managed
under dealer network financing programs as a component of the portfolio of the Company's financial services companies.
These receivables are interest bearing with the exception of an initial, limited, non-interest bearing period. The contractual
terms governing the relationships with the dealer networks vary according to market and payment terms, which generally
range from two to twelve months.
In addition, the Company generates receivables from financing activities related to installment sales contracts and
promissory notes originated through its automobile dealer relationships or directly with consumers. The Company utilizes
warehouse credit facilities with financial institutions to fund originations. When sufficient volume is originated, the Company
will complete an on-balance sheet securitization and issue term notes, thereby freeing up capacity in the warehouse credit
facilities.
In our securitizations, we transfer loans to securitization trusts (\u201cTrusts\u201d), which issue one or more classes of asset-
backed securities. These asset-backed securities are then sold to investors. These Trusts are included in our consolidated
financial statements, but they are separate legal entities. The assets held by these Trusts are legally owned by them and are
not available to the Company\u2019s creditors or creditors of our other Trusts. When the securitized assets are transferred to a
Trust, we make certain representations and warranties regarding the securitized assets. These representations and warranties
relate to specific aspects of the securitized assets, such as origination, obligors, accuracy, and security interest, but not the
underlying performance of the securitized asset. If a breach were to occur related to one or more of these representations that
materially affects the noteholders\u2019 interest, we would be obligated to repurchase the securitized assets.
The transfers of assets in the Company\u2019s securitization transactions do not qualify for derecognition. The Company
accounts for all securitization transactions as if they were secured financing and therefore the assets, liabilities, and related
activity of these transactions are consolidated in the financial statements. As the securitized receivables amortize, finance
charge collections are passed through to the investors at a specified rate for the life of the securitization and an interest in
collections exceeding the specified rate is retained by the Company. The majority of these securitization transactions are
within Stellantis Financial Services U.S.
Classification and measurement
The classification of a financial asset is dependent on the Company\u2019s business model for managing such financial
assets and their contractual cash flows. The Company considers whether the contractual cash flows represent solely payments
of principal and interest that are consistent with a basic lending arrangement. Where the contractual terms introduce exposure
to risk or volatility that are inconsistent with a basic lending arrangement, the related financial assets are classified and
measured at fair value through profit or loss (\u201cFVPL\u201d).
Financial asset cash flow business model
Initial measurement(1)
Measurement category(3)
Solely to collect the contractual cash flows (Held to
Collect)
Fair Value including transaction costs
Amortized Cost(2)
Collect both the contractual cash flows and generate
cash flows arising from the sale of assets (Held to
Collect and Sell)
Fair Value including transaction costs
Fair value through other comprehensive
income (\u201cFVOCI\u201d)
Generate cash flows primarily from the sale of
assets (Held to Sell)
Fair Value
FVPL
______________________________________________________________________________________________________________________________
(1) Trade receivables without a significant financing component, as defined by IFRS 15, are initially measured at the transaction price
(2) Receivables with maturities of over one year, which bear no interest or have an interest rate significantly lower than market rates were discounted using market rates
(3) On initial recognition, the Company could irrevocably designate a financial asset at FVPL that otherwise met the requirements to be measured at amortized cost or at FVOCI
if doing so eliminated or significantly reduced an accounting mismatch that would otherwise arise
Factors considered by the Company in determining the business model for a group of financial assets include:
\u2022 past experience on how the cash flows for these assets were collected;
\u2022 the frequency, volume and timing of sales of financial assets in prior periods, the reasons for such sales and
future sales activity expectations;
\u2022 how the asset\u2019s performance is evaluated and reported to key management personnel; and
\u2022 how risks are assessed and managed and how management is compensated.
Financial assets are not reclassified subsequent to their initial recognition unless the Company changes its business
model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first
reporting period following the change in the business model.
Cash and cash equivalents included cash at banks, units in money market funds and other money market securities,
commercial paper and certificate of deposits that are readily convertible into cash, with original maturities of three months or
less at the date of purchase. Cash and cash equivalents are subject to an insignificant risk of changes in value and consist of
balances across various primary national and international banks and of money market instruments. Money market funds
consist of investments in high quality, short-term, diversified financial instruments that can generally be liquidated on
demand and are measured at FVPL. Cash at banks and Other cash equivalents are measured at amortized cost.
Investments in other companies are measured at fair value. Equity investments for which there is no quoted market
price in an active market and there is insufficient financial information in order to determine fair value may be measured at
cost as an estimate of fair value, as permitted by IFRS 9 - Financial Instruments (\u201cIFRS 9\u201d). The Company may irrevocably
elect to present subsequent changes in the investment\u2019s fair value in Other comprehensive income (\u201cOCI\u201d) upon the initial
recognition of an equity investment that is not held to sell. This election is made on an investment-by-investment basis.
Generally, any dividends from these investments are recognized in Other income from investments within Result from
investments when the Company\u2019s right to receive payment is established. Other net gains and losses are recognized in OCI
and will not be reclassified to the Consolidated Income Statement in subsequent periods. Impairment losses (and the reversal
of impairment losses) on equity investments measured at FVOCI are not reported separately from other changes in fair value
in OCI.
Impairment of financial assets
The Company\u2019s credit risk differs in relation to the type of activity. In particular, receivables from financing
activities, such as dealer and retail financing that are carried out through the Company\u2019s financial services companies, are
exposed both to the direct risk of default and the deterioration of the creditworthiness of the counterparty, whereas trade
receivables arising from the sale of vehicles and spare parts, are mostly exposed to the direct risk of counterparty default.
These risks are mitigated by different kinds of securities received and the fact that collection exposure is spread across a large
number of counterparties.
The IFRS 9 impairment requirements are based on a forward-looking expected credit loss (\u201cECL\u201d) model. ECL is a
probability-weighted estimate of the present value of cash shortfalls.
The calculation of the amount of ECL is based on the risk of default by the counterparty, which is determined by
taking into account the information available at the end of each reporting period as to the counterparty\u2019s solvency, the fair
value of any guarantees and the Company\u2019s historical experience. The Company considers a financial asset to be in default
when: (i) the borrower is unlikely to pay its obligations in full and without consideration of compensating guarantees or
collateral (if any exist); or (ii) the financial asset is more than 90 days past due.
The Company applies two impairment models for financial assets as set out in IFRS 9: the simplified approach and
the general approach. The table below indicates the impairment model used for each of the Company\u2019s financial asset
categories. Impairment losses on financial assets are recognized in the Consolidated Income Statement within the
corresponding line items, based on the classification of the counterparty.
Financial asset
IFRS 9 impairment model
Trade receivables
Simplified approach
Receivables from financing activities
General approach
Other receivables
General approach
In order to test for impairment, individually significant receivables and receivables for which collectability is at risk
are assessed individually, while all other receivables are grouped into homogeneous risk categories based on shared risk
characteristics such as instrument type, industry or geographical location of the counterparty.
The simplified approach for determining the lifetime ECL allowance is performed in two steps:
\u2022 All trade receivables that are in default, as defined above, are individually assessed for impairment; and
\u2022 A general reserve is recognized for all other trade receivables (including those not past due) based on historical
loss rates.
The Company applies the general approach as determined by IFRS 9 by assessing at each reporting date whether
there has been a significant increase in credit risk on the financial instrument since initial recognition. The Company
considers receivables to have experienced a significant increase in credit risk when certain quantitative or qualitative
indicators have been met or the borrower was more than 30 days past due on its contractual payments.
The \u201cthree-stages\u201d for determining and measuring the impairment based on changes in credit quality since initial
recognition are summarized below:
Stage
Description
Time period for
measurement of ECL
Stage 1
A financial instrument that is not credit-impaired on initial recognition
12-month ECL
Stage 2
A financial instrument with a significant increase in credit risk since initial
recognition
Lifetime ECL
Stage 3
A financial instrument that is credit-impaired or has defaulted
Lifetime ECL
Considering forward-looking economic information, ECL is determined by projecting the probability of default,
exposure at default and loss given default for each future contractual period and for each individual exposure or collective
portfolio. The discount rate used in the ECL calculation is the stated effective interest rate or an approximation thereof. Each
reporting period, the assumptions underlying the ECL calculation are reviewed and updated as necessary. Since adoption,
there have been no significant changes in estimation techniques or significant assumptions that led to material changes in the
ECL allowance.
The gross carrying amount of a financial asset is written-off to the extent that there is no realistic prospect of
recovery. This is generally the case when the Company determined that a debtor does not have assets or sources of income
that could generate sufficient cash flows to repay the amounts subject to the write-off. However, financial assets that are
written off could still be subject to enforcement activities.
Derivative financial instruments
Derivative financial instruments are used for economic hedging purposes in order to reduce currency, interest rate
and market price risks (primarily related to commodities). In accordance with IFRS 9, derivative financial instruments are
recognized when we become a party to the contractual provisions of the instrument and, upon initial recognition, are
measured at fair value. Subsequent to initial recognition, all derivative financial instruments are measured at fair value.
Furthermore, derivative financial instruments qualify for hedge accounting when (i) there is formal designation and
documentation of the hedging relationship and the Company\u2019s risk management objective and strategy for undertaking the
hedge at inception of the hedge and (ii) the hedge is expected to be effective. If the hedging relationship ceases to meet the
hedge effectiveness requirement relating to the hedge ratio but the risk management objective for that designated hedging
relationship remains the same, this ratio must then be rebalanced. Rebalancing consists in adjusting either the designated
quantities of the hedged item or the hedging instrument of an already existing hedging relationship.
When derivative financial instruments qualify for hedge accounting, the following accounting treatments apply:
\u2022 Fair value hedges - where a derivative financial instrument is designated as a hedge of the exposure to changes
in fair value of a recognized asset or liability attributable to a particular risk that could affect the Consolidated
Income Statement, the gain or loss from remeasuring the hedging instrument at fair value is recognized in the
Consolidated Income Statement. The gain or loss on the hedged item attributable to the hedged risk adjusts the
carrying amount of the hedged item and is recognized in the Consolidated Income Statement.
\u2022 Cash flow hedges - where a derivative financial instrument is designated as a hedge of the exposure to
variability in future cash flows of a recognized asset or liability or a highly probable forecasted transaction and
could affect the Consolidated Income Statement, the effective portion of any gain or loss on the derivative
financial instrument is recognized directly in Other comprehensive income/(loss). When the hedged forecasted
transaction results in the recognition of a non-financial asset, the gains and losses previously deferred in Other
comprehensive income/(loss) are reclassified and included in the initial measurement of the cost of the non-
financial asset. The effective portion of any gain or loss is recognized in the Consolidated Income Statement at
the same time as the economic effect arising from the hedged item that affects the Consolidated Income
Statement. The gain or loss associated with a hedge or part of a hedge that has become ineffective is recognized
in the Consolidated Income Statement immediately.
When a hedging instrument or hedge relationship is terminated but the hedged transaction is still expected to
occur, the cumulative gain or loss realized to the point of termination remains and is recognized in the
Consolidated Income Statement at the same time as the underlying transaction occurred. If the hedged
transaction is no longer probable, the cumulative unrealized gain or loss held in Other comprehensive income/
(loss) is recognized in the Consolidated Income Statement immediately.
\u2022 Hedges of a net investment - if a derivative financial instrument is designated as a hedging instrument for a net
investment in a foreign operation, the effective portion of the gain or loss on the derivative financial instrument
is recognized in Other comprehensive income/(loss). The cumulative gain or loss is reclassified from Other
comprehensive income/(loss) to the Consolidated Income Statement upon disposal of the foreign operation.
Hedge effectiveness is determined at the inception of the hedge relationship and through periodic prospective
effectiveness assessments to ensure the hedge relationships meet the effectiveness requirements (including the existence of an
economic relationship between\u00a0the hedged item and hedging instrument). The Company enters into hedge relationships where
the critical terms of the hedging instrument match closely or exactly with the terms of the hedged item, and so a qualitative
assessment of effectiveness is performed. In the event there was a hedge relationship where the critical terms of the hedged
item do not match closely or perfectly with the critical terms of the hedging instrument, the Company would perform a
quantitative assessment to assess effectiveness.
Ineffectiveness is measured by comparing the cumulative changes in fair value of the hedging instrument and
cumulative change in fair value of the hedged item arising from the designated risk. The primary potential sources of hedge
ineffectiveness are mismatches in timing or the critical terms of the hedged item and the hedging instrument.
The hedge ratio is the relationship between the quantity of the derivative and the hedged item. The Company\u2019s
derivatives have the same underlying quantity as the hedged items, therefore the hedge ratio is expected to be one for one.
If hedge accounting cannot be applied, the gains or losses from the fair value measurement of derivative financial
instruments are recognized immediately in the Consolidated Income Statement.
Refer to Note 17, Derivative financial and operating assets and liabilities, for additional information on fair value
measurements.
Transfers of financial assets
The Company derecognizes financial assets when the contractual rights to the cash flows arising from the asset are
no longer held or if it transfers substantially all the risks and rewards of ownership of the financial asset. On derecognition of
financial assets, the difference between the carrying amount of the asset and the consideration received or receivable for the
transfer of the asset is recognized in the Consolidated Income Statement.
The Company transfers certain of its financial, trade and tax receivables, mainly through factoring transactions.
Factoring transactions may be either with recourse or without recourse. Certain transfers include deferred payment clauses
requiring first loss cover (for example, when the payment by the factor of a minor part of the purchase price is dependent on
the total amount collected from the receivables), whereby the transferor has priority participation in the losses, or requires a
significant exposure to the variability of cash flows arising from the transferred receivables to be retained. These types of
transactions do not meet the requirements of IFRS 9 for the derecognition of the assets since the risks and rewards connected
with ownership of the financial asset are not substantially transferred, and accordingly the Company continues to recognize
these receivables within the Consolidated Statement of Financial Position and recognizes a financial liability for the same
amount under Asset-backed financing, which is included within Debt. These types of receivables are classified as held-to-
collect, since the business model is consistent with the Company\u2019s continuing recognition of the receivables.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-671": { "value": "
Financial assets and liabilities
Financial assets primarily includes trade receivables, receivables from financing activities, investments in other
companies, derivative financial instruments, cash and cash equivalents, and other financial securities that do not satisfy the
requirements for being classified as cash equivalents.
Financial liabilities primarily consists of debt, derivative financial instruments, trade payables and other liabilities.
Receivables from dealer financing activities are typically generated by sales of vehicles and are generally managed
under dealer network financing programs as a component of the portfolio of the Company's financial services companies.
These receivables are interest bearing with the exception of an initial, limited, non-interest bearing period. The contractual
terms governing the relationships with the dealer networks vary according to market and payment terms, which generally
range from two to twelve months.
In addition, the Company generates receivables from financing activities related to installment sales contracts and
promissory notes originated through its automobile dealer relationships or directly with consumers. The Company utilizes
warehouse credit facilities with financial institutions to fund originations. When sufficient volume is originated, the Company
will complete an on-balance sheet securitization and issue term notes, thereby freeing up capacity in the warehouse credit
facilities.
In our securitizations, we transfer loans to securitization trusts (\u201cTrusts\u201d), which issue one or more classes of asset-
backed securities. These asset-backed securities are then sold to investors. These Trusts are included in our consolidated
financial statements, but they are separate legal entities. The assets held by these Trusts are legally owned by them and are
not available to the Company\u2019s creditors or creditors of our other Trusts. When the securitized assets are transferred to a
Trust, we make certain representations and warranties regarding the securitized assets. These representations and warranties
relate to specific aspects of the securitized assets, such as origination, obligors, accuracy, and security interest, but not the
underlying performance of the securitized asset. If a breach were to occur related to one or more of these representations that
materially affects the noteholders\u2019 interest, we would be obligated to repurchase the securitized assets.
The transfers of assets in the Company\u2019s securitization transactions do not qualify for derecognition. The Company
accounts for all securitization transactions as if they were secured financing and therefore the assets, liabilities, and related
activity of these transactions are consolidated in the financial statements. As the securitized receivables amortize, finance
charge collections are passed through to the investors at a specified rate for the life of the securitization and an interest in
collections exceeding the specified rate is retained by the Company. The majority of these securitization transactions are
within Stellantis Financial Services U.S.
Classification and measurement
The classification of a financial asset is dependent on the Company\u2019s business model for managing such financial
assets and their contractual cash flows. The Company considers whether the contractual cash flows represent solely payments
of principal and interest that are consistent with a basic lending arrangement. Where the contractual terms introduce exposure
to risk or volatility that are inconsistent with a basic lending arrangement, the related financial assets are classified and
measured at fair value through profit or loss (\u201cFVPL\u201d).
Financial asset cash flow business model
Initial measurement(1)
Measurement category(3)
Solely to collect the contractual cash flows (Held to
Collect)
Fair Value including transaction costs
Amortized Cost(2)
Collect both the contractual cash flows and generate
cash flows arising from the sale of assets (Held to
Collect and Sell)
Fair Value including transaction costs
Fair value through other comprehensive
income (\u201cFVOCI\u201d)
Generate cash flows primarily from the sale of
assets (Held to Sell)
Fair Value
FVPL
______________________________________________________________________________________________________________________________
(1) Trade receivables without a significant financing component, as defined by IFRS 15, are initially measured at the transaction price
(2) Receivables with maturities of over one year, which bear no interest or have an interest rate significantly lower than market rates were discounted using market rates
(3) On initial recognition, the Company could irrevocably designate a financial asset at FVPL that otherwise met the requirements to be measured at amortized cost or at FVOCI
if doing so eliminated or significantly reduced an accounting mismatch that would otherwise arise
Factors considered by the Company in determining the business model for a group of financial assets include:
\u2022 past experience on how the cash flows for these assets were collected;
\u2022 the frequency, volume and timing of sales of financial assets in prior periods, the reasons for such sales and
future sales activity expectations;
\u2022 how the asset\u2019s performance is evaluated and reported to key management personnel; and
\u2022 how risks are assessed and managed and how management is compensated.
Financial assets are not reclassified subsequent to their initial recognition unless the Company changes its business
model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first
reporting period following the change in the business model.
Cash and cash equivalents included cash at banks, units in money market funds and other money market securities,
commercial paper and certificate of deposits that are readily convertible into cash, with original maturities of three months or
less at the date of purchase. Cash and cash equivalents are subject to an insignificant risk of changes in value and consist of
balances across various primary national and international banks and of money market instruments. Money market funds
consist of investments in high quality, short-term, diversified financial instruments that can generally be liquidated on
demand and are measured at FVPL. Cash at banks and Other cash equivalents are measured at amortized cost.
Investments in other companies are measured at fair value. Equity investments for which there is no quoted market
price in an active market and there is insufficient financial information in order to determine fair value may be measured at
cost as an estimate of fair value, as permitted by IFRS 9 - Financial Instruments (\u201cIFRS 9\u201d). The Company may irrevocably
elect to present subsequent changes in the investment\u2019s fair value in Other comprehensive income (\u201cOCI\u201d) upon the initial
recognition of an equity investment that is not held to sell. This election is made on an investment-by-investment basis.
Generally, any dividends from these investments are recognized in Other income from investments within Result from
investments when the Company\u2019s right to receive payment is established. Other net gains and losses are recognized in OCI
and will not be reclassified to the Consolidated Income Statement in subsequent periods. Impairment losses (and the reversal
of impairment losses) on equity investments measured at FVOCI are not reported separately from other changes in fair value
in OCI.
Impairment of financial assets
The Company\u2019s credit risk differs in relation to the type of activity. In particular, receivables from financing
activities, such as dealer and retail financing that are carried out through the Company\u2019s financial services companies, are
exposed both to the direct risk of default and the deterioration of the creditworthiness of the counterparty, whereas trade
receivables arising from the sale of vehicles and spare parts, are mostly exposed to the direct risk of counterparty default.
These risks are mitigated by different kinds of securities received and the fact that collection exposure is spread across a large
number of counterparties.
The IFRS 9 impairment requirements are based on a forward-looking expected credit loss (\u201cECL\u201d) model. ECL is a
probability-weighted estimate of the present value of cash shortfalls.
The calculation of the amount of ECL is based on the risk of default by the counterparty, which is determined by
taking into account the information available at the end of each reporting period as to the counterparty\u2019s solvency, the fair
value of any guarantees and the Company\u2019s historical experience. The Company considers a financial asset to be in default
when: (i) the borrower is unlikely to pay its obligations in full and without consideration of compensating guarantees or
collateral (if any exist); or (ii) the financial asset is more than 90 days past due.
The Company applies two impairment models for financial assets as set out in IFRS 9: the simplified approach and
the general approach. The table below indicates the impairment model used for each of the Company\u2019s financial asset
categories. Impairment losses on financial assets are recognized in the Consolidated Income Statement within the
corresponding line items, based on the classification of the counterparty.
Financial asset
IFRS 9 impairment model
Trade receivables
Simplified approach
Receivables from financing activities
General approach
Other receivables
General approach
In order to test for impairment, individually significant receivables and receivables for which collectability is at risk
are assessed individually, while all other receivables are grouped into homogeneous risk categories based on shared risk
characteristics such as instrument type, industry or geographical location of the counterparty.
The simplified approach for determining the lifetime ECL allowance is performed in two steps:
\u2022 All trade receivables that are in default, as defined above, are individually assessed for impairment; and
\u2022 A general reserve is recognized for all other trade receivables (including those not past due) based on historical
loss rates.
The Company applies the general approach as determined by IFRS 9 by assessing at each reporting date whether
there has been a significant increase in credit risk on the financial instrument since initial recognition. The Company
considers receivables to have experienced a significant increase in credit risk when certain quantitative or qualitative
indicators have been met or the borrower was more than 30 days past due on its contractual payments.
The \u201cthree-stages\u201d for determining and measuring the impairment based on changes in credit quality since initial
recognition are summarized below:
Stage
Description
Time period for
measurement of ECL
Stage 1
A financial instrument that is not credit-impaired on initial recognition
12-month ECL
Stage 2
A financial instrument with a significant increase in credit risk since initial
recognition
Lifetime ECL
Stage 3
A financial instrument that is credit-impaired or has defaulted
Lifetime ECL
Considering forward-looking economic information, ECL is determined by projecting the probability of default,
exposure at default and loss given default for each future contractual period and for each individual exposure or collective
portfolio. The discount rate used in the ECL calculation is the stated effective interest rate or an approximation thereof. Each
reporting period, the assumptions underlying the ECL calculation are reviewed and updated as necessary. Since adoption,
there have been no significant changes in estimation techniques or significant assumptions that led to material changes in the
ECL allowance.
The gross carrying amount of a financial asset is written-off to the extent that there is no realistic prospect of
recovery. This is generally the case when the Company determined that a debtor does not have assets or sources of income
that could generate sufficient cash flows to repay the amounts subject to the write-off. However, financial assets that are
written off could still be subject to enforcement activities.
Derivative financial instruments
Derivative financial instruments are used for economic hedging purposes in order to reduce currency, interest rate
and market price risks (primarily related to commodities). In accordance with IFRS 9, derivative financial instruments are
recognized when we become a party to the contractual provisions of the instrument and, upon initial recognition, are
measured at fair value. Subsequent to initial recognition, all derivative financial instruments are measured at fair value.
Furthermore, derivative financial instruments qualify for hedge accounting when (i) there is formal designation and
documentation of the hedging relationship and the Company\u2019s risk management objective and strategy for undertaking the
hedge at inception of the hedge and (ii) the hedge is expected to be effective. If the hedging relationship ceases to meet the
hedge effectiveness requirement relating to the hedge ratio but the risk management objective for that designated hedging
relationship remains the same, this ratio must then be rebalanced. Rebalancing consists in adjusting either the designated
quantities of the hedged item or the hedging instrument of an already existing hedging relationship.
When derivative financial instruments qualify for hedge accounting, the following accounting treatments apply:
\u2022 Fair value hedges - where a derivative financial instrument is designated as a hedge of the exposure to changes
in fair value of a recognized asset or liability attributable to a particular risk that could affect the Consolidated
Income Statement, the gain or loss from remeasuring the hedging instrument at fair value is recognized in the
Consolidated Income Statement. The gain or loss on the hedged item attributable to the hedged risk adjusts the
carrying amount of the hedged item and is recognized in the Consolidated Income Statement.
\u2022 Cash flow hedges - where a derivative financial instrument is designated as a hedge of the exposure to
variability in future cash flows of a recognized asset or liability or a highly probable forecasted transaction and
could affect the Consolidated Income Statement, the effective portion of any gain or loss on the derivative
financial instrument is recognized directly in Other comprehensive income/(loss). When the hedged forecasted
transaction results in the recognition of a non-financial asset, the gains and losses previously deferred in Other
comprehensive income/(loss) are reclassified and included in the initial measurement of the cost of the non-
financial asset. The effective portion of any gain or loss is recognized in the Consolidated Income Statement at
the same time as the economic effect arising from the hedged item that affects the Consolidated Income
Statement. The gain or loss associated with a hedge or part of a hedge that has become ineffective is recognized
in the Consolidated Income Statement immediately.
When a hedging instrument or hedge relationship is terminated but the hedged transaction is still expected to
occur, the cumulative gain or loss realized to the point of termination remains and is recognized in the
Consolidated Income Statement at the same time as the underlying transaction occurred. If the hedged
transaction is no longer probable, the cumulative unrealized gain or loss held in Other comprehensive income/
(loss) is recognized in the Consolidated Income Statement immediately.
\u2022 Hedges of a net investment - if a derivative financial instrument is designated as a hedging instrument for a net
investment in a foreign operation, the effective portion of the gain or loss on the derivative financial instrument
is recognized in Other comprehensive income/(loss). The cumulative gain or loss is reclassified from Other
comprehensive income/(loss) to the Consolidated Income Statement upon disposal of the foreign operation.
Hedge effectiveness is determined at the inception of the hedge relationship and through periodic prospective
effectiveness assessments to ensure the hedge relationships meet the effectiveness requirements (including the existence of an
economic relationship between\u00a0the hedged item and hedging instrument). The Company enters into hedge relationships where
the critical terms of the hedging instrument match closely or exactly with the terms of the hedged item, and so a qualitative
assessment of effectiveness is performed. In the event there was a hedge relationship where the critical terms of the hedged
item do not match closely or perfectly with the critical terms of the hedging instrument, the Company would perform a
quantitative assessment to assess effectiveness.
Ineffectiveness is measured by comparing the cumulative changes in fair value of the hedging instrument and
cumulative change in fair value of the hedged item arising from the designated risk. The primary potential sources of hedge
ineffectiveness are mismatches in timing or the critical terms of the hedged item and the hedging instrument.
The hedge ratio is the relationship between the quantity of the derivative and the hedged item. The Company\u2019s
derivatives have the same underlying quantity as the hedged items, therefore the hedge ratio is expected to be one for one.
If hedge accounting cannot be applied, the gains or losses from the fair value measurement of derivative financial
instruments are recognized immediately in the Consolidated Income Statement.
Refer to Note 17, Derivative financial and operating assets and liabilities, for additional information on fair value
measurements.
Transfers of financial assets
The Company derecognizes financial assets when the contractual rights to the cash flows arising from the asset are
no longer held or if it transfers substantially all the risks and rewards of ownership of the financial asset. On derecognition of
financial assets, the difference between the carrying amount of the asset and the consideration received or receivable for the
transfer of the asset is recognized in the Consolidated Income Statement.
The Company transfers certain of its financial, trade and tax receivables, mainly through factoring transactions.
Factoring transactions may be either with recourse or without recourse. Certain transfers include deferred payment clauses
requiring first loss cover (for example, when the payment by the factor of a minor part of the purchase price is dependent on
the total amount collected from the receivables), whereby the transferor has priority participation in the losses, or requires a
significant exposure to the variability of cash flows arising from the transferred receivables to be retained. These types of
transactions do not meet the requirements of IFRS 9 for the derecognition of the assets since the risks and rewards connected
with ownership of the financial asset are not substantially transferred, and accordingly the Company continues to recognize
these receivables within the Consolidated Statement of Financial Position and recognizes a financial liability for the same
amount under Asset-backed financing, which is included within Debt. These types of receivables are classified as held-to-
collect, since the business model is consistent with the Company\u2019s continuing recognition of the receivables.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-675": { "value": "
Financial assets and liabilities
Classification and measurement
The classification of a financial asset is dependent on the Company\u2019s business model for managing such financial
assets and their contractual cash flows. The Company considers whether the contractual cash flows represent solely payments
of principal and interest that are consistent with a basic lending arrangement. Where the contractual terms introduce exposure
to risk or volatility that are inconsistent with a basic lending arrangement, the related financial assets are classified and
measured at fair value through profit or loss (\u201cFVPL\u201d).
Financial asset cash flow business model
Initial measurement(1)
Measurement category(3)
Solely to collect the contractual cash flows (Held to
Collect)
Fair Value including transaction costs
Amortized Cost(2)
Collect both the contractual cash flows and generate
cash flows arising from the sale of assets (Held to
Collect and Sell)
Fair Value including transaction costs
Fair value through other comprehensive
income (\u201cFVOCI\u201d)
Generate cash flows primarily from the sale of
assets (Held to Sell)
Fair Value
FVPL
______________________________________________________________________________________________________________________________
(1) Trade receivables without a significant financing component, as defined by IFRS 15, are initially measured at the transaction price
(2) Receivables with maturities of over one year, which bear no interest or have an interest rate significantly lower than market rates were discounted using market rates
(3) On initial recognition, the Company could irrevocably designate a financial asset at FVPL that otherwise met the requirements to be measured at amortized cost or at FVOCI
if doing so eliminated or significantly reduced an accounting mismatch that would otherwise arise
Factors considered by the Company in determining the business model for a group of financial assets include:
\u2022 past experience on how the cash flows for these assets were collected;
\u2022 the frequency, volume and timing of sales of financial assets in prior periods, the reasons for such sales and
future sales activity expectations;
\u2022 how the asset\u2019s performance is evaluated and reported to key management personnel; and
\u2022 how risks are assessed and managed and how management is compensated.
Financial assets are not reclassified subsequent to their initial recognition unless the Company changes its business
model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first
reporting period following the change in the business model.
Cash and cash equivalents included cash at banks, units in money market funds and other money market securities,
commercial paper and certificate of deposits that are readily convertible into cash, with original maturities of three months or
less at the date of purchase. Cash and cash equivalents are subject to an insignificant risk of changes in value and consist of
balances across various primary national and international banks and of money market instruments. Money market funds
consist of investments in high quality, short-term, diversified financial instruments that can generally be liquidated on
demand and are measured at FVPL. Cash at banks and Other cash equivalents are measured at amortized cost.
Derivative financial instruments
Derivative financial instruments are used for economic hedging purposes in order to reduce currency, interest rate
and market price risks (primarily related to commodities). In accordance with IFRS 9, derivative financial instruments are
recognized when we become a party to the contractual provisions of the instrument and, upon initial recognition, are
measured at fair value. Subsequent to initial recognition, all derivative financial instruments are measured at fair value.
Furthermore, derivative financial instruments qualify for hedge accounting when (i) there is formal designation and
documentation of the hedging relationship and the Company\u2019s risk management objective and strategy for undertaking the
hedge at inception of the hedge and (ii) the hedge is expected to be effective. If the hedging relationship ceases to meet the
hedge effectiveness requirement relating to the hedge ratio but the risk management objective for that designated hedging
relationship remains the same, this ratio must then be rebalanced. Rebalancing consists in adjusting either the designated
quantities of the hedged item or the hedging instrument of an already existing hedging relationship.
When derivative financial instruments qualify for hedge accounting, the following accounting treatments apply:
\u2022 Fair value hedges - where a derivative financial instrument is designated as a hedge of the exposure to changes
in fair value of a recognized asset or liability attributable to a particular risk that could affect the Consolidated
Income Statement, the gain or loss from remeasuring the hedging instrument at fair value is recognized in the
Consolidated Income Statement. The gain or loss on the hedged item attributable to the hedged risk adjusts the
carrying amount of the hedged item and is recognized in the Consolidated Income Statement.
\u2022 Cash flow hedges - where a derivative financial instrument is designated as a hedge of the exposure to
variability in future cash flows of a recognized asset or liability or a highly probable forecasted transaction and
could affect the Consolidated Income Statement, the effective portion of any gain or loss on the derivative
financial instrument is recognized directly in Other comprehensive income/(loss). When the hedged forecasted
transaction results in the recognition of a non-financial asset, the gains and losses previously deferred in Other
comprehensive income/(loss) are reclassified and included in the initial measurement of the cost of the non-
financial asset. The effective portion of any gain or loss is recognized in the Consolidated Income Statement at
the same time as the economic effect arising from the hedged item that affects the Consolidated Income
Statement. The gain or loss associated with a hedge or part of a hedge that has become ineffective is recognized
in the Consolidated Income Statement immediately.
When a hedging instrument or hedge relationship is terminated but the hedged transaction is still expected to
occur, the cumulative gain or loss realized to the point of termination remains and is recognized in the
Consolidated Income Statement at the same time as the underlying transaction occurred. If the hedged
transaction is no longer probable, the cumulative unrealized gain or loss held in Other comprehensive income/
(loss) is recognized in the Consolidated Income Statement immediately.
\u2022 Hedges of a net investment - if a derivative financial instrument is designated as a hedging instrument for a net
investment in a foreign operation, the effective portion of the gain or loss on the derivative financial instrument
is recognized in Other comprehensive income/(loss). The cumulative gain or loss is reclassified from Other
comprehensive income/(loss) to the Consolidated Income Statement upon disposal of the foreign operation.
Hedge effectiveness is determined at the inception of the hedge relationship and through periodic prospective
effectiveness assessments to ensure the hedge relationships meet the effectiveness requirements (including the existence of an
economic relationship between\u00a0the hedged item and hedging instrument). The Company enters into hedge relationships where
the critical terms of the hedging instrument match closely or exactly with the terms of the hedged item, and so a qualitative
assessment of effectiveness is performed. In the event there was a hedge relationship where the critical terms of the hedged
item do not match closely or perfectly with the critical terms of the hedging instrument, the Company would perform a
quantitative assessment to assess effectiveness.
Ineffectiveness is measured by comparing the cumulative changes in fair value of the hedging instrument and
cumulative change in fair value of the hedged item arising from the designated risk. The primary potential sources of hedge
ineffectiveness are mismatches in timing or the critical terms of the hedged item and the hedging instrument.
The hedge ratio is the relationship between the quantity of the derivative and the hedged item. The Company\u2019s
derivatives have the same underlying quantity as the hedged items, therefore the hedge ratio is expected to be one for one.
If hedge accounting cannot be applied, the gains or losses from the fair value measurement of derivative financial
instruments are recognized immediately in the Consolidated Income Statement.
Refer to Note 17, Derivative financial and operating assets and liabilities, for additional information on fair value
measurements.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-674": { "value": "
Financial assets and liabilities
Cash and cash equivalents included cash at banks, units in money market funds and other money market securities,
commercial paper and certificate of deposits that are readily convertible into cash, with original maturities of three months or
less at the date of purchase. Cash and cash equivalents are subject to an insignificant risk of changes in value and consist of
balances across various primary national and international banks and of money market instruments. Money market funds
consist of investments in high quality, short-term, diversified financial instruments that can generally be liquidated on
demand and are measured at FVPL. Cash at banks and Other cash equivalents are measured at amortized cost.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-673": { "value": "
Financial assets and liabilities
Investments in other companies are measured at fair value. Equity investments for which there is no quoted market
price in an active market and there is insufficient financial information in order to determine fair value may be measured at
cost as an estimate of fair value, as permitted by IFRS 9 - Financial Instruments (\u201cIFRS 9\u201d). The Company may irrevocably
elect to present subsequent changes in the investment\u2019s fair value in Other comprehensive income (\u201cOCI\u201d) upon the initial
recognition of an equity investment that is not held to sell. This election is made on an investment-by-investment basis.
Generally, any dividends from these investments are recognized in Other income from investments within Result from
investments when the Company\u2019s right to receive payment is established. Other net gains and losses are recognized in OCI
and will not be reclassified to the Consolidated Income Statement in subsequent periods. Impairment losses (and the reversal
of impairment losses) on equity investments measured at FVOCI are not reported separately from other changes in fair value
in OCI.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-676": { "value": "
Impairment of financial assets
The Company\u2019s credit risk differs in relation to the type of activity. In particular, receivables from financing
activities, such as dealer and retail financing that are carried out through the Company\u2019s financial services companies, are
exposed both to the direct risk of default and the deterioration of the creditworthiness of the counterparty, whereas trade
receivables arising from the sale of vehicles and spare parts, are mostly exposed to the direct risk of counterparty default.
These risks are mitigated by different kinds of securities received and the fact that collection exposure is spread across a large
number of counterparties.
The IFRS 9 impairment requirements are based on a forward-looking expected credit loss (\u201cECL\u201d) model. ECL is a
probability-weighted estimate of the present value of cash shortfalls.
The calculation of the amount of ECL is based on the risk of default by the counterparty, which is determined by
taking into account the information available at the end of each reporting period as to the counterparty\u2019s solvency, the fair
value of any guarantees and the Company\u2019s historical experience. The Company considers a financial asset to be in default
when: (i) the borrower is unlikely to pay its obligations in full and without consideration of compensating guarantees or
collateral (if any exist); or (ii) the financial asset is more than 90 days past due.
The Company applies two impairment models for financial assets as set out in IFRS 9: the simplified approach and
the general approach. The table below indicates the impairment model used for each of the Company\u2019s financial asset
categories. Impairment losses on financial assets are recognized in the Consolidated Income Statement within the
corresponding line items, based on the classification of the counterparty.
Financial asset
IFRS 9 impairment model
Trade receivables
Simplified approach
Receivables from financing activities
General approach
Other receivables
General approach
In order to test for impairment, individually significant receivables and receivables for which collectability is at risk
are assessed individually, while all other receivables are grouped into homogeneous risk categories based on shared risk
characteristics such as instrument type, industry or geographical location of the counterparty.
The simplified approach for determining the lifetime ECL allowance is performed in two steps:
\u2022 All trade receivables that are in default, as defined above, are individually assessed for impairment; and
\u2022 A general reserve is recognized for all other trade receivables (including those not past due) based on historical
loss rates.
The Company applies the general approach as determined by IFRS 9 by assessing at each reporting date whether
there has been a significant increase in credit risk on the financial instrument since initial recognition. The Company
considers receivables to have experienced a significant increase in credit risk when certain quantitative or qualitative
indicators have been met or the borrower was more than 30 days past due on its contractual payments.
The \u201cthree-stages\u201d for determining and measuring the impairment based on changes in credit quality since initial
recognition are summarized below:
Stage
Description
Time period for
measurement of ECL
Stage 1
A financial instrument that is not credit-impaired on initial recognition
12-month ECL
Stage 2
A financial instrument with a significant increase in credit risk since initial
recognition
Lifetime ECL
Stage 3
A financial instrument that is credit-impaired or has defaulted
Lifetime ECL
Considering forward-looking economic information, ECL is determined by projecting the probability of default,
exposure at default and loss given default for each future contractual period and for each individual exposure or collective
portfolio. The discount rate used in the ECL calculation is the stated effective interest rate or an approximation thereof. Each
reporting period, the assumptions underlying the ECL calculation are reviewed and updated as necessary. Since adoption,
there have been no significant changes in estimation techniques or significant assumptions that led to material changes in the
ECL allowance.
The gross carrying amount of a financial asset is written-off to the extent that there is no realistic prospect of
recovery. This is generally the case when the Company determined that a debtor does not have assets or sources of income
that could generate sufficient cash flows to repay the amounts subject to the write-off. However, financial assets that are
written off could still be subject to enforcement activities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-679": { "value": "
Derivative financial instruments
Derivative financial instruments are used for economic hedging purposes in order to reduce currency, interest rate
and market price risks (primarily related to commodities). In accordance with IFRS 9, derivative financial instruments are
recognized when we become a party to the contractual provisions of the instrument and, upon initial recognition, are
measured at fair value. Subsequent to initial recognition, all derivative financial instruments are measured at fair value.
Furthermore, derivative financial instruments qualify for hedge accounting when (i) there is formal designation and
documentation of the hedging relationship and the Company\u2019s risk management objective and strategy for undertaking the
hedge at inception of the hedge and (ii) the hedge is expected to be effective. If the hedging relationship ceases to meet the
hedge effectiveness requirement relating to the hedge ratio but the risk management objective for that designated hedging
relationship remains the same, this ratio must then be rebalanced. Rebalancing consists in adjusting either the designated
quantities of the hedged item or the hedging instrument of an already existing hedging relationship.
When derivative financial instruments qualify for hedge accounting, the following accounting treatments apply:
\u2022 Fair value hedges - where a derivative financial instrument is designated as a hedge of the exposure to changes
in fair value of a recognized asset or liability attributable to a particular risk that could affect the Consolidated
Income Statement, the gain or loss from remeasuring the hedging instrument at fair value is recognized in the
Consolidated Income Statement. The gain or loss on the hedged item attributable to the hedged risk adjusts the
carrying amount of the hedged item and is recognized in the Consolidated Income Statement.
\u2022 Cash flow hedges - where a derivative financial instrument is designated as a hedge of the exposure to
variability in future cash flows of a recognized asset or liability or a highly probable forecasted transaction and
could affect the Consolidated Income Statement, the effective portion of any gain or loss on the derivative
financial instrument is recognized directly in Other comprehensive income/(loss). When the hedged forecasted
transaction results in the recognition of a non-financial asset, the gains and losses previously deferred in Other
comprehensive income/(loss) are reclassified and included in the initial measurement of the cost of the non-
financial asset. The effective portion of any gain or loss is recognized in the Consolidated Income Statement at
the same time as the economic effect arising from the hedged item that affects the Consolidated Income
Statement. The gain or loss associated with a hedge or part of a hedge that has become ineffective is recognized
in the Consolidated Income Statement immediately.
When a hedging instrument or hedge relationship is terminated but the hedged transaction is still expected to
occur, the cumulative gain or loss realized to the point of termination remains and is recognized in the
Consolidated Income Statement at the same time as the underlying transaction occurred. If the hedged
transaction is no longer probable, the cumulative unrealized gain or loss held in Other comprehensive income/
(loss) is recognized in the Consolidated Income Statement immediately.
\u2022 Hedges of a net investment - if a derivative financial instrument is designated as a hedging instrument for a net
investment in a foreign operation, the effective portion of the gain or loss on the derivative financial instrument
is recognized in Other comprehensive income/(loss). The cumulative gain or loss is reclassified from Other
comprehensive income/(loss) to the Consolidated Income Statement upon disposal of the foreign operation.
Hedge effectiveness is determined at the inception of the hedge relationship and through periodic prospective
effectiveness assessments to ensure the hedge relationships meet the effectiveness requirements (including the existence of an
economic relationship between\u00a0the hedged item and hedging instrument). The Company enters into hedge relationships where
the critical terms of the hedging instrument match closely or exactly with the terms of the hedged item, and so a qualitative
assessment of effectiveness is performed. In the event there was a hedge relationship where the critical terms of the hedged
item do not match closely or perfectly with the critical terms of the hedging instrument, the Company would perform a
quantitative assessment to assess effectiveness.
Ineffectiveness is measured by comparing the cumulative changes in fair value of the hedging instrument and
cumulative change in fair value of the hedged item arising from the designated risk. The primary potential sources of hedge
ineffectiveness are mismatches in timing or the critical terms of the hedged item and the hedging instrument.
The hedge ratio is the relationship between the quantity of the derivative and the hedged item. The Company\u2019s
derivatives have the same underlying quantity as the hedged items, therefore the hedge ratio is expected to be one for one.
If hedge accounting cannot be applied, the gains or losses from the fair value measurement of derivative financial
instruments are recognized immediately in the Consolidated Income Statement.
Refer to Note 17, Derivative financial and operating assets and liabilities, for additional information on fair value
measurements.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-678": { "value": "
Derivative financial instruments
Derivative financial instruments are used for economic hedging purposes in order to reduce currency, interest rate
and market price risks (primarily related to commodities). In accordance with IFRS 9, derivative financial instruments are
recognized when we become a party to the contractual provisions of the instrument and, upon initial recognition, are
measured at fair value. Subsequent to initial recognition, all derivative financial instruments are measured at fair value.
Furthermore, derivative financial instruments qualify for hedge accounting when (i) there is formal designation and
documentation of the hedging relationship and the Company\u2019s risk management objective and strategy for undertaking the
hedge at inception of the hedge and (ii) the hedge is expected to be effective. If the hedging relationship ceases to meet the
hedge effectiveness requirement relating to the hedge ratio but the risk management objective for that designated hedging
relationship remains the same, this ratio must then be rebalanced. Rebalancing consists in adjusting either the designated
quantities of the hedged item or the hedging instrument of an already existing hedging relationship.
When derivative financial instruments qualify for hedge accounting, the following accounting treatments apply:
\u2022 Fair value hedges - where a derivative financial instrument is designated as a hedge of the exposure to changes
in fair value of a recognized asset or liability attributable to a particular risk that could affect the Consolidated
Income Statement, the gain or loss from remeasuring the hedging instrument at fair value is recognized in the
Consolidated Income Statement. The gain or loss on the hedged item attributable to the hedged risk adjusts the
carrying amount of the hedged item and is recognized in the Consolidated Income Statement.
\u2022 Cash flow hedges - where a derivative financial instrument is designated as a hedge of the exposure to
variability in future cash flows of a recognized asset or liability or a highly probable forecasted transaction and
could affect the Consolidated Income Statement, the effective portion of any gain or loss on the derivative
financial instrument is recognized directly in Other comprehensive income/(loss). When the hedged forecasted
transaction results in the recognition of a non-financial asset, the gains and losses previously deferred in Other
comprehensive income/(loss) are reclassified and included in the initial measurement of the cost of the non-
financial asset. The effective portion of any gain or loss is recognized in the Consolidated Income Statement at
the same time as the economic effect arising from the hedged item that affects the Consolidated Income
Statement. The gain or loss associated with a hedge or part of a hedge that has become ineffective is recognized
in the Consolidated Income Statement immediately.
When a hedging instrument or hedge relationship is terminated but the hedged transaction is still expected to
occur, the cumulative gain or loss realized to the point of termination remains and is recognized in the
Consolidated Income Statement at the same time as the underlying transaction occurred. If the hedged
transaction is no longer probable, the cumulative unrealized gain or loss held in Other comprehensive income/
(loss) is recognized in the Consolidated Income Statement immediately.
\u2022 Hedges of a net investment - if a derivative financial instrument is designated as a hedging instrument for a net
investment in a foreign operation, the effective portion of the gain or loss on the derivative financial instrument
is recognized in Other comprehensive income/(loss). The cumulative gain or loss is reclassified from Other
comprehensive income/(loss) to the Consolidated Income Statement upon disposal of the foreign operation.
Hedge effectiveness is determined at the inception of the hedge relationship and through periodic prospective
effectiveness assessments to ensure the hedge relationships meet the effectiveness requirements (including the existence of an
economic relationship between\u00a0the hedged item and hedging instrument). The Company enters into hedge relationships where
the critical terms of the hedging instrument match closely or exactly with the terms of the hedged item, and so a qualitative
assessment of effectiveness is performed. In the event there was a hedge relationship where the critical terms of the hedged
item do not match closely or perfectly with the critical terms of the hedging instrument, the Company would perform a
quantitative assessment to assess effectiveness.
Ineffectiveness is measured by comparing the cumulative changes in fair value of the hedging instrument and
cumulative change in fair value of the hedged item arising from the designated risk. The primary potential sources of hedge
ineffectiveness are mismatches in timing or the critical terms of the hedged item and the hedging instrument.
The hedge ratio is the relationship between the quantity of the derivative and the hedged item. The Company\u2019s
derivatives have the same underlying quantity as the hedged items, therefore the hedge ratio is expected to be one for one.
If hedge accounting cannot be applied, the gains or losses from the fair value measurement of derivative financial
instruments are recognized immediately in the Consolidated Income Statement.
Refer to Note 17, Derivative financial and operating assets and liabilities, for additional information on fair value
measurements.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-677": { "value": "
Derivative financial instruments
Derivative financial instruments are used for economic hedging purposes in order to reduce currency, interest rate
and market price risks (primarily related to commodities). In accordance with IFRS 9, derivative financial instruments are
recognized when we become a party to the contractual provisions of the instrument and, upon initial recognition, are
measured at fair value. Subsequent to initial recognition, all derivative financial instruments are measured at fair value.
Furthermore, derivative financial instruments qualify for hedge accounting when (i) there is formal designation and
documentation of the hedging relationship and the Company\u2019s risk management objective and strategy for undertaking the
hedge at inception of the hedge and (ii) the hedge is expected to be effective. If the hedging relationship ceases to meet the
hedge effectiveness requirement relating to the hedge ratio but the risk management objective for that designated hedging
relationship remains the same, this ratio must then be rebalanced. Rebalancing consists in adjusting either the designated
quantities of the hedged item or the hedging instrument of an already existing hedging relationship.
When derivative financial instruments qualify for hedge accounting, the following accounting treatments apply:
\u2022 Fair value hedges - where a derivative financial instrument is designated as a hedge of the exposure to changes
in fair value of a recognized asset or liability attributable to a particular risk that could affect the Consolidated
Income Statement, the gain or loss from remeasuring the hedging instrument at fair value is recognized in the
Consolidated Income Statement. The gain or loss on the hedged item attributable to the hedged risk adjusts the
carrying amount of the hedged item and is recognized in the Consolidated Income Statement.
\u2022 Cash flow hedges - where a derivative financial instrument is designated as a hedge of the exposure to
variability in future cash flows of a recognized asset or liability or a highly probable forecasted transaction and
could affect the Consolidated Income Statement, the effective portion of any gain or loss on the derivative
financial instrument is recognized directly in Other comprehensive income/(loss). When the hedged forecasted
transaction results in the recognition of a non-financial asset, the gains and losses previously deferred in Other
comprehensive income/(loss) are reclassified and included in the initial measurement of the cost of the non-
financial asset. The effective portion of any gain or loss is recognized in the Consolidated Income Statement at
the same time as the economic effect arising from the hedged item that affects the Consolidated Income
Statement. The gain or loss associated with a hedge or part of a hedge that has become ineffective is recognized
in the Consolidated Income Statement immediately.
When a hedging instrument or hedge relationship is terminated but the hedged transaction is still expected to
occur, the cumulative gain or loss realized to the point of termination remains and is recognized in the
Consolidated Income Statement at the same time as the underlying transaction occurred. If the hedged
transaction is no longer probable, the cumulative unrealized gain or loss held in Other comprehensive income/
(loss) is recognized in the Consolidated Income Statement immediately.
\u2022 Hedges of a net investment - if a derivative financial instrument is designated as a hedging instrument for a net
investment in a foreign operation, the effective portion of the gain or loss on the derivative financial instrument
is recognized in Other comprehensive income/(loss). The cumulative gain or loss is reclassified from Other
comprehensive income/(loss) to the Consolidated Income Statement upon disposal of the foreign operation.
Hedge effectiveness is determined at the inception of the hedge relationship and through periodic prospective
effectiveness assessments to ensure the hedge relationships meet the effectiveness requirements (including the existence of an
economic relationship between\u00a0the hedged item and hedging instrument). The Company enters into hedge relationships where
the critical terms of the hedging instrument match closely or exactly with the terms of the hedged item, and so a qualitative
assessment of effectiveness is performed. In the event there was a hedge relationship where the critical terms of the hedged
item do not match closely or perfectly with the critical terms of the hedging instrument, the Company would perform a
quantitative assessment to assess effectiveness.
Ineffectiveness is measured by comparing the cumulative changes in fair value of the hedging instrument and
cumulative change in fair value of the hedged item arising from the designated risk. The primary potential sources of hedge
ineffectiveness are mismatches in timing or the critical terms of the hedged item and the hedging instrument.
The hedge ratio is the relationship between the quantity of the derivative and the hedged item. The Company\u2019s
derivatives have the same underlying quantity as the hedged items, therefore the hedge ratio is expected to be one for one.
If hedge accounting cannot be applied, the gains or losses from the fair value measurement of derivative financial
instruments are recognized immediately in the Consolidated Income Statement.
Refer to Note 17, Derivative financial and operating assets and liabilities, for additional information on fair value
measurements.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-680": { "value": "
Transfers of financial assets
The Company derecognizes financial assets when the contractual rights to the cash flows arising from the asset are
no longer held or if it transfers substantially all the risks and rewards of ownership of the financial asset. On derecognition of
financial assets, the difference between the carrying amount of the asset and the consideration received or receivable for the
transfer of the asset is recognized in the Consolidated Income Statement.
The Company transfers certain of its financial, trade and tax receivables, mainly through factoring transactions.
Factoring transactions may be either with recourse or without recourse. Certain transfers include deferred payment clauses
requiring first loss cover (for example, when the payment by the factor of a minor part of the purchase price is dependent on
the total amount collected from the receivables), whereby the transferor has priority participation in the losses, or requires a
significant exposure to the variability of cash flows arising from the transferred receivables to be retained. These types of
transactions do not meet the requirements of IFRS 9 for the derecognition of the assets since the risks and rewards connected
with ownership of the financial asset are not substantially transferred, and accordingly the Company continues to recognize
these receivables within the Consolidated Statement of Financial Position and recognizes a financial liability for the same
amount under Asset-backed financing, which is included within Debt. These types of receivables are classified as held-to-
collect, since the business model is consistent with the Company\u2019s continuing recognition of the receivables.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-681": { "value": "
Inventories
Raw materials, semi-finished products and finished goods inventories are stated at the lower of cost and net
realizable value, with cost being determined on a first-in, first-out basis. The measurement of Inventories includes the direct
cost of materials and labor as well as indirect costs (variable and fixed). A provision is made for obsolete and slow-moving
raw materials, finished goods, spare parts and other supplies based on their expected future use and realizable value. Net
realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and
the estimated costs for sale and distribution.
The measurement of production systems construction contracts is based on the stage of completion, which is
determined as the proportion of cost incurred at the balance sheet date over the estimated total contract cost. These items are
presented net of progress billings received from customers. Any losses on such contracts are recorded in the Consolidated
Income Statement in the period in which they are identified.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-682": { "value": "
Employee benefits
Defined contribution plans
Costs arising from defined contribution plans are expensed as incurred.
Defined benefit plans
The Company\u2019s net obligations are determined separately for each defined benefit plan by estimating the present
value of future benefits that employees have earned and deducting the fair value of any plan assets. The present value of
defined benefit obligations is measured using actuarial techniques and actuarial assumptions that are unbiased, mutually
compatible and attribute benefits to periods in which the obligation to provide post-employment benefits arise by using the
Projected Unit Credit Method. Plan assets are recognized and measured at fair value.
When the net obligation is a potential asset, the recognized amount is limited to the present value of any economic
benefits available in the form of future refunds or reductions in future contributions to the plan (asset ceiling).
The components of defined benefit cost are recognized as follows:
\u2022 Service cost is recognized in the Consolidated Income Statement by function and is presented within the
relevant line items (Cost of revenues, Selling, general and other costs, and Research and development costs);
\u2022 Net interest expense on the defined benefit liability/(asset) is recognized in the Consolidated Income Statement
within Net financial expenses and is determined by multiplying the net liability/(asset) by the discount rate used
to discount obligations taking into account the effect of contributions and benefit payments made during the
year; and
\u2022 Remeasurement components of the net obligation, which comprise actuarial gains and losses, the return on plan
assets (excluding interest income recognized in the Consolidated Income Statement) and any change in the
effect of the asset ceiling are recognized immediately in Other comprehensive income/(loss). These
remeasurement components are not reclassified to the Consolidated Income Statement in a subsequent period.
Past service costs arising from plan amendments and curtailments and gains and losses on the settlement of a plan
are recognized immediately in the Consolidated Income Statement.
Other long-term employee benefits
The Company\u2019s obligations represent the present value of future benefits that employees have earned in return for
their service. The effects of remeasuring other long-term employee benefits to the present value of future benefits are
recognized within the Consolidated Income Statement in the period in which they arise.
Share-based compensation
The Company has several compensation plans that provide for the granting of share-based compensation to certain
employees and directors. Share-based compensation plans are accounted for in accordance with IFRS 2 -Share-based
Payment, which requires the recognition of share-based compensation expense based on fair value.
For equity-settled transactions, the cost is determined by the fair value at the date when the grant is determined with
reference to the grant-date share price and, where applicable, using a Monte Carlo simulation model. Refer to Note 19, Share-
based compensation, for additional information.
Share-based compensation expense is recognized within Selling, general and other costs within the Consolidated
Income Statement, together with a corresponding increase in equity, over the period in which the service and, where
applicable, the performance conditions are fulfilled (\u201cvesting period\u201d). The cumulative expense is recognized for equity-
settled transactions at each reporting date using the graded vesting method and reflected the Company\u2019s best estimate of the
number of equity instruments that will ultimately vest. The expense, or credit, in the Consolidated Income Statement for a
period represents the movement in cumulative expense recognized as at the beginning and end of that period.
Service and non-market performance conditions are not taken into account when determining the grant date fair
value of awards, but the likelihood of the conditions being met is assessed as part of the Company\u2019s best estimate of the
number of equity instruments that will ultimately vest. Market performance conditions are reflected within the grant date fair
value. Any other conditions attached to an award, but without an associated service requirement, are considered to be non-
vesting conditions. Non-vesting conditions are reflected in the fair value of an award and lead to an immediate expensing of
an award unless there were also service and/or performance conditions.
No expense is recognized for awards that do not ultimately vest because non-market performance and/or service
conditions have not been met. Where awards included a market or non-vesting condition, the transactions are treated as
vested irrespective of whether the market or non-vesting condition is satisfied, provided that all other performance and/or
service conditions are satisfied.
When the terms of an equity-settled award are modified, the minimum expense recognized is the grant date fair
value of the unmodified award, provided the original vesting terms of the award are met. Any incremental expense between
the original grant and the modified grant, measured at the date of modification, is recognized over the modified vesting terms.
Where an award is cancelled by the entity or by the counterparty, any unrecognized element of the fair value of the award is
expensed immediately through the Consolidated Income Statement.
For cash-settled transactions, a liability is recognized for the fair value measured initially and at each reporting date
up to and including the settlement date. The fair value is expensed over the period until the vesting date, with recognition of a
corresponding liability. The approach used to account for vesting conditions when measuring equity-settled transactions also
applies to cash-settled transactions.
Employee Benefits
The Company provides post-employment benefits for certain of its active employees and retirees, which vary
according to the legal, fiscal and economic conditions of each country in which the Company operates and changes
periodically. The plans are classified by the Company on the basis of the type of benefit provided as follows: pension
benefits, health care and life insurance plans and other post-employment benefits.
The Company provides certain post-employment benefits, such as pension or health care benefits, to their employees
under defined contribution plans whereby the Company pays contributions to public or private plans on a legally mandatory,
contractual, or voluntary basis. The Company recognizes the cost for defined contribution plans as incurred and classifies this
by function within Cost of revenues, Selling, general and other costs, and Research and development costs in the
Consolidated Income Statement.
Pension plans
The Company sponsored both non-contributory and contributory defined benefit pension plans primarily in the U.S.,
Canada, the UK and Germany, the majority of which were funded. Non-contributory pension plans cover certain hourly and
salaried employees and the benefits are based on a fixed rate for each year of service. Additionally, contributory benefits are
provided to certain salaried employees under the salaried employees\u2019 retirement plans.
The Company\u2019s defined benefit pension plans are accounted for on an actuarial basis, which requires the use of
estimates and assumptions to determine the net liability or net asset. The Company estimates the present value of the
projected future payments to all participants by taking into consideration parameters of a financial nature such as discount
rates, the rate of salary increases and the likelihood of potential future events estimated by using demographic assumptions,
which may have an effect on the amount and timing of future payments, such as mortality, dismissal and retirement rates,
which are developed to reflect actual and projected plan experience. Mortality rates are developed using Stellantis plan-
specific populations where appropriate as well as recent mortality information published by recognized experts in this field
such as the U.S. Society of Actuaries and the Canadian Institute of Actuaries and other data where appropriate to reflect
actual and projected plan experience. Comparable country specific sources and methods are used for all other countries. The
expected amount and timing of contributions is based on an assessment of minimum funding requirements. From time to
time, contributions are made beyond those that are legally required.
Plan obligations and costs are based on existing retirement plan provisions. Assumptions regarding any potential
future changes to benefit provisions beyond those to which the Company is presently committed are not made. Significant
differences in actual experience or significant changes in the following key assumption may affect the pension obligations
and pension expense:
\u2022 Discount rates. The Company\u2019s discount rates are based on yields of high-quality (AA-rated) fixed income
investments for which the timing and amounts of maturities match the timing and amounts of the projected
benefit payments.
The effects of actual results differing from assumptions and of amended assumptions are included in Other
comprehensive income/(loss). The weighted average discount rates used to determine the defined benefit obligation for the
defined benefit plans were 5.17 percent and 5.14 percent at December\u00a031, 2023 and 2022, respectively.
At December\u00a031, 2023, the effect on the defined benefit obligation of a decrease or increase in the discount rate,
holding all other assumptions constant, is as follows:
Effect on
pension
benefit
obligation
increase/
(decrease) in
Net liability
Germany and
France
UK
US and Canada
Other
(\u20ac million)
25 basis point decrease in discount rate
584
100
44
434
6
25 basis point increase in discount rate
(559)
(95)
(42)
(416)
(6)
Refer to Note 20 , Employee benefits liabilities, for additional information on the Company\u2019s pension plans.
Other post-employment benefits
The Company provides health care, legal, severance, indemnity life insurance benefits and other post-retirement
benefits to certain hourly and salaried employees. Upon retirement, these employees may become eligible for a continuation
of certain benefits. Benefits and eligibility rules may be modified periodically.
These other post-employment benefits (\u201cOPEB\u201d) are accounted for on an actuarial basis, which requires the
selection of various assumptions. The estimation of the Company\u2019s obligations, costs and liabilities associated with OPEB
requires the use of estimates of the present value of the projected future payments to all participants, taking into consideration
the likelihood of potential future events estimated by using demographic assumptions, which may have an effect on the
amount and timing of future payments, such as mortality, dismissal and retirement rates, which are developed to reflect actual
and projected plan experience, as well as legal requirements for retirement in respective countries. Mortality rates are
developed using plan-specific populations, recent mortality information published by recognized experts in this field and
other data where appropriate to reflect actual and projected plan experience.
Plan obligations and costs are based on existing plan provisions. Assumptions regarding any potential future changes
to benefit provisions beyond those to which the Company are presently committed are not made.
Significant differences in actual experience or significant changes in the following key assumptions may affect the
OPEB obligation and expense:
\u2022 Discount rates. Stellantis\u2019 discount rates are based on yields of high-quality (AA-rated) fixed income
investments for which the timing and amounts of maturities matched the timing and amounts of the projected
benefit payments.
\u2022 Health care cost trends. The Company\u2019s health care cost trend assumptions are developed based on historical
cost data, the near-term outlook and an assessment of likely long-term trends.
At December\u00a031, 2023, the effect of a decrease or increase in the key assumptions affecting the health care and life
insurance plans, holding all other assumptions constant, is shown below:
Effect\u00a0on\u00a0health
care, life insurance and OPEB
obligation
(\u20ac million)
25 basis point decrease in discount rate
68
25 basis point increase in discount rate
(66)
100 basis point decrease in health care cost trend rate
(16)
100 basis point increase in health care cost trend rate
17
Refer to Note 20, Employee benefits liabilities, for additional information on the Company\u2019s OPEB liabilities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-683": { "value": "
Defined benefit plans
The Company\u2019s net obligations are determined separately for each defined benefit plan by estimating the present
value of future benefits that employees have earned and deducting the fair value of any plan assets. The present value of
defined benefit obligations is measured using actuarial techniques and actuarial assumptions that are unbiased, mutually
compatible and attribute benefits to periods in which the obligation to provide post-employment benefits arise by using the
Projected Unit Credit Method. Plan assets are recognized and measured at fair value.
When the net obligation is a potential asset, the recognized amount is limited to the present value of any economic
benefits available in the form of future refunds or reductions in future contributions to the plan (asset ceiling).
The components of defined benefit cost are recognized as follows:
\u2022 Service cost is recognized in the Consolidated Income Statement by function and is presented within the
relevant line items (Cost of revenues, Selling, general and other costs, and Research and development costs);
\u2022 Net interest expense on the defined benefit liability/(asset) is recognized in the Consolidated Income Statement
within Net financial expenses and is determined by multiplying the net liability/(asset) by the discount rate used
to discount obligations taking into account the effect of contributions and benefit payments made during the
year; and
\u2022 Remeasurement components of the net obligation, which comprise actuarial gains and losses, the return on plan
assets (excluding interest income recognized in the Consolidated Income Statement) and any change in the
effect of the asset ceiling are recognized immediately in Other comprehensive income/(loss). These
remeasurement components are not reclassified to the Consolidated Income Statement in a subsequent period.
Past service costs arising from plan amendments and curtailments and gains and losses on the settlement of a plan
are recognized immediately in the Consolidated Income Statement.
Employee Benefits
The Company provides post-employment benefits for certain of its active employees and retirees, which vary
according to the legal, fiscal and economic conditions of each country in which the Company operates and changes
periodically. The plans are classified by the Company on the basis of the type of benefit provided as follows: pension
benefits, health care and life insurance plans and other post-employment benefits.
The Company provides certain post-employment benefits, such as pension or health care benefits, to their employees
under defined contribution plans whereby the Company pays contributions to public or private plans on a legally mandatory,
contractual, or voluntary basis. The Company recognizes the cost for defined contribution plans as incurred and classifies this
by function within Cost of revenues, Selling, general and other costs, and Research and development costs in the
Consolidated Income Statement.
Pension plans
The Company sponsored both non-contributory and contributory defined benefit pension plans primarily in the U.S.,
Canada, the UK and Germany, the majority of which were funded. Non-contributory pension plans cover certain hourly and
salaried employees and the benefits are based on a fixed rate for each year of service. Additionally, contributory benefits are
provided to certain salaried employees under the salaried employees\u2019 retirement plans.
The Company\u2019s defined benefit pension plans are accounted for on an actuarial basis, which requires the use of
estimates and assumptions to determine the net liability or net asset. The Company estimates the present value of the
projected future payments to all participants by taking into consideration parameters of a financial nature such as discount
rates, the rate of salary increases and the likelihood of potential future events estimated by using demographic assumptions,
which may have an effect on the amount and timing of future payments, such as mortality, dismissal and retirement rates,
which are developed to reflect actual and projected plan experience. Mortality rates are developed using Stellantis plan-
specific populations where appropriate as well as recent mortality information published by recognized experts in this field
such as the U.S. Society of Actuaries and the Canadian Institute of Actuaries and other data where appropriate to reflect
actual and projected plan experience. Comparable country specific sources and methods are used for all other countries. The
expected amount and timing of contributions is based on an assessment of minimum funding requirements. From time to
time, contributions are made beyond those that are legally required.
Plan obligations and costs are based on existing retirement plan provisions. Assumptions regarding any potential
future changes to benefit provisions beyond those to which the Company is presently committed are not made. Significant
differences in actual experience or significant changes in the following key assumption may affect the pension obligations
and pension expense:
\u2022 Discount rates. The Company\u2019s discount rates are based on yields of high-quality (AA-rated) fixed income
investments for which the timing and amounts of maturities match the timing and amounts of the projected
benefit payments.
The effects of actual results differing from assumptions and of amended assumptions are included in Other
comprehensive income/(loss). The weighted average discount rates used to determine the defined benefit obligation for the
defined benefit plans were 5.17 percent and 5.14 percent at December\u00a031, 2023 and 2022, respectively.
At December\u00a031, 2023, the effect on the defined benefit obligation of a decrease or increase in the discount rate,
holding all other assumptions constant, is as follows:
Effect on
pension
benefit
obligation
increase/
(decrease) in
Net liability
Germany and
France
UK
US and Canada
Other
(\u20ac million)
25 basis point decrease in discount rate
584
100
44
434
6
25 basis point increase in discount rate
(559)
(95)
(42)
(416)
(6)
Refer to Note 20 , Employee benefits liabilities, for additional information on the Company\u2019s pension plans.
Other post-employment benefits
The Company provides health care, legal, severance, indemnity life insurance benefits and other post-retirement
benefits to certain hourly and salaried employees. Upon retirement, these employees may become eligible for a continuation
of certain benefits. Benefits and eligibility rules may be modified periodically.
These other post-employment benefits (\u201cOPEB\u201d) are accounted for on an actuarial basis, which requires the
selection of various assumptions. The estimation of the Company\u2019s obligations, costs and liabilities associated with OPEB
requires the use of estimates of the present value of the projected future payments to all participants, taking into consideration
the likelihood of potential future events estimated by using demographic assumptions, which may have an effect on the
amount and timing of future payments, such as mortality, dismissal and retirement rates, which are developed to reflect actual
and projected plan experience, as well as legal requirements for retirement in respective countries. Mortality rates are
developed using plan-specific populations, recent mortality information published by recognized experts in this field and
other data where appropriate to reflect actual and projected plan experience.
Plan obligations and costs are based on existing plan provisions. Assumptions regarding any potential future changes
to benefit provisions beyond those to which the Company are presently committed are not made.
Significant differences in actual experience or significant changes in the following key assumptions may affect the
OPEB obligation and expense:
\u2022 Discount rates. Stellantis\u2019 discount rates are based on yields of high-quality (AA-rated) fixed income
investments for which the timing and amounts of maturities matched the timing and amounts of the projected
benefit payments.
\u2022 Health care cost trends. The Company\u2019s health care cost trend assumptions are developed based on historical
cost data, the near-term outlook and an assessment of likely long-term trends.
At December\u00a031, 2023, the effect of a decrease or increase in the key assumptions affecting the health care and life
insurance plans, holding all other assumptions constant, is shown below:
Effect\u00a0on\u00a0health
care, life insurance and OPEB
obligation
(\u20ac million)
25 basis point decrease in discount rate
68
25 basis point increase in discount rate
(66)
100 basis point decrease in health care cost trend rate
(16)
100 basis point increase in health care cost trend rate
17
Refer to Note 20, Employee benefits liabilities, for additional information on the Company\u2019s OPEB liabilities.
Sales incentives
The Company records the estimated cost of sales incentive programs offered to dealers and consumers as a reduction
to revenue at the time of sale to the dealer. This estimated cost represents the incentive programs offered to dealers and
consumers, as well as the expected modifications to these programs in order to facilitate sales of the dealer inventory.
Subsequent adjustments to sales incentive programs related to vehicles previously sold to dealers are recognized as an
adjustment to Net revenues in the period the adjustment is determinable.
The Company uses price discounts to adjust vehicle pricing in response to a number of market and product factors,
including pricing actions and incentives offered by competitors, economic conditions, the amount of excess industry
production capacity, the intensity of market competition, consumer demand for the product and the desire to support
promotional campaigns. The Company may offer a variety of sales incentive programs at any given point in time, including
cash offers to dealers and consumers and subvention programs offered to customers, or lease subsidies, which reduce the
retail customer\u2019s monthly lease payment or cash due at the inception of the financing arrangement, or both. Sales incentive
programs are generally brand, model and region specific for a defined period of time.
Multiple factors are used in estimating the future incentive expense by vehicle line, including the current incentive
programs in the market, planned promotional programs and the normal incentive escalation incurred as the model year ages.
The estimated incentive rates are reviewed monthly and changes to planned rates are adjusted accordingly, thereby impacting
revenues. As there are a multitude of inputs affecting the calculation of the estimate for sales incentives, an increase or
decrease of any of these variables could have a significant effect on Net revenues.
Product warranties, recall campaigns and product liabilities
The Company establishes reserves for product warranties at the time the related sale is recognized. The Company
issues various types of product warranties under which the performance of products delivered is generally guaranteed for a
certain period or term. The accrual for product warranties includes the expected costs of warranty obligations imposed by law
or contract, as well as the expected costs for policy coverage, recall actions and buyback commitments. The estimated future
costs of these actions are principally based on assumptions regarding the lifetime warranty costs of each vehicle line and each
model year of that vehicle line, as well as historical claims experience for the Company\u2019s vehicles. In addition, the number
and magnitude of additional service actions expected to be approved and policies related to additional service actions are
taken into consideration. Due to the uncertainty and potential volatility of these estimated factors, changes in the assumptions
used could materially affect the results of operations.
The Company periodically initiates voluntary service and recall actions to address various customer satisfaction as
well as safety and emissions issues related to vehicles sold. Included in the reserve is the estimated cost of these service and
recall actions. The Company accrues estimated costs for recalls when they are probable of occurring and a reliable estimate of
the costs can be made.
Estimates of the future costs of these actions are subject to numerous uncertainties, including the enactment of new
laws and regulations, the number of vehicles affected by a service or recall action and the nature of the corrective action. It is
reasonably possible that the ultimate cost of these service and recall actions may require the Company to make expenditures
in excess of (or less than) established reserves over an extended period of time and in a range of amounts that cannot be
reasonably estimated. The estimate of warranty and additional service and recall action obligations is periodically reviewed
during the year. Experience has shown that initial data for any given model year can be volatile; therefore, the Company\u2019s
process relies upon long-term historical averages until sufficient data is available. As actual experience becomes available, it
is used to modify the historical averages to ensure that the forecast is within the range of likely outcomes. Resulting accruals
are then compared with current spending rates to ensure that the balances are adequate to meet expected future obligations.
In addition, the Company makes provisions for estimated product liability costs arising from property damage and
personal injuries including wrongful death, and potential exemplary or punitive damages alleged to be the result of product
defects. By nature, these costs can be infrequent, difficult to predict and have the potential to vary significantly in amount.
The valuation of the reserve is actuarially determined on an annual basis based on, among other factors, the number of
vehicles sold and product liability claims incurred. Costs associated with these provisions are recorded in the Consolidated
Income Statement and any subsequent adjustments are recorded in the period in which the adjustment is determined.
Litigation
Various legal proceedings, claims and governmental investigations are pending against the Company on a wide
range of topics, including vehicle safety, emissions and fuel economy, competition, tax and securities matters, alleged
violations of law, labor, dealer, supplier and other contractual relationships, intellectual property rights, product warranties
and environmental matters. Some of these proceedings allege defects in specific component parts or systems (including
airbags, seats, seat belts, brakes, ball joints, transmissions, engines and fuel systems), in various vehicle models or allege
general design defects relating to vehicle handling and stability, sudden unintended movement or crashworthiness. These
proceedings seek recovery for damage to property, personal injuries or wrongful death and in some cases include a claim for
exemplary or punitive damages. Adverse decisions in one or more of these proceedings could require the Company to pay
substantial damages, or undertake service actions, recall campaigns or other costly actions.
Litigation is subject to many uncertainties, and the outcome of individual matters is not predictable with assurance.
Moreover, the cases and claims against the Company are often derived from complex legal issues that are subject to differing
degrees of uncertainty, including the facts and circumstances of each particular case, the manner in which the applicable law
is likely to be interpreted and applied and the jurisdiction and the different laws involved. A provision is established in
connection with pending or threatened litigation if it is probable there would be an outflow of funds and when the amount can
be reasonably estimated. If an outflow of funds becomes probable, but the amount cannot be estimated, the matter is
disclosed in the notes to the Consolidated Financial Statements. Since these provisions represent estimates, the resolution of
some of these matters could require the Company to make payments in excess of the amounts accrued or may require the
Company to make payments in an amount or range of amounts that could not be reasonably estimated.
The Company monitors the status of pending legal proceedings and consults with experts on legal and tax matters on
a regular basis. As such, the provisions for the Company\u2019s legal proceedings and litigation may vary as a result of future
developments in pending matters.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-684": { "value": "
Share-based compensation
The Company has several compensation plans that provide for the granting of share-based compensation to certain
employees and directors. Share-based compensation plans are accounted for in accordance with IFRS 2 -Share-based
Payment, which requires the recognition of share-based compensation expense based on fair value.
For equity-settled transactions, the cost is determined by the fair value at the date when the grant is determined with
reference to the grant-date share price and, where applicable, using a Monte Carlo simulation model. Refer to Note 19, Share-
based compensation, for additional information.
Share-based compensation expense is recognized within Selling, general and other costs within the Consolidated
Income Statement, together with a corresponding increase in equity, over the period in which the service and, where
applicable, the performance conditions are fulfilled (\u201cvesting period\u201d). The cumulative expense is recognized for equity-
settled transactions at each reporting date using the graded vesting method and reflected the Company\u2019s best estimate of the
number of equity instruments that will ultimately vest. The expense, or credit, in the Consolidated Income Statement for a
period represents the movement in cumulative expense recognized as at the beginning and end of that period.
Service and non-market performance conditions are not taken into account when determining the grant date fair
value of awards, but the likelihood of the conditions being met is assessed as part of the Company\u2019s best estimate of the
number of equity instruments that will ultimately vest. Market performance conditions are reflected within the grant date fair
value. Any other conditions attached to an award, but without an associated service requirement, are considered to be non-
vesting conditions. Non-vesting conditions are reflected in the fair value of an award and lead to an immediate expensing of
an award unless there were also service and/or performance conditions.
No expense is recognized for awards that do not ultimately vest because non-market performance and/or service
conditions have not been met. Where awards included a market or non-vesting condition, the transactions are treated as
vested irrespective of whether the market or non-vesting condition is satisfied, provided that all other performance and/or
service conditions are satisfied.
When the terms of an equity-settled award are modified, the minimum expense recognized is the grant date fair
value of the unmodified award, provided the original vesting terms of the award are met. Any incremental expense between
the original grant and the modified grant, measured at the date of modification, is recognized over the modified vesting terms.
Where an award is cancelled by the entity or by the counterparty, any unrecognized element of the fair value of the award is
expensed immediately through the Consolidated Income Statement.
For cash-settled transactions, a liability is recognized for the fair value measured initially and at each reporting date
up to and including the settlement date. The fair value is expensed over the period until the vesting date, with recognition of a
corresponding liability. The approach used to account for vesting conditions when measuring equity-settled transactions also
applies to cash-settled transactions.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-685": { "value": "
Revenue recognition
Revenue is recognized when control of the Company\u2019s vehicles, services or parts has been transferred and the
Company\u2019s performance obligations to its customers have been satisfied. Revenue is measured as the amount of
consideration the Company expects to receive in exchange for transferring goods or providing services. The timing of when
the Company transfers the goods or services to the customer could differ from the timing of the customer\u2019s payment. The
Company recognizes a contract liability when it invoices an amount to a customer prior to the transfer of the goods or
services provided. When the Company gives its customers the right to return eligible goods, the Company estimates the
expected returns based on an analysis of historical experiences. Sales, value added and other taxes that the Company collects
on behalf of others concurrently with revenue generating activities are excluded from revenue and are recognized within the
Other liabilities and the Tax liabilities line items in the Consolidated Statement of Financial Position. Incidental items that are
immaterial in the context of the contract are recognized as expense.
The Company also enters into contracts with multiple performance obligations. For these contracts, the Company
allocates revenue from the transaction price to the distinct goods and services in the contract on a relative standalone selling
price basis. To the extent that the Company sells the good or service separately in the same market, the standalone selling
price is the observable price at which the Company sold the good or service separately. For all other goods or services, the
Company estimates the standalone selling price using a cost-plus-margin approach.
Shipments of vehicles and sales of other goods
The Company has determined that its customers from the sale of vehicles and service parts are generally dealers,
distributors, fleet customers or retail customers. Transfer of control, and therefore revenue recognition, generally corresponds
to the date when the vehicles or service parts are made available to the customer, or when the vehicles or service parts are
released to the carrier responsible for transporting them to the customer. This is also the point at which invoices are issued,
with payment for vehicles typically due immediately and payment for service parts typically due in the following month. For
component part sales, revenue recognition is consistent with that of service parts. In the case of service parts sold that are
expected to be used for repairs under warranty, no revenue is recognized upon shipment. The Company also sells tooling,
with control transferring at the point in time when the customer accepts the tooling.
The cost of incentives, if any, is estimated at the inception of a contract at the expected amount that will ultimately
be paid and is recognized as a reduction to revenue at the time of the sale. If a vehicle contract transaction has multiple
performance obligations, the cost of incentives is allocated entirely to the vehicle as the intent of the incentives is to
encourage sales of vehicles. If the estimate of the incentive changes following the sale to the customer, the change in estimate
is recognized as an adjustment to revenue in the period of the change. Refer to the Use of estimates - Sales incentives for
more information on these programs.
New vehicles sales with residual value guarantees provided by the Company are recognized as revenue when control
of the vehicle transfers to the customer, except in situations where the Company issues a put option for which there is a
significant economic incentive to exercise, as discussed below. Upon recognition of the vehicle revenue, the Company
established a liability equal to the estimated amount of any residual value guarantee.
The Company also sells vehicles where, the contract includes a put option whereby the customer may require the
Company to repurchase the vehicles. For these types of arrangements, the Company assesses whether a significant economic
incentive exists for the customer to exercise its put option. If the Company determines that a significant economic incentive
does not exist for the customer to exercise its put option, then revenue is recognized when control of the vehicle transferred to
the fleet customer and a liability is recognized equal to the estimated amount of the residual value guarantee if any. If the
Company determines that a significant economic incentive exists, then the arrangement is accounted for similarly to a
repurchase obligation, as described in Lease installments from assets sold with buy-back commitments.
Other services provided
Other revenues from services provided are primarily comprised of maintenance plans, extended warranties, and
connectivity services, and are recognized over the contract period in proportion to the costs expected to be incurred based on
the Company\u2019s historical experience. These services are either included in the selling price of the vehicle or separately priced.
Revenue for services is allocated based on the estimated stand-alone selling price. Costs associated with these services are
deferred and are subsequently amortized to expense consistent with how the related revenue is recognized. The Company had
\u20ac254 million of deferred costs related to these services at December 31, 2023 (\u20ac236 million at December 31, 2022) and
recognized \u20ac98 million of amortization expense during the year ended December\u00a031, 2023 (\u20ac91 million and \u20ac58 million
during the year ended December\u00a031, 2022 and 2021, respectively).
Contract revenues
Revenue from construction contracts, which is comprised of industrial automation systems, included within \u201cOther
activities\u201d, is recognized as revenue over the contract period in proportion to the costs expected to be incurred based on the
Company\u2019s historical experience. A loss is recognized if the sum of the expected costs for services under the contract exceeds
the transaction price.
Lease installments from assets sold with buy-back commitments
Vehicle sales to customers can include a repurchase obligation, whereby the Company is required to repurchase the
vehicles at a given point in time. The Company accounts for such sales as an operating lease. Upon the transfer of vehicles to
the customer, the Company records a liability equal to the proceeds received within Other liabilities in the Consolidated
Statement of Financial Position. The difference between the proceeds received and the guaranteed repurchase amount is
recognized as revenue over the contractual term on a straight-line basis. The cost of the vehicle is recorded within Assets sold
with a buy-back commitment if the contract term is 12 months or less, and recorded in Property, plant and equipment if the
contract term is greater than 12 months. The difference between the cost of the vehicle and the estimated residual value is
recognized within Cost of revenues in the Consolidated Income Statement over the contractual term.
Interest income of financial services activities
Interest income, which is primarily generated from the Company by providing dealer and retail financing, is
recognized using the effective interest method.
Sales incentives
The Company records the estimated cost of sales incentive programs offered to dealers and consumers as a reduction
to revenue at the time of sale to the dealer. This estimated cost represents the incentive programs offered to dealers and
consumers, as well as the expected modifications to these programs in order to facilitate sales of the dealer inventory.
Subsequent adjustments to sales incentive programs related to vehicles previously sold to dealers are recognized as an
adjustment to Net revenues in the period the adjustment is determinable.
The Company uses price discounts to adjust vehicle pricing in response to a number of market and product factors,
including pricing actions and incentives offered by competitors, economic conditions, the amount of excess industry
production capacity, the intensity of market competition, consumer demand for the product and the desire to support
promotional campaigns. The Company may offer a variety of sales incentive programs at any given point in time, including
cash offers to dealers and consumers and subvention programs offered to customers, or lease subsidies, which reduce the
retail customer\u2019s monthly lease payment or cash due at the inception of the financing arrangement, or both. Sales incentive
programs are generally brand, model and region specific for a defined period of time.
Multiple factors are used in estimating the future incentive expense by vehicle line, including the current incentive
programs in the market, planned promotional programs and the normal incentive escalation incurred as the model year ages.
The estimated incentive rates are reviewed monthly and changes to planned rates are adjusted accordingly, thereby impacting
revenues. As there are a multitude of inputs affecting the calculation of the estimate for sales incentives, an increase or
decrease of any of these variables could have a significant effect on Net revenues.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-686": { "value": "
Interest income of financial services activities
Interest income, which is primarily generated from the Company by providing dealer and retail financing, is
recognized using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-687": { "value": "
Government Grants
Government grants are recognized in the Consolidated Financial Statements when there is reasonable assurance of
the Company's compliance with the conditions for receiving such grants and that the grants will be received. Government
grants are recognized as income over the same periods as the related costs which they are intended to offset.
Government grants are recognized as a reduction in the cost of the corresponding assets.
A below-market rate of interest loan provided by a government or governmental authority is treated as a government
grant. The government grant is measured as the difference between the initial carrying amount of the loans (their fair values,
including transaction costs) and the proceeds received.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-689": { "value": "
Taxes
Income taxes include all taxes which are based on the taxable profits of the Company. Current and deferred taxes are
recognized as a benefit or expense and are included in the Consolidated Income Statement for the period, except for tax
arising from (i)\u00a0a transaction or event which is recognized, in the same or a different period, either in Other comprehensive
income/(loss) or directly in Equity, or (ii)\u00a0a business combination.
Deferred taxes are accounted for under the full liability method. Deferred tax liabilities are recognized for all taxable
temporary differences between the carrying amounts of assets or liabilities and their tax base, except to the extent that the
deferred tax liabilities arise from the initial recognition of goodwill or the initial recognition of an asset or liability in a
transaction which is not a business combination and at the time of the transaction, affects neither accounting profit nor
taxable profit. Deferred tax assets are recognized for all deductible temporary differences to the extent that it was probable
that taxable profit will be available against which the deductible temporary differences can be utilized, unless the deferred tax
assets arise from the initial recognition of an asset or liability in a transaction that is not a business combination and at the
time of the transaction, affected neither accounting profit nor taxable profit.
Deferred tax assets and liabilities are measured at the substantively enacted tax rates in the respective jurisdictions in
which the Company operates that are expected to apply to the period when the asset is realized or liability is settled.
The Company recognizes deferred tax liabilities associated with the existence of a subsidiary\u2019s undistributed profits
when it is probable that this temporary difference will reverse in the foreseeable future, except when it is able to control the
timing of the reversal of the temporary difference. The Company recognizes deferred tax assets associated with the deductible
temporary differences on investments in subsidiaries only to the extent that it is probable that the temporary differences will
reverse in the foreseeable future and taxable profit will be available against which the temporary difference can be utilized.
Deferred tax assets relating to the carry-forward of unused tax losses and tax credits, as well as those arising from
deductible temporary differences, are recognized to the extent that it is probable that future profits will be available against
which they can be utilized. The Company monitors unrecognized deferred tax assets at each reporting date and recognizes a
previously unrecognized deferred tax asset to the extent that it has become probable that future taxable profit will allow the
deferred tax asset to be recovered. Refer to Use of estimates - Recoverability of deferred tax assets for additional detail.
Current income taxes and deferred taxes are offset when they relate to the same taxation jurisdiction and there is a
legally enforceable right of offset. Other taxes not based on income, such as property taxes and capital taxes, are included
within Cost of revenue, Selling, general and other costs and Research and development costs.
Refer to Note 7, Tax expense/(benefit), for additional information on tax expense and deferred tax assets.
Recoverability of deferred tax assets
Deferred tax assets are recognized to the extent that it is probable that sufficient taxable profit will be available to
allow the benefit of part or all of the deferred tax assets to be utilized. The recoverability of deferred tax assets is dependent
on the Company\u2019s ability to generate sufficient future taxable income in the period in which it is assumed that the deductible
temporary differences reverse and tax losses carried forward can be utilized. In making this assessment, the Company
considers future taxable income arising based on the most recent business plan. Moreover, the Company estimates the impact
of the reversal of taxable temporary differences on earnings and it also considers the period over which these deferred tax
assets could be recovered. The estimates and assumptions used in the assessment are subject to uncertainty especially related
to the Company\u2019s future performance as compared to the business plan. Therefore, changes in current estimates due to
unanticipated events could have a significant impact on the Consolidated Financial Statements. Refer to Note 7, Tax expense/
(benefit) for additional information.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-688": { "value": "
Taxes
Income taxes include all taxes which are based on the taxable profits of the Company. Current and deferred taxes are
recognized as a benefit or expense and are included in the Consolidated Income Statement for the period, except for tax
arising from (i)\u00a0a transaction or event which is recognized, in the same or a different period, either in Other comprehensive
income/(loss) or directly in Equity, or (ii)\u00a0a business combination.
Deferred taxes are accounted for under the full liability method. Deferred tax liabilities are recognized for all taxable
temporary differences between the carrying amounts of assets or liabilities and their tax base, except to the extent that the
deferred tax liabilities arise from the initial recognition of goodwill or the initial recognition of an asset or liability in a
transaction which is not a business combination and at the time of the transaction, affects neither accounting profit nor
taxable profit. Deferred tax assets are recognized for all deductible temporary differences to the extent that it was probable
that taxable profit will be available against which the deductible temporary differences can be utilized, unless the deferred tax
assets arise from the initial recognition of an asset or liability in a transaction that is not a business combination and at the
time of the transaction, affected neither accounting profit nor taxable profit.
Deferred tax assets and liabilities are measured at the substantively enacted tax rates in the respective jurisdictions in
which the Company operates that are expected to apply to the period when the asset is realized or liability is settled.
The Company recognizes deferred tax liabilities associated with the existence of a subsidiary\u2019s undistributed profits
when it is probable that this temporary difference will reverse in the foreseeable future, except when it is able to control the
timing of the reversal of the temporary difference. The Company recognizes deferred tax assets associated with the deductible
temporary differences on investments in subsidiaries only to the extent that it is probable that the temporary differences will
reverse in the foreseeable future and taxable profit will be available against which the temporary difference can be utilized.
Deferred tax assets relating to the carry-forward of unused tax losses and tax credits, as well as those arising from
deductible temporary differences, are recognized to the extent that it is probable that future profits will be available against
which they can be utilized. The Company monitors unrecognized deferred tax assets at each reporting date and recognizes a
previously unrecognized deferred tax asset to the extent that it has become probable that future taxable profit will allow the
deferred tax asset to be recovered. Refer to Use of estimates - Recoverability of deferred tax assets for additional detail.
Current income taxes and deferred taxes are offset when they relate to the same taxation jurisdiction and there is a
legally enforceable right of offset. Other taxes not based on income, such as property taxes and capital taxes, are included
within Cost of revenue, Selling, general and other costs and Research and development costs.
Refer to Note 7, Tax expense/(benefit), for additional information on tax expense and deferred tax assets.
Recoverability of deferred tax assets
Deferred tax assets are recognized to the extent that it is probable that sufficient taxable profit will be available to
allow the benefit of part or all of the deferred tax assets to be utilized. The recoverability of deferred tax assets is dependent
on the Company\u2019s ability to generate sufficient future taxable income in the period in which it is assumed that the deductible
temporary differences reverse and tax losses carried forward can be utilized. In making this assessment, the Company
considers future taxable income arising based on the most recent business plan. Moreover, the Company estimates the impact
of the reversal of taxable temporary differences on earnings and it also considers the period over which these deferred tax
assets could be recovered. The estimates and assumptions used in the assessment are subject to uncertainty especially related
to the Company\u2019s future performance as compared to the business plan. Therefore, changes in current estimates due to
unanticipated events could have a significant impact on the Consolidated Financial Statements. Refer to Note 7, Tax expense/
(benefit) for additional information.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-690": { "value": "
Fair Value Measurement
Fair value for measurement and disclosure purposes is determined as the consideration that would be received to sell
an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date,
regardless of whether that price is directly observable or estimated using a valuation technique. Fair value measurement is
based on the presumption that the transaction to sell the asset or transfer the liability takes place either:
\u2022 in the principal market for the asset or liability; or
\u2022 in the absence of a principal market, in the most advantageous market for the asset or liability.
The fair value of an asset or a liability is measured using the assumptions that market participants would use when
pricing the asset or liability, assuming that market participants act in their own economic best interest. A fair value
measurement of a non-financial asset takes into account a market participant's ability to generate economic benefits by using
the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and
best use. In estimating fair value, the Company use market-observable data to the extent it is available. When market-
observable data is not available, the Company use valuation techniques that maximize the use of relevant observable inputs
and minimize the use of unobservable inputs.
IFRS 13 - Fair Value Measurement establishes a hierarchy which prioritizes the inputs used in measuring fair value.
The hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets and liabilities
(Level 1 inputs) and the lowest priority to unobservable inputs (level 3 inputs). In some cases, the inputs used to measure the
fair value of an asset or a liability might be categorized within different levels of the fair value hierarchy. In those cases, the
fair value measurement is categorized in its entirety in the same level of the fair value hierarchy at the lowest level input that
is significant to the entire measurement.
Levels used in the hierarchy are as follows:
\u2022 Level 1 inputs include quoted prices (unadjusted) in active markets for identical assets and liabilities that the
Company can access at the measurement date. Level 1 primarily consists of financial instruments such as
certain held to collect and sell and held to sell securities;
\u2022 Level 2 inputs include those which are directly or indirectly observable as of the measurement date. Level 2
instruments include commercial paper and non-exchange-traded derivatives such as over-the-counter currency
and commodity forwards, swaps and option contracts, which are valued using models or other valuation
methodologies. These models are primarily industry-standard models that consider various assumptions,
including quoted forward prices for similar instruments in active markets, quoted prices for identical or similar
inputs not in active markets, and observable inputs; and
\u2022 Level 3 inputs are unobservable from objective sources in the market and reflect management judgment about
the assumptions market participants would use in pricing the instruments. Instruments in this category include
non-exchange-traded derivatives such as certain over-the-counter commodity option and swap contracts that are
complex or with non-standard clauses.
Refer to Note 24, Fair value measurement, for additional information on fair value measurements.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-692": { "value": "
Use of estimates
The Consolidated Financial Statements are prepared in accordance with IFRS which requires the use of estimates,
judgments and assumptions that affect the carrying amount of assets and liabilities, the disclosure of contingent assets and
liabilities and the amounts of income and expenses recognized. The estimates and associated assumptions are based on
management's best judgment of elements that were known when the financial statements are prepared, on historical
experience and on any other factors that are considered to be relevant.
Estimates and underlying assumptions are reviewed by the Company periodically and when circumstances require.
Actual results could differ from the estimates, which would require adjustment accordingly. The effects of any changes in
estimates are recognized in the Consolidated Income Statement in the period in which the adjustment is made, or in future
periods.
Items requiring estimates for which there is a risk that a material difference could arise in the future in respect of the
carrying amounts of assets and liabilities are discussed below.
Employee Benefits
The Company provides post-employment benefits for certain of its active employees and retirees, which vary
according to the legal, fiscal and economic conditions of each country in which the Company operates and changes
periodically. The plans are classified by the Company on the basis of the type of benefit provided as follows: pension
benefits, health care and life insurance plans and other post-employment benefits.
The Company provides certain post-employment benefits, such as pension or health care benefits, to their employees
under defined contribution plans whereby the Company pays contributions to public or private plans on a legally mandatory,
contractual, or voluntary basis. The Company recognizes the cost for defined contribution plans as incurred and classifies this
by function within Cost of revenues, Selling, general and other costs, and Research and development costs in the
Consolidated Income Statement.
Pension plans
The Company sponsored both non-contributory and contributory defined benefit pension plans primarily in the U.S.,
Canada, the UK and Germany, the majority of which were funded. Non-contributory pension plans cover certain hourly and
salaried employees and the benefits are based on a fixed rate for each year of service. Additionally, contributory benefits are
provided to certain salaried employees under the salaried employees\u2019 retirement plans.
The Company\u2019s defined benefit pension plans are accounted for on an actuarial basis, which requires the use of
estimates and assumptions to determine the net liability or net asset. The Company estimates the present value of the
projected future payments to all participants by taking into consideration parameters of a financial nature such as discount
rates, the rate of salary increases and the likelihood of potential future events estimated by using demographic assumptions,
which may have an effect on the amount and timing of future payments, such as mortality, dismissal and retirement rates,
which are developed to reflect actual and projected plan experience. Mortality rates are developed using Stellantis plan-
specific populations where appropriate as well as recent mortality information published by recognized experts in this field
such as the U.S. Society of Actuaries and the Canadian Institute of Actuaries and other data where appropriate to reflect
actual and projected plan experience. Comparable country specific sources and methods are used for all other countries. The
expected amount and timing of contributions is based on an assessment of minimum funding requirements. From time to
time, contributions are made beyond those that are legally required.
Plan obligations and costs are based on existing retirement plan provisions. Assumptions regarding any potential
future changes to benefit provisions beyond those to which the Company is presently committed are not made. Significant
differences in actual experience or significant changes in the following key assumption may affect the pension obligations
and pension expense:
\u2022 Discount rates. The Company\u2019s discount rates are based on yields of high-quality (AA-rated) fixed income
investments for which the timing and amounts of maturities match the timing and amounts of the projected
benefit payments.
The effects of actual results differing from assumptions and of amended assumptions are included in Other
comprehensive income/(loss). The weighted average discount rates used to determine the defined benefit obligation for the
defined benefit plans were 5.17 percent and 5.14 percent at December\u00a031, 2023 and 2022, respectively.
At December\u00a031, 2023, the effect on the defined benefit obligation of a decrease or increase in the discount rate,
holding all other assumptions constant, is as follows:
Effect on
pension
benefit
obligation
increase/
(decrease) in
Net liability
Germany and
France
UK
US and Canada
Other
(\u20ac million)
25 basis point decrease in discount rate
584
100
44
434
6
25 basis point increase in discount rate
(559)
(95)
(42)
(416)
(6)
Refer to Note 20 , Employee benefits liabilities, for additional information on the Company\u2019s pension plans.
Other post-employment benefits
The Company provides health care, legal, severance, indemnity life insurance benefits and other post-retirement
benefits to certain hourly and salaried employees. Upon retirement, these employees may become eligible for a continuation
of certain benefits. Benefits and eligibility rules may be modified periodically.
These other post-employment benefits (\u201cOPEB\u201d) are accounted for on an actuarial basis, which requires the
selection of various assumptions. The estimation of the Company\u2019s obligations, costs and liabilities associated with OPEB
requires the use of estimates of the present value of the projected future payments to all participants, taking into consideration
the likelihood of potential future events estimated by using demographic assumptions, which may have an effect on the
amount and timing of future payments, such as mortality, dismissal and retirement rates, which are developed to reflect actual
and projected plan experience, as well as legal requirements for retirement in respective countries. Mortality rates are
developed using plan-specific populations, recent mortality information published by recognized experts in this field and
other data where appropriate to reflect actual and projected plan experience.
Plan obligations and costs are based on existing plan provisions. Assumptions regarding any potential future changes
to benefit provisions beyond those to which the Company are presently committed are not made.
Significant differences in actual experience or significant changes in the following key assumptions may affect the
OPEB obligation and expense:
\u2022 Discount rates. Stellantis\u2019 discount rates are based on yields of high-quality (AA-rated) fixed income
investments for which the timing and amounts of maturities matched the timing and amounts of the projected
benefit payments.
\u2022 Health care cost trends. The Company\u2019s health care cost trend assumptions are developed based on historical
cost data, the near-term outlook and an assessment of likely long-term trends.
At December\u00a031, 2023, the effect of a decrease or increase in the key assumptions affecting the health care and life
insurance plans, holding all other assumptions constant, is shown below:
Effect\u00a0on\u00a0health
care, life insurance and OPEB
obligation
(\u20ac million)
25 basis point decrease in discount rate
68
25 basis point increase in discount rate
(66)
100 basis point decrease in health care cost trend rate
(16)
100 basis point increase in health care cost trend rate
17
Refer to Note 20, Employee benefits liabilities, for additional information on the Company\u2019s OPEB liabilities.
Recoverability of non-current assets with definite useful lives
Non-current assets with definite useful lives include property, plant and equipment, intangible assets and assets held
for sale. Intangible assets with definite useful lives mainly consist of capitalized development expenditures primarily related
to the North America and Enlarged Europe segments. The Company periodically reviews the carrying amount of non-current
assets with definite useful lives when events or circumstances indicate that an asset may be impaired. The Medium-Term
Plan (\u201cMTP\u201d) used to perform the impairment testing covers the period from 2024 to 2026. The recoverability of non-current
assets with definite useful lives is based on the estimated future cash flows, using the Company\u2019s MTP of the Cash
Generating Units (\u201cCGUs\u201d) to which the assets relate to. The lowest level of asset groups that generate largely independent
cash flows is the vehicle platform level, which is considered the CGU for impairment testing. Goodwill is allocated only to
the operating segment. As such, the operating segments are the CGU for impairment testing for Goodwill and Intangible
assets with indefinite useful lives.
The global automotive industry is experiencing significant change due to increased focus on climate change
resulting in evolving regulatory requirements for fuel efficiency, driving electrification as well as changes in fuel efficiency,
greenhouse gas emissions and other tailpipe emissions. This is in addition to technological changes, such as electrification
and autonomous driving. The Company has announced significant investments in electrification and software which are
reflected in the MTP. However, its business plans could change in response to these evolving requirements and technological
changes or in relation to any future business plans or strategies developed as part of partnerships and collaborations. As the
Company continues to assess the potential impacts of these evolving requirements, technological changes or future plans and
strategies, and of operationalizing and implementing the strategic targets set out in the MTP, including reallocation of our
resources, the recoverability of certain of the Company\u2019s assets or CGUs may be impacted in future periods. For example,
product development strategies may be affected by regulatory changes as well as changes in the expected costs of
implementing electrification, including the cost of batteries. As relevant circumstances change, the Company expects to
adjust its product plans which may result in changes to the expected use of certain of the Company\u2019s vehicle platforms and
propulsion systems.
These uncertainties may result in either impairments of, or reductions to the expected useful lives of, platforms and
propulsion systems, or both. Any change in recoverability would be accounted for at the time such change to the business
plan occurs. For the years ended December 31, 2023, 2022 and 2021, the impairment tests performed compared the carrying
amount of the assets included in the respective CGUs to their value-in-use. The value-in-use of the CGUs is determined using
a discounted cash flow methodology based on estimated pre-tax future cash flows attributable to the CGUs and a pre-tax
discount rate reflecting a current market assessment of the time value of money and the risks specific to the CGUs.
During the year ended December 31, 2023, impairment losses of \u20ac201\u00a0million were recognized, mainly related to
impairment of research and development assets in China and India & Asia Pacific, and to impairment of certain platform
assets in Enlarged Europe.
During the year ended December 31, 2022, impairment losses of \u20ac237\u00a0million were recognized, mainly related to
Enlarged Europe, primarily in Russia with \u20ac43\u00a0million related to inventories, \u20ac47\u00a0million related to tax assets and \u20ac47\u00a0million
related to other assets.
During the year ended December 31, 2021, impairment losses of \u20ac309\u00a0million were recognized, primarily in relation
to the impairment of certain vehicle platforms in the Enlarged Europe segment. These vehicle platforms were legacy
platforms on which there are a limited number of models. The impairments are generated mainly as a result of the projections
reflected in the MTP used to perform the impairment testing, in which these platforms had reduced volumes and profitability.
The impairment loss of \u20ac309\u00a0million mainly relate to Property, plant and equipment of \u20ac137\u00a0million and \u20ac151\u00a0million of
capitalized development expenditures.
Recoverability of Goodwill and Intangible assets with indefinite useful lives
In accordance with IAS 36 - Impairment of Assets, Goodwill and intangible assets with indefinite useful lives are not
amortized and are tested for impairment annually or more frequently if facts or circumstances indicate that the asset may be
impaired.
Goodwill and intangible assets with indefinite useful lives are allocated to operating segments or to CGUs within the
operating segments or other CGUs which represent the lowest level within the entity at which the goodwill is monitored for
internal management purposes. The impairment test is performed by comparing the carrying amount (which mainly
comprises property, plant and equipment, goodwill, brands, capitalized development expenditures, working capital and
reserves) and the recoverable amount of each CGU or group of CGUs to which Goodwill has been allocated. The recoverable
amount of a CGU is the higher of its fair value less costs of disposal and its value-in-use. The balance of Goodwill and
intangible assets with indefinite useful lives recognized by the Company primarily relate to the merger with FCA. Goodwill
from the merger with FCA is allocated to the North America, South America, Maserati, India and Asia Pacific and Enlarged
Europe operating segments. All other Goodwill balances relate primarily to Enlarged Europe, Other activities and to a lesser
extent China.
The MTP is used as a basis to perform the Company\u2019s annual impairment test for Goodwill and intangible assets
with indefinite useful lives.
\u2022 The estimate of the recoverable amount for purposes of performing the annual impairment test for each of the
operating segments is determined using value-in-use and was based on the following assumptions:
\u25e6 The expected future cash flows covering the period from October 1, 2023 through December 31, 2026.
These expected cash flows reflect the current expectations regarding economic conditions and market
trends as well as the Company\u2019s initiatives for the period covered by the projections. These cash flows
relate to the respective CGUs in their current condition when preparing the financial statements and exclude
the estimated cash flows that might arise from restructuring plans or other structural changes. Volumes and
sales mix used for estimating the future cash flow are based on assumptions that are considered reasonable
and sustainable and represent the best estimate of expected conditions regarding market trends and
segment, brand and model share for the respective operating segment over the period considered.
\u25e6 The expected future cash flows include a normalized terminal period to estimate the future result beyond
the time period explicitly considered which incorporated a long-term growth rate assumption of 2.0 percent
to 2.2 percent. The growth rate per region is determined by reference to the risk free rate and the rate of
inflation considered in the regional discount rate. The long-term AOI margins are set considering the
Company\u2019s long-term projections for each of the CGUs.
\u2022 The estimated future cash flows are discounted to their present value using a discount rate that reflects current
market assessments of the time value of money and the risks specific to the asset or CGU that are not reflected
in the estimated future cash flows.
\u2022 Pre-tax cash flows are discounted using a pre-tax discount rate which reflects the current market assessment of
the time value of money for the period being considered, and the risks specific to those cash flows under
consideration. The pre-tax Weighted Average Cost of Capital (\u201cWACC\u201d) discount rate applied ranged from
11.3 percent to 25.8 percent.
The values estimated as described above are determined to be in excess of the carrying amount for each operating
segment or other CGUs to which Goodwill is allocated. As such, no impairment charges were recognized for Goodwill and
Intangible assets with indefinite useful lives for the year ended December 31, 2023. No impairment charges were recognized
for Goodwill and Intangible assets with indefinite useful lives for the year ended December 31, 2021 and 2022.
Recoverability of deferred tax assets
Deferred tax assets are recognized to the extent that it is probable that sufficient taxable profit will be available to
allow the benefit of part or all of the deferred tax assets to be utilized. The recoverability of deferred tax assets is dependent
on the Company\u2019s ability to generate sufficient future taxable income in the period in which it is assumed that the deductible
temporary differences reverse and tax losses carried forward can be utilized. In making this assessment, the Company
considers future taxable income arising based on the most recent business plan. Moreover, the Company estimates the impact
of the reversal of taxable temporary differences on earnings and it also considers the period over which these deferred tax
assets could be recovered. The estimates and assumptions used in the assessment are subject to uncertainty especially related
to the Company\u2019s future performance as compared to the business plan. Therefore, changes in current estimates due to
unanticipated events could have a significant impact on the Consolidated Financial Statements. Refer to Note 7, Tax expense/
(benefit) for additional information.
Sales incentives
The Company records the estimated cost of sales incentive programs offered to dealers and consumers as a reduction
to revenue at the time of sale to the dealer. This estimated cost represents the incentive programs offered to dealers and
consumers, as well as the expected modifications to these programs in order to facilitate sales of the dealer inventory.
Subsequent adjustments to sales incentive programs related to vehicles previously sold to dealers are recognized as an
adjustment to Net revenues in the period the adjustment is determinable.
The Company uses price discounts to adjust vehicle pricing in response to a number of market and product factors,
including pricing actions and incentives offered by competitors, economic conditions, the amount of excess industry
production capacity, the intensity of market competition, consumer demand for the product and the desire to support
promotional campaigns. The Company may offer a variety of sales incentive programs at any given point in time, including
cash offers to dealers and consumers and subvention programs offered to customers, or lease subsidies, which reduce the
retail customer\u2019s monthly lease payment or cash due at the inception of the financing arrangement, or both. Sales incentive
programs are generally brand, model and region specific for a defined period of time.
Multiple factors are used in estimating the future incentive expense by vehicle line, including the current incentive
programs in the market, planned promotional programs and the normal incentive escalation incurred as the model year ages.
The estimated incentive rates are reviewed monthly and changes to planned rates are adjusted accordingly, thereby impacting
revenues. As there are a multitude of inputs affecting the calculation of the estimate for sales incentives, an increase or
decrease of any of these variables could have a significant effect on Net revenues.
Product warranties, recall campaigns and product liabilities
The Company establishes reserves for product warranties at the time the related sale is recognized. The Company
issues various types of product warranties under which the performance of products delivered is generally guaranteed for a
certain period or term. The accrual for product warranties includes the expected costs of warranty obligations imposed by law
or contract, as well as the expected costs for policy coverage, recall actions and buyback commitments. The estimated future
costs of these actions are principally based on assumptions regarding the lifetime warranty costs of each vehicle line and each
model year of that vehicle line, as well as historical claims experience for the Company\u2019s vehicles. In addition, the number
and magnitude of additional service actions expected to be approved and policies related to additional service actions are
taken into consideration. Due to the uncertainty and potential volatility of these estimated factors, changes in the assumptions
used could materially affect the results of operations.
The Company periodically initiates voluntary service and recall actions to address various customer satisfaction as
well as safety and emissions issues related to vehicles sold. Included in the reserve is the estimated cost of these service and
recall actions. The Company accrues estimated costs for recalls when they are probable of occurring and a reliable estimate of
the costs can be made.
Estimates of the future costs of these actions are subject to numerous uncertainties, including the enactment of new
laws and regulations, the number of vehicles affected by a service or recall action and the nature of the corrective action. It is
reasonably possible that the ultimate cost of these service and recall actions may require the Company to make expenditures
in excess of (or less than) established reserves over an extended period of time and in a range of amounts that cannot be
reasonably estimated. The estimate of warranty and additional service and recall action obligations is periodically reviewed
during the year. Experience has shown that initial data for any given model year can be volatile; therefore, the Company\u2019s
process relies upon long-term historical averages until sufficient data is available. As actual experience becomes available, it
is used to modify the historical averages to ensure that the forecast is within the range of likely outcomes. Resulting accruals
are then compared with current spending rates to ensure that the balances are adequate to meet expected future obligations.
In addition, the Company makes provisions for estimated product liability costs arising from property damage and
personal injuries including wrongful death, and potential exemplary or punitive damages alleged to be the result of product
defects. By nature, these costs can be infrequent, difficult to predict and have the potential to vary significantly in amount.
The valuation of the reserve is actuarially determined on an annual basis based on, among other factors, the number of
vehicles sold and product liability claims incurred. Costs associated with these provisions are recorded in the Consolidated
Income Statement and any subsequent adjustments are recorded in the period in which the adjustment is determined.
Litigation
Various legal proceedings, claims and governmental investigations are pending against the Company on a wide
range of topics, including vehicle safety, emissions and fuel economy, competition, tax and securities matters, alleged
violations of law, labor, dealer, supplier and other contractual relationships, intellectual property rights, product warranties
and environmental matters. Some of these proceedings allege defects in specific component parts or systems (including
airbags, seats, seat belts, brakes, ball joints, transmissions, engines and fuel systems), in various vehicle models or allege
general design defects relating to vehicle handling and stability, sudden unintended movement or crashworthiness. These
proceedings seek recovery for damage to property, personal injuries or wrongful death and in some cases include a claim for
exemplary or punitive damages. Adverse decisions in one or more of these proceedings could require the Company to pay
substantial damages, or undertake service actions, recall campaigns or other costly actions.
Litigation is subject to many uncertainties, and the outcome of individual matters is not predictable with assurance.
Moreover, the cases and claims against the Company are often derived from complex legal issues that are subject to differing
degrees of uncertainty, including the facts and circumstances of each particular case, the manner in which the applicable law
is likely to be interpreted and applied and the jurisdiction and the different laws involved. A provision is established in
connection with pending or threatened litigation if it is probable there would be an outflow of funds and when the amount can
be reasonably estimated. If an outflow of funds becomes probable, but the amount cannot be estimated, the matter is
disclosed in the notes to the Consolidated Financial Statements. Since these provisions represent estimates, the resolution of
some of these matters could require the Company to make payments in excess of the amounts accrued or may require the
Company to make payments in an amount or range of amounts that could not be reasonably estimated.
The Company monitors the status of pending legal proceedings and consults with experts on legal and tax matters on
a regular basis. As such, the provisions for the Company\u2019s legal proceedings and litigation may vary as a result of future
developments in pending matters.
7.
Tax expense/(benefit)
Tax loss carry-forwards
Recognition of deferred tax assets related to tax loss carry-forwards were tested for realizability based on forecasted
future taxable income using estimates consistent with the main assumptions of the MTP. Deferred tax assets relating to the
carry-forward of unused tax losses and tax credits, as well as those arising from deductible temporary differences, were
recognized to the extent that it was probable that future profits would be available against which they could be utilized. The
realization of these deferred tax assets was sensitive to the assumptions and judgments used in the determination of the
taxable income in the future, as well as Stellantis\u2019 ability to implement tax planning strategies, as necessary. While Stellantis
has not yet recognized all deferred tax assets in all jurisdictions, it is possible the Company\u2019s assessment of realizability could
change, resulting in the recognition of additional deferred tax assets in the Company\u2019s Consolidated Statement of Financial
Position and the related income tax benefit in the Company\u2019s Consolidated Income Statement. Refer to Note 2, Basis of
preparation - Use of estimates - Recoverability of deferred tax assets for additional information.
Tax loss carry-forward
(after application of the
current tax rate)
Recognized deferred tax
assets on tax loss carry-
forward
Unrecognized deferred tax
assets on tax loss carry-
forwards (after application
of the current tax rate)
At December 31, 2023
(\u20ac million)
Tax Groups:
France
\u20ac1,663
\u20ac(1,645)
\u20ac18
Germany
120
(120)
\u2014
Spain
561
(63)
498
Italy
3,499
(605)
2,894
Other Jurisdictions:
Brazil
2,411
\u2014
2,411
Others
815
(331)
484
Total
\u20ac9,069
\u20ac(2,764)
\u20ac6,305
Tax loss carry-forward
(after application of the
current tax rate)
Recognized deferred tax
assets on tax loss carry-
forward
Unrecognized deferred tax
assets on tax loss carry-
forwards (after application
of the current tax rate)
At December 31, 2022
(\u20ac million)
Tax Groups:
France
\u20ac2,066
\u20ac(2,050)
\u20ac16
Germany
249
(249)
\u2014
Spain
597
(53)
544
Italy
3,640
(486)
3,154
Other Jurisdictions:
Brazil
2,252
\u2014
2,252
Others
702
(136)
566
Total
\u20ac9,506
\u20ac(2,975)
\u20ac6,531
At the end of December 2023 and December 2022, the Company had total tax-effected tax loss carry-forwards of
\u20ac9.1\u00a0billion and \u20ac9.5\u00a0billion, respectively, of which \u20ac6.3\u00a0billion and \u20ac6.5\u00a0billion were not recognized, respectively. Tax loss
carry-forwards in France, Germany, Italy, Spain, and Brazil do not expire. Tax loss carry-forwards relating to the French,
German, Spanish and Italian tax groups are available within each tax group for offsetting against net deferred tax liabilities
(subject to limitations provided under local tax law) and are recognized in the Consolidated Statement of Financial Position.
In February 2022, the French tax authorities preliminarily agreed that upon merger, the French permanent establishment of
Stellantis N.V., along with the companies within the former French consolidated tax group, succeeded to approximately
\u20ac9.0\u00a0billion of French tax loss carry-forwards existing as of December 31, 2020.
20.
Employee benefits liabilities
Pension benefits
The weighted average assumptions used to determine defined benefit obligations were as follows:
At December 31,
2023
2022
U.S.
Canada
UK
France
Germany
U.S.
Canada
UK
France
Germany
Discount rate
5.43%
4.64%
5.29%
4.46%
3.99%
5.40%
5.27%
4.52%
4.01%
3.56%
Future salary
increase rate
\u2014%
3.50%
2.70%
2.77%
2.80%
\u2014%
3.50%
2.55%
2.68%
2.80%
The average duration of U.S., Canada, UK, France and Germany liabilities was approximately 9, 10, 12, 7 and 16,
respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-691": { "value": "
Use of estimates
The Consolidated Financial Statements are prepared in accordance with IFRS which requires the use of estimates,
judgments and assumptions that affect the carrying amount of assets and liabilities, the disclosure of contingent assets and
liabilities and the amounts of income and expenses recognized. The estimates and associated assumptions are based on
management's best judgment of elements that were known when the financial statements are prepared, on historical
experience and on any other factors that are considered to be relevant.
Estimates and underlying assumptions are reviewed by the Company periodically and when circumstances require.
Actual results could differ from the estimates, which would require adjustment accordingly. The effects of any changes in
estimates are recognized in the Consolidated Income Statement in the period in which the adjustment is made, or in future
periods.
Items requiring estimates for which there is a risk that a material difference could arise in the future in respect of the
carrying amounts of assets and liabilities are discussed below.
Employee Benefits
The Company provides post-employment benefits for certain of its active employees and retirees, which vary
according to the legal, fiscal and economic conditions of each country in which the Company operates and changes
periodically. The plans are classified by the Company on the basis of the type of benefit provided as follows: pension
benefits, health care and life insurance plans and other post-employment benefits.
The Company provides certain post-employment benefits, such as pension or health care benefits, to their employees
under defined contribution plans whereby the Company pays contributions to public or private plans on a legally mandatory,
contractual, or voluntary basis. The Company recognizes the cost for defined contribution plans as incurred and classifies this
by function within Cost of revenues, Selling, general and other costs, and Research and development costs in the
Consolidated Income Statement.
Pension plans
The Company sponsored both non-contributory and contributory defined benefit pension plans primarily in the U.S.,
Canada, the UK and Germany, the majority of which were funded. Non-contributory pension plans cover certain hourly and
salaried employees and the benefits are based on a fixed rate for each year of service. Additionally, contributory benefits are
provided to certain salaried employees under the salaried employees\u2019 retirement plans.
The Company\u2019s defined benefit pension plans are accounted for on an actuarial basis, which requires the use of
estimates and assumptions to determine the net liability or net asset. The Company estimates the present value of the
projected future payments to all participants by taking into consideration parameters of a financial nature such as discount
rates, the rate of salary increases and the likelihood of potential future events estimated by using demographic assumptions,
which may have an effect on the amount and timing of future payments, such as mortality, dismissal and retirement rates,
which are developed to reflect actual and projected plan experience. Mortality rates are developed using Stellantis plan-
specific populations where appropriate as well as recent mortality information published by recognized experts in this field
such as the U.S. Society of Actuaries and the Canadian Institute of Actuaries and other data where appropriate to reflect
actual and projected plan experience. Comparable country specific sources and methods are used for all other countries. The
expected amount and timing of contributions is based on an assessment of minimum funding requirements. From time to
time, contributions are made beyond those that are legally required.
Plan obligations and costs are based on existing retirement plan provisions. Assumptions regarding any potential
future changes to benefit provisions beyond those to which the Company is presently committed are not made. Significant
differences in actual experience or significant changes in the following key assumption may affect the pension obligations
and pension expense:
\u2022 Discount rates. The Company\u2019s discount rates are based on yields of high-quality (AA-rated) fixed income
investments for which the timing and amounts of maturities match the timing and amounts of the projected
benefit payments.
The effects of actual results differing from assumptions and of amended assumptions are included in Other
comprehensive income/(loss). The weighted average discount rates used to determine the defined benefit obligation for the
defined benefit plans were 5.17 percent and 5.14 percent at December\u00a031, 2023 and 2022, respectively.
At December\u00a031, 2023, the effect on the defined benefit obligation of a decrease or increase in the discount rate,
holding all other assumptions constant, is as follows:
Effect on
pension
benefit
obligation
increase/
(decrease) in
Net liability
Germany and
France
UK
US and Canada
Other
(\u20ac million)
25 basis point decrease in discount rate
584
100
44
434
6
25 basis point increase in discount rate
(559)
(95)
(42)
(416)
(6)
Refer to Note 20 , Employee benefits liabilities, for additional information on the Company\u2019s pension plans.
Other post-employment benefits
The Company provides health care, legal, severance, indemnity life insurance benefits and other post-retirement
benefits to certain hourly and salaried employees. Upon retirement, these employees may become eligible for a continuation
of certain benefits. Benefits and eligibility rules may be modified periodically.
These other post-employment benefits (\u201cOPEB\u201d) are accounted for on an actuarial basis, which requires the
selection of various assumptions. The estimation of the Company\u2019s obligations, costs and liabilities associated with OPEB
requires the use of estimates of the present value of the projected future payments to all participants, taking into consideration
the likelihood of potential future events estimated by using demographic assumptions, which may have an effect on the
amount and timing of future payments, such as mortality, dismissal and retirement rates, which are developed to reflect actual
and projected plan experience, as well as legal requirements for retirement in respective countries. Mortality rates are
developed using plan-specific populations, recent mortality information published by recognized experts in this field and
other data where appropriate to reflect actual and projected plan experience.
Plan obligations and costs are based on existing plan provisions. Assumptions regarding any potential future changes
to benefit provisions beyond those to which the Company are presently committed are not made.
Significant differences in actual experience or significant changes in the following key assumptions may affect the
OPEB obligation and expense:
\u2022 Discount rates. Stellantis\u2019 discount rates are based on yields of high-quality (AA-rated) fixed income
investments for which the timing and amounts of maturities matched the timing and amounts of the projected
benefit payments.
\u2022 Health care cost trends. The Company\u2019s health care cost trend assumptions are developed based on historical
cost data, the near-term outlook and an assessment of likely long-term trends.
At December\u00a031, 2023, the effect of a decrease or increase in the key assumptions affecting the health care and life
insurance plans, holding all other assumptions constant, is shown below:
Effect\u00a0on\u00a0health
care, life insurance and OPEB
obligation
(\u20ac million)
25 basis point decrease in discount rate
68
25 basis point increase in discount rate
(66)
100 basis point decrease in health care cost trend rate
(16)
100 basis point increase in health care cost trend rate
17
Refer to Note 20, Employee benefits liabilities, for additional information on the Company\u2019s OPEB liabilities.
Recoverability of non-current assets with definite useful lives
Non-current assets with definite useful lives include property, plant and equipment, intangible assets and assets held
for sale. Intangible assets with definite useful lives mainly consist of capitalized development expenditures primarily related
to the North America and Enlarged Europe segments. The Company periodically reviews the carrying amount of non-current
assets with definite useful lives when events or circumstances indicate that an asset may be impaired. The Medium-Term
Plan (\u201cMTP\u201d) used to perform the impairment testing covers the period from 2024 to 2026. The recoverability of non-current
assets with definite useful lives is based on the estimated future cash flows, using the Company\u2019s MTP of the Cash
Generating Units (\u201cCGUs\u201d) to which the assets relate to. The lowest level of asset groups that generate largely independent
cash flows is the vehicle platform level, which is considered the CGU for impairment testing. Goodwill is allocated only to
the operating segment. As such, the operating segments are the CGU for impairment testing for Goodwill and Intangible
assets with indefinite useful lives.
The global automotive industry is experiencing significant change due to increased focus on climate change
resulting in evolving regulatory requirements for fuel efficiency, driving electrification as well as changes in fuel efficiency,
greenhouse gas emissions and other tailpipe emissions. This is in addition to technological changes, such as electrification
and autonomous driving. The Company has announced significant investments in electrification and software which are
reflected in the MTP. However, its business plans could change in response to these evolving requirements and technological
changes or in relation to any future business plans or strategies developed as part of partnerships and collaborations. As the
Company continues to assess the potential impacts of these evolving requirements, technological changes or future plans and
strategies, and of operationalizing and implementing the strategic targets set out in the MTP, including reallocation of our
resources, the recoverability of certain of the Company\u2019s assets or CGUs may be impacted in future periods. For example,
product development strategies may be affected by regulatory changes as well as changes in the expected costs of
implementing electrification, including the cost of batteries. As relevant circumstances change, the Company expects to
adjust its product plans which may result in changes to the expected use of certain of the Company\u2019s vehicle platforms and
propulsion systems.
These uncertainties may result in either impairments of, or reductions to the expected useful lives of, platforms and
propulsion systems, or both. Any change in recoverability would be accounted for at the time such change to the business
plan occurs. For the years ended December 31, 2023, 2022 and 2021, the impairment tests performed compared the carrying
amount of the assets included in the respective CGUs to their value-in-use. The value-in-use of the CGUs is determined using
a discounted cash flow methodology based on estimated pre-tax future cash flows attributable to the CGUs and a pre-tax
discount rate reflecting a current market assessment of the time value of money and the risks specific to the CGUs.
During the year ended December 31, 2023, impairment losses of \u20ac201\u00a0million were recognized, mainly related to
impairment of research and development assets in China and India & Asia Pacific, and to impairment of certain platform
assets in Enlarged Europe.
During the year ended December 31, 2022, impairment losses of \u20ac237\u00a0million were recognized, mainly related to
Enlarged Europe, primarily in Russia with \u20ac43\u00a0million related to inventories, \u20ac47\u00a0million related to tax assets and \u20ac47\u00a0million
related to other assets.
During the year ended December 31, 2021, impairment losses of \u20ac309\u00a0million were recognized, primarily in relation
to the impairment of certain vehicle platforms in the Enlarged Europe segment. These vehicle platforms were legacy
platforms on which there are a limited number of models. The impairments are generated mainly as a result of the projections
reflected in the MTP used to perform the impairment testing, in which these platforms had reduced volumes and profitability.
The impairment loss of \u20ac309\u00a0million mainly relate to Property, plant and equipment of \u20ac137\u00a0million and \u20ac151\u00a0million of
capitalized development expenditures.
Recoverability of Goodwill and Intangible assets with indefinite useful lives
In accordance with IAS 36 - Impairment of Assets, Goodwill and intangible assets with indefinite useful lives are not
amortized and are tested for impairment annually or more frequently if facts or circumstances indicate that the asset may be
impaired.
Goodwill and intangible assets with indefinite useful lives are allocated to operating segments or to CGUs within the
operating segments or other CGUs which represent the lowest level within the entity at which the goodwill is monitored for
internal management purposes. The impairment test is performed by comparing the carrying amount (which mainly
comprises property, plant and equipment, goodwill, brands, capitalized development expenditures, working capital and
reserves) and the recoverable amount of each CGU or group of CGUs to which Goodwill has been allocated. The recoverable
amount of a CGU is the higher of its fair value less costs of disposal and its value-in-use. The balance of Goodwill and
intangible assets with indefinite useful lives recognized by the Company primarily relate to the merger with FCA. Goodwill
from the merger with FCA is allocated to the North America, South America, Maserati, India and Asia Pacific and Enlarged
Europe operating segments. All other Goodwill balances relate primarily to Enlarged Europe, Other activities and to a lesser
extent China.
The MTP is used as a basis to perform the Company\u2019s annual impairment test for Goodwill and intangible assets
with indefinite useful lives.
\u2022 The estimate of the recoverable amount for purposes of performing the annual impairment test for each of the
operating segments is determined using value-in-use and was based on the following assumptions:
\u25e6 The expected future cash flows covering the period from October 1, 2023 through December 31, 2026.
These expected cash flows reflect the current expectations regarding economic conditions and market
trends as well as the Company\u2019s initiatives for the period covered by the projections. These cash flows
relate to the respective CGUs in their current condition when preparing the financial statements and exclude
the estimated cash flows that might arise from restructuring plans or other structural changes. Volumes and
sales mix used for estimating the future cash flow are based on assumptions that are considered reasonable
and sustainable and represent the best estimate of expected conditions regarding market trends and
segment, brand and model share for the respective operating segment over the period considered.
\u25e6 The expected future cash flows include a normalized terminal period to estimate the future result beyond
the time period explicitly considered which incorporated a long-term growth rate assumption of 2.0 percent
to 2.2 percent. The growth rate per region is determined by reference to the risk free rate and the rate of
inflation considered in the regional discount rate. The long-term AOI margins are set considering the
Company\u2019s long-term projections for each of the CGUs.
\u2022 The estimated future cash flows are discounted to their present value using a discount rate that reflects current
market assessments of the time value of money and the risks specific to the asset or CGU that are not reflected
in the estimated future cash flows.
\u2022 Pre-tax cash flows are discounted using a pre-tax discount rate which reflects the current market assessment of
the time value of money for the period being considered, and the risks specific to those cash flows under
consideration. The pre-tax Weighted Average Cost of Capital (\u201cWACC\u201d) discount rate applied ranged from
11.3 percent to 25.8 percent.
The values estimated as described above are determined to be in excess of the carrying amount for each operating
segment or other CGUs to which Goodwill is allocated. As such, no impairment charges were recognized for Goodwill and
Intangible assets with indefinite useful lives for the year ended December 31, 2023. No impairment charges were recognized
for Goodwill and Intangible assets with indefinite useful lives for the year ended December 31, 2021 and 2022.
Recoverability of deferred tax assets
Deferred tax assets are recognized to the extent that it is probable that sufficient taxable profit will be available to
allow the benefit of part or all of the deferred tax assets to be utilized. The recoverability of deferred tax assets is dependent
on the Company\u2019s ability to generate sufficient future taxable income in the period in which it is assumed that the deductible
temporary differences reverse and tax losses carried forward can be utilized. In making this assessment, the Company
considers future taxable income arising based on the most recent business plan. Moreover, the Company estimates the impact
of the reversal of taxable temporary differences on earnings and it also considers the period over which these deferred tax
assets could be recovered. The estimates and assumptions used in the assessment are subject to uncertainty especially related
to the Company\u2019s future performance as compared to the business plan. Therefore, changes in current estimates due to
unanticipated events could have a significant impact on the Consolidated Financial Statements. Refer to Note 7, Tax expense/
(benefit) for additional information.
Sales incentives
The Company records the estimated cost of sales incentive programs offered to dealers and consumers as a reduction
to revenue at the time of sale to the dealer. This estimated cost represents the incentive programs offered to dealers and
consumers, as well as the expected modifications to these programs in order to facilitate sales of the dealer inventory.
Subsequent adjustments to sales incentive programs related to vehicles previously sold to dealers are recognized as an
adjustment to Net revenues in the period the adjustment is determinable.
The Company uses price discounts to adjust vehicle pricing in response to a number of market and product factors,
including pricing actions and incentives offered by competitors, economic conditions, the amount of excess industry
production capacity, the intensity of market competition, consumer demand for the product and the desire to support
promotional campaigns. The Company may offer a variety of sales incentive programs at any given point in time, including
cash offers to dealers and consumers and subvention programs offered to customers, or lease subsidies, which reduce the
retail customer\u2019s monthly lease payment or cash due at the inception of the financing arrangement, or both. Sales incentive
programs are generally brand, model and region specific for a defined period of time.
Multiple factors are used in estimating the future incentive expense by vehicle line, including the current incentive
programs in the market, planned promotional programs and the normal incentive escalation incurred as the model year ages.
The estimated incentive rates are reviewed monthly and changes to planned rates are adjusted accordingly, thereby impacting
revenues. As there are a multitude of inputs affecting the calculation of the estimate for sales incentives, an increase or
decrease of any of these variables could have a significant effect on Net revenues.
Product warranties, recall campaigns and product liabilities
The Company establishes reserves for product warranties at the time the related sale is recognized. The Company
issues various types of product warranties under which the performance of products delivered is generally guaranteed for a
certain period or term. The accrual for product warranties includes the expected costs of warranty obligations imposed by law
or contract, as well as the expected costs for policy coverage, recall actions and buyback commitments. The estimated future
costs of these actions are principally based on assumptions regarding the lifetime warranty costs of each vehicle line and each
model year of that vehicle line, as well as historical claims experience for the Company\u2019s vehicles. In addition, the number
and magnitude of additional service actions expected to be approved and policies related to additional service actions are
taken into consideration. Due to the uncertainty and potential volatility of these estimated factors, changes in the assumptions
used could materially affect the results of operations.
The Company periodically initiates voluntary service and recall actions to address various customer satisfaction as
well as safety and emissions issues related to vehicles sold. Included in the reserve is the estimated cost of these service and
recall actions. The Company accrues estimated costs for recalls when they are probable of occurring and a reliable estimate of
the costs can be made.
Estimates of the future costs of these actions are subject to numerous uncertainties, including the enactment of new
laws and regulations, the number of vehicles affected by a service or recall action and the nature of the corrective action. It is
reasonably possible that the ultimate cost of these service and recall actions may require the Company to make expenditures
in excess of (or less than) established reserves over an extended period of time and in a range of amounts that cannot be
reasonably estimated. The estimate of warranty and additional service and recall action obligations is periodically reviewed
during the year. Experience has shown that initial data for any given model year can be volatile; therefore, the Company\u2019s
process relies upon long-term historical averages until sufficient data is available. As actual experience becomes available, it
is used to modify the historical averages to ensure that the forecast is within the range of likely outcomes. Resulting accruals
are then compared with current spending rates to ensure that the balances are adequate to meet expected future obligations.
In addition, the Company makes provisions for estimated product liability costs arising from property damage and
personal injuries including wrongful death, and potential exemplary or punitive damages alleged to be the result of product
defects. By nature, these costs can be infrequent, difficult to predict and have the potential to vary significantly in amount.
The valuation of the reserve is actuarially determined on an annual basis based on, among other factors, the number of
vehicles sold and product liability claims incurred. Costs associated with these provisions are recorded in the Consolidated
Income Statement and any subsequent adjustments are recorded in the period in which the adjustment is determined.
Litigation
Various legal proceedings, claims and governmental investigations are pending against the Company on a wide
range of topics, including vehicle safety, emissions and fuel economy, competition, tax and securities matters, alleged
violations of law, labor, dealer, supplier and other contractual relationships, intellectual property rights, product warranties
and environmental matters. Some of these proceedings allege defects in specific component parts or systems (including
airbags, seats, seat belts, brakes, ball joints, transmissions, engines and fuel systems), in various vehicle models or allege
general design defects relating to vehicle handling and stability, sudden unintended movement or crashworthiness. These
proceedings seek recovery for damage to property, personal injuries or wrongful death and in some cases include a claim for
exemplary or punitive damages. Adverse decisions in one or more of these proceedings could require the Company to pay
substantial damages, or undertake service actions, recall campaigns or other costly actions.
Litigation is subject to many uncertainties, and the outcome of individual matters is not predictable with assurance.
Moreover, the cases and claims against the Company are often derived from complex legal issues that are subject to differing
degrees of uncertainty, including the facts and circumstances of each particular case, the manner in which the applicable law
is likely to be interpreted and applied and the jurisdiction and the different laws involved. A provision is established in
connection with pending or threatened litigation if it is probable there would be an outflow of funds and when the amount can
be reasonably estimated. If an outflow of funds becomes probable, but the amount cannot be estimated, the matter is
disclosed in the notes to the Consolidated Financial Statements. Since these provisions represent estimates, the resolution of
some of these matters could require the Company to make payments in excess of the amounts accrued or may require the
Company to make payments in an amount or range of amounts that could not be reasonably estimated.
The Company monitors the status of pending legal proceedings and consults with experts on legal and tax matters on
a regular basis. As such, the provisions for the Company\u2019s legal proceedings and litigation may vary as a result of future
developments in pending matters.
7.
Tax expense/(benefit)
Tax loss carry-forwards
Recognition of deferred tax assets related to tax loss carry-forwards were tested for realizability based on forecasted
future taxable income using estimates consistent with the main assumptions of the MTP. Deferred tax assets relating to the
carry-forward of unused tax losses and tax credits, as well as those arising from deductible temporary differences, were
recognized to the extent that it was probable that future profits would be available against which they could be utilized. The
realization of these deferred tax assets was sensitive to the assumptions and judgments used in the determination of the
taxable income in the future, as well as Stellantis\u2019 ability to implement tax planning strategies, as necessary. While Stellantis
has not yet recognized all deferred tax assets in all jurisdictions, it is possible the Company\u2019s assessment of realizability could
change, resulting in the recognition of additional deferred tax assets in the Company\u2019s Consolidated Statement of Financial
Position and the related income tax benefit in the Company\u2019s Consolidated Income Statement. Refer to Note 2, Basis of
preparation - Use of estimates - Recoverability of deferred tax assets for additional information.
Tax loss carry-forward
(after application of the
current tax rate)
Recognized deferred tax
assets on tax loss carry-
forward
Unrecognized deferred tax
assets on tax loss carry-
forwards (after application
of the current tax rate)
At December 31, 2023
(\u20ac million)
Tax Groups:
France
\u20ac1,663
\u20ac(1,645)
\u20ac18
Germany
120
(120)
\u2014
Spain
561
(63)
498
Italy
3,499
(605)
2,894
Other Jurisdictions:
Brazil
2,411
\u2014
2,411
Others
815
(331)
484
Total
\u20ac9,069
\u20ac(2,764)
\u20ac6,305
Tax loss carry-forward
(after application of the
current tax rate)
Recognized deferred tax
assets on tax loss carry-
forward
Unrecognized deferred tax
assets on tax loss carry-
forwards (after application
of the current tax rate)
At December 31, 2022
(\u20ac million)
Tax Groups:
France
\u20ac2,066
\u20ac(2,050)
\u20ac16
Germany
249
(249)
\u2014
Spain
597
(53)
544
Italy
3,640
(486)
3,154
Other Jurisdictions:
Brazil
2,252
\u2014
2,252
Others
702
(136)
566
Total
\u20ac9,506
\u20ac(2,975)
\u20ac6,531
At the end of December 2023 and December 2022, the Company had total tax-effected tax loss carry-forwards of
\u20ac9.1\u00a0billion and \u20ac9.5\u00a0billion, respectively, of which \u20ac6.3\u00a0billion and \u20ac6.5\u00a0billion were not recognized, respectively. Tax loss
carry-forwards in France, Germany, Italy, Spain, and Brazil do not expire. Tax loss carry-forwards relating to the French,
German, Spanish and Italian tax groups are available within each tax group for offsetting against net deferred tax liabilities
(subject to limitations provided under local tax law) and are recognized in the Consolidated Statement of Financial Position.
In February 2022, the French tax authorities preliminarily agreed that upon merger, the French permanent establishment of
Stellantis N.V., along with the companies within the former French consolidated tax group, succeeded to approximately
\u20ac9.0\u00a0billion of French tax loss carry-forwards existing as of December 31, 2020.
20.
Employee benefits liabilities
Pension benefits
The weighted average assumptions used to determine defined benefit obligations were as follows:
At December 31,
2023
2022
U.S.
Canada
UK
France
Germany
U.S.
Canada
UK
France
Germany
Discount rate
5.43%
4.64%
5.29%
4.46%
3.99%
5.40%
5.27%
4.52%
4.01%
3.56%
Future salary
increase rate
\u2014%
3.50%
2.70%
2.77%
2.80%
\u2014%
3.50%
2.55%
2.68%
2.80%
The average duration of U.S., Canada, UK, France and Germany liabilities was approximately 9, 10, 12, 7 and 16,
respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-693": { "value": "Use of estimates The Consolidated Financial Statements are prepared in accordance with IFRS which requires the use of estimates, judgments and assumptions that affect the carrying amount of assets and liabilities, the disclosure of contingent assets and liabilities and the amounts of income and expenses recognized. The estimates and associated assumptions are based on management's best judgment of elements that were known when the financial statements are prepared, on historical experience and on any other factors that are considered to be relevant. Estimates and underlying assumptions are reviewed by the Company periodically and when circumstances require. Actual results could differ from the estimates, which would require adjustment accordingly. The effects of any changes in estimates are recognized in the Consolidated Income Statement in the period in which the adjustment is made, or in future periods.Items requiring estimates for which there is a risk that a material difference could arise in the future in respect of the carrying amounts of assets and liabilities are discussed below. Employee BenefitsThe Company provides post-employment benefits for certain of its active employees and retirees, which vary according to the legal, fiscal and economic conditions of each country in which the Company operates and changes periodically. The plans are classified by the Company on the basis of the type of benefit provided as follows: pension benefits, health care and life insurance plans and other post-employment benefits. The Company provides certain post-employment benefits, such as pension or health care benefits, to their employees under defined contribution plans whereby the Company pays contributions to public or private plans on a legally mandatory, contractual, or voluntary basis. The Company recognizes the cost for defined contribution plans as incurred and classifies this by function within Cost of revenues, Selling, general and other costs, and Research and development costs in the Consolidated Income Statement. Pension plans The Company sponsored both non-contributory and contributory defined benefit pension plans primarily in the U.S., Canada, the UK and Germany, the majority of which were funded. Non-contributory pension plans cover certain hourly and salaried employees and the benefits are based on a fixed rate for each year of service. Additionally, contributory benefits are provided to certain salaried employees under the salaried employees\u2019 retirement plans. The Company\u2019s defined benefit pension plans are accounted for on an actuarial basis, which requires the use of estimates and assumptions to determine the net liability or net asset. The Company estimates the present value of the projected future payments to all participants by taking into consideration parameters of a financial nature such as discount rates, the rate of salary increases and the likelihood of potential future events estimated by using demographic assumptions, which may have an effect on the amount and timing of future payments, such as mortality, dismissal and retirement rates, which are developed to reflect actual and projected plan experience. Mortality rates are developed using Stellantis plan-specific populations where appropriate as well as recent mortality information published by recognized experts in this field such as the U.S. Society of Actuaries and the Canadian Institute of Actuaries and other data where appropriate to reflect actual and projected plan experience. Comparable country specific sources and methods are used for all other countries. The expected amount and timing of contributions is based on an assessment of minimum funding requirements. From time to time, contributions are made beyond those that are legally required.Plan obligations and costs are based on existing retirement plan provisions. Assumptions regarding any potential future changes to benefit provisions beyond those to which the Company is presently committed are not made. Significant differences in actual experience or significant changes in the following key assumption may affect the pension obligations and pension expense:\u2022 Discount rates. The Company\u2019s discount rates are based on yields of high-quality (AA-rated) fixed income investments for which the timing and amounts of maturities match the timing and amounts of the projected benefit payments. The effects of actual results differing from assumptions and of amended assumptions are included in Other comprehensive income/(loss). The weighted average discount rates used to determine the defined benefit obligation for the defined benefit plans were 5.17 percent and 5.14 percent at December\u00a031, 2023 and 2022, respectively. At December\u00a031, 2023, the effect on the defined benefit obligation of a decrease or increase in the discount rate, holding all other assumptions constant, is as follows:Effect on pension benefitobligation increase/(decrease) in Net liabilityGermany and FranceUK US and Canada Other (\u20ac million) 25 basis point decrease in discount rate58410044434625 basis point increase in discount rate(559)(95)(42)(416)(6)Refer to Note 20 , Employee benefits liabilities, for additional information on the Company\u2019s pension plans. Other post-employment benefitsThe Company provides health care, legal, severance, indemnity life insurance benefits and other post-retirement benefits to certain hourly and salaried employees. Upon retirement, these employees may become eligible for a continuation of certain benefits. Benefits and eligibility rules may be modified periodically. These other post-employment benefits (\u201cOPEB\u201d) are accounted for on an actuarial basis, which requires the selection of various assumptions. The estimation of the Company\u2019s obligations, costs and liabilities associated with OPEB requires the use of estimates of the present value of the projected future payments to all participants, taking into consideration the likelihood of potential future events estimated by using demographic assumptions, which may have an effect on the amount and timing of future payments, such as mortality, dismissal and retirement rates, which are developed to reflect actual and projected plan experience, as well as legal requirements for retirement in respective countries. Mortality rates are developed using plan-specific populations, recent mortality information published by recognized experts in this field and other data where appropriate to reflect actual and projected plan experience.Plan obligations and costs are based on existing plan provisions. Assumptions regarding any potential future changes to benefit provisions beyond those to which the Company are presently committed are not made. Significant differences in actual experience or significant changes in the following key assumptions may affect the OPEB obligation and expense:\u2022 Discount rates. Stellantis\u2019 discount rates are based on yields of high-quality (AA-rated) fixed income investments for which the timing and amounts of maturities matched the timing and amounts of the projected benefit payments. \u2022 Health care cost trends. The Company\u2019s health care cost trend assumptions are developed based on historical cost data, the near-term outlook and an assessment of likely long-term trends. At December\u00a031, 2023, the effect of a decrease or increase in the key assumptions affecting the health care and life insurance plans, holding all other assumptions constant, is shown below: Effect\u00a0on\u00a0health care, life insurance and OPEB obligation(\u20ac million) 25 basis point decrease in discount rate6825 basis point increase in discount rate(66)100 basis point decrease in health care cost trend rate(16)100 basis point increase in health care cost trend rate17Refer to Note 20, Employee benefits liabilities, for additional information on the Company\u2019s OPEB liabilities. Recoverability of non-current assets with definite useful livesNon-current assets with definite useful lives include property, plant and equipment, intangible assets and assets held for sale. Intangible assets with definite useful lives mainly consist of capitalized development expenditures primarily related to the North America and Enlarged Europe segments. The Company periodically reviews the carrying amount of non-current assets with definite useful lives when events or circumstances indicate that an asset may be impaired. The Medium-Term Plan (\u201cMTP\u201d) used to perform the impairment testing covers the period from 2024 to 2026. The recoverability of non-current assets with definite useful lives is based on the estimated future cash flows, using the Company\u2019s MTP of the Cash Generating Units (\u201cCGUs\u201d) to which the assets relate to. The lowest level of asset groups that generate largely independent cash flows is the vehicle platform level, which is considered the CGU for impairment testing. Goodwill is allocated only to the operating segment. As such, the operating segments are the CGU for impairment testing for Goodwill and Intangible assets with indefinite useful lives. The global automotive industry is experiencing significant change due to increased focus on climate change resulting in evolving regulatory requirements for fuel efficiency, driving electrification as well as changes in fuel efficiency, greenhouse gas emissions and other tailpipe emissions. This is in addition to technological changes, such as electrification and autonomous driving. The Company has announced significant investments in electrification and software which are reflected in the MTP. However, its business plans could change in response to these evolving requirements and technological changes or in relation to any future business plans or strategies developed as part of partnerships and collaborations. As the Company continues to assess the potential impacts of these evolving requirements, technological changes or future plans and strategies, and of operationalizing and implementing the strategic targets set out in the MTP, including reallocation of our resources, the recoverability of certain of the Company\u2019s assets or CGUs may be impacted in future periods. For example, product development strategies may be affected by regulatory changes as well as changes in the expected costs of implementing electrification, including the cost of batteries. As relevant circumstances change, the Company expects to adjust its product plans which may result in changes to the expected use of certain of the Company\u2019s vehicle platforms and propulsion systems. These uncertainties may result in either impairments of, or reductions to the expected useful lives of, platforms and propulsion systems, or both. Any change in recoverability would be accounted for at the time such change to the business plan occurs. For the years ended December 31, 2023, 2022 and 2021, the impairment tests performed compared the carrying amount of the assets included in the respective CGUs to their value-in-use. The value-in-use of the CGUs is determined using a discounted cash flow methodology based on estimated pre-tax future cash flows attributable to the CGUs and a pre-tax discount rate reflecting a current market assessment of the time value of money and the risks specific to the CGUs.During the year ended December 31, 2023, impairment losses of \u20ac201\u00a0million were recognized, mainly related to impairment of research and development assets in China and India & Asia Pacific, and to impairment of certain platform assets in Enlarged Europe.During the year ended December 31, 2022, impairment losses of \u20ac237\u00a0million were recognized, mainly related to Enlarged Europe, primarily in Russia with \u20ac43\u00a0million related to inventories, \u20ac47\u00a0million related to tax assets and \u20ac47\u00a0million related to other assets.During the year ended December 31, 2021, impairment losses of \u20ac309\u00a0million were recognized, primarily in relation to the impairment of certain vehicle platforms in the Enlarged Europe segment. These vehicle platforms were legacy platforms on which there are a limited number of models. The impairments are generated mainly as a result of the projections reflected in the MTP used to perform the impairment testing, in which these platforms had reduced volumes and profitability. The impairment loss of \u20ac309\u00a0million mainly relate to Property, plant and equipment of \u20ac137\u00a0million and \u20ac151\u00a0million of capitalized development expenditures.Recoverability of Goodwill and Intangible assets with indefinite useful lives In accordance with IAS 36 - Impairment of Assets, Goodwill and intangible assets with indefinite useful lives are not amortized and are tested for impairment annually or more frequently if facts or circumstances indicate that the asset may be impaired. Goodwill and intangible assets with indefinite useful lives are allocated to operating segments or to CGUs within the operating segments or other CGUs which represent the lowest level within the entity at which the goodwill is monitored for internal management purposes. The impairment test is performed by comparing the carrying amount (which mainly comprises property, plant and equipment, goodwill, brands, capitalized development expenditures, working capital and reserves) and the recoverable amount of each CGU or group of CGUs to which Goodwill has been allocated. The recoverable amount of a CGU is the higher of its fair value less costs of disposal and its value-in-use. The balance of Goodwill and intangible assets with indefinite useful lives recognized by the Company primarily relate to the merger with FCA. Goodwill from the merger with FCA is allocated to the North America, South America, Maserati, India and Asia Pacific and Enlarged Europe operating segments. All other Goodwill balances relate primarily to Enlarged Europe, Other activities and to a lesser extent China.The MTP is used as a basis to perform the Company\u2019s annual impairment test for Goodwill and intangible assets with indefinite useful lives. \u2022 The estimate of the recoverable amount for purposes of performing the annual impairment test for each of the operating segments is determined using value-in-use and was based on the following assumptions:\u25e6 The expected future cash flows covering the period from October 1, 2023 through December 31, 2026. These expected cash flows reflect the current expectations regarding economic conditions and market trends as well as the Company\u2019s initiatives for the period covered by the projections. These cash flows relate to the respective CGUs in their current condition when preparing the financial statements and exclude the estimated cash flows that might arise from restructuring plans or other structural changes. Volumes and sales mix used for estimating the future cash flow are based on assumptions that are considered reasonable and sustainable and represent the best estimate of expected conditions regarding market trends and segment, brand and model share for the respective operating segment over the period considered. \u25e6 The expected future cash flows include a normalized terminal period to estimate the future result beyond the time period explicitly considered which incorporated a long-term growth rate assumption of 2.0 percent to 2.2 percent. The growth rate per region is determined by reference to the risk free rate and the rate of inflation considered in the regional discount rate. The long-term AOI margins are set considering the Company\u2019s long-term projections for each of the CGUs. \u2022 The estimated future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU that are not reflected in the estimated future cash flows.\u2022 Pre-tax cash flows are discounted using a pre-tax discount rate which reflects the current market assessment of the time value of money for the period being considered, and the risks specific to those cash flows under consideration. The pre-tax Weighted Average Cost of Capital (\u201cWACC\u201d) discount rate applied ranged from 11.3 percent to 25.8 percent. The values estimated as described above are determined to be in excess of the carrying amount for each operating segment or other CGUs to which Goodwill is allocated. As such, no impairment charges were recognized for Goodwill and Intangible assets with indefinite useful lives for the year ended December 31, 2023. No impairment charges were recognized for Goodwill and Intangible assets with indefinite useful lives for the year ended December 31, 2021 and 2022. Recoverability of deferred tax assets Deferred tax assets are recognized to the extent that it is probable that sufficient taxable profit will be available to allow the benefit of part or all of the deferred tax assets to be utilized. The recoverability of deferred tax assets is dependent on the Company\u2019s ability to generate sufficient future taxable income in the period in which it is assumed that the deductible temporary differences reverse and tax losses carried forward can be utilized. In making this assessment, the Company considers future taxable income arising based on the most recent business plan. Moreover, the Company estimates the impact of the reversal of taxable temporary differences on earnings and it also considers the period over which these deferred tax assets could be recovered. The estimates and assumptions used in the assessment are subject to uncertainty especially related to the Company\u2019s future performance as compared to the business plan. Therefore, changes in current estimates due to unanticipated events could have a significant impact on the Consolidated Financial Statements. Refer to Note 7, Tax expense/(benefit) for additional information.Sales incentives The Company records the estimated cost of sales incentive programs offered to dealers and consumers as a reduction to revenue at the time of sale to the dealer. This estimated cost represents the incentive programs offered to dealers and consumers, as well as the expected modifications to these programs in order to facilitate sales of the dealer inventory. Subsequent adjustments to sales incentive programs related to vehicles previously sold to dealers are recognized as an adjustment to Net revenues in the period the adjustment is determinable. The Company uses price discounts to adjust vehicle pricing in response to a number of market and product factors, including pricing actions and incentives offered by competitors, economic conditions, the amount of excess industry production capacity, the intensity of market competition, consumer demand for the product and the desire to support promotional campaigns. The Company may offer a variety of sales incentive programs at any given point in time, including cash offers to dealers and consumers and subvention programs offered to customers, or lease subsidies, which reduce the retail customer\u2019s monthly lease payment or cash due at the inception of the financing arrangement, or both. Sales incentive programs are generally brand, model and region specific for a defined period of time. Multiple factors are used in estimating the future incentive expense by vehicle line, including the current incentive programs in the market, planned promotional programs and the normal incentive escalation incurred as the model year ages. The estimated incentive rates are reviewed monthly and changes to planned rates are adjusted accordingly, thereby impacting revenues. As there are a multitude of inputs affecting the calculation of the estimate for sales incentives, an increase or decrease of any of these variables could have a significant effect on Net revenues.Product warranties, recall campaigns and product liabilitiesThe Company establishes reserves for product warranties at the time the related sale is recognized. The Company issues various types of product warranties under which the performance of products delivered is generally guaranteed for a certain period or term. The accrual for product warranties includes the expected costs of warranty obligations imposed by law or contract, as well as the expected costs for policy coverage, recall actions and buyback commitments. The estimated future costs of these actions are principally based on assumptions regarding the lifetime warranty costs of each vehicle line and each model year of that vehicle line, as well as historical claims experience for the Company\u2019s vehicles. In addition, the number and magnitude of additional service actions expected to be approved and policies related to additional service actions are taken into consideration. Due to the uncertainty and potential volatility of these estimated factors, changes in the assumptions used could materially affect the results of operations. The Company periodically initiates voluntary service and recall actions to address various customer satisfaction as well as safety and emissions issues related to vehicles sold. Included in the reserve is the estimated cost of these service and recall actions. The Company accrues estimated costs for recalls when they are probable of occurring and a reliable estimate of the costs can be made.Estimates of the future costs of these actions are subject to numerous uncertainties, including the enactment of new laws and regulations, the number of vehicles affected by a service or recall action and the nature of the corrective action. It is reasonably possible that the ultimate cost of these service and recall actions may require the Company to make expenditures in excess of (or less than) established reserves over an extended period of time and in a range of amounts that cannot be reasonably estimated. The estimate of warranty and additional service and recall action obligations is periodically reviewed during the year. Experience has shown that initial data for any given model year can be volatile; therefore, the Company\u2019s process relies upon long-term historical averages until sufficient data is available. As actual experience becomes available, it is used to modify the historical averages to ensure that the forecast is within the range of likely outcomes. Resulting accruals are then compared with current spending rates to ensure that the balances are adequate to meet expected future obligations. In addition, the Company makes provisions for estimated product liability costs arising from property damage and personal injuries including wrongful death, and potential exemplary or punitive damages alleged to be the result of product defects. By nature, these costs can be infrequent, difficult to predict and have the potential to vary significantly in amount. The valuation of the reserve is actuarially determined on an annual basis based on, among other factors, the number of vehicles sold and product liability claims incurred. Costs associated with these provisions are recorded in the Consolidated Income Statement and any subsequent adjustments are recorded in the period in which the adjustment is determined. Litigation Various legal proceedings, claims and governmental investigations are pending against the Company on a wide range of topics, including vehicle safety, emissions and fuel economy, competition, tax and securities matters, alleged violations of law, labor, dealer, supplier and other contractual relationships, intellectual property rights, product warranties and environmental matters. Some of these proceedings allege defects in specific component parts or systems (including airbags, seats, seat belts, brakes, ball joints, transmissions, engines and fuel systems), in various vehicle models or allege general design defects relating to vehicle handling and stability, sudden unintended movement or crashworthiness. These proceedings seek recovery for damage to property, personal injuries or wrongful death and in some cases include a claim for exemplary or punitive damages. Adverse decisions in one or more of these proceedings could require the Company to pay substantial damages, or undertake service actions, recall campaigns or other costly actions. Litigation is subject to many uncertainties, and the outcome of individual matters is not predictable with assurance. Moreover, the cases and claims against the Company are often derived from complex legal issues that are subject to differing degrees of uncertainty, including the facts and circumstances of each particular case, the manner in which the applicable law is likely to be interpreted and applied and the jurisdiction and the different laws involved. A provision is established in connection with pending or threatened litigation if it is probable there would be an outflow of funds and when the amount can be reasonably estimated. If an outflow of funds becomes probable, but the amount cannot be estimated, the matter is disclosed in the notes to the Consolidated Financial Statements. Since these provisions represent estimates, the resolution of some of these matters could require the Company to make payments in excess of the amounts accrued or may require the Company to make payments in an amount or range of amounts that could not be reasonably estimated. The Company monitors the status of pending legal proceedings and consults with experts on legal and tax matters on a regular basis. As such, the provisions for the Company\u2019s legal proceedings and litigation may vary as a result of future developments in pending matters.7. Tax expense/(benefit) Tax loss carry-forwardsRecognition of deferred tax assets related to tax loss carry-forwards were tested for realizability based on forecasted future taxable income using estimates consistent with the main assumptions of the MTP. Deferred tax assets relating to the carry-forward of unused tax losses and tax credits, as well as those arising from deductible temporary differences, were recognized to the extent that it was probable that future profits would be available against which they could be utilized. The realization of these deferred tax assets was sensitive to the assumptions and judgments used in the determination of the taxable income in the future, as well as Stellantis\u2019 ability to implement tax planning strategies, as necessary. While Stellantis has not yet recognized all deferred tax assets in all jurisdictions, it is possible the Company\u2019s assessment of realizability could change, resulting in the recognition of additional deferred tax assets in the Company\u2019s Consolidated Statement of Financial Position and the related income tax benefit in the Company\u2019s Consolidated Income Statement. Refer to Note 2, Basis of preparation - Use of estimates - Recoverability of deferred tax assets for additional information.Tax loss carry-forward (after application of the current tax rate)Recognized deferred tax assets on tax loss carry-forwardUnrecognized deferred tax assets on tax loss carry- forwards (after application of the current tax rate)At December 31, 2023 (\u20ac million) Tax Groups: France \u20ac1,663\u20ac(1,645)\u20ac18Germany 120(120)\u2014Spain 561(63)498Italy 3,499(605)2,894Other Jurisdictions: Brazil 2,411\u20142,411Others 815(331)484Total \u20ac9,069\u20ac(2,764)\u20ac6,305Tax loss carry-forward (after application of the current tax rate)Recognized deferred tax assets on tax loss carry-forwardUnrecognized deferred tax assets on tax loss carry- forwards (after application of the current tax rate)At December 31, 2022 (\u20ac million) Tax Groups: France \u20ac2,066\u20ac(2,050)\u20ac16Germany 249(249)\u2014Spain 597(53)544Italy 3,640(486)3,154Other Jurisdictions: Brazil 2,252\u20142,252Others 702(136)566Total \u20ac9,506\u20ac(2,975)\u20ac6,531At the end of December 2023 and December 2022, the Company had total tax-effected tax loss carry-forwards of \u20ac9.1\u00a0billion and \u20ac9.5\u00a0billion, respectively, of which \u20ac6.3\u00a0billion and \u20ac6.5\u00a0billion were not recognized, respectively. Tax loss carry-forwards in France, Germany, Italy, Spain, and Brazil do not expire. Tax loss carry-forwards relating to the French, German, Spanish and Italian tax groups are available within each tax group for offsetting against net deferred tax liabilities (subject to limitations provided under local tax law) and are recognized in the Consolidated Statement of Financial Position. In February 2022, the French tax authorities preliminarily agreed that upon merger, the French permanent establishment of Stellantis N.V., along with the companies within the former French consolidated tax group, succeeded to approximately \u20ac9.0\u00a0billion of French tax loss carry-forwards existing as of December 31, 2020.20. Employee benefits liabilities Pension benefits The weighted average assumptions used to determine defined benefit obligations were as follows:At December 31, 2023 2022 U.S. Canada UK France Germany U.S. Canada UK France Germany Discount rate5.43%4.64%5.29%4.46%3.99%5.40%5.27%4.52%4.01%3.56%Future salary increase rate\u2014%3.50%2.70%2.77%2.80%\u2014%3.50%2.55%2.68%2.80%The average duration of U.S., Canada, UK, France and Germany liabilities was approximately 9, 10, 12, 7 and 16, respectively.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-697": { "value": "
Recoverability of non-current assets with definite useful lives
Non-current assets with definite useful lives include property, plant and equipment, intangible assets and assets held
for sale. Intangible assets with definite useful lives mainly consist of capitalized development expenditures primarily related
to the North America and Enlarged Europe segments. The Company periodically reviews the carrying amount of non-current
assets with definite useful lives when events or circumstances indicate that an asset may be impaired. The Medium-Term
Plan (\u201cMTP\u201d) used to perform the impairment testing covers the period from 2024 to 2026. The recoverability of non-current
assets with definite useful lives is based on the estimated future cash flows, using the Company\u2019s MTP of the Cash
Generating Units (\u201cCGUs\u201d) to which the assets relate to. The lowest level of asset groups that generate largely independent
cash flows is the vehicle platform level, which is considered the CGU for impairment testing. Goodwill is allocated only to
the operating segment. As such, the operating segments are the CGU for impairment testing for Goodwill and Intangible
assets with indefinite useful lives.
The global automotive industry is experiencing significant change due to increased focus on climate change
resulting in evolving regulatory requirements for fuel efficiency, driving electrification as well as changes in fuel efficiency,
greenhouse gas emissions and other tailpipe emissions. This is in addition to technological changes, such as electrification
and autonomous driving. The Company has announced significant investments in electrification and software which are
reflected in the MTP. However, its business plans could change in response to these evolving requirements and technological
changes or in relation to any future business plans or strategies developed as part of partnerships and collaborations. As the
Company continues to assess the potential impacts of these evolving requirements, technological changes or future plans and
strategies, and of operationalizing and implementing the strategic targets set out in the MTP, including reallocation of our
resources, the recoverability of certain of the Company\u2019s assets or CGUs may be impacted in future periods. For example,
product development strategies may be affected by regulatory changes as well as changes in the expected costs of
implementing electrification, including the cost of batteries. As relevant circumstances change, the Company expects to
adjust its product plans which may result in changes to the expected use of certain of the Company\u2019s vehicle platforms and
propulsion systems.
These uncertainties may result in either impairments of, or reductions to the expected useful lives of, platforms and
propulsion systems, or both. Any change in recoverability would be accounted for at the time such change to the business
plan occurs. For the years ended December 31, 2023, 2022 and 2021, the impairment tests performed compared the carrying
amount of the assets included in the respective CGUs to their value-in-use. The value-in-use of the CGUs is determined using
a discounted cash flow methodology based on estimated pre-tax future cash flows attributable to the CGUs and a pre-tax
discount rate reflecting a current market assessment of the time value of money and the risks specific to the CGUs.
During the year ended December 31, 2023, impairment losses of \u20ac201\u00a0million were recognized, mainly related to
impairment of research and development assets in China and India & Asia Pacific, and to impairment of certain platform
assets in Enlarged Europe.
During the year ended December 31, 2022, impairment losses of \u20ac237\u00a0million were recognized, mainly related to
Enlarged Europe, primarily in Russia with \u20ac43\u00a0million related to inventories, \u20ac47\u00a0million related to tax assets and \u20ac47\u00a0million
related to other assets.
During the year ended December 31, 2021, impairment losses of \u20ac309\u00a0million were recognized, primarily in relation
to the impairment of certain vehicle platforms in the Enlarged Europe segment. These vehicle platforms were legacy
platforms on which there are a limited number of models. The impairments are generated mainly as a result of the projections
reflected in the MTP used to perform the impairment testing, in which these platforms had reduced volumes and profitability.
The impairment loss of \u20ac309\u00a0million mainly relate to Property, plant and equipment of \u20ac137\u00a0million and \u20ac151\u00a0million of
capitalized development expenditures.
Recoverability of Goodwill and Intangible assets with indefinite useful lives
In accordance with IAS 36 - Impairment of Assets, Goodwill and intangible assets with indefinite useful lives are not
amortized and are tested for impairment annually or more frequently if facts or circumstances indicate that the asset may be
impaired.
Goodwill and intangible assets with indefinite useful lives are allocated to operating segments or to CGUs within the
operating segments or other CGUs which represent the lowest level within the entity at which the goodwill is monitored for
internal management purposes. The impairment test is performed by comparing the carrying amount (which mainly
comprises property, plant and equipment, goodwill, brands, capitalized development expenditures, working capital and
reserves) and the recoverable amount of each CGU or group of CGUs to which Goodwill has been allocated. The recoverable
amount of a CGU is the higher of its fair value less costs of disposal and its value-in-use. The balance of Goodwill and
intangible assets with indefinite useful lives recognized by the Company primarily relate to the merger with FCA. Goodwill
from the merger with FCA is allocated to the North America, South America, Maserati, India and Asia Pacific and Enlarged
Europe operating segments. All other Goodwill balances relate primarily to Enlarged Europe, Other activities and to a lesser
extent China.
The MTP is used as a basis to perform the Company\u2019s annual impairment test for Goodwill and intangible assets
with indefinite useful lives.
\u2022 The estimate of the recoverable amount for purposes of performing the annual impairment test for each of the
operating segments is determined using value-in-use and was based on the following assumptions:
\u25e6 The expected future cash flows covering the period from October 1, 2023 through December 31, 2026.
These expected cash flows reflect the current expectations regarding economic conditions and market
trends as well as the Company\u2019s initiatives for the period covered by the projections. These cash flows
relate to the respective CGUs in their current condition when preparing the financial statements and exclude
the estimated cash flows that might arise from restructuring plans or other structural changes. Volumes and
sales mix used for estimating the future cash flow are based on assumptions that are considered reasonable
and sustainable and represent the best estimate of expected conditions regarding market trends and
segment, brand and model share for the respective operating segment over the period considered.
\u25e6 The expected future cash flows include a normalized terminal period to estimate the future result beyond
the time period explicitly considered which incorporated a long-term growth rate assumption of 2.0 percent
to 2.2 percent. The growth rate per region is determined by reference to the risk free rate and the rate of
inflation considered in the regional discount rate. The long-term AOI margins are set considering the
Company\u2019s long-term projections for each of the CGUs.
\u2022 The estimated future cash flows are discounted to their present value using a discount rate that reflects current
market assessments of the time value of money and the risks specific to the asset or CGU that are not reflected
in the estimated future cash flows.
\u2022 Pre-tax cash flows are discounted using a pre-tax discount rate which reflects the current market assessment of
the time value of money for the period being considered, and the risks specific to those cash flows under
consideration. The pre-tax Weighted Average Cost of Capital (\u201cWACC\u201d) discount rate applied ranged from
11.3 percent to 25.8 percent.
The values estimated as described above are determined to be in excess of the carrying amount for each operating
segment or other CGUs to which Goodwill is allocated. As such, no impairment charges were recognized for Goodwill and
Intangible assets with indefinite useful lives for the year ended December 31, 2023. No impairment charges were recognized
for Goodwill and Intangible assets with indefinite useful lives for the year ended December 31, 2021 and 2022.
9.
Goodwill and intangible assets with indefinite useful lives
Goodwill and intangible assets with indefinite useful lives at December\u00a031, 2023 and 2022 are summarized below:
Goodwill
Gross amount
Accumulated
impairment
losses
Total
Goodwill
Brands
Other
Total
Goodwill and
intangible
assets with
indefinite
useful lives
(\u20ac million)
At January 1, 2022
\u20ac14,415
\u20ac(40)
\u20ac14,375
\u20ac15,527
\u20ac19
\u20ac29,921
Additions
356
\u2014
356
\u2014
\u2014
356
Disposal
(21)
\u2014
(21)
\u2014
\u2014
(21)
Translation differences and
Other
795
2
797
685
\u2014
1,482
At December 31, 2022
15,545
(38)
15,507
16,212
19
31,738
Additions(1)
66
\u2014
66
\u2014
5
71
Disposals
(12)
\u2014
(12)
\u2014
\u2014
(12)
Translation differences and
Other
(388)
\u2014
(388)
(416)
1
(803)
At December 31, 2023
\u20ac15,211
\u20ac(38)
\u20ac15,173
\u20ac15,796
\u20ac25
\u20ac30,994
_______________________________________________________________________________________________________________________________________________
(1) Relates to minor acquisitions \u00a0
Translation differences in 2023 primarily related to\u00a0foreign currency translation of U.S. Dollar to the Euro.\u00a0
Brands, comprised of Jeep, Ram, Dodge, Mopar, Opel/Vauxhall, Fiat, Alfa Romeo and Maserati are allocated to
North America, Enlarged Europe and Maserati segments. These rights are protected legally through registration with
government agencies and through their continuous use in commerce. As these rights have no legal, contractual, competitive
or economic term that limits their useful lives, they were classified as intangible assets with indefinite useful lives and were
therefore not amortized but instead tested annually for impairment.
For the purpose of impairment testing, the carrying value of Brands is tested jointly with the goodwill allocated to
the North America, Enlarged Europe and Maserati segments.
There were no impairment charges recognized in respect of Goodwill and intangible assets with indefinite lives
during the years ended December 31, 2023, 2022 and 2021, respectively. Refer to Note 2, Basis of preparation - Use of
estimates for discussion of the assumptions and judgments relating to goodwill impairment testing.
The following table summarizes the allocation of Goodwill and Brands between the Company\u2019s reportable
segments:
At December 31, 2023
At December 31, 2022
(\u20ac million)
Goodwill
Brands
Goodwill
Brands
North America
\u20ac10,412
\u20ac11,795
\u20ac10,790
\u20ac12,220
Enlarged Europe
1,899
2,876
2,092
3,021
Middle East & Africa
\u2014
\u2014
\u2014
\u2014
South America
1,550
\u2014
1,461
\u2014
China and India & Asia Pacific
170
\u2014
185
\u2014
Maserati
514
972
514
971
Other activities
628
153
465
\u2014
Total
\u20ac15,173
\u20ac15,796
\u20ac15,507
\u20ac16,212
10.
Other intangible assets
Capitalized
development
expenditures
Patents,
concessions
and licenses
Other
intangible
assets
Total
(\u20ac million)
Gross carrying amount at January 1, 2022
\u20ac28,965
\u20ac802
\u20ac3,814
\u20ac33,581
Additions
3,589
88
535
4,212
Divestitures
(54)
(6)
(225)
(285)
Change in scope of consolidation
\u2014
31
11
42
Translation differences and other changes
481
1
164
646
At December 31, 2022
32,981
916
4,299
38,196
Additions
4,352
98
270
4,720
Divestitures
(49)
(13)
(334)
(396)
Change in scope of consolidation
5
6
29
40
Translation differences and other changes
(503)
\u2014
(26)
(529)
At December 31, 2023
36,786
1,007
4,238
42,031
Accumulated amortization and impairment losses at
January 1, 2022
15,320
459
1,167
16,946
Amortization
1,893
95
166
2,154
Impairment losses and asset write-offs(1)
67
\u2014
6
73
Divestitures
(57)
(3)
(10)
(70)
Change in scope of consolidation
\u2014
(1)
1
\u2014
Translation differences and other changes
54
1
32
87
At December 31, 2022
17,277
551
1,362
19,190
Amortization
2,193
92
200
2,485
Impairment losses and asset write-offs
122
\u2014
\u2014
122
Divestitures
(38)
(11)
(3)
(52)
Change in scope of consolidation
5
5
17
27
Translation differences and other changes
(348)
(3)
(15)
(366)
At December 31, 2023
19,211
634
1,561
21,406
Carrying amount at December 31, 2022
\u20ac15,704
\u20ac365
\u20ac2,937
\u20ac19,006
Carrying amount at December 31, 2023
\u20ac17,575
\u20ac373
\u20ac2,677
\u20ac20,625
_______________________________________________________________________________________________________________________________________________
(1) The \u20ac67\u00a0million reported for the year ended December 31, 2022 includes \u20ac10\u00a0million impairment and write-off of Capitalized development expenditure relating to Equity
method investments which are reported in Share of the profit/(loss) of equity method investees within the Consolidated Income Statement
Capitalized development expenditures included both internal and external costs that were directly attributable to the
internal product development process, primarily consisting of material costs and personnel related expenses relating to
engineering, design and development focused on content enhancement of existing vehicles, new models and propulsion
system programs.
In 2023, \u20ac122\u00a0million of impairment losses and asset write-offs were recognized, refer to Note 2, Basis of
preparation - Use of estimates - Recoverability of non-current assets with definite useful lives for additional information on
the impairment losses and asset write-offs recognized.
In 2022, \u20ac73 million of impairment losses and asset write-offs were recognized.
At December\u00a031, 2023, translation differences primarily related to strengthening of the Euro compared to the U.S.
Dollar. At December\u00a031, 2022, translation differences primarily related to the appreciation of the U.S. Dollar and Brazilian
Real to Euro.
Amortization of capitalized development expenditures was recognized within Research and development costs
within the Consolidated Income Statement, as described in Note 5, Research and development costs. Amortization of patents,
concessions, licenses and other intangibles are recognized within Cost of revenues and Selling, general and other costs.
At December\u00a031, 2023 and 2022, the Company had contractual commitments for the purchase of intangible assets
amounting to \u20ac133 million and \u20ac141 million, respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-696": { "value": "
Recoverability of non-current assets with definite useful lives
Non-current assets with definite useful lives include property, plant and equipment, intangible assets and assets held
for sale. Intangible assets with definite useful lives mainly consist of capitalized development expenditures primarily related
to the North America and Enlarged Europe segments. The Company periodically reviews the carrying amount of non-current
assets with definite useful lives when events or circumstances indicate that an asset may be impaired. The Medium-Term
Plan (\u201cMTP\u201d) used to perform the impairment testing covers the period from 2024 to 2026. The recoverability of non-current
assets with definite useful lives is based on the estimated future cash flows, using the Company\u2019s MTP of the Cash
Generating Units (\u201cCGUs\u201d) to which the assets relate to. The lowest level of asset groups that generate largely independent
cash flows is the vehicle platform level, which is considered the CGU for impairment testing. Goodwill is allocated only to
the operating segment. As such, the operating segments are the CGU for impairment testing for Goodwill and Intangible
assets with indefinite useful lives.
The global automotive industry is experiencing significant change due to increased focus on climate change
resulting in evolving regulatory requirements for fuel efficiency, driving electrification as well as changes in fuel efficiency,
greenhouse gas emissions and other tailpipe emissions. This is in addition to technological changes, such as electrification
and autonomous driving. The Company has announced significant investments in electrification and software which are
reflected in the MTP. However, its business plans could change in response to these evolving requirements and technological
changes or in relation to any future business plans or strategies developed as part of partnerships and collaborations. As the
Company continues to assess the potential impacts of these evolving requirements, technological changes or future plans and
strategies, and of operationalizing and implementing the strategic targets set out in the MTP, including reallocation of our
resources, the recoverability of certain of the Company\u2019s assets or CGUs may be impacted in future periods. For example,
product development strategies may be affected by regulatory changes as well as changes in the expected costs of
implementing electrification, including the cost of batteries. As relevant circumstances change, the Company expects to
adjust its product plans which may result in changes to the expected use of certain of the Company\u2019s vehicle platforms and
propulsion systems.
These uncertainties may result in either impairments of, or reductions to the expected useful lives of, platforms and
propulsion systems, or both. Any change in recoverability would be accounted for at the time such change to the business
plan occurs. For the years ended December 31, 2023, 2022 and 2021, the impairment tests performed compared the carrying
amount of the assets included in the respective CGUs to their value-in-use. The value-in-use of the CGUs is determined using
a discounted cash flow methodology based on estimated pre-tax future cash flows attributable to the CGUs and a pre-tax
discount rate reflecting a current market assessment of the time value of money and the risks specific to the CGUs.
During the year ended December 31, 2023, impairment losses of \u20ac201\u00a0million were recognized, mainly related to
impairment of research and development assets in China and India & Asia Pacific, and to impairment of certain platform
assets in Enlarged Europe.
During the year ended December 31, 2022, impairment losses of \u20ac237\u00a0million were recognized, mainly related to
Enlarged Europe, primarily in Russia with \u20ac43\u00a0million related to inventories, \u20ac47\u00a0million related to tax assets and \u20ac47\u00a0million
related to other assets.
During the year ended December 31, 2021, impairment losses of \u20ac309\u00a0million were recognized, primarily in relation
to the impairment of certain vehicle platforms in the Enlarged Europe segment. These vehicle platforms were legacy
platforms on which there are a limited number of models. The impairments are generated mainly as a result of the projections
reflected in the MTP used to perform the impairment testing, in which these platforms had reduced volumes and profitability.
The impairment loss of \u20ac309\u00a0million mainly relate to Property, plant and equipment of \u20ac137\u00a0million and \u20ac151\u00a0million of
capitalized development expenditures.
11.
Property, plant and equipment
Property, plant and equipment comprises owned and leased assets that do not meet the definition of investment
property under IAS 40 - Investment Property. The Company leases assets including land, buildings, plant machinery and
equipment, and other assets.
Land
Buildings
Plant, machinery
and equipment
Other
assets(1)
Advances\u00a0and
tangible\u00a0assets
in progress
Total
(\u20ac million)
Gross carrying amount at January 1, 2022
\u20ac1,651
\u20ac10,232
\u20ac45,548
\u20ac6,074
\u20ac3,944
\u20ac67,449
Additions
\u2014
322
3,133
367
1,017
4,839
Divestitures and disposals
(39)
(491)
(1,018)
(280)
(67)
(1,895)
Change in the scope of consolidation
7
(6)
(10)
60
1
52
Translation differences
43
242
862
19
188
1,354
Transfer to Assets held for sale
(104)
(168)
(158)
(7)
(18)
(455)
Other changes
(9)
129
1,334
423
(1,402)
475
At December 31, 2022
1,549
10,260
49,691
6,656
3,663
71,819
Additions
30
368
1,693
2,123
3,481
7,695
Divestitures and disposals
(65)
(505)
(1,496)
(292)
\u2014
(2,358)
Change in the scope of consolidation
(6)
25
66
(5)
13
93
Translation differences
(16)
(120)
(521)
(67)
(75)
(799)
Transfer to Assets held for sale
(40)
(36)
(5)
\u2014
\u2014
(81)
Other changes
(4)
123
1,299
30
(1,540)
(92)
At December 31, 2023
1,448
10,115
50,727
8,445
5,542
76,277
Accumulated depreciation and impairment
losses at January 1, 2022
17
4,169
26,520
1,231
24
31,961
Depreciation
3
583
3,633
434
\u2014
4,653
Divestitures and disposal
(1)
(250)
(1,012)
(154)
\u2014
(1,417)
Impairment losses and asset write-offs
9
37
\u2014
\u2014
\u2014
46
Change in the scope of consolidation
2
(2)
15
24
\u2014
39
Translation differences
\u2014
26
150
(3)
3
176
Transfer to Assets held for sale
\u2014
(84)
(112)
(4)
\u2014
(200)
Other changes
2
11
158
185
\u2014
356
At December 31, 2022
32
4,490
29,352
1,713
27
35,614
Depreciation
4
543
3,989
601
\u2014
5,137
Divestitures and disposals
(6)
(397)
(1,418)
(214)
\u2014
(2,035)
Impairment losses and asset write-offs
4
(5)
58
1
\u2014
58
Change in the scope of consolidation
1
\u2014
35
\u2014
\u2014
36
Translation differences
(1)
(30)
(252)
(28)
(1)
(312)
Transfer to Assets held for sale
\u2014
(4)
(5)
\u2014
\u2014
(9)
Other changes
(2)
46
49
9
(1)
101
At December 31, 2023
32
4,643
31,808
2,082
25
38,590
Carrying amount at December 31, 2022
\u20ac1,517
\u20ac5,770
\u20ac20,339
\u20ac4,943
\u20ac3,636
\u20ac36,205
Carrying amount at December 31, 2023
\u20ac1,416
\u20ac5,472
\u20ac18,919
\u20ac6,363
\u20ac5,517
\u20ac37,687
_______________________________________________________________________________________________________________
(1) Other assets includes vehicles sold with a buy-back commitments for which the divestitures are reported on a net basis within the changes of gross carrying amount
Property, plant and equipment included owned property, plant and equipment of \u20ac35,903 million at December 31,
2023 (\u20ac34,244\u00a0million at December 31, 2022) and right-of-use assets of \u20ac1,784 million at December\u00a031, 2023 (\u20ac1,961\u00a0million
at December 31, 2022).
For the year ended December\u00a031, 2023, the Company recognized a total of \u20ac58 million of impairment losses and
asset write-offs. Refer to Note 2, Basis of preparation - Use of estimates - Recoverability of non-current assets with definite
useful lives, for additional information on the impairment losses and asset write-offs recognized.
For the year ended December\u00a031, 2022, the Company recognized a total of \u20ac46 million of impairment losses and
asset write-offs.
These impairment charges were recognized within Cost of revenues in the Consolidated Income Statement for the
years ended December\u00a031, 2023, and 2022.
In 2023, translation differences of \u20ac(487) million primarily reflected the devaluation of the U.S. Dollar partially
mitigated by the appreciation of the Brazilian Real to the Euro. In 2022, translation differences of \u20ac1,178 million primarily
reflected the appreciation of U.S. Dollar and Brazilian Real to the Euro.
At December\u00a031, 2023 and 2022, the carrying amounts of Property, plant and equipment of the Company (excluding
the Right-of-Use assets described above) reported as pledged as security for debt and other commitments, was \u20ac840 million
and \u20ac1,400 million, respectively.
At December\u00a031, 2023 and 2022, the Company had contractual commitments for the purchase of Property, plant and
equipment amounting to \u20ac3,085 million and \u20ac1,960 million, respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-695": { "value": "
Recoverability of non-current assets with definite useful lives
Non-current assets with definite useful lives include property, plant and equipment, intangible assets and assets held
for sale. Intangible assets with definite useful lives mainly consist of capitalized development expenditures primarily related
to the North America and Enlarged Europe segments. The Company periodically reviews the carrying amount of non-current
assets with definite useful lives when events or circumstances indicate that an asset may be impaired. The Medium-Term
Plan (\u201cMTP\u201d) used to perform the impairment testing covers the period from 2024 to 2026. The recoverability of non-current
assets with definite useful lives is based on the estimated future cash flows, using the Company\u2019s MTP of the Cash
Generating Units (\u201cCGUs\u201d) to which the assets relate to. The lowest level of asset groups that generate largely independent
cash flows is the vehicle platform level, which is considered the CGU for impairment testing. Goodwill is allocated only to
the operating segment. As such, the operating segments are the CGU for impairment testing for Goodwill and Intangible
assets with indefinite useful lives.
The global automotive industry is experiencing significant change due to increased focus on climate change
resulting in evolving regulatory requirements for fuel efficiency, driving electrification as well as changes in fuel efficiency,
greenhouse gas emissions and other tailpipe emissions. This is in addition to technological changes, such as electrification
and autonomous driving. The Company has announced significant investments in electrification and software which are
reflected in the MTP. However, its business plans could change in response to these evolving requirements and technological
changes or in relation to any future business plans or strategies developed as part of partnerships and collaborations. As the
Company continues to assess the potential impacts of these evolving requirements, technological changes or future plans and
strategies, and of operationalizing and implementing the strategic targets set out in the MTP, including reallocation of our
resources, the recoverability of certain of the Company\u2019s assets or CGUs may be impacted in future periods. For example,
product development strategies may be affected by regulatory changes as well as changes in the expected costs of
implementing electrification, including the cost of batteries. As relevant circumstances change, the Company expects to
adjust its product plans which may result in changes to the expected use of certain of the Company\u2019s vehicle platforms and
propulsion systems.
These uncertainties may result in either impairments of, or reductions to the expected useful lives of, platforms and
propulsion systems, or both. Any change in recoverability would be accounted for at the time such change to the business
plan occurs. For the years ended December 31, 2023, 2022 and 2021, the impairment tests performed compared the carrying
amount of the assets included in the respective CGUs to their value-in-use. The value-in-use of the CGUs is determined using
a discounted cash flow methodology based on estimated pre-tax future cash flows attributable to the CGUs and a pre-tax
discount rate reflecting a current market assessment of the time value of money and the risks specific to the CGUs.
During the year ended December 31, 2023, impairment losses of \u20ac201\u00a0million were recognized, mainly related to
impairment of research and development assets in China and India & Asia Pacific, and to impairment of certain platform
assets in Enlarged Europe.
During the year ended December 31, 2022, impairment losses of \u20ac237\u00a0million were recognized, mainly related to
Enlarged Europe, primarily in Russia with \u20ac43\u00a0million related to inventories, \u20ac47\u00a0million related to tax assets and \u20ac47\u00a0million
related to other assets.
During the year ended December 31, 2021, impairment losses of \u20ac309\u00a0million were recognized, primarily in relation
to the impairment of certain vehicle platforms in the Enlarged Europe segment. These vehicle platforms were legacy
platforms on which there are a limited number of models. The impairments are generated mainly as a result of the projections
reflected in the MTP used to perform the impairment testing, in which these platforms had reduced volumes and profitability.
The impairment loss of \u20ac309\u00a0million mainly relate to Property, plant and equipment of \u20ac137\u00a0million and \u20ac151\u00a0million of
capitalized development expenditures.
Recoverability of Goodwill and Intangible assets with indefinite useful lives
In accordance with IAS 36 - Impairment of Assets, Goodwill and intangible assets with indefinite useful lives are not
amortized and are tested for impairment annually or more frequently if facts or circumstances indicate that the asset may be
impaired.
Goodwill and intangible assets with indefinite useful lives are allocated to operating segments or to CGUs within the
operating segments or other CGUs which represent the lowest level within the entity at which the goodwill is monitored for
internal management purposes. The impairment test is performed by comparing the carrying amount (which mainly
comprises property, plant and equipment, goodwill, brands, capitalized development expenditures, working capital and
reserves) and the recoverable amount of each CGU or group of CGUs to which Goodwill has been allocated. The recoverable
amount of a CGU is the higher of its fair value less costs of disposal and its value-in-use. The balance of Goodwill and
intangible assets with indefinite useful lives recognized by the Company primarily relate to the merger with FCA. Goodwill
from the merger with FCA is allocated to the North America, South America, Maserati, India and Asia Pacific and Enlarged
Europe operating segments. All other Goodwill balances relate primarily to Enlarged Europe, Other activities and to a lesser
extent China.
The MTP is used as a basis to perform the Company\u2019s annual impairment test for Goodwill and intangible assets
with indefinite useful lives.
\u2022 The estimate of the recoverable amount for purposes of performing the annual impairment test for each of the
operating segments is determined using value-in-use and was based on the following assumptions:
\u25e6 The expected future cash flows covering the period from October 1, 2023 through December 31, 2026.
These expected cash flows reflect the current expectations regarding economic conditions and market
trends as well as the Company\u2019s initiatives for the period covered by the projections. These cash flows
relate to the respective CGUs in their current condition when preparing the financial statements and exclude
the estimated cash flows that might arise from restructuring plans or other structural changes. Volumes and
sales mix used for estimating the future cash flow are based on assumptions that are considered reasonable
and sustainable and represent the best estimate of expected conditions regarding market trends and
segment, brand and model share for the respective operating segment over the period considered.
\u25e6 The expected future cash flows include a normalized terminal period to estimate the future result beyond
the time period explicitly considered which incorporated a long-term growth rate assumption of 2.0 percent
to 2.2 percent. The growth rate per region is determined by reference to the risk free rate and the rate of
inflation considered in the regional discount rate. The long-term AOI margins are set considering the
Company\u2019s long-term projections for each of the CGUs.
\u2022 The estimated future cash flows are discounted to their present value using a discount rate that reflects current
market assessments of the time value of money and the risks specific to the asset or CGU that are not reflected
in the estimated future cash flows.
\u2022 Pre-tax cash flows are discounted using a pre-tax discount rate which reflects the current market assessment of
the time value of money for the period being considered, and the risks specific to those cash flows under
consideration. The pre-tax Weighted Average Cost of Capital (\u201cWACC\u201d) discount rate applied ranged from
11.3 percent to 25.8 percent.
The values estimated as described above are determined to be in excess of the carrying amount for each operating
segment or other CGUs to which Goodwill is allocated. As such, no impairment charges were recognized for Goodwill and
Intangible assets with indefinite useful lives for the year ended December 31, 2023. No impairment charges were recognized
for Goodwill and Intangible assets with indefinite useful lives for the year ended December 31, 2021 and 2022.
9.
Goodwill and intangible assets with indefinite useful lives
Goodwill and intangible assets with indefinite useful lives at December\u00a031, 2023 and 2022 are summarized below:
Goodwill
Gross amount
Accumulated
impairment
losses
Total
Goodwill
Brands
Other
Total
Goodwill and
intangible
assets with
indefinite
useful lives
(\u20ac million)
At January 1, 2022
\u20ac14,415
\u20ac(40)
\u20ac14,375
\u20ac15,527
\u20ac19
\u20ac29,921
Additions
356
\u2014
356
\u2014
\u2014
356
Disposal
(21)
\u2014
(21)
\u2014
\u2014
(21)
Translation differences and
Other
795
2
797
685
\u2014
1,482
At December 31, 2022
15,545
(38)
15,507
16,212
19
31,738
Additions(1)
66
\u2014
66
\u2014
5
71
Disposals
(12)
\u2014
(12)
\u2014
\u2014
(12)
Translation differences and
Other
(388)
\u2014
(388)
(416)
1
(803)
At December 31, 2023
\u20ac15,211
\u20ac(38)
\u20ac15,173
\u20ac15,796
\u20ac25
\u20ac30,994
_______________________________________________________________________________________________________________________________________________
(1) Relates to minor acquisitions \u00a0
Translation differences in 2023 primarily related to\u00a0foreign currency translation of U.S. Dollar to the Euro.\u00a0
Brands, comprised of Jeep, Ram, Dodge, Mopar, Opel/Vauxhall, Fiat, Alfa Romeo and Maserati are allocated to
North America, Enlarged Europe and Maserati segments. These rights are protected legally through registration with
government agencies and through their continuous use in commerce. As these rights have no legal, contractual, competitive
or economic term that limits their useful lives, they were classified as intangible assets with indefinite useful lives and were
therefore not amortized but instead tested annually for impairment.
For the purpose of impairment testing, the carrying value of Brands is tested jointly with the goodwill allocated to
the North America, Enlarged Europe and Maserati segments.
There were no impairment charges recognized in respect of Goodwill and intangible assets with indefinite lives
during the years ended December 31, 2023, 2022 and 2021, respectively. Refer to Note 2, Basis of preparation - Use of
estimates for discussion of the assumptions and judgments relating to goodwill impairment testing.
The following table summarizes the allocation of Goodwill and Brands between the Company\u2019s reportable
segments:
At December 31, 2023
At December 31, 2022
(\u20ac million)
Goodwill
Brands
Goodwill
Brands
North America
\u20ac10,412
\u20ac11,795
\u20ac10,790
\u20ac12,220
Enlarged Europe
1,899
2,876
2,092
3,021
Middle East & Africa
\u2014
\u2014
\u2014
\u2014
South America
1,550
\u2014
1,461
\u2014
China and India & Asia Pacific
170
\u2014
185
\u2014
Maserati
514
972
514
971
Other activities
628
153
465
\u2014
Total
\u20ac15,173
\u20ac15,796
\u20ac15,507
\u20ac16,212
10.
Other intangible assets
Capitalized
development
expenditures
Patents,
concessions
and licenses
Other
intangible
assets
Total
(\u20ac million)
Gross carrying amount at January 1, 2022
\u20ac28,965
\u20ac802
\u20ac3,814
\u20ac33,581
Additions
3,589
88
535
4,212
Divestitures
(54)
(6)
(225)
(285)
Change in scope of consolidation
\u2014
31
11
42
Translation differences and other changes
481
1
164
646
At December 31, 2022
32,981
916
4,299
38,196
Additions
4,352
98
270
4,720
Divestitures
(49)
(13)
(334)
(396)
Change in scope of consolidation
5
6
29
40
Translation differences and other changes
(503)
\u2014
(26)
(529)
At December 31, 2023
36,786
1,007
4,238
42,031
Accumulated amortization and impairment losses at
January 1, 2022
15,320
459
1,167
16,946
Amortization
1,893
95
166
2,154
Impairment losses and asset write-offs(1)
67
\u2014
6
73
Divestitures
(57)
(3)
(10)
(70)
Change in scope of consolidation
\u2014
(1)
1
\u2014
Translation differences and other changes
54
1
32
87
At December 31, 2022
17,277
551
1,362
19,190
Amortization
2,193
92
200
2,485
Impairment losses and asset write-offs
122
\u2014
\u2014
122
Divestitures
(38)
(11)
(3)
(52)
Change in scope of consolidation
5
5
17
27
Translation differences and other changes
(348)
(3)
(15)
(366)
At December 31, 2023
19,211
634
1,561
21,406
Carrying amount at December 31, 2022
\u20ac15,704
\u20ac365
\u20ac2,937
\u20ac19,006
Carrying amount at December 31, 2023
\u20ac17,575
\u20ac373
\u20ac2,677
\u20ac20,625
_______________________________________________________________________________________________________________________________________________
(1) The \u20ac67\u00a0million reported for the year ended December 31, 2022 includes \u20ac10\u00a0million impairment and write-off of Capitalized development expenditure relating to Equity
method investments which are reported in Share of the profit/(loss) of equity method investees within the Consolidated Income Statement
Capitalized development expenditures included both internal and external costs that were directly attributable to the
internal product development process, primarily consisting of material costs and personnel related expenses relating to
engineering, design and development focused on content enhancement of existing vehicles, new models and propulsion
system programs.
In 2023, \u20ac122\u00a0million of impairment losses and asset write-offs were recognized, refer to Note 2, Basis of
preparation - Use of estimates - Recoverability of non-current assets with definite useful lives for additional information on
the impairment losses and asset write-offs recognized.
In 2022, \u20ac73 million of impairment losses and asset write-offs were recognized.
At December\u00a031, 2023, translation differences primarily related to strengthening of the Euro compared to the U.S.
Dollar. At December\u00a031, 2022, translation differences primarily related to the appreciation of the U.S. Dollar and Brazilian
Real to Euro.
Amortization of capitalized development expenditures was recognized within Research and development costs
within the Consolidated Income Statement, as described in Note 5, Research and development costs. Amortization of patents,
concessions, licenses and other intangibles are recognized within Cost of revenues and Selling, general and other costs.
At December\u00a031, 2023 and 2022, the Company had contractual commitments for the purchase of intangible assets
amounting to \u20ac133 million and \u20ac141 million, respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-694": { "value": "
Recoverability of non-current assets with definite useful lives
Non-current assets with definite useful lives include property, plant and equipment, intangible assets and assets held
for sale. Intangible assets with definite useful lives mainly consist of capitalized development expenditures primarily related
to the North America and Enlarged Europe segments. The Company periodically reviews the carrying amount of non-current
assets with definite useful lives when events or circumstances indicate that an asset may be impaired. The Medium-Term
Plan (\u201cMTP\u201d) used to perform the impairment testing covers the period from 2024 to 2026. The recoverability of non-current
assets with definite useful lives is based on the estimated future cash flows, using the Company\u2019s MTP of the Cash
Generating Units (\u201cCGUs\u201d) to which the assets relate to. The lowest level of asset groups that generate largely independent
cash flows is the vehicle platform level, which is considered the CGU for impairment testing. Goodwill is allocated only to
the operating segment. As such, the operating segments are the CGU for impairment testing for Goodwill and Intangible
assets with indefinite useful lives.
The global automotive industry is experiencing significant change due to increased focus on climate change
resulting in evolving regulatory requirements for fuel efficiency, driving electrification as well as changes in fuel efficiency,
greenhouse gas emissions and other tailpipe emissions. This is in addition to technological changes, such as electrification
and autonomous driving. The Company has announced significant investments in electrification and software which are
reflected in the MTP. However, its business plans could change in response to these evolving requirements and technological
changes or in relation to any future business plans or strategies developed as part of partnerships and collaborations. As the
Company continues to assess the potential impacts of these evolving requirements, technological changes or future plans and
strategies, and of operationalizing and implementing the strategic targets set out in the MTP, including reallocation of our
resources, the recoverability of certain of the Company\u2019s assets or CGUs may be impacted in future periods. For example,
product development strategies may be affected by regulatory changes as well as changes in the expected costs of
implementing electrification, including the cost of batteries. As relevant circumstances change, the Company expects to
adjust its product plans which may result in changes to the expected use of certain of the Company\u2019s vehicle platforms and
propulsion systems.
These uncertainties may result in either impairments of, or reductions to the expected useful lives of, platforms and
propulsion systems, or both. Any change in recoverability would be accounted for at the time such change to the business
plan occurs. For the years ended December 31, 2023, 2022 and 2021, the impairment tests performed compared the carrying
amount of the assets included in the respective CGUs to their value-in-use. The value-in-use of the CGUs is determined using
a discounted cash flow methodology based on estimated pre-tax future cash flows attributable to the CGUs and a pre-tax
discount rate reflecting a current market assessment of the time value of money and the risks specific to the CGUs.
During the year ended December 31, 2023, impairment losses of \u20ac201\u00a0million were recognized, mainly related to
impairment of research and development assets in China and India & Asia Pacific, and to impairment of certain platform
assets in Enlarged Europe.
During the year ended December 31, 2022, impairment losses of \u20ac237\u00a0million were recognized, mainly related to
Enlarged Europe, primarily in Russia with \u20ac43\u00a0million related to inventories, \u20ac47\u00a0million related to tax assets and \u20ac47\u00a0million
related to other assets.
During the year ended December 31, 2021, impairment losses of \u20ac309\u00a0million were recognized, primarily in relation
to the impairment of certain vehicle platforms in the Enlarged Europe segment. These vehicle platforms were legacy
platforms on which there are a limited number of models. The impairments are generated mainly as a result of the projections
reflected in the MTP used to perform the impairment testing, in which these platforms had reduced volumes and profitability.
The impairment loss of \u20ac309\u00a0million mainly relate to Property, plant and equipment of \u20ac137\u00a0million and \u20ac151\u00a0million of
capitalized development expenditures.
Recoverability of Goodwill and Intangible assets with indefinite useful lives
In accordance with IAS 36 - Impairment of Assets, Goodwill and intangible assets with indefinite useful lives are not
amortized and are tested for impairment annually or more frequently if facts or circumstances indicate that the asset may be
impaired.
Goodwill and intangible assets with indefinite useful lives are allocated to operating segments or to CGUs within the
operating segments or other CGUs which represent the lowest level within the entity at which the goodwill is monitored for
internal management purposes. The impairment test is performed by comparing the carrying amount (which mainly
comprises property, plant and equipment, goodwill, brands, capitalized development expenditures, working capital and
reserves) and the recoverable amount of each CGU or group of CGUs to which Goodwill has been allocated. The recoverable
amount of a CGU is the higher of its fair value less costs of disposal and its value-in-use. The balance of Goodwill and
intangible assets with indefinite useful lives recognized by the Company primarily relate to the merger with FCA. Goodwill
from the merger with FCA is allocated to the North America, South America, Maserati, India and Asia Pacific and Enlarged
Europe operating segments. All other Goodwill balances relate primarily to Enlarged Europe, Other activities and to a lesser
extent China.
The MTP is used as a basis to perform the Company\u2019s annual impairment test for Goodwill and intangible assets
with indefinite useful lives.
\u2022 The estimate of the recoverable amount for purposes of performing the annual impairment test for each of the
operating segments is determined using value-in-use and was based on the following assumptions:
\u25e6 The expected future cash flows covering the period from October 1, 2023 through December 31, 2026.
These expected cash flows reflect the current expectations regarding economic conditions and market
trends as well as the Company\u2019s initiatives for the period covered by the projections. These cash flows
relate to the respective CGUs in their current condition when preparing the financial statements and exclude
the estimated cash flows that might arise from restructuring plans or other structural changes. Volumes and
sales mix used for estimating the future cash flow are based on assumptions that are considered reasonable
and sustainable and represent the best estimate of expected conditions regarding market trends and
segment, brand and model share for the respective operating segment over the period considered.
\u25e6 The expected future cash flows include a normalized terminal period to estimate the future result beyond
the time period explicitly considered which incorporated a long-term growth rate assumption of 2.0 percent
to 2.2 percent. The growth rate per region is determined by reference to the risk free rate and the rate of
inflation considered in the regional discount rate. The long-term AOI margins are set considering the
Company\u2019s long-term projections for each of the CGUs.
\u2022 The estimated future cash flows are discounted to their present value using a discount rate that reflects current
market assessments of the time value of money and the risks specific to the asset or CGU that are not reflected
in the estimated future cash flows.
\u2022 Pre-tax cash flows are discounted using a pre-tax discount rate which reflects the current market assessment of
the time value of money for the period being considered, and the risks specific to those cash flows under
consideration. The pre-tax Weighted Average Cost of Capital (\u201cWACC\u201d) discount rate applied ranged from
11.3 percent to 25.8 percent.
The values estimated as described above are determined to be in excess of the carrying amount for each operating
segment or other CGUs to which Goodwill is allocated. As such, no impairment charges were recognized for Goodwill and
Intangible assets with indefinite useful lives for the year ended December 31, 2023. No impairment charges were recognized
for Goodwill and Intangible assets with indefinite useful lives for the year ended December 31, 2021 and 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-698": { "value": "
Recoverability of non-current assets with definite useful lives
During the year ended December 31, 2023, impairment losses of \u20ac201\u00a0million were recognized, mainly related to
impairment of research and development assets in China and India & Asia Pacific, and to impairment of certain platform
assets in Enlarged Europe.
During the year ended December 31, 2022, impairment losses of \u20ac237\u00a0million were recognized, mainly related to
Enlarged Europe, primarily in Russia with \u20ac43\u00a0million related to inventories, \u20ac47\u00a0million related to tax assets and \u20ac47\u00a0million
related to other assets.
During the year ended December 31, 2021, impairment losses of \u20ac309\u00a0million were recognized, primarily in relation
to the impairment of certain vehicle platforms in the Enlarged Europe segment. These vehicle platforms were legacy
platforms on which there are a limited number of models. The impairments are generated mainly as a result of the projections
reflected in the MTP used to perform the impairment testing, in which these platforms had reduced volumes and profitability.
The impairment loss of \u20ac309\u00a0million mainly relate to Property, plant and equipment of \u20ac137\u00a0million and \u20ac151\u00a0million of
capitalized development expenditures.
5.
Research and development costs
Research and development costs were as follows:
Years ended December 31,
2023
2022
2021
(\u20ac million)
Research and development expenditures expensed
\u20ac3,300
\u20ac3,233
\u20ac2,761
Amortization of capitalized development expenditures
2,193
1,889
1,575
Impairment and write-off of capitalized development expenditures
126
78
151
Total Research and development costs
\u20ac5,619
\u20ac5,200
\u20ac4,487
Refer to Note 2,\u00a0 Basis of preparation - Use of estimates - Recoverability of non-current assets with definite useful
lives for additional information on the impairment and write-off of capitalized development expenditures during the years
ended December 31, 2023, 2022 and 2021.
Refer to Note 10, Other intangible assets, for additional information on capitalized development expenditures.
8.
Other information by nature
Personnel costs for the continuing operations of the Company for the years ended December 31, 2023, 2022 and
2021 amounted to \u20ac 19.1 billion , \u20ac18.2 billion and \u20ac17.1 billion, respectively, and included costs that were capitalized mainly
in connection with product development activities.
Amounts relating to IFRS 16 recognized in Profit before taxes
Amounts recognized within Profit before taxes were as follows:
Years ended December 31,
2023
2022
2021
(\u20ac million)
Depreciation of right-of-use assets
\u20ac607
\u20ac555
\u20ac529
Interest expense on lease liabilities
63
63
56
Variable lease payments not included in the
measurement of lease liabilities
3
5
5
Income from sub-leasing right-of-use assets
(109)
(108)
(95)
Expenses relating to short-term leases and to leases
of low-value assets
111
107
137
Gains arising from sale and leaseback transactions
(155)
(119)
(22)
Total expense recognized in Net profit from
continuing operations
\u20ac520
\u20ac503
\u20ac610
10.
Other intangible assets
Capitalized development expenditures included both internal and external costs that were directly attributable to the
internal product development process, primarily consisting of material costs and personnel related expenses relating to
engineering, design and development focused on content enhancement of existing vehicles, new models and propulsion
system programs.
In 2023, \u20ac122\u00a0million of impairment losses and asset write-offs were recognized, refer to Note 2, Basis of
preparation - Use of estimates - Recoverability of non-current assets with definite useful lives for additional information on
the impairment losses and asset write-offs recognized.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-699": { "value": "
Recoverability of Goodwill and Intangible assets with indefinite useful lives
In accordance with IAS 36 - Impairment of Assets, Goodwill and intangible assets with indefinite useful lives are not
amortized and are tested for impairment annually or more frequently if facts or circumstances indicate that the asset may be
impaired.
Goodwill and intangible assets with indefinite useful lives are allocated to operating segments or to CGUs within the
operating segments or other CGUs which represent the lowest level within the entity at which the goodwill is monitored for
internal management purposes. The impairment test is performed by comparing the carrying amount (which mainly
comprises property, plant and equipment, goodwill, brands, capitalized development expenditures, working capital and
reserves) and the recoverable amount of each CGU or group of CGUs to which Goodwill has been allocated. The recoverable
amount of a CGU is the higher of its fair value less costs of disposal and its value-in-use. The balance of Goodwill and
intangible assets with indefinite useful lives recognized by the Company primarily relate to the merger with FCA. Goodwill
from the merger with FCA is allocated to the North America, South America, Maserati, India and Asia Pacific and Enlarged
Europe operating segments. All other Goodwill balances relate primarily to Enlarged Europe, Other activities and to a lesser
extent China.
The MTP is used as a basis to perform the Company\u2019s annual impairment test for Goodwill and intangible assets
with indefinite useful lives.
\u2022 The estimate of the recoverable amount for purposes of performing the annual impairment test for each of the
operating segments is determined using value-in-use and was based on the following assumptions:
\u25e6 The expected future cash flows covering the period from October 1, 2023 through December 31, 2026.
These expected cash flows reflect the current expectations regarding economic conditions and market
trends as well as the Company\u2019s initiatives for the period covered by the projections. These cash flows
relate to the respective CGUs in their current condition when preparing the financial statements and exclude
the estimated cash flows that might arise from restructuring plans or other structural changes. Volumes and
sales mix used for estimating the future cash flow are based on assumptions that are considered reasonable
and sustainable and represent the best estimate of expected conditions regarding market trends and
segment, brand and model share for the respective operating segment over the period considered.
\u25e6 The expected future cash flows include a normalized terminal period to estimate the future result beyond
the time period explicitly considered which incorporated a long-term growth rate assumption of 2.0 percent
to 2.2 percent. The growth rate per region is determined by reference to the risk free rate and the rate of
inflation considered in the regional discount rate. The long-term AOI margins are set considering the
Company\u2019s long-term projections for each of the CGUs.
\u2022 The estimated future cash flows are discounted to their present value using a discount rate that reflects current
market assessments of the time value of money and the risks specific to the asset or CGU that are not reflected
in the estimated future cash flows.
\u2022 Pre-tax cash flows are discounted using a pre-tax discount rate which reflects the current market assessment of
the time value of money for the period being considered, and the risks specific to those cash flows under
consideration. The pre-tax Weighted Average Cost of Capital (\u201cWACC\u201d) discount rate applied ranged from
11.3 percent to 25.8 percent.
The values estimated as described above are determined to be in excess of the carrying amount for each operating
segment or other CGUs to which Goodwill is allocated. As such, no impairment charges were recognized for Goodwill and
Intangible assets with indefinite useful lives for the year ended December 31, 2023. No impairment charges were recognized
for Goodwill and Intangible assets with indefinite useful lives for the year ended December 31, 2021 and 2022.
9.
Goodwill and intangible assets with indefinite useful lives
Goodwill and intangible assets with indefinite useful lives at December\u00a031, 2023 and 2022 are summarized below:
Goodwill
Gross amount
Accumulated
impairment
losses
Total
Goodwill
Brands
Other
Total
Goodwill and
intangible
assets with
indefinite
useful lives
(\u20ac million)
At January 1, 2022
\u20ac14,415
\u20ac(40)
\u20ac14,375
\u20ac15,527
\u20ac19
\u20ac29,921
Additions
356
\u2014
356
\u2014
\u2014
356
Disposal
(21)
\u2014
(21)
\u2014
\u2014
(21)
Translation differences and
Other
795
2
797
685
\u2014
1,482
At December 31, 2022
15,545
(38)
15,507
16,212
19
31,738
Additions(1)
66
\u2014
66
\u2014
5
71
Disposals
(12)
\u2014
(12)
\u2014
\u2014
(12)
Translation differences and
Other
(388)
\u2014
(388)
(416)
1
(803)
At December 31, 2023
\u20ac15,211
\u20ac(38)
\u20ac15,173
\u20ac15,796
\u20ac25
\u20ac30,994
_______________________________________________________________________________________________________________________________________________
(1) Relates to minor acquisitions \u00a0
Translation differences in 2023 primarily related to\u00a0foreign currency translation of U.S. Dollar to the Euro.
There were no impairment charges recognized in respect of Goodwill and intangible assets with indefinite lives
during the years ended December 31, 2023, 2022 and 2021, respectively. Refer to Note 2, Basis of preparation - Use of
estimates for discussion of the assumptions and judgments relating to goodwill impairment testing.
The following table summarizes the allocation of Goodwill and Brands between the Company\u2019s reportable
segments:
At December 31, 2023
At December 31, 2022
(\u20ac million)
Goodwill
Brands
Goodwill
Brands
North America
\u20ac10,412
\u20ac11,795
\u20ac10,790
\u20ac12,220
Enlarged Europe
1,899
2,876
2,092
3,021
Middle East & Africa
\u2014
\u2014
\u2014
\u2014
South America
1,550
\u2014
1,461
\u2014
China and India & Asia Pacific
170
\u2014
185
\u2014
Maserati
514
972
514
971
Other activities
628
153
465
\u2014
Total
\u20ac15,173
\u20ac15,796
\u20ac15,507
\u20ac16,212
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-701": { "value": "Recoverability of deferred tax assets
Deferred tax assets are recognized to the extent that it is probable that sufficient taxable profit will be available to
allow the benefit of part or all of the deferred tax assets to be utilized. The recoverability of deferred tax assets is dependent
on the Company\u2019s ability to generate sufficient future taxable income in the period in which it is assumed that the deductible
temporary differences reverse and tax losses carried forward can be utilized. In making this assessment, the Company
considers future taxable income arising based on the most recent business plan. Moreover, the Company estimates the impact
of the reversal of taxable temporary differences on earnings and it also considers the period over which these deferred tax
assets could be recovered. The estimates and assumptions used in the assessment are subject to uncertainty especially related
to the Company\u2019s future performance as compared to the business plan. Therefore, changes in current estimates due to
unanticipated events could have a significant impact on the Consolidated Financial Statements. Refer to Note 7, Tax expense/
(benefit) for additional information.
7.
Tax expense/(benefit)
The following table summarizes Tax expense:
Years ended December 31,
2023
2022
2021
(\u20ac million)
Current tax expense
\u20ac3,405
\u20ac3,565
\u20ac2,294
Deferred tax expense/(benefit)
559
(840)
(342)
Tax expense/(benefit) relating to prior periods(1)
(171)
4
(41)
Total Tax expense/(benefit)
\u20ac3,793
\u20ac2,729
\u20ac1,911
________________________________________________________________________________________________________________________________________________
(1) Tax expense/(benefit) relating to prior periods inclu des \u20ac173\u00a0million deferred tax expense, \u20ac161\u00a0million deferred tax expense and \u20ac297\u00a0million deferred tax benefit for 2023,
2022 and 2021, respectively, primarily related to U.S. provision to return adjustments for prior year tax positions
Effective tax rate reconciliation
The applicable tax rate used to determine theoretical income taxes is the statutory rate of the jurisdiction in which
the Company is tax resident during each reported period. From 2021, as a result of the merger, Stellantis N.V. is tax resident
in the Netherlands. The reconciliation between the theoretical income tax and actual tax is calculated on the basis of the
Netherlands corporate income tax rate of 25.8 percent in 2023 and 2022 and 25.0 percent in 2021, as follows:
Years ended December 31,
2023
2022
2021
(\u20ac million)
Profit/(loss) before tax
\u20ac22,418
\u20ac19,508
\u20ac15,129
Income tax rate
25.8%
25.8%
25.0%
Theoretical income taxes
\u20ac5,784
\u20ac5,033
\u20ac3,782
Tax effect on:
Differences between foreign tax rates and the theoretical applicable tax rate and
tax holidays
(407)
(495)
178
Recognition and utilization of previously unrecognized deferred tax assets
(740)
(1,153)
(1,954)
Deferred tax assets not recognized and write-downs
\u2014
47
598
Permanent differences
(470)
(406)
(656)
Tax credits
(299)
(221)
(85)
Tax rate changes
\u2014
\u2014
53
Withholding tax
44
21
63
Other differences
(119)
(97)
(68)
Total Tax expense
\u20ac3,793
\u20ac2,729
\u20ac1,911
Effective tax rate
16.9%
14.0%
12.6%
The increase in the effective tax rate to 16.9 percent in 2023 from 14.0 percent in 2022 is primarily related to a lower
tax benefit for net recognition of Deferred tax assets, primarily in Enlarged Europe.
Net deferred tax position
The Company recognizes the net amount as either Deferred tax assets or Deferred tax liabilities, to the extent
deferred taxes may be offset. Amounts recognized were as follows:
At December 31,
2023
2022
(\u20ac million)
Deferred tax assets(1)
\u20ac2,152
\u20ac2,052
Deferred tax liabilities(1)
(4,784)
(4,332)
Total Net deferred tax assets/(liabilities)
\u20ac(2,632)
\u20ac(2,280)
________________________________________________________________________________________________________________________________________________
(1) Deferred tax assets and Deferred tax liabilities include the impacts of (i) Unrecognized deferred tax assets on temporary differences; (ii) Deferred tax assets arising from tax
loss carry-forwards; and (iii) Unrecognized deferred tax assets on tax loss carry-forwards, which are reflected separately below in the Changes in deferred tax position by nature
summary
The increase in Net deferred tax liabilities was mainly due to a decrease in Net deferred tax assets in Enlarged
Europe, partially offset by a decrease in net deferred tax liabilities in North America. See Note 2, Basis of preparation - Use
of estimates - Recoverability of deferred tax assets for additional information.
Changes in deferred tax position by nature
The significant components of Deferred tax assets and liabilities and their changes during the years ended
December\u00a031, 2023 and 2022 were as follows:
At January 1,
2023
Recognized in
Consolidated
Income
Statement
Recognized in
Equity
Transferred to
Assets/
(Liabilities)
Held for Sale
Translation
differences and
Other
At December
31, 2023
(\u20ac million)
Deferred tax liabilities arising on:
Accelerated depreciation
\u20ac(2,775)
\u20ac(315)
\u20ac\u2014
\u20ac\u2014
\u20ac(12)
\u20ac(3,102)
Capitalized development assets
(4,296)
332
\u2014
\u2014
43
(3,921)
Other Intangible assets and
Intangible assets with indefinite
useful lives
(3,964)
(12)
\u2014
\u2014
107
(3,869)
Right-of-use assets
(331)
29
\u2014
\u2014
26
(276)
Provision for employee benefits
(1,086)
(4)
(23)
\u2014
35
(1,078)
Other
(1,488)
48
235
(26)
186
(1,045)
Total deferred tax liabilities
\u20ac(13,941)
\u20ac78
\u20ac212
\u20ac(26)
\u20ac385
\u20ac(13,291)
Deferred tax assets arising on:
Provisions
4,852
(304)
(37)
\u2014
(43)
4,468
Provision for employee benefits
2,183
(208)
6
\u2014
(28)
1,953
Lease liabilities
373
(8)
2
\u2014
(31)
336
Impairment of tangible and
intangible assets
1,269
(376)
(1)
\u2014
(15)
877
Inventories
375
62
5
\u2014
2
444
Allowances for doubtful
accounts
58
10
(1)
\u2014
(8)
59
Provision for buy back
169
1
\u2014
\u2014
(17)
153
Other
2,589
(156)
172
\u2014
377
2,982
Total deferred tax assets
\u20ac11,868
\u20ac(979)
\u20ac146
\u20ac\u2014
\u20ac237
\u20ac11,272
Unrecognized deferred tax assets
on temporary differences1
(3,183)
311
11
\u2014
(516)
(3,377)
Deferred tax assets arising on tax
loss carry-forwards
9,506
(402)
\u2014
\u2014
(35)
9,069
Unrecognized deferred tax assets
on tax loss carry-forwards
(6,531)
260
\u2014
\u2014
(34)
(6,305)
Total Net deferred tax assets/
(liabilities)
\u20ac(2,280)
\u20ac(732)
\u20ac369
\u20ac(26)
\u20ac37
\u20ac(2,632)
________________________________________________________________________________________________________________________________________________
(1) Unrecognized deferred tax assets on temporary differences reported in the Changes in deferred tax position by nature summary include Allowance for Corporate Equity in Italy
of \u20ac1,298\u00a0million in 2023 (\u20ac1,215\u00a0million in 2022) and Advanced Corporate Tax in the United Kingdom of \u20ac26\u00a0million in 2023 (\u20ac26\u00a0million in 2022)
At January 1,
2022
Recognized in
Consolidated
Income
Statement
Recognized in
Equity
Transferred
to Assets/
(Liabilities)
Held for Sale
Translation
differences
and Other
At December
31, 2022
(\u20ac million)
Deferred tax liabilities arising on:
Accelerated depreciation
\u20ac(2,662)
\u20ac19
\u20ac\u2014
\u20ac\u2014
\u20ac(133)
\u20ac(2,775)
Capitalized development assets
(4,313)
116
\u2014
\u2014
(99)
(4,296)
Other Intangible assets and
Intangible assets with indefinite
useful lives
(3,733)
(44)
\u2014
\u2014
(187)
(3,964)
Right-of-use assets
(397)
82
\u2014
\u2014
(16)
(331)
Provision for employee benefits
(591)
\u2014
(477)
\u2014
(18)
(1,086)
Other
(1,398)
(219)
162
\u2014
(33)
(1,488)
Total deferred tax liabilities
\u20ac(13,094)
\u20ac(46)
\u20ac(315)
\u20ac\u2014
\u20ac(486)
\u20ac(13,941)
Deferred tax assets arising on:
Provisions
4,510
211
1
(10)
140
4,852
Provision for employee benefits
2,325
(342)
12
\u2014
188
2,183
Lease liabilities
413
(60)
\u2014
\u2014
20
373
Impairment of tangible and
intangible assets
1,590
(319)
\u2014
\u2014
(2)
1,269
Inventories
250
129
\u2014
(2)
(2)
375
Provision for buy-back
131
42
\u2014
\u2014
(4)
169
Allowances for doubtful
accounts
115
(66)
\u2014
(1)
10
58
Other
2,635
(178)
25
\u2014
107
2,589
Total deferred tax assets
\u20ac11,969
\u20ac(583)
\u20ac38
\u20ac(13)
\u20ac457
\u20ac11,868
Unrecognized deferred tax assets
on temporary differences
(3,462)
466
(26)
9
(170)
(3,183)
Deferred tax assets arising on tax
loss carry-forwards
8,803
469
\u2014
2
232
9,506
Unrecognized deferred tax assets
on tax loss carry-forwards
(6,663)
373
\u2014
(3)
(238)
(6,531)
Total Net deferred tax assets /
(liabilities)
\u20ac(2,447)
\u20ac680
\u20ac(303)
\u20ac(5)
\u20ac(205)
\u20ac(2,280)
In accordance with IAS 12 - Income Taxes, deferred taxes are calculated for all temporary differences between the
tax base of assets and liabilities and their carrying amount. Deferred tax liabilities are systematically recognized, while
deferred tax assets are recognized for all deductible temporary differences to the extent that it is probable that taxable profit is
available against which the deductible temporary differences could be utilized. A deferred tax liability is recognized for all
taxable temporary differences associated with investments in subsidiaries and equity method investments for the variance
between their tax and accounting value, except to the extent that both of the following conditions are satisfied: (i) Stellantis is
able to control the timing of the reversal of the temporary difference; (ii) it is probable that the temporary difference will not
reverse in the foreseeable future.
At December 31, 2023, the aggregate amount of temporary differences relating to investments in subsidiaries and
interests in joint ventures for which deferred tax liabilities are not recognized is approximately \u20ac379\u00a0million.
As of December 31, 2023, the Company had total Deferred tax assets on deductible temporary differences of
\u20ac11,272\u00a0million (\u20ac11,868\u00a0million at December 31, 2022), of which \u20ac3,377\u00a0million was not recognized (\u20ac3,183\u00a0million at
December 31, 2022). As of December 31, 2023, the Company also had Deferred tax assets on tax loss carry-forwards of
\u20ac9,069\u00a0million (\u20ac9,506\u00a0million at December 31, 2022), of which \u20ac6,305\u00a0million was not recognized (\u20ac6,531\u00a0million at
December 31, 2022).
Tax loss carry-forwards
Recognition of deferred tax assets related to tax loss carry-forwards were tested for realizability based on forecasted
future taxable income using estimates consistent with the main assumptions of the MTP. Deferred tax assets relating to the
carry-forward of unused tax losses and tax credits, as well as those arising from deductible temporary differences, were
recognized to the extent that it was probable that future profits would be available against which they could be utilized. The
realization of these deferred tax assets was sensitive to the assumptions and judgments used in the determination of the
taxable income in the future, as well as Stellantis\u2019 ability to implement tax planning strategies, as necessary. While Stellantis
has not yet recognized all deferred tax assets in all jurisdictions, it is possible the Company\u2019s assessment of realizability could
change, resulting in the recognition of additional deferred tax assets in the Company\u2019s Consolidated Statement of Financial
Position and the related income tax benefit in the Company\u2019s Consolidated Income Statement. Refer to Note 2, Basis of
preparation - Use of estimates - Recoverability of deferred tax assets for additional information.
Tax loss carry-forward
(after application of the
current tax rate)
Recognized deferred tax
assets on tax loss carry-
forward
Unrecognized deferred tax
assets on tax loss carry-
forwards (after application
of the current tax rate)
At December 31, 2023
(\u20ac million)
Tax Groups:
France
\u20ac1,663
\u20ac(1,645)
\u20ac18
Germany
120
(120)
\u2014
Spain
561
(63)
498
Italy
3,499
(605)
2,894
Other Jurisdictions:
Brazil
2,411
\u2014
2,411
Others
815
(331)
484
Total
\u20ac9,069
\u20ac(2,764)
\u20ac6,305
Tax loss carry-forward
(after application of the
current tax rate)
Recognized deferred tax
assets on tax loss carry-
forward
Unrecognized deferred tax
assets on tax loss carry-
forwards (after application
of the current tax rate)
At December 31, 2022
(\u20ac million)
Tax Groups:
France
\u20ac2,066
\u20ac(2,050)
\u20ac16
Germany
249
(249)
\u2014
Spain
597
(53)
544
Italy
3,640
(486)
3,154
Other Jurisdictions:
Brazil
2,252
\u2014
2,252
Others
702
(136)
566
Total
\u20ac9,506
\u20ac(2,975)
\u20ac6,531
At the end of December 2023 and December 2022, the Company had total tax-effected tax loss carry-forwards of
\u20ac9.1\u00a0billion and \u20ac9.5\u00a0billion, respectively, of which \u20ac6.3\u00a0billion and \u20ac6.5\u00a0billion were not recognized, respectively. Tax loss
carry-forwards in France, Germany, Italy, Spain, and Brazil do not expire. Tax loss carry-forwards relating to the French,
German, Spanish and Italian tax groups are available within each tax group for offsetting against net deferred tax liabilities
(subject to limitations provided under local tax law) and are recognized in the Consolidated Statement of Financial Position.
In February 2022, the French tax authorities preliminarily agreed that upon merger, the French permanent establishment of
Stellantis N.V., along with the companies within the former French consolidated tax group, succeeded to approximately
\u20ac9.0\u00a0billion of French tax loss carry-forwards existing as of December 31, 2020.
Pillar Two
The OECD Pillar Two agreement aims to ensure that multinational corporations pay a minimum effective tax rate of
15 percent on a jurisdictional basis and many countries have initiated domestic legislative procedures to enact these global
minimum tax rules. In December 2023, the Netherlands enacted Pillar Two legislation that is effective from January 1, 2024.
As the Netherlands is the jurisdiction of Stellantis NV, the Company\u2019s ultimate parent, the Dutch Pillar Two rules are
effective for the Company\u2019s financial year beginning January 1, 2024. Other jurisdictions in which we operate have enacted
local Pillar Two legislation effective from January 1, 2024. As there was no Pillar Two legislation in effect as of the reporting
date, we do not have any current tax liability for the year ended December 31, 2023.
We are in the process of assessing the impact of the Dutch Pillar Two legislation and other local country legislation
on our operations as the rules become effective. Our assessment includes analyzing whether jurisdictions in which we operate
have a Pillar Two effective tax rate below 15 percent and analyzing jurisdictions where we receive tax incentives to assess
whether these rules may result in an offset of all or a portion of the tax incentives in the form of a Pillar Two tax.
In addition to reviewing the enacted Pillar Two legislation, the Company is reviewing the Tax Reform Bill that was
enacted by the Brazilian Congress in December 2023 which potentially impacts the taxability of incentives we receive in
Brazil and which creates complexity and uncertainty in quantifying the Pillar Two impact of our operations in Brazil.\u00a0
Specifically, in December 2023, the Brazilian Congress enacted the Tax Reform Bill and incorporated it within the
Brazilian Constitution. Within the scope of the Brazil Tax Reform Bill, the Northeast Automotive Regime (tax incentive
granted to the Pernambuco Plant) was extended for an additional cycle, starting in 2026 with a gradual phase-out until 2032
(during this cycle a 20 percent year-over-year reduction will be applied from 2029 until its full elimination in December
2032). Also in December 2023, the Brazilian Congress Enacted the Government Grants Taxation Act, with mandatory
application starting in 2024.\u202fThis Act will result in taxation of the tax incentives granted to the Stellantis plants in Brazil but
may be subject to challenge in the Brazilian courts. Regulations to clarify the operation of the new laws are expected to be
enacted during 2024.\u2002
Due to the complexity of the Pillar Two rules and the uncertainty in their application, the quantitative impact of the
rules is not reasonably estimable at this time. The Company continues to progress on its Pillar Two assessment and expects to
complete the assessment in the first half of 2024.\u00a0
The Company applies the mandatory temporary exception to recognizing and disclosing information about deferred
tax assets and liabilities related to Pillar Two income taxes, as provided in International Tax Reform\u2014Pillar Two Model
Rules \u2013 Amendments to IAS 12 issued in May 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-700": { "value": "Recoverability of deferred tax assets
Deferred tax assets are recognized to the extent that it is probable that sufficient taxable profit will be available to
allow the benefit of part or all of the deferred tax assets to be utilized. The recoverability of deferred tax assets is dependent
on the Company\u2019s ability to generate sufficient future taxable income in the period in which it is assumed that the deductible
temporary differences reverse and tax losses carried forward can be utilized. In making this assessment, the Company
considers future taxable income arising based on the most recent business plan. Moreover, the Company estimates the impact
of the reversal of taxable temporary differences on earnings and it also considers the period over which these deferred tax
assets could be recovered. The estimates and assumptions used in the assessment are subject to uncertainty especially related
to the Company\u2019s future performance as compared to the business plan. Therefore, changes in current estimates due to
unanticipated events could have a significant impact on the Consolidated Financial Statements. Refer to Note 7, Tax expense/
(benefit) for additional information.
7.
Tax expense/(benefit)
Net deferred tax position
The Company recognizes the net amount as either Deferred tax assets or Deferred tax liabilities, to the extent
deferred taxes may be offset. Amounts recognized were as follows:
At December 31,
2023
2022
(\u20ac million)
Deferred tax assets(1)
\u20ac2,152
\u20ac2,052
Deferred tax liabilities(1)
(4,784)
(4,332)
Total Net deferred tax assets/(liabilities)
\u20ac(2,632)
\u20ac(2,280)
________________________________________________________________________________________________________________________________________________
(1) Deferred tax assets and Deferred tax liabilities include the impacts of (i) Unrecognized deferred tax assets on temporary differences; (ii) Deferred tax assets arising from tax
loss carry-forwards; and (iii) Unrecognized deferred tax assets on tax loss carry-forwards, which are reflected separately below in the Changes in deferred tax position by nature
summary
The increase in Net deferred tax liabilities was mainly due to a decrease in Net deferred tax assets in Enlarged
Europe, partially offset by a decrease in net deferred tax liabilities in North America. See Note 2, Basis of preparation - Use
of estimates - Recoverability of deferred tax assets for additional information.
Changes in deferred tax position by nature
The significant components of Deferred tax assets and liabilities and their changes during the years ended
December\u00a031, 2023 and 2022 were as follows:
At January 1,
2023
Recognized in
Consolidated
Income
Statement
Recognized in
Equity
Transferred to
Assets/
(Liabilities)
Held for Sale
Translation
differences and
Other
At December
31, 2023
(\u20ac million)
Deferred tax liabilities arising on:
Accelerated depreciation
\u20ac(2,775)
\u20ac(315)
\u20ac\u2014
\u20ac\u2014
\u20ac(12)
\u20ac(3,102)
Capitalized development assets
(4,296)
332
\u2014
\u2014
43
(3,921)
Other Intangible assets and
Intangible assets with indefinite
useful lives
(3,964)
(12)
\u2014
\u2014
107
(3,869)
Right-of-use assets
(331)
29
\u2014
\u2014
26
(276)
Provision for employee benefits
(1,086)
(4)
(23)
\u2014
35
(1,078)
Other
(1,488)
48
235
(26)
186
(1,045)
Total deferred tax liabilities
\u20ac(13,941)
\u20ac78
\u20ac212
\u20ac(26)
\u20ac385
\u20ac(13,291)
Deferred tax assets arising on:
Provisions
4,852
(304)
(37)
\u2014
(43)
4,468
Provision for employee benefits
2,183
(208)
6
\u2014
(28)
1,953
Lease liabilities
373
(8)
2
\u2014
(31)
336
Impairment of tangible and
intangible assets
1,269
(376)
(1)
\u2014
(15)
877
Inventories
375
62
5
\u2014
2
444
Allowances for doubtful
accounts
58
10
(1)
\u2014
(8)
59
Provision for buy back
169
1
\u2014
\u2014
(17)
153
Other
2,589
(156)
172
\u2014
377
2,982
Total deferred tax assets
\u20ac11,868
\u20ac(979)
\u20ac146
\u20ac\u2014
\u20ac237
\u20ac11,272
Unrecognized deferred tax assets
on temporary differences1
(3,183)
311
11
\u2014
(516)
(3,377)
Deferred tax assets arising on tax
loss carry-forwards
9,506
(402)
\u2014
\u2014
(35)
9,069
Unrecognized deferred tax assets
on tax loss carry-forwards
(6,531)
260
\u2014
\u2014
(34)
(6,305)
Total Net deferred tax assets/
(liabilities)
\u20ac(2,280)
\u20ac(732)
\u20ac369
\u20ac(26)
\u20ac37
\u20ac(2,632)
________________________________________________________________________________________________________________________________________________
(1) Unrecognized deferred tax assets on temporary differences reported in the Changes in deferred tax position by nature summary include Allowance for Corporate Equity in Italy
of \u20ac1,298\u00a0million in 2023 (\u20ac1,215\u00a0million in 2022) and Advanced Corporate Tax in the United Kingdom of \u20ac26\u00a0million in 2023 (\u20ac26\u00a0million in 2022)
At January 1,
2022
Recognized in
Consolidated
Income
Statement
Recognized in
Equity
Transferred
to Assets/
(Liabilities)
Held for Sale
Translation
differences
and Other
At December
31, 2022
(\u20ac million)
Deferred tax liabilities arising on:
Accelerated depreciation
\u20ac(2,662)
\u20ac19
\u20ac\u2014
\u20ac\u2014
\u20ac(133)
\u20ac(2,775)
Capitalized development assets
(4,313)
116
\u2014
\u2014
(99)
(4,296)
Other Intangible assets and
Intangible assets with indefinite
useful lives
(3,733)
(44)
\u2014
\u2014
(187)
(3,964)
Right-of-use assets
(397)
82
\u2014
\u2014
(16)
(331)
Provision for employee benefits
(591)
\u2014
(477)
\u2014
(18)
(1,086)
Other
(1,398)
(219)
162
\u2014
(33)
(1,488)
Total deferred tax liabilities
\u20ac(13,094)
\u20ac(46)
\u20ac(315)
\u20ac\u2014
\u20ac(486)
\u20ac(13,941)
Deferred tax assets arising on:
Provisions
4,510
211
1
(10)
140
4,852
Provision for employee benefits
2,325
(342)
12
\u2014
188
2,183
Lease liabilities
413
(60)
\u2014
\u2014
20
373
Impairment of tangible and
intangible assets
1,590
(319)
\u2014
\u2014
(2)
1,269
Inventories
250
129
\u2014
(2)
(2)
375
Provision for buy-back
131
42
\u2014
\u2014
(4)
169
Allowances for doubtful
accounts
115
(66)
\u2014
(1)
10
58
Other
2,635
(178)
25
\u2014
107
2,589
Total deferred tax assets
\u20ac11,969
\u20ac(583)
\u20ac38
\u20ac(13)
\u20ac457
\u20ac11,868
Unrecognized deferred tax assets
on temporary differences
(3,462)
466
(26)
9
(170)
(3,183)
Deferred tax assets arising on tax
loss carry-forwards
8,803
469
\u2014
2
232
9,506
Unrecognized deferred tax assets
on tax loss carry-forwards
(6,663)
373
\u2014
(3)
(238)
(6,531)
Total Net deferred tax assets /
(liabilities)
\u20ac(2,447)
\u20ac680
\u20ac(303)
\u20ac(5)
\u20ac(205)
\u20ac(2,280)
In accordance with IAS 12 - Income Taxes, deferred taxes are calculated for all temporary differences between the
tax base of assets and liabilities and their carrying amount. Deferred tax liabilities are systematically recognized, while
deferred tax assets are recognized for all deductible temporary differences to the extent that it is probable that taxable profit is
available against which the deductible temporary differences could be utilized. A deferred tax liability is recognized for all
taxable temporary differences associated with investments in subsidiaries and equity method investments for the variance
between their tax and accounting value, except to the extent that both of the following conditions are satisfied: (i) Stellantis is
able to control the timing of the reversal of the temporary difference; (ii) it is probable that the temporary difference will not
reverse in the foreseeable future.
At December 31, 2023, the aggregate amount of temporary differences relating to investments in subsidiaries and
interests in joint ventures for which deferred tax liabilities are not recognized is approximately \u20ac379\u00a0million.
As of December 31, 2023, the Company had total Deferred tax assets on deductible temporary differences of
\u20ac11,272\u00a0million (\u20ac11,868\u00a0million at December 31, 2022), of which \u20ac3,377\u00a0million was not recognized (\u20ac3,183\u00a0million at
December 31, 2022). As of December 31, 2023, the Company also had Deferred tax assets on tax loss carry-forwards of
\u20ac9,069\u00a0million (\u20ac9,506\u00a0million at December 31, 2022), of which \u20ac6,305\u00a0million was not recognized (\u20ac6,531\u00a0million at
December 31, 2022).
Tax loss carry-forwards
Recognition of deferred tax assets related to tax loss carry-forwards were tested for realizability based on forecasted
future taxable income using estimates consistent with the main assumptions of the MTP. Deferred tax assets relating to the
carry-forward of unused tax losses and tax credits, as well as those arising from deductible temporary differences, were
recognized to the extent that it was probable that future profits would be available against which they could be utilized. The
realization of these deferred tax assets was sensitive to the assumptions and judgments used in the determination of the
taxable income in the future, as well as Stellantis\u2019 ability to implement tax planning strategies, as necessary. While Stellantis
has not yet recognized all deferred tax assets in all jurisdictions, it is possible the Company\u2019s assessment of realizability could
change, resulting in the recognition of additional deferred tax assets in the Company\u2019s Consolidated Statement of Financial
Position and the related income tax benefit in the Company\u2019s Consolidated Income Statement. Refer to Note 2, Basis of
preparation - Use of estimates - Recoverability of deferred tax assets for additional information.
Tax loss carry-forward
(after application of the
current tax rate)
Recognized deferred tax
assets on tax loss carry-
forward
Unrecognized deferred tax
assets on tax loss carry-
forwards (after application
of the current tax rate)
At December 31, 2023
(\u20ac million)
Tax Groups:
France
\u20ac1,663
\u20ac(1,645)
\u20ac18
Germany
120
(120)
\u2014
Spain
561
(63)
498
Italy
3,499
(605)
2,894
Other Jurisdictions:
Brazil
2,411
\u2014
2,411
Others
815
(331)
484
Total
\u20ac9,069
\u20ac(2,764)
\u20ac6,305
Tax loss carry-forward
(after application of the
current tax rate)
Recognized deferred tax
assets on tax loss carry-
forward
Unrecognized deferred tax
assets on tax loss carry-
forwards (after application
of the current tax rate)
At December 31, 2022
(\u20ac million)
Tax Groups:
France
\u20ac2,066
\u20ac(2,050)
\u20ac16
Germany
249
(249)
\u2014
Spain
597
(53)
544
Italy
3,640
(486)
3,154
Other Jurisdictions:
Brazil
2,252
\u2014
2,252
Others
702
(136)
566
Total
\u20ac9,506
\u20ac(2,975)
\u20ac6,531
At the end of December 2023 and December 2022, the Company had total tax-effected tax loss carry-forwards of
\u20ac9.1\u00a0billion and \u20ac9.5\u00a0billion, respectively, of which \u20ac6.3\u00a0billion and \u20ac6.5\u00a0billion were not recognized, respectively. Tax loss
carry-forwards in France, Germany, Italy, Spain, and Brazil do not expire. Tax loss carry-forwards relating to the French,
German, Spanish and Italian tax groups are available within each tax group for offsetting against net deferred tax liabilities
(subject to limitations provided under local tax law) and are recognized in the Consolidated Statement of Financial Position.
In February 2022, the French tax authorities preliminarily agreed that upon merger, the French permanent establishment of
Stellantis N.V., along with the companies within the former French consolidated tax group, succeeded to approximately
\u20ac9.0\u00a0billion of French tax loss carry-forwards existing as of December 31, 2020.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-702": { "value": "
Sales incentives
The Company records the estimated cost of sales incentive programs offered to dealers and consumers as a reduction
to revenue at the time of sale to the dealer. This estimated cost represents the incentive programs offered to dealers and
consumers, as well as the expected modifications to these programs in order to facilitate sales of the dealer inventory.
Subsequent adjustments to sales incentive programs related to vehicles previously sold to dealers are recognized as an
adjustment to Net revenues in the period the adjustment is determinable.
The Company uses price discounts to adjust vehicle pricing in response to a number of market and product factors,
including pricing actions and incentives offered by competitors, economic conditions, the amount of excess industry
production capacity, the intensity of market competition, consumer demand for the product and the desire to support
promotional campaigns. The Company may offer a variety of sales incentive programs at any given point in time, including
cash offers to dealers and consumers and subvention programs offered to customers, or lease subsidies, which reduce the
retail customer\u2019s monthly lease payment or cash due at the inception of the financing arrangement, or both. Sales incentive
programs are generally brand, model and region specific for a defined period of time.
Multiple factors are used in estimating the future incentive expense by vehicle line, including the current incentive
programs in the market, planned promotional programs and the normal incentive escalation incurred as the model year ages.
The estimated incentive rates are reviewed monthly and changes to planned rates are adjusted accordingly, thereby impacting
revenues. As there are a multitude of inputs affecting the calculation of the estimate for sales incentives, an increase or
decrease of any of these variables could have a significant effect on Net revenues.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-704": { "value": "
New standards and amendments effective January 1, 2023
The following amendments and interpretations, which were effective from January 1, 2023, were adopted by the
Company. The adoption of these amendments did not have a material impact on the Consolidated Financial Statements.
\u2022 IFRS 17 - Insurance Contracts, was issued by the IASB in 2017, as a replacement for IFRS 4 \u2013 Insurance
Contracts. IFRS 17 applies to all types of insurance contracts (i.e., life, non-life, direct insurance and
reinsurance), regardless of the type of entities that issue them, as well as to certain guarantees and financial
instruments with discretionary participation features. The overall objective of IFRS 17 is to provide an
accounting model resulting in more consistent accounting and presentation of the impacts of insurance contracts
by reporting entities.
The IFRS 17 measurement model requires that insurance contracts are remeasured in each reporting period. The
following components are used to measure the insurance contracts:
\u2022 discounted probability-weighted cash flows;
\u2022 an explicit risk adjustment; and
\u2022 a contractual service margin representing the unearned profit of the contract which is released to the
income statement as revenue over the coverage period.\u00a0
In addition, IFRS 17 provides for an optional, simplified premium allocation approach for the liability for
remaining coverage for contracts with a duration of 12 months of less.
IFRS 17 was adopted by the Company effective January 1, 2023. The adoption of IFRS 17 did not have a
material impact on the Consolidated Financial Statements. While the Company does issue insurance and
reinsurance contracts through certain financial services subsidiaries, the assets and liabilities of these operations
are not considered to be material to warrant separate disclosure in the Consolidated Statement of Financial
Position.\u00a0
The insurance contract liabilities are presented within Current and Non-current provisions, while the insurance
contract assets are presented within Current financial assets in the Consolidated Statement of Financial Position.
\u2022 In February 2021, the IASB issued amendments to IAS 1 - Presentation of Financial Statements and IAS 8 -
Accounting Policies, Change in Accounting Estimates and Errors. The amendments to IAS 1 require companies
to disclose their material accounting policies rather than their significant accounting policies, including
providing guidance on how to apply the concept of materiality to accounting policy disclosures. The
amendments to IAS 8 clarify how companies should distinguish changes in accounting policies from changes in
accounting estimates.
\u2022 In May 2021, the IASB issued targeted amendments to IAS 12, the IFRS Standard on income taxes, to specify
how companies should account for deferred tax on transactions such as leases and decommissioning obligations.
IAS 12 Income Taxes specifies how a company accounts for income tax, including deferred tax, which
represents tax payable or recoverable in the future. In specified circumstances, companies are exempt from
recognizing deferred tax when they recognize assets or liabilities for the first time. Previously, there had been
some uncertainty about whether the exemption applied to transactions such as leases and decommissioning
obligations\u2014transactions for which companies recognize both an asset and a liability. The amendments clarify
that the exemption does not apply and that companies are required to recognize deferred tax on such
transactions. The aim of the amendments is to reduce diversity in the reporting of deferred tax on leases and
decommissioning obligations.
\u2022 In May 2023, the IASB issued International Tax Reform\u2014Pillar Two Model Rules \u2013 Amendments to IAS 12 to
provide relief to entities impacted by the Base Erosion and Profit Sharing Pillar Two model rules. The
amendments aim to avoid diverse interpretations of IAS 12 Income Taxes developing in practice, and to
improve the information provided to users of financial statements before and after Pillar Two legislation comes
into effect. The amendments introduce a mandatory temporary exception to the accounting for deferred taxes
arising from the jurisdictional implementation of the Pillar Two model rules. The amendments also include
disclosure requirements to help users of the financial statements better understand an entity\u2019s exposure to Pillar
Two income taxes arising from that legislation, particularly before its effective date. The mandatory temporary
exception was effective immediately upon issuance of the amendment, while the disclosure requirements apply
for annual reporting periods beginning on or after January 1, 2023, but not for any interim periods ending on or
before December 31, 2023.\u00a0
New standards and amendments not yet effective
The following new standards and amendments were issued by the IASB. We will comply with the relevant guidance
no later than their respective effective dates:
\u2022 In January 2020, the IASB issued Classification of Liabilities as Current or Non-current (Amendments to IAS
1), which affects the requirements in IAS 1 for the presentation of liabilities, including clarifying one of the
criteria for classifying a liability as non-current. In October 2022, the IASB issued an amendment to further
clarify that covenants of loan arrangements, which an entity must comply with only after the reporting date
would not affect classification of a liability as current or non-current at the reporting date. However, those
covenants that an entity is required to comply with on or before the reporting date would affect classification as
current or non-current, even if the covenant is only assessed after the entity\u2019s reporting date. The amendments
are effective for annual reporting periods beginning on or after January 1, 2024, with earlier adoption permitted.
We do not expect a material impact on our Consolidated Financial Statements or disclosures upon adoption of
the amendment.
\u2022 In September 2022, the IASB issued a narrow-scope amendment to IFRS 16 - Leases, which adds to the
requirements explaining how a company accounts for a sale and leaseback after the date of the transaction. The
amendments are effective for annual reporting periods beginning on or after January 1, 2024. We are currently
evaluating the impact of adoption.
\u2022 In May 2023, the IASB issued amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial
Instruments: Disclosures, addressing the presentation of liabilities and the associated cash flows arising out of
supplier finance arrangements. The disclosure requirements in the amendments enhance the current
requirements and are intended to assist users of financial statements in understanding the effects of supplier
finance arrangements on an entity\u2019s liabilities, cash flows and exposure to liquidity risk. The amendments are
effective for annual reporting periods beginning on or after January 1, 2024. We are currently evaluating the
impact of adoption.
\u2022 In August 2023, the IASB issued amendments to IAS 21 - The Effects of Changes in Foreign Exchange Rates
that will require companies to provide more useful information in their financial statements when a currency
cannot be exchanged into another currency. These amendments will require companies to apply a consistent
approach in assessing whether a currency can be exchanged into another currency and, when it cannot, in
determining the exchange rate to use and the disclosures to provide. The amendments are effective for annual
reporting periods beginning on or after January 1, 2025, with earlier adoption permitted. We are currently
evaluating the impact of adoption.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-703": { "value": "
New standards and amendments effective January 1, 2023
The following amendments and interpretations, which were effective from January 1, 2023, were adopted by the
Company. The adoption of these amendments did not have a material impact on the Consolidated Financial Statements.
\u2022 IFRS 17 - Insurance Contracts, was issued by the IASB in 2017, as a replacement for IFRS 4 \u2013 Insurance
Contracts. IFRS 17 applies to all types of insurance contracts (i.e., life, non-life, direct insurance and
reinsurance), regardless of the type of entities that issue them, as well as to certain guarantees and financial
instruments with discretionary participation features. The overall objective of IFRS 17 is to provide an
accounting model resulting in more consistent accounting and presentation of the impacts of insurance contracts
by reporting entities.
The IFRS 17 measurement model requires that insurance contracts are remeasured in each reporting period. The
following components are used to measure the insurance contracts:
\u2022 discounted probability-weighted cash flows;
\u2022 an explicit risk adjustment; and
\u2022 a contractual service margin representing the unearned profit of the contract which is released to the
income statement as revenue over the coverage period.\u00a0
In addition, IFRS 17 provides for an optional, simplified premium allocation approach for the liability for
remaining coverage for contracts with a duration of 12 months of less.
IFRS 17 was adopted by the Company effective January 1, 2023. The adoption of IFRS 17 did not have a
material impact on the Consolidated Financial Statements. While the Company does issue insurance and
reinsurance contracts through certain financial services subsidiaries, the assets and liabilities of these operations
are not considered to be material to warrant separate disclosure in the Consolidated Statement of Financial
Position.\u00a0
The insurance contract liabilities are presented within Current and Non-current provisions, while the insurance
contract assets are presented within Current financial assets in the Consolidated Statement of Financial Position.
\u2022 In February 2021, the IASB issued amendments to IAS 1 - Presentation of Financial Statements and IAS 8 -
Accounting Policies, Change in Accounting Estimates and Errors. The amendments to IAS 1 require companies
to disclose their material accounting policies rather than their significant accounting policies, including
providing guidance on how to apply the concept of materiality to accounting policy disclosures. The
amendments to IAS 8 clarify how companies should distinguish changes in accounting policies from changes in
accounting estimates.
\u2022 In May 2021, the IASB issued targeted amendments to IAS 12, the IFRS Standard on income taxes, to specify
how companies should account for deferred tax on transactions such as leases and decommissioning obligations.
IAS 12 Income Taxes specifies how a company accounts for income tax, including deferred tax, which
represents tax payable or recoverable in the future. In specified circumstances, companies are exempt from
recognizing deferred tax when they recognize assets or liabilities for the first time. Previously, there had been
some uncertainty about whether the exemption applied to transactions such as leases and decommissioning
obligations\u2014transactions for which companies recognize both an asset and a liability. The amendments clarify
that the exemption does not apply and that companies are required to recognize deferred tax on such
transactions. The aim of the amendments is to reduce diversity in the reporting of deferred tax on leases and
decommissioning obligations.
\u2022 In May 2023, the IASB issued International Tax Reform\u2014Pillar Two Model Rules \u2013 Amendments to IAS 12 to
provide relief to entities impacted by the Base Erosion and Profit Sharing Pillar Two model rules. The
amendments aim to avoid diverse interpretations of IAS 12 Income Taxes developing in practice, and to
improve the information provided to users of financial statements before and after Pillar Two legislation comes
into effect. The amendments introduce a mandatory temporary exception to the accounting for deferred taxes
arising from the jurisdictional implementation of the Pillar Two model rules. The amendments also include
disclosure requirements to help users of the financial statements better understand an entity\u2019s exposure to Pillar
Two income taxes arising from that legislation, particularly before its effective date. The mandatory temporary
exception was effective immediately upon issuance of the amendment, while the disclosure requirements apply
for annual reporting periods beginning on or after January 1, 2023, but not for any interim periods ending on or
before December 31, 2023.\u00a0
New standards and amendments not yet effective
The following new standards and amendments were issued by the IASB. We will comply with the relevant guidance
no later than their respective effective dates:
\u2022 In January 2020, the IASB issued Classification of Liabilities as Current or Non-current (Amendments to IAS
1), which affects the requirements in IAS 1 for the presentation of liabilities, including clarifying one of the
criteria for classifying a liability as non-current. In October 2022, the IASB issued an amendment to further
clarify that covenants of loan arrangements, which an entity must comply with only after the reporting date
would not affect classification of a liability as current or non-current at the reporting date. However, those
covenants that an entity is required to comply with on or before the reporting date would affect classification as
current or non-current, even if the covenant is only assessed after the entity\u2019s reporting date. The amendments
are effective for annual reporting periods beginning on or after January 1, 2024, with earlier adoption permitted.
We do not expect a material impact on our Consolidated Financial Statements or disclosures upon adoption of
the amendment.
\u2022 In September 2022, the IASB issued a narrow-scope amendment to IFRS 16 - Leases, which adds to the
requirements explaining how a company accounts for a sale and leaseback after the date of the transaction. The
amendments are effective for annual reporting periods beginning on or after January 1, 2024. We are currently
evaluating the impact of adoption.
\u2022 In May 2023, the IASB issued amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial
Instruments: Disclosures, addressing the presentation of liabilities and the associated cash flows arising out of
supplier finance arrangements. The disclosure requirements in the amendments enhance the current
requirements and are intended to assist users of financial statements in understanding the effects of supplier
finance arrangements on an entity\u2019s liabilities, cash flows and exposure to liquidity risk. The amendments are
effective for annual reporting periods beginning on or after January 1, 2024. We are currently evaluating the
impact of adoption.
\u2022 In August 2023, the IASB issued amendments to IAS 21 - The Effects of Changes in Foreign Exchange Rates
that will require companies to provide more useful information in their financial statements when a currency
cannot be exchanged into another currency. These amendments will require companies to apply a consistent
approach in assessing whether a currency can be exchanged into another currency and, when it cannot, in
determining the exchange rate to use and the disclosures to provide. The amendments are effective for annual
reporting periods beginning on or after January 1, 2025, with earlier adoption permitted. We are currently
evaluating the impact of adoption.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-707": { "value": "
3.
Scope of consolidation
The following table sets forth a list of the principal subsidiaries of the Company, which are grouped by reportable
segments, as well as listing of companies within Other activities.
Name\u00a0
Country\u00a0
Percentage
Interest\u00a0Held\u00a0
North America
\u00a0 FCA US LLC
USA
100.00
\u00a0 FCA Canada Inc.
Canada
100.00
\u00a0 Stellantis Mexico, S.A. de C.V.
Mexico
100.00
South America
\u00a0 FCA Fiat Chrysler Automoveis Brasil Ltda.
Brazil
100.00
\u00a0 FCA Automobiles Argentina S.A.
Argentina
100.00
Peugeot Citro\u00ebn Argentina S.A.
Argentina
99.96
Enlarged Europe
\u00a0 Stellantis Europe S.p.A.
Italy
100.00
Automobiles Peugeot
France
100.00
Automobiles Citro\u00ebn
France
100.00
Opel Automobile GmbH
Germany
100.00
Groupe PSA Italia S.p.A.
Italy
100.00
Stellantis & You France S.A.S.
France
100.00
Stellantis Auto S.A.S.
France
100.00
FCA Germany GmbH
Germany
100.00
Stellantis Espa\u00f1a, S.L.
Spain
99.99
Vauxhall Motors Limited
United Kingdom
100.00
FCA France S.A.S.
France
100.00
Peugeot Motor Company PLC
United Kingdom
100.00
Stellantis & You UK Limited
United Kingdom
100.00
Peugeot Deutschland GmbH
Germany
100.00
Stellantis & You Italia S.p.A.
Italy
100.00
Stellantis Nederland B.V.
Netherlands
100.00
Citro\u00ebn Deutschland GmbH
Germany
100.00
Citro\u00ebn UK Ltd
United Kingdom
100.00
FCA Poland S.p.z.o.o.
Poland
100.00
Middle East & Africa
Stellantis Middle East FZE
United Arab Emirates
100.00
Stellantis Otomotiv Pazarlama Anonim Sirketi
Turkey
100.00
China and India & Asia Pacific
Stellantis Japan Ltd.
Japan
100.00
Fiat India Automobiles Private Limited
India
50.00
Maserati
Maserati S.p.A.
Italy
100.00
Maserati (China) Cars Trading Co., Ltd.
People's Rep.of China
100.00
Maserati North America Inc.
USA
100.00
Financial Services
Stellantis Financial Services Europe S.A.
France
100.00
Stellantis Automotive Finance Co. Ltd.
People's Rep.of China
100.00
Stellantis Financial Services US Corp.
USA
100.00
Banco Stellantis S.A.
Brazil
100.00
Fidis S.p.A.
Italy
100.00
Holdings & Other Companies
FCA North America Holdings LLC
USA
100.00
GIE PSA Tr\u00e9sorerie
France
100.00
Fiat Chrysler Finance North America, Inc.
USA
100.00
FCA US Insurance Company
USA
100.00
Fiat Chrysler Finance S.p.A.
Italy
100.00
Stellantis International S.A.
Switzerland
100.00
Local regulation allows for exemption from local statutory requirements according to sec. 264 of the German
Commercial Code and the Company has applied such exemption for the following legal entities: Citro\u00ebn Deutschland GmbH,
Stellantis Germany GmbH, Peugeot Deutschland GmbH, Opel Group Warehousing GmbH, FCA Germany GmbH, Share
Now GmbH, Stellantis & You Deutschland GmbH, Opel Eisenach GmbH and Free2Move Germany GmbH.
25.
Related party transactions
Related parties of the Company are entities and individuals capable of exercising control, joint control or significant
influence over the Company and its subsidiaries. Related parties also include associates, joint ventures and unconsolidated
subsidiaries of the Company, members of the Stellantis Board of Directors, executives with strategic responsibilities and
certain members of their families. Related parties include companies belonging to Exor N.V. (\u201cExor\u201d), which include Ferrari
N.V., CNH Industrial N.V. (\u201cCNHI\u201d) and Iveco Group N.V. (\"Iveco\"), which was spun-off from CNHI effective January 1,
2022.
Transactions carried out by Stellantis with its related parties are on commercial terms that are normal in the
respective markets, considering the characteristics of the goods or services involved, and primarily relate to:
\u2022 the sale of LCV vehicles and spare parts to Iveco's owned dealer network;
\u2022 the sale of iron and aluminum engine components, plastic components and industrial equipment to Iveco;
\u2022 the sale of propulsion system and other components to the companies of CNHI;
\u2022 the provision of service (accounting, payroll, tax administration, information technology and security) to the
companies of CNHI and Iveco;
\u2022 the purchase of engines and engine components for Maserati vehicles from Ferrari N.V.;
\u2022 the sale of vehicles for rental activities to Leasys (refer to Note 3, Scope of consolidation for additional
information);
\u2022 the sale of vehicles for resale and leasing activities to the joint ventures with Santander and BNP Paribas;
\u2022 the purchase of used vehicles from Leasys and the joint ventures with Santander and BNP Paribas under
repurchase agreements from leasing and rentals activities;
\u2022 the purchase of light commercial vehicles and passenger cars from and the sale of goods to the joint venture
Tofas;
\u2022 the provision of services and the sale of goods to Dongfeng Peugeot Citro\u00ebn Automobiles until late 2023;
\u2022 the provision of services and the sale of goods to the GAC-Stellantis JV until January 2022. Refer to Note 3,
Scope of consolidation for additional information;
\u2022 the purchase of vehicles from, and the provision of services and the sale of goods to the joint operation Fiat
India Automobiles Private Limited;
\u2022 the Jeep brand sponsorship of Juventus Football Club (a subsidiary of Exor);
\u2022 the manufacturing assistance services in both technology and personnel to manufacture an electric vertical take-
off and landing aircraft with Archer; and
\u2022 the purchases of goods and services from GEFCO. Refer to Note 3, Scope of consolidation for additional
information on the disposal.
The amounts for significant transactions with related parties recognized in the Consolidated Income Statements were
as follows:
Years ended December 31,
2023
2022
2021
Net
Revenues
Cost of
revenues
Selling,
general\u00a0
and
other
costs, net
Net
Financial
expenses/
(income)
Net
Revenues
Cost of
revenues
Selling,
general\u00a0
and
other
costs, net
Net
Financial
expenses/
(income)
Net
Revenues
Cost of
revenues
Selling,
general\u00a0
and
other
costs, net
Net
Financial
expenses
(\u20ac million)
Tofas
\u20ac1,339
\u20ac779
\u20ac27
\u20ac\u2014
\u20ac1,129
\u20ac1,699
\u20ac24
\u20ac\u2014
\u20ac831
\u20ac1,220
\u20ac14
\u20ac\u2014
FCA Bank
\u2014
\u2014
\u2014
\u2014
2,007
33
30
21
1,666
19
(1)
39
Leasys
960
12
6
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
GAC-Stellantis JV
\u2014
\u2014
\u2014
\u2014
24
\u2014
\u2014
(2)
45
\u2014
\u2014
(3)
Dongfeng Peugeot
Citro\u00ebn Automobiles
72
177
\u2014
(3)
140
604
\u2014
(7)
150
122
\u2014
\u2014
Finance companies in
partnership with SCF
and BNPP PF(1)
8,973
471
(7)
14
7,773
623
1
(2)
7,251
647
57
\u2014
Other
4
1
(1)
(2)
3
\u2014
12
(4)
4
2
8
\u2014
Total joint
arrangements
11,348
1,440
25
9
11,076
2,959
67
6
9,947
2,010
78
36
GEFCO
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
25
2,048
\u2014
\u2014
Other
23
196
2
(1)
65
183
16
\u2014
66
144
16
(2)
Total associates
23
196
2
(1)
65
183
16
\u2014
91
2,192
16
(2)
CNHI
28
\u2014
(3)
\u2014
50
\u2014
\u2014
\u2014
332
169
1
\u2014
Iveco
218
19
(5)
\u2014
233
26
(1)
\u2014
\u2014
\u2014
\u2014
\u2014
Ferrari N.V.
16
51
(1)
\u2014
22
83
\u2014
\u2014
27
115
\u2014
\u2014
Directors and Key
Management
\u2014
\u2014
87
\u2014
\u2014
\u2014
75
\u2014
\u2014
\u2014
73
\u2014
Other
1
\u2014
43
\u2014
1
1
48
\u2014
179
5
49
\u2014
Total CNHI, Ferrari,
Directors and other
263
70
121
\u2014
306
110
122
\u2014
538
289
123
\u2014
Total unconsolidated
subsidiaries
95
24
\u2014
\u2014
17
50
5
(1)
261
11
5
(4)
Total transactions
with related parties
\u20ac11,729
\u20ac1,730
\u20ac148
\u20ac8
\u20ac11,464
\u20ac3,302
\u20ac210
\u20ac5
\u20ac10,837
\u20ac4,502
\u20ac222
\u20ac30
Total for the
Company
\u20ac189,544
\u20ac151,400
\u20ac9,541
\u20ac(42)
\u20ac179,592
\u20ac144,327
\u20ac8,981
\u20ac768
\u20ac149,419
\u20ac119,943
\u20ac9,130
\u20ac734
_______________________________________________________________________________________________________________________________________________
(1) As a result of the reorganization of the financing activities within Europe, the transactions of the financing companies in partnership with SCF and BNPP have a similar
nature. As such, the transactions have been aggregated and the prior periods have been represented for comparability
Assets and liabilities from significant transactions with related parties were as follows:
At December 31,
2023
2022
Trade and
other
receivables
Trade
payables and
other liabilities
Asset-
backed
financing
Debt(1)
Trade
and other
receivables
Trade
payables and
other liabilities
Asset-
backed
financing
Debt (1)
(\u20ac million)
Tofas
\u20ac164
\u20ac180
\u20ac\u2014
\u20ac\u2014
\u20ac214
\u20ac423
\u20ac\u2014
\u20ac\u2014
FCA Bank
\u2014
\u2014
\u2014
\u2014
272
122
2
113
Leasys
147
104
\u2014
38
\u2014
\u2014
\u2014
\u2014
GAC-Stellantis JV
\u2014
14
\u2014
\u2014
\u2014
14
\u2014
\u2014
Dongfeng Peugeot Citro\u00ebn
Automobiles
128
44
\u2014
\u2014
114
64
\u2014
\u2014
Finance companies in partnership
with SCF and BNPP PF(2)
943
400
38
22
919
258
55
16
Other
77
11
\u2014
\u2014
14
16
\u2014
\u2014
Total joint arrangements
1,459
753
38
60
1,533
897
57
129
Other
237
34
\u2014
\u2014
102
27
\u2014
\u2014
Total associates
237
34
\u2014
\u2014
102
27
\u2014
\u2014
CNHI
11
1
\u2014
\u2014
19
1
\u2014
\u2014
Iveco
42
40
\u2014
\u2014
34
17
\u2014
\u2014
Ferrari N.V.
8
19
\u2014
\u2014
11
17
\u2014
\u2014
Other
1
25
\u2014
\u2014
1
39
\u2014
\u2014
Total CNHI, Ferrari N.V. and
other
62
85
\u2014
\u2014
65
74
\u2014
\u2014
Total unconsolidated
subsidiaries
188
26
\u2014
7
95
91
\u2014
8
Total originating from related
parties
\u20ac1,946
\u20ac898
\u20ac38
\u20ac67
\u20ac1,795
\u20ac1,089
\u20ac57
\u20ac137
Total for the Company
\u20ac21,359
\u20ac56,643
\u20ac4,778
\u20ac24,685
\u20ac14,870
\u20ac54,383
\u20ac1,655
\u20ac25,498
______________________________________________________________________________________________________________________________
(1) Relating to Debt excluding Asset-backed financing, refer to Note, 22 Debt for additional information
(2) As a result of the reorganization of the financing activities within Europe, the transactions of the financing companies in partnership with SCF and BNPP have a similar
nature. As such, the transactions have been aggregated and the prior periods have been represented for comparability
For guarantees and commitments details, refer to Note 26, Guarantees granted, commitments and contingent
liabilities for additional information.
Compensation to Directors and Key Management
The fees of the Directors of the Company for carrying out their respective functions were \u20ac43\u00a0million and
\u20ac31\u00a0million for the year ended December 31, 2023 and 2022 , respectively.
The aggregate compensation expense for remaining executives with strategic responsibilities was approximately \u20ac44
million for 2023 (\u20ac44 million for 2022), which in addition to base compensation, included:
\u2022 \u20ac16 million in 2023 (\u20ac16 million in 2022) for share-based compensation expense;
\u2022 \u20ac9 million in 2023 (\u20ac14 million in 2022) for short-term employee benefits; and
\u2022 \u20ac3 million in 2023 (\u20ac3 million in 2022) for pension and similar benefits.
Refer to Note 19 , Share-based compensation, for additional information related to the PSU and RSU awards granted
to certain key employees.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-706": { "value": "
3.
Scope of consolidation
The following table sets forth a list of the principal subsidiaries of the Company, which are grouped by reportable
segments, as well as listing of companies within Other activities.
Name\u00a0
Country\u00a0
Percentage
Interest\u00a0Held\u00a0
North America
\u00a0 FCA US LLC
USA
100.00
\u00a0 FCA Canada Inc.
Canada
100.00
\u00a0 Stellantis Mexico, S.A. de C.V.
Mexico
100.00
South America
\u00a0 FCA Fiat Chrysler Automoveis Brasil Ltda.
Brazil
100.00
\u00a0 FCA Automobiles Argentina S.A.
Argentina
100.00
Peugeot Citro\u00ebn Argentina S.A.
Argentina
99.96
Enlarged Europe
\u00a0 Stellantis Europe S.p.A.
Italy
100.00
Automobiles Peugeot
France
100.00
Automobiles Citro\u00ebn
France
100.00
Opel Automobile GmbH
Germany
100.00
Groupe PSA Italia S.p.A.
Italy
100.00
Stellantis & You France S.A.S.
France
100.00
Stellantis Auto S.A.S.
France
100.00
FCA Germany GmbH
Germany
100.00
Stellantis Espa\u00f1a, S.L.
Spain
99.99
Vauxhall Motors Limited
United Kingdom
100.00
FCA France S.A.S.
France
100.00
Peugeot Motor Company PLC
United Kingdom
100.00
Stellantis & You UK Limited
United Kingdom
100.00
Peugeot Deutschland GmbH
Germany
100.00
Stellantis & You Italia S.p.A.
Italy
100.00
Stellantis Nederland B.V.
Netherlands
100.00
Citro\u00ebn Deutschland GmbH
Germany
100.00
Citro\u00ebn UK Ltd
United Kingdom
100.00
FCA Poland S.p.z.o.o.
Poland
100.00
Middle East & Africa
Stellantis Middle East FZE
United Arab Emirates
100.00
Stellantis Otomotiv Pazarlama Anonim Sirketi
Turkey
100.00
China and India & Asia Pacific
Stellantis Japan Ltd.
Japan
100.00
Fiat India Automobiles Private Limited
India
50.00
Maserati
Maserati S.p.A.
Italy
100.00
Maserati (China) Cars Trading Co., Ltd.
People's Rep.of China
100.00
Maserati North America Inc.
USA
100.00
Financial Services
Stellantis Financial Services Europe S.A.
France
100.00
Stellantis Automotive Finance Co. Ltd.
People's Rep.of China
100.00
Stellantis Financial Services US Corp.
USA
100.00
Banco Stellantis S.A.
Brazil
100.00
Fidis S.p.A.
Italy
100.00
Holdings & Other Companies
FCA North America Holdings LLC
USA
100.00
GIE PSA Tr\u00e9sorerie
France
100.00
Fiat Chrysler Finance North America, Inc.
USA
100.00
FCA US Insurance Company
USA
100.00
Fiat Chrysler Finance S.p.A.
Italy
100.00
Stellantis International S.A.
Switzerland
100.00
Local regulation allows for exemption from local statutory requirements according to sec. 264 of the German
Commercial Code and the Company has applied such exemption for the following legal entities: Citro\u00ebn Deutschland GmbH,
Stellantis Germany GmbH, Peugeot Deutschland GmbH, Opel Group Warehousing GmbH, FCA Germany GmbH, Share
Now GmbH, Stellantis & You Deutschland GmbH, Opel Eisenach GmbH and Free2Move Germany GmbH.
Disposals
In April 2023, Stellantis completed the disposal of Teksid\u2019s cast iron production legal entities in Mexico and the
U.S. to Cummins Inc. Consideration of \u20ac136\u00a0million was received and a gain on sale of \u20ac34\u00a0million was reported in the
Consolidated Income Statement in Gains/(losses) of disposal on investments. This was previously reported within Other
activities.
As of December 31, 2023, Stellantis has concluded it has lost control of its entities in Russia as it no longer has
power over these entities. As a result, the entities have been deconsolidated and Stellantis recognized a loss of \u20ac144\u00a0million in
Gains/(losses) on disposals of investments, primarily consisting of cash and cash equivalents and other assets of \u20ac125\u00a0million,
trade payables and other liabilities of \u20ac93\u00a0million and cumulative translation adjustments in Other comprehensive income of
\u20ac(112)\u00a0million.
During the year ended December 31, 2023, there were various minor business disposals with assets of \u20ac127\u00a0million
and liabilities of \u20ac34\u00a0million.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-705": { "value": "
3.
Scope of consolidation
The following table sets forth a list of the principal subsidiaries of the Company, which are grouped by reportable
segments, as well as listing of companies within Other activities.
Name\u00a0
Country\u00a0
Percentage
Interest\u00a0Held\u00a0
North America
\u00a0 FCA US LLC
USA
100.00
\u00a0 FCA Canada Inc.
Canada
100.00
\u00a0 Stellantis Mexico, S.A. de C.V.
Mexico
100.00
South America
\u00a0 FCA Fiat Chrysler Automoveis Brasil Ltda.
Brazil
100.00
\u00a0 FCA Automobiles Argentina S.A.
Argentina
100.00
Peugeot Citro\u00ebn Argentina S.A.
Argentina
99.96
Enlarged Europe
\u00a0 Stellantis Europe S.p.A.
Italy
100.00
Automobiles Peugeot
France
100.00
Automobiles Citro\u00ebn
France
100.00
Opel Automobile GmbH
Germany
100.00
Groupe PSA Italia S.p.A.
Italy
100.00
Stellantis & You France S.A.S.
France
100.00
Stellantis Auto S.A.S.
France
100.00
FCA Germany GmbH
Germany
100.00
Stellantis Espa\u00f1a, S.L.
Spain
99.99
Vauxhall Motors Limited
United Kingdom
100.00
FCA France S.A.S.
France
100.00
Peugeot Motor Company PLC
United Kingdom
100.00
Stellantis & You UK Limited
United Kingdom
100.00
Peugeot Deutschland GmbH
Germany
100.00
Stellantis & You Italia S.p.A.
Italy
100.00
Stellantis Nederland B.V.
Netherlands
100.00
Citro\u00ebn Deutschland GmbH
Germany
100.00
Citro\u00ebn UK Ltd
United Kingdom
100.00
FCA Poland S.p.z.o.o.
Poland
100.00
Middle East & Africa
Stellantis Middle East FZE
United Arab Emirates
100.00
Stellantis Otomotiv Pazarlama Anonim Sirketi
Turkey
100.00
China and India & Asia Pacific
Stellantis Japan Ltd.
Japan
100.00
Fiat India Automobiles Private Limited
India
50.00
Maserati
Maserati S.p.A.
Italy
100.00
Maserati (China) Cars Trading Co., Ltd.
People's Rep.of China
100.00
Maserati North America Inc.
USA
100.00
Financial Services
Stellantis Financial Services Europe S.A.
France
100.00
Stellantis Automotive Finance Co. Ltd.
People's Rep.of China
100.00
Stellantis Financial Services US Corp.
USA
100.00
Banco Stellantis S.A.
Brazil
100.00
Fidis S.p.A.
Italy
100.00
Holdings & Other Companies
FCA North America Holdings LLC
USA
100.00
GIE PSA Tr\u00e9sorerie
France
100.00
Fiat Chrysler Finance North America, Inc.
USA
100.00
FCA US Insurance Company
USA
100.00
Fiat Chrysler Finance S.p.A.
Italy
100.00
Stellantis International S.A.
Switzerland
100.00
Local regulation allows for exemption from local statutory requirements according to sec. 264 of the German
Commercial Code and the Company has applied such exemption for the following legal entities: Citro\u00ebn Deutschland GmbH,
Stellantis Germany GmbH, Peugeot Deutschland GmbH, Opel Group Warehousing GmbH, FCA Germany GmbH, Share
Now GmbH, Stellantis & You Deutschland GmbH, Opel Eisenach GmbH and Free2Move Germany GmbH.
Acquisitions
In line with our Dare Forward 2030 goals of embracing breakthrough ideas to offer innovative, clean mobility, in
January 2023, Stellantis announced an expansion of its partnership with Archer Aviation Inc. This included manufacturing
assistance services in both technology and personnel to manufacture an electric vertical take-off and landing aircraft. In
addition, the January 2023 agreements contain commitments for Stellantis to provide funding up to \u20ac138\u00a0million
($150\u00a0million) in equity capital of which \u20ac89\u00a0million ($95\u00a0million) was invested by Stellantis as of December 31, 2023. The
remaining funding is contingent on certain milestone achievements and can be drawn by Archer at its discretion once the
applicable milestones have been met. Archer issued equity warrants to Stellantis of 15\u00a0million Archer shares at an exercise
price of $0.01 per share which vest at specific dates between 2024 and 2026. At December 31, 2023, Stellantis owned 10.1
percent of the Archer share capital and controlled 4.5 percent of Archer voting rights. In accordance with IAS 28 -
Investments in associates and joint ventures, significant influence is demonstrated by a combination of factors, including
board representation, the funding commitments referenced above and Archer\u2019s reliance on Stellantis` manufacturing
expertise. As a result, we have accounted for Archer as an associate under the equity method from January 2023 and is
reported in Other activities. During the year ended December 31, 2023, Stellantis increased its shareholding in Archer
through open market stock purchases and capital injections of \u20ac103\u00a0million.
In December 2021, Stellantis announced the creation of SiliconAuto, a joint venture with Foxconn for the design,
development and production of semiconductors, a key component for automotive vehicles. Consideration of \u20ac70\u00a0million for a
50 percent share was paid in June 2023. This is accounted for as an equity method investment and is reported in Other
activities.
Within the South America segment, we announced in February 2023, an investment into 360 Energy S.A., a green
energy company, currently producing renewable energy through solar panels, which will provide Stellantis preferential rights
to purchase energy at discounted prices as part of our climate-related commitments. Total consideration of \u20ac93\u00a0million
($100\u00a0million) representing a 49.5 percent interest was paid. This is accounted for as an associate under equity method
investment.
In December 2022, Stellantis announced its intention to acquire a substantial stake in Symbio, a hydrogen fuel cell
company which will contribute to the Company\u2019s Dare Forward 2030 goal of expansion in this technology. The binding
agreement was signed in July 2023 for a 33.3 percent interest with Forvia and Michelin as equal shareholders. Consideration
of \u20ac300\u00a0million was paid, which includes a shareholder loan of \u20ac58\u00a0million. This is accounted for as an equity method
investment as a joint venture and is reported in the Enlarged Europe segment.
In July 2023, Stellantis entered into an agreement with other automakers to establish Ionna, which will develop a
new, high-speed charging infrastructure for battery electric passenger vehicles in the U.S. and Canada. The Company is
committed to pay up to \u20ac199\u00a0million ($220\u00a0million) in equity capital contributions over the term of the agreement, providing
a 16.7 percent equity in the newly formed legal entity. In November 2023, Stellantis paid an initial capital contribution of
\u20ac6\u00a0million ($6\u00a0million) and the arrangement is accounted for as an equity method investment and is reported under the North
America segment.
In July 2023, Stellantis paid \u20ac393\u00a0million as a contribution of capital to NextStar Energy Inc. for 49 percent of its
equity. NextStar Energy Inc. is a joint venture with LG Energy Solution Ltd for the production of batteries in Canada which
is accounted for as an equity method investment and is reported in North America segment.\u00a0
In November 2023, Stellantis paid \u20ac1.4\u00a0billion for an equity investment representing approximately 21 percent
equity in Zhejiang Leapmotor Technology Co. Ltd, a Chinese new energy vehicle OEM. The investment is accounted for as
an equity method investment and reported in China and India & Asia Pacific segment. In addition, a joint venture, called
Leapmotor International, will be created in 2024 with ownership by Stellantis of 51 percent and by Leapmotor of 49 percent,
subject to regulatory approvals. Stellantis will control and consolidate the joint venture. The joint venture will have exclusive
rights for export and sale, as well as manufacturing of Leapmotor products outside of Greater China.
Disposals
In December 2021, Stellantis announced the reorganization of its leasing activities in Europe with the intention to
create a European multi-brand operational leasing company with CACF, (with each of Stellantis and CACF holding a 50
percent interest) that would result from the combination of the leasing activities of Leasys and the activities of Free2Move
Lease (\u201cF2ML\u201d), a business unit created within the former Groupe PSA and which aims to develop the B2B long-term
leasing activity. In addition, the joint ventures with BNP Paribas Personal Finance (\u201cBNPP PF\u201d) and Group Santander
Consumer Finance (\u201cSCF\u201d) were reorganized so the joint ventures with BNPP PF operate the financing activities in
Germany, Austria and in the UK and joint ventures with SCF operating financing activities in France, Italy, Spain, Belgium,
Poland, the Netherlands and through a commercial agreement with SCF in Portugal. The joint ventures\u2019 financing activities
covers all Stellantis brands. The binding agreements governing this reorganization were signed on March 31, 2022 between
Stellantis and each of BNP Paribas Personal Finance, Cr\u00e9dit Agricole Consumer Finance and Santander Consumer Finance.
As a result of the reorganization described above, in December 2022, Leasys was transferred from FCA Bank to
LeaseCo, a joint venture held 50 percent by both Stellantis and CACF. LeaseCo was established as the new multi-brand
operational leasing company then renamed to Leasys SAS, and includes the lease brand, Free2move. At December 31, 2022,
the equity investment in FCA Bank met the criteria to be classified as held for sale under IFRS 5, Non-current Assets Held
for Sale and Discontinued Operations. At December 31, 2022, our investment in FCA Bank was written down to
approximately \u20ac1,700\u00a0million, with the loss of \u20ac133\u00a0million recognized within Share of the profit/(loss) of equity method
investees on the Consolidated Income Statement.
In April 2023, Stellantis completed the sale of the 50 percent interest held in FCA Bank to CACF for net
consideration of \u20ac1,581\u00a0million of which \u20ac1,566\u00a0million related to industrial activities and \u20ac15\u00a0million related to financial
services. An additional consideration of \u20ac68\u00a0million was subsequently received as earn-out. The total net consideration is
comprised of \u20ac1,090\u00a0million cash and a credit linked note issued by FCA Bank with fair value at inception of \u20ac906\u00a0million
and a residual amount of \u20ac559\u00a0million at December 31, 2023 after partial repayment. On disposal of the holding in FCA
Bank, Stellantis recorded a loss on disposal of \u20ac38\u00a0million, which was reported in the Consolidated Income Statement in
Gains/(losses) of disposal on investments. Also in April 2023 and in relation to the transfer of leasing activities to LeaseCo,
payments of \u20ac38\u00a0million and \u20ac64\u00a0million were made to SCF and CACF, respectively, for compensation related to loss of
future earnings and transfer of risks associated with the lease businesses transferred. These amounts were recognized in our
Consolidated Income Statement in Selling, general and other costs.
In April 2023, Stellantis completed the disposal of Teksid\u2019s cast iron production legal entities in Mexico and the
U.S. to Cummins Inc. Consideration of \u20ac136\u00a0million was received and a gain on sale of \u20ac34\u00a0million was reported in the
Consolidated Income Statement in Gains/(losses) of disposal on investments. This was previously reported within Other
activities.
As of December 31, 2023, Stellantis has concluded it no longer has joint control of either DPCA or DPCS, and as a
result accounts for its interest as a financial asset under IFRS 9.
As of December 31, 2023, Stellantis has concluded it has lost control of its entities in Russia as it no longer has
power over these entities. As a result, the entities have been deconsolidated and Stellantis recognized a loss of \u20ac144\u00a0million in
Gains/(losses) on disposals of investments, primarily consisting of cash and cash equivalents and other assets of \u20ac125\u00a0million,
trade payables and other liabilities of \u20ac93\u00a0million and cumulative translation adjustments in Other comprehensive income of
\u20ac(112)\u00a0million.
During the year ended December 31, 2023, there were various minor business disposals with assets of \u20ac127\u00a0million
and liabilities of \u20ac34\u00a0million.
Held for sale
At December 31, 2023, there were various businesses which met the criteria under IFRS 5 to be classified as held for
sale with assets of \u20ac763\u00a0million and liabilities of \u20ac332\u00a0million of which \u20ac656\u00a0million of assets and \u20ac332\u00a0million of liabilities
relates to Stellantis Otomotiv Pazarlama Anonim Sirketi.
As of December 31, 2022, the equity investment in FCA Bank met the criteria to be classified as held for sale under
IFRS 5, Non-current Assets Held for Sale and Discontinued Operations which was disposed of in 2023. Refer to Note 3,
Scope of consolidation: disposals for additional information.
12.
Investments accounted for using the equity method
The following table summarizes Investments accounted for using the equity method:
At December 31,
2023
2022
(\u20ac million)
Joint ventures
\u20ac6,013
\u20ac4,561
Associates
2,006
195
Other
51
78
Total Investments accounted for using the equity method
\u20ac8,070
\u20ac4,834
The Company's ownership percentages and the carrying value of investments in joint ventures and associates
accounted for under the equity method were as follows:
Ownership percentage
Investment balance
At December 31,
At December 31,
2023
2022
2023
2022
Ownership percentage
(\u20ac million)
Finance companies in partnership with SCF
50.0%
50.0%
\u20ac1,977
\u20ac2,092
Finance companies in partnership with BNPP PF
50.0%
50.0%
1,096
718
Tofas-Turk Otomobil Fabrikasi A.S.
37.9%
37.9%
1,037
932
StarPlus Energy LLC
49.0%
49.0%
558
141
NextStar Energy Inc(1)
49.0%
\u2014%
397
\u2014
Leasys SAS
50.0%
50.0%
339
323
Symbio(1)
33.3%
\u2014%
230
\u2014
Automotive Cells Company SE (\u201cACC\u201d)
33.3%
33.3%
155
177
Others
224
178
Total joint ventures
\u20ac6,013
\u20ac4,561
Zhejiang Leapmotor Technology Co., Ltd.(1)
21.3%
\u2014%
1,409
\u2014
Archer Aviation Inc(1)
10.1%
\u2014%
112
\u2014
Punch Powertrain PSA E-Transmission N.V.
56.0%
39.0%
172
117
Nordex S.A.
50.0%
\u2014%
142
\u2014
360 Energy S.A.(1)
49.5%
\u2014%
105
\u2014
Others
66
78
Total associates
\u20ac2,006
\u20ac195
Total joint ventures and associates
\u20ac8,019
\u20ac4,756
_______________________________________________________________________________________________________________________________________________
(1) Refer to Note 3, Scope of consolidation for additional information
There were \u20ac27 million, \u20ac158 million and \u20ac103 million of unrecognized losses relating to investments in joint
ventures for the years ended December 31, 2023, 2022 and 2021, respectively.
In December 2021, Stellantis announced the reorganization of its leasing activities in Europe with the intention to
create a European multi-brand operational leasing company with CACF. In December 2022, Leasys was transferred from
FCA Bank to LeaseCo, a joint venture held 50 percent by both Stellantis and CACF. LeaseCo was established as the new
multi-brand operational leasing company then renamed to Leasys SAS, and includes the lease brand, Free2move. Refer to
Note 3, Scope of consolidation for additional information.
There are two partnerships with SCF, which covers the financing activities of all Stellantis brands in the following
countries: joint ventures in France, Italy, Spain, Belgium, Poland, the Netherlands and through a commercial agreement with
SCF in Portugal. The joint ventures with BNPP PF operate the financing activities in Germany, Austria and in the UK.
The joint ventures with SCF are deemed to be material and the following tables include summarized financial
information relating to the finance companies in partnership with SCF:
At December 31,
2023
2022
(\u20ac million)
Financial assets
\u20ac34,499
\u20ac33,616
Of which: Cash and cash equivalents
3,452
2,527
Other assets
1,583
1,600
Financial liabilities
29,382
28,558
Other liabilities
2,746
2,474
Total Equity
3,954
4,184
Carrying amount of interest
Company\u2019s share of net assets
1,977
2,092
Carrying amount of interest
\u20ac1,977
\u20ac2,092
Years ended December 31,
2023
2022
2021
(\u20ac million)
Interest and similar income
\u20ac3,303
\u20ac2,592
\u20ac2,300
Interest and similar expenses
(2,084)
(1,258)
(997)
Income tax expense
(239)
(219)
(210)
Profit from continuing operations
628
690
673
Net profit
628
690
673
Net profit attributable to owners of the parent (A)
314
345
336
Other comprehensive income/(loss) attributable to owners of the parent (B)
3
(8)
15
Total Comprehensive income attributable to owners of the parent (A+B)
\u20ac317
\u20ac337
\u20ac351
Company\u2019s share of net profit
\u20ac314
\u20ac345
\u20ac336
Tofas, the Company\u2019s joint venture with Ko\u00e7 Holding, is registered with the Turkish Capital Market Board and
listed on the \u0130stanbul Stock Exchange. At December\u00a031, 2023, the market value of the Company\u2019s interest in Tofas was
\u20ac1,219 million (\u20ac1,572 million at December 31, 2022).
Zhejiang Leapmotor Technology Co., Ltd is listed on the Hong Kong Stock Exchange. At December 31, 2023, the
market value of the Company\u2019s interest in Leapmotor was \u20ac1,176 million.
Archer Aviation Inc is listed on NYSE. At December 31, 2023, the market value of the Company\u2019s interest in
Archer was \u20ac173 million.
The Company's proportionate share of the earnings of its joint ventures, associates and interests in unconsolidated
subsidiaries accounted for using the equity method is included within Share of the profit/(loss) of equity method investees in
the Consolidated Income Statement. The following table summarizes the share of profits of equity method investees included
within Share of the profit/(loss) of equity method investees:
Years ended December 31,
2023
2022
2021
(\u20ac million)
Joint Ventures
\u20ac547
\u20ac286
\u20ac737
Associates
(50)
13
22
Other
(6)
(35)
(22)
Total Share of the profit/(loss) of equity method investees
\u20ac491
\u20ac264
\u20ac737
Immaterial Joint Ventures and Associates
The aggregate amounts recognized for the Company\u2019s share in all individually immaterial joint ventures and
associates accounted for using the equity method were as follows:
Years ended December 31,
2023
2022
2021
(\u20ac million)
Joint ventures:
Profit/(loss) from continuing operations
\u20ac233
\u20ac(152)
\u20ac168
Net profit/(loss)
233
(152)
168
Other comprehensive loss
(265)
(47)
(72)
Total Other comprehensive (loss)/income
\u20ac(32)
\u20ac(199)
\u20ac96
Associates:
Income/(loss) from continuing operations
\u20ac(50)
\u20ac13
\u20ac22
Net income/(loss)
(50)
13
22
Other comprehensive income
(11)
\u2014
13
Total Other comprehensive income
\u20ac(61)
\u20ac13
\u20ac35
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-708": { "value": "
3.
Scope of consolidation
Acquisitions
In line with our Dare Forward 2030 goals of embracing breakthrough ideas to offer innovative, clean mobility, in
January 2023, Stellantis announced an expansion of its partnership with Archer Aviation Inc. This included manufacturing
assistance services in both technology and personnel to manufacture an electric vertical take-off and landing aircraft. In
addition, the January 2023 agreements contain commitments for Stellantis to provide funding up to \u20ac138\u00a0million
($150\u00a0million) in equity capital of which \u20ac89\u00a0million ($95\u00a0million) was invested by Stellantis as of December 31, 2023. The
remaining funding is contingent on certain milestone achievements and can be drawn by Archer at its discretion once the
applicable milestones have been met. Archer issued equity warrants to Stellantis of 15\u00a0million Archer shares at an exercise
price of $0.01 per share which vest at specific dates between 2024 and 2026. At December 31, 2023, Stellantis owned 10.1
percent of the Archer share capital and controlled 4.5 percent of Archer voting rights. In accordance with IAS 28 -
Investments in associates and joint ventures, significant influence is demonstrated by a combination of factors, including
board representation, the funding commitments referenced above and Archer\u2019s reliance on Stellantis` manufacturing
expertise. As a result, we have accounted for Archer as an associate under the equity method from January 2023 and is
reported in Other activities. During the year ended December 31, 2023, Stellantis increased its shareholding in Archer
through open market stock purchases and capital injections of \u20ac103\u00a0million.
In December 2021, Stellantis announced the creation of SiliconAuto, a joint venture with Foxconn for the design,
development and production of semiconductors, a key component for automotive vehicles. Consideration of \u20ac70\u00a0million for a
50 percent share was paid in June 2023. This is accounted for as an equity method investment and is reported in Other
activities.
Within the South America segment, we announced in February 2023, an investment into 360 Energy S.A., a green
energy company, currently producing renewable energy through solar panels, which will provide Stellantis preferential rights
to purchase energy at discounted prices as part of our climate-related commitments. Total consideration of \u20ac93\u00a0million
($100\u00a0million) representing a 49.5 percent interest was paid. This is accounted for as an associate under equity method
investment.
In December 2022, Stellantis announced its intention to acquire a substantial stake in Symbio, a hydrogen fuel cell
company which will contribute to the Company\u2019s Dare Forward 2030 goal of expansion in this technology. The binding
agreement was signed in July 2023 for a 33.3 percent interest with Forvia and Michelin as equal shareholders. Consideration
of \u20ac300\u00a0million was paid, which includes a shareholder loan of \u20ac58\u00a0million. This is accounted for as an equity method
investment as a joint venture and is reported in the Enlarged Europe segment.
In July 2023, Stellantis entered into an agreement with other automakers to establish Ionna, which will develop a
new, high-speed charging infrastructure for battery electric passenger vehicles in the U.S. and Canada. The Company is
committed to pay up to \u20ac199\u00a0million ($220\u00a0million) in equity capital contributions over the term of the agreement, providing
a 16.7 percent equity in the newly formed legal entity. In November 2023, Stellantis paid an initial capital contribution of
\u20ac6\u00a0million ($6\u00a0million) and the arrangement is accounted for as an equity method investment and is reported under the North
America segment.
In July 2023, Stellantis paid \u20ac393\u00a0million as a contribution of capital to NextStar Energy Inc. for 49 percent of its
equity. NextStar Energy Inc. is a joint venture with LG Energy Solution Ltd for the production of batteries in Canada which
is accounted for as an equity method investment and is reported in North America segment.\u00a0
In November 2023, Stellantis paid \u20ac1.4\u00a0billion for an equity investment representing approximately 21 percent
equity in Zhejiang Leapmotor Technology Co. Ltd, a Chinese new energy vehicle OEM. The investment is accounted for as
an equity method investment and reported in China and India & Asia Pacific segment. In addition, a joint venture, called
Leapmotor International, will be created in 2024 with ownership by Stellantis of 51 percent and by Leapmotor of 49 percent,
subject to regulatory approvals. Stellantis will control and consolidate the joint venture. The joint venture will have exclusive
rights for export and sale, as well as manufacturing of Leapmotor products outside of Greater China.
Disposals
In December 2021, Stellantis announced the reorganization of its leasing activities in Europe with the intention to
create a European multi-brand operational leasing company with CACF, (with each of Stellantis and CACF holding a 50
percent interest) that would result from the combination of the leasing activities of Leasys and the activities of Free2Move
Lease (\u201cF2ML\u201d), a business unit created within the former Groupe PSA and which aims to develop the B2B long-term
leasing activity. In addition, the joint ventures with BNP Paribas Personal Finance (\u201cBNPP PF\u201d) and Group Santander
Consumer Finance (\u201cSCF\u201d) were reorganized so the joint ventures with BNPP PF operate the financing activities in
Germany, Austria and in the UK and joint ventures with SCF operating financing activities in France, Italy, Spain, Belgium,
Poland, the Netherlands and through a commercial agreement with SCF in Portugal. The joint ventures\u2019 financing activities
covers all Stellantis brands. The binding agreements governing this reorganization were signed on March 31, 2022 between
Stellantis and each of BNP Paribas Personal Finance, Cr\u00e9dit Agricole Consumer Finance and Santander Consumer Finance.
As a result of the reorganization described above, in December 2022, Leasys was transferred from FCA Bank to
LeaseCo, a joint venture held 50 percent by both Stellantis and CACF. LeaseCo was established as the new multi-brand
operational leasing company then renamed to Leasys SAS, and includes the lease brand, Free2move. At December 31, 2022,
the equity investment in FCA Bank met the criteria to be classified as held for sale under IFRS 5, Non-current Assets Held
for Sale and Discontinued Operations. At December 31, 2022, our investment in FCA Bank was written down to
approximately \u20ac1,700\u00a0million, with the loss of \u20ac133\u00a0million recognized within Share of the profit/(loss) of equity method
investees on the Consolidated Income Statement.
In April 2023, Stellantis completed the sale of the 50 percent interest held in FCA Bank to CACF for net
consideration of \u20ac1,581\u00a0million of which \u20ac1,566\u00a0million related to industrial activities and \u20ac15\u00a0million related to financial
services. An additional consideration of \u20ac68\u00a0million was subsequently received as earn-out. The total net consideration is
comprised of \u20ac1,090\u00a0million cash and a credit linked note issued by FCA Bank with fair value at inception of \u20ac906\u00a0million
and a residual amount of \u20ac559\u00a0million at December 31, 2023 after partial repayment. On disposal of the holding in FCA
Bank, Stellantis recorded a loss on disposal of \u20ac38\u00a0million, which was reported in the Consolidated Income Statement in
Gains/(losses) of disposal on investments. Also in April 2023 and in relation to the transfer of leasing activities to LeaseCo,
payments of \u20ac38\u00a0million and \u20ac64\u00a0million were made to SCF and CACF, respectively, for compensation related to loss of
future earnings and transfer of risks associated with the lease businesses transferred. These amounts were recognized in our
Consolidated Income Statement in Selling, general and other costs.
As of December 31, 2023, Stellantis has concluded it no longer has joint control of either DPCA or DPCS, and as a
result accounts for its interest as a financial asset under IFRS 9.
GAC-Stellantis JV
In January 2022, Stellantis announced a plan to increase its shareholding in GAC-Stellantis JV from 50 percent to 75
percent. Due to lack of progress in the previously announced plan for Stellantis to take a majority share in GAC-Stellantis JV,
Stellantis is cooperating with GAC Group in an orderly termination of the joint venture. Stellantis will focus on distributing
imported vehicles for the Jeep brand in China through an asset-light approach. As a result, Stellantis fully impaired the equity
method investment in GAC-Stellantis JV of \u20ac126\u00a0million in the six months ended June 30, 2022. In addition, impairments
were recognized for the loans granted to GAC-Stellantis JV of \u20ac106\u00a0million, \u20ac48\u00a0million related to trade receivables, as well
as, \u20ac16\u00a0million primarily related to capitalized development expenditures. These amounts are recognized in Results from
equity method investments. The GAC-Stellantis JV filed for bankruptcy and the filing was accepted by the local court in
November 2022. The bankruptcy administrator was appointed in March 2023. The first creditors\u2019 meeting took place in July
2023.
12.
Investments accounted for using the equity method
The following table summarizes Investments accounted for using the equity method:
At December 31,
2023
2022
(\u20ac million)
Joint ventures
\u20ac6,013
\u20ac4,561
Associates
2,006
195
Other
51
78
Total Investments accounted for using the equity method
\u20ac8,070
\u20ac4,834
The Company's ownership percentages and the carrying value of investments in joint ventures and associates
accounted for under the equity method were as follows:
Ownership percentage
Investment balance
At December 31,
At December 31,
2023
2022
2023
2022
Ownership percentage
(\u20ac million)
Finance companies in partnership with SCF
50.0%
50.0%
\u20ac1,977
\u20ac2,092
Finance companies in partnership with BNPP PF
50.0%
50.0%
1,096
718
Tofas-Turk Otomobil Fabrikasi A.S.
37.9%
37.9%
1,037
932
StarPlus Energy LLC
49.0%
49.0%
558
141
NextStar Energy Inc(1)
49.0%
\u2014%
397
\u2014
Leasys SAS
50.0%
50.0%
339
323
Symbio(1)
33.3%
\u2014%
230
\u2014
Automotive Cells Company SE (\u201cACC\u201d)
33.3%
33.3%
155
177
Others
224
178
Total joint ventures
\u20ac6,013
\u20ac4,561
Zhejiang Leapmotor Technology Co., Ltd.(1)
21.3%
\u2014%
1,409
\u2014
Archer Aviation Inc(1)
10.1%
\u2014%
112
\u2014
Punch Powertrain PSA E-Transmission N.V.
56.0%
39.0%
172
117
Nordex S.A.
50.0%
\u2014%
142
\u2014
360 Energy S.A.(1)
49.5%
\u2014%
105
\u2014
Others
66
78
Total associates
\u20ac2,006
\u20ac195
Total joint ventures and associates
\u20ac8,019
\u20ac4,756
_______________________________________________________________________________________________________________________________________________
(1) Refer to Note 3, Scope of consolidation for additional information
There were \u20ac27 million, \u20ac158 million and \u20ac103 million of unrecognized losses relating to investments in joint
ventures for the years ended December 31, 2023, 2022 and 2021, respectively.
In December 2021, Stellantis announced the reorganization of its leasing activities in Europe with the intention to
create a European multi-brand operational leasing company with CACF. In December 2022, Leasys was transferred from
FCA Bank to LeaseCo, a joint venture held 50 percent by both Stellantis and CACF. LeaseCo was established as the new
multi-brand operational leasing company then renamed to Leasys SAS, and includes the lease brand, Free2move. Refer to
Note 3, Scope of consolidation for additional information.
There are two partnerships with SCF, which covers the financing activities of all Stellantis brands in the following
countries: joint ventures in France, Italy, Spain, Belgium, Poland, the Netherlands and through a commercial agreement with
SCF in Portugal. The joint ventures with BNPP PF operate the financing activities in Germany, Austria and in the UK.
The joint ventures with SCF are deemed to be material and the following tables include summarized financial
information relating to the finance companies in partnership with SCF:
At December 31,
2023
2022
(\u20ac million)
Financial assets
\u20ac34,499
\u20ac33,616
Of which: Cash and cash equivalents
3,452
2,527
Other assets
1,583
1,600
Financial liabilities
29,382
28,558
Other liabilities
2,746
2,474
Total Equity
3,954
4,184
Carrying amount of interest
Company\u2019s share of net assets
1,977
2,092
Carrying amount of interest
\u20ac1,977
\u20ac2,092
Years ended December 31,
2023
2022
2021
(\u20ac million)
Interest and similar income
\u20ac3,303
\u20ac2,592
\u20ac2,300
Interest and similar expenses
(2,084)
(1,258)
(997)
Income tax expense
(239)
(219)
(210)
Profit from continuing operations
628
690
673
Net profit
628
690
673
Net profit attributable to owners of the parent (A)
314
345
336
Other comprehensive income/(loss) attributable to owners of the parent (B)
3
(8)
15
Total Comprehensive income attributable to owners of the parent (A+B)
\u20ac317
\u20ac337
\u20ac351
Company\u2019s share of net profit
\u20ac314
\u20ac345
\u20ac336
Tofas, the Company\u2019s joint venture with Ko\u00e7 Holding, is registered with the Turkish Capital Market Board and
listed on the \u0130stanbul Stock Exchange. At December\u00a031, 2023, the market value of the Company\u2019s interest in Tofas was
\u20ac1,219 million (\u20ac1,572 million at December 31, 2022).
Zhejiang Leapmotor Technology Co., Ltd is listed on the Hong Kong Stock Exchange. At December 31, 2023, the
market value of the Company\u2019s interest in Leapmotor was \u20ac1,176 million.
Archer Aviation Inc is listed on NYSE. At December 31, 2023, the market value of the Company\u2019s interest in
Archer was \u20ac173 million.
The Company's proportionate share of the earnings of its joint ventures, associates and interests in unconsolidated
subsidiaries accounted for using the equity method is included within Share of the profit/(loss) of equity method investees in
the Consolidated Income Statement. The following table summarizes the share of profits of equity method investees included
within Share of the profit/(loss) of equity method investees:
Years ended December 31,
2023
2022
2021
(\u20ac million)
Joint Ventures
\u20ac547
\u20ac286
\u20ac737
Associates
(50)
13
22
Other
(6)
(35)
(22)
Total Share of the profit/(loss) of equity method investees
\u20ac491
\u20ac264
\u20ac737
Immaterial Joint Ventures and Associates
The aggregate amounts recognized for the Company\u2019s share in all individually immaterial joint ventures and
associates accounted for using the equity method were as follows:
Years ended December 31,
2023
2022
2021
(\u20ac million)
Joint ventures:
Profit/(loss) from continuing operations
\u20ac233
\u20ac(152)
\u20ac168
Net profit/(loss)
233
(152)
168
Other comprehensive loss
(265)
(47)
(72)
Total Other comprehensive (loss)/income
\u20ac(32)
\u20ac(199)
\u20ac96
Associates:
Income/(loss) from continuing operations
\u20ac(50)
\u20ac13
\u20ac22
Net income/(loss)
(50)
13
22
Other comprehensive income
(11)
\u2014
13
Total Other comprehensive income
\u20ac(61)
\u20ac13
\u20ac35
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-711": { "value": "
Acquisitions
In December 2021, Stellantis announced the creation of SiliconAuto, a joint venture with Foxconn for the design,
development and production of semiconductors, a key component for automotive vehicles. Consideration of \u20ac70\u00a0million for a
50 percent share was paid in June 2023. This is accounted for as an equity method investment and is reported in Other
activities
In December 2022, Stellantis announced its intention to acquire a substantial stake in Symbio, a hydrogen fuel cell
company which will contribute to the Company\u2019s Dare Forward 2030 goal of expansion in this technology. The binding
agreement was signed in July 2023 for a 33.3 percent interest with Forvia and Michelin as equal shareholders. Consideration
of \u20ac300\u00a0million was paid, which includes a shareholder loan of \u20ac58\u00a0million. This is accounted for as an equity method
investment as a joint venture and is reported in the Enlarged Europe segment.
In July 2023, Stellantis paid \u20ac393\u00a0million as a contribution of capital to NextStar Energy Inc. for 49 percent of its
equity. NextStar Energy Inc. is a joint venture with LG Energy Solution Ltd for the production of batteries in Canada which
is accounted for as an equity method investment and is reported in North America segment.\u00a0
In November 2023, Stellantis paid \u20ac1.4\u00a0billion for an equity investment representing approximately 21 percent
equity in Zhejiang Leapmotor Technology Co. Ltd, a Chinese new energy vehicle OEM. The investment is accounted for as
an equity method investment and reported in China and India & Asia Pacific segment. In addition, a joint venture, called
Leapmotor International, will be created in 2024 with ownership by Stellantis of 51 percent and by Leapmotor of 49 percent,
subject to regulatory approvals. Stellantis will control and consolidate the joint venture. The joint venture will have exclusive
rights for export and sale, as well as manufacturing of Leapmotor products outside of Greater China.
Disposals
In December 2021, Stellantis announced the reorganization of its leasing activities in Europe with the intention to
create a European multi-brand operational leasing company with CACF, (with each of Stellantis and CACF holding a 50
percent interest) that would result from the combination of the leasing activities of Leasys and the activities of Free2Move
Lease (\u201cF2ML\u201d), a business unit created within the former Groupe PSA and which aims to develop the B2B long-term
leasing activity. In addition, the joint ventures with BNP Paribas Personal Finance (\u201cBNPP PF\u201d) and Group Santander
Consumer Finance (\u201cSCF\u201d) were reorganized so the joint ventures with BNPP PF operate the financing activities in
Germany, Austria and in the UK and joint ventures with SCF operating financing activities in France, Italy, Spain, Belgium,
Poland, the Netherlands and through a commercial agreement with SCF in Portugal. The joint ventures\u2019 financing activities
covers all Stellantis brands. The binding agreements governing this reorganization were signed on March 31, 2022 between
Stellantis and each of BNP Paribas Personal Finance, Cr\u00e9dit Agricole Consumer Finance and Santander Consumer Finance.
As a result of the reorganization described above, in December 2022, Leasys was transferred from FCA Bank to
LeaseCo, a joint venture held 50 percent by both Stellantis and CACF. LeaseCo was established as the new multi-brand
operational leasing company then renamed to Leasys SAS, and includes the lease brand, Free2move. At December 31, 2022,
the equity investment in FCA Bank met the criteria to be classified as held for sale under IFRS 5, Non-current Assets Held
for Sale and Discontinued Operations. At December 31, 2022, our investment in FCA Bank was written down to
approximately \u20ac1,700\u00a0million, with the loss of \u20ac133\u00a0million recognized within Share of the profit/(loss) of equity method
investees on the Consolidated Income Statement.
In April 2023, Stellantis completed the sale of the 50 percent interest held in FCA Bank to CACF for net
consideration of \u20ac1,581\u00a0million of which \u20ac1,566\u00a0million related to industrial activities and \u20ac15\u00a0million related to financial
services. An additional consideration of \u20ac68\u00a0million was subsequently received as earn-out. The total net consideration is
comprised of \u20ac1,090\u00a0million cash and a credit linked note issued by FCA Bank with fair value at inception of \u20ac906\u00a0million
and a residual amount of \u20ac559\u00a0million at December 31, 2023 after partial repayment. On disposal of the holding in FCA
Bank, Stellantis recorded a loss on disposal of \u20ac38\u00a0million, which was reported in the Consolidated Income Statement in
Gains/(losses) of disposal on investments. Also in April 2023 and in relation to the transfer of leasing activities to LeaseCo,
payments of \u20ac38\u00a0million and \u20ac64\u00a0million were made to SCF and CACF, respectively, for compensation related to loss of
future earnings and transfer of risks associated with the lease businesses transferred. These amounts were recognized in our
Consolidated Income Statement in Selling, general and other costs.
As of December 31, 2023, Stellantis has concluded it no longer has joint control of either DPCA or DPCS, and as a
result accounts for its interest as a financial asset under IFRS 9.
GAC-Stellantis JV
In January 2022, Stellantis announced a plan to increase its shareholding in GAC-Stellantis JV from 50 percent to 75
percent. Due to lack of progress in the previously announced plan for Stellantis to take a majority share in GAC-Stellantis JV,
Stellantis is cooperating with GAC Group in an orderly termination of the joint venture. Stellantis will focus on distributing
imported vehicles for the Jeep brand in China through an asset-light approach. As a result, Stellantis fully impaired the equity
method investment in GAC-Stellantis JV of \u20ac126\u00a0million in the six months ended June 30, 2022. In addition, impairments
were recognized for the loans granted to GAC-Stellantis JV of \u20ac106\u00a0million, \u20ac48\u00a0million related to trade receivables, as well
as, \u20ac16\u00a0million primarily related to capitalized development expenditures. These amounts are recognized in Results from
equity method investments. The GAC-Stellantis JV filed for bankruptcy and the filing was accepted by the local court in
November 2022. The bankruptcy administrator was appointed in March 2023. The first creditors\u2019 meeting took place in July
2023.
12.
Investments accounted for using the equity method
The following table summarizes Investments accounted for using the equity method:
At December 31,
2023
2022
(\u20ac million)
Joint ventures
\u20ac6,013
\u20ac4,561
Associates
2,006
195
Other
51
78
Total Investments accounted for using the equity method
\u20ac8,070
\u20ac4,834
The Company's ownership percentages and the carrying value of investments in joint ventures and associates
accounted for under the equity method were as follows:
Ownership percentage
Investment balance
At December 31,
At December 31,
2023
2022
2023
2022
Ownership percentage
(\u20ac million)
Finance companies in partnership with SCF
50.0%
50.0%
\u20ac1,977
\u20ac2,092
Finance companies in partnership with BNPP PF
50.0%
50.0%
1,096
718
Tofas-Turk Otomobil Fabrikasi A.S.
37.9%
37.9%
1,037
932
StarPlus Energy LLC
49.0%
49.0%
558
141
NextStar Energy Inc(1)
49.0%
\u2014%
397
\u2014
Leasys SAS
50.0%
50.0%
339
323
Symbio(1)
33.3%
\u2014%
230
\u2014
Automotive Cells Company SE (\u201cACC\u201d)
33.3%
33.3%
155
177
Others
224
178
Total joint ventures
\u20ac6,013
\u20ac4,561
Zhejiang Leapmotor Technology Co., Ltd.(1)
21.3%
\u2014%
1,409
\u2014
Archer Aviation Inc(1)
10.1%
\u2014%
112
\u2014
Punch Powertrain PSA E-Transmission N.V.
56.0%
39.0%
172
117
Nordex S.A.
50.0%
\u2014%
142
\u2014
360 Energy S.A.(1)
49.5%
\u2014%
105
\u2014
Others
66
78
Total associates
\u20ac2,006
\u20ac195
Total joint ventures and associates
\u20ac8,019
\u20ac4,756
_______________________________________________________________________________________________________________________________________________
(1) Refer to Note 3, Scope of consolidation for additional information
There were \u20ac27 million, \u20ac158 million and \u20ac103 million of unrecognized losses relating to investments in joint
ventures for the years ended December 31, 2023, 2022 and 2021, respectively.
In December 2021, Stellantis announced the reorganization of its leasing activities in Europe with the intention to
create a European multi-brand operational leasing company with CACF. In December 2022, Leasys was transferred from
FCA Bank to LeaseCo, a joint venture held 50 percent by both Stellantis and CACF. LeaseCo was established as the new
multi-brand operational leasing company then renamed to Leasys SAS, and includes the lease brand, Free2move. Refer to
Note 3, Scope of consolidation for additional information.
There are two partnerships with SCF, which covers the financing activities of all Stellantis brands in the following
countries: joint ventures in France, Italy, Spain, Belgium, Poland, the Netherlands and through a commercial agreement with
SCF in Portugal. The joint ventures with BNPP PF operate the financing activities in Germany, Austria and in the UK.
The joint ventures with SCF are deemed to be material and the following tables include summarized financial
information relating to the finance companies in partnership with SCF:
At December 31,
2023
2022
(\u20ac million)
Financial assets
\u20ac34,499
\u20ac33,616
Of which: Cash and cash equivalents
3,452
2,527
Other assets
1,583
1,600
Financial liabilities
29,382
28,558
Other liabilities
2,746
2,474
Total Equity
3,954
4,184
Carrying amount of interest
Company\u2019s share of net assets
1,977
2,092
Carrying amount of interest
\u20ac1,977
\u20ac2,092
Years ended December 31,
2023
2022
2021
(\u20ac million)
Interest and similar income
\u20ac3,303
\u20ac2,592
\u20ac2,300
Interest and similar expenses
(2,084)
(1,258)
(997)
Income tax expense
(239)
(219)
(210)
Profit from continuing operations
628
690
673
Net profit
628
690
673
Net profit attributable to owners of the parent (A)
314
345
336
Other comprehensive income/(loss) attributable to owners of the parent (B)
3
(8)
15
Total Comprehensive income attributable to owners of the parent (A+B)
\u20ac317
\u20ac337
\u20ac351
Company\u2019s share of net profit
\u20ac314
\u20ac345
\u20ac336
Tofas, the Company\u2019s joint venture with Ko\u00e7 Holding, is registered with the Turkish Capital Market Board and
listed on the \u0130stanbul Stock Exchange. At December\u00a031, 2023, the market value of the Company\u2019s interest in Tofas was
\u20ac1,219 million (\u20ac1,572 million at December 31, 2022).
The Company's proportionate share of the earnings of its joint ventures, associates and interests in unconsolidated
subsidiaries accounted for using the equity method is included within Share of the profit/(loss) of equity method investees in
the Consolidated Income Statement. The following table summarizes the share of profits of equity method investees included
within Share of the profit/(loss) of equity method investees:
Years ended December 31,
2023
2022
2021
(\u20ac million)
Joint Ventures
\u20ac547
\u20ac286
\u20ac737
Associates
(50)
13
22
Other
(6)
(35)
(22)
Total Share of the profit/(loss) of equity method investees
\u20ac491
\u20ac264
\u20ac737
Immaterial Joint Ventures and Associates
The aggregate amounts recognized for the Company\u2019s share in all individually immaterial joint ventures and
associates accounted for using the equity method were as follows:
Years ended December 31,
2023
2022
2021
(\u20ac million)
Joint ventures:
Profit/(loss) from continuing operations
\u20ac233
\u20ac(152)
\u20ac168
Net profit/(loss)
233
(152)
168
Other comprehensive loss
(265)
(47)
(72)
Total Other comprehensive (loss)/income
\u20ac(32)
\u20ac(199)
\u20ac96
Associates:
Income/(loss) from continuing operations
\u20ac(50)
\u20ac13
\u20ac22
Net income/(loss)
(50)
13
22
Other comprehensive income
(11)
\u2014
13
Total Other comprehensive income
\u20ac(61)
\u20ac13
\u20ac35
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-710": { "value": "
Acquisitions
In line with our Dare Forward 2030 goals of embracing breakthrough ideas to offer innovative, clean mobility, in
January 2023, Stellantis announced an expansion of its partnership with Archer Aviation Inc. This included manufacturing
assistance services in both technology and personnel to manufacture an electric vertical take-off and landing aircraft. In
addition, the January 2023 agreements contain commitments for Stellantis to provide funding up to \u20ac138\u00a0million
($150\u00a0million) in equity capital of which \u20ac89\u00a0million ($95\u00a0million) was invested by Stellantis as of December 31, 2023. The
remaining funding is contingent on certain milestone achievements and can be drawn by Archer at its discretion once the
applicable milestones have been met. Archer issued equity warrants to Stellantis of 15\u00a0million Archer shares at an exercise
price of $0.01 per share which vest at specific dates between 2024 and 2026. At December 31, 2023, Stellantis owned 10.1
percent of the Archer share capital and controlled 4.5 percent of Archer voting rights. In accordance with IAS 28 -
Investments in associates and joint ventures, significant influence is demonstrated by a combination of factors, including
board representation, the funding commitments referenced above and Archer\u2019s reliance on Stellantis` manufacturing
expertise. As a result, we have accounted for Archer as an associate under the equity method from January 2023 and is
reported in Other activities. During the year ended December 31, 2023, Stellantis increased its shareholding in Archer
through open market stock purchases and capital injections of \u20ac103\u00a0million.
Within the South America segment, we announced in February 2023, an investment into 360 Energy S.A., a green
energy company, currently producing renewable energy through solar panels, which will provide Stellantis preferential rights
to purchase energy at discounted prices as part of our climate-related commitments. Total consideration of \u20ac93\u00a0million
($100\u00a0million) representing a 49.5 percent interest was paid. This is accounted for as an associate under equity method
investment.
In November 2023, Stellantis paid \u20ac1.4\u00a0billion for an equity investment representing approximately 21 percent
equity in Zhejiang Leapmotor Technology Co. Ltd, a Chinese new energy vehicle OEM. The investment is accounted for as
an equity method investment and reported in China and India & Asia Pacific segment. In addition, a joint venture, called
Leapmotor International, will be created in 2024 with ownership by Stellantis of 51 percent and by Leapmotor of 49 percent,
subject to regulatory approvals. Stellantis will control and consolidate the joint venture. The joint venture will have exclusive
rights for export and sale, as well as manufacturing of Leapmotor products outside of Greater China.
12.
Investments accounted for using the equity method
The following table summarizes Investments accounted for using the equity method:
At December 31,
2023
2022
(\u20ac million)
Joint ventures
\u20ac6,013
\u20ac4,561
Associates
2,006
195
Other
51
78
Total Investments accounted for using the equity method
\u20ac8,070
\u20ac4,834
The Company's ownership percentages and the carrying value of investments in joint ventures and associates
accounted for under the equity method were as follows:
Ownership percentage
Investment balance
At December 31,
At December 31,
2023
2022
2023
2022
Ownership percentage
(\u20ac million)
Finance companies in partnership with SCF
50.0%
50.0%
\u20ac1,977
\u20ac2,092
Finance companies in partnership with BNPP PF
50.0%
50.0%
1,096
718
Tofas-Turk Otomobil Fabrikasi A.S.
37.9%
37.9%
1,037
932
StarPlus Energy LLC
49.0%
49.0%
558
141
NextStar Energy Inc(1)
49.0%
\u2014%
397
\u2014
Leasys SAS
50.0%
50.0%
339
323
Symbio(1)
33.3%
\u2014%
230
\u2014
Automotive Cells Company SE (\u201cACC\u201d)
33.3%
33.3%
155
177
Others
224
178
Total joint ventures
\u20ac6,013
\u20ac4,561
Zhejiang Leapmotor Technology Co., Ltd.(1)
21.3%
\u2014%
1,409
\u2014
Archer Aviation Inc(1)
10.1%
\u2014%
112
\u2014
Punch Powertrain PSA E-Transmission N.V.
56.0%
39.0%
172
117
Nordex S.A.
50.0%
\u2014%
142
\u2014
360 Energy S.A.(1)
49.5%
\u2014%
105
\u2014
Others
66
78
Total associates
\u20ac2,006
\u20ac195
Total joint ventures and associates
\u20ac8,019
\u20ac4,756
_______________________________________________________________________________________________________________________________________________
(1) Refer to Note 3, Scope of consolidation for additional information
Zhejiang Leapmotor Technology Co., Ltd is listed on the Hong Kong Stock Exchange. At December 31, 2023, the
market value of the Company\u2019s interest in Leapmotor was \u20ac1,176 million.
Archer Aviation Inc is listed on NYSE. At December 31, 2023, the market value of the Company\u2019s interest in
Archer was \u20ac173 million.
The Company's proportionate share of the earnings of its joint ventures, associates and interests in unconsolidated
subsidiaries accounted for using the equity method is included within Share of the profit/(loss) of equity method investees in
the Consolidated Income Statement. The following table summarizes the share of profits of equity method investees included
within Share of the profit/(loss) of equity method investees:
Years ended December 31,
2023
2022
2021
(\u20ac million)
Joint Ventures
\u20ac547
\u20ac286
\u20ac737
Associates
(50)
13
22
Other
(6)
(35)
(22)
Total Share of the profit/(loss) of equity method investees
\u20ac491
\u20ac264
\u20ac737
Immaterial Joint Ventures and Associates
The aggregate amounts recognized for the Company\u2019s share in all individually immaterial joint ventures and
associates accounted for using the equity method were as follows:
Years ended December 31,
2023
2022
2021
(\u20ac million)
Joint ventures:
Profit/(loss) from continuing operations
\u20ac233
\u20ac(152)
\u20ac168
Net profit/(loss)
233
(152)
168
Other comprehensive loss
(265)
(47)
(72)
Total Other comprehensive (loss)/income
\u20ac(32)
\u20ac(199)
\u20ac96
Associates:
Income/(loss) from continuing operations
\u20ac(50)
\u20ac13
\u20ac22
Net income/(loss)
(50)
13
22
Other comprehensive income
(11)
\u2014
13
Total Other comprehensive income
\u20ac(61)
\u20ac13
\u20ac35
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-709": { "value": "
Acquisitions
In December 2022, Stellantis acquired 100 percent of aiMotive, an artificial intelligence company specializing in
autonomous driving. This acquisition enhances Stellantis\u2019 artificial intelligence and autonomous driving core technology,
expands its global talent pool, and boosts the mid-term development of the Stellantis AutoDrive platform which is part of the
Dare Forward 2030 strategic plan. The total consideration was \u20ac240\u00a0million, paid in cash at closing. As of December 31,
2022, the preliminary purchase price allocation was not completed due to the proximity of the acquisition date to the year
end. The net assets acquired amounted to \u20ac11\u00a0million resulting in a preliminary goodwill of \u20ac229\u00a0million. During the twelve
months ended December 31, 2023, the goodwill has been revised to \u20ac172\u00a0million. The revised net assets acquired are
\u20ac67\u00a0million, reflecting the recognition of additional intangible assets in relation to the technology acquired. aiMotive is
included within Other activities. The following table shows the assets and liabilities acquired. The amounts reported are final.
(\u20ac million)
At December 22, 2022
Goodwill
\u20ac172
Other intangible assets
87
Other assets
13
Total assets
\u20ac272
Total equity
\u20ac239
Long-term debt and Short term debt and current portion of long-term debt
21
Other liabilities
12
Total equity and liabilities
\u20ac272
GAC-Stellantis JV
In January 2022, Stellantis announced a plan to increase its shareholding in GAC-Stellantis JV from 50 percent to 75
percent. Due to lack of progress in the previously announced plan for Stellantis to take a majority share in GAC-Stellantis JV,
Stellantis is cooperating with GAC Group in an orderly termination of the joint venture. Stellantis will focus on distributing
imported vehicles for the Jeep brand in China through an asset-light approach. As a result, Stellantis fully impaired the equity
method investment in GAC-Stellantis JV of \u20ac126\u00a0million in the six months ended June 30, 2022. In addition, impairments
were recognized for the loans granted to GAC-Stellantis JV of \u20ac106\u00a0million, \u20ac48\u00a0million related to trade receivables, as well
as, \u20ac16\u00a0million primarily related to capitalized development expenditures. These amounts are recognized in Results from
equity method investments. The GAC-Stellantis JV filed for bankruptcy and the filing was accepted by the local court in
November 2022. The bankruptcy administrator was appointed in March 2023. The first creditors\u2019 meeting took place in July
2023.
Merger of Groupe PSA and FCA
Timeline of the merger and business combination date
On December 17, 2019, FCA and PSA entered into a combination agreement providing for the combination of FCA
and PSA through a cross-border merger, with FCA as the surviving legal entity in the merger (\u201cStellantis\u201d).
On September 14, 2020, FCA and PSA agreed to amend the combination agreement. According to the combination
agreement amendment, the FCA Extraordinary Dividend, to be paid to former FCA shareholders was reduced to \u20ac2.9\u00a0billion,
with PSA\u2019s 46 percent stake in Faurecia planned to be distributed to all Stellantis shareholders promptly after closing
following approval of the Stellantis board and shareholders.
On January 4, 2021, PSA and FCA held their respective extraordinary general shareholder meetings in order to,
among other matters, approve the merger transaction. The respective shareholder meetings approved the merger. Following
the respective shareholder approvals and receipt of the final regulatory clearances, FCA and PSA completed the legal merger.
The conditions agreed to as part of the regulatory clearance will not have a material impact on the cash flows or financial
positions for Stellantis.
On January 17, 2021, the board of directors was appointed, the Stellantis articles of association became effective and
the combined company was renamed Stellantis. On this date, the Stellantis management and board of directors collectively
obtained the power and the ability to control the assets, liabilities and operations of both FCA and PSA. As such, under IFRS
3, January 17, 2021 is the acquisition date for the business combination (see the following paragraph \u201cAccounting for the
merger and Identification of the accounting acquirer\u201d for further details on the accounting for the transaction).
On January 29, 2021, the approximately \u20ac2.9\u00a0billion extraordinary dividend was paid to holders of FCA common
shares of record as of the close of business on Friday, January 15, 2021.
On March 22, 2021, the distribution by Stellantis to the holders of its common shares was completed of 53,130,574
ordinary shares of Faurecia and \u20ac302\u00a0million which are the proceeds received by PSA in November 2020 from the sale of
ordinary shares of Faurecia, both net of shares and cash retained to serve the General Motors (\u201cGM\u201d) Warrants.
Primary reasons for the business combination
The following are the primary reasons for the merger:
\u2022 A New Industry Leader with resilience. The merger created a global automaker and mobility provider, with a
balanced and profitable global presence with a portfolio covering all key vehicle segments;
\u2022 Greater Geographic Balance. The merger added scale and substantial geographic balance through leveraging
FCA\u2019s strength in North America and Latin America with PSA\u2019s position in Europe, as well as creating
opportunities to reshape the strategy in other geographic regions, primarily China;
\u2022 Stronger Platform for Innovation. The combined group is expected to be able to leverage its capabilities in new
energy vehicles, sustainable mobility, autonomous driving and connectivity; and
\u2022 Synergies. The merger synergies are planned to be achieved in the following four areas: technology, platforms
and products, purchasing, selling, general and administrative expenses (SG&A) and all other functions, such as
logistics, supply chain, quality and after-market operations.
Accounting for the merger and identification of the accounting acquirer
The merger has been accounted for by Stellantis using the acquisition method of accounting in accordance with
IFRS 3, which requires the identification of the acquirer and the acquiree for accounting purposes. Based on the assessment
of the indicators under IFRS 3 and consideration of all pertinent facts and circumstances, management determined that PSA
was the acquirer for accounting purposes and as such, the merger has been accounted for as a reverse acquisition. In
identifying PSA as the acquiring entity, notwithstanding that the merger was effected through an issuance of FCA shares, the
most significant indicators were (i) the composition of the combined group\u2019s board, which is composed of eleven directors,
six of whom were to be nominated by PSA, PSA shareholders or PSA employees, or were current PSA executives, (ii) the
combined group\u2019s first CEO, who was vested with the full authority to individually represent the combined group, and was
the president of the PSA Managing Board prior to the merger, and (iii) the payment of a premium by pre-merger shareholders
of PSA.
Computation of the consideration transferred
PSA shareholders received 1.742 FCA common shares for each PSA ordinary share held immediately prior to the
merger as consideration in connection with the merger, which represented 1,545,220,196 shares. However, as required by
IFRS 3, the consideration transferred is calculated as if PSA, as the accounting acquirer, issued shares to the shareholders of
the accounting acquiree, FCA. The value of the consideration transferred has been measured based on the closing price of
PSA\u2019s shares of \u20ac21.85 per share on January 15, 2021, which was the final share price of PSA prior to the acquisition date.
The number of PSA shares that PSA is deemed to issue to FCA shareholders under reverse acquisition accounting provides
the former FCA shareholders with the same ownership in the combined group as obtained in the merger. Based on the
number of shares of FCA and PSA that are issued and outstanding as of January 16, 2021, the respective percentages of
ownership of PSA and the former FCA shareholders are as follows:
Number of shares
issued and outstanding
as of January 16, 2021
Exchange
ratio
Adjusted number of shares
on completion (i.e. Stellantis
shares)
Exchange
ratio
Deemed number of shares
for consideration
transferred calculation
(a)
(b)
(c) = (a)*(b)
(d)
(e) = (c)/(d)
PSA
887,038,000
(1)
1.742
1,545,220,196
49.53%
1.742
887,038,000
49.53%
FCA
1,574,714,499
(2)
1
1,574,714,499
50.47%
1.742
903,969,288
50.47%
Total
3,119,934,695
1,791,007,288
________________________________________________________________________________________________________________________________________________
(1) Number of shares as of January 16, 2021, net of 7,790,213 treasury shares
(2) The number of shares as of January 16, 2021 includes 7,195,225 shares that vested during 2020 in connection with FCA\u2019s Equity Incentive Plan
In addition to the above, in line with the guidance in IFRS 2 - Share-based payment and IFRS 3 - Business
combinations, included within consideration transferred is a portion of the fair value of the share-based awards to former
FCA employees. As a result of the merger, each outstanding FCA Performance Share Units (\u201cPSU\u201d) award and each
outstanding FCA Restricted Stock Units (\u201cRSU\u201d) award has been replaced by Stellantis RSU awards, which will continue to
be governed by the same terms and conditions, including service-based vesting terms. Both the FCA PSU Adjusted EBIT and
PSU Total Shareholder Return (\u201cTSR\u201d) awards were deemed to be satisfied at target upon conversion to Stellantis RSU
awards. The portion of the fair value of the share-based payment awards that is included in the consideration transferred has
been determined by multiplying the fair value of the original FCA awards as of January 16, 2021 by the portion of the
requisite service period that elapsed prior to the merger divided by the total service period.
The computation of the consideration transferred under reverse acquisition accounting is summarized as follows:
Number of shares of PSA deemed to be issued to FCA shareholders under reverse
acquisition accounting
Number of shares
903,969,288
Market price of PSA shares as of January 15, 2021
\u20ac
\u20ac21.85
Fair value of common shares deemed to be issued to FCA shareholders as of
January 15, 2021
\u20ac million
19,752
Additional consideration for share-based compensation
\u20ac million
85
Consideration transferred
\u20ac million
\u20ac19,837
Calculation of Goodwill
Goodwill arising from the acquisition was determined as follows:
(\u20ac million)
At the acquisition date
(January 17, 2021)
Consideration transferred
19,837
Add: minority interests
59
Less: fair value of FCA\u2019s Net assets acquired
8,390
Goodwill
11,506
Goodwill recognized on the acquisition relates to the expected growth, synergies, know-how and the value of FCA\u2019s
workforce, which cannot be separately recognized as an intangible asset. This goodwill has been allocated to the Company\u2019s
operating segments and is not expected to be deductible for tax purposes.
Purchase Accounting
The IFRS 3 acquisition method of accounting applies the fair value concepts defined in IFRS 13 - Fair Value
Measurement (\u201cIFRS 13\u201d) and requires, among other things, the assets acquired and the liabilities assumed in a business
combination to be recognized by the acquirer at their fair values as of the acquisition date, with certain exceptions. As a
result, the acquisition method of accounting has been applied and the assets and liabilities of FCA have been recorded 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\u2019s assets acquired and liabilities assumed has been recorded as goodwill. PSA\u2019s assets and liabilities
together with PSA\u2019s operations will continue to be recorded at their pre-merger historical carrying values for all periods
presented in the consolidated financial statements of Stellantis. Following the completion of the merger, the earnings of the
combined group reflect the impacts of purchase accounting adjustments, including changes in amortization and depreciation
expense for acquired assets.
The identifiable assets acquired and identifiable liabilities assumed of FCA, as detailed below, have been measured
at their acquisition date (January 17, 2021) fair value, with limited exceptions as permitted by IFRS 3. The fair values
assigned to the assets acquired and liabilities assumed are final.
(\u20ac million)
At the acquisition date
(January 17, 2021)
Assets
Intangible assets with indefinite useful lives
\u20ac12,797
Other intangible assets
8,256
Property, plant and equipment
20,667
Equity method investments
2,637
Non-current financial assets
320
Other non-current assets
3,833
Total Non-current assets
48,510
Inventories
9,333
Assets sold with a buy-back commitment
812
Trade receivables
1,970
Other current assets and prepaid expenses
4,408
Current financial assets
502
Cash and cash equivalents
22,514
Total Current assets
39,539
Total Assets
\u20ac88,049
Liabilities
Long-term debt
\u20ac18,362
Other non-current financial liabilities
269
Other non-current liabilities
5,386
Non-current provisions
5,452
Employee benefits liabilities
8,181
Total Non-current liabilities
37,650
Short-term debt and current portion of long-term debt
4,052
Current provisions
7,540
Employee benefits liabilities
595
Trade payables
20,302
Other current financial liabilities
159
Other current liabilities
9,361
Total Current liabilities
42,009
Total Liabilities
79,659
Net assets acquired
\u20ac8,390
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, fair values have 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.
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
preliminary fair value of land. The fair value of certain assets was determined through an income approach.
Equity method investments
The fair value of equity method investments was determined based on quoted market prices, where available, or
through a combination of the dividend discount model, the trading multiples method and the regression analysis method.
Deferred taxes
Deferred tax assets and liabilities were calculated on the fair values using the statutory tax rates applicable in the
relevant jurisdictions where the related temporary differences are expected to reverse in future periods. Recognized deferred
tax assets were limited to the amount of deferred tax liabilities and taxable profits expected in the foreseeable future. The tax
impacts which are directly linked to the merger and migration of Stellantis N.V. tax residency from the UK to the
Netherlands have been reflected in goodwill.
Inventories
The fair value of work-in-process and finished goods Inventories was determined as the estimated selling prices, less
the sum of (i) the cost to complete work-in-process, (ii) the cost of disposal, (iii) a reasonable profit allowance for the selling
effort, (iv) an implied brand royalty charge and (v) holding costs. The book value of certain precious metals has been adjusted
to reflect their respective fair values using market prices as of the merger date. The book value of all other raw materials,
which are measured at the lower of cost and net realizable value and which have a high turnover, are considered to
approximate fair value.
Financial liabilities
Fair value of financial liabilities were based on quoted market prices for listed debt and based on discounted cash
flow models for debt that is not listed.
The acquired lease liability was measured using the present value of the remaining lease payments at the acquisition
date. The right-of-use assets were measured at an amount equal to the lease liabilities and adjusted to reflect the terms of
certain leases relative to market terms.
Employee benefits
The present value of defined benefit obligations has been measured using actuarial techniques and actuarial
assumptions by using the Projected Unit Credit Method. Plan assets have been measured at fair value.
Trade receivables and Receivables from financing activities
Included within the identifiable assets acquired were trade receivables with a fair value of \u20ac1,970\u00a0million and gross
contractual amount of \u20ac2,181\u00a0million, of which \u20ac211\u00a0million was not expected to be collected. Included within the
identifiable assets acquired were receivables from financing activities with a fair value of \u20ac1,888\u00a0million and gross
contractual amount of \u20ac1,903\u00a0million, of which \u20ac15\u00a0million was not expected to be collected.
Contingent liabilities
As a result of the acquisition an incremental contingent liability of \u20ac163\u00a0million has been recognized for the
potentially higher CAFE penalty base rate on vehicle shipments prior to the merger date. Refer to Note 26, Guarantees
granted, commitments and contingent liabilities for additional information.
Although the specific timing of any outflow is uncertain, as a result of the acquisition, we have also recognized
\u20ac141\u00a0million of contingent liabilities related to various matters, which are primarily related to indirect tax matters in Brazil.
Pro forma impact on revenues and net profit
From the acquisition date to December 31, 2021, the acquired business of FCA contributed revenues of
approximately \u20ac100\u00a0billion and net profit of approximately \u20ac9\u00a0billion to the Company. If the acquisition had occurred on
January 1, 2021, the Company\u2019s consolidated revenues and consolidated net profit after tax for the year ended December 31,
2021 would have been \u20ac152\u00a0billion and \u20ac14\u00a0billion respectively.
Faurecia distribution and deconsolidation
Following agreement between FCA and PSA, PSA announced on October 29, 2020 the sale of approximately
9.7\u00a0million ordinary shares of Faurecia, representing approximately 7 percent of Faurecia\u2019s outstanding share capital, with
proceeds of approximately \u20ac308\u00a0million. This sale was recorded as a transaction with non-controlling interests. According to
the combination agreement amendment, PSA\u2019s 39.34 percent stake in Faurecia as well as the proceeds from the 7 percent sale
were intended to be distributed to all Stellantis shareholders promptly after the closing of the merger. At December 31, 2020,
Faurecia continued to be consolidated within continuing operations of PSA\u2019s consolidated financial statements, as PSA
concluded that Faurecia was not readily available for distribution until the merger was approved by PSA and FCA
shareholders.
On January 12, 2021, PSA (i) converted the manner in which it held its remaining Faurecia ordinary shares resulting
in the loss of the double voting rights attached to such Faurecia ordinary shares and (ii) caused its representatives on the
board of directors of Faurecia to resign effective January 11, 2021. As a result of its loss of control over Faurecia on January
12, 2021, PSA discontinued the consolidation of Faurecia, recognizing a gain of \u20ac515\u00a0million after tax, with Faurecia being
reported retrospectively as a discontinued operation in 2021 until Faurecia was distributed by Stellantis in March 2021. The
remaining 39.34 percent investment in Faurecia has been accounted for as an investment in a non-consolidated entity
measured at fair value under IFRS 9. During the year ended December 31, 2021, a gain of \u20ac475\u00a0million after tax was
recognized up to the distribution.
On January 25, 2021, the extraordinary general meeting of shareholders (\u201cEGM\u201d) was convened, in order to approve
the distribution by Stellantis to the holders of its common shares of up to 54,297,006 ordinary shares of Faurecia and up to
\u20ac308\u00a0million which are the proceeds received by PSA in November 2020 from the sale of ordinary shares of Faurecia. The
EGM was held on March 8, 2021 and the distribution occurred on March 22, 2021 resulting in 53,130,574 ordinary shares of
Faurecia and \u20ac302\u00a0million in cash distributed.
The operating results of Faurecia during the period from January 1, 2021 to its deconsolidation on January 11, 2021
were not material and the loss of control was treated as having taken place on January 1, 2021.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-713": { "value": "
Held for sale
At December 31, 2023, there were various businesses which met the criteria under IFRS 5 to be classified as held for
sale with assets of \u20ac763\u00a0million and liabilities of \u20ac332\u00a0million of which \u20ac656\u00a0million of assets and \u20ac332\u00a0million of liabilities
relates to Stellantis Otomotiv Pazarlama Anonim Sirketi.
As of December 31, 2022, the equity investment in FCA Bank met the criteria to be classified as held for sale under
IFRS 5, Non-current Assets Held for Sale and Discontinued Operations which was disposed of in 2023. Refer to Note 3,
Scope of consolidation: disposals for additional information.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-712": { "value": "
Held for sale
At December 31, 2023, there were various businesses which met the criteria under IFRS 5 to be classified as held for
sale with assets of \u20ac763\u00a0million and liabilities of \u20ac332\u00a0million of which \u20ac656\u00a0million of assets and \u20ac332\u00a0million of liabilities
relates to Stellantis Otomotiv Pazarlama Anonim Sirketi.
As of December 31, 2022, the equity investment in FCA Bank met the criteria to be classified as held for sale under
IFRS 5, Non-current Assets Held for Sale and Discontinued Operations which was disposed of in 2023. Refer to Note 3,
Scope of consolidation: disposals for additional information.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-714": { "value": "763000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-715": { "value": "332000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-716": { "value": "
Merger of Groupe PSA and FCA
Goodwill recognized on the acquisition relates to the expected growth, synergies, know-how and the value of FCA\u2019s
workforce, which cannot be separately recognized as an intangible asset. This goodwill has been allocated to the Company\u2019s
operating segments and is not expected to be deductible for tax purposes.
4.
Net revenues
Net revenues by geographical area were as follows:
Years ended December 31,
2023
2022
2021
(\u20ac million)
Net revenues in:
North America(1)
\u20ac88,466
\u20ac87,283
\u20ac68,885
France
18,079
16,365
15,421
Brazil
13,742
11,363
7,607
Italy
11,790
10,840
10,065
Germany
10,467
9,046
7,891
United Kingdom
8,380
7,348
6,106
Turkey
6,187
3,110
2,294
Spain
5,147
5,307
4,428
Belgium
2,533
2,552
2,214
Netherlands
1,577
1,376
1,192
Argentina
1,524
2,735
1,961
Japan
1,377
1,152
1,174
Portugal
1,335
1,138
917
Poland
1,204
1,230
1,273
China
1,141
1,811
2,013
Algeria
1,079
277
192
Switzerland
930
763
1,160
Austria
812
801
1,085
Other countries
13,774
15,095
13,541
Total Net revenues
\u20ac189,544
\u20ac179,592
\u20ac149,419
______________________________________________________________________________________________________________________________
(1) Refers to the geographical area and not our North America reporting segment
Net revenues attributed by segment for the years ended December\u00a031, 2023, 2022 and 2021 were as follows:
2023
North
America
Enlarged
Europe
Middle
East &
Africa
South
America
China
and India
& Asia
Pacific
Maserati
Other
activities
Total
(\u20ac million)
Revenues from:
Shipments of vehicles and sales of other
goods
\u20ac85,238
\u20ac63,961
\u20ac10,487
\u20ac15,638
\u20ac3,463
\u20ac2,276
\u20ac2,167
\u20ac183,230
Other services provided
1,260
1,587
73
510
63
59
466
4,018
Construction contract revenues
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
709
709
Revenues from goods and services
86,498
65,548
10,560
16,148
3,526
2,335
3,342
187,957
Lease installments from assets sold with a
buy-back commitment
\u2014
896
\u2014
\u2014
\u2014
\u2014
\u2014
896
Interest income from financial services
activities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
691
691
Total Net revenues
\u20ac86,498
\u20ac66,444
\u20ac10,560
\u20ac16,148
\u20ac3,526
\u20ac2,335
\u20ac4,033
\u20ac189,544
2022
North
America
Enlarged
Europe
Middle
East &
Africa
South
America
China
and India
& Asia
Pacific
Maserati
Other
activities
Total
(\u20ac million)
Revenues from:
Shipments of vehicles and sales of other
goods
\u20ac84,239
\u20ac60,769
\u20ac6,399
\u20ac15,178
\u20ac4,455
\u20ac2,271
\u20ac407
\u20ac173,718
Other services provided
1,234
1,609
54
462
45
51
331
3,786
Construction contract revenues
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
779
779
Revenues from goods and services
85,473
62,378
6,453
15,640
4,500
2,322
1,517
178,283
Lease installments from assets sold with a buy-
back commitment
1
848
\u2014
\u2014
\u2014
\u2014
\u2014
849
Interest income from financial services
activities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
460
460
Total Net revenues
\u20ac85,474
\u20ac63,226
\u20ac6,453
\u20ac15,640
\u20ac4,500
\u20ac2,322
\u20ac1,977
\u20ac179,592
2021
North
America
Enlarged
Europe
Middle
East &
Africa
South
America
China
and India
& Asia
Pacific
Maserati
Other
activities
Total
(\u20ac million)
Revenues from:
Shipments of vehicles and sales of other
goods
\u20ac66,618
\u20ac56,315
\u20ac5,088
\u20ac10,191
\u20ac3,868
\u20ac1,962
\u20ac517
\u20ac144,559
Other services provided
1,072
1,309
77
283
56
40
275
3,112
Construction contract revenues
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
602
602
Revenues from goods and services
67,690
57,624
5,165
10,474
3,924
2,002
1,394
148,273
Lease installments from assets sold with a
buy-back commitment
16
978
\u2014
\u2014
\u2014
\u2014
\u2014
994
Interest income from financial services
activities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
152
152
Total Net revenues
\u20ac67,706
\u20ac58,602
\u20ac5,165
\u20ac10,474
\u20ac3,924
\u20ac2,002
\u20ac1,546
\u20ac149,419
29.
Segment reporting
The Company\u2019s activities are carried out through six reportable segments: five regional vehicle segments (North
America, Enlarged Europe, Middle East & Africa, South America and China and India & Asia Pacific) and Maserati, our
global luxury brand segment. These reportable segments reflect the operating segments of the Company that are regularly
reviewed by the Chief Executive Officer, who is the \u201cchief operating decision maker\u201d, for making strategic decisions,
allocating resources and assessing performance, and that exceed the quantitative threshold provided in IFRS 8 \u2013 Operating
Segments (\u201cIFRS 8\u201d), or whose information is considered useful for the users of the financial statements.
The Company\u2019s five regional vehicle reportable segments deal with the design, engineering, development,
manufacturing, distribution and sale of passenger cars, light commercial vehicles and related parts and services in specific
geographic areas: North America (U.S., Canada and Mexico), Enlarged Europe (primarily the countries of the European
Union and United Kingdom), Middle East & Africa (primarily Turkey, Morocco, Egypt and Algeria), South America
(including Central America and the Caribbean islands), and China and India & Asia Pacific (Asia and Pacific countries). The
Company's global luxury brand reportable segment, Maserati, deals with the design, engineering, development,
manufacturing, worldwide distribution and sale of luxury vehicles under the Maserati brand.
Transactions among the mass-market vehicle segments generally are presented on a \u201cwhere-sold\u201d basis, which
reflect the profit/(loss) on the ultimate sale to third party customer within the segment. This presentation generally eliminates
the effect of the legal entity transfer price within the segments. Revenues of the other segments, aside from the mass-market
vehicle segments, are those directly generated by or attributable to the segment as the result of its usual business activities
and includes revenues from transactions with third parties as well as those arising from transactions with segments,
recognized at normal market prices.
Other activities includes the results of our industrial automation systems design and production business, our pre-
owned car business, our cast iron components business, our mobility businesses, our software and data businesses, and other
investments, including Archer, our financial services activities, as well as the activities and businesses that are not operating
segments under IFRS 8. In addition, Unallocated items and eliminations includes consolidation adjustments and eliminations.
Financial income and expense and income taxes and are not attributable to the performance of the segments as they do not
fall under the scope of their operational responsibilities.
Adjusted operating income is the measure used by the chief operating decision maker to assess performance,
allocate resources to the Company's operating segments and to view operating trends, perform analytical comparisons and
benchmark performance between periods and among the segments. Adjusted operating income/(loss) excludes from Net
profit/(loss) from continuing operations adjustments comprising restructuring and other termination costs, 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) and Tax expense/(benefit).
Effective from January 1, 2023, our Adjusted operating income/(loss) includes Share of the profit/(loss) of equity
method investees. The comparatives for the years ended December 31, 2022 and 2021, have been adjusted accordingly. This
change was implemented as management believes these results are becoming increasingly relevant due to the number of
partnerships Stellantis has recently engaged in, and will continue to engage in in the future, around electrification and other
areas critical to the future of mobility.
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:
\u2022 Impacts from strategic decisions to rationalize Stellantis\u2019 core operations;
\u2022 Facility-related costs stemming from Stellantis\u2019 plans to match production capacity and cost structure to market
demand; and
\u2022 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 - January 16, 2021. See below for a reconciliation of Net profit from continuing
operations, which is the most directly comparable measure included in our Consolidated Income Statement, to Adjusted
operating income. Operating assets are not included in the data reviewed by the chief operating decision maker, and as a
result and as permitted by IFRS 8, the related information is not provided.
The following tables summarize selected financial information by segment for the years ended December 31, 2023,
2022 and 2021:
2023
North
America
Enlarged
Europe
Middle
East &
Africa
South
America
China and
India &
Asia Pacific
Maserati
Other
activities
Unallocated
items &
eliminations
Stellantis
(\u20ac million)
Net revenues from external
customers
\u20ac86,498
\u20ac66,444
\u20ac10,560
\u20ac16,148
\u20ac3,526
\u20ac2,335
\u20ac4,207
\u20ac(174)
\u20ac189,544
Net revenues from
transactions with other
segments
2
154
\u2014
(90)
2
\u2014
1,004
(1,072)
\u2014
Net revenues
86,500
66,598
10,560
16,058
3,528
2,335
5,211
(1,246)
189,544
Net profit/(loss) from
continuing operations
\u20ac18,625
Tax expense/(benefit)
\u20ac3,793
Net financial expenses/
(income)
\u20ac(42)
Operating income/(loss)(1)
\u20ac22,376
Adjustments:
Restructuring and other
costs, net of reversals(2)
\u20ac650
\u20ac475
\u20ac\u2014
\u20ac14
\u20ac1
\u20ac1
\u20ac20
\u20ac\u2014
\u20ac1,161
Collective agreements
related costs(3)
\u20ac428
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac428
Argentina currency
devaluation(4)
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac302
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac302
Impairment expense and
supplier obligations(5)
\u20ac\u2014
\u20ac47
\u20ac\u2014
\u20ac\u2014
\u20ac154
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac201
Reorganization of financial
services(6)
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac76
\u20ac\u2014
\u20ac76
Takata recall campaign
\u20ac\u2014
\u20ac(44)
\u20ac30
\u20ac\u2014
\u20ac4
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac(10)
Patents litigation(7)
\u20ac(20)
\u20ac(40)
\u20ac\u2014
\u20ac(1)
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac(61)
Gains on disposal of equity
investments and other
assets(8)
\u20ac(65)
\u20ac(40)
\u20ac\u2014
\u20ac\u2014
\u20ac(57)
\u20ac\u2014
\u20ac(39)
\u20ac\u2014
\u20ac(201)
Other
\u20ac40
\u20ac99
\u20ac1
\u20ac(43)
\u20ac(18)
\u20ac\u2014
\u20ac(15)
\u20ac7
\u20ac71
Total adjustments
\u20ac1,033
\u20ac497
\u20ac31
\u20ac272
\u20ac84
\u20ac1
\u20ac42
\u20ac7
\u20ac1,967
Adjusted operating income
\u20ac13,298
\u20ac6,519
\u20ac2,503
\u20ac2,369
\u20ac502
\u20ac141
\u20ac(322)
\u20ac(667)
\u20ac24,343
Share of profit/(loss) of
equity method investees,
excluding adjustments(1)
\u20ac(6)
\u20ac(139)
\u20ac192
\u20ac16
\u20ac18
\u20ac\u2014
\u20ac410
\u20ac\u2014
\u20ac491
______________________________________________________________________________________________________________________________
(1) Share of the profit of equity method investees is included in our Operating income and Adjusted operating income. Refer to \"Non-GAAP Financial Measures\" included elsewhere in this
report for additional information
(2) Primarily related to workforce reductions and includes \u20ac243\u00a0million relating to the new collective bargaining agreements in North America
(3) Primarily related to past service costs arising from employee benefit plan amendments related to the new collective bargaining agreements in North America.Total cost of \u20ac671\u00a0million is
comprised of \u20ac243\u00a0million in Restructuring and other costs, net of reversals and \u20ac428\u00a0million in Collective bargaining agreements costs. Refer to Note 26, Guarantees granted, commitments
and contingent liabilities for additional information
(4) Impact of the December 2023 devaluation of the Argentine Peso from the new government's economic policies, comprised of \u20ac(197)\u00a0million in Net revenues, \u20ac(147)\u00a0million in Cost of
revenues, and \u20ac42\u00a0million in Selling, general and other costs
(5) Related to impairments,mainly impairment of research and development assets in China and India & Asia Pacific, and impairment of certain platform assets in Enlarged Europe
(6) Net costs associated with the reorganization of our financial services activities in Europe
(7) Reversal of provisions related to litigation by certain patent owners related to the use of certain technologies in prior periods
(8) Mainly related to gains on disposals of investments and of fixed assets
2022
North
America
Enlarged
Europe
Middle
East &
Africa
South
America
China and
India &
Asia Pacific
Maserati
Other
activities
Unallocated
items &
eliminations
Stellantis
(\u20ac million)
Net revenues from external
customers
\u20ac85,474
\u20ac63,226
\u20ac6,453
\u20ac15,640
\u20ac4,500
\u20ac2,322
\u20ac1,953
\u20ac24
\u20ac179,592
Net revenues from
transactions with other
segments
1
85
\u2014
(20)
5
(2)
1,216
(1,285)
\u2014
Net revenues
85,475
63,311
6,453
15,620
4,505
2,320
3,169
(1,261)
179,592
Net profit/(loss) from
continuing operations
\u20ac16,779
Tax expense/(benefit)
\u20ac2,729
Net financial expenses/
(income)
\u20ac768
Operating income/(loss)(1)
\u20ac20,276
Adjustments:
Restructuring costs and
other costs, net of
reversals(2)
\u20ac56
\u20ac1,020
\u20ac\u2014
\u20ac36
\u20ac\u2014
\u20ac2
\u20ac30
\u20ac\u2014
\u20ac1,144
Takata recall campaign(3)
\u20ac382
\u20ac545
\u20ac22
\u20ac2
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac951
CAFE penalty rate(4)
\u20ac660
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac660
Change in estimate of non-
contractual warranties(5)
\u20ac\u2014
\u20ac294
\u20ac14
\u20ac3
\u20ac3
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac314
Impairment of GAC-
Stellantis JV(6)
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac297
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac297
Impairment expense and
supplier obligations(7)
\u20ac99
\u20ac92
\u20ac\u2014
\u20ac45
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac1
\u20ac237
Patents litigation(8)
\u20ac93
\u20ac40
\u20ac\u2014
\u20ac1
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac134
Write down of FCA Bank
investment(9)
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac133
\u20ac\u2014
\u20ac133
Other(10)
\u20ac(24)
\u20ac(232)
\u20ac(1)
\u20ac62
\u20ac36
\u20ac\u2014
\u20ac27
\u20ac3
\u20ac(129)
Total adjustments
\u20ac1,266
\u20ac1,759
\u20ac35
\u20ac149
\u20ac336
\u20ac2
\u20ac190
\u20ac4
\u20ac3,741
Adjusted operating income
\u20ac13,987
\u20ac6,218
\u20ac1,188
\u20ac2,048
\u20ac641
\u20ac201
\u20ac179
\u20ac(445)
\u20ac24,017
Share of profit/(loss) of
equity method investees,
excluding adjustments (1)
\u20ac(2)
\u20ac(75)
\u20ac110
\u20ac\u2014
\u20ac(310)
\u20ac\u2014
\u20ac541
\u20ac\u2014
\u20ac264
Adjusted operating income,
as reported
\u20ac13,989
\u20ac6,293
\u20ac1,078
\u20ac2,048
\u20ac654
\u20ac201
\u20ac(495)
\u20ac(445)
\u20ac23,323
Add: Share of profit/(loss)
of equity method investees
(2)
(75)
110
\u2014
(310)
\u2014
541
\u2014
\u20ac264
Adjustments:
Impairment of GAC-
Stellantis JV(6)
\u2014
\u2014
\u2014
\u2014
297
\u2014
\u2014
\u2014
\u20ac297
Write down of FCA Bank
investment(9)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
133
\u2014
\u20ac133
Adjusted operating
income, as adjusted(1)
\u20ac13,987
\u20ac6,218
\u20ac1,188
\u20ac2,048
\u20ac641
\u20ac201
\u20ac179
\u20ac(445)
\u20ac24,017
______________________________________________________________________________________________________________________________
(1) Share of the profit of equity method investees is included in our Operating income and Adjusted operating income. Refer to \"Non-GAAP Financial Measures\" included elsewhere in this
report for additional information
(2) Primarily related to workforce reductions, mainly in Enlarged Europe, North America and South America
(3) Extension of Takata airbags recall campaign
(4) Increase in provision related to Model Year 2019 - 2021 CAFE penalty rate adjustment. Refer to Note 21, Provisions for additional information
(5) Further refinements in estimate for warranty costs incurred after the contractual warranty period
(6) Relates to the full impairment of our equity method investment and includes write off of balances relating to loan receivables, trade receivables and capitalized development
expenditures. Refer to Note 3, Scope of consolidation for additional information
(7) Primarily impairment expense in Enlarged Europe, mainly related to Russia, as well as North America and South America
(8) Provision related to litigation by certain patent owners related to the use of certain technologies in prior periods
(9) Write down of FCA Bank investment associated with the reorganization of our financial services activities in Europe
(10) Mainly related to release of litigation provisions, changes in ownership of equity method investments, partially offset by net losses on disposals
2021
North
America
Enlarged
Europe
Middle
East &
Africa
South
America
China and
India &
Asia Pacific
Maserati
Other
activities
Unallocated
items &
eliminations
Stellantis
(\u20ac million)
Net revenues(1)
\u20ac67,715
\u20ac58,728
\u20ac5,165
\u20ac10,496
\u20ac3,927
\u20ac2,003
\u20ac2,768
\u20ac(1,383)
\u20ac149,419
Net revenues from transactions
with other segments
(9)
(126)
\u2014
(22)
(3)
(1)
(1,222)
1,383
\u2014
Net revenues from external
customers (1)
67,706
58,602
5,165
10,474
3,924
2,002
1,546
\u2014
149,419
Add: FCA Net revenues from
external customers January 1 -
January 16, 2021(2)
2,015
335
36
189
51
18
60
\u2014
2,704
Add: Pro forma adjustments(3)
3
(7)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(4)
Pro Forma Net revenues from
external customers, January 1
- December 31, 2021
69,724
58,930
5,201
10,663
3,975
2,020
1,606
\u2014
152,119
Net revenues from transactions
with other segments
12
130
\u2014
18
5
1
1,122
(1,288)
\u2014
Pro Forma Net revenues(4)
\u20ac69,736
\u20ac59,060
\u20ac5,201
\u20ac10,681
\u20ac3,980
\u20ac2,021
\u20ac2,728
\u20ac(1,288)
\u20ac152,119
Net profit/(loss) from
continuing operations
\u20ac13,218
Tax expense/(benefit)
\u20ac1,911
Net financial expenses/(income)
\u20ac734
Operating income/(loss)(5)
\u20ac15,863
Add: FCA operating income,
January 1 - 16, 2021
\u20ac80
Add: Pro forma adjustments
\u20ac96
Pro Forma Operating income/
(loss)(5)
\u20ac16,039
Adjustments:
Restructuring costs and other
costs, net of reversals(6)
\u20ac(4)
\u20ac781
\u20ac2
\u20ac54
\u20ac\u2014
\u20ac1
\u20ac39
\u20ac\u2014
\u20ac873
Change in estimate of non-
contractual warranties(7)
\u20ac2
\u20ac581
\u20ac57
\u20ac68
\u20ac13
\u20ac11
\u20ac\u2014
\u20ac\u2014
\u20ac732
Reversal of inventory fair
value adjustment in purchase
accounting(8)
\u20ac401
\u20ac89
\u20ac\u2014
\u20ac13
\u20ac19
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac522
Impairment expense and
supplier obligations(9)
\u20ac58
\u20ac233
\u20ac6
\u20ac6
\u20ac\u2014
\u20ac6
\u20ac\u2014
\u20ac\u2014
\u20ac309
Brazilian indirect tax -
reversal of liability/
recognition of credits(10)
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac(253)
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac(253)
Other(11)
\u20ac228
\u20ac(17)
\u20ac(6)
\u20ac41
\u20ac7
\u20ac2
\u20ac140
\u20ac134
\u20ac529
Total adjustments Jan 1 - Dec
31, 2021
\u20ac685
\u20ac1,667
\u20ac59
\u20ac(71)
\u20ac39
\u20ac20
\u20ac179
\u20ac134
\u20ac2,712
Pro Forma Adjusted
operating income
\u20ac11,342
\u20ac5,324
\u20ac663
\u20ac882
\u20ac428
\u20ac103
\u20ac(22)
\u20ac31
\u20ac18,751
Share of profit of equity method
investees(5)
\u20ac(14)
\u20ac(46)
\u20ac118
\u20ac\u2014
\u20ac(7)
\u20ac\u2014
\u20ac686
\u20ac\u2014
\u20ac737
Pro Forma Adjusted operating
income, as reported
\u20ac11,356
\u20ac5,370
\u20ac545
\u20ac882
\u20ac442
\u20ac103
\u20ac(718)
\u20ac31
\u20ac18,011
Add: Share of profit/(loss) of
equity method investees
(14)
(46)
118
\u2014
(7)
\u2014
686
\u2014
\u20ac737
Adjustments:
Add: FCA Share of profit/(loss)
of equity method investees,
January 1 - 16, 2021
\u2014
\u2014
\u2014
\u2014
(7)
\u2014
10
\u2014
\u20ac3
Pro Forma Adjusted operating
income, as adjusted(5)
\u20ac11,342
\u20ac5,324
\u20ac663
\u20ac882
\u20ac428
\u20ac103
\u20ac(22)
\u20ac31
\u20ac18,751
______________________________________________________________________________________________________________________________
(1) Groupe PSA (\u201cPSA\u201d) was identified as the accounting acquirer in the FCA-PSA merger, which was accounted for as a reverse acquisition, under IFRS 3 \u2013 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
(2) FCA consolidated Net revenues, January 1 - January 16, 2021, excluding intercompany transactions
(3) Reclassifications made to present FCA\u2019s Net revenues January 1 - January 16, 2021 consistently with that of PSA
(4) Pro forma Stellantis consolidated Net revenues, January 1 - December 31, 2021
(5) Share of the profit of equity method investees is included in our Operating income and Adjusted operating income. Refer to \"Non-GAAP Financial Measures\" included elsewhere in this
report for additional information
(6) Restructuring and other costs related to the reorganization of operations and the dealer network primarily in Enlarged Europe
(7) Change in estimate for warranty costs incurred after the contractual warranty period. Refer to Note 21, Provisions for additional information
(8) Reversal of fair value adjustment recognized in purchase accounting on FCA inventories
(9) Primarily related to certain vehicle platforms in Enlarged Europe
(10) Benefit related to the final decision of the Brazilian Supreme Court on the calculation of the state value added tax, resulting in the recognition of \u20ac87\u00a0million in Net revenues
and \u20ac166\u00a0million in Selling, general and other costs. Refer to Note 23, Other liabilities for additional information
(11) Includes other costs primarily related to merger and integration activities
2021
North
America
Enlarged
Europe
Middle
East &
Africa
South
America
China and
India &
Asia Pacific
Maserati
Other
activities
Unallocated
items &
eliminations
Stellantis
(\u20ac million)
Net profit/(loss) from
continuing operations
\u20ac13,218
Tax expense/(benefit)
\u20ac1,911
Net financial expenses/
(income)
\u20ac734
Operating income/(loss)(1)
\u20ac15,863
Adjustments:
Restructuring costs and other
costs, net of reversals(2)
\u20ac(4)
\u20ac781
\u20ac2
\u20ac54
\u20ac\u2014
\u20ac1
\u20ac39
\u20ac\u2014
\u20ac873
Change in estimates of non-
contractual warranties (3)
\u20ac2
\u20ac581
\u20ac57
\u20ac68
\u20ac13
\u20ac11
\u20ac\u2014
\u20ac\u2014
\u20ac732
Reversal of inventory fair
value adjustment in purchase
accounting(4)
\u20ac401
\u20ac89
\u20ac\u2014
\u20ac13
\u20ac19
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac522
Impairment expense and
supplier obligations(5)
\u20ac58
\u20ac233
\u20ac6
\u20ac6
\u20ac\u2014
\u20ac6
\u20ac\u2014
\u20ac\u2014
\u20ac309
Brazilian indirect tax -
reversal of liability/
recognition of credits(6)
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac(253)
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac(253)
Other(7)
\u20ac228
\u20ac(17)
\u20ac(6)
\u20ac41
\u20ac7
\u20ac2
\u20ac140
\u20ac134
\u20ac529
Total adjustments Jan 1 - Dec
31, 2021
\u20ac685
\u20ac1,667
\u20ac59
\u20ac(71)
\u20ac39
\u20ac20
\u20ac179
\u20ac134
\u20ac2,712
Less: Adjustments Jan 1-16,
2021(8)
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac11
Adjusted operating income
\u20ac11,089
\u20ac5,373
\u20ac672
\u20ac873
\u20ac437
\u20ac116
\u20ac(27)
\u20ac31
\u20ac18,564
Adjusted operating income, as
reported
\u20ac11,103
\u20ac5,419
\u20ac554
\u20ac873
\u20ac444
\u20ac116
\u20ac(713)
\u20ac31
\u20ac17,827
Add: Share of profit/(loss) of
equity method investees
(14)
(46)
118
\u2014
(7)
\u2014
686
\u2014
\u20ac737
Adjusted operating income, as
adjusted(1)
\u20ac11,089
\u20ac5,373
\u20ac672
\u20ac873
\u20ac437
\u20ac116
\u20ac(27)
\u20ac31
\u20ac18,564
_______________________________________________________________________________________________________________________________________________
(1) Share of the profit of equity method investees is included in our Operating income and Adjusted operating income. Refer to \"Non-GAAP Financial Measures\" included elsewhere in this
report for additional information
(2) Restructuring and other costs related to the reorganization of operations and the dealer network primarily in Enlarged Europe
(3) Change in estimate for warranty costs incurred after the contractual warranty period. Refer to Note 21, Provisions for additional information
(4) Reversal of fair value adjustment recognized in purchase accounting on FCA inventories
(5) Primarily related to certain vehicle platforms in Enlarged Europe
(6) Benefit related to the final decision of the Brazilian Supreme Court on the calculation of the state value added tax, resulting in the recognition of \u20ac87\u00a0million in Net revenues
and \u20ac166\u00a0million in Selling, general and other costs. Refer to Note 23, Other liabilities for additional information
(7) Includes other costs primarily related to merger and integration activities
(8) Primarily costs related to the merger
Information about geographical area
The following table summarizes the non-current assets (other than financial instruments, deferred tax assets and
post-employment benefits assets) attributed to certain geographic areas:
At December 31,
2023
2022
(\u20ac million)
North America(1)
\u20ac52,029
\u20ac50,410
France
17,893
16,031
Italy
8,810
8,646
Germany
4,884
5,334
Brazil
3,811
3,556
Spain
1,876
2,030
United Kingdom
1,194
1,278
Poland
1,038
812
Slovakia
460
377
Serbia
161
105
Other countries
5,817
3,536
Total Non-current assets (other than financial instruments, deferred tax assets and post-
employment benefits assets)
97,973
92,115
______________________________________________________________________________________________________________________________
(1) Refers to the geographical area and not our North America reporting segment
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-718": { "value": "
4.
Net revenues
Net revenues were as follows:
Years ended December 31,
2023
2022
2021
(\u20ac million)
Revenues from:
Shipments of vehicles and sales of other goods
\u20ac183,230
\u20ac173,718
\u20ac144,559
Other services provided
4,018
3,786
3,112
Construction contract revenues
709
779
602
Lease installments from assets sold with a buy-back commitment
896
849
994
Interest income of financial services activities
691
460
152
Total Net revenues
\u20ac189,544
\u20ac179,592
\u20ac149,419
Net revenues by geographical area were as follows:
Years ended December 31,
2023
2022
2021
(\u20ac million)
Net revenues in:
North America(1)
\u20ac88,466
\u20ac87,283
\u20ac68,885
France
18,079
16,365
15,421
Brazil
13,742
11,363
7,607
Italy
11,790
10,840
10,065
Germany
10,467
9,046
7,891
United Kingdom
8,380
7,348
6,106
Turkey
6,187
3,110
2,294
Spain
5,147
5,307
4,428
Belgium
2,533
2,552
2,214
Netherlands
1,577
1,376
1,192
Argentina
1,524
2,735
1,961
Japan
1,377
1,152
1,174
Portugal
1,335
1,138
917
Poland
1,204
1,230
1,273
China
1,141
1,811
2,013
Algeria
1,079
277
192
Switzerland
930
763
1,160
Austria
812
801
1,085
Other countries
13,774
15,095
13,541
Total Net revenues
\u20ac189,544
\u20ac179,592
\u20ac149,419
______________________________________________________________________________________________________________________________
(1) Refers to the geographical area and not our North America reporting segment
Net revenues attributed by segment for the years ended December\u00a031, 2023, 2022 and 2021 were as follows:
2023
North
America
Enlarged
Europe
Middle
East &
Africa
South
America
China
and India
& Asia
Pacific
Maserati
Other
activities
Total
(\u20ac million)
Revenues from:
Shipments of vehicles and sales of other
goods
\u20ac85,238
\u20ac63,961
\u20ac10,487
\u20ac15,638
\u20ac3,463
\u20ac2,276
\u20ac2,167
\u20ac183,230
Other services provided
1,260
1,587
73
510
63
59
466
4,018
Construction contract revenues
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
709
709
Revenues from goods and services
86,498
65,548
10,560
16,148
3,526
2,335
3,342
187,957
Lease installments from assets sold with a
buy-back commitment
\u2014
896
\u2014
\u2014
\u2014
\u2014
\u2014
896
Interest income from financial services
activities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
691
691
Total Net revenues
\u20ac86,498
\u20ac66,444
\u20ac10,560
\u20ac16,148
\u20ac3,526
\u20ac2,335
\u20ac4,033
\u20ac189,544
2022
North
America
Enlarged
Europe
Middle
East &
Africa
South
America
China
and India
& Asia
Pacific
Maserati
Other
activities
Total
(\u20ac million)
Revenues from:
Shipments of vehicles and sales of other
goods
\u20ac84,239
\u20ac60,769
\u20ac6,399
\u20ac15,178
\u20ac4,455
\u20ac2,271
\u20ac407
\u20ac173,718
Other services provided
1,234
1,609
54
462
45
51
331
3,786
Construction contract revenues
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
779
779
Revenues from goods and services
85,473
62,378
6,453
15,640
4,500
2,322
1,517
178,283
Lease installments from assets sold with a buy-
back commitment
1
848
\u2014
\u2014
\u2014
\u2014
\u2014
849
Interest income from financial services
activities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
460
460
Total Net revenues
\u20ac85,474
\u20ac63,226
\u20ac6,453
\u20ac15,640
\u20ac4,500
\u20ac2,322
\u20ac1,977
\u20ac179,592
2021
North
America
Enlarged
Europe
Middle
East &
Africa
South
America
China
and India
& Asia
Pacific
Maserati
Other
activities
Total
(\u20ac million)
Revenues from:
Shipments of vehicles and sales of other
goods
\u20ac66,618
\u20ac56,315
\u20ac5,088
\u20ac10,191
\u20ac3,868
\u20ac1,962
\u20ac517
\u20ac144,559
Other services provided
1,072
1,309
77
283
56
40
275
3,112
Construction contract revenues
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
602
602
Revenues from goods and services
67,690
57,624
5,165
10,474
3,924
2,002
1,394
148,273
Lease installments from assets sold with a
buy-back commitment
16
978
\u2014
\u2014
\u2014
\u2014
\u2014
994
Interest income from financial services
activities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
152
152
Total Net revenues
\u20ac67,706
\u20ac58,602
\u20ac5,165
\u20ac10,474
\u20ac3,924
\u20ac2,002
\u20ac1,546
\u20ac149,419
The Company recognized a net decrease in Net revenues of \u20ac119 million during the year ended December 31, 2023
(net decrease of \u20ac524 million and \u20ac921 million during the years ended December 31, 2022 and 2021, respectively) from
performance obligations satisfied in the prior year. This was primarily due to changes in the estimated cost of sales incentive
programs occurring after the Company had transferred control of vehicles.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-717": { "value": "
4.
Net revenues
Net revenues were as follows:
Years ended December 31,
2023
2022
2021
(\u20ac million)
Revenues from:
Shipments of vehicles and sales of other goods
\u20ac183,230
\u20ac173,718
\u20ac144,559
Other services provided
4,018
3,786
3,112
Construction contract revenues
709
779
602
Lease installments from assets sold with a buy-back commitment
896
849
994
Interest income of financial services activities
691
460
152
Total Net revenues
\u20ac189,544
\u20ac179,592
\u20ac149,419
Net revenues by geographical area were as follows:
Years ended December 31,
2023
2022
2021
(\u20ac million)
Net revenues in:
North America(1)
\u20ac88,466
\u20ac87,283
\u20ac68,885
France
18,079
16,365
15,421
Brazil
13,742
11,363
7,607
Italy
11,790
10,840
10,065
Germany
10,467
9,046
7,891
United Kingdom
8,380
7,348
6,106
Turkey
6,187
3,110
2,294
Spain
5,147
5,307
4,428
Belgium
2,533
2,552
2,214
Netherlands
1,577
1,376
1,192
Argentina
1,524
2,735
1,961
Japan
1,377
1,152
1,174
Portugal
1,335
1,138
917
Poland
1,204
1,230
1,273
China
1,141
1,811
2,013
Algeria
1,079
277
192
Switzerland
930
763
1,160
Austria
812
801
1,085
Other countries
13,774
15,095
13,541
Total Net revenues
\u20ac189,544
\u20ac179,592
\u20ac149,419
______________________________________________________________________________________________________________________________
(1) Refers to the geographical area and not our North America reporting segment
Net revenues attributed by segment for the years ended December\u00a031, 2023, 2022 and 2021 were as follows:
2023
North
America
Enlarged
Europe
Middle
East &
Africa
South
America
China
and India
& Asia
Pacific
Maserati
Other
activities
Total
(\u20ac million)
Revenues from:
Shipments of vehicles and sales of other
goods
\u20ac85,238
\u20ac63,961
\u20ac10,487
\u20ac15,638
\u20ac3,463
\u20ac2,276
\u20ac2,167
\u20ac183,230
Other services provided
1,260
1,587
73
510
63
59
466
4,018
Construction contract revenues
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
709
709
Revenues from goods and services
86,498
65,548
10,560
16,148
3,526
2,335
3,342
187,957
Lease installments from assets sold with a
buy-back commitment
\u2014
896
\u2014
\u2014
\u2014
\u2014
\u2014
896
Interest income from financial services
activities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
691
691
Total Net revenues
\u20ac86,498
\u20ac66,444
\u20ac10,560
\u20ac16,148
\u20ac3,526
\u20ac2,335
\u20ac4,033
\u20ac189,544
2022
North
America
Enlarged
Europe
Middle
East &
Africa
South
America
China
and India
& Asia
Pacific
Maserati
Other
activities
Total
(\u20ac million)
Revenues from:
Shipments of vehicles and sales of other
goods
\u20ac84,239
\u20ac60,769
\u20ac6,399
\u20ac15,178
\u20ac4,455
\u20ac2,271
\u20ac407
\u20ac173,718
Other services provided
1,234
1,609
54
462
45
51
331
3,786
Construction contract revenues
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
779
779
Revenues from goods and services
85,473
62,378
6,453
15,640
4,500
2,322
1,517
178,283
Lease installments from assets sold with a buy-
back commitment
1
848
\u2014
\u2014
\u2014
\u2014
\u2014
849
Interest income from financial services
activities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
460
460
Total Net revenues
\u20ac85,474
\u20ac63,226
\u20ac6,453
\u20ac15,640
\u20ac4,500
\u20ac2,322
\u20ac1,977
\u20ac179,592
2021
North
America
Enlarged
Europe
Middle
East &
Africa
South
America
China
and India
& Asia
Pacific
Maserati
Other
activities
Total
(\u20ac million)
Revenues from:
Shipments of vehicles and sales of other
goods
\u20ac66,618
\u20ac56,315
\u20ac5,088
\u20ac10,191
\u20ac3,868
\u20ac1,962
\u20ac517
\u20ac144,559
Other services provided
1,072
1,309
77
283
56
40
275
3,112
Construction contract revenues
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
602
602
Revenues from goods and services
67,690
57,624
5,165
10,474
3,924
2,002
1,394
148,273
Lease installments from assets sold with a
buy-back commitment
16
978
\u2014
\u2014
\u2014
\u2014
\u2014
994
Interest income from financial services
activities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
152
152
Total Net revenues
\u20ac67,706
\u20ac58,602
\u20ac5,165
\u20ac10,474
\u20ac3,924
\u20ac2,002
\u20ac1,546
\u20ac149,419
The Company recognized a net decrease in Net revenues of \u20ac119 million during the year ended December 31, 2023
(net decrease of \u20ac524 million and \u20ac921 million during the years ended December 31, 2022 and 2021, respectively) from
performance obligations satisfied in the prior year. This was primarily due to changes in the estimated cost of sales incentive
programs occurring after the Company had transferred control of vehicles.
14.
Inventories
The Construction contracts, net asset/(liability) related to the design and production of industrial automation systems
and related products and is summarized as follows:
At December 31,
2023
2022
(\u20ac million)
Aggregate amount of costs incurred and recognized profits (less recognized losses) to date
\u20ac766
\u20ac826
Less: Progress billings
659
662
Construction contracts, net asset/(liability)
\u20ac107
\u20ac164
Construction contract assets
214
275
Less: Construction contract liabilities (Note 23)
107
111
Construction contracts, net asset/(liability)
\u20ac107
\u20ac164
Changes in the Company's construction contracts, net asset/(liability) for the year ended December\u00a031, 2023, were as
follows:
At January 1,
2023
Advances
received from
customers
Amounts
recognized within
revenue
At December 31,
2023
(\u20ac million)
Construction contracts, net asset/(liability)
\u20ac164
\u20ac(766)
\u20ac709
\u20ac107
At December\u00a031, 2023, the entire amount of Construction contracts, net asset/(liability) was expected to be
recognized as revenue in the following 12 months.
23.
Other liabilities
Service contract liability
The service contract liability was mainly comprised of maintenance plans and extended warranties. Changes in the
Company's service contract liability for the year ended December\u00a031, 2023, were as follows:
At January 1,
2023
Advances
received from
customers
Amounts
recognized
within revenue
Transfers to
Assets/
(Liabilities)
held for sale
Other Changes
At December
31, 2023
(\u20ac million)
Service contract liability
\u20ac3,203
\u20ac1,198
\u20ac(1,272)
\u20ac\u2014
\u20ac(161)
\u20ac2,968
Of the total Service contract liability at December\u00a031, 2023, the Company expected to recognize approximately
\u20ac1,015\u00a0million in 2024, \u20ac767\u00a0million in 2025, \u20ac588\u00a0million in 2026 and \u20ac598\u00a0million thereafter.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-719": { "value": "
5.
Research and development costs
Research and development costs were as follows:
Years ended December 31,
2023
2022
2021
(\u20ac million)
Research and development expenditures expensed
\u20ac3,300
\u20ac3,233
\u20ac2,761
Amortization of capitalized development expenditures
2,193
1,889
1,575
Impairment and write-off of capitalized development expenditures
126
78
151
Total Research and development costs
\u20ac5,619
\u20ac5,200
\u20ac4,487
Refer to Note 2,\u00a0 Basis of preparation - Use of estimates - Recoverability of non-current assets with definite useful
lives for additional information on the impairment and write-off of capitalized development expenditures during the years
ended December 31, 2023, 2022 and 2021.
Refer to Note 10, Other intangible assets, for additional information on capitalized development expenditures.
10.
Other intangible assets
Capitalized development expenditures included both internal and external costs that were directly attributable to the
internal product development process, primarily consisting of material costs and personnel related expenses relating to
engineering, design and development focused on content enhancement of existing vehicles, new models and propulsion
system programs.
Amortization of capitalized development expenditures was recognized within Research and development costs
within the Consolidated Income Statement, as described in Note 5, Research and development costs. Amortization of patents,
concessions, licenses and other intangibles are recognized within Cost of revenues and Selling, general and other costs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-723": { "value": "
6.
Net financial expenses/(income)
The following table summarizes the Company\u2019s financial income and expenses, included within Net financial
expenses:
Years ended December 31,
2023
2022
2021
(\u20ac million)
Interest income and other financial income
\u20ac2,678
\u20ac1,066
\u20ac188
Financial expenses:
Interest expense and other financial expenses:
1,064
959
545
Interest expense on notes
386
281
182
Interest expense on borrowings from bank
59
105
77
Other interest cost and financial expenses
619
573
286
Interest on lease liabilities
63
63
56
Write-down of financial assets
128
14
10
Net interest expense/(income) on employee benefits provisions
203
163
169
Total Financial expenses
1,458
1,199
780
Net expenses from derivative financial instruments and exchange rate differences
1,178
635
142
Total Financial expenses and Net expenses from derivative financial
instruments and exchange rate differences
2,636
1,834
922
Net Financial expenses/(income)
\u20ac(42)
\u20ac768
\u20ac734
During the year ended December 31, 2023 there was \u20ac42\u00a0million net financial income as compared to \u20ac768\u00a0million
net financial expense in the same period in 2022, primarily reflecting the improved yield on investments which is driven by
the increase in interest rates and is partially offset by increased foreign exchange losses on cash denominated in Argentine
Peso, the write-down of the investment in supply chain finance funds for \u20ac132\u00a0million (Refer to Note 13, Financial assets for
additional information) and the cost of newly issued bonds.
Net financial expenses/(income) for the year ended December 31, 2023, include \u20ac215\u00a0million losses (\u20ac198\u00a0million
and \u20ac68\u00a0million losses for the years ended December 31, 2022 and 2021, respectively) on the net monetary position of
entities whose functional currency is the currency of hyperinflationary economies, relating to Argentine Peso and Turkish
Lira.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-722": { "value": "
6.
Net financial expenses/(income)
The following table summarizes the Company\u2019s financial income and expenses, included within Net financial
expenses:
Years ended December 31,
2023
2022
2021
(\u20ac million)
Interest income and other financial income
\u20ac2,678
\u20ac1,066
\u20ac188
Financial expenses:
Interest expense and other financial expenses:
1,064
959
545
Interest expense on notes
386
281
182
Interest expense on borrowings from bank
59
105
77
Other interest cost and financial expenses
619
573
286
Interest on lease liabilities
63
63
56
Write-down of financial assets
128
14
10
Net interest expense/(income) on employee benefits provisions
203
163
169
Total Financial expenses
1,458
1,199
780
Net expenses from derivative financial instruments and exchange rate differences
1,178
635
142
Total Financial expenses and Net expenses from derivative financial
instruments and exchange rate differences
2,636
1,834
922
Net Financial expenses/(income)
\u20ac(42)
\u20ac768
\u20ac734
During the year ended December 31, 2023 there was \u20ac42\u00a0million net financial income as compared to \u20ac768\u00a0million
net financial expense in the same period in 2022, primarily reflecting the improved yield on investments which is driven by
the increase in interest rates and is partially offset by increased foreign exchange losses on cash denominated in Argentine
Peso, the write-down of the investment in supply chain finance funds for \u20ac132\u00a0million (Refer to Note 13, Financial assets for
additional information) and the cost of newly issued bonds.
Net financial expenses/(income) for the year ended December 31, 2023, include \u20ac215\u00a0million losses (\u20ac198\u00a0million
and \u20ac68\u00a0million losses for the years ended December 31, 2022 and 2021, respectively) on the net monetary position of
entities whose functional currency is the currency of hyperinflationary economies, relating to Argentine Peso and Turkish
Lira.
13.
Financial assets
Financial assets consisted of the following:
At December 31,
2023
2022
Note
Current
Non-
current
Total
Current
Non-
current
Total
(\u20ac million)
Derivative financial assets
17
\u20ac17
\u20ac23
\u20ac40
\u20ac13
\u20ac21
\u20ac34
Financial securities measured at fair value through
other comprehensive income
24
59
356
415
96
62
158
Financial securities measured at fair value through
profit or loss
24
1,013
911
1,924
573
367
940
Financial securities measured at amortized cost
3,667
1,764
5,431
3,171
52
3,223
Financial receivables
2,023
158
2,181
469
158
627
Collateral deposits(1)
24
51
57
108
1
50
51
Total financial assets
\u20ac6,830
\u20ac3,269
\u20ac10,099
\u20ac4,323
\u20ac710
\u20ac5,033
______________________________________________________________________________________________________________________________
(1) Collateral deposits are held in connection with derivative transactions and debt obligations
The increase of \u20ac5.1\u00a0billion in financial assets was mainly due to (i) a \u20ac2.2\u00a0billion increase in financial securities
measured at amortized cost primarily attributable to the investment in marketable debt securities by our central treasury
companies (ii) a \u20ac1.6\u00a0billion increase in financial receivables mainly due to the sale of receivables, for which the
consideration has not yet been settled as of the balance sheet date (iii) a \u20ac1.0\u00a0billion increase in financial securities measured
at fair value through profit or loss mainly due to the outstanding nominal amount of \u20ac0.6\u00a0billion for a credit linked note
issued by FCA Bank and delivered to Stellantis upon completion of the disposal of FCA Bank (Refer to Note 2, Scope of
consolidation - Disposals for additional information) and (iv) a \u20ac0.3\u00a0billion increase in Financial securities measured at fair
value through other comprehensive income which includes the acquisition of a 19.3 percent equity stake in McEwen Copper
for \u20ac0.3\u00a0billion.
During the year ended December 31, 2021, Credit Suisse Asset Management suspended redemptions and
subscriptions of certain supply chain finance funds, which the Company holds a position in, and approved the
commencement of the liquidation process of the funds. The Company received cash proceeds of approximately 67 percent of
its investment during 2021, with no further material proceeds received during the years ended December 31, 2022 and 2023.
As a result of information received during the year ended December 31, 2023, we believe that the uncertainty surrounding
recovery of the remaining balance has increased, and therefore we have impaired the remaining balance of \u20ac132\u00a0million. This
was previously reported within Financial securities measured at amortized cost and has now been recognized within Net
financial expenses/(income) in the Consolidated Income Statement.
16.
Trade receivables, other assets, prepaid expenses and tax receivables
Other assets and prepaid expenses consisted of the following:
At December 31
2023
2022
Current
Non-current
Total
Current
Non-current
Total
(\u20ac million)
Receivables from financing activities
\u20ac4,487
\u20ac4,507
\u20ac8,994
\u20ac2,153
\u20ac2,553
\u20ac4,706
Other receivables
4,311
1,628
5,939
3,506
1,730
5,236
Defined benefit plan assets (Note 20)
24
886
910
\u2014
1,844
1,844
Derivative operating assets
157
51
208
587
286
873
Prepaid expenses and other
1,309
622
1,931
1,303
310
1,613
Total other assets and prepaid expenses
\u20ac10,288
\u20ac7,694
\u20ac17,982
\u20ac7,549
\u20ac6,723
\u20ac14,272
The following table summarizes Receivables from financing activities, Other receivables, Derivative operating
assets and Tax receivables by due date:
At December 31,
2023
2022
Total
due\u00a0within
one year
(current)
Due
between
one\u00a0and
five years
Due
beyond
five years
Total due
after one
year
(non-
current)
Total
Total
due\u00a0within
one year
(current)
Due
between
one\u00a0and
five years
Due
beyond
five years
Total due
after one
year
(non-
current)
Total
(\u20ac million)
Receivables from
financing activities
\u20ac4,487
\u20ac3,273
\u20ac1,234
\u20ac4,507
\u20ac8,994
\u20ac2,153
\u20ac1,918
\u20ac635
\u20ac2,553
\u20ac4,706
Other receivables
4,311
1,498
130
1,628
5,939
3,506
1,614
116
1,730
5,236
Derivative operating
assets
157
51
\u2014
51
208
587
286
\u2014
286
873
Total
\u20ac8,955
\u20ac4,822
\u20ac1,364
\u20ac6,186
\u20ac15,141
\u20ac6,246
\u20ac3,818
\u20ac751
\u20ac4,569
\u20ac10,815
Tax receivables
\u20ac802
\u20ac84
\u20ac33
\u20ac117
\u20ac919
\u20ac543
\u20ac79
\u20ac33
\u20ac112
\u20ac655
Trade receivables
Trade receivables are shown net of an ECL allowance, calculated using the simplified approach. Changes in the
allowance for trade receivables were as follows:
At January 1,
2023
Provision
Use\u00a0and
other changes
Transferred to
Assets held for
sale
At December
31, 2023
(\u20ac million)
ECL allowance - Trade receivables
\u20ac562
\u20ac219
\u20ac(230)
\u20ac\u2014
\u20ac551
Trade receivables of an immaterial amount were written off during the year ended December\u00a031, 2023, and are still
subject to enforcement activities.
The following table provides information about the exposure to credit risk and ECLs for trade receivables:
At December 31,
2023
2022
Current and
less than 90
days past
due
90 days or
more past
due
Total
Current and
less than 90
days past
due
90 days or
more past
due
Total
(\u20ac million)
Gross amount
\u20ac5,964
\u20ac964
\u20ac6,928
\u20ac4,820
\u20ac669
\u20ac5,489
ECL allowance
(88)
(463)
(551)
(178)
(384)
(562)
Carrying amount
\u20ac5,876
\u20ac501
\u20ac6,377
\u20ac4,642
\u20ac285
\u20ac4,927
In addition to the amounts above, a further \u20ac49\u00a0million at December 31, 2023 (\u20ac1\u00a0million at December 31, 2022) of
trade receivables were measured at FVPL. Refer to Note 24, Fair value measurement for additional information.
Receivables from financing activities
Receivables from financing activities mainly relate to the business of financial services companies fully consolidated
by the Company and are summarized as follows:
At December 31,
2023
2022
(\u20ac million)
Dealer financing
\u20ac2,305
\u20ac1,644
Retail financing
5,505
2,475
Finance leases
133
7
Other
1,051
580
Total Receivables from financing activities
\u20ac8,994
\u20ac4,706
The \u20ac4.3\u00a0billion increase in Receivables from financing activities for the year ended December 31, 2023 is primarily
due to the increase in retail financing of \u20ac3.0\u00a0billion and in dealer financing of \u20ac0.7\u00a0billion driven by the growth of Stellantis
Financial Services U.S. Other receivables from financing increased by \u20ac0.5\u00a0billion mainly attributable to loans extended to
our joint ventures, primarily in financial services.\u00a0
Receivables from financing activities are shown net of an ECL allowance. Changes in the allowance for receivables
from financing activities were as follows:
At January 1,
2023
Provision
Use\u00a0and
other changes
Transferred to
Assets held for
sale
At December
31, 2023
(\u20ac million)
ECL allowance - Receivables from financing
activities
\u20ac172
\u20ac185
\u20ac(162)
\u20ac\u2014
\u20ac195
Receivables from financing activities of an immaterial amount were written off during the year ended December\u00a031,
2023, and are still subject to enforcement activities.
The following table provides information about the exposure to credit risk and ECLs for receivables from financing
activities:
At December 31,
2023
2022
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
(\u20ac million)
Gross amount
\u20ac8,841
\u20ac117
\u20ac114
\u20ac9,072
\u20ac4,492
\u20ac69
\u20ac58
\u20ac4,619
ECL allowance
(149)
(23)
(23)
(195)
(138)
(22)
(12)
(172)
Carrying amount
\u20ac8,692
\u20ac94
\u20ac91
\u20ac8,877
\u20ac4,354
\u20ac47
\u20ac46
\u20ac4,447
In addition to the amounts above, a further \u20ac117\u00a0million at December\u00a031, 2023 (\u20ac259\u00a0million at December\u00a031, 2022)
of receivables from financing activities were measured at FVPL. Refer to Note 24, Fair value measurement.
Other receivables
At December\u00a031, 2023, Other receivables primarily consisted of tax receivables for VAT and other indirect taxes of
\u20ac4,504 million (\u20ac3,545 million at December\u00a031, 2022).
During 2017, the Brazilian Supreme Court ruled that the state value added tax should be excluded from the basis for
calculating a federal tax on revenue. The Brazilian government appealed this decision, and in May 2021, the Brazilian
Supreme Court rendered a final and definitive decision confirming the 2017 decision. Certain of Stellantis\u2019 companies in
Brazil had previously filed individual lawsuits on this matter.
During the year ended December 31, 2021, as a result of the Supreme Court ruling, the previously recognized
provision of \u20ac166\u00a0million related to PSA was no longer considered probable and was reversed. Also during the year ended
December 31, 2021, other receivables of \u20ac113\u00a0million of which \u20ac87\u00a0million were recognized within Net revenues and
\u20ac26\u00a0million within Net financial results for previously paid amounts that became virtually certain.
During the year ended December 31, 2022, deposits of \u20ac144\u00a0million were released and received. The remaining
amount of approximately \u20ac76\u00a0million was recorded within Other receivables.
In July 2023, the Brazilian court issued a final favorable decision and a definitive ruling in the lawsuit filed by
Stellantis challenging the calculation of federal taxes on revenue for previously paid taxes and recognizing its right to recover
tax payments made between 2002-2004 for an amount of \u20ac51\u00a0million.
Transfer of financial assets
At December 31, 2023, the Company had receivables due after that date, which had been transferred without
recourse and which were derecognized in accordance with IFRS 9 \u2013 Financial Instruments, amounting to \u20ac16,991\u00a0million
(\u20ac13,935\u00a0million at December 31, 2022), of which 75 percent (66 percent at December 31, 2022), was mainly due from the
sales network, transferred to financing companies in partnership with Santander, BNP Paribas and Cr\u00e9dit Agricole.
At December\u00a031, 2023 and 2022, the carrying amount of transferred financial assets not derecognized and the
related liabilities were as follows:
At December 31,
2023
2022
Trade
receivables
Receivables
from
financing
activities
Total
Trade
receivables
Receivables
from
financing
activities
Total
(\u20ac million)
Carrying amount of assets transferred and not
derecognized
\u20ac58
\u20ac9
\u20ac67
\u20ac119
\u20ac9
\u20ac128
Carrying amount of the related liabilities (Note 22)
\u20ac58
\u20ac9
\u20ac67
\u20ac119
\u20ac9
\u20ac128
17.
Derivative financial and operating assets and liabilities
The following table summarizes the fair value of the Company's derivative financial instruments:
At December 31,
2023
2022
Positive\u00a0fair
value
Negative\u00a0fair
value
Positive\u00a0fair
value
Negative\u00a0fair
value
(\u20ac million)
Fair value hedges:
Interest rate risk - interest rate swaps\u00a0
\u20ac26
\u20ac(1)
\u20ac\u2014
\u20ac\u2014
Interest rate and currency risk - combined interest rate and
currency swaps
\u2014
\u2014
\u2014
\u2014
Currency risk - forward contracts, currency swaps and
currency options
\u2014
\u2014
25
(22)
Commodity price risk \u2013 commodity swaps and commodity
options
\u2014
\u2014
\u2014
\u2014
Total Fair value hedges
26
(1)
25
(22)
Cash flow hedges:
Interest rate risk - interest rate swaps
\u2014
(28)
19
\u2014
Currency risks - forward contracts, currency swaps and
currency options
111
(331)
423
(266)
Commodity price risk \u2013 commodity swaps and commodity
options
36
(681)
406
(637)
Total Cash flow hedges
147
(1,040)
848
(903)
Net investment hedges:
Currency risks - forward contracts, currency swaps and
currency options
\u2014
\u2014
\u2014
\u2014
Total Net investment hedges
\u2014
\u2014
\u2014
\u2014
Derivatives for trading
75
(43)
34
(25)
Total Fair value of derivative financial assets/(liabilities)
\u20ac248
\u20ac(1,084)
\u20ac907
\u20ac(950)
Financial derivative assets/(liabilities) - current
\u20ac17
\u20ac(18)
\u20ac13
\u20ac(18)
Financial derivative assets/(liabilities) - non-current
\u20ac23
\u20ac(21)
\u20ac21
\u20ac\u2014
Derivative operating assets/(liabilities) - current
\u20ac157
\u20ac(746)
\u20ac587
\u20ac(708)
Derivative operating assets/(liabilities) - non-current
\u20ac51
\u20ac(299)
\u20ac286
\u20ac(224)
Derivatives used in financing activities are reported in the financial assets/liabilities, while derivatives used in
operating activities are reported in Other assets/liabilities.
The following table summarizes the outstanding notional amounts of the Company's derivative financial instruments
by due date:
At December 31,
2023
2022
Due\u00a0within
one year
Due
between
one\u00a0and
five
years
Due
beyond
five
years
Total
Due\u00a0within
one year
Due
between
one\u00a0and
five
years
Due
beyond
five
years
Total
(\u20ac million)
Currency risk management
\u20ac21,424
\u20ac6,263
\u20ac\u2014
\u20ac27,687
\u20ac22,142
\u20ac5,831
\u20ac\u2014
\u20ac27,973
Interest rate risk management
42
6,680
\u2014
6,722
220
830
\u2014
1,050
Interest rate and currency risk
management
37
28
\u2014
65
14
101
\u2014
115
Commodity price risk
management
2,809
2,196
\u2014
5,005
3,291
3,252
\u2014
6,543
Total Notional amount
\u20ac24,312
\u20ac15,167
\u20ac\u2014
\u20ac39,479
\u20ac25,667
\u20ac10,014
\u20ac\u2014
\u20ac35,681
Fair value hedges
The net gains and losses arising from the valuation of outstanding currency derivatives and interest rate derivatives
(for managing currency risk) were recognized in accordance with fair value hedge accounting and the net gains and losses
arising from the respective hedged items are summarized as follows:
Years ended December 31,
2023
2022
2021
(\u20ac million)
Currency and interest rate risk
Change in ineffective portion
\u20ac(1)
\u20ac(34)
\u20ac(16)
Interest rate risk
Change in ineffective portion
\u2014
\u2014
\u2014
Net gains/(losses)
\u20ac(1)
\u20ac(34)
\u20ac(16)
Ineffectiveness portion is recognized in Net financial expenses.
At December 31, 2023, the Company has outstanding interest rate derivatives classified as fair value hedges; in
particular, interest rate swaps that manages interest rate risk of certain bonds issued in Europe and in North America, with a
nominal amount of \u20ac3.3\u00a0billion. The accumulated amount of fair value hedge adjustment on the hedged item is negative and
equal to \u20ac28\u00a0million which offsets the equivalent positive effect related to the change in value of the hedging derivatives.
Cash flow hedges
Amounts recognized in the Consolidated Income Statement mainly related to currency risk management and
commodity price risk management and, to a lesser extent, cash flows that were exposed to interest rate risk.
The Company's policy for managing currency risk and commodity price risk normally required hedging of projected
future flows from trading activities which will occur within the following twenty-four and thirty-six months respectively. The
hedging effect arising from this was recorded in the Cash flow hedge reserve within Other comprehensive (loss)/income and
would be subsequently recognized in the Consolidated Income Statement, primarily during the following years, in particular,
two years for currency risk and three years for commodity price risk.
For the year ended December\u00a031, 2023 net gains of \u20ac4 million related to ineffectiveness were recognized in the
Consolidated Income Statement (net losses \u20ac6 million for the year ended December\u00a031, 2022 and net gains \u20ac2 million for the
year ended December\u00a031, 2021).
The Company reclassified gains/(losses) arising on Cash flow hedges, net of the tax effect, from Other
comprehensive income and Inventories to the Consolidated Income Statement as follows:
Years ended December 31,
2023
2022
2021
(\u20ac million)
Currency risk
(Increase)/decrease in Cost of revenues
\u20ac(101)
\u20ac(111)
\u20ac(82)
Net financial income/(expenses)
\u2014
\u2014
(86)
Result from investments
7
(10)
20
Interest rate risk
(Increase)/decrease in Cost of revenues
\u2014
\u2014
\u2014
Result from investments
44
(59)
(6)
Net financial income/(expenses)
\u2014
\u2014
2
Commodity price risk
(Increase)/decrease in Cost of revenues
(435)
464
18
Ineffectiveness and discontinued hedges
4
(6)
2
Tax expense
77
(99)
5
Total recognized in the Consolidated Income Statement
\u20ac(404)
\u20ac179
\u20ac(127)
Net investment hedges
In order to manage the Company\u2019s foreign currency risk related to its investments, the Company enters into hedges
of a net investment in a foreign operation, in particular foreign currency swaps, forward contracts and currency options. For
the year ended December 31, 2023, losses of \u20ac12\u00a0million (gains of \u20ac100\u00a0million for the year ended December 31, 2022 and
nil for the year ended December 31, 2021) related to the hedges of a net investment in foreign operation were recognized in
the Consolidated Statement of Other Comprehensive Income within E xchange differences on translating foreign operations
differences. There was no ineffectiveness for the year ended December 31, 2023.
Derivatives for trading
At December\u00a031, 2023, 2022 and 2021, Derivatives for trading primarily consisted of derivative contracts entered
into for hedging purposes which did not qualify for hedge accounting.
Information on the Company's risk management strategy and additional information on its hedging activities is
provided in Note 31, Qualitative and quantitative information on financial risks.
18.
Cash and cash equivalents
Cash and cash equivalents consisted of the following:
At December 31,
2023
2022
(\u20ac million)
Cash at banks
\u20ac8,981
\u20ac9,836
Money market securities measured at FVTPL
17,691
20,870
Other cash equivalents
16,997
15,727
Total Cash and cash equivalents
\u20ac43,669
\u20ac46,433
Cash and cash equivalents held in certain foreign countries (primarily in Argentina, \u20ac470 million and \u20ac910\u00a0million at
December 31, 2023 and 2022, respectively) were subject to local exchange control regulations providing restrictions on the
amount of cash that can leave the country. In addition, a certain amount of cash and cash equivalents was held related to our
entities in Russia (\u20ac121\u00a0million at December 31, 2022). Certain specific uses of these resources may be restricted by the trade
and financial sanctions adopted by various governments around the world and the counter-sanctions imposed by the Russian
government.
Cash and cash equivalents include \u20ac210\u00a0million at December 31, 2023 (\u20ac107\u00a0million at December 31, 2022) held in
bank deposits which are restricted to the operations related to securitization programs and warehouse credit facilities of
Stellantis Financial Services U.S. These deposits are primarily used for the collection of the loan installments from customers
and the payment of debt and service costs and to the originator Stellantis Financial Services U.S. itself, according to the
programs and facilities regulation. Refer to Note 22, Debt for additional information on securitization programs and
warehouse credit facilities.
22.
Debt
Debt classified within current liabilities included short-term borrowings from banks and other financing with an
original maturity date falling within twelve months, as well as the current portion of long-term debt. Debt classified within
non-current liabilities included borrowings from banks and other financing with maturity dates greater than twelve months
(long-term debt), net of the current portion.
The following table summarizes the Company's current and non-current Debt by maturity date (amounts include
accrued interest):
At December 31,
2023
2022
Due
within
one\u00a0year
(current)
Due
between
one and
five\u00a0years
Due
beyond
five\u00a0years
Total
(non-
current)
Total
Debt
Due
within
one\u00a0year
(current)
Due
between
one and
five\u00a0years
Due
beyond
five
years
Total
(non-
current)
Total
Debt
(\u20ac million)
Notes
\u20ac2,277
\u20ac7,133
\u20ac8,805
\u20ac15,938
\u20ac18,215
\u20ac3,692
\u20ac7,662
\u20ac7,911
\u20ac15,573
\u20ac19,265
Borrowings from
banks
1,512
1,297
27
1,324
2,836
1,389
1,416
145
1,561
2,950
Asset-backed
financing
3,638
1,014
126
1,140
4,778
1,009
558
88
646
1,655
Lease liabilities
718
728
712
1,440
2,158
634
896
729
1,625
2,259
Other debt
1,317
150
9
159
1,476
960
63
1
64
1,024
Total Debt
\u20ac9,462
\u20ac10,322
\u20ac9,679
\u20ac20,001
\u20ac29,463
\u20ac7,684
\u20ac10,595
\u20ac8,874
\u20ac19,469
\u20ac27,153
Debt increased by approximately \u20ac2.3\u00a0billion primarily to fund financial services activities in the U.S.
Notes
The following table summarizes the notes outstanding at December\u00a031, 2023 and 2022 :
At December 31,
(\u20ac million)
Currency
Face\u00a0value\u00a0of
outstanding
notes
(million)
Coupon
%
Maturity
2023
2022
Stellantis (Peugeot S.A. issuances):
STELLANTIS N.V. (Peugeot S.A.) 2016
EUR
500
2.375
Q2/2023
\u2014
508
STELLANTIS N.V. (Peugeot S.A.) 2017
EUR
600
2.000
Q1/2024
609
608
STELLANTIS N.V. (Peugeot S.A.) 2017
EUR
100
2.000
Q1/2024
102
102
STELLANTIS N.V. (Peugeot S.A.) 2018
EUR
650
2.000
Q1/2025
659
658
STELLANTIS N.V. (Peugeot S.A.) 2019
EUR
600
1.125
Q3/2029
596
594
STELLANTIS N.V. (Peugeot S.A.) 2020
EUR
1,000
2.750
Q2/2026
1,014
1,011
STELLANTIS N.V. (Peugeot S.A.)
Schuldschein 2019
EUR
100
1.050
Q4/2023
\u2014
101
STELLANTIS N.V. (Peugeot S.A.)
Schuldschein 2019
EUR
60
1.600
Q2/2026
61
61
STELLANTIS N.V. (Peugeot S.A.)
Schuldschein 2019
EUR
50
1.810
Q2/2027
50
50
STELLANTIS N.V. (Peugeot S.A.)
Schuldschein 2019
EUR
70
Euribor
6M +
1.050
Q4/2023
\u2014
71
STELLANTIS N.V. (Peugeot S.A.)
Schuldschein 2019
EUR
204
Euribor
6M +
1.400
Q2/2026
207
204
Medium Term Note Programme(1):
STELLANTIS N.V. (FCA N.V.) 2016
EUR
1,250
3.750
Q1/2024
1,296
1,340
STELLANTIS N.V. (FCA N.V.) 2020
EUR
1,250
3.375
Q3/2023
\u2014
1,289
STELLANTIS N.V. (FCA N.V.) 2020
EUR
1,250
3.875
Q1/2026
1,381
1,420
STELLANTIS N.V. (FCA N.V.) 2020
EUR
1,000
4.500
Q3/2028
1,200
1,219
STELLANTIS N.V. 2021
EUR
1,250
0.625
Q1/2027
1,256
1,254
STELLANTIS N.V. 2021
EUR
1,250
0.750
Q1/2029
1,254
1,250
STELLANTIS N.V. 2021
EUR
1,250
1.250
Q2/2033
1,241
1,240
STELLANTIS N.V. 2022
EUR
1,000
2.750
Q2/2032
1,016
1,016
STELLANTIS N.V. 2023 - Green Bond
EUR
1,250
4.375
Q1/2030
1,285
\u2014
STELLANTIS N.V. 2023
EUR
1,250
4.250
Q2/2031
1,266
\u2014
Other Notes:
STELLANTIS N.V. (FCA N.V.) 2015
U.S.$
1,500
5.250
Q2/2023
\u2014
1,437
STELLANTIS FINANCE US 2021
U.S $
1,000
1.711
Q1/2027
909
942
STELLANTIS FINANCE US 2021
U.S $
1,000
2.691
Q3/2031
909
941
STELLANTIS FINANCE US 2022
U.S. $
550
5.625
Q1/2028
512
520
STELLANTIS FINANCE US 2022
U.S. $
700
6.375
Q3/2032
643
665
GIE PSA Tr\u00e9sorerie 2003
EUR
600
6.000
Q3/2033
749
764
Total Notes
\u20ac18,215
\u20ac19,265
______________________________________________________________________________________________________________________________
(1) Listed on the Irish Stock Exchange
Notes Issued by Peugeot S.A
Bonds issued by Peugeot S.A. are governed by the terms and conditions of the Peugeot S.A. \u20ac5\u00a0billion EMTN
Program that was renewed on June 8, 2020 for the last time. Those bonds are guaranteed by the GIE PSA Tr\u00e9sorerie.
In April 2019, Peugeot S.A. raised funds using a private investment under German law through a
Schuldscheindarlehen. This transaction was structured in several tranches denominated in euros, with maturities ranging from
Q4 2023 to Q2 2027.
Notes Issued Under the Medium Term Note Programme
Certain notes issued by Stellantis were governed by the terms and conditions of the Medium Term Note (\u201cMTN\u201d)
Programme (previously known as the Global Medium Term Note Programme, or \u201cGMTN\u201d Programme) formerly available to
FCA N.V., the predecessor of Stellantis N.V. A maximum of \u20ac20\u00a0billion was allowed under this programme, and notes of
\u20ac3.5\u00a0billion (principal amounts) were outstanding as at December 31, 2023.
After the merger, Stellantis established a Euro Medium Term Note Programme (\u201cEMTN\u201d) under which it may from
time to time issue notes up to an amount of \u20ac30\u00a0billion.
Under the \u20ac30\u00a0billion EMTN Programme, the Company issued two notes and repaid one note at maturity during the
year ended December 31, 2023:
\u2022 In March 2023, a Green Bond was issued with a principal amount of \u20ac1.25\u00a0billion with an interest rate of 4.375
percent and matures in March 2030. Stellantis will allocate an amount equal to the net proceeds of any Green
Bond issued to investments and expenditures meeting the eligibility criteria (the \u201cEligible Green Projects\u201d). The
Eligible Green Projects include design, development and manufacturing of zero emissions vehicles, that are
battery electric vehicles and hydrogen fuel cell vehicles;
\u2022 In June 2023, the Company issued notes with principal amount of \u20ac1.25\u00a0billion with an interest rate of 4.25
percent and matures in June 2031; and
\u2022 In July 2023, the Company repaid one note at maturity with principal amount of \u20ac1.250\u00a0billion with an interest
rate of 3.375 percent.
As at December 31, 2023, the outstanding principal amount of the notes issued under the successive versions of the
programme, after the merger, was \u20ac7.25\u00a0billion.
These notes impose covenants on the issuer, which include: (i) negative pledge clauses which require that in the case
that any security interest upon assets of Stellantis N.V. is granted in connection with other notes or debt securities having the
same ranking, such a security should be equally and ratably extended to the outstanding notes; (ii) pari passu clauses, under
which the notes rank and will rank pari passu with all other present and future unsubordinated and unsecured obligations of
Stellantis N.V.; (iii) periodic disclosure obligations; (iv) cross-default clauses which require immediate repayment of the
notes under certain events of default on other financial instruments issued by Stellantis' main entities; and (v) other clauses
that are generally applicable to securities of a similar type. A breach of these covenants may require the early repayment of
the notes. As of December 31, 2023, Stellantis was in compliance with the covenants under the MTN Programme.
From time to time, Stellantis may buy back notes in the market. Such buybacks, if made, depend upon market
conditions, the Company's financial situation and other factors which could affect such decisions.
Other Notes
In October 2023 Stellantis repaid, at maturity, \u20ac170\u00a0million related to Schuldschein issued by PSA in 2019.
In April 2023, Stellantis repaid, at maturity, a \u20ac500\u00a0million note formerly issued by PSA in 2016, and a U.S.
$1.5\u00a0billion (\u20ac1.4\u00a0billion) note formerly issued by FCA in 2015.
As at December 31, 2023, all the outstanding notes of Stellantis were rated \u201cBaa2\u201d by Moody\u2019s Investors Service
and \u201cBBB+\u201d by S&P Global Ratings.
The Notes impose covenants on Stellantis N.V. including: (i)\u00a0negative pledge clauses which require that in the case
that any security interest upon assets of Stellantis N.V. is granted in connection with other notes or debt securities having the
same ranking, such a security should be equally and ratably extended to the outstanding Notes; (ii)\u00a0pari passu clauses, under
which the Notes rank and will rank pari passu with all other present and future unsubordinated and unsecured obligations of
Stellantis N.V.; (iii)\u00a0periodic disclosure obligations; (iv)\u00a0cross-default clauses which require immediate repayment of the
Notes under certain events of default on other financial instruments issued by Stellantis\u2019 main entities; and (v)\u00a0other clauses
that are generally applicable to securities of a similar type. A breach of these covenants may require the early repayment of
the Notes. As of December\u00a031, 2023, Stellantis was in compliance with the covenants of the Notes.
Borrowings from banks
European Investment Bank Borrowings
Stellantis had financing agreements with the European Investment Bank (\u201cEIB\u201d) for a total of \u20ac1.0 billion
outstanding at December\u00a031, 2023 (\u20ac1.0 billion at December\u00a031, 2022). These were entered into to finance specific projects
and investment plans among which include the manufacturing of PHEV vehicles at the Melfi production plant in Italy, the
manufacturing of battery electric vehicles at the Mirafiori production plant in Italy, the research, development and innovation
for electrification, connectivity and self-driving technologies mainly conducted at the Turin laboratories in Italy and the
development of low emissions and fuel efficient propulsion systems.
Brazil
Stellantis\u2019 Brazilian subsidiaries have access to various local bank facilities in order to fund investments and
operations including financial services activities. Total debt outstanding under those facilities amounted to a principal amount
of \u20ac0.7 billion at December\u00a031, 2023 (\u20ac0.6 billion at December\u00a031, 2022). This includes subsidized financing, granted by
public financing institutions, such as Banco Nacional do Desenvolvimento, with the aim to support industrial projects in
certain areas that gave the Company the opportunity to fund large investments in Brazil at attractive rates. At December\u00a031,
2023, outstanding subsidized loans amounted to \u20ac0.2 billion (\u20ac0.3 billion at December\u00a031, 2022), of which approximately
\u20ac0.1 billion (\u20ac0.2 billion at December\u00a031, 2022) related to the construction of the Pernambuco plant in Brazil, which was
supported by subsidized credit lines totaling Brazilian Real 6.5 billion (\u20ac1.2 billion).
Undrawn committed credit lines
On July 23, 2021, Stellantis announced that it had signed a new syndicated revolving credit facility (\u201cRCF\u201d) of
\u20ac12.0\u00a0billion, with a group of 29 relationship banks. This new RCF replaces the existing syndicated RCFs from the PSA
Group (\u20ac3.0\u00a0billion) and FCA Group (\u20ac6.25\u00a0billion), thereby providing an increase in the Company\u2019s overall liquidity and an
extension of the duration of the facility and is available for use in general corporate purposes. The credit facility is structured
in two tranches: \u20ac6.0\u00a0billion, with a 3-year tenor, and \u20ac6.0\u00a0billion, with a 5-year tenor, each tranche benefiting from two
further extension options, each of 1-year. In June 2023, the second-year extension option has been exercised. Current
maturities are July 2026 and July 2028 respectively for the two tranches.
At December\u00a031, 2023, undrawn committed credit lines of \u20ac12.6\u00a0billion include the syndicated revolving credit
facility of \u20ac12.0\u00a0billion, signed in 2021.
The covenants of the RCF include negative pledge, pari passu, cross-default and change of control clauses. Failure
to comply with these covenants, and in certain cases if not suitably remedied, can lead to the requirement of early repayment
of any outstanding amounts. As of December\u00a031, 2023, Stellantis was in compliance with the covenants of the RCF.
Asset-backed financing
Asset-backed financing primarily represented the amount of financing received by Stellantis Financial Services U.S.
through securitization programs of \u20ac4,711 million, that will be settled through the collection of a portfolio of receivables
which originate from consumers.
The retail consumer contracts are pledged to special purpose entities as collateral.
The following table summarizes the asset-back financing amounts at December\u00a031, 2023 and 2022:
At December 31,
(\u20ac million)
Currency
Interest rate %
Maturity(1)
2023
2022
Warehouse Credit
Facilities:
SFS Funding I
USD
CP/SOFR+spread
Q3/2024
3,189
627
SFS Funding II
USD
CP/SOFR+spread
Q3/2024
109
10
FIARC
USD
SOFR+spread
Q2/2025
29
101
Term Notes:
Term Notes 2017-2020
USD
2.80%-7.07%
Q2/2027
36
114
Term Notes 2021-1
USD
0.89%-5.37%
Q2/2028
45
75
Term Notes 2021-2
USD
0.48%-3.14%
Q4/2028
98
158
Term Notes 2022-1
USD
2.03%-5.41%
Q2/2029
125
201
Term Notes 2022-2
USD
6.26%-8.71%
Q4/2029
151
241
Term Notes 2023-1
USD
5.89%-7.74%
Q1/2031
929
\u2014
Total
\u20ac4,711
\u20ac1,527
________________________________________________________________________________________________________________________________________________
(1) Final maturity of the commitment for the warehouse credit facilities and the expected date of the last payment for the Term Notes
Warehouse Credit Facilities
There are three revolving warehouse credit facilities used to finance loan originations by Stellantis Financial
Services U.S. The Company believes that the credit facilities will continue to be renewed or replaced, and that it will be able
to secure additional sources of financing on satisfactory terms; however, there can be no assurance that it will be able to do
so. In the event that the Company is unable to renew its facilities, the receivables pledged would amortize over time to pay
down the warehouse credit facilities; however, the Company would not be able to finance new receivables without alternative
sources of funding. Stellantis Financial Services U.S. uses interest rate derivatives in order to reduce the interest rate risk of
certain warehouse credit facilities.
The Company has three separate USD warehouse credit facilities. First Investors Auto Receivables Corporation
(\u201cFIARC\u201d) was implemented on August 31, 2012 and has a commitment through June 2025. The FIARC facility has a
capacity of \u20ac271\u00a0million ($300\u00a0million) and bears interest based on SOFR plus a spread. Stellantis Financial Services U.S.
has also implemented two additional separate warehouse credit facilities. The first Stellantis Financial Services U.S. facility,
SFS Funding, LLC, was implemented in August 2022 and matures in August 2024. The \u20ac2.3\u00a0billion ($2.5\u00a0billion)
commitment bears interest based on variable commercial paper rates plus a spread or one-month term SOFR, plus a spread.
The second Stellantis Financial Services U.S. facility, SFS Funding II, LLC, was implemented in August 2022 and matures in
August 2024. The \u20ac452\u00a0million ($500\u00a0million) commitment bears interest based on variable commercial paper rates plus a
spread or one-month term SOFR, plus a spread.
ABS Term Notes
ABS Term Notes are issued in various classes ranging from Class A to Class E Notes. These notes are sequentially
paid with Class A Notes paid first. The range in interest rates depends on the level of risk of loss and is determined by
investor interest in each class of the notes.
The terms governing the warehouse credit facilities and ABS Term Notes contains numerous covenants relating to
the issuer\u2019s business, the observance of certain financial covenants, the avoidance of certain levels of delinquency experience
and other matters. A breach of a covenant, if not cured within the time limits specified, could precipitate events of default that
might result in the acceleration of the ABS Term Notes or warehouse credit facilities. The Company was not in default with
respect to any financial and non-financial covenants governing these financing arrangements at December 31, 2023.
Refer to Note 24, Fair value measurement for additional information on fair and carrying values of assigned
receivables and related liabilities.
Other
Additionally, there is \u20ac67 million of debt relating to factoring transactions which do not meet the IFRS 9
derecognition requirements and are recognized within assets of the same amount as of December\u00a031, 2023 (\u20ac128 million at
December\u00a031, 2022) in the Consolidated Statement of Financial Position, refer to Note 16, Trade receivables, other assets,
prepaid expenses and tax receivables for additional information.
Other debt
Other debt also includes funds raised from financial services companies and deposits from dealers in South America,
primarily in Brazil.
Lease liabilities
The following table summarizes the Company's current and non-current lease liabilities:
Lease liabilities included in the Statement of Financial Position
At December 31,
2023
2022
(\u20ac million)
Long-term debt (non-current)
\u20ac1,440
\u20ac1,625
Short-term debt and current portion of long-term debt (current)
\u20ac718
\u20ac634
Maturity analysis - contractual undiscounted cash flows
At December 31, 2023
(\u20ac million)
Due within one year
\u20ac818
Due between one and five years
824
Due beyond five years
795
Total undiscounted lease liabilities
\u20ac2,437
In addition, the Company entered into commitments relating to leases not yet commenced of \u20ac369 million, of which
the most significant relating to contracts in the U.S. and in Canada. In addition to the above, the Company entered into non-
cancellable short-term leases, which have not been classified as lease liabilities, of \u20ac59 million which is expected to be settled
within the next 12 months.
Debt secured by assets
At December\u00a031, 2023, debt secured by assets of the Company amounted to \u20ac79 million (\u20ac176 million at
December\u00a031, 2022), excluding the Lease liabilities and Asset-backed financing as described above, mainly related to
subsidized financing in South America and China and India & Asia Pacific.
The total carrying amount of assets acting as security for loans for the Company amounted to \u20ac806 million,
excluding the Right-of-use assets as described in Note 11, Property, plant and equipment, at December\u00a031, 2023 (\u20ac1,360
million at December\u00a031, 2022).
23.
Other liabilities
Other liabilities consisted of the following:
At December 31,
2023
2022
Current
Non-
current
Total
Current
Non-
current
Total
(\u20ac million)
Payables for buy-back agreements
\u20ac1,877
\u20ac4,645
\u20ac6,522
\u20ac1,968
\u20ac4,931
\u20ac6,899
Accrued expenses and deferred income
4,778
751
5,529
3,620
149
3,769
Indirect tax payables
1,426
15
1,441
1,563
23
1,586
Payables to personnel
2,658
4
2,662
2,700
6
2,706
Social security payables
567
15
582
633
14
647
Construction contract liabilities
(Note 14)
107
\u2014
107
111
\u2014
111
Service contract liability
808
2,160
2,968
948
2,255
3,203
Derivatives operating liability
746
299
1,045
708
224
932
Other
2,603
176
2,779
2,277
527
2,804
Total Other liabilities
\u20ac15,570
\u20ac8,065
\u20ac23,635
\u20ac14,528
\u20ac8,129
\u20ac22,657
Other liabilities (excludi ng Accrued expenses, Deferred income and Service contract liability) by due date were as
follows:
At December 31,
2023
2022
Total
due\u00a0within
one year
(Current)
Due
between
one\u00a0and
five
years
Due
beyond
five
years
Total due
after one
year
(Non-
Current)
Total
Total
due\u00a0within
one year
(Current)
Due
between
one\u00a0and
five
years
Due
beyond
five
years
Total due
after one
year
(Non-
Current)
Total
(\u20ac million)
Other liabilities (excluding
Accrued expenses, deferred
income and service contract
liability)
\u20ac9,984
\u20ac5,124
\u20ac30
\u20ac5,154
\u20ac15,138
\u20ac9,960
\u20ac2,449
\u20ac3,276
\u20ac5,725
\u20ac15,685
Payables for buy-back agreements include the price received for the product, recognized as an advance at the date of
the sale and, subsequently, the repurchase price and the remaining lease installments yet to be recognized.
In July 2023, the Brazilian court issued a final favorable decision and a definitive ruling in the lawsuit filed by
Stellantis challenging the calculation of federal taxes on revenue for previously paid taxes and recognizing its right to recover
tax payments made between 2002-2004 for an amount of \u20ac51\u00a0million.
Service contract liability
The service contract liability was mainly comprised of maintenance plans and extended warranties. Changes in the
Company's service contract liability for the year ended December\u00a031, 2023, were as follows:
At January 1,
2023
Advances
received from
customers
Amounts
recognized
within revenue
Transfers to
Assets/
(Liabilities)
held for sale
Other Changes
At December
31, 2023
(\u20ac million)
Service contract liability
\u20ac3,203
\u20ac1,198
\u20ac(1,272)
\u20ac\u2014
\u20ac(161)
\u20ac2,968
Of the total Service contract liability at December\u00a031, 2023, the Company expected to recognize approximately
\u20ac1,015\u00a0million in 2024, \u20ac767\u00a0million in 2025, \u20ac588\u00a0million in 2026 and \u20ac598\u00a0million thereafter.
31.
Qualitative and quantitative information on financial risks
The Company is exposed to the following financial risks connected with its operations:
\u2022 credit risk, principally arising from its normal commercial relations with final customers and dealers, and its
financing activities;
\u2022 liquidity risk, with particular reference to the availability of funds and access to the credit market and to
financial instruments in general; and
\u2022 financial market risk (primarily relating to exchange rates, interest rates and commodity prices), since the
Company operates at an international level in different currencies, uses financial instruments which generate
interest and is exposed to the risk of changes in the price of certain commodities which are used in the
production processes.
These risks could significantly affect the Company\u2019s financial position and results and for this reason, the Company
systematically identifies and monitors these risks in order to detect potential negative effects in advance and takes the
necessary actions to mitigate them, primarily through its operating and financing activities and if required, through the use of
derivative financial instruments in accordance with established risk management policies.
Financial instruments held by the funds that manage the Company\u2019s pension plan assets are not included in this
analysis (refer to Note 20, Employee benefits liabilities for additional information).
The following section provides qualitative and quantitative disclosures on the effect that these risks could have upon
the Company. The quantitative data reported in the following does not have any predictive value, in particular the sensitivity
analysis on finance market risks does not reflect the complexity of the market or the reaction which may result from any
changes that were assumed to take place.
Credit risk
Overall, the credit risk regarding the Company\u2019s trade receivables and receivables from financing activities is
concentrated mainly in North America, Enlarged Europe and South America.
The maximum credit risk to which the Company is potentially exposed at December 31, 2023 is represented by the
carrying amounts of financial assets in the financial statements discussed in Note 16, Trade receivables, other assets, prepaid
expenses and Tax receivables and the nominal value of the guarantees provided on liabilities and commitments to third
parties discussed in Note 26, Guarantees granted, commitments and contingent liabilities.
In addition, the Company is exposed to credit risk in relation to the investment of cash and to transactions with
derivatives counterparties, as disclosed in Note 17, Derivative financial and operating assets and liabilities and in the Note
18, Cash and cash equivalents.
The Company\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each counterparty.
The Company monitors these exposures and established credit lines with single or homogeneous categories of counterparties.
Dealers and final customers for which the Company provides financing are subject to specific assessments of their
creditworthiness under a detailed scoring system. To mitigate this risk, the Company could obtain financial and non-financial
guarantees. These guarantees are further strengthened where possible by reserve of title clauses on financed vehicle sales to
the sales network made by the Company financial service companies and on vehicles assigned under finance and operating
lease agreements.
For further information regarding the exposure to credit risk and ECLs of Trade receivables, other receivables and
financial receivables at December 31, 2023 and 2022, refer to Note 16, Trade receivables, other assets, prepaid expenses and
tax receivables.
The Company differentiates Cash investments with primary bank counterparties and high rated liquid financial
instruments. The investments are actively managed and constantly monitored, in compliance with policies that establish
limits of concentration and duration, taking into account the creditworthiness of the counterparties and of the various
countries in which the cash is invested. The policies also define limits in the operations with Derivatives counterparties. Even
though the Company\u2019s current securities and Cash and cash equivalents consist of balances spread across various primary
national and international banking institutions and money market funds that were measured at fair value, there was no
exposure to sovereign debt securities at December 31, 2023 and 2022 which could lead to significant risk of repayment.
Liquidity risk
Liquidity risk represents the risk the Company is unable to obtain the funds needed to carry out its operations and
meet its obligations. Any actual or perceived limitations on the Company\u2019s liquidity could affect the ability of counterparties
to do business with the Company or may require additional amounts of cash and cash equivalents to be allocated as collateral
for outstanding obligations.
The continuation of challenging economic conditions in the markets in which the Company operates and the
uncertainties that characterize the financial markets, necessitate special attention to the management of liquidity risk. In that
sense, measures taken to generate funds through operations and to maintain a conservative level of available liquidity are
important factors for ensuring operational flexibility and addressing strategic challenges over the next few years.
The main factors that determined the Company\u2019s liquidity situation are the funds generated by or used in operating
and investing activities, the debt lending period and its renewal features or the liquidity of the funds employed and market
terms and conditions.
The Company adopted a series of policies and procedures whose purpose was to optimize the management of funds
and to reduce liquidity risk as follows:
\u2022 centralizing the management of receipts and payments where it may be economical in the context of the local
civil, currency and fiscal regulations of the countries in which the Company was present;
\u2022 maintaining a conservative level of available liquidity;
\u2022 diversifying the means by which funds were obtained and maintaining a continuous and active presence in the
capital markets;
\u2022 obtaining adequate credit lines; and
\u2022 monitoring future liquidity on the basis of business planning.
The Company manages liquidity risk by monitoring cash flows and keeping an adequate level of funds at its
disposal. The operating cash management and liquidity investment of the Company are centrally coordinated in the
Company\u2019s treasury companies, with the objective of ensuring effective and efficient management of the Company\u2019s funds.
These entities obtain funds in the financial markets from various funding sources.
Certain notes issued by the Company and its treasury subsidiaries include covenants which could be affected by
circumstances related to certain subsidiaries; in particular, there are cross-default clauses which could accelerate repayments
in the event that such subsidiaries fail to pay certain of their debt obligations.
Refer to Note 16, Trade receivables, other assets, prepaid expenses and Tax receivables, Note 23, Other liabilities
and Note 22, Debt for additional information on the repayment structure of the Company\u2019s financial assets and liabilities.
Refer to Note 17, Derivative financial and operating assets and liabilities for additional information on the repayment
structure of derivative financial instruments.
Financial market risks
Due to the nature of the Company\u2019s business, the Company is exposed to a variety of market risks, primarily foreign
currency exchange rate risk, interest rate risk and commodity price risk.
The Company\u2019s exposure to foreign currency exchange rate risk arises both in connection with the geographical
distribution of the Company\u2019s industrial activities compared to the markets in which it sells its products, and in relation to the
use of external borrowing denominated in foreign currencies.
The Company\u2019s exposure to interest rate risk arises from the need to fund industrial and financial operating activities
and the necessity to invest surplus funds. Changes in market interest rates could have the effect of either increasing or
decreasing the Company\u2019s Net profit, thereby indirectly affecting the costs and returns of financing and investing
transactions.
The Company\u2019s exposure to commodity price risk arises from the risk of changes in the price of certain raw
materials and energy used in production. Changes in the price of raw materials could have a significant effect on the
Company\u2019s results by indirectly affecting costs and product margins.
These risks could significantly affect the Company\u2019s financial position and results and for this reason, these risks
were systematically identified and monitored, in order to detect potential negative effects in advance and take the necessary
actions to mitigate them, primarily through its operating and financing activities and if required, through the use of derivative
financial instruments in accordance with its established risk management policies.
The Company\u2019s policy permits derivatives to be used only for managing the exposure to fluctuations in foreign
currency exchange rates and interest rates as well as commodities prices connected with future cash flows and assets and
liabilities.
The Company utilizes derivative financial instruments designated as fair value hedges mainly to hedge:
\u2022 the foreign currency exchange rate risk on financial instruments denominated in foreign currency; and
\u2022 the interest rate risk on fixed rate loans, bonds and borrowings.
The instruments used for these hedges are mainly foreign currency forward contracts, interest rate swaps and
combined interest rate and foreign currency financial instruments.
The Company uses derivative financial instruments as cash flow hedges for the purpose of pre-determining:
\u2022 the exchange rate at which forecasted transactions denominated in foreign currencies would be accounted for;
\u2022 the interest paid on borrowings, both to match the fixed interest received on loans (customer financing activity),
and to achieve a targeted mix of floating versus fixed rate funding structured loans; and
\u2022 the price of certain commodities and components.
The foreign currency exchange rate exposure on forecasted commercial flows is hedged by foreign currency swaps,
forward contracts and foreign currency options. Interest rate exposures are usually hedged by interest rate swaps and, in
limited cases, by forward rate agreements. Exposure to changes in the price of commodities is generally hedged by using
commodity swaps and commodity options. Counterparties to these agreements are major financial institutions.
Refer to Note 17, Derivative financial and operating assets and liabilities for additional information on the fair
value of derivative financial instruments held at the balance sheet date.
Quantitative information on foreign currency exchange rate risk
The Company is exposed to risk resulting from changes in foreign currency exchange rates, which could affect its
earnings and equity. Where a Stellantis company incurred costs in a currency different from that of its revenues, any change
in exchange rates could affect the operating results of that company; the principal exchange rates to which the Company is
exposed are:
\u2022 EUR/GBP, relating to sales in the UK of vehicles produced in the Euro zone;
\u2022 CNY and JPY in relation to costs paid to Chinese and Japanese suppliers net of sales in China and Japan
respectively originating from European and North America entities;
\u2022 U.S.$/CAD and U.S.$/MXP, primarily relating to sales in Canada and Mexico of produced vehicles, net of local
cost and import in U.S. of Canadian produced vehicles;
\u2022 EUR/U.S.$, relating to sales and purchases (mainly linked to commodity) in U.S.$ made by European entities
and to sales and purchases in Euro made by U.S. entities;
\u2022 TRY and PLN, in relation to sales in Turkish and Poland markets, net of manufacturing costs incurred in
Turkey and Poland; and
\u2022 U.S.$/BRL and EUR/BRL, relating to Brazilian manufacturing operations and the related import and export
flows.
The Company\u2019s policy is to use derivative financial instruments to hedge a percentage of certain exposures subject
to foreign currency exchange rate risk for the upcoming twenty-four months (including such risk before or beyond that date
where it is deemed appropriate in relation to the characteristics of the business) and to hedge the exposure resulting from firm
commitments unless not deemed appropriate.
The Stellantis entities could have trade receivables or payables denominated in a currency different from their
respective functional currency. In addition, in a limited number of cases, it could be convenient from an economic point of
view, or it could be required under local market conditions, for the Stellantis entities to obtain financing or invest funds in a
currency different from their respective functional currency, e.g. Argentinian industrial companies (with U.S.$ as functional
currency) invest a significant amount of cash denominated in Argentine Pesos. Changes in exchange rates could result in
exchange gains or losses arising from these situations. The Company\u2019s policy is to hedge, whenever deemed appropriate, the
exposure resulting from receivables, payables, cash and securities denominated in foreign currencies different from the
respective Stellantis entity\u2019s functional currency.
Certain of the Stellantis entities are located in countries which are outside of the Eurozone, primarily the U.S.,
Brazil, Canada, Poland, Serbia, Turkey, Mexico, Argentina, India and China. As the Company's reporting currency is the
Euro, the income statements of those entities that have a reporting currency other than the Euro are translated into Euro using
the average exchange rate for the period. In addition, the assets and liabilities of those consolidated entities are translated into
Euro at the period-end foreign exchange rate. The effects of these changes in foreign exchange rates are recognized directly
in the Cumulative translation adjustments reserve included in Other comprehensive income. Changes in exchange rates could
lead to effects on the translated balances of revenues, costs and assets and liabilities reported in Euro, even when
corresponding items are unchanged in the respective local currency of these entities.
The Company monitors its principal exposure to conversion exchange risk and, in certain circumstances, enters into
derivatives for the purpose of hedging the specific risk.
The potential loss in fair value of derivative financial instruments held for foreign currency exchange rate risk
management (currency swaps/forwards) at December 31, 2023 resulting from a 10 percent change in the exchange rates
would have been approximately \u20ac163\u00a0million on the Consolidated Income Statement and \u20ac1,436\u00a0million in Other
comprehensive income.
This analysis assumes that a hypothetical, unfavorable 10 percent change in exchange rates as at year-end is applied
in the measurement of the fair value of derivative financial instruments.
Receivables, payables and future trade flows whose hedging transactions have been analyzed were not included in
this analysis. It is reasonable to assume that changes in market exchange rates would produce the opposite effect, of an equal
or greater amount, on the underlying transactions that have been hedged.
Quantitative information on interest rate risk
The manufacturing companies and treasuries of the Company make use of external borrowings and invest in
monetary and financial market instruments. In addition, the Stellantis entities sell receivables resulting from their trading
activities on a continuing basis. Changes in market interest rates could affect the cost of the various forms of financing,
including the sale of receivables, or the return on investments and the employment of funds, thus negatively impacting the net
financial expenses incurred by the Company.
In addition, the financial services companies provide loans (mainly to customers and dealers), financing themselves
using various forms of direct debt or asset-backed financing (e.g. factoring of receivables or securitizations). Where the
characteristics of the variability of the interest rate applied to loans granted differ from those of the variability of the cost of
the financing obtained, changes in the current level of interest rates could affect the operating result of those entities and the
Company as a whole.
In order to manage these risks, the Company uses interest rate derivative financial instruments, mainly interest rate
swaps and forward rate agreements, when available in the market, with the objective of mitigating, under economically
acceptable conditions, the potential variability of interest rates on the Company's Net profit.
In assessing the potential impact of changes in interest rates, the Company segregated fixed rate financial
instruments (for which the impact was assessed in terms of fair value) from floating rate and short term financial instruments
(for which the impact was assessed in terms of cash flows).
The fixed rate financial instruments used by the Company consisted principally of part of the portfolio of the
financial services companies (primarily customer financing and financial leases) and part of debt (including subsidized loans
and notes). These instruments are measured at amortized cost and changes in market interest rates for these instruments do
not affect Net profit or Equity. Certain financial securities are accounted for at FVPL. The impact of an unfavorable 50 basis
points change in interest rate levels would result in increase in financial expenses of \u20ac19\u00a0million due to the change in fair
values of these securities.
The Company entered in certain derivatives in order to manage interest rate risk on underlying debt exposures. An
unfavorable 50 basis points change in interest rates level applied to the interest rate derivatives outstanding at December 31,
2023 would have an impact of \u20ac58\u00a0million on financial expense. It is expected that this impact will be offset by an equivalent
gain on the underlying debt exposures.
In addition, financial services companies use derivatives in order to hedge the interest rate risk arising from the
mismatch between financial receivables and related funding. A 50 basis points change in interest rates level applied to the
interest rate derivatives outstanding at December 31, 2023 would have a negative impact of \u20ac28\u00a0million in Other
comprehensive income.
Floating rate financial instruments consisted principally of cash and cash equivalents, loans provided by the financial
services companies to the sales network and part of debt. The effect of the sale of receivables was also considered in the
sensitivity analysis.
A hypothetical 50 basis points change in short-term interest rates at December 31, 2023, applied to floating rate
financial assets and liabilities, operations for the sale of receivables and derivative financial instruments, would result in
increased net financial expenses, on an annual basis, of approximately \u20ac173\u00a0million.
This analysis is based on the assumption that there is an unfavorable change of 50 basis points of interest rate levels
across homogeneous categories. A homogeneous category is defined on the basis of the currency in which the financial assets
and liabilities are denominated. In addition, the sensitivity analysis applied to floating rate financial instruments assumes that
cash and cash equivalents and other short-term financial assets and liabilities which expire during the projected 12-month
period will be renewed or reinvested in similar instruments, that will reflect the hypothetical 50 basis points change in short-
term interest rates.
Quantitative information on commodity price risk
The Company, in addition to supply agreements that provide protections to the price increases and supply shortages,
entered into derivative contracts for certain commodities to hedge its exposure to commodity price risk associated with
buying raw materials and energy used in its normal operations, primarily base metals and PGM (platinum, palladium and
rhodium).
In connection with the commodity price derivative contracts outstanding at December 31, 2023, a hypothetical 10
percent change in the price of the commodities at that date would have caused a negative impact on the Other comprehensive
income of \u20ac501\u00a0million. Future trade flows whose hedging transactions have been analyzed were not considered in this
analysis. It is reasonable to assume that changes in commodity prices would produce the opposite effect, of an equal or
greater amount, on the underlying transactions that have been hedged.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-721": { "value": "
6.
Net financial expenses/(income)
The following table summarizes the Company\u2019s financial income and expenses, included within Net financial
expenses:
Years ended December 31,
2023
2022
2021
(\u20ac million)
Interest income and other financial income
\u20ac2,678
\u20ac1,066
\u20ac188
Financial expenses:
Interest expense and other financial expenses:
1,064
959
545
Interest expense on notes
386
281
182
Interest expense on borrowings from bank
59
105
77
Other interest cost and financial expenses
619
573
286
Interest on lease liabilities
63
63
56
Write-down of financial assets
128
14
10
Net interest expense/(income) on employee benefits provisions
203
163
169
Total Financial expenses
1,458
1,199
780
Net expenses from derivative financial instruments and exchange rate differences
1,178
635
142
Total Financial expenses and Net expenses from derivative financial
instruments and exchange rate differences
2,636
1,834
922
Net Financial expenses/(income)
\u20ac(42)
\u20ac768
\u20ac734
During the year ended December 31, 2023 there was \u20ac42\u00a0million net financial income as compared to \u20ac768\u00a0million
net financial expense in the same period in 2022, primarily reflecting the improved yield on investments which is driven by
the increase in interest rates and is partially offset by increased foreign exchange losses on cash denominated in Argentine
Peso, the write-down of the investment in supply chain finance funds for \u20ac132\u00a0million (Refer to Note 13, Financial assets for
additional information) and the cost of newly issued bonds.
Net financial expenses/(income) for the year ended December 31, 2023, include \u20ac215\u00a0million losses (\u20ac198\u00a0million
and \u20ac68\u00a0million losses for the years ended December 31, 2022 and 2021, respectively) on the net monetary position of
entities whose functional currency is the currency of hyperinflationary economies, relating to Argentine Peso and Turkish
Lira.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-720": { "value": "
6.
Net financial expenses/(income)
The following table summarizes the Company\u2019s financial income and expenses, included within Net financial
expenses:
Years ended December 31,
2023
2022
2021
(\u20ac million)
Interest income and other financial income
\u20ac2,678
\u20ac1,066
\u20ac188
Financial expenses:
Interest expense and other financial expenses:
1,064
959
545
Interest expense on notes
386
281
182
Interest expense on borrowings from bank
59
105
77
Other interest cost and financial expenses
619
573
286
Interest on lease liabilities
63
63
56
Write-down of financial assets
128
14
10
Net interest expense/(income) on employee benefits provisions
203
163
169
Total Financial expenses
1,458
1,199
780
Net expenses from derivative financial instruments and exchange rate differences
1,178
635
142
Total Financial expenses and Net expenses from derivative financial
instruments and exchange rate differences
2,636
1,834
922
Net Financial expenses/(income)
\u20ac(42)
\u20ac768
\u20ac734
During the year ended December 31, 2023 there was \u20ac42\u00a0million net financial income as compared to \u20ac768\u00a0million
net financial expense in the same period in 2022, primarily reflecting the improved yield on investments which is driven by
the increase in interest rates and is partially offset by increased foreign exchange losses on cash denominated in Argentine
Peso, the write-down of the investment in supply chain finance funds for \u20ac132\u00a0million (Refer to Note 13, Financial assets for
additional information) and the cost of newly issued bonds.
Net financial expenses/(income) for the year ended December 31, 2023, include \u20ac215\u00a0million losses (\u20ac198\u00a0million
and \u20ac68\u00a0million losses for the years ended December 31, 2022 and 2021, respectively) on the net monetary position of
entities whose functional currency is the currency of hyperinflationary economies, relating to Argentine Peso and Turkish
Lira.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-726": { "value": "
6.
Net financial expenses/(income)
The following table summarizes the Company\u2019s financial income and expenses, included within Net financial
expenses:
Years ended December 31,
2023
2022
2021
(\u20ac million)
Interest income and other financial income
\u20ac2,678
\u20ac1,066
\u20ac188
Financial expenses:
Interest expense and other financial expenses:
1,064
959
545
Interest expense on notes
386
281
182
Interest expense on borrowings from bank
59
105
77
Other interest cost and financial expenses
619
573
286
Interest on lease liabilities
63
63
56
Write-down of financial assets
128
14
10
Net interest expense/(income) on employee benefits provisions
203
163
169
Total Financial expenses
1,458
1,199
780
Net expenses from derivative financial instruments and exchange rate differences
1,178
635
142
Total Financial expenses and Net expenses from derivative financial
instruments and exchange rate differences
2,636
1,834
922
Net Financial expenses/(income)
\u20ac(42)
\u20ac768
\u20ac734
During the year ended December 31, 2023 there was \u20ac42\u00a0million net financial income as compared to \u20ac768\u00a0million
net financial expense in the same period in 2022, primarily reflecting the improved yield on investments which is driven by
the increase in interest rates and is partially offset by increased foreign exchange losses on cash denominated in Argentine
Peso, the write-down of the investment in supply chain finance funds for \u20ac132\u00a0million (Refer to Note 13, Financial assets for
additional information) and the cost of newly issued bonds.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-725": { "value": "
6.
Net financial expenses/(income)
The following table summarizes the Company\u2019s financial income and expenses, included within Net financial
expenses:
Years ended December 31,
2023
2022
2021
(\u20ac million)
Interest income and other financial income
\u20ac2,678
\u20ac1,066
\u20ac188
Financial expenses:
Interest expense and other financial expenses:
1,064
959
545
Interest expense on notes
386
281
182
Interest expense on borrowings from bank
59
105
77
Other interest cost and financial expenses
619
573
286
Interest on lease liabilities
63
63
56
Write-down of financial assets
128
14
10
Net interest expense/(income) on employee benefits provisions
203
163
169
Total Financial expenses
1,458
1,199
780
Net expenses from derivative financial instruments and exchange rate differences
1,178
635
142
Total Financial expenses and Net expenses from derivative financial
instruments and exchange rate differences
2,636
1,834
922
Net Financial expenses/(income)
\u20ac(42)
\u20ac768
\u20ac734
During the year ended December 31, 2023 there was \u20ac42\u00a0million net financial income as compared to \u20ac768\u00a0million
net financial expense in the same period in 2022, primarily reflecting the improved yield on investments which is driven by
the increase in interest rates and is partially offset by increased foreign exchange losses on cash denominated in Argentine
Peso, the write-down of the investment in supply chain finance funds for \u20ac132\u00a0million (Refer to Note 13, Financial assets for
additional information) and the cost of newly issued bonds.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-724": { "value": "
6.
Net financial expenses/(income)
The following table summarizes the Company\u2019s financial income and expenses, included within Net financial
expenses:
Years ended December 31,
2023
2022
2021
(\u20ac million)
Interest income and other financial income
\u20ac2,678
\u20ac1,066
\u20ac188
Financial expenses:
Interest expense and other financial expenses:
1,064
959
545
Interest expense on notes
386
281
182
Interest expense on borrowings from bank
59
105
77
Other interest cost and financial expenses
619
573
286
Interest on lease liabilities
63
63
56
Write-down of financial assets
128
14
10
Net interest expense/(income) on employee benefits provisions
203
163
169
Total Financial expenses
1,458
1,199
780
Net expenses from derivative financial instruments and exchange rate differences
1,178
635
142
Total Financial expenses and Net expenses from derivative financial
instruments and exchange rate differences
2,636
1,834
922
Net Financial expenses/(income)
\u20ac(42)
\u20ac768
\u20ac734
During the year ended December 31, 2023 there was \u20ac42\u00a0million net financial income as compared to \u20ac768\u00a0million
net financial expense in the same period in 2022, primarily reflecting the improved yield on investments which is driven by
the increase in interest rates and is partially offset by increased foreign exchange losses on cash denominated in Argentine
Peso, the write-down of the investment in supply chain finance funds for \u20ac132\u00a0million (Refer to Note 13, Financial assets for
additional information) and the cost of newly issued bonds.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-727": { "value": "
8.
Other information by nature
Personnel costs for the continuing operations of the Company for the years ended December 31, 2023, 2022 and
2021 amounted to \u20ac 19.1 billion , \u20ac18.2 billion and \u20ac17.1 billion, respectively, and included costs that were capitalized mainly
in connection with product development activities.
For the years ended December 31, 2023, 2022 and 2021, the continuing operations of the Company had an average
number of employees of 271,292, 282,926 and 292,434, respectively.
Amounts relating to IFRS 16 recognized in Profit before taxes
Amounts recognized within Profit before taxes were as follows:
Years ended December 31,
2023
2022
2021
(\u20ac million)
Depreciation of right-of-use assets
\u20ac607
\u20ac555
\u20ac529
Interest expense on lease liabilities
63
63
56
Variable lease payments not included in the
measurement of lease liabilities
3
5
5
Income from sub-leasing right-of-use assets
(109)
(108)
(95)
Expenses relating to short-term leases and to leases
of low-value assets
111
107
137
Gains arising from sale and leaseback transactions
(155)
(119)
(22)
Total expense recognized in Net profit from
continuing operations
\u20ac520
\u20ac503
\u20ac610
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-728": { "value": "
8.
Other information by nature
Personnel costs for the continuing operations of the Company for the years ended December 31, 2023, 2022 and
2021 amounted to \u20ac 19.1 billion , \u20ac18.2 billion and \u20ac17.1 billion, respectively, and included costs that were capitalized mainly
in connection with product development activities.
20.
Employee benefits liabilities
Employee benefits liabilities consisted of the following:
At December 31,
2023
2022
Current
Non-
current
Total
Current
Non-
current
Total
(\u20ac million)
Pension benefits
\u20ac45
\u20ac1,913
\u20ac1,958
\u20ac43
\u20ac2,783
\u20ac2,826
Health care and life insurance plans
120
1,577
1,697
126
1,596
1,722
Other post-employment benefits
58
735
793
56
771
827
Other provisions for employees
339
686
1,025
320
741
1,061
Total Employee benefits liabilities
\u20ac562
\u20ac4,911
\u20ac5,473
\u20ac545
\u20ac5,891
\u20ac6,436
The Company recognized total expense related to continuing operations of \u20ac2,114 million for defined contribution
plans for the year ended December\u00a031, 2023 (\u20ac2,018 million in 2022 and \u20ac1,812 million in 2021).
The following table summarizes the fair value of defined benefit obligations and the fair value of related plan assets:
At December 31,
2023
2022
(\u20ac million)
Present value of defined benefit obligations:
Pension benefits
\u20ac23,468
\u20ac23,652
Health care and life insurance plans
1,697
1,722
Other post-employment benefits
767
805
Total present value of defined benefit obligations (a)
25,932
26,179
Fair value of plan assets (b)
22,642
22,676
Asset ceiling (c)
248
28
Total net defined benefit plans (a - b + c)
3,538
3,531
of which:
Net defined benefit liability (d)
4,448
5,375
Defined benefit plan asset (Note 16)
(910)
(1,844)
Other provisions for employees (e)
1,025
1,061
Total Employee benefits liabilities (d + e)
\u20ac5,473
\u20ac6,436
Pension benefits
The Company\u2019s funding policy for defined benefits pension plans is to contribute the minimum amounts required by
applicable laws and regulations or to directly pay benefit payments where appropriate. In the U.S., these excess amounts are
tracked and the resulting credit balance can be used to satisfy minimum funding requirements in future years. At
December\u00a031, 2023, the combined credit balances for the U.S. and Canada qualified pension plans were approximately \u20ac1.2
billion, with the usage of the credit balances to satisfy minimum funding requirements subject to the plans maintaining
certain funding levels. During the year ended December\u00a031, 2023, the Company made pension contributions in the U.S. and
Canada totaling \u20ac1.0\u00a0billion. Contributions to the pension plans of the Company for 2024 are expected to be \u20ac84 million,
including both contributions to pension funds and direct benefit payments to employees. Of this amount, \u20ac37 million relates
to the U.S. and Canada, with \u20ac26\u00a0million being mandatory contributions and \u20ac11\u00a0million discretionary contributions, \u20ac10
million relates to the UK, and \u20ac13 million relates to Germany.
The expected benefit payments for pension plans are as follows:
Expected\u00a0benefit
payments
(\u20ac\u00a0million)
2024
\u20ac1,771
2025
\u20ac1,784
2026
\u20ac1,780
2027
\u20ac1,791
2028
\u20ac1,753
2029-2033
\u20ac8,523
The following table summarizes changes in pension plans:
2023
2022
US and
Canada
UK
France
and
Germany
Other
Total
US and
Canada
UK
France
and
Germany
Other
Total
(\u20ac million)
Projected benefit obligation
At beginning of period:
Present value
\u20ac(19,201)
\u20ac(1,545)
\u20ac(2,671)
\u20ac(235)
\u20ac(23,652)
\u20ac(24,197)
\u20ac(2,480)
\u20ac(3,141)
\u20ac(413)
\u20ac(30,231)
Effect of changes in scope of
consolidation and other
(1)
1
(1)
\u2014
(1)
22
1
(283)
34
(226)
Service cost
(99)
\u2014
(32)
(9)
(140)
(160)
\u2014
(57)
(11)
(228)
Interest cost
(980)
(69)
(94)
(17)
(1,160)
(729)
(44)
(46)
(9)
(828)
Benefit payments for the year
1,537
83
117
39
1,776
1,564
97
105
24
1,790
Participant contributions
(1)
\u2014
\u2014
\u2014
(1)
(1)
\u2014
\u2014
\u2014
(1)
Actuarial gains and (losses)
(165)
108
(128)
(4)
(189)
5,568
756
750
149
7,223
Demographic assumptions
and experience
10
(19)
(17)
(13)
(39)
58
(71)
(219)
(23)
(255)
Financial assumptions
(175)
127
(111)
9
(150)
5,510
827
969
172
7,478
Effect of changes in exchange
rates
610
(32)
\u2014
(13)
565
(1,265)
128
\u2014
(12)
(1,149)
Past service cost
(396)
(2)
\u2014
\u2014
(398)
(3)
(3)
\u2014
2
(4)
Effect of curtailments and
settlements/Other
(268)
\u2014
\u2014
\u2014
(268)
\u2014
\u2014
1
1
2
At period-end: Present value
\u20ac(18,964)
\u20ac(1,456)
\u20ac(2,809)
\u20ac(239)
\u20ac(23,468)
\u20ac(19,201)
\u20ac(1,545)
\u20ac(2,671)
\u20ac(235)
\u20ac(23,652)
Plan Assets
At beginning of period: Fair
value
\u20ac17,959
\u20ac1,989
\u20ac2,547
\u20ac181
\u20ac22,676
\u20ac21,856
\u20ac3,148
\u20ac3,238
\u20ac233
\u20ac28,475
Effect of changes in scope of
consolidation and other
\u2014
\u2014
\u2014
\u2014
\u2014
(29)
\u2014
264
(26)
209
Expected return on assets
920
90
90
8
1,108
660
56
47
2
765
Participant contributions
1
\u2014
\u2014
\u2014
1
1
\u2014
\u2014
\u2014
1
Administrative Expenses
(84)
(3)
\u2014
\u2014
(87)
(82)
(1)
\u2014
(1)
(84)
Actuarial gains and (losses)
560
(255)
(124)
(7)
174
(4,267)
(978)
(909)
(20)
(6,174)
Effect of changes in exchange
rates
(554)
41
\u2014
1
(512)
1,067
(165)
\u2014
2
904
Employer contributions
993
21
6
\u2014
1,020
309
26
8
2
345
Benefit payments for the year
(1,533)
(83)
(111)
(11)
(1,738)
(1,556)
(97)
(101)
(11)
(1,765)
At period-end: Fair value
\u20ac18,262
\u20ac1,800
\u20ac2,408
\u20ac172
\u20ac22,642
\u20ac17,959
\u20ac1,989
\u20ac2,547
\u20ac181
\u20ac22,676
2023
2022
US and
Canada
UK
France
and
Germany
Other
Total
US and
Canada
UK
France
and
Germany
Other
Total
(\u20ac million)
Present value of
projected benefit
obligation
\u20ac(18,964)
\u20ac(1,456)
\u20ac(2,809)
\u20ac(239)
\u20ac(23,468)
\u20ac(19,201)
\u20ac(1,545)
\u20ac(2,671)
\u20ac(235)
\u20ac(23,652)
Fair value of plan assets
18,262
1,800
2,408
172
22,642
17,959
1,989
2,547
181
22,676
Net (liability) asset
recognized in the balance
sheet before minimum
funding requirement
(IFRIC 14)
(702)
344
(401)
(67)
(826)
(1,242)
444
(124)
(54)
(976)
Minimum funding
requirement liability
(IFRIC 14)
(248)
\u2014
\u2014
\u2014
(248)
(28)
\u2014
\u2014
\u2014
(28)
Net (liability) asset
recognized in the balance
sheet
(950)
344
(401)
(67)
(1,074)
(1,270)
444
(124)
(54)
(1,004)
Of which, liability
(1,444)
(22)
(432)
(60)
(1,958)
(2,528)
(38)
(192)
(68)
(2,826)
Of which, asset
494
366
31
(7)
884
1,258
482
68
14
1,822
Amounts recognized in the Consolidated Income Statement were as follows:
Years ended December 31,
2023
2022
2021
(\u20ac million)
Current service cost
\u20ac140
\u20ac228
\u20ac238
Interest expense
1,160
828
678
Interest income
(1,108)
(765)
(588)
Other administration costs
87
83
73
Past service costs/(credits) and (gains)/losses arising from settlements/curtailments
666
3
(184)
Items relating to discontinued operations
\u2014
\u2014
\u2014
Total recognized in the Consolidated Income Statement
\u20ac945
\u20ac377
\u20ac217
During the year ended December 31, 2023, U.S. and Canada pension plans were amended for benefit changes made
under collective bargaining agreements negotiated with the UAW and Unifor and the associated prior service costs were
recognized in the Consolidated Income Statement in the amount of \u20ac396\u00a0million. In addition, voluntary separation packages
offered during 2023 resulted in pension plan curtailment charges of \u20ac268\u00a0million recognized within Restructuring costs.
During the year ended December 31, 2021, there was a prior service credit primarily due to an amendment to
benefits offered which incentivizes employees to elect lump sum or installment options over annuity payouts.
The fair value of plan assets by class was as follows:
At December 31,
2023
2022
Amount\u00a0
of\u00a0which\u00a0have\u00a0a
quoted\u00a0market
price\u00a0in\u00a0an\u00a0active
market
Amount\u00a0
of\u00a0which\u00a0have\u00a0a
quoted\u00a0market
price\u00a0in\u00a0an\u00a0active
market\u00a0
(\u20ac million)
Cash and cash equivalents
\u20ac1,943
\u20ac1,742
\u20ac961
\u20ac850
U.S. equity securities
671
669
908
906
Non-U.S. equity securities
516
516
641
641
Equity commingled funds
1,118
688
1,445
399
Equity instruments
2,305
1,873
2,994
1,946
Government securities
2,837
1,476
2,262
986
Corporate bonds (including convertible and high yield bonds)
4,414
217
4,333
14
Other fixed income
4,178
\u2014
4,950
37
Fixed income securities
11,429
1,693
11,545
1,037
Private equity funds
2,956
\u2014
2,965
\u2014
Diversified Commingled funds
47
\u2014
125
34
Real estate funds
1,288
\u2014
1,343
4
Hedge funds
2,308
\u2014
2,634
\u2014
Investment funds
6,599
\u2014
7,067
38
Insurance contracts and other
366
22
109
73
Total fair value of plan assets
\u20ac22,642
\u20ac5,330
\u20ac22,676
\u20ac3,944
Non-U.S. equity securities were invested broadly in developed international and emerging markets. Fixed income
securities were debt instruments primarily comprised of long-term U.S. Treasury and global government bonds, as well as
U.S., developed international and emerging market companies\u2019 debt securities diversified by sector, geography and through a
wide range of market capitalizations. Private equity funds included those in limited partnerships that invest primarily in the
equity of companies that are not publicly traded on a stock exchange. Private debt funds included those in limited
partnerships that invest primarily in the debt of companies and real estate developers. Commingled funds included common
collective trust funds, mutual funds and other investment entities. Real estate fund investments included those in limited
partnerships that invest in various commercial and residential real estate projects around the world. Hedge fund investments
included those seeking to maximize absolute return using a broad range of strategies to enhance returns and provide
additional diversification.
The investment strategies and objectives for pension assets primarily in the U.S., Canada, France, Germany and UK
reflected a balance of liability-hedging and return-seeking investment considerations. The investment objectives were to
minimize the volatility of the value of pension assets relative to pension liabilities and to ensure that assets were sufficient to
pay plan obligations. The objective of minimizing the volatility of assets relative to liabilities was addressed primarily
through asset diversification, partial asset-liability matching and hedging. Assets were broadly diversified across many asset
classes to achieve risk-adjusted returns that, in total, lower asset volatility relative to the liabilities. Additionally, in order to
minimize pension asset volatility relative to the pension liabilities, a portion of the pension plan assets were allocated to fixed
income securities. The Company policy for these plans ensured actual allocations were in line with target allocations as
appropriate.
Assets were actively monitored and managed primarily by external investment managers. Investment managers were
not permitted to invest outside of the asset class or strategy for which they had been appointed. The Company used
investment guidelines to ensure investment managers invested solely within the mandated investment strategy. Certain
investment managers used derivative financial instruments to mitigate the risk of changes in interest rates and foreign
currencies impacting the fair values of certain investments. Derivative financial instruments could also be used in place of
physical securities when it was more cost-effective and/or efficient to do so. Plan assets did not include the Company shares
or properties occupied by Stellantis companies, with the possible exception of commingled investment vehicles where the
Company did not control the investment guidelines.
Sources of potential risk in pension plan assets were related to market risk, interest rate risk and operating risk.
Market risk was mitigated by diversification strategies and as a result, there were no significant concentrations of risk in
terms of sector, industry, geography, market capitalization, manager or counterparty. Interest rate risk was mitigated by
partial asset-liability matching. The fixed income target asset allocation partially matched the bond-like and long-dated nature
of the pension liabilities. Interest rate increases generally will result in a decline in the fair value of the investments in fixed
income securities and the present value of the obligations. Conversely, interest rate decreases will generally increase the fair
value of the investments in fixed income securities and the present value of the obligations. Operating risks were mitigated
through ongoing oversight of external investment managers\u2019 style adherence, team strength and firm health.
The weighted average assumptions used to determine defined benefit obligations were as follows:
At December 31,
2023
2022
U.S.
Canada
UK
France
Germany
U.S.
Canada
UK
France
Germany
Discount rate
5.43%
4.64%
5.29%
4.46%
3.99%
5.40%
5.27%
4.52%
4.01%
3.56%
Future salary
increase rate
\u2014%
3.50%
2.70%
2.77%
2.80%
\u2014%
3.50%
2.55%
2.68%
2.80%
The average duration of U.S., Canada, UK, France and Germany liabilities was approximately 9, 10, 12, 7 and 16,
respectively.
Health care and life insurance plans
Liabilities arising from these unfunded plans comprised obligations for retiree health care and life insurance granted
to employees and to retirees only in the U.S. and Canada. Upon retirement from the Company, these employees may become
eligible for continuation of certain benefits. Benefits and eligibility rules may be modified periodically. The expected benefit
payments for unfunded health care and life insurance plans are as follows:
Expected\u00a0benefit\u00a0
payments
(\u20ac million)
2024
\u20ac120
2025
\u20ac119
2026
\u20ac119
2027
\u20ac119
2028
\u20ac119
2029-2033
\u20ac591
Changes in net defined benefit obligations for healthcare and life insurance plans were as follows:
2023
2022
(\u20ac million)
Present value of obligations at January\u00a01
\u20ac1,722
\u20ac2,258
Included in the Consolidated Income Statement
143
92
Included in Other comprehensive income:
Actuarial (gains)/losses from:
- Demographic and other assumptions
(25)
(45)
- Financial assumptions
40
(565)
Effect of movements in exchange rates
(53)
118
Other:
Benefits paid
(130)
(136)
December 31
\u20ac1,697
\u20ac1,722
Amounts recognized in the Consolidated Income Statement were as follows:
Years ended December 31,
2023
2022
2021
(\u20ac million)
Current service cost
\u20ac11
\u20ac21
\u20ac21
Interest expense
89
70
60
Past service costs/(credits) and losses/(gains) arising from settlements
43
1
\u2014
Total recognized in the Consolidated Income Statement
\u20ac143
\u20ac92
\u20ac81
During the year ended December 31, 2023, the U.S. plans were amended for benefit changes made under collective
bargaining agreements negotiated with the UAW and the associated prior service costs were recognized in the Consolidated
Income Statement in the amount of \u20ac32\u00a0million. In addition, voluntary separation packages offered during 2023 resulted in
OPEB plan curtailment charges of \u20ac11\u00a0million, recognized within Restructuring costs.
Health care and life insurance plans were accounted for on an actuarial basis, which required the selection of various
assumptions. In particular, it required the use of estimates of the present value of the projected future payments to all
participants, taking into consideration the likelihood of potential future events such as health care cost increases and
demographic experience.
The weighted average assumptions used to determine the defined benefit obligations were as follows:
At December 31,
2023
2022
U.S.
Canada
U.S.
Canada
Discount rate
5.51%
4.64%
5.54%
5.27%
Salary growth
2.50%
2.00%
1.50%
1.25%
Weighted average ultimate healthcare cost trend rate
3.95%
4.00%
4.00%
4.00%
The average duration of the U.S. and Canadian liabilities was approximately 11 and 13 years, respectively.
The annual rate of increase in the per capita cost of covered U.S. health care benefits assumed for the next year and
used in the 2023 plan valuation was 7.1 percent. The annual rate was assumed to decrease gradually to 3.9 percent through
2047 and remain at that level thereafter. The annual rate of increase in the per capita cost of covered Canadian health care
benefits assumed for next year and used in the 2023 plan valuation was 4.6 percent. The annual rate was assumed to decrease
gradually to 4.0 percent through 2040 and remain at that level thereafter.
Other post-employment benefits
Other post-employment benefits comprised other employee benefits granted to Company employees primarily in
Europe.
Changes in defined benefit obligations for other post-employment benefits were as follows:
2023
2022
(\u20ac million)
Present value of obligations at January\u00a01
\u20ac805
\u20ac1,125
Included in the Consolidated Income Statement
60
(34)
Included in Other comprehensive income:
Actuarial (gains)/losses from:
- Demographic and other assumptions
(27)
49
- Financial assumptions
(29)
(279)
Effect of movements in exchange rates
(4)
1
Other:
Benefits paid
(47)
(56)
Other changes
9
(1)
Present value of obligations at December\u00a031
\u20ac767
\u20ac805
As at December 31, 2023, the above Other post-employment benefit liability is net of plan assets of \u20ac290\u00a0million.
Amounts recognized in the Consolidated Income Statement were as follows:
Years ended December 31,
2023
2022
2021
(\u20ac million)
Current service cost
\u20ac31
\u20ac38
\u20ac95
Interest expense
34
12
10
Past service costs/(credits) and losses/(gains) arising from settlements
(5)
(84)
(82)
Total recognized in the Consolidated Income Statement
\u20ac60
\u20ac(34)
\u20ac23
Past service credits are primarily due to the impact on French plans of voluntary departures.
Other provisions for employees
Other provisions for employees primarily included long-term disability benefits, supplemental unemployment
benefits, variable and other deferred compensation, as well as bonuses granted for tenure at the Company.
Employee share purchase plan
During November 2023, the Company offered eligible employees the opportunity to become shareholders through a
specific employee share purchase plan. Under the plan eligible employees could subscribe to Stellantis shares, at a
subscription price of \u20ac14.52 corresponding to the average of the Company\u2019s closing share price on the 20 trading days
preceding the date of the decision setting the terms of the plan, less a 20 percent discount. The shares are locked up for a
period from 3 to 5 years. Employees bear the risk of fluctuations in the share price relative to the subscription price. In
relation to the plan a total of 4.4\u00a0million shares were subscribed. There was an increase in equity of \u20ac82\u00a0million and the total
cost of the plan was \u20ac36\u00a0million.
The data used to value the equity instruments were as follows:\u00a0
Dates right subscribed
From November 13 to November 30, 2023
Employee subscription price
\u20ac14.52
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-729": { "value": "
For the years ended December 31, 2023, 2022 and 2021, the continuing operations of the Company had an average
number of employees of 271,292, 282,926 and 292,434, respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-730": { "value": "
Amounts relating to IFRS 16 recognized in Profit before taxes
Amounts recognized within Profit before taxes were as follows:
Years ended December 31,
2023
2022
2021
(\u20ac million)
Depreciation of right-of-use assets
\u20ac607
\u20ac555
\u20ac529
Interest expense on lease liabilities
63
63
56
Variable lease payments not included in the
measurement of lease liabilities
3
5
5
Income from sub-leasing right-of-use assets
(109)
(108)
(95)
Expenses relating to short-term leases and to leases
of low-value assets
111
107
137
Gains arising from sale and leaseback transactions
(155)
(119)
(22)
Total expense recognized in Net profit from
continuing operations
\u20ac520
\u20ac503
\u20ac610
11.
Property, plant and equipment
Changes in Right-of-use assets are as follows:
Land
Buildings
Plant,
machinery and
equipment
Other assets
Total
(\u20ac million)
Balance at January 1, 2022
\u20ac22
\u20ac1,734
\u20ac349
\u20ac221
\u20ac2,326
Depreciation
(3)
(269)
(126)
(157)
(555)
Additions
\u2014
124
46
208
378
Divestitures
(2)
(196)
(7)
(7)
(212)
Change in the scope of consolidation
4
(11)
(3)
\u2014
(10)
Translation differences
1
59
11
9
80
Other
1
(40)
(5)
(2)
(46)
Balance at December 31, 2022
23
1,401
265
272
1,961
Depreciation
(4)
(248)
(114)
(241)
(607)
Additions
17
200
12
269
498
Divestitures
(4)
(52)
(6)
(4)
(66)
Change in the scope of consolidation
\u2014
15
\u2014
\u2014
15
Translation differences
\u2014
(24)
(2)
(8)
(34)
Other
1
17
(2)
1
17
Balance at December 31, 2023
\u20ac33
\u20ac1,309
\u20ac153
\u20ac289
\u20ac1,784
Lease liabilities
The following table summarizes the Company's current and non-current lease liabilities:
Lease liabilities included in the Statement of Financial Position
At December 31,
2023
2022
(\u20ac million)
Long-term debt (non-current)
\u20ac1,440
\u20ac1,625
Short-term debt and current portion of long-term debt (current)
\u20ac718
\u20ac634
Maturity analysis - contractual undiscounted cash flows
At December 31, 2023
(\u20ac million)
Due within one year
\u20ac818
Due between one and five years
824
Due beyond five years
795
Total undiscounted lease liabilities
\u20ac2,437
In addition, the Company entered into commitments relating to leases not yet commenced of \u20ac369 million, of which
the most significant relating to contracts in the U.S. and in Canada. In addition to the above, the Company entered into non-
cancellable short-term leases, which have not been classified as lease liabilities, of \u20ac59 million which is expected to be settled
within the next 12 months.
Amounts relating to IFRS 16 recognized in Consolidated Statement of Cash Flows
During the years ended December 31, 2023, 2022 and 2021, the total cash outflow for leases recognized in
accordance with IFRS 16 was \u20ac757 million, \u20ac626\u00a0million and \u20ac616\u00a0million, respectively, of which \u20ac693 million, \u20ac568
million and \u20ac566\u00a0million, respectively, related to cash payments for the principal portion of lease liabilities (recognized
within Cash flows from financing activities in the Consolidated Statement of cash flows) and \u20ac64 million, \u20ac58 million and
\u20ac50 million, respectively, related to cash payments for interest expense related to lease liabilities (recognized within Cash
flows from operating activities in the Consolidated Statement of cash flows).
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-732": { "value": "
13.
Financial assets
Financial assets consisted of the following:
At December 31,
2023
2022
Note
Current
Non-
current
Total
Current
Non-
current
Total
(\u20ac million)
Derivative financial assets
17
\u20ac17
\u20ac23
\u20ac40
\u20ac13
\u20ac21
\u20ac34
Financial securities measured at fair value through
other comprehensive income
24
59
356
415
96
62
158
Financial securities measured at fair value through
profit or loss
24
1,013
911
1,924
573
367
940
Financial securities measured at amortized cost
3,667
1,764
5,431
3,171
52
3,223
Financial receivables
2,023
158
2,181
469
158
627
Collateral deposits(1)
24
51
57
108
1
50
51
Total financial assets
\u20ac6,830
\u20ac3,269
\u20ac10,099
\u20ac4,323
\u20ac710
\u20ac5,033
______________________________________________________________________________________________________________________________
(1) Collateral deposits are held in connection with derivative transactions and debt obligations
Asset-backed financing
Asset-backed financing primarily represented the amount of financing received by Stellantis Financial Services U.S.
through securitization programs of \u20ac4,711 million, that will be settled through the collection of a portfolio of receivables
which originate from consumers.
The retail consumer contracts are pledged to special purpose entities as collateral.
The following table summarizes the asset-back financing amounts at December\u00a031, 2023 and 2022:
At December 31,
(\u20ac million)
Currency
Interest rate %
Maturity(1)
2023
2022
Warehouse Credit
Facilities:
SFS Funding I
USD
CP/SOFR+spread
Q3/2024
3,189
627
SFS Funding II
USD
CP/SOFR+spread
Q3/2024
109
10
FIARC
USD
SOFR+spread
Q2/2025
29
101
Term Notes:
Term Notes 2017-2020
USD
2.80%-7.07%
Q2/2027
36
114
Term Notes 2021-1
USD
0.89%-5.37%
Q2/2028
45
75
Term Notes 2021-2
USD
0.48%-3.14%
Q4/2028
98
158
Term Notes 2022-1
USD
2.03%-5.41%
Q2/2029
125
201
Term Notes 2022-2
USD
6.26%-8.71%
Q4/2029
151
241
Term Notes 2023-1
USD
5.89%-7.74%
Q1/2031
929
\u2014
Total
\u20ac4,711
\u20ac1,527
________________________________________________________________________________________________________________________________________________
(1) Final maturity of the commitment for the warehouse credit facilities and the expected date of the last payment for the Term Notes
Warehouse Credit Facilities
There are three revolving warehouse credit facilities used to finance loan originations by Stellantis Financial
Services U.S. The Company believes that the credit facilities will continue to be renewed or replaced, and that it will be able
to secure additional sources of financing on satisfactory terms; however, there can be no assurance that it will be able to do
so. In the event that the Company is unable to renew its facilities, the receivables pledged would amortize over time to pay
down the warehouse credit facilities; however, the Company would not be able to finance new receivables without alternative
sources of funding. Stellantis Financial Services U.S. uses interest rate derivatives in order to reduce the interest rate risk of
certain warehouse credit facilities.
The Company has three separate USD warehouse credit facilities. First Investors Auto Receivables Corporation
(\u201cFIARC\u201d) was implemented on August 31, 2012 and has a commitment through June 2025. The FIARC facility has a
capacity of \u20ac271\u00a0million ($300\u00a0million) and bears interest based on SOFR plus a spread. Stellantis Financial Services U.S.
has also implemented two additional separate warehouse credit facilities. The first Stellantis Financial Services U.S. facility,
SFS Funding, LLC, was implemented in August 2022 and matures in August 2024. The \u20ac2.3\u00a0billion ($2.5\u00a0billion)
commitment bears interest based on variable commercial paper rates plus a spread or one-month term SOFR, plus a spread.
The second Stellantis Financial Services U.S. facility, SFS Funding II, LLC, was implemented in August 2022 and matures in
August 2024. The \u20ac452\u00a0million ($500\u00a0million) commitment bears interest based on variable commercial paper rates plus a
spread or one-month term SOFR, plus a spread.
ABS Term Notes
ABS Term Notes are issued in various classes ranging from Class A to Class E Notes. These notes are sequentially
paid with Class A Notes paid first. The range in interest rates depends on the level of risk of loss and is determined by
investor interest in each class of the notes.
The terms governing the warehouse credit facilities and ABS Term Notes contains numerous covenants relating to
the issuer\u2019s business, the observance of certain financial covenants, the avoidance of certain levels of delinquency experience
and other matters. A breach of a covenant, if not cured within the time limits specified, could precipitate events of default that
might result in the acceleration of the ABS Term Notes or warehouse credit facilities. The Company was not in default with
respect to any financial and non-financial covenants governing these financing arrangements at December 31, 2023.
Refer to Note 24, Fair value measurement for additional information on fair and carrying values of assigned
receivables and related liabilities.
Other
Additionally, there is \u20ac67 million of debt relating to factoring transactions which do not meet the IFRS 9
derecognition requirements and are recognized within assets of the same amount as of December\u00a031, 2023 (\u20ac128 million at
December\u00a031, 2022) in the Consolidated Statement of Financial Position, refer to Note 16, Trade receivables, other assets,
prepaid expenses and tax receivables for additional information.
Debt secured by assets
At December\u00a031, 2023, debt secured by assets of the Company amounted to \u20ac79 million (\u20ac176 million at
December\u00a031, 2022), excluding the Lease liabilities and Asset-backed financing as described above, mainly related to
subsidized financing in South America and China and India & Asia Pacific.
The total carrying amount of assets acting as security for loans for the Company amounted to \u20ac806 million,
excluding the Right-of-use assets as described in Note 11, Property, plant and equipment, at December\u00a031, 2023 (\u20ac1,360
million at December\u00a031, 2022).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-731": { "value": "
13.
Financial assets
Financial assets consisted of the following:
At December 31,
2023
2022
Note
Current
Non-
current
Total
Current
Non-
current
Total
(\u20ac million)
Derivative financial assets
17
\u20ac17
\u20ac23
\u20ac40
\u20ac13
\u20ac21
\u20ac34
Financial securities measured at fair value through
other comprehensive income
24
59
356
415
96
62
158
Financial securities measured at fair value through
profit or loss
24
1,013
911
1,924
573
367
940
Financial securities measured at amortized cost
3,667
1,764
5,431
3,171
52
3,223
Financial receivables
2,023
158
2,181
469
158
627
Collateral deposits(1)
24
51
57
108
1
50
51
Total financial assets
\u20ac6,830
\u20ac3,269
\u20ac10,099
\u20ac4,323
\u20ac710
\u20ac5,033
______________________________________________________________________________________________________________________________
(1) Collateral deposits are held in connection with derivative transactions and debt obligations
16.
Trade receivables, other assets, prepaid expenses and tax receivables
Other assets and prepaid expenses consisted of the following:
At December 31
2023
2022
Current
Non-current
Total
Current
Non-current
Total
(\u20ac million)
Receivables from financing activities
\u20ac4,487
\u20ac4,507
\u20ac8,994
\u20ac2,153
\u20ac2,553
\u20ac4,706
Other receivables
4,311
1,628
5,939
3,506
1,730
5,236
Defined benefit plan assets (Note 20)
24
886
910
\u2014
1,844
1,844
Derivative operating assets
157
51
208
587
286
873
Prepaid expenses and other
1,309
622
1,931
1,303
310
1,613
Total other assets and prepaid expenses
\u20ac10,288
\u20ac7,694
\u20ac17,982
\u20ac7,549
\u20ac6,723
\u20ac14,272
The following table summarizes Receivables from financing activities, Other receivables, Derivative operating
assets and Tax receivables by due date:
At December 31,
2023
2022
Total
due\u00a0within
one year
(current)
Due
between
one\u00a0and
five years
Due
beyond
five years
Total due
after one
year
(non-
current)
Total
Total
due\u00a0within
one year
(current)
Due
between
one\u00a0and
five years
Due
beyond
five years
Total due
after one
year
(non-
current)
Total
(\u20ac million)
Receivables from
financing activities
\u20ac4,487
\u20ac3,273
\u20ac1,234
\u20ac4,507
\u20ac8,994
\u20ac2,153
\u20ac1,918
\u20ac635
\u20ac2,553
\u20ac4,706
Other receivables
4,311
1,498
130
1,628
5,939
3,506
1,614
116
1,730
5,236
Derivative operating
assets
157
51
\u2014
51
208
587
286
\u2014
286
873
Total
\u20ac8,955
\u20ac4,822
\u20ac1,364
\u20ac6,186
\u20ac15,141
\u20ac6,246
\u20ac3,818
\u20ac751
\u20ac4,569
\u20ac10,815
Tax receivables
\u20ac802
\u20ac84
\u20ac33
\u20ac117
\u20ac919
\u20ac543
\u20ac79
\u20ac33
\u20ac112
\u20ac655
Trade receivables
In addition to the amounts above, a further \u20ac49\u00a0million at December 31, 2023 (\u20ac1\u00a0million at December 31, 2022) of
trade receivables were measured at FVPL. Refer to Note 24, Fair value measurement for additional information.
Receivables from financing activities
In addition to the amounts above, a further \u20ac117\u00a0million at December\u00a031, 2023 (\u20ac259\u00a0million at December\u00a031, 2022)
of receivables from financing activities were measured at FVPL. Refer to Note 24, Fair value measurement.
17.
Derivative financial and operating assets and liabilities
The following table summarizes the fair value of the Company's derivative financial instruments:
At December 31,
2023
2022
Positive\u00a0fair
value
Negative\u00a0fair
value
Positive\u00a0fair
value
Negative\u00a0fair
value
(\u20ac million)
Fair value hedges:
Interest rate risk - interest rate swaps\u00a0
\u20ac26
\u20ac(1)
\u20ac\u2014
\u20ac\u2014
Interest rate and currency risk - combined interest rate and
currency swaps
\u2014
\u2014
\u2014
\u2014
Currency risk - forward contracts, currency swaps and
currency options
\u2014
\u2014
25
(22)
Commodity price risk \u2013 commodity swaps and commodity
options
\u2014
\u2014
\u2014
\u2014
Total Fair value hedges
26
(1)
25
(22)
Cash flow hedges:
Interest rate risk - interest rate swaps
\u2014
(28)
19
\u2014
Currency risks - forward contracts, currency swaps and
currency options
111
(331)
423
(266)
Commodity price risk \u2013 commodity swaps and commodity
options
36
(681)
406
(637)
Total Cash flow hedges
147
(1,040)
848
(903)
Net investment hedges:
Currency risks - forward contracts, currency swaps and
currency options
\u2014
\u2014
\u2014
\u2014
Total Net investment hedges
\u2014
\u2014
\u2014
\u2014
Derivatives for trading
75
(43)
34
(25)
Total Fair value of derivative financial assets/(liabilities)
\u20ac248
\u20ac(1,084)
\u20ac907
\u20ac(950)
Financial derivative assets/(liabilities) - current
\u20ac17
\u20ac(18)
\u20ac13
\u20ac(18)
Financial derivative assets/(liabilities) - non-current
\u20ac23
\u20ac(21)
\u20ac21
\u20ac\u2014
Derivative operating assets/(liabilities) - current
\u20ac157
\u20ac(746)
\u20ac587
\u20ac(708)
Derivative operating assets/(liabilities) - non-current
\u20ac51
\u20ac(299)
\u20ac286
\u20ac(224)
Derivatives used in financing activities are reported in the financial assets/liabilities, while derivatives used in
operating activities are reported in Other assets/liabilities.
The following table summarizes the outstanding notional amounts of the Company's derivative financial instruments
by due date:
At December 31,
2023
2022
Due\u00a0within
one year
Due
between
one\u00a0and
five
years
Due
beyond
five
years
Total
Due\u00a0within
one year
Due
between
one\u00a0and
five
years
Due
beyond
five
years
Total
(\u20ac million)
Currency risk management
\u20ac21,424
\u20ac6,263
\u20ac\u2014
\u20ac27,687
\u20ac22,142
\u20ac5,831
\u20ac\u2014
\u20ac27,973
Interest rate risk management
42
6,680
\u2014
6,722
220
830
\u2014
1,050
Interest rate and currency risk
management
37
28
\u2014
65
14
101
\u2014
115
Commodity price risk
management
2,809
2,196
\u2014
5,005
3,291
3,252
\u2014
6,543
Total Notional amount
\u20ac24,312
\u20ac15,167
\u20ac\u2014
\u20ac39,479
\u20ac25,667
\u20ac10,014
\u20ac\u2014
\u20ac35,681
Fair value hedges
The net gains and losses arising from the valuation of outstanding currency derivatives and interest rate derivatives
(for managing currency risk) were recognized in accordance with fair value hedge accounting and the net gains and losses
arising from the respective hedged items are summarized as follows:
Years ended December 31,
2023
2022
2021
(\u20ac million)
Currency and interest rate risk
Change in ineffective portion
\u20ac(1)
\u20ac(34)
\u20ac(16)
Interest rate risk
Change in ineffective portion
\u2014
\u2014
\u2014
Net gains/(losses)
\u20ac(1)
\u20ac(34)
\u20ac(16)
Ineffectiveness portion is recognized in Net financial expenses.
At December 31, 2023, the Company has outstanding interest rate derivatives classified as fair value hedges; in
particular, interest rate swaps that manages interest rate risk of certain bonds issued in Europe and in North America, with a
nominal amount of \u20ac3.3\u00a0billion. The accumulated amount of fair value hedge adjustment on the hedged item is negative and
equal to \u20ac28\u00a0million which offsets the equivalent positive effect related to the change in value of the hedging derivatives.
Cash flow hedges
Amounts recognized in the Consolidated Income Statement mainly related to currency risk management and
commodity price risk management and, to a lesser extent, cash flows that were exposed to interest rate risk.
The Company's policy for managing currency risk and commodity price risk normally required hedging of projected
future flows from trading activities which will occur within the following twenty-four and thirty-six months respectively. The
hedging effect arising from this was recorded in the Cash flow hedge reserve within Other comprehensive (loss)/income and
would be subsequently recognized in the Consolidated Income Statement, primarily during the following years, in particular,
two years for currency risk and three years for commodity price risk.
For the year ended December\u00a031, 2023 net gains of \u20ac4 million related to ineffectiveness were recognized in the
Consolidated Income Statement (net losses \u20ac6 million for the year ended December\u00a031, 2022 and net gains \u20ac2 million for the
year ended December\u00a031, 2021).
The Company reclassified gains/(losses) arising on Cash flow hedges, net of the tax effect, from Other
comprehensive income and Inventories to the Consolidated Income Statement as follows:
Years ended December 31,
2023
2022
2021
(\u20ac million)
Currency risk
(Increase)/decrease in Cost of revenues
\u20ac(101)
\u20ac(111)
\u20ac(82)
Net financial income/(expenses)
\u2014
\u2014
(86)
Result from investments
7
(10)
20
Interest rate risk
(Increase)/decrease in Cost of revenues
\u2014
\u2014
\u2014
Result from investments
44
(59)
(6)
Net financial income/(expenses)
\u2014
\u2014
2
Commodity price risk
(Increase)/decrease in Cost of revenues
(435)
464
18
Ineffectiveness and discontinued hedges
4
(6)
2
Tax expense
77
(99)
5
Total recognized in the Consolidated Income Statement
\u20ac(404)
\u20ac179
\u20ac(127)
Net investment hedges
In order to manage the Company\u2019s foreign currency risk related to its investments, the Company enters into hedges
of a net investment in a foreign operation, in particular foreign currency swaps, forward contracts and currency options. For
the year ended December 31, 2023, losses of \u20ac12\u00a0million (gains of \u20ac100\u00a0million for the year ended December 31, 2022 and
nil for the year ended December 31, 2021) related to the hedges of a net investment in foreign operation were recognized in
the Consolidated Statement of Other Comprehensive Income within E xchange differences on translating foreign operations
differences. There was no ineffectiveness for the year ended December 31, 2023.
Derivatives for trading
At December\u00a031, 2023, 2022 and 2021, Derivatives for trading primarily consisted of derivative contracts entered
into for hedging purposes which did not qualify for hedge accounting.
Information on the Company's risk management strategy and additional information on its hedging activities is
provided in Note 31, Qualitative and quantitative information on financial risks.
18.
Cash and cash equivalents
Cash and cash equivalents consisted of the following:
At December 31,
2023
2022
(\u20ac million)
Cash at banks
\u20ac8,981
\u20ac9,836
Money market securities measured at FVTPL
17,691
20,870
Other cash equivalents
16,997
15,727
Total Cash and cash equivalents
\u20ac43,669
\u20ac46,433
24.
Fair value measurement
Assets and liabilities that are measured at fair value on a recurring basis
The following table shows the fair value hierarchy, based on observable and unobservable inputs, for financial assets
and liabilities measured at fair value on a recurring basis:
At December 31,
2023
2022
Note
Level 1
Level\u00a02
Level\u00a03
Total
Level 1
Level\u00a02
Level\u00a03
Total
(\u20ac million)
Financial securities and equity
instruments measured at FVOCI
13
\u20ac110
\u20ac23
\u20ac282
\u20ac415
\u20ac99
\u20ac19
\u20ac40
\u20ac158
Financial securities and equity
instruments measured at FVPL
13
1,041
\u2014
883
1,924
726
\u2014
214
940
Derivative financial assets
17
\u2014
40
\u2014
40
2
30
2
34
Derivative operating assets
17
\u2014
208
\u2014
208
\u2014
873
\u2014
873
Collateral deposits
13
108
\u2014
\u2014
108
51
\u2014
\u2014
51
Receivables from financing
activities
16
\u2014
\u2014
117
117
\u2014
\u2014
259
259
Trade receivables
16
\u2014
49
\u2014
49
\u2014
1
\u2014
1
Other receivables
16
\u2014
\u2014
76
76
\u2014
\u2014
89
89
Money market securities
18
17,691
\u2014
\u2014
17,691
20,869
\u2014
1
20,870
Total Assets
\u20ac18,950
\u20ac320
\u20ac1,358
\u20ac20,628
\u20ac21,747
\u20ac923
\u20ac605
\u20ac23,275
Derivative financial liabilities
17
\u2014
39
\u2014
39
\u2014
18
\u2014
18
Derivative operating liabilities
17
\u2014
1,005
40
1,045
\u2014
883
49
932
Total Liabilities
\u20ac\u2014
\u20ac1,044
\u20ac40
\u20ac1,084
\u20ac\u2014
\u20ac901
\u20ac49
\u20ac950
The fair value of derivative financial assets and liabilities was measured by taking into consideration market
parameters at the balance sheet date and using valuation techniques widely accepted in the financial business environment, as
described below:
\u2022 the fair value of forward contracts, swaps and options hedging currency risk was determined by using valuation
techniques common in the financial markets and taking market parameters at the balance sheet date (in
particular, exchange rates, interest rates and volatility rates);
\u2022 the fair value of interest rate swaps and forward rate agreements was determined by taking the prevailing
interest rates at the balance sheet date and using the discounted expected cash flow method;
\u2022 the fair value of combined interest rate and currency swaps was determined using the exchange and interest
rates prevailing at the balance sheet date and the discounted expected cash flow method; and
\u2022 the fair value of swaps and options hedging commodity price risk was determined by using valuation techniques
common in the financial markets and taking market parameters at the balance sheet date (in particular,
underlying prices, interest rates and volatility rates).
The fair value of money market securities was also based on available market quotations.
The fair value of Receivables from financing activities, which are classified in Level 3 of the fair value hierarchy,
was estimated using discounted cash flow models. The most significant inputs used in this measurement were market
discount rates that reflected conditions applied in various reference markets on receivables with similar characteristics,
adjusted in order to take into account the credit risk of the counterparties.
The fair value of Other receivables is classified in Level 3 of the fair value hierarchy and was estimated using
discounted cash flow models. The most significant inputs used in this measurement were market discount rates.
For assets and liabilities recognized in the financial statements at fair value on a recurring basis, the Company
determined whether transfers occurred between levels in the hierarchy by re-assessing categorization at the end of each
reporting period.
The following table provides a reconciliation of the changes in items measured at fair value and categorized within
Level 3:
Receivables
from
financing
activities
Financial
securities
Derivative\u00a0
financial
assets/
(liabilities)
Collateral
deposits
Money
market
securities
Other
receivables
(\u20ac million)
At January 1, 2023
\u20ac259
\u20ac254
\u20ac(48)
\u20ac\u2014
\u20ac1
\u20ac89
Change in scope of consolidation
(28)
Gains/(Losses) recognized in
Consolidated Income Statement
\u2014
1
\u2014
\u2014
\u2014
(13)
Losses recognized in Other
comprehensive income/(loss)
\u2014
(151)
8
\u2014
\u2014
\u2014
Issues/Settlements
(142)
\u2014
\u2014
\u2014
\u2014
\u2014
Purchases/Sales
\u2014
1,089
\u2014
\u2014
\u2014
\u2014
Transfers to Assets/(Liabilities) held for
sale
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transfers from Level 3
\u2014
\u2014
\u2014
\u2014
(1)
\u2014
At December 31, 2023
\u20ac117
\u20ac1,165
\u20ac(40)
\u20ac\u2014
\u20ac\u2014
\u20ac76
Receivables
from
financing
activities
Financial
securities
Derivative\u00a0
financial
assets/
(liabilities)
Collateral
deposits
Money
market
securities
Other
receivables
(\u20ac million)
At January 1, 2022
\u20ac252
\u20ac142
\u20ac(11)
\u20ac15
\u20ac12
\u20ac134
Gains recognized in Other
comprehensive income/(loss)
\u2014
5
4
\u2014
\u2014
20
Losses recognized in Consolidated
Income Statement
\u2014
\u2014
(41)
\u2014
\u2014
\u2014
Issues/Settlements
7
\u2014
\u2014
\u2014
\u2014
\u2014
Purchases/Sales
\u2014
58
\u2014
\u2014
(11)
\u2014
Transfers to Assets/(Liabilities) held for
sale
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transfers from Level 3
\u2014
49
\u2014
(15)
\u2014
(65)
At December 31, 2022
\u20ac259
\u20ac254
\u20ac(48)
\u20ac\u2014
\u20ac1
\u20ac89
The gains/(losses) included in the Consolidated Income Statements were recognized within Net financial expenses
and SG&A. Of the total gains/(losses) recognized in Other comprehensive income, \u20ac8\u00a0million were recognized within Cash
flow reserves ( \u20ac41\u00a0million at December 31, 2022),\u00a0\u20ac230\u00a0million were recognized within Currency translation differences (nil
at December 31, 2022) and \u20ac79\u00a0million were recognized within Gains and losses from remeasurement of financial assets (nil
at December 31, 2022).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-733": { "value": "
14.
Inventories
At December 31,
2023
2022
(\u20ac million)
Finished goods and goods for resale
\u20ac12,064
\u20ac8,304
Work-in-progress, raw materials and manufacturing supplies
9,136
8,781
Amount due from customers for contract work
214
275
Total Inventories
\u20ac21,414
\u20ac17,360
The increase in total inventories in 2023 compared to 2022 is mostly driven by new vehicles reflecting a
stabilization following a 2020-2022 period characterized by significant supply constraints and additional raw materials
inventories to secure production.
The amount of inventory write-downs recognized primarily within Cost of revenues during the years ended
December\u00a031, 2023, 2022 and 2021 was \u20ac505 million, \u20ac397 million and \u20ac479 million, respectively. These mainly relate to
finished goods.
The Construction contracts, net asset/(liability) related to the design and production of industrial automation systems
and related products and is summarized as follows:
At December 31,
2023
2022
(\u20ac million)
Aggregate amount of costs incurred and recognized profits (less recognized losses) to date
\u20ac766
\u20ac826
Less: Progress billings
659
662
Construction contracts, net asset/(liability)
\u20ac107
\u20ac164
Construction contract assets
214
275
Less: Construction contract liabilities (Note 23)
107
111
Construction contracts, net asset/(liability)
\u20ac107
\u20ac164
Changes in the Company's construction contracts, net asset/(liability) for the year ended December\u00a031, 2023, were as
follows:
At January 1,
2023
Advances
received from
customers
Amounts
recognized within
revenue
At December 31,
2023
(\u20ac million)
Construction contracts, net asset/(liability)
\u20ac164
\u20ac(766)
\u20ac709
\u20ac107
At December\u00a031, 2023, the entire amount of Construction contracts, net asset/(liability) was expected to be
recognized as revenue in the following 12 months.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-734": { "value": "
14.
Inventories
The Construction contracts, net asset/(liability) related to the design and production of industrial automation systems
and related products and is summarized as follows:
At December 31,
2023
2022
(\u20ac million)
Aggregate amount of costs incurred and recognized profits (less recognized losses) to date
\u20ac766
\u20ac826
Less: Progress billings
659
662
Construction contracts, net asset/(liability)
\u20ac107
\u20ac164
Construction contract assets
214
275
Less: Construction contract liabilities (Note 23)
107
111
Construction contracts, net asset/(liability)
\u20ac107
\u20ac164
Changes in the Company's construction contracts, net asset/(liability) for the year ended December\u00a031, 2023, were as
follows:
At January 1,
2023
Advances
received from
customers
Amounts
recognized within
revenue
At December 31,
2023
(\u20ac million)
Construction contracts, net asset/(liability)
\u20ac164
\u20ac(766)
\u20ac709
\u20ac107
At December\u00a031, 2023, the entire amount of Construction contracts, net asset/(liability) was expected to be
recognized as revenue in the following 12 months.
23.
Other liabilities
Other liabilities consisted of the following:
At December 31,
2023
2022
Current
Non-
current
Total
Current
Non-
current
Total
(\u20ac million)
Payables for buy-back agreements
\u20ac1,877
\u20ac4,645
\u20ac6,522
\u20ac1,968
\u20ac4,931
\u20ac6,899
Accrued expenses and deferred income
4,778
751
5,529
3,620
149
3,769
Indirect tax payables
1,426
15
1,441
1,563
23
1,586
Payables to personnel
2,658
4
2,662
2,700
6
2,706
Social security payables
567
15
582
633
14
647
Construction contract liabilities
(Note 14)
107
\u2014
107
111
\u2014
111
Service contract liability
808
2,160
2,968
948
2,255
3,203
Derivatives operating liability
746
299
1,045
708
224
932
Other
2,603
176
2,779
2,277
527
2,804
Total Other liabilities
\u20ac15,570
\u20ac8,065
\u20ac23,635
\u20ac14,528
\u20ac8,129
\u20ac22,657
Service contract liability
The service contract liability was mainly comprised of maintenance plans and extended warranties. Changes in the
Company's service contract liability for the year ended December\u00a031, 2023, were as follows:
At January 1,
2023
Advances
received from
customers
Amounts
recognized
within revenue
Transfers to
Assets/
(Liabilities)
held for sale
Other Changes
At December
31, 2023
(\u20ac million)
Service contract liability
\u20ac3,203
\u20ac1,198
\u20ac(1,272)
\u20ac\u2014
\u20ac(161)
\u20ac2,968
Of the total Service contract liability at December\u00a031, 2023, the Company expected to recognize approximately
\u20ac1,015\u00a0million in 2024, \u20ac767\u00a0million in 2025, \u20ac588\u00a0million in 2026 and \u20ac598\u00a0million thereafter.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-735": { "value": "
15.
Working capital
Years ended December 31,
2023
2022
2021
(\u20ac million)
(Increase)/decrease in inventories
\u20ac(4,388)
\u20ac(5,606)
\u20ac2,201
(Increase)/decrease in trade receivables
(2,249)
(1,986)
246
Increase/(decrease) in trade payables
1,058
4,165
(1,273)
Other changes
107
(1,054)
38
Total change in working capital
\u20ac(5,472)
\u20ac(4,481)
\u20ac1,212
The change in working capital in 2023 of \u20ac5,472 million includes (i) an increase of \u20ac4,388 million in inventories
mostly driven by new vehicles reflecting a stabilization following a 2020-2022 period characterized by significant supply
constraints and additional raw materials inventories to secure production, (ii) an increase of \u20ac2,249 million in trade
receivables mainly reflecting the ongoing plan of factoring reduction, partially offset by (iii) an increase of \u20ac1,058 million in
trade payables, primarily reflecting inventories increase and (iv) an increase of \u20ac107 million in other payables net of other
receivables.
30.
Explanatory notes to the Consolidated Statement of Cash Flows
Non-cash items
For the year ended December\u00a031, 2023, non-cash items of \u20ac8,775 million primarily included: (i) \u20ac7,549 million for
depreciation and amortization expense, (ii) \u20ac701 million change in deferred taxes resulting primarily from a decrease in
deferred tax assets (Refer to Note 7 , Tax expense/(benefit) for additional information), (iii) \u20ac720 million in other non-cash
items mainly referred to impairments and hyperinflation impacts, partially offset by (iv) \u20ac195 million gains on disposal of
equity investments and other assets.
For the year ended December\u00a031, 2022, non-cash items of \u20ac6,285\u00a0million primarily included: (i) \u20ac6,797\u00a0million for
depreciation and amortization expense, partially offset by (ii) a \u20ac711\u00a0million change in deferred taxes resulting primarily
from the recognition of deferred tax assets previously unrecognized (Refer to Note 7, Tax expense/(benefit) for additional
information).
For the year ended December 31, 2021, non-cash items of \u20ac5,195\u00a0million primarily included: (i) \u20ac5,871\u00a0million for
depreciation and amortization expense and (ii) a \u20ac654\u00a0million change in deferred taxes impacted by the recognition of
deferred tax assets previously unrecognized primarily in France and Germany (Refer to Note 7, Tax expense/(benefit) for
additional information).
Operating activities
For the year ended December\u00a031, 2023, net cash from operating activities of \u20ac22,485 million was primarily the
result of: (i) net profit from continuing operations of \u20ac18,625 million adjusted by: (1) non-cash items of \u20ac8,775 million, (2)
net increase in provisions of \u20ac2,460 million, mainly attributable to sales incentives in North America and Enlarged Europe,
(3) the negative effect of the change in working capital of \u20ac5,472\u00a0million, which was mainly due to (i) an increase of
\u20ac4,388\u00a0million in inventories mostly driven by new vehicles reflecting a stabilization following a 2020-2022 period
characterized by significant supply constraints and additional raw materials inventories to secure production and (ii) an
increase of \u20ac2,249\u00a0million in trade receivables primarily due to the ongoing plan of factoring reduction, partially offset by
(iii) an increase of \u20ac1,058\u00a0million in trade payables, primarily reflecting inventories increase and by (iv) an increase of
\u20ac107\u00a0million in other payables net of other receivables.
For the year ended December\u00a031, 2022, net cash from operating activities of \u20ac19,959\u00a0million was primarily the
result of: (i) net profit from continuing operations of \u20ac16,779\u00a0million adjusted by: (1) non-cash items of \u20ac6,285\u00a0million, (2)
net increase in provisions of \u20ac1,906\u00a0million mainly attributable to product warranty, sales incentives and accruals for
restructuring and CAFE penalty rates, (3) the negative effect of the change in working capital of \u20ac4,481\u00a0million, which was
mainly driven by (i) an increase of \u20ac5,606\u00a0million in inventories, reflecting increases in raw materials and components costs
and safety stock, as well as an increase in new vehicle inventory levels mainly as a result of logistic challenges, (ii) an
increase of \u20ac1,986\u00a0million in trade receivables primarily due to a reduction in level of factoring, (iii) an increase of
\u20ac1,054\u00a0million in other receivables net of other payables mainly due to advances to suppliers and indirect taxes in Enlarged
Europe, partially offset by (iv) an increase of \u20ac4,165\u00a0million in trade payables, primarily reflecting increases in both
inventories and costs of raw materials and components.
For the year ended December 31, 2021, net cash from operating activities of \u20ac18,646\u00a0million was primarily the
result of: (i) net profit from continuing operations of \u20ac13,218\u00a0million adjusted by: (1) non-cash items of \u20ac5,195\u00a0million, (2)
the positive effect of the change in working capital of \u20ac1,212\u00a0million, which was mainly driven by (i) a decrease of
\u20ac2,201\u00a0million in inventories, primarily in Enlarged Europe and North America, (ii) a decrease of \u20ac246\u00a0million in trade
receivables, partially offset by (iii) a decrease of \u20ac1,273\u00a0million in trade payables, primarily due to reduced volumes of
production in Enlarged Europe and North America.
Investing activities
For the year ended December\u00a031, 2023, net cash used in investing activities of \u20ac15,047 million was primarily the
result of (1) \u20ac10,193\u00a0million of investment in property, plant and equipment and intangible assets, including \u20ac4,184 million of
capitalized development expenditures, partially offset by \u20ac1,068\u00a0million increase in payables related to the investments in
properties, plant and equipment and intangible assets, (2) an increase in receivables from financing activities of
\u20ac3,834\u00a0million, which was mainly attributable to increased retail and dealer financing of Stellantis Financial Services U.S.
and dealer financing in Brazil, (3) acquisitions of subsidiaries and equity method investments for \u20ac3,885\u00a0million primarily
relating to (i) the investment in Leapmotor for \u20ac1,419\u00a0million, (ii) the capital contributions to Starplus Energy, NextStar
Energy, Symbio and Punch Powertrain for total \u20ac1,222\u00a0million, (iii) the capital contributions to and acquisitions of financial
services entities for \u20ac263\u00a0million, (iv) acquisition of ownership in South American companies, primarily in raw materials and
renewable energy, for \u20ac603\u00a0million, (Refer to Note 3, Scope of consolidation for additional information), partially offset by
the disposal of property, plant and equipment of \u20ac533 million and of investments in subsidiaries and associates of \u20ac1,457
million, including the net proceeds from the disposal of FCA Bank for \u20ac1,090\u00a0million.
For the year ended December\u00a031, 2022, net cash used in investing activities of \u20ac10,531\u00a0million was primarily the
result of (1) \u20ac8,615\u00a0million of investment in property, plant and equipment and intangible assets, including \u20ac3,487\u00a0million of
capitalized development expenditures, (2) \u20ac399\u00a0million decrease in payables related to the investments in properties, plant
and equipment and intangible assets, (3) an increase in receivables from financing activities of \u20ac1,413\u00a0million, which was
mainly attributable to increased retail financing of Stellantis Financial Services U.S. and dealer financing in Brazil, (4)
acquisitions of consolidated subsidiaries and equity method investments for \u20ac666\u00a0million including primarily the controlling
interest in aiMotive, Share Now and Stimcar Holding and the capital contribution paid to StarPlus Energy LLC (Refer to
Note 3, Scope of consolidation for additional information), partially offset by the disposal of property, plant and equipment of
\u20ac545\u00a0million and of investments in subsidiaries and associates of \u20ac235\u00a0million.\u00a0
For the year ended December 31, 2021, net cash from investing activities of \u20ac8,674\u00a0million was primarily the result
of (1) cash and cash equivalents of FCA at the date of the merger of \u20ac22,514\u00a0million, (2) \u20ac8,687\u00a0million of investment in
property, plant and equipment and intangible assets, including \u20ac3,116\u00a0million of capitalized development expenditures, (2)
\u20ac1,426\u00a0million decrease in payables related to the investments in properties, plant and equipment and intangible assets, and
(3) an increase in receivables from financing activities of \u20ac306\u00a0million, which was mainly attributable to higher volumes of
activity in South America and China, and (4) \u20ac726\u00a0million of acquisitions of consolidated subsidiaries net of their cash and
equity method investments, including \u20ac147\u00a0million relating to the acquisition of First Investors Financial Services Group and
\u20ac196\u00a0million capital injection in GAC-Stellantis JV. Investing activities also include the reduction of \u20ac3,115\u00a0million in cash
and cash equivalents held by Faurecia at loss of control.
Financing activities
For the year ended December\u00a031, 2023, net cash used in financing activities of \u20ac9,200 million resulted primarily
from (1) the net decrease in long-term debt of \u20ac214 million including (i) the repayment of bonds at maturity for \u20ac3,277
million which are partially offset by the issuance of bonds for \u20ac2,500 million, (ii) new long-term debt for \u20ac1,668 million,
partially offset by repayments for \u20ac1,105 million, (2) the distribution of dividends to shareholders of \u20ac4,208 million, (3) the
increase in securities of \u20ac2,754 million primarily attributable to the investment in marketable debt securities by our central
treasury companies, (4) the purchase of treasury shares for \u20ac2,434 million as a result of the share buyback program for
\u20ac1,500\u00a0million and the purchase of a portion of the shares held by Dongfeng for \u20ac934\u00a0million (Refer to Note 27, Equity for
additional information), and (5) the changes in short-term debt and other financial assets and liabilities for positive \u20ac328
million.
For the year ended December\u00a031, 2022, net cash used in financing activities of \u20ac13,167\u00a0million resulted primarily
from (1) the net decrease in long-term debt of \u20ac6,480\u00a0million including (i) the repayment of \u20ac6,300\u00a0million Intesa San Paolo
credit facility and of other long-term debt for \u20ac1,448\u00a0million, (ii) the repayment of bonds at maturity for \u20ac1,350\u00a0million,
partially offset by the issuance of bonds for \u20ac2,231\u00a0million and new long-term debt for \u20ac387\u00a0million, (2) the distribution of
dividends to Shareholders of \u20ac3,353\u00a0million, (3) the increase in securities of \u20ac2,069\u00a0million mainly driven by the investment
of liquidity in financial assets which do not meet all the condition to be classified as cash equivalents, (4) the purchase of
treasury shares for \u20ac923\u00a0million as a result of the exercise of GM Warrants (Refer to Note 27, Equity for additional
information), and (5) the changes in short-term debt and other financial assets and liabilities for negative \u20ac400\u00a0million.
For the year ended December 31, 2021, net cash used in financing activities of \u20ac1,366\u00a0million resulted primarily
from (1) the distribution to Shareholders of \u20ac4,204\u00a0million, including (i) \u20ac2,897\u00a0million for an extraordinary distribution to
FCA shareholders in accordance with the merger agreement, (ii) \u20ac1,000\u00a0million extraordinary distribution to Stellantis
shareholders and (iii) \u20ac302\u00a0million distributed in cash as part of the Faurecia distribution (refer to Note 3, Scope of
consolidation for additional information), (2) the repayment at maturity of a bond issued by FCA for \u20ac1,000\u00a0million, (3) the
repayment of other long-term debt for \u20ac637\u00a0million, (4) \u20ac610\u00a0million increase in investments in securities primarily by the
treasury companies in North America, and (5) \u20ac846\u00a0million in net decrease in short-term debt. These were partially offset by
the proceed from the issuance of notes under the EMTN Program for \u20ac3,671\u00a0million (\u20ac3,750\u00a0million nominal) and in North
America for \u20ac1,770\u00a0million (US$2.0\u00a0billion) (Refer to Note 22, Debt for additional information) and from new long-term
debt for \u20ac309\u00a0million.
The following is a reconciliation of liabilities arising from financing activities for the years ended December 31,
2023 and 2022:
Years ended December 31,
2023
2022
(\u20ac million)
Total Debt at January 1
\u20ac27,153
\u20ac33,581
Add: Derivative (assets)/liabilities and collateral at January 1
(67)
(1,205)
Add: Securities and financial receivables at January 1
(4,176)
(839)
Total Liabilities from financing activities at January 1
\u20ac22,910
\u20ac31,537
Cash flows
(2,640)
(8,949)
Foreign exchange effects
(250)
397
Fair value changes
468
(110)
Changes in scope of consolidation
955
389
Transfer to (Assets)/Liabilities held for sale
(122)
\u2014
Other changes
(1,324)
(354)
Total Liabilities from financing activities at December 31
\u20ac19,997
\u20ac22,910
Less: Derivative (assets)/liabilities and collateral at December 31
(109)
(67)
Less: Securities and financial receivables at December 31
(9,357)
(4,176)
Total Debt at December 31
\u20ac29,463
\u20ac27,153
Dividends received, interest expense and taxes paid
During the years ended December 31, 2023, 2022 and 2021, the Company paid interest of \u20ac1,126\u00a0million and
received interest of \u20ac2,917\u00a0million, \u20ac937\u00a0million and \u20ac1,201\u00a0million, \u20ac1,185\u00a0million and \u20ac347\u00a0million, respectively. Amounts
indicated are also inclusive of interest rate differentials paid or received on interest rate derivatives.
During the years ended December 31, 2023, 2022 and 2021, the Company made income tax payments, net of
refunds, totaling \u20ac2,649\u00a0million, \u20ac2,860\u00a0million and \u20ac2,170\u00a0million, respectively.
During the years ended December 31, 2023, 2022 and 2021, the Company received dividends of \u20ac312\u00a0million,
\u20ac217\u00a0million and \u20ac405\u00a0million, respectively.
Amounts relating to IFRS 16 recognized in Consolidated Statement of Cash Flows
During the years ended December 31, 2023, 2022 and 2021, the total cash outflow for leases recognized in
accordance with IFRS 16 was \u20ac757 million, \u20ac626\u00a0million and \u20ac616\u00a0million, respectively, of which \u20ac693 million, \u20ac568
million and \u20ac566\u00a0million, respectively, related to cash payments for the principal portion of lease liabilities (recognized
within Cash flows from financing activities in the Consolidated Statement of cash flows) and \u20ac64 million, \u20ac58 million and
\u20ac50 million, respectively, related to cash payments for interest expense related to lease liabilities (recognized within Cash
flows from operating activities in the Consolidated Statement of cash flows).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-740": { "value": "
16.
Trade receivables, other assets, prepaid expenses and tax receivables
Other assets and prepaid expenses consisted of the following:
At December 31
2023
2022
Current
Non-current
Total
Current
Non-current
Total
(\u20ac million)
Receivables from financing activities
\u20ac4,487
\u20ac4,507
\u20ac8,994
\u20ac2,153
\u20ac2,553
\u20ac4,706
Other receivables
4,311
1,628
5,939
3,506
1,730
5,236
Defined benefit plan assets (Note 20)
24
886
910
\u2014
1,844
1,844
Derivative operating assets
157
51
208
587
286
873
Prepaid expenses and other
1,309
622
1,931
1,303
310
1,613
Total other assets and prepaid expenses
\u20ac10,288
\u20ac7,694
\u20ac17,982
\u20ac7,549
\u20ac6,723
\u20ac14,272
The following table summarizes Receivables from financing activities, Other receivables, Derivative operating
assets and Tax receivables by due date:
At December 31,
2023
2022
Total
due\u00a0within
one year
(current)
Due
between
one\u00a0and
five years
Due
beyond
five years
Total due
after one
year
(non-
current)
Total
Total
due\u00a0within
one year
(current)
Due
between
one\u00a0and
five years
Due
beyond
five years
Total due
after one
year
(non-
current)
Total
(\u20ac million)
Receivables from
financing activities
\u20ac4,487
\u20ac3,273
\u20ac1,234
\u20ac4,507
\u20ac8,994
\u20ac2,153
\u20ac1,918
\u20ac635
\u20ac2,553
\u20ac4,706
Other receivables
4,311
1,498
130
1,628
5,939
3,506
1,614
116
1,730
5,236
Derivative operating
assets
157
51
\u2014
51
208
587
286
\u2014
286
873
Total
\u20ac8,955
\u20ac4,822
\u20ac1,364
\u20ac6,186
\u20ac15,141
\u20ac6,246
\u20ac3,818
\u20ac751
\u20ac4,569
\u20ac10,815
Tax receivables
\u20ac802
\u20ac84
\u20ac33
\u20ac117
\u20ac919
\u20ac543
\u20ac79
\u20ac33
\u20ac112
\u20ac655
Trade receivables
Trade receivables are shown net of an ECL allowance, calculated using the simplified approach. Changes in the
allowance for trade receivables were as follows:
At January 1,
2023
Provision
Use\u00a0and
other changes
Transferred to
Assets held for
sale
At December
31, 2023
(\u20ac million)
ECL allowance - Trade receivables
\u20ac562
\u20ac219
\u20ac(230)
\u20ac\u2014
\u20ac551
Trade receivables of an immaterial amount were written off during the year ended December\u00a031, 2023, and are still
subject to enforcement activities.
The following table provides information about the exposure to credit risk and ECLs for trade receivables:
At December 31,
2023
2022
Current and
less than 90
days past
due
90 days or
more past
due
Total
Current and
less than 90
days past
due
90 days or
more past
due
Total
(\u20ac million)
Gross amount
\u20ac5,964
\u20ac964
\u20ac6,928
\u20ac4,820
\u20ac669
\u20ac5,489
ECL allowance
(88)
(463)
(551)
(178)
(384)
(562)
Carrying amount
\u20ac5,876
\u20ac501
\u20ac6,377
\u20ac4,642
\u20ac285
\u20ac4,927
In addition to the amounts above, a further \u20ac49\u00a0million at December 31, 2023 (\u20ac1\u00a0million at December 31, 2022) of
trade receivables were measured at FVPL. Refer to Note 24, Fair value measurement for additional information.
Receivables from financing activities
Receivables from financing activities mainly relate to the business of financial services companies fully consolidated
by the Company and are summarized as follows:
At December 31,
2023
2022
(\u20ac million)
Dealer financing
\u20ac2,305
\u20ac1,644
Retail financing
5,505
2,475
Finance leases
133
7
Other
1,051
580
Total Receivables from financing activities
\u20ac8,994
\u20ac4,706
The \u20ac4.3\u00a0billion increase in Receivables from financing activities for the year ended December 31, 2023 is primarily
due to the increase in retail financing of \u20ac3.0\u00a0billion and in dealer financing of \u20ac0.7\u00a0billion driven by the growth of Stellantis
Financial Services U.S. Other receivables from financing increased by \u20ac0.5\u00a0billion mainly attributable to loans extended to
our joint ventures, primarily in financial services.\u00a0
Receivables from financing activities are shown net of an ECL allowance. Changes in the allowance for receivables
from financing activities were as follows:
At January 1,
2023
Provision
Use\u00a0and
other changes
Transferred to
Assets held for
sale
At December
31, 2023
(\u20ac million)
ECL allowance - Receivables from financing
activities
\u20ac172
\u20ac185
\u20ac(162)
\u20ac\u2014
\u20ac195
Receivables from financing activities of an immaterial amount were written off during the year ended December\u00a031,
2023, and are still subject to enforcement activities.
The following table provides information about the exposure to credit risk and ECLs for receivables from financing
activities:
At December 31,
2023
2022
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
(\u20ac million)
Gross amount
\u20ac8,841
\u20ac117
\u20ac114
\u20ac9,072
\u20ac4,492
\u20ac69
\u20ac58
\u20ac4,619
ECL allowance
(149)
(23)
(23)
(195)
(138)
(22)
(12)
(172)
Carrying amount
\u20ac8,692
\u20ac94
\u20ac91
\u20ac8,877
\u20ac4,354
\u20ac47
\u20ac46
\u20ac4,447
In addition to the amounts above, a further \u20ac117\u00a0million at December\u00a031, 2023 (\u20ac259\u00a0million at December\u00a031, 2022)
of receivables from financing activities were measured at FVPL. Refer to Note 24, Fair value measurement.
Other receivables
At December\u00a031, 2023, Other receivables primarily consisted of tax receivables for VAT and other indirect taxes of
\u20ac4,504 million (\u20ac3,545 million at December\u00a031, 2022).
During 2017, the Brazilian Supreme Court ruled that the state value added tax should be excluded from the basis for
calculating a federal tax on revenue. The Brazilian government appealed this decision, and in May 2021, the Brazilian
Supreme Court rendered a final and definitive decision confirming the 2017 decision. Certain of Stellantis\u2019 companies in
Brazil had previously filed individual lawsuits on this matter.
During the year ended December 31, 2021, as a result of the Supreme Court ruling, the previously recognized
provision of \u20ac166\u00a0million related to PSA was no longer considered probable and was reversed. Also during the year ended
December 31, 2021, other receivables of \u20ac113\u00a0million of which \u20ac87\u00a0million were recognized within Net revenues and
\u20ac26\u00a0million within Net financial results for previously paid amounts that became virtually certain.
During the year ended December 31, 2022, deposits of \u20ac144\u00a0million were released and received. The remaining
amount of approximately \u20ac76\u00a0million was recorded within Other receivables.
In July 2023, the Brazilian court issued a final favorable decision and a definitive ruling in the lawsuit filed by
Stellantis challenging the calculation of federal taxes on revenue for previously paid taxes and recognizing its right to recover
tax payments made between 2002-2004 for an amount of \u20ac51\u00a0million.
Transfer of financial assets
At December 31, 2023, the Company had receivables due after that date, which had been transferred without
recourse and which were derecognized in accordance with IFRS 9 \u2013 Financial Instruments, amounting to \u20ac16,991\u00a0million
(\u20ac13,935\u00a0million at December 31, 2022), of which 75 percent (66 percent at December 31, 2022), was mainly due from the
sales network, transferred to financing companies in partnership with Santander, BNP Paribas and Cr\u00e9dit Agricole.
At December\u00a031, 2023 and 2022, the carrying amount of transferred financial assets not derecognized and the
related liabilities were as follows:
At December 31,
2023
2022
Trade
receivables
Receivables
from
financing
activities
Total
Trade
receivables
Receivables
from
financing
activities
Total
(\u20ac million)
Carrying amount of assets transferred and not
derecognized
\u20ac58
\u20ac9
\u20ac67
\u20ac119
\u20ac9
\u20ac128
Carrying amount of the related liabilities (Note 22)
\u20ac58
\u20ac9
\u20ac67
\u20ac119
\u20ac9
\u20ac128
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-739": { "value": "
16.
Trade receivables, other assets, prepaid expenses and tax receivables
Other assets and prepaid expenses consisted of the following:
At December 31
2023
2022
Current
Non-current
Total
Current
Non-current
Total
(\u20ac million)
Receivables from financing activities
\u20ac4,487
\u20ac4,507
\u20ac8,994
\u20ac2,153
\u20ac2,553
\u20ac4,706
Other receivables
4,311
1,628
5,939
3,506
1,730
5,236
Defined benefit plan assets (Note 20)
24
886
910
\u2014
1,844
1,844
Derivative operating assets
157
51
208
587
286
873
Prepaid expenses and other
1,309
622
1,931
1,303
310
1,613
Total other assets and prepaid expenses
\u20ac10,288
\u20ac7,694
\u20ac17,982
\u20ac7,549
\u20ac6,723
\u20ac14,272
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-738": { "value": "
16.
Trade receivables, other assets, prepaid expenses and tax receivables
Other assets and prepaid expenses consisted of the following:
At December 31
2023
2022
Current
Non-current
Total
Current
Non-current
Total
(\u20ac million)
Receivables from financing activities
\u20ac4,487
\u20ac4,507
\u20ac8,994
\u20ac2,153
\u20ac2,553
\u20ac4,706
Other receivables
4,311
1,628
5,939
3,506
1,730
5,236
Defined benefit plan assets (Note 20)
24
886
910
\u2014
1,844
1,844
Derivative operating assets
157
51
208
587
286
873
Prepaid expenses and other
1,309
622
1,931
1,303
310
1,613
Total other assets and prepaid expenses
\u20ac10,288
\u20ac7,694
\u20ac17,982
\u20ac7,549
\u20ac6,723
\u20ac14,272
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-737": { "value": "
16.
Trade receivables, other assets, prepaid expenses and tax receivables
Other assets and prepaid expenses consisted of the following:
At December 31
2023
2022
Current
Non-current
Total
Current
Non-current
Total
(\u20ac million)
Receivables from financing activities
\u20ac4,487
\u20ac4,507
\u20ac8,994
\u20ac2,153
\u20ac2,553
\u20ac4,706
Other receivables
4,311
1,628
5,939
3,506
1,730
5,236
Defined benefit plan assets (Note 20)
24
886
910
\u2014
1,844
1,844
Derivative operating assets
157
51
208
587
286
873
Prepaid expenses and other
1,309
622
1,931
1,303
310
1,613
Total other assets and prepaid expenses
\u20ac10,288
\u20ac7,694
\u20ac17,982
\u20ac7,549
\u20ac6,723
\u20ac14,272
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-736": { "value": "
16.
Trade receivables, other assets, prepaid expenses and tax receivables
Other assets and prepaid expenses consisted of the following:
At December 31
2023
2022
Current
Non-current
Total
Current
Non-current
Total
(\u20ac million)
Receivables from financing activities
\u20ac4,487
\u20ac4,507
\u20ac8,994
\u20ac2,153
\u20ac2,553
\u20ac4,706
Other receivables
4,311
1,628
5,939
3,506
1,730
5,236
Defined benefit plan assets (Note 20)
24
886
910
\u2014
1,844
1,844
Derivative operating assets
157
51
208
587
286
873
Prepaid expenses and other
1,309
622
1,931
1,303
310
1,613
Total other assets and prepaid expenses
\u20ac10,288
\u20ac7,694
\u20ac17,982
\u20ac7,549
\u20ac6,723
\u20ac14,272
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-744": { "value": "
16.
Trade receivables, other assets, prepaid expenses and tax receivables
The following table summarizes Receivables from financing activities, Other receivables, Derivative operating
assets and Tax receivables by due date:
At December 31,
2023
2022
Total
due\u00a0within
one year
(current)
Due
between
one\u00a0and
five years
Due
beyond
five years
Total due
after one
year
(non-
current)
Total
Total
due\u00a0within
one year
(current)
Due
between
one\u00a0and
five years
Due
beyond
five years
Total due
after one
year
(non-
current)
Total
(\u20ac million)
Receivables from
financing activities
\u20ac4,487
\u20ac3,273
\u20ac1,234
\u20ac4,507
\u20ac8,994
\u20ac2,153
\u20ac1,918
\u20ac635
\u20ac2,553
\u20ac4,706
Other receivables
4,311
1,498
130
1,628
5,939
3,506
1,614
116
1,730
5,236
Derivative operating
assets
157
51
\u2014
51
208
587
286
\u2014
286
873
Total
\u20ac8,955
\u20ac4,822
\u20ac1,364
\u20ac6,186
\u20ac15,141
\u20ac6,246
\u20ac3,818
\u20ac751
\u20ac4,569
\u20ac10,815
Tax receivables
\u20ac802
\u20ac84
\u20ac33
\u20ac117
\u20ac919
\u20ac543
\u20ac79
\u20ac33
\u20ac112
\u20ac655
Trade receivables
Trade receivables are shown net of an ECL allowance, calculated using the simplified approach. Changes in the
allowance for trade receivables were as follows:
At January 1,
2023
Provision
Use\u00a0and
other changes
Transferred to
Assets held for
sale
At December
31, 2023
(\u20ac million)
ECL allowance - Trade receivables
\u20ac562
\u20ac219
\u20ac(230)
\u20ac\u2014
\u20ac551
Trade receivables of an immaterial amount were written off during the year ended December\u00a031, 2023, and are still
subject to enforcement activities.
The following table provides information about the exposure to credit risk and ECLs for trade receivables:
At December 31,
2023
2022
Current and
less than 90
days past
due
90 days or
more past
due
Total
Current and
less than 90
days past
due
90 days or
more past
due
Total
(\u20ac million)
Gross amount
\u20ac5,964
\u20ac964
\u20ac6,928
\u20ac4,820
\u20ac669
\u20ac5,489
ECL allowance
(88)
(463)
(551)
(178)
(384)
(562)
Carrying amount
\u20ac5,876
\u20ac501
\u20ac6,377
\u20ac4,642
\u20ac285
\u20ac4,927
In addition to the amounts above, a further \u20ac49\u00a0million at December 31, 2023 (\u20ac1\u00a0million at December 31, 2022) of
trade receivables were measured at FVPL. Refer to Note 24, Fair value measurement for additional information.
Receivables from financing activities
Receivables from financing activities mainly relate to the business of financial services companies fully consolidated
by the Company and are summarized as follows:
At December 31,
2023
2022
(\u20ac million)
Dealer financing
\u20ac2,305
\u20ac1,644
Retail financing
5,505
2,475
Finance leases
133
7
Other
1,051
580
Total Receivables from financing activities
\u20ac8,994
\u20ac4,706
The \u20ac4.3\u00a0billion increase in Receivables from financing activities for the year ended December 31, 2023 is primarily
due to the increase in retail financing of \u20ac3.0\u00a0billion and in dealer financing of \u20ac0.7\u00a0billion driven by the growth of Stellantis
Financial Services U.S. Other receivables from financing increased by \u20ac0.5\u00a0billion mainly attributable to loans extended to
our joint ventures, primarily in financial services.\u00a0
Receivables from financing activities are shown net of an ECL allowance. Changes in the allowance for receivables
from financing activities were as follows:
At January 1,
2023
Provision
Use\u00a0and
other changes
Transferred to
Assets held for
sale
At December
31, 2023
(\u20ac million)
ECL allowance - Receivables from financing
activities
\u20ac172
\u20ac185
\u20ac(162)
\u20ac\u2014
\u20ac195
Receivables from financing activities of an immaterial amount were written off during the year ended December\u00a031,
2023, and are still subject to enforcement activities.
The following table provides information about the exposure to credit risk and ECLs for receivables from financing
activities:
At December 31,
2023
2022
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
(\u20ac million)
Gross amount
\u20ac8,841
\u20ac117
\u20ac114
\u20ac9,072
\u20ac4,492
\u20ac69
\u20ac58
\u20ac4,619
ECL allowance
(149)
(23)
(23)
(195)
(138)
(22)
(12)
(172)
Carrying amount
\u20ac8,692
\u20ac94
\u20ac91
\u20ac8,877
\u20ac4,354
\u20ac47
\u20ac46
\u20ac4,447
In addition to the amounts above, a further \u20ac117\u00a0million at December\u00a031, 2023 (\u20ac259\u00a0million at December\u00a031, 2022)
of receivables from financing activities were measured at FVPL. Refer to Note 24, Fair value measurement.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-743": { "value": "
16.
Trade receivables, other assets, prepaid expenses and tax receivables
The following table summarizes Receivables from financing activities, Other receivables, Derivative operating
assets and Tax receivables by due date:
At December 31,
2023
2022
Total
due\u00a0within
one year
(current)
Due
between
one\u00a0and
five years
Due
beyond
five years
Total due
after one
year
(non-
current)
Total
Total
due\u00a0within
one year
(current)
Due
between
one\u00a0and
five years
Due
beyond
five years
Total due
after one
year
(non-
current)
Total
(\u20ac million)
Receivables from
financing activities
\u20ac4,487
\u20ac3,273
\u20ac1,234
\u20ac4,507
\u20ac8,994
\u20ac2,153
\u20ac1,918
\u20ac635
\u20ac2,553
\u20ac4,706
Other receivables
4,311
1,498
130
1,628
5,939
3,506
1,614
116
1,730
5,236
Derivative operating
assets
157
51
\u2014
51
208
587
286
\u2014
286
873
Total
\u20ac8,955
\u20ac4,822
\u20ac1,364
\u20ac6,186
\u20ac15,141
\u20ac6,246
\u20ac3,818
\u20ac751
\u20ac4,569
\u20ac10,815
Tax receivables
\u20ac802
\u20ac84
\u20ac33
\u20ac117
\u20ac919
\u20ac543
\u20ac79
\u20ac33
\u20ac112
\u20ac655
17.
Derivative financial and operating assets and liabilities
The following table summarizes the outstanding notional amounts of the Company's derivative financial instruments
by due date:
At December 31,
2023
2022
Due\u00a0within
one year
Due
between
one\u00a0and
five
years
Due
beyond
five
years
Total
Due\u00a0within
one year
Due
between
one\u00a0and
five
years
Due
beyond
five
years
Total
(\u20ac million)
Currency risk management
\u20ac21,424
\u20ac6,263
\u20ac\u2014
\u20ac27,687
\u20ac22,142
\u20ac5,831
\u20ac\u2014
\u20ac27,973
Interest rate risk management
42
6,680
\u2014
6,722
220
830
\u2014
1,050
Interest rate and currency risk
management
37
28
\u2014
65
14
101
\u2014
115
Commodity price risk
management
2,809
2,196
\u2014
5,005
3,291
3,252
\u2014
6,543
Total Notional amount
\u20ac24,312
\u20ac15,167
\u20ac\u2014
\u20ac39,479
\u20ac25,667
\u20ac10,014
\u20ac\u2014
\u20ac35,681
22.
Debt
The following table summarizes the Company's current and non-current Debt by maturity date (amounts include
accrued interest):
At December 31,
2023
2022
Due
within
one\u00a0year
(current)
Due
between
one and
five\u00a0years
Due
beyond
five\u00a0years
Total
(non-
current)
Total
Debt
Due
within
one\u00a0year
(current)
Due
between
one and
five\u00a0years
Due
beyond
five
years
Total
(non-
current)
Total
Debt
(\u20ac million)
Notes
\u20ac2,277
\u20ac7,133
\u20ac8,805
\u20ac15,938
\u20ac18,215
\u20ac3,692
\u20ac7,662
\u20ac7,911
\u20ac15,573
\u20ac19,265
Borrowings from
banks
1,512
1,297
27
1,324
2,836
1,389
1,416
145
1,561
2,950
Asset-backed
financing
3,638
1,014
126
1,140
4,778
1,009
558
88
646
1,655
Lease liabilities
718
728
712
1,440
2,158
634
896
729
1,625
2,259
Other debt
1,317
150
9
159
1,476
960
63
1
64
1,024
Total Debt
\u20ac9,462
\u20ac10,322
\u20ac9,679
\u20ac20,001
\u20ac29,463
\u20ac7,684
\u20ac10,595
\u20ac8,874
\u20ac19,469
\u20ac27,153
23.
Other liabilities
Other liabilities (excludi ng Accrued expenses, Deferred income and Service contract liability) by due date were as
follows:
At December 31,
2023
2022
Total
due\u00a0within
one year
(Current)
Due
between
one\u00a0and
five
years
Due
beyond
five
years
Total due
after one
year
(Non-
Current)
Total
Total
due\u00a0within
one year
(Current)
Due
between
one\u00a0and
five
years
Due
beyond
five
years
Total due
after one
year
(Non-
Current)
Total
(\u20ac million)
Other liabilities (excluding
Accrued expenses, deferred
income and service contract
liability)
\u20ac9,984
\u20ac5,124
\u20ac30
\u20ac5,154
\u20ac15,138
\u20ac9,960
\u20ac2,449
\u20ac3,276
\u20ac5,725
\u20ac15,685
Liquidity risk
Liquidity risk represents the risk the Company is unable to obtain the funds needed to carry out its operations and
meet its obligations. Any actual or perceived limitations on the Company\u2019s liquidity could affect the ability of counterparties
to do business with the Company or may require additional amounts of cash and cash equivalents to be allocated as collateral
for outstanding obligations.
The continuation of challenging economic conditions in the markets in which the Company operates and the
uncertainties that characterize the financial markets, necessitate special attention to the management of liquidity risk. In that
sense, measures taken to generate funds through operations and to maintain a conservative level of available liquidity are
important factors for ensuring operational flexibility and addressing strategic challenges over the next few years.
The main factors that determined the Company\u2019s liquidity situation are the funds generated by or used in operating
and investing activities, the debt lending period and its renewal features or the liquidity of the funds employed and market
terms and conditions.
The Company adopted a series of policies and procedures whose purpose was to optimize the management of funds
and to reduce liquidity risk as follows:
\u2022 centralizing the management of receipts and payments where it may be economical in the context of the local
civil, currency and fiscal regulations of the countries in which the Company was present;
\u2022 maintaining a conservative level of available liquidity;
\u2022 diversifying the means by which funds were obtained and maintaining a continuous and active presence in the
capital markets;
\u2022 obtaining adequate credit lines; and
\u2022 monitoring future liquidity on the basis of business planning.
The Company manages liquidity risk by monitoring cash flows and keeping an adequate level of funds at its
disposal. The operating cash management and liquidity investment of the Company are centrally coordinated in the
Company\u2019s treasury companies, with the objective of ensuring effective and efficient management of the Company\u2019s funds.
These entities obtain funds in the financial markets from various funding sources.
Certain notes issued by the Company and its treasury subsidiaries include covenants which could be affected by
circumstances related to certain subsidiaries; in particular, there are cross-default clauses which could accelerate repayments
in the event that such subsidiaries fail to pay certain of their debt obligations.
Refer to Note 16, Trade receivables, other assets, prepaid expenses and Tax receivables, Note 23, Other liabilities
and Note 22, Debt for additional information on the repayment structure of the Company\u2019s financial assets and liabilities.
Refer to Note 17, Derivative financial and operating assets and liabilities for additional information on the repayment
structure of derivative financial instruments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-742": { "value": "
16.
Trade receivables, other assets, prepaid expenses and tax receivables
The following table summarizes Receivables from financing activities, Other receivables, Derivative operating
assets and Tax receivables by due date:
At December 31,
2023
2022
Total
due\u00a0within
one year
(current)
Due
between
one\u00a0and
five years
Due
beyond
five years
Total due
after one
year
(non-
current)
Total
Total
due\u00a0within
one year
(current)
Due
between
one\u00a0and
five years
Due
beyond
five years
Total due
after one
year
(non-
current)
Total
(\u20ac million)
Receivables from
financing activities
\u20ac4,487
\u20ac3,273
\u20ac1,234
\u20ac4,507
\u20ac8,994
\u20ac2,153
\u20ac1,918
\u20ac635
\u20ac2,553
\u20ac4,706
Other receivables
4,311
1,498
130
1,628
5,939
3,506
1,614
116
1,730
5,236
Derivative operating
assets
157
51
\u2014
51
208
587
286
\u2014
286
873
Total
\u20ac8,955
\u20ac4,822
\u20ac1,364
\u20ac6,186
\u20ac15,141
\u20ac6,246
\u20ac3,818
\u20ac751
\u20ac4,569
\u20ac10,815
Tax receivables
\u20ac802
\u20ac84
\u20ac33
\u20ac117
\u20ac919
\u20ac543
\u20ac79
\u20ac33
\u20ac112
\u20ac655
Trade receivables
Trade receivables are shown net of an ECL allowance, calculated using the simplified approach. Changes in the
allowance for trade receivables were as follows:
At January 1,
2023
Provision
Use\u00a0and
other changes
Transferred to
Assets held for
sale
At December
31, 2023
(\u20ac million)
ECL allowance - Trade receivables
\u20ac562
\u20ac219
\u20ac(230)
\u20ac\u2014
\u20ac551
Trade receivables of an immaterial amount were written off during the year ended December\u00a031, 2023, and are still
subject to enforcement activities.
The following table provides information about the exposure to credit risk and ECLs for trade receivables:
At December 31,
2023
2022
Current and
less than 90
days past
due
90 days or
more past
due
Total
Current and
less than 90
days past
due
90 days or
more past
due
Total
(\u20ac million)
Gross amount
\u20ac5,964
\u20ac964
\u20ac6,928
\u20ac4,820
\u20ac669
\u20ac5,489
ECL allowance
(88)
(463)
(551)
(178)
(384)
(562)
Carrying amount
\u20ac5,876
\u20ac501
\u20ac6,377
\u20ac4,642
\u20ac285
\u20ac4,927
In addition to the amounts above, a further \u20ac49\u00a0million at December 31, 2023 (\u20ac1\u00a0million at December 31, 2022) of
trade receivables were measured at FVPL. Refer to Note 24, Fair value measurement for additional information.
Receivables from financing activities
Receivables from financing activities mainly relate to the business of financial services companies fully consolidated
by the Company and are summarized as follows:
At December 31,
2023
2022
(\u20ac million)
Dealer financing
\u20ac2,305
\u20ac1,644
Retail financing
5,505
2,475
Finance leases
133
7
Other
1,051
580
Total Receivables from financing activities
\u20ac8,994
\u20ac4,706
The \u20ac4.3\u00a0billion increase in Receivables from financing activities for the year ended December 31, 2023 is primarily
due to the increase in retail financing of \u20ac3.0\u00a0billion and in dealer financing of \u20ac0.7\u00a0billion driven by the growth of Stellantis
Financial Services U.S. Other receivables from financing increased by \u20ac0.5\u00a0billion mainly attributable to loans extended to
our joint ventures, primarily in financial services.\u00a0
Receivables from financing activities are shown net of an ECL allowance. Changes in the allowance for receivables
from financing activities were as follows:
At January 1,
2023
Provision
Use\u00a0and
other changes
Transferred to
Assets held for
sale
At December
31, 2023
(\u20ac million)
ECL allowance - Receivables from financing
activities
\u20ac172
\u20ac185
\u20ac(162)
\u20ac\u2014
\u20ac195
Receivables from financing activities of an immaterial amount were written off during the year ended December\u00a031,
2023, and are still subject to enforcement activities.
The following table provides information about the exposure to credit risk and ECLs for receivables from financing
activities:
At December 31,
2023
2022
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
(\u20ac million)
Gross amount
\u20ac8,841
\u20ac117
\u20ac114
\u20ac9,072
\u20ac4,492
\u20ac69
\u20ac58
\u20ac4,619
ECL allowance
(149)
(23)
(23)
(195)
(138)
(22)
(12)
(172)
Carrying amount
\u20ac8,692
\u20ac94
\u20ac91
\u20ac8,877
\u20ac4,354
\u20ac47
\u20ac46
\u20ac4,447
In addition to the amounts above, a further \u20ac117\u00a0million at December\u00a031, 2023 (\u20ac259\u00a0million at December\u00a031, 2022)
of receivables from financing activities were measured at FVPL. Refer to Note 24, Fair value measurement.
17.
Derivative financial and operating assets and liabilities
The following table summarizes the outstanding notional amounts of the Company's derivative financial instruments
by due date:
At December 31,
2023
2022
Due\u00a0within
one year
Due
between
one\u00a0and
five
years
Due
beyond
five
years
Total
Due\u00a0within
one year
Due
between
one\u00a0and
five
years
Due
beyond
five
years
Total
(\u20ac million)
Currency risk management
\u20ac21,424
\u20ac6,263
\u20ac\u2014
\u20ac27,687
\u20ac22,142
\u20ac5,831
\u20ac\u2014
\u20ac27,973
Interest rate risk management
42
6,680
\u2014
6,722
220
830
\u2014
1,050
Interest rate and currency risk
management
37
28
\u2014
65
14
101
\u2014
115
Commodity price risk
management
2,809
2,196
\u2014
5,005
3,291
3,252
\u2014
6,543
Total Notional amount
\u20ac24,312
\u20ac15,167
\u20ac\u2014
\u20ac39,479
\u20ac25,667
\u20ac10,014
\u20ac\u2014
\u20ac35,681
22.
Debt
The following table summarizes the Company's current and non-current Debt by maturity date (amounts include
accrued interest):
At December 31,
2023
2022
Due
within
one\u00a0year
(current)
Due
between
one and
five\u00a0years
Due
beyond
five\u00a0years
Total
(non-
current)
Total
Debt
Due
within
one\u00a0year
(current)
Due
between
one and
five\u00a0years
Due
beyond
five
years
Total
(non-
current)
Total
Debt
(\u20ac million)
Notes
\u20ac2,277
\u20ac7,133
\u20ac8,805
\u20ac15,938
\u20ac18,215
\u20ac3,692
\u20ac7,662
\u20ac7,911
\u20ac15,573
\u20ac19,265
Borrowings from
banks
1,512
1,297
27
1,324
2,836
1,389
1,416
145
1,561
2,950
Asset-backed
financing
3,638
1,014
126
1,140
4,778
1,009
558
88
646
1,655
Lease liabilities
718
728
712
1,440
2,158
634
896
729
1,625
2,259
Other debt
1,317
150
9
159
1,476
960
63
1
64
1,024
Total Debt
\u20ac9,462
\u20ac10,322
\u20ac9,679
\u20ac20,001
\u20ac29,463
\u20ac7,684
\u20ac10,595
\u20ac8,874
\u20ac19,469
\u20ac27,153
23.
Other liabilities
Other liabilities (excludi ng Accrued expenses, Deferred income and Service contract liability) by due date were as
follows:
At December 31,
2023
2022
Total
due\u00a0within
one year
(Current)
Due
between
one\u00a0and
five
years
Due
beyond
five
years
Total due
after one
year
(Non-
Current)
Total
Total
due\u00a0within
one year
(Current)
Due
between
one\u00a0and
five
years
Due
beyond
five
years
Total due
after one
year
(Non-
Current)
Total
(\u20ac million)
Other liabilities (excluding
Accrued expenses, deferred
income and service contract
liability)
\u20ac9,984
\u20ac5,124
\u20ac30
\u20ac5,154
\u20ac15,138
\u20ac9,960
\u20ac2,449
\u20ac3,276
\u20ac5,725
\u20ac15,685
31.
Qualitative and quantitative information on financial risks
The Company is exposed to the following financial risks connected with its operations:
\u2022 credit risk, principally arising from its normal commercial relations with final customers and dealers, and its
financing activities;
\u2022 liquidity risk, with particular reference to the availability of funds and access to the credit market and to
financial instruments in general; and
\u2022 financial market risk (primarily relating to exchange rates, interest rates and commodity prices), since the
Company operates at an international level in different currencies, uses financial instruments which generate
interest and is exposed to the risk of changes in the price of certain commodities which are used in the
production processes.
These risks could significantly affect the Company\u2019s financial position and results and for this reason, the Company
systematically identifies and monitors these risks in order to detect potential negative effects in advance and takes the
necessary actions to mitigate them, primarily through its operating and financing activities and if required, through the use of
derivative financial instruments in accordance with established risk management policies.
Financial instruments held by the funds that manage the Company\u2019s pension plan assets are not included in this
analysis (refer to Note 20, Employee benefits liabilities for additional information).
The following section provides qualitative and quantitative disclosures on the effect that these risks could have upon
the Company. The quantitative data reported in the following does not have any predictive value, in particular the sensitivity
analysis on finance market risks does not reflect the complexity of the market or the reaction which may result from any
changes that were assumed to take place.
Credit risk
Overall, the credit risk regarding the Company\u2019s trade receivables and receivables from financing activities is
concentrated mainly in North America, Enlarged Europe and South America.
The maximum credit risk to which the Company is potentially exposed at December 31, 2023 is represented by the
carrying amounts of financial assets in the financial statements discussed in Note 16, Trade receivables, other assets, prepaid
expenses and Tax receivables and the nominal value of the guarantees provided on liabilities and commitments to third
parties discussed in Note 26, Guarantees granted, commitments and contingent liabilities.
In addition, the Company is exposed to credit risk in relation to the investment of cash and to transactions with
derivatives counterparties, as disclosed in Note 17, Derivative financial and operating assets and liabilities and in the Note
18, Cash and cash equivalents.
The Company\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each counterparty.
The Company monitors these exposures and established credit lines with single or homogeneous categories of counterparties.
Dealers and final customers for which the Company provides financing are subject to specific assessments of their
creditworthiness under a detailed scoring system. To mitigate this risk, the Company could obtain financial and non-financial
guarantees. These guarantees are further strengthened where possible by reserve of title clauses on financed vehicle sales to
the sales network made by the Company financial service companies and on vehicles assigned under finance and operating
lease agreements.
For further information regarding the exposure to credit risk and ECLs of Trade receivables, other receivables and
financial receivables at December 31, 2023 and 2022, refer to Note 16, Trade receivables, other assets, prepaid expenses and
tax receivables.
The Company differentiates Cash investments with primary bank counterparties and high rated liquid financial
instruments. The investments are actively managed and constantly monitored, in compliance with policies that establish
limits of concentration and duration, taking into account the creditworthiness of the counterparties and of the various
countries in which the cash is invested. The policies also define limits in the operations with Derivatives counterparties. Even
though the Company\u2019s current securities and Cash and cash equivalents consist of balances spread across various primary
national and international banking institutions and money market funds that were measured at fair value, there was no
exposure to sovereign debt securities at December 31, 2023 and 2022 which could lead to significant risk of repayment.
Liquidity risk
Liquidity risk represents the risk the Company is unable to obtain the funds needed to carry out its operations and
meet its obligations. Any actual or perceived limitations on the Company\u2019s liquidity could affect the ability of counterparties
to do business with the Company or may require additional amounts of cash and cash equivalents to be allocated as collateral
for outstanding obligations.
The continuation of challenging economic conditions in the markets in which the Company operates and the
uncertainties that characterize the financial markets, necessitate special attention to the management of liquidity risk. In that
sense, measures taken to generate funds through operations and to maintain a conservative level of available liquidity are
important factors for ensuring operational flexibility and addressing strategic challenges over the next few years.
The main factors that determined the Company\u2019s liquidity situation are the funds generated by or used in operating
and investing activities, the debt lending period and its renewal features or the liquidity of the funds employed and market
terms and conditions.
The Company adopted a series of policies and procedures whose purpose was to optimize the management of funds
and to reduce liquidity risk as follows:
\u2022 centralizing the management of receipts and payments where it may be economical in the context of the local
civil, currency and fiscal regulations of the countries in which the Company was present;
\u2022 maintaining a conservative level of available liquidity;
\u2022 diversifying the means by which funds were obtained and maintaining a continuous and active presence in the
capital markets;
\u2022 obtaining adequate credit lines; and
\u2022 monitoring future liquidity on the basis of business planning.
The Company manages liquidity risk by monitoring cash flows and keeping an adequate level of funds at its
disposal. The operating cash management and liquidity investment of the Company are centrally coordinated in the
Company\u2019s treasury companies, with the objective of ensuring effective and efficient management of the Company\u2019s funds.
These entities obtain funds in the financial markets from various funding sources.
Certain notes issued by the Company and its treasury subsidiaries include covenants which could be affected by
circumstances related to certain subsidiaries; in particular, there are cross-default clauses which could accelerate repayments
in the event that such subsidiaries fail to pay certain of their debt obligations.
Refer to Note 16, Trade receivables, other assets, prepaid expenses and Tax receivables, Note 23, Other liabilities
and Note 22, Debt for additional information on the repayment structure of the Company\u2019s financial assets and liabilities.
Refer to Note 17, Derivative financial and operating assets and liabilities for additional information on the repayment
structure of derivative financial instruments.
Financial market risks
Due to the nature of the Company\u2019s business, the Company is exposed to a variety of market risks, primarily foreign
currency exchange rate risk, interest rate risk and commodity price risk.
The Company\u2019s exposure to foreign currency exchange rate risk arises both in connection with the geographical
distribution of the Company\u2019s industrial activities compared to the markets in which it sells its products, and in relation to the
use of external borrowing denominated in foreign currencies.
The Company\u2019s exposure to interest rate risk arises from the need to fund industrial and financial operating activities
and the necessity to invest surplus funds. Changes in market interest rates could have the effect of either increasing or
decreasing the Company\u2019s Net profit, thereby indirectly affecting the costs and returns of financing and investing
transactions.
The Company\u2019s exposure to commodity price risk arises from the risk of changes in the price of certain raw
materials and energy used in production. Changes in the price of raw materials could have a significant effect on the
Company\u2019s results by indirectly affecting costs and product margins.
These risks could significantly affect the Company\u2019s financial position and results and for this reason, these risks
were systematically identified and monitored, in order to detect potential negative effects in advance and take the necessary
actions to mitigate them, primarily through its operating and financing activities and if required, through the use of derivative
financial instruments in accordance with its established risk management policies.
The Company\u2019s policy permits derivatives to be used only for managing the exposure to fluctuations in foreign
currency exchange rates and interest rates as well as commodities prices connected with future cash flows and assets and
liabilities.
The Company utilizes derivative financial instruments designated as fair value hedges mainly to hedge:
\u2022 the foreign currency exchange rate risk on financial instruments denominated in foreign currency; and
\u2022 the interest rate risk on fixed rate loans, bonds and borrowings.
The instruments used for these hedges are mainly foreign currency forward contracts, interest rate swaps and
combined interest rate and foreign currency financial instruments.
The Company uses derivative financial instruments as cash flow hedges for the purpose of pre-determining:
\u2022 the exchange rate at which forecasted transactions denominated in foreign currencies would be accounted for;
\u2022 the interest paid on borrowings, both to match the fixed interest received on loans (customer financing activity),
and to achieve a targeted mix of floating versus fixed rate funding structured loans; and
\u2022 the price of certain commodities and components.
The foreign currency exchange rate exposure on forecasted commercial flows is hedged by foreign currency swaps,
forward contracts and foreign currency options. Interest rate exposures are usually hedged by interest rate swaps and, in
limited cases, by forward rate agreements. Exposure to changes in the price of commodities is generally hedged by using
commodity swaps and commodity options. Counterparties to these agreements are major financial institutions.
Refer to Note 17, Derivative financial and operating assets and liabilities for additional information on the fair
value of derivative financial instruments held at the balance sheet date.
Quantitative information on foreign currency exchange rate risk
The Company is exposed to risk resulting from changes in foreign currency exchange rates, which could affect its
earnings and equity. Where a Stellantis company incurred costs in a currency different from that of its revenues, any change
in exchange rates could affect the operating results of that company; the principal exchange rates to which the Company is
exposed are:
\u2022 EUR/GBP, relating to sales in the UK of vehicles produced in the Euro zone;
\u2022 CNY and JPY in relation to costs paid to Chinese and Japanese suppliers net of sales in China and Japan
respectively originating from European and North America entities;
\u2022 U.S.$/CAD and U.S.$/MXP, primarily relating to sales in Canada and Mexico of produced vehicles, net of local
cost and import in U.S. of Canadian produced vehicles;
\u2022 EUR/U.S.$, relating to sales and purchases (mainly linked to commodity) in U.S.$ made by European entities
and to sales and purchases in Euro made by U.S. entities;
\u2022 TRY and PLN, in relation to sales in Turkish and Poland markets, net of manufacturing costs incurred in
Turkey and Poland; and
\u2022 U.S.$/BRL and EUR/BRL, relating to Brazilian manufacturing operations and the related import and export
flows.
The Company\u2019s policy is to use derivative financial instruments to hedge a percentage of certain exposures subject
to foreign currency exchange rate risk for the upcoming twenty-four months (including such risk before or beyond that date
where it is deemed appropriate in relation to the characteristics of the business) and to hedge the exposure resulting from firm
commitments unless not deemed appropriate.
The Stellantis entities could have trade receivables or payables denominated in a currency different from their
respective functional currency. In addition, in a limited number of cases, it could be convenient from an economic point of
view, or it could be required under local market conditions, for the Stellantis entities to obtain financing or invest funds in a
currency different from their respective functional currency, e.g. Argentinian industrial companies (with U.S.$ as functional
currency) invest a significant amount of cash denominated in Argentine Pesos. Changes in exchange rates could result in
exchange gains or losses arising from these situations. The Company\u2019s policy is to hedge, whenever deemed appropriate, the
exposure resulting from receivables, payables, cash and securities denominated in foreign currencies different from the
respective Stellantis entity\u2019s functional currency.
Certain of the Stellantis entities are located in countries which are outside of the Eurozone, primarily the U.S.,
Brazil, Canada, Poland, Serbia, Turkey, Mexico, Argentina, India and China. As the Company's reporting currency is the
Euro, the income statements of those entities that have a reporting currency other than the Euro are translated into Euro using
the average exchange rate for the period. In addition, the assets and liabilities of those consolidated entities are translated into
Euro at the period-end foreign exchange rate. The effects of these changes in foreign exchange rates are recognized directly
in the Cumulative translation adjustments reserve included in Other comprehensive income. Changes in exchange rates could
lead to effects on the translated balances of revenues, costs and assets and liabilities reported in Euro, even when
corresponding items are unchanged in the respective local currency of these entities.
The Company monitors its principal exposure to conversion exchange risk and, in certain circumstances, enters into
derivatives for the purpose of hedging the specific risk.
The potential loss in fair value of derivative financial instruments held for foreign currency exchange rate risk
management (currency swaps/forwards) at December 31, 2023 resulting from a 10 percent change in the exchange rates
would have been approximately \u20ac163\u00a0million on the Consolidated Income Statement and \u20ac1,436\u00a0million in Other
comprehensive income.
This analysis assumes that a hypothetical, unfavorable 10 percent change in exchange rates as at year-end is applied
in the measurement of the fair value of derivative financial instruments.
Receivables, payables and future trade flows whose hedging transactions have been analyzed were not included in
this analysis. It is reasonable to assume that changes in market exchange rates would produce the opposite effect, of an equal
or greater amount, on the underlying transactions that have been hedged.
Quantitative information on interest rate risk
The manufacturing companies and treasuries of the Company make use of external borrowings and invest in
monetary and financial market instruments. In addition, the Stellantis entities sell receivables resulting from their trading
activities on a continuing basis. Changes in market interest rates could affect the cost of the various forms of financing,
including the sale of receivables, or the return on investments and the employment of funds, thus negatively impacting the net
financial expenses incurred by the Company.
In addition, the financial services companies provide loans (mainly to customers and dealers), financing themselves
using various forms of direct debt or asset-backed financing (e.g. factoring of receivables or securitizations). Where the
characteristics of the variability of the interest rate applied to loans granted differ from those of the variability of the cost of
the financing obtained, changes in the current level of interest rates could affect the operating result of those entities and the
Company as a whole.
In order to manage these risks, the Company uses interest rate derivative financial instruments, mainly interest rate
swaps and forward rate agreements, when available in the market, with the objective of mitigating, under economically
acceptable conditions, the potential variability of interest rates on the Company's Net profit.
In assessing the potential impact of changes in interest rates, the Company segregated fixed rate financial
instruments (for which the impact was assessed in terms of fair value) from floating rate and short term financial instruments
(for which the impact was assessed in terms of cash flows).
The fixed rate financial instruments used by the Company consisted principally of part of the portfolio of the
financial services companies (primarily customer financing and financial leases) and part of debt (including subsidized loans
and notes). These instruments are measured at amortized cost and changes in market interest rates for these instruments do
not affect Net profit or Equity. Certain financial securities are accounted for at FVPL. The impact of an unfavorable 50 basis
points change in interest rate levels would result in increase in financial expenses of \u20ac19\u00a0million due to the change in fair
values of these securities.
The Company entered in certain derivatives in order to manage interest rate risk on underlying debt exposures. An
unfavorable 50 basis points change in interest rates level applied to the interest rate derivatives outstanding at December 31,
2023 would have an impact of \u20ac58\u00a0million on financial expense. It is expected that this impact will be offset by an equivalent
gain on the underlying debt exposures.
In addition, financial services companies use derivatives in order to hedge the interest rate risk arising from the
mismatch between financial receivables and related funding. A 50 basis points change in interest rates level applied to the
interest rate derivatives outstanding at December 31, 2023 would have a negative impact of \u20ac28\u00a0million in Other
comprehensive income.
Floating rate financial instruments consisted principally of cash and cash equivalents, loans provided by the financial
services companies to the sales network and part of debt. The effect of the sale of receivables was also considered in the
sensitivity analysis.
A hypothetical 50 basis points change in short-term interest rates at December 31, 2023, applied to floating rate
financial assets and liabilities, operations for the sale of receivables and derivative financial instruments, would result in
increased net financial expenses, on an annual basis, of approximately \u20ac173\u00a0million.
This analysis is based on the assumption that there is an unfavorable change of 50 basis points of interest rate levels
across homogeneous categories. A homogeneous category is defined on the basis of the currency in which the financial assets
and liabilities are denominated. In addition, the sensitivity analysis applied to floating rate financial instruments assumes that
cash and cash equivalents and other short-term financial assets and liabilities which expire during the projected 12-month
period will be renewed or reinvested in similar instruments, that will reflect the hypothetical 50 basis points change in short-
term interest rates.
Quantitative information on commodity price risk
The Company, in addition to supply agreements that provide protections to the price increases and supply shortages,
entered into derivative contracts for certain commodities to hedge its exposure to commodity price risk associated with
buying raw materials and energy used in its normal operations, primarily base metals and PGM (platinum, palladium and
rhodium).
In connection with the commodity price derivative contracts outstanding at December 31, 2023, a hypothetical 10
percent change in the price of the commodities at that date would have caused a negative impact on the Other comprehensive
income of \u20ac501\u00a0million. Future trade flows whose hedging transactions have been analyzed were not considered in this
analysis. It is reasonable to assume that changes in commodity prices would produce the opposite effect, of an equal or
greater amount, on the underlying transactions that have been hedged.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-741": { "value": "
16.
Trade receivables, other assets, prepaid expenses and tax receivables
The following table summarizes Receivables from financing activities, Other receivables, Derivative operating
assets and Tax receivables by due date:
At December 31,
2023
2022
Total
due\u00a0within
one year
(current)
Due
between
one\u00a0and
five years
Due
beyond
five years
Total due
after one
year
(non-
current)
Total
Total
due\u00a0within
one year
(current)
Due
between
one\u00a0and
five years
Due
beyond
five years
Total due
after one
year
(non-
current)
Total
(\u20ac million)
Receivables from
financing activities
\u20ac4,487
\u20ac3,273
\u20ac1,234
\u20ac4,507
\u20ac8,994
\u20ac2,153
\u20ac1,918
\u20ac635
\u20ac2,553
\u20ac4,706
Other receivables
4,311
1,498
130
1,628
5,939
3,506
1,614
116
1,730
5,236
Derivative operating
assets
157
51
\u2014
51
208
587
286
\u2014
286
873
Total
\u20ac8,955
\u20ac4,822
\u20ac1,364
\u20ac6,186
\u20ac15,141
\u20ac6,246
\u20ac3,818
\u20ac751
\u20ac4,569
\u20ac10,815
Tax receivables
\u20ac802
\u20ac84
\u20ac33
\u20ac117
\u20ac919
\u20ac543
\u20ac79
\u20ac33
\u20ac112
\u20ac655
Trade receivables
Trade receivables are shown net of an ECL allowance, calculated using the simplified approach. Changes in the
allowance for trade receivables were as follows:
At January 1,
2023
Provision
Use\u00a0and
other changes
Transferred to
Assets held for
sale
At December
31, 2023
(\u20ac million)
ECL allowance - Trade receivables
\u20ac562
\u20ac219
\u20ac(230)
\u20ac\u2014
\u20ac551
Trade receivables of an immaterial amount were written off during the year ended December\u00a031, 2023, and are still
subject to enforcement activities.
The following table provides information about the exposure to credit risk and ECLs for trade receivables:
At December 31,
2023
2022
Current and
less than 90
days past
due
90 days or
more past
due
Total
Current and
less than 90
days past
due
90 days or
more past
due
Total
(\u20ac million)
Gross amount
\u20ac5,964
\u20ac964
\u20ac6,928
\u20ac4,820
\u20ac669
\u20ac5,489
ECL allowance
(88)
(463)
(551)
(178)
(384)
(562)
Carrying amount
\u20ac5,876
\u20ac501
\u20ac6,377
\u20ac4,642
\u20ac285
\u20ac4,927
In addition to the amounts above, a further \u20ac49\u00a0million at December 31, 2023 (\u20ac1\u00a0million at December 31, 2022) of
trade receivables were measured at FVPL. Refer to Note 24, Fair value measurement for additional information.
Receivables from financing activities
Receivables from financing activities mainly relate to the business of financial services companies fully consolidated
by the Company and are summarized as follows:
At December 31,
2023
2022
(\u20ac million)
Dealer financing
\u20ac2,305
\u20ac1,644
Retail financing
5,505
2,475
Finance leases
133
7
Other
1,051
580
Total Receivables from financing activities
\u20ac8,994
\u20ac4,706
The \u20ac4.3\u00a0billion increase in Receivables from financing activities for the year ended December 31, 2023 is primarily
due to the increase in retail financing of \u20ac3.0\u00a0billion and in dealer financing of \u20ac0.7\u00a0billion driven by the growth of Stellantis
Financial Services U.S. Other receivables from financing increased by \u20ac0.5\u00a0billion mainly attributable to loans extended to
our joint ventures, primarily in financial services.\u00a0
Receivables from financing activities are shown net of an ECL allowance. Changes in the allowance for receivables
from financing activities were as follows:
At January 1,
2023
Provision
Use\u00a0and
other changes
Transferred to
Assets held for
sale
At December
31, 2023
(\u20ac million)
ECL allowance - Receivables from financing
activities
\u20ac172
\u20ac185
\u20ac(162)
\u20ac\u2014
\u20ac195
Receivables from financing activities of an immaterial amount were written off during the year ended December\u00a031,
2023, and are still subject to enforcement activities.
The following table provides information about the exposure to credit risk and ECLs for receivables from financing
activities:
At December 31,
2023
2022
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
(\u20ac million)
Gross amount
\u20ac8,841
\u20ac117
\u20ac114
\u20ac9,072
\u20ac4,492
\u20ac69
\u20ac58
\u20ac4,619
ECL allowance
(149)
(23)
(23)
(195)
(138)
(22)
(12)
(172)
Carrying amount
\u20ac8,692
\u20ac94
\u20ac91
\u20ac8,877
\u20ac4,354
\u20ac47
\u20ac46
\u20ac4,447
In addition to the amounts above, a further \u20ac117\u00a0million at December\u00a031, 2023 (\u20ac259\u00a0million at December\u00a031, 2022)
of receivables from financing activities were measured at FVPL. Refer to Note 24, Fair value measurement.
Credit risk
Overall, the credit risk regarding the Company\u2019s trade receivables and receivables from financing activities is
concentrated mainly in North America, Enlarged Europe and South America.
The maximum credit risk to which the Company is potentially exposed at December 31, 2023 is represented by the
carrying amounts of financial assets in the financial statements discussed in Note 16, Trade receivables, other assets, prepaid
expenses and Tax receivables and the nominal value of the guarantees provided on liabilities and commitments to third
parties discussed in Note 26, Guarantees granted, commitments and contingent liabilities.
In addition, the Company is exposed to credit risk in relation to the investment of cash and to transactions with
derivatives counterparties, as disclosed in Note 17, Derivative financial and operating assets and liabilities and in the Note
18, Cash and cash equivalents.
The Company\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each counterparty.
The Company monitors these exposures and established credit lines with single or homogeneous categories of counterparties.
Dealers and final customers for which the Company provides financing are subject to specific assessments of their
creditworthiness under a detailed scoring system. To mitigate this risk, the Company could obtain financial and non-financial
guarantees. These guarantees are further strengthened where possible by reserve of title clauses on financed vehicle sales to
the sales network made by the Company financial service companies and on vehicles assigned under finance and operating
lease agreements.
For further information regarding the exposure to credit risk and ECLs of Trade receivables, other receivables and
financial receivables at December 31, 2023 and 2022, refer to Note 16, Trade receivables, other assets, prepaid expenses and
tax receivables.
The Company differentiates Cash investments with primary bank counterparties and high rated liquid financial
instruments. The investments are actively managed and constantly monitored, in compliance with policies that establish
limits of concentration and duration, taking into account the creditworthiness of the counterparties and of the various
countries in which the cash is invested. The policies also define limits in the operations with Derivatives counterparties. Even
though the Company\u2019s current securities and Cash and cash equivalents consist of balances spread across various primary
national and international banking institutions and money market funds that were measured at fair value, there was no
exposure to sovereign debt securities at December 31, 2023 and 2022 which could lead to significant risk of repayment.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-745": { "value": "
17.
Derivative financial and operating assets and liabilities
The following table summarizes the fair value of the Company's derivative financial instruments:
At December 31,
2023
2022
Positive\u00a0fair
value
Negative\u00a0fair
value
Positive\u00a0fair
value
Negative\u00a0fair
value
(\u20ac million)
Fair value hedges:
Interest rate risk - interest rate swaps\u00a0
\u20ac26
\u20ac(1)
\u20ac\u2014
\u20ac\u2014
Interest rate and currency risk - combined interest rate and
currency swaps
\u2014
\u2014
\u2014
\u2014
Currency risk - forward contracts, currency swaps and
currency options
\u2014
\u2014
25
(22)
Commodity price risk \u2013 commodity swaps and commodity
options
\u2014
\u2014
\u2014
\u2014
Total Fair value hedges
26
(1)
25
(22)
Cash flow hedges:
Interest rate risk - interest rate swaps
\u2014
(28)
19
\u2014
Currency risks - forward contracts, currency swaps and
currency options
111
(331)
423
(266)
Commodity price risk \u2013 commodity swaps and commodity
options
36
(681)
406
(637)
Total Cash flow hedges
147
(1,040)
848
(903)
Net investment hedges:
Currency risks - forward contracts, currency swaps and
currency options
\u2014
\u2014
\u2014
\u2014
Total Net investment hedges
\u2014
\u2014
\u2014
\u2014
Derivatives for trading
75
(43)
34
(25)
Total Fair value of derivative financial assets/(liabilities)
\u20ac248
\u20ac(1,084)
\u20ac907
\u20ac(950)
Financial derivative assets/(liabilities) - current
\u20ac17
\u20ac(18)
\u20ac13
\u20ac(18)
Financial derivative assets/(liabilities) - non-current
\u20ac23
\u20ac(21)
\u20ac21
\u20ac\u2014
Derivative operating assets/(liabilities) - current
\u20ac157
\u20ac(746)
\u20ac587
\u20ac(708)
Derivative operating assets/(liabilities) - non-current
\u20ac51
\u20ac(299)
\u20ac286
\u20ac(224)
Derivatives used in financing activities are reported in the financial assets/liabilities, while derivatives used in
operating activities are reported in Other assets/liabilities.
The following table summarizes the outstanding notional amounts of the Company's derivative financial instruments
by due date:
At December 31,
2023
2022
Due\u00a0within
one year
Due
between
one\u00a0and
five
years
Due
beyond
five
years
Total
Due\u00a0within
one year
Due
between
one\u00a0and
five
years
Due
beyond
five
years
Total
(\u20ac million)
Currency risk management
\u20ac21,424
\u20ac6,263
\u20ac\u2014
\u20ac27,687
\u20ac22,142
\u20ac5,831
\u20ac\u2014
\u20ac27,973
Interest rate risk management
42
6,680
\u2014
6,722
220
830
\u2014
1,050
Interest rate and currency risk
management
37
28
\u2014
65
14
101
\u2014
115
Commodity price risk
management
2,809
2,196
\u2014
5,005
3,291
3,252
\u2014
6,543
Total Notional amount
\u20ac24,312
\u20ac15,167
\u20ac\u2014
\u20ac39,479
\u20ac25,667
\u20ac10,014
\u20ac\u2014
\u20ac35,681
Fair value hedges
The net gains and losses arising from the valuation of outstanding currency derivatives and interest rate derivatives
(for managing currency risk) were recognized in accordance with fair value hedge accounting and the net gains and losses
arising from the respective hedged items are summarized as follows:
Years ended December 31,
2023
2022
2021
(\u20ac million)
Currency and interest rate risk
Change in ineffective portion
\u20ac(1)
\u20ac(34)
\u20ac(16)
Interest rate risk
Change in ineffective portion
\u2014
\u2014
\u2014
Net gains/(losses)
\u20ac(1)
\u20ac(34)
\u20ac(16)
Ineffectiveness portion is recognized in Net financial expenses.
At December 31, 2023, the Company has outstanding interest rate derivatives classified as fair value hedges; in
particular, interest rate swaps that manages interest rate risk of certain bonds issued in Europe and in North America, with a
nominal amount of \u20ac3.3\u00a0billion. The accumulated amount of fair value hedge adjustment on the hedged item is negative and
equal to \u20ac28\u00a0million which offsets the equivalent positive effect related to the change in value of the hedging derivatives.
Cash flow hedges
Amounts recognized in the Consolidated Income Statement mainly related to currency risk management and
commodity price risk management and, to a lesser extent, cash flows that were exposed to interest rate risk.
The Company's policy for managing currency risk and commodity price risk normally required hedging of projected
future flows from trading activities which will occur within the following twenty-four and thirty-six months respectively. The
hedging effect arising from this was recorded in the Cash flow hedge reserve within Other comprehensive (loss)/income and
would be subsequently recognized in the Consolidated Income Statement, primarily during the following years, in particular,
two years for currency risk and three years for commodity price risk.
For the year ended December\u00a031, 2023 net gains of \u20ac4 million related to ineffectiveness were recognized in the
Consolidated Income Statement (net losses \u20ac6 million for the year ended December\u00a031, 2022 and net gains \u20ac2 million for the
year ended December\u00a031, 2021).
The Company reclassified gains/(losses) arising on Cash flow hedges, net of the tax effect, from Other
comprehensive income and Inventories to the Consolidated Income Statement as follows:
Years ended December 31,
2023
2022
2021
(\u20ac million)
Currency risk
(Increase)/decrease in Cost of revenues
\u20ac(101)
\u20ac(111)
\u20ac(82)
Net financial income/(expenses)
\u2014
\u2014
(86)
Result from investments
7
(10)
20
Interest rate risk
(Increase)/decrease in Cost of revenues
\u2014
\u2014
\u2014
Result from investments
44
(59)
(6)
Net financial income/(expenses)
\u2014
\u2014
2
Commodity price risk
(Increase)/decrease in Cost of revenues
(435)
464
18
Ineffectiveness and discontinued hedges
4
(6)
2
Tax expense
77
(99)
5
Total recognized in the Consolidated Income Statement
\u20ac(404)
\u20ac179
\u20ac(127)
Net investment hedges
In order to manage the Company\u2019s foreign currency risk related to its investments, the Company enters into hedges
of a net investment in a foreign operation, in particular foreign currency swaps, forward contracts and currency options. For
the year ended December 31, 2023, losses of \u20ac12\u00a0million (gains of \u20ac100\u00a0million for the year ended December 31, 2022 and
nil for the year ended December 31, 2021) related to the hedges of a net investment in foreign operation were recognized in
the Consolidated Statement of Other Comprehensive Income within E xchange differences on translating foreign operations
differences. There was no ineffectiveness for the year ended December 31, 2023.
Derivatives for trading
At December\u00a031, 2023, 2022 and 2021, Derivatives for trading primarily consisted of derivative contracts entered
into for hedging purposes which did not qualify for hedge accounting.
Information on the Company's risk management strategy and additional information on its hedging activities is
provided in Note 31, Qualitative and quantitative information on financial risks.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-748": { "value": "
17.
Derivative financial and operating assets and liabilities
The following table summarizes the fair value of the Company's derivative financial instruments:
At December 31,
2023
2022
Positive\u00a0fair
value
Negative\u00a0fair
value
Positive\u00a0fair
value
Negative\u00a0fair
value
(\u20ac million)
Fair value hedges:
Interest rate risk - interest rate swaps\u00a0
\u20ac26
\u20ac(1)
\u20ac\u2014
\u20ac\u2014
Interest rate and currency risk - combined interest rate and
currency swaps
\u2014
\u2014
\u2014
\u2014
Currency risk - forward contracts, currency swaps and
currency options
\u2014
\u2014
25
(22)
Commodity price risk \u2013 commodity swaps and commodity
options
\u2014
\u2014
\u2014
\u2014
Total Fair value hedges
26
(1)
25
(22)
Cash flow hedges:
Interest rate risk - interest rate swaps
\u2014
(28)
19
\u2014
Currency risks - forward contracts, currency swaps and
currency options
111
(331)
423
(266)
Commodity price risk \u2013 commodity swaps and commodity
options
36
(681)
406
(637)
Total Cash flow hedges
147
(1,040)
848
(903)
Net investment hedges:
Currency risks - forward contracts, currency swaps and
currency options
\u2014
\u2014
\u2014
\u2014
Total Net investment hedges
\u2014
\u2014
\u2014
\u2014
Derivatives for trading
75
(43)
34
(25)
Total Fair value of derivative financial assets/(liabilities)
\u20ac248
\u20ac(1,084)
\u20ac907
\u20ac(950)
Financial derivative assets/(liabilities) - current
\u20ac17
\u20ac(18)
\u20ac13
\u20ac(18)
Financial derivative assets/(liabilities) - non-current
\u20ac23
\u20ac(21)
\u20ac21
\u20ac\u2014
Derivative operating assets/(liabilities) - current
\u20ac157
\u20ac(746)
\u20ac587
\u20ac(708)
Derivative operating assets/(liabilities) - non-current
\u20ac51
\u20ac(299)
\u20ac286
\u20ac(224)
Derivatives for trading
At December\u00a031, 2023, 2022 and 2021, Derivatives for trading primarily consisted of derivative contracts entered
into for hedging purposes which did not qualify for hedge accounting.
Information on the Company's risk management strategy and additional information on its hedging activities is
provided in Note 31, Qualitative and quantitative information on financial risks.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesHeldForTradingExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-747": { "value": "
17.
Derivative financial and operating assets and liabilities
The following table summarizes the fair value of the Company's derivative financial instruments:
At December 31,
2023
2022
Positive\u00a0fair
value
Negative\u00a0fair
value
Positive\u00a0fair
value
Negative\u00a0fair
value
(\u20ac million)
Fair value hedges:
Interest rate risk - interest rate swaps\u00a0
\u20ac26
\u20ac(1)
\u20ac\u2014
\u20ac\u2014
Interest rate and currency risk - combined interest rate and
currency swaps
\u2014
\u2014
\u2014
\u2014
Currency risk - forward contracts, currency swaps and
currency options
\u2014
\u2014
25
(22)
Commodity price risk \u2013 commodity swaps and commodity
options
\u2014
\u2014
\u2014
\u2014
Total Fair value hedges
26
(1)
25
(22)
Cash flow hedges:
Interest rate risk - interest rate swaps
\u2014
(28)
19
\u2014
Currency risks - forward contracts, currency swaps and
currency options
111
(331)
423
(266)
Commodity price risk \u2013 commodity swaps and commodity
options
36
(681)
406
(637)
Total Cash flow hedges
147
(1,040)
848
(903)
Net investment hedges:
Currency risks - forward contracts, currency swaps and
currency options
\u2014
\u2014
\u2014
\u2014
Total Net investment hedges
\u2014
\u2014
\u2014
\u2014
Derivatives for trading
75
(43)
34
(25)
Total Fair value of derivative financial assets/(liabilities)
\u20ac248
\u20ac(1,084)
\u20ac907
\u20ac(950)
Financial derivative assets/(liabilities) - current
\u20ac17
\u20ac(18)
\u20ac13
\u20ac(18)
Financial derivative assets/(liabilities) - non-current
\u20ac23
\u20ac(21)
\u20ac21
\u20ac\u2014
Derivative operating assets/(liabilities) - current
\u20ac157
\u20ac(746)
\u20ac587
\u20ac(708)
Derivative operating assets/(liabilities) - non-current
\u20ac51
\u20ac(299)
\u20ac286
\u20ac(224)
Derivatives for trading
At December\u00a031, 2023, 2022 and 2021, Derivatives for trading primarily consisted of derivative contracts entered
into for hedging purposes which did not qualify for hedge accounting.
Information on the Company's risk management strategy and additional information on its hedging activities is
provided in Note 31, Qualitative and quantitative information on financial risks.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsHeldForTradingExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-746": { "value": "
17.
Derivative financial and operating assets and liabilities
The following table summarizes the fair value of the Company's derivative financial instruments:
At December 31,
2023
2022
Positive\u00a0fair
value
Negative\u00a0fair
value
Positive\u00a0fair
value
Negative\u00a0fair
value
(\u20ac million)
Fair value hedges:
Interest rate risk - interest rate swaps\u00a0
\u20ac26
\u20ac(1)
\u20ac\u2014
\u20ac\u2014
Interest rate and currency risk - combined interest rate and
currency swaps
\u2014
\u2014
\u2014
\u2014
Currency risk - forward contracts, currency swaps and
currency options
\u2014
\u2014
25
(22)
Commodity price risk \u2013 commodity swaps and commodity
options
\u2014
\u2014
\u2014
\u2014
Total Fair value hedges
26
(1)
25
(22)
Cash flow hedges:
Interest rate risk - interest rate swaps
\u2014
(28)
19
\u2014
Currency risks - forward contracts, currency swaps and
currency options
111
(331)
423
(266)
Commodity price risk \u2013 commodity swaps and commodity
options
36
(681)
406
(637)
Total Cash flow hedges
147
(1,040)
848
(903)
Net investment hedges:
Currency risks - forward contracts, currency swaps and
currency options
\u2014
\u2014
\u2014
\u2014
Total Net investment hedges
\u2014
\u2014
\u2014
\u2014
Derivatives for trading
75
(43)
34
(25)
Total Fair value of derivative financial assets/(liabilities)
\u20ac248
\u20ac(1,084)
\u20ac907
\u20ac(950)
Financial derivative assets/(liabilities) - current
\u20ac17
\u20ac(18)
\u20ac13
\u20ac(18)
Financial derivative assets/(liabilities) - non-current
\u20ac23
\u20ac(21)
\u20ac21
\u20ac\u2014
Derivative operating assets/(liabilities) - current
\u20ac157
\u20ac(746)
\u20ac587
\u20ac(708)
Derivative operating assets/(liabilities) - non-current
\u20ac51
\u20ac(299)
\u20ac286
\u20ac(224)
Derivatives for trading
At December\u00a031, 2023, 2022 and 2021, Derivatives for trading primarily consisted of derivative contracts entered
into for hedging purposes which did not qualify for hedge accounting.
Information on the Company's risk management strategy and additional information on its hedging activities is
provided in Note 31, Qualitative and quantitative information on financial risks.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsHeldForTradingExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-751": { "value": "
18.
Cash and cash equivalents
Cash and cash equivalents consisted of the following:
At December 31,
2023
2022
(\u20ac million)
Cash at banks
\u20ac8,981
\u20ac9,836
Money market securities measured at FVTPL
17,691
20,870
Other cash equivalents
16,997
15,727
Total Cash and cash equivalents
\u20ac43,669
\u20ac46,433
24.
Fair value measurement
Assets and liabilities that are measured at fair value on a recurring basis
The following table shows the fair value hierarchy, based on observable and unobservable inputs, for financial assets
and liabilities measured at fair value on a recurring basis:
At December 31,
2023
2022
Note
Level 1
Level\u00a02
Level\u00a03
Total
Level 1
Level\u00a02
Level\u00a03
Total
(\u20ac million)
Financial securities and equity
instruments measured at FVOCI
13
\u20ac110
\u20ac23
\u20ac282
\u20ac415
\u20ac99
\u20ac19
\u20ac40
\u20ac158
Financial securities and equity
instruments measured at FVPL
13
1,041
\u2014
883
1,924
726
\u2014
214
940
Derivative financial assets
17
\u2014
40
\u2014
40
2
30
2
34
Derivative operating assets
17
\u2014
208
\u2014
208
\u2014
873
\u2014
873
Collateral deposits
13
108
\u2014
\u2014
108
51
\u2014
\u2014
51
Receivables from financing
activities
16
\u2014
\u2014
117
117
\u2014
\u2014
259
259
Trade receivables
16
\u2014
49
\u2014
49
\u2014
1
\u2014
1
Other receivables
16
\u2014
\u2014
76
76
\u2014
\u2014
89
89
Money market securities
18
17,691
\u2014
\u2014
17,691
20,869
\u2014
1
20,870
Total Assets
\u20ac18,950
\u20ac320
\u20ac1,358
\u20ac20,628
\u20ac21,747
\u20ac923
\u20ac605
\u20ac23,275
Derivative financial liabilities
17
\u2014
39
\u2014
39
\u2014
18
\u2014
18
Derivative operating liabilities
17
\u2014
1,005
40
1,045
\u2014
883
49
932
Total Liabilities
\u20ac\u2014
\u20ac1,044
\u20ac40
\u20ac1,084
\u20ac\u2014
\u20ac901
\u20ac49
\u20ac950
The fair value of derivative financial assets and liabilities was measured by taking into consideration market
parameters at the balance sheet date and using valuation techniques widely accepted in the financial business environment, as
described below:
\u2022 the fair value of forward contracts, swaps and options hedging currency risk was determined by using valuation
techniques common in the financial markets and taking market parameters at the balance sheet date (in
particular, exchange rates, interest rates and volatility rates);
\u2022 the fair value of interest rate swaps and forward rate agreements was determined by taking the prevailing
interest rates at the balance sheet date and using the discounted expected cash flow method;
\u2022 the fair value of combined interest rate and currency swaps was determined using the exchange and interest
rates prevailing at the balance sheet date and the discounted expected cash flow method; and
\u2022 the fair value of swaps and options hedging commodity price risk was determined by using valuation techniques
common in the financial markets and taking market parameters at the balance sheet date (in particular,
underlying prices, interest rates and volatility rates).
The fair value of money market securities was also based on available market quotations.
The fair value of Receivables from financing activities, which are classified in Level 3 of the fair value hierarchy,
was estimated using discounted cash flow models. The most significant inputs used in this measurement were market
discount rates that reflected conditions applied in various reference markets on receivables with similar characteristics,
adjusted in order to take into account the credit risk of the counterparties.
The fair value of Other receivables is classified in Level 3 of the fair value hierarchy and was estimated using
discounted cash flow models. The most significant inputs used in this measurement were market discount rates.
For assets and liabilities recognized in the financial statements at fair value on a recurring basis, the Company
determined whether transfers occurred between levels in the hierarchy by re-assessing categorization at the end of each
reporting period.
The following table provides a reconciliation of the changes in items measured at fair value and categorized within
Level 3:
Receivables
from
financing
activities
Financial
securities
Derivative\u00a0
financial
assets/
(liabilities)
Collateral
deposits
Money
market
securities
Other
receivables
(\u20ac million)
At January 1, 2023
\u20ac259
\u20ac254
\u20ac(48)
\u20ac\u2014
\u20ac1
\u20ac89
Change in scope of consolidation
(28)
Gains/(Losses) recognized in
Consolidated Income Statement
\u2014
1
\u2014
\u2014
\u2014
(13)
Losses recognized in Other
comprehensive income/(loss)
\u2014
(151)
8
\u2014
\u2014
\u2014
Issues/Settlements
(142)
\u2014
\u2014
\u2014
\u2014
\u2014
Purchases/Sales
\u2014
1,089
\u2014
\u2014
\u2014
\u2014
Transfers to Assets/(Liabilities) held for
sale
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transfers from Level 3
\u2014
\u2014
\u2014
\u2014
(1)
\u2014
At December 31, 2023
\u20ac117
\u20ac1,165
\u20ac(40)
\u20ac\u2014
\u20ac\u2014
\u20ac76
Receivables
from
financing
activities
Financial
securities
Derivative\u00a0
financial
assets/
(liabilities)
Collateral
deposits
Money
market
securities
Other
receivables
(\u20ac million)
At January 1, 2022
\u20ac252
\u20ac142
\u20ac(11)
\u20ac15
\u20ac12
\u20ac134
Gains recognized in Other
comprehensive income/(loss)
\u2014
5
4
\u2014
\u2014
20
Losses recognized in Consolidated
Income Statement
\u2014
\u2014
(41)
\u2014
\u2014
\u2014
Issues/Settlements
7
\u2014
\u2014
\u2014
\u2014
\u2014
Purchases/Sales
\u2014
58
\u2014
\u2014
(11)
\u2014
Transfers to Assets/(Liabilities) held for
sale
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transfers from Level 3
\u2014
49
\u2014
(15)
\u2014
(65)
At December 31, 2022
\u20ac259
\u20ac254
\u20ac(48)
\u20ac\u2014
\u20ac1
\u20ac89
The gains/(losses) included in the Consolidated Income Statements were recognized within Net financial expenses
and SG&A. Of the total gains/(losses) recognized in Other comprehensive income, \u20ac8\u00a0million were recognized within Cash
flow reserves ( \u20ac41\u00a0million at December 31, 2022),\u00a0\u20ac230\u00a0million were recognized within Currency translation differences (nil
at December 31, 2022) and \u20ac79\u00a0million were recognized within Gains and losses from remeasurement of financial assets (nil
at December 31, 2022).
Assets and liabilities not measured at fair value on recurring basis
The carrying value of debt securities measured at amortized cost, current receivables and payables was a reasonable
approximation of fair value as the present value of future cash flows did not differ significantly from the carrying amount.
The carrying value of Cash at banks and Other cash equivalents usually approximated fair value due to the short
maturity of these instruments (refer to Note 18, Cash and cash equivalents for additional information).
The following table provides the carrying amount and fair value of financial assets and liabilities not measured at
fair value on a recurring basis:
At December 31,
2023
2022
Note
Carrying
amount
Fair
Value
Carrying
amount
Fair
Value
(\u20ac million)
Dealer financing
\u20ac2,188
\u20ac2,184
\u20ac1,370
\u20ac1,365
Retail financing
5,505
5,364
2,475
2,301
Finance lease
133
133
7
7
Other receivables from financing activities
1,051
1,063
595
564
Total Receivables from financing activities(1)
16
\u20ac8,877
\u20ac8,744
\u20ac4,447
\u20ac4,237
Asset-backed financing
\u20ac4,778
\u20ac4,772
\u20ac1,655
\u20ac1,629
Notes
18,215
17,391
19,265
17,321
Borrowings from banks & Other debt
4,312
4,274
3,974
3,901
Total Debt, excluding Lease liabilities
22
\u20ac27,305
\u20ac26,437
\u20ac24,894
\u20ac22,851
______________________________________________________________________________________________________________________________
(1) Amount excludes receivables measured at FVPL
The carrying value of financial securities measured at amortized cost was a reasonable approximation of fair value
as the present value of future cash flows did not differ significantly from the carrying amount. Refer to Note 13, Financial
assets for additional information.
Notes that were traded in active markets for which close or last trade pricing was available are classified within
Level 1 of the fair value hierarchy. Notes for which such prices were not available were valued at the last available price or
based on quotes received from independent pricing services or from dealers who trade in such securities and are categorized
as Level 2. At December\u00a031, 2023, \u20ac17,073 million and \u20ac318 million of notes were classified within Level\u00a01 and Level 2,
respectively. At December\u00a031, 2022, \u20ac16,841 million of notes were classified within Level\u00a01 and \u20ac480 million of notes were
classified within Level\u00a02.
The fair value of Borrowings from banks and Other debt included in Level 2 of the fair value hierarchy was
estimated using discounted cash flow models. The main inputs used were year-end market interest rates, adjusted for market
expectations of the Company\u2019s non-performance risk implied in quoted prices of traded securities issued by the Company and
existing credit derivatives on Company liabilities. The fair value of Borrowings from banks and Other debt that requires
significant adjustment using unobservable inputs is categorized within Level 3. At December\u00a031, 2023, \u20ac4,041 million and
\u20ac233 million of Borrowings from banks and Other Debt was classified within Level\u00a02 and Level\u00a03, respectively. At
December\u00a031, 2022, \u20ac3,510 million and \u20ac387 million of Borrowings from banks and Other Debt were classified within
Level\u00a02 and Level\u00a03, respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-750": { "value": "
18.
Cash and cash equivalents
Cash and cash equivalents consisted of the following:
At December 31,
2023
2022
(\u20ac million)
Cash at banks
\u20ac8,981
\u20ac9,836
Money market securities measured at FVTPL
17,691
20,870
Other cash equivalents
16,997
15,727
Total Cash and cash equivalents
\u20ac43,669
\u20ac46,433
Cash and cash equivalents held in certain foreign countries (primarily in Argentina, \u20ac470 million and \u20ac910\u00a0million at
December 31, 2023 and 2022, respectively) were subject to local exchange control regulations providing restrictions on the
amount of cash that can leave the country. In addition, a certain amount of cash and cash equivalents was held related to our
entities in Russia (\u20ac121\u00a0million at December 31, 2022). Certain specific uses of these resources may be restricted by the trade
and financial sanctions adopted by various governments around the world and the counter-sanctions imposed by the Russian
government.
Cash and cash equivalents include \u20ac210\u00a0million at December 31, 2023 (\u20ac107\u00a0million at December 31, 2022) held in
bank deposits which are restricted to the operations related to securitization programs and warehouse credit facilities of
Stellantis Financial Services U.S. These deposits are primarily used for the collection of the loan installments from customers
and the payment of debt and service costs and to the originator Stellantis Financial Services U.S. itself, according to the
programs and facilities regulation. Refer to Note 22, Debt for additional information on securitization programs and
warehouse credit facilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-749": { "value": "
18.
Cash and cash equivalents
Cash and cash equivalents consisted of the following:
At December 31,
2023
2022
(\u20ac million)
Cash at banks
\u20ac8,981
\u20ac9,836
Money market securities measured at FVTPL
17,691
20,870
Other cash equivalents
16,997
15,727
Total Cash and cash equivalents
\u20ac43,669
\u20ac46,433
Cash and cash equivalents held in certain foreign countries (primarily in Argentina, \u20ac470 million and \u20ac910\u00a0million at
December 31, 2023 and 2022, respectively) were subject to local exchange control regulations providing restrictions on the
amount of cash that can leave the country. In addition, a certain amount of cash and cash equivalents was held related to our
entities in Russia (\u20ac121\u00a0million at December 31, 2022). Certain specific uses of these resources may be restricted by the trade
and financial sanctions adopted by various governments around the world and the counter-sanctions imposed by the Russian
government.
Cash and cash equivalents include \u20ac210\u00a0million at December 31, 2023 (\u20ac107\u00a0million at December 31, 2022) held in
bank deposits which are restricted to the operations related to securitization programs and warehouse credit facilities of
Stellantis Financial Services U.S. These deposits are primarily used for the collection of the loan installments from customers
and the payment of debt and service costs and to the originator Stellantis Financial Services U.S. itself, according to the
programs and facilities regulation. Refer to Note 22, Debt for additional information on securitization programs and
warehouse credit facilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-752": { "value": "43669000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-753": { "value": "46433000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-754": { "value": "
19.
Share-based compensation
2023-2025 Long-Term Incentive Plan
At the Annual General Meeting (\u201cAGM\u201d) of Shareholders in April 2021, shareholders approved the Company\u2019s
framework equity incentive plan under which the 2023-2025 Long-Term Incentive Plan (\u201c2023-2025 LTIP\u201d) operates.
In June 2023, the Company granted a total of approximately 8.4\u00a0million PSU and approximately 2.2\u00a0million RSU
awards to eligible employees under the 2023-2025 LTIP.
In October 2023, the Company granted a total of approximately 0.4\u00a0million PSU and approximately 0.5\u00a0million RSU
awards, to eligible employees under the 2023-2025 LTIP.
The PSU awards, which represent the right to receive Stellantis common shares, have certain performance targets
which are settled independently of each other. Of the total PSU awards, 30 percent are expected to vest based on certain
market performance conditions (\u201cPSU TSR awards\u201d) covering a three year performance period from January 1, 2023 to
December 31, 2025, with a payout scale ranging from 0 percent to 200 percent. Of the total PSU awards, 40 percent are
expected to vest based on the Company\u2019s targets for the achievement of certain adjusted operating income levels (\u201cPSU
AOI\u201d), covering a three year period from January 1, 2023 to December 31, 2025, with a payout scale ranging from 0 percent
to 200 percent. The remaining 30 percent of the PSU awards are expected to vest based on the achievement of certain vehicle
nameplate electrification targets (\u201cPSU Electrification\u201d), covering a three-year period from January 1, 2023 to December 31,
2025, with a payout scale ranging from 0 percent to 100 percent. Accordingly, the total number of shares that are expected to
be issued could vary from the original award of approximately 9.4 million units. If the performance goals for the respective
periods are met, the PSU awards are expected to vest in one tranche in the second quarter of 2026.
The RSU awards (\u201c2023 RSU awards\u201d), which represent the right to receive Stellantis common shares, cover a three
year performance period from May 1, 2023 to May 1, 2026 and are expected to vest in the second quarter of 2026.
In October 2023, the Company granted a total of approximately 0.4\u00a0million Performance Restricted Share Units
(\u201cPRSU\u201d). The PRSU awards, which represent the right to receive Stellantis common shares, will be determined based upon
the application of the Software Achievement Multiplier which would result in the eligible employee receiving at least 25% to
at most 125%, of the original number of units granted to vest. Each grant covers a three-year performance period with one-
third of the units expected to vest on October 1, 2024, 2025, 2026, respectively. The Software Achievement multiplier is reset
for each year of the three-year performance period and is based on the annual software internal metric.
The fair values of the PSU Electrification, PSU AOI and PRSU and the RSU awards were measured using the
Stellantis share price on the grant date, adjusted for expected dividends at a constant yield as these PSU and RSU awards do
not have the right to receive ordinary dividends prior to vesting. The fair value of the PSU TSR awards were calculated using
a Monte Carlo Simulation.
2022-2024 Long-Term Incentive Plan
At the General Meeting of Shareholders in April 2021, shareholders approved the Company\u2019s framework equity
incentive plan under which the 2022-2024 Long-Term Incentive Plan (\u201c2022-2024 LTIP\u201d) operates.
In July and September 2022, the Company granted a total of approximately 8.8\u00a0million PSU and approximately 4.3
million RSU awards to eligible employees under the 2022-2024 LTIP.
In December 2022, the Company granted 0.6\u00a0million PSU and 0.6\u00a0million RSU additional awards.
The PSU awards, which represent the right to receive Stellantis common shares, have certain performance targets
which are settled independently of each other. Of the total PSU awards, 40 percent are expected to vest based on certain
market performance conditions (\u201cPSU TSR awards\u201d) covering a three year performance period from the grant date to
December 31, 2024, with a payout scale ranging from 0 percent to 200 percent. Of the total PSU awards, 40 percent are
expected to vest based on the Company\u2019s targets for the achievement of synergies less implementation costs (\u201cPSU
Synergies\u201d), following the completion of the merger, covering a three year period from January 1, 2022 to December 31,
2024, with a payout scale ranging from 0 percent to 100 percent. Ten percent of the PSU awards are expected to vest based
on the achievement of certain regulatory emissions compliance targets (\u201cPSU Compliance\u201d) in the years ending December
31, 2022, 2023 and 2024. The remaining 10 percent of the PSU awards are expected to vest based on the achievement of
certain vehicle nameplate electrification targets (\u201cPSU Electrification\u201d), covering a three-year period from January 1, 2022 to
December 31, 2024, with a payout scale ranging from 0 percent to 100 percent. Accordingly, the total number of shares that
are expected to be issued could vary from the original award of approximately 9.4\u00a0million units. If the performance goals for
the respective periods are met, the PSU awards are expected to vest in one tranche in the second quarter of 2025.
The RSU awards (\u201c2022 RSU awards\u201d), which represent the right to receive Stellantis common shares, cover a three
year performance period from May 15, 2022 to May 15, 2025 and are expected to vest in the second quarter of 2025.
The fair values of the PSU Synergies, PSU Compliance, PSU Electrification and the RSU awards were measured
using the Stellantis share price on the grant date, adjusted for expected dividends at a constant yield as these PSU and RSU
awards do not have the right to receive ordinary dividends prior to vesting. The fair value of the PSU TSR awards were
calculated using a Monte Carlo Simulation.
2021-2023 Long-Term Incentive Plan
At the General Meeting of Shareholders in April 2021, shareholders approved the Company\u2019s framework equity
incentive plan under which the 2021-2023 Long-Term Incentive Plan (\u201c2021-2023 LTIP\u201d) operates.
In June 2021, the Company granted a total of approximately 6.0\u00a0million PSU and approximately 2.7\u00a0million RSU
awards to eligible employees under the 2021-2023 LTIP.
In September and October 2021, the Company granted approximately 1.3\u00a0million PSU and 1.0\u00a0million RSU
additional awards.
In December 2021, the Company granted 0.4\u00a0million PSU special awards. These have certain performance targets
which are settled independently of each other and are expected to vest based on the Company\u2019s targets for achievement of
fixed costs, Adjusted operating income margin and break-even level, covering an approximate two year period from January
18, 2021 to December 31, 2022, with a payout scale ranging from 0 percent to 100 percent.
The PSU awards, which represent the right to receive Stellantis common shares, have certain performance targets
which are settled independently of each other. Of the total PSU awards, 40 percent are expected to vest based on certain
market performance conditions covering an approximate three year performance period from January 18, 2021 (the date of
the completion of the merger) to December 31, 2023, with a payout scale ranging from 0 percent to 200 percent. Of the total
PSU awards, 40 percent are expected to vest based on the Company\u2019s targets for the achievement of synergies less
implementation costs, following the completion of the merger, covering an approximate three year period from January 18,
2021 to December 31, 2023, with a payout scale ranging from 0 percent to 100 percent. 10 percent of the PSU awards are
expected to vest based on the achievement of certain regulatory emissions compliance targets in the years ending December
31, 2021, 2022 and 2023. The remaining 10 percent of the PSU awards are expected to vest based on the achievement of
certain vehicle nameplate electrification targets, covering an approximate three-year period from January 18, 2021 to
December 31, 2023, with a payout scale ranging from 0 percent to 100 percent. Accordingly, the total number of shares that
are expected to be issued could vary from the original award of approximately 7.3\u00a0million units. If the performance goals for
the respective periods are met, the PSU awards are expected to vest in one tranche in the second quarter of 2024.
The RSU awards (\u201c2021 RSU awards\u201d), which represent the right to receive Stellantis common shares, are expected
to vest in the second and fourth quarters of 2024 for the awards granted during the six months ended June 30, 2021, and
during the six months ended December 31, 2021, respectively.
The fair values of the PSU Synergies, PSU Compliance, PSU Electrification and the RSU awards were measured
using the Stellantis share price on the grant date, adjusted for expected dividends at a constant yield as these PSU and RSU
awards do not have the right to receive ordinary dividends prior to vesting. The fair value of the PSU TSR awards were
calculated using a Monte Carlo Simulation.
Chief Executive Officer Shareholder Incentive Awards
In June 2021, the Company provided a long-term incentive award of 1.0\u00a0million PSUs to the Chief Executive
Officer. The incentive award vests based on the achievement of absolute total shareholder return performance, covering the
period starting January 18, 2021 and ending January 17, 2026, with a payout scale ranging from 0 percent to 200 percent.
The fair values of the special PSU awards were measured using a Monte Carlo Simulation.
Other Restricted Share Unit and Performance Share Unit Grants
During the year ended December 31, 2022, the Company granted approximately 0.3\u00a0million RSU awards and
0.1\u00a0million PSU awards to certain key employees of the Company, which represent the right to receive Stellantis common
shares. A portion of these awards are vested in 2023 with the remaining portion expected to vest in 2024, 2025 or 2026, in
accordance with the award agreements. The fair values of the PSU Synergies, PSU Compliance, PSU Electrification and the
RSU awards were measured using the Stellantis share price on the grant date, adjusted for expected dividends at a constant
yield as these PSU and RSU awards do not have the right to receive ordinary dividends prior to vesting. The fair value of the
PSU TSR awards were calculated using a Monte Carlo Simulation.
During the year ended December 31, 2021, the Company granted approximately 0.8 million RSU awards to certain
key employees of the Company, which represents the right to receive Stellantis common shares. A portion of these awards
are expected to vest in 2022, with the remaining portion expected to vest in 2023 or 2024, in accordance with the award
agreements. The fair values of these RSU awards were measured using the Stellantis share price on the grant date, adjusted
for expected dividends at a constant yield as these RSU awards do not have the right to receive ordinary dividends prior to
vesting.
Share-based payment plans issued by the former FCA
As a result of the merger, each outstanding legacy FCA PSU award, and each outstanding legacy FCA RSU award
has been replaced by Stellantis RSU awards (\u201creplacement Stellantis RSU awards\u201d), which will continue to be governed by
the same terms and conditions, including service-based vesting terms. Both the legacy FCA PSU Adjusted EBIT and legacy
FCA PSU TSR awards were deemed to be satisfied at target upon conversion to Stellantis RSU awards. On completion of the
merger 24.3\u00a0million replacement Stellantis RSU awards were granted.
In line with the guidance in IFRS 2 - Share-based payment and IFRS 3 - Business combinations, the fair value of the
Stellantis RSU awards was determined based on the FCA share price as of January 15, 2021, with a portion of this fair value
included in the consideration transferred, which has been determined by multiplying the fair value of the original FCA
awards as of January 15, 2021 by the portion of the requisite service period that elapsed prior to the merger divided by the
total service period. The remaining portion of the fair value is expected to be recognized within the Stellantis income
statement over the remaining vesting term.
The replacement Stellantis RSU awards, which represents the right to receive Stellantis common shares vested in
2022 and 2023 in accordance with the award agreements.
Share-based payment plans issued by former PSA
As a result of the merger, each outstanding legacy PSA PSU award has been replaced by Stellantis RSU awards
(\u201creplacement Stellantis RSU awards\u201d), which will continue to be governed by the same terms and conditions, including
service-based vesting terms. The legacy PSA PSU awards were deemed to be either totally or partially satisfied upon
conversion into Stellantis RSU awards. Refer below for further details regarding the conversion of the awards to Stellantis
RSU awards.
2019 performance share plan
In 2019, a performance share plan was established. The allocation of performance shares was subject to a condition
of service within PSA at the end of the vesting period. In light of the objectives, the shares are vested in two equal parts with
one part vested in May 2022 and the remaining part vested in May 2023. On completion of the merger 4.3\u00a0million
replacement Stellantis RSU awards were granted, in respect of this plan, with an additional 0.3\u00a0million granted for the equal
distribution of Faurecia.
2020 performance share plan
In 2020, a performance share plan was established. The allocation of performance shares was subject to a condition
of service within PSA at the end of the vesting period. The shares vested in May 2023. On completion of the merger
4.6\u00a0million replacement Stellantis RSU awards were granted, in respect of this plan, with an additional 0.3\u00a0million granted for
the equal for distribution of Faurecia.
PSU Awards
Changes during 2023, 2022 and 2021 for the PSU awards under the 2023-2025, 2022-2024 and 2021-2023 LTIPs
were as follows:
2023
PSU TSR
Weighted
average\u00a0fair
value at the
grant date
(\u20ac)
PSU Synergies
Weighted
average\u00a0fair
value at the
grant date
(\u20ac)
PSU
Compliance
Weighted
average\u00a0fair
value at the
grant date
(\u20ac)
Outstanding shares unvested at
January 1
6,352,440
\u20ac13.09
6,352,440
\u20ac12.61
1,588,222
\u20ac12.61
Granted
2,903,808
12.02
56,890
16.14
14,225
14.05
Vested
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Canceled
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Forfeited
(676,719)
12.43
(439,100)
12.43
(347,390)
12.59
Outstanding shares unvested at
December 31
8,579,529
\u20ac12.79
5,970,230
\u20ac12.64
1,255,057
\u20ac12.76
2023
PSU
Electrification
Weighted
average\u00a0fair
value at the
grant date
(\u20ac)
PSU AOI
Weighted
average\u00a0fair
value at the
grant date
(\u20ac)
PRSU
Weighted
average\u00a0fair
value at the
grant date
(\u20ac)
Outstanding shares unvested at
January 1
1,587,998
\u20ac12.61
\u2014
\u20ac\u2014
\u2014
\u20ac\u2014
Granted
2,861,143
12.83
3,795,870
12.88
417,386
15.82
Vested
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Canceled
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Forfeited
(109,760)
12.43
(316,827)
12.83
Outstanding shares unvested at
December 31
4,339,381
\u20ac12.64
3,479,043
\u20ac12.83
417,386
\u20ac15.82
2022
PSU TSR
Weighted
average\u00a0fair
value at the
grant date
(\u20ac)
PSU
Synergies
Weighted
average\u00a0fair
value at the
grant date
(\u20ac)
PSU
Compliance
Weighted
average\u00a0fair
value at the
grant date
(\u20ac)
PSU
Electrification
Weighted
average\u00a0fair
value at the
grant date
(\u20ac)
Outstanding
shares unvested
at January 1
2,757,605
\u20ac17.07
2,757,605
\u20ac14.55
689,516
\u20ac14.55
689,285
\u20ac14.55
Granted
3,803,956
10.38
3,803,956
11.29
950,992
11.29
950,986
11.29
Vested
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Canceled
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Forfeited
(209,121)
16.50
(209,121)
14.27
(52,286)
14.27
(52,273)
14.27
Outstanding
shares unvested
at December 31
6,352,440
\u20ac13.09
6,352,440
\u20ac12.61
1,588,222
\u20ac12.61
1,587,998
\u20ac12.61
2021
PSU TSR
Weighted
average\u00a0fair
value at the
grant date
(\u20ac)
PSU
Synergies
Weighted
average\u00a0fair
value at the
grant date
(\u20ac)
PSU
Compliance
Weighted
average\u00a0fair
value at the
grant date
(\u20ac)
PSU
Electrification
Weighted
average\u00a0fair
value at the
grant date
(\u20ac)
Outstanding
shares unvested
at January 1
\u2014
\u20ac\u2014
\u2014
\u20ac\u2014
\u2014
\u20ac\u2014
\u2014
\u20ac\u2014
Granted
2,934,454
17.07
2,934,454
14.55
733,729
14.55
733,498
14.55
Vested
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Canceled
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Forfeited
(176,849)
17.07
(176,849)
14.55
(44,213)
14.55
(44,213)
14.55
Outstanding
shares unvested
at December 31
2,757,605
\u20ac17.07
2,757,605
\u20ac14.55
689,516
\u20ac14.55
689,285
\u20ac14.55
The fair values of the PSU TSR awards were calculated using a Monte Carlo simulation model.
The key assumptions utilized to calculate the grant-date fair values for the PSU TSR awards are summarized below:
2023
2022
2021
Key assumptions
PSU TSR Awards Range
Grant date stock price
\u20ac15.37 - \u20ac15.64
\u20ac12.51 - \u20ac13.33
\u20ac16.98 - \u20ac17.68
Expected volatility
34%
42%
41%
Risk-free rate
2.94%
0.4%
0.69%
The expected volatility was based on the observed historical volatility for common shares of Stellantis. The risk-free
rate was derived from the yield on Euro Area Government Bonds of appropriate term, as detailed by the European Central
Bank.
The weighted average fair value of the PSU Synergies, PSU Compliance, PSU Electrification, PSU AOI and PRSU
awards that were granted during years ended December 31, 2023, 2022 and 2021 were measured using the Stellantis stock
price on the grant date, adjusted for expected dividends at a constant yield as these PSU awards do not have the right to
receive ordinary dividends prior to vesting.
RSU awards
Changes during 2023, 2022 and 2021 for the RSU awards under the 2023-2025, 2022-2024 and 2021-2023 LTIPs
were as follows:
2023
2022
2021
RSUs
Weighted
average\u00a0fair
value at the
grant date
(\u20ac)
RSUs
Weighted
average\u00a0fair
value at the
grant date
(\u20ac)
RSUs
Weighted
average\u00a0fair
value at the
grant date
(\u20ac)
Outstanding shares unvested at
January 1
8,824,943
\u20ac12.77
4,316,256
\u20ac14.62
\u2014
\u20ac\u2014
Granted
3,419,898
12.41
5,186,760
11.45
4,499,970
14.62
Vested
(365,601)
15.26
(310,968)
16.11
\u2014
\u2014
Canceled
\u2014
\u2014
\u2014
\u2014
\u2014
Forfeited
(816,533)
12.51
(367,105)
14.02
(183,714)
14.62
Outstanding shares unvested at
December 31
11,062,707
\u20ac12.67
8,824,943
\u20ac12.77
4,316,256
\u20ac14.62
The weighted average fair value of the RSU awards that were granted at December 31, 2023, 2022 and 2021, were
measured using the Stellantis stock price on the grant date, adjusted for expected dividends at a constant yield as these RSU
awards do not have the right to receive ordinary dividends prior to vesting.
Replacement Stellantis RSU awards
Changes during 2023, 2022 and 2021 for the Replacement Stellantis RSU awards from share-based payment plans
issued by the former FCA Group were as follows:
2023
2022
2021
Replacement
Stellantis
RSU awards
Weighted
average\u00a0fair
value at the
grant date
(\u20ac)
Replacement
Stellantis
RSU awards
Weighted
average\u00a0fair
value at the
grant date
(\u20ac)
Replacement
Stellantis
RSU awards
Weighted
average\u00a0fair
value at the
grant date
(\u20ac)
Outstanding shares unvested at
January 1
9,722,133
\u20ac9.95
17,520,829
\u20ac11.08
\u2014
\u20ac\u2014
Anti-dilution adjustment
\u2014
\u2014
\u2014
\u2014
2,181,936
11.09
Granted
\u2014
\u2014
\u2014
\u2014
24,321,968
11.14
Vested
(9,597,921)
9.95
(6,923,401)
10.19
(8,438,777)
11.30
Canceled
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Forfeited
(124,212)
\u2014
(875,295)
10.05
(544,298)
10.32
Outstanding shares unvested at
December 31
\u2014
\u20ac9.95
9,722,133
\u20ac9.95
17,520,829
\u20ac11.08
The weighted average fair value of the RSU awards that were granted at December 31, 2023, 2022 and 2021 were
measured using the Stellantis stock price on the grant date, adjusted for expected dividends at a constant yield as these PSU
and RSU awards do not have the right to receive ordinary dividends prior to vesting.
Changes during 2023, 2022 and 2021 for the Replacement Stellantis RSU awards from share-based payment plans
issued by former PSA were as follows:
2023
2022
2021
Replacement
Stellantis RSU
awards
Weighted
average\u00a0fair
value at the
grant date
(\u20ac)
Replacement
Stellantis RSU
awards
Weighted
average\u00a0fair
value at the
grant date
(\u20ac)
Replacement
Stellantis RSU
awards
Weighted
average\u00a0fair
value at the
grant date
(\u20ac)
Outstanding shares unvested at
January 1
6,422,078
\u20ac6.71
11,573,960
\u20ac7.9
8,576,981
\u20ac15.3
Anti-dilution adjustment
\u2014
\u2014
\u2014
\u2014
7,278,029
\u2014
Granted
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Vested
(6,422,078)
6.71
(4,187,770)
8.78
(4,245,183)
9.15
Canceled
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Forfeited
\u2014
\u2014
(964,112)
7.76
(35,867)
8.99
Outstanding shares unvested at
December 31
\u2014
\u20ac\u2014
6,422,078
\u20ac6.71
11,573,960
\u20ac7.9
The weighted average fair value of the RSU awards that were granted at December 31, 2023, 2022 and 2021 were
measured using the Stellantis stock price on the grant date, adjusted for expected dividends at a constant yield as these PSU
and RSU awards do not have the right to receive ordinary dividends prior to vesting.
Anti-dilution adjustments - RSU awards
The documents governing long-term incentive plans contain anti-dilution provisions which provide an adjustment to
the number of awards granted under the plans in order to preserve, or alternatively prevent the enlargement of, the benefits
intended to be made available to the recipients of the awards should an event occur that impacted the Company\u2019s capital
structure.
There were no anti-dilution adjustments in 2022 and 2023.
In March 2021, the Remuneration Committee approved the methodology to calculate the conversion factor of
1.0670166 that was applied to outstanding awards under the Long-Term Incentive Plan to make equity award holders whole
for the resulting diminution in the value of n Stellantis common share as a result of the distribution of Faurecia shares and
cash to holders of Stellantis common shares on March 22, 2021 (March 15, 2021 ex-dividend date). In May 2021, the
Remuneration Committee approved the methodology to calculate the conversion factor of 1.0216283 that was applied to
certain of the outstanding awards under the Long-Term Incentive Plan to make equity award holders whole for the resulting
diminution in the value of a Stellantis common share as a result of the extraordinary Distribution contemplated by the merger,
as approved by Shareholders on April 15, 2021, to holders of Stellantis common shares on April 28, 2021 (April 19, 2021 ex-
dividend date).
There were no changes to the total cost of these awards to be amortized over the remaining vesting period as a result of these
adjustments.
The following table reflects the changes resulting from the anti-dilution adjustments:
2021 Anti-
dilution
adjustment
RSU Awards:
Number of awards - as adjusted
3,179,903
Share-based Compensation Expense
Total expense for the PSU awards and RSU awards of approximately \u20ac189 million, \u20ac170 million and \u20ac201 million
was recorded for the years ended December\u00a031, 2023, 2022 and 2021, respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-755": { "value": "
Chief Executive Officer Shareholder Incentive Awards
In June 2021, the Company provided a long-term incentive award of 1.0\u00a0million PSUs to the Chief Executive
Officer. The incentive award vests based on the achievement of absolute total shareholder return performance, covering the
period starting January 18, 2021 and ending January 17, 2026, with a payout scale ranging from 0 percent to 200 percent.
The fair values of the special PSU awards were measured using a Monte Carlo Simulation.
Compensation to Directors and Key Management
The fees of the Directors of the Company for carrying out their respective functions were \u20ac43\u00a0million and
\u20ac31\u00a0million for the year ended December 31, 2023 and 2022 , respectively.
The aggregate compensation expense for remaining executives with strategic responsibilities was approximately \u20ac44
million for 2023 (\u20ac44 million for 2022), which in addition to base compensation, included:
\u2022 \u20ac16 million in 2023 (\u20ac16 million in 2022) for share-based compensation expense;
\u2022 \u20ac9 million in 2023 (\u20ac14 million in 2022) for short-term employee benefits; and
\u2022 \u20ac3 million in 2023 (\u20ac3 million in 2022) for pension and similar benefits.
Refer to Note 19 , Share-based compensation, for additional information related to the PSU and RSU awards granted
to certain key employees.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-756": { "value": "
20.
Employee benefits liabilities
Employee benefits liabilities consisted of the following:
At December 31,
2023
2022
Current
Non-
current
Total
Current
Non-
current
Total
(\u20ac million)
Pension benefits
\u20ac45
\u20ac1,913
\u20ac1,958
\u20ac43
\u20ac2,783
\u20ac2,826
Health care and life insurance plans
120
1,577
1,697
126
1,596
1,722
Other post-employment benefits
58
735
793
56
771
827
Other provisions for employees
339
686
1,025
320
741
1,061
Total Employee benefits liabilities
\u20ac562
\u20ac4,911
\u20ac5,473
\u20ac545
\u20ac5,891
\u20ac6,436
The Company recognized total expense related to continuing operations of \u20ac2,114 million for defined contribution
plans for the year ended December\u00a031, 2023 (\u20ac2,018 million in 2022 and \u20ac1,812 million in 2021).
The following table summarizes the fair value of defined benefit obligations and the fair value of related plan assets:
At December 31,
2023
2022
(\u20ac million)
Present value of defined benefit obligations:
Pension benefits
\u20ac23,468
\u20ac23,652
Health care and life insurance plans
1,697
1,722
Other post-employment benefits
767
805
Total present value of defined benefit obligations (a)
25,932
26,179
Fair value of plan assets (b)
22,642
22,676
Asset ceiling (c)
248
28
Total net defined benefit plans (a - b + c)
3,538
3,531
of which:
Net defined benefit liability (d)
4,448
5,375
Defined benefit plan asset (Note 16)
(910)
(1,844)
Other provisions for employees (e)
1,025
1,061
Total Employee benefits liabilities (d + e)
\u20ac5,473
\u20ac6,436
Pension benefits
The Company\u2019s funding policy for defined benefits pension plans is to contribute the minimum amounts required by
applicable laws and regulations or to directly pay benefit payments where appropriate. In the U.S., these excess amounts are
tracked and the resulting credit balance can be used to satisfy minimum funding requirements in future years. At
December\u00a031, 2023, the combined credit balances for the U.S. and Canada qualified pension plans were approximately \u20ac1.2
billion, with the usage of the credit balances to satisfy minimum funding requirements subject to the plans maintaining
certain funding levels. During the year ended December\u00a031, 2023, the Company made pension contributions in the U.S. and
Canada totaling \u20ac1.0\u00a0billion. Contributions to the pension plans of the Company for 2024 are expected to be \u20ac84 million,
including both contributions to pension funds and direct benefit payments to employees. Of this amount, \u20ac37 million relates
to the U.S. and Canada, with \u20ac26\u00a0million being mandatory contributions and \u20ac11\u00a0million discretionary contributions, \u20ac10
million relates to the UK, and \u20ac13 million relates to Germany.
The expected benefit payments for pension plans are as follows:
Expected\u00a0benefit
payments
(\u20ac\u00a0million)
2024
\u20ac1,771
2025
\u20ac1,784
2026
\u20ac1,780
2027
\u20ac1,791
2028
\u20ac1,753
2029-2033
\u20ac8,523
The following table summarizes changes in pension plans:
2023
2022
US and
Canada
UK
France
and
Germany
Other
Total
US and
Canada
UK
France
and
Germany
Other
Total
(\u20ac million)
Projected benefit obligation
At beginning of period:
Present value
\u20ac(19,201)
\u20ac(1,545)
\u20ac(2,671)
\u20ac(235)
\u20ac(23,652)
\u20ac(24,197)
\u20ac(2,480)
\u20ac(3,141)
\u20ac(413)
\u20ac(30,231)
Effect of changes in scope of
consolidation and other
(1)
1
(1)
\u2014
(1)
22
1
(283)
34
(226)
Service cost
(99)
\u2014
(32)
(9)
(140)
(160)
\u2014
(57)
(11)
(228)
Interest cost
(980)
(69)
(94)
(17)
(1,160)
(729)
(44)
(46)
(9)
(828)
Benefit payments for the year
1,537
83
117
39
1,776
1,564
97
105
24
1,790
Participant contributions
(1)
\u2014
\u2014
\u2014
(1)
(1)
\u2014
\u2014
\u2014
(1)
Actuarial gains and (losses)
(165)
108
(128)
(4)
(189)
5,568
756
750
149
7,223
Demographic assumptions
and experience
10
(19)
(17)
(13)
(39)
58
(71)
(219)
(23)
(255)
Financial assumptions
(175)
127
(111)
9
(150)
5,510
827
969
172
7,478
Effect of changes in exchange
rates
610
(32)
\u2014
(13)
565
(1,265)
128
\u2014
(12)
(1,149)
Past service cost
(396)
(2)
\u2014
\u2014
(398)
(3)
(3)
\u2014
2
(4)
Effect of curtailments and
settlements/Other
(268)
\u2014
\u2014
\u2014
(268)
\u2014
\u2014
1
1
2
At period-end: Present value
\u20ac(18,964)
\u20ac(1,456)
\u20ac(2,809)
\u20ac(239)
\u20ac(23,468)
\u20ac(19,201)
\u20ac(1,545)
\u20ac(2,671)
\u20ac(235)
\u20ac(23,652)
Plan Assets
At beginning of period: Fair
value
\u20ac17,959
\u20ac1,989
\u20ac2,547
\u20ac181
\u20ac22,676
\u20ac21,856
\u20ac3,148
\u20ac3,238
\u20ac233
\u20ac28,475
Effect of changes in scope of
consolidation and other
\u2014
\u2014
\u2014
\u2014
\u2014
(29)
\u2014
264
(26)
209
Expected return on assets
920
90
90
8
1,108
660
56
47
2
765
Participant contributions
1
\u2014
\u2014
\u2014
1
1
\u2014
\u2014
\u2014
1
Administrative Expenses
(84)
(3)
\u2014
\u2014
(87)
(82)
(1)
\u2014
(1)
(84)
Actuarial gains and (losses)
560
(255)
(124)
(7)
174
(4,267)
(978)
(909)
(20)
(6,174)
Effect of changes in exchange
rates
(554)
41
\u2014
1
(512)
1,067
(165)
\u2014
2
904
Employer contributions
993
21
6
\u2014
1,020
309
26
8
2
345
Benefit payments for the year
(1,533)
(83)
(111)
(11)
(1,738)
(1,556)
(97)
(101)
(11)
(1,765)
At period-end: Fair value
\u20ac18,262
\u20ac1,800
\u20ac2,408
\u20ac172
\u20ac22,642
\u20ac17,959
\u20ac1,989
\u20ac2,547
\u20ac181
\u20ac22,676
2023
2022
US and
Canada
UK
France
and
Germany
Other
Total
US and
Canada
UK
France
and
Germany
Other
Total
(\u20ac million)
Present value of
projected benefit
obligation
\u20ac(18,964)
\u20ac(1,456)
\u20ac(2,809)
\u20ac(239)
\u20ac(23,468)
\u20ac(19,201)
\u20ac(1,545)
\u20ac(2,671)
\u20ac(235)
\u20ac(23,652)
Fair value of plan assets
18,262
1,800
2,408
172
22,642
17,959
1,989
2,547
181
22,676
Net (liability) asset
recognized in the balance
sheet before minimum
funding requirement
(IFRIC 14)
(702)
344
(401)
(67)
(826)
(1,242)
444
(124)
(54)
(976)
Minimum funding
requirement liability
(IFRIC 14)
(248)
\u2014
\u2014
\u2014
(248)
(28)
\u2014
\u2014
\u2014
(28)
Net (liability) asset
recognized in the balance
sheet
(950)
344
(401)
(67)
(1,074)
(1,270)
444
(124)
(54)
(1,004)
Of which, liability
(1,444)
(22)
(432)
(60)
(1,958)
(2,528)
(38)
(192)
(68)
(2,826)
Of which, asset
494
366
31
(7)
884
1,258
482
68
14
1,822
Amounts recognized in the Consolidated Income Statement were as follows:
Years ended December 31,
2023
2022
2021
(\u20ac million)
Current service cost
\u20ac140
\u20ac228
\u20ac238
Interest expense
1,160
828
678
Interest income
(1,108)
(765)
(588)
Other administration costs
87
83
73
Past service costs/(credits) and (gains)/losses arising from settlements/curtailments
666
3
(184)
Items relating to discontinued operations
\u2014
\u2014
\u2014
Total recognized in the Consolidated Income Statement
\u20ac945
\u20ac377
\u20ac217
During the year ended December 31, 2023, U.S. and Canada pension plans were amended for benefit changes made
under collective bargaining agreements negotiated with the UAW and Unifor and the associated prior service costs were
recognized in the Consolidated Income Statement in the amount of \u20ac396\u00a0million. In addition, voluntary separation packages
offered during 2023 resulted in pension plan curtailment charges of \u20ac268\u00a0million recognized within Restructuring costs.
During the year ended December 31, 2021, there was a prior service credit primarily due to an amendment to
benefits offered which incentivizes employees to elect lump sum or installment options over annuity payouts.
The fair value of plan assets by class was as follows:
At December 31,
2023
2022
Amount\u00a0
of\u00a0which\u00a0have\u00a0a
quoted\u00a0market
price\u00a0in\u00a0an\u00a0active
market
Amount\u00a0
of\u00a0which\u00a0have\u00a0a
quoted\u00a0market
price\u00a0in\u00a0an\u00a0active
market\u00a0
(\u20ac million)
Cash and cash equivalents
\u20ac1,943
\u20ac1,742
\u20ac961
\u20ac850
U.S. equity securities
671
669
908
906
Non-U.S. equity securities
516
516
641
641
Equity commingled funds
1,118
688
1,445
399
Equity instruments
2,305
1,873
2,994
1,946
Government securities
2,837
1,476
2,262
986
Corporate bonds (including convertible and high yield bonds)
4,414
217
4,333
14
Other fixed income
4,178
\u2014
4,950
37
Fixed income securities
11,429
1,693
11,545
1,037
Private equity funds
2,956
\u2014
2,965
\u2014
Diversified Commingled funds
47
\u2014
125
34
Real estate funds
1,288
\u2014
1,343
4
Hedge funds
2,308
\u2014
2,634
\u2014
Investment funds
6,599
\u2014
7,067
38
Insurance contracts and other
366
22
109
73
Total fair value of plan assets
\u20ac22,642
\u20ac5,330
\u20ac22,676
\u20ac3,944
Non-U.S. equity securities were invested broadly in developed international and emerging markets. Fixed income
securities were debt instruments primarily comprised of long-term U.S. Treasury and global government bonds, as well as
U.S., developed international and emerging market companies\u2019 debt securities diversified by sector, geography and through a
wide range of market capitalizations. Private equity funds included those in limited partnerships that invest primarily in the
equity of companies that are not publicly traded on a stock exchange. Private debt funds included those in limited
partnerships that invest primarily in the debt of companies and real estate developers. Commingled funds included common
collective trust funds, mutual funds and other investment entities. Real estate fund investments included those in limited
partnerships that invest in various commercial and residential real estate projects around the world. Hedge fund investments
included those seeking to maximize absolute return using a broad range of strategies to enhance returns and provide
additional diversification.
The investment strategies and objectives for pension assets primarily in the U.S., Canada, France, Germany and UK
reflected a balance of liability-hedging and return-seeking investment considerations. The investment objectives were to
minimize the volatility of the value of pension assets relative to pension liabilities and to ensure that assets were sufficient to
pay plan obligations. The objective of minimizing the volatility of assets relative to liabilities was addressed primarily
through asset diversification, partial asset-liability matching and hedging. Assets were broadly diversified across many asset
classes to achieve risk-adjusted returns that, in total, lower asset volatility relative to the liabilities. Additionally, in order to
minimize pension asset volatility relative to the pension liabilities, a portion of the pension plan assets were allocated to fixed
income securities. The Company policy for these plans ensured actual allocations were in line with target allocations as
appropriate.
Assets were actively monitored and managed primarily by external investment managers. Investment managers were
not permitted to invest outside of the asset class or strategy for which they had been appointed. The Company used
investment guidelines to ensure investment managers invested solely within the mandated investment strategy. Certain
investment managers used derivative financial instruments to mitigate the risk of changes in interest rates and foreign
currencies impacting the fair values of certain investments. Derivative financial instruments could also be used in place of
physical securities when it was more cost-effective and/or efficient to do so. Plan assets did not include the Company shares
or properties occupied by Stellantis companies, with the possible exception of commingled investment vehicles where the
Company did not control the investment guidelines.
Sources of potential risk in pension plan assets were related to market risk, interest rate risk and operating risk.
Market risk was mitigated by diversification strategies and as a result, there were no significant concentrations of risk in
terms of sector, industry, geography, market capitalization, manager or counterparty. Interest rate risk was mitigated by
partial asset-liability matching. The fixed income target asset allocation partially matched the bond-like and long-dated nature
of the pension liabilities. Interest rate increases generally will result in a decline in the fair value of the investments in fixed
income securities and the present value of the obligations. Conversely, interest rate decreases will generally increase the fair
value of the investments in fixed income securities and the present value of the obligations. Operating risks were mitigated
through ongoing oversight of external investment managers\u2019 style adherence, team strength and firm health.
The weighted average assumptions used to determine defined benefit obligations were as follows:
At December 31,
2023
2022
U.S.
Canada
UK
France
Germany
U.S.
Canada
UK
France
Germany
Discount rate
5.43%
4.64%
5.29%
4.46%
3.99%
5.40%
5.27%
4.52%
4.01%
3.56%
Future salary
increase rate
\u2014%
3.50%
2.70%
2.77%
2.80%
\u2014%
3.50%
2.55%
2.68%
2.80%
The average duration of U.S., Canada, UK, France and Germany liabilities was approximately 9, 10, 12, 7 and 16,
respectively.
Health care and life insurance plans
Liabilities arising from these unfunded plans comprised obligations for retiree health care and life insurance granted
to employees and to retirees only in the U.S. and Canada. Upon retirement from the Company, these employees may become
eligible for continuation of certain benefits. Benefits and eligibility rules may be modified periodically. The expected benefit
payments for unfunded health care and life insurance plans are as follows:
Expected\u00a0benefit\u00a0
payments
(\u20ac million)
2024
\u20ac120
2025
\u20ac119
2026
\u20ac119
2027
\u20ac119
2028
\u20ac119
2029-2033
\u20ac591
Changes in net defined benefit obligations for healthcare and life insurance plans were as follows:
2023
2022
(\u20ac million)
Present value of obligations at January\u00a01
\u20ac1,722
\u20ac2,258
Included in the Consolidated Income Statement
143
92
Included in Other comprehensive income:
Actuarial (gains)/losses from:
- Demographic and other assumptions
(25)
(45)
- Financial assumptions
40
(565)
Effect of movements in exchange rates
(53)
118
Other:
Benefits paid
(130)
(136)
December 31
\u20ac1,697
\u20ac1,722
Amounts recognized in the Consolidated Income Statement were as follows:
Years ended December 31,
2023
2022
2021
(\u20ac million)
Current service cost
\u20ac11
\u20ac21
\u20ac21
Interest expense
89
70
60
Past service costs/(credits) and losses/(gains) arising from settlements
43
1
\u2014
Total recognized in the Consolidated Income Statement
\u20ac143
\u20ac92
\u20ac81
During the year ended December 31, 2023, the U.S. plans were amended for benefit changes made under collective
bargaining agreements negotiated with the UAW and the associated prior service costs were recognized in the Consolidated
Income Statement in the amount of \u20ac32\u00a0million. In addition, voluntary separation packages offered during 2023 resulted in
OPEB plan curtailment charges of \u20ac11\u00a0million, recognized within Restructuring costs.
Health care and life insurance plans were accounted for on an actuarial basis, which required the selection of various
assumptions. In particular, it required the use of estimates of the present value of the projected future payments to all
participants, taking into consideration the likelihood of potential future events such as health care cost increases and
demographic experience.
The weighted average assumptions used to determine the defined benefit obligations were as follows:
At December 31,
2023
2022
U.S.
Canada
U.S.
Canada
Discount rate
5.51%
4.64%
5.54%
5.27%
Salary growth
2.50%
2.00%
1.50%
1.25%
Weighted average ultimate healthcare cost trend rate
3.95%
4.00%
4.00%
4.00%
The average duration of the U.S. and Canadian liabilities was approximately 11 and 13 years, respectively.
The annual rate of increase in the per capita cost of covered U.S. health care benefits assumed for the next year and
used in the 2023 plan valuation was 7.1 percent. The annual rate was assumed to decrease gradually to 3.9 percent through
2047 and remain at that level thereafter. The annual rate of increase in the per capita cost of covered Canadian health care
benefits assumed for next year and used in the 2023 plan valuation was 4.6 percent. The annual rate was assumed to decrease
gradually to 4.0 percent through 2040 and remain at that level thereafter.
Other post-employment benefits
Other post-employment benefits comprised other employee benefits granted to Company employees primarily in
Europe.
Changes in defined benefit obligations for other post-employment benefits were as follows:
2023
2022
(\u20ac million)
Present value of obligations at January\u00a01
\u20ac805
\u20ac1,125
Included in the Consolidated Income Statement
60
(34)
Included in Other comprehensive income:
Actuarial (gains)/losses from:
- Demographic and other assumptions
(27)
49
- Financial assumptions
(29)
(279)
Effect of movements in exchange rates
(4)
1
Other:
Benefits paid
(47)
(56)
Other changes
9
(1)
Present value of obligations at December\u00a031
\u20ac767
\u20ac805
As at December 31, 2023, the above Other post-employment benefit liability is net of plan assets of \u20ac290\u00a0million.
Amounts recognized in the Consolidated Income Statement were as follows:
Years ended December 31,
2023
2022
2021
(\u20ac million)
Current service cost
\u20ac31
\u20ac38
\u20ac95
Interest expense
34
12
10
Past service costs/(credits) and losses/(gains) arising from settlements
(5)
(84)
(82)
Total recognized in the Consolidated Income Statement
\u20ac60
\u20ac(34)
\u20ac23
Past service credits are primarily due to the impact on French plans of voluntary departures.
Other provisions for employees
Other provisions for employees primarily included long-term disability benefits, supplemental unemployment
benefits, variable and other deferred compensation, as well as bonuses granted for tenure at the Company.
21.
Provisions
Provisions consisted of the following:
At December 31,
2023
2022
Current
Non-
current
Total
Current
Non-
current
Total
(\u20ac million)
Product warranty and recall campaigns
\u20ac3,574
\u20ac5,410
\u20ac8,984
\u20ac3,501
\u20ac5,764
\u20ac9,265
Sales incentives
6,031
\u2014
6,031
3,395
\u2014
3,395
Restructuring
958
342
1,300
853
687
1,540
Legal proceedings and disputes
343
747
1,090
405
793
1,198
Commercial risks
2,301
422
2,723
2,444
228
2,672
Other risks
517
823
1,340
713
988
1,701
Total Provisions
\u20ac13,724
\u20ac7,744
\u20ac21,468
\u20ac11,311
\u20ac8,460
\u20ac19,771
Changes in Provisions were as follows:
At January
1, 2023
Additional
provisions
Settlements
Unused
amounts
Translation
differences
Transfer to
Liabilities
held for
sale
Change in
scope
Other
At
December
31, 2023
(\u20ac million)
Product warranty and
recall campaigns
\u20ac9,265
\u20ac5,064
\u20ac(5,066)
\u20ac(114)
\u20ac(210)
\u20ac(63)
\u20ac\u2014
\u20ac108
\u20ac8,984
Sales incentives
3,395
10,378
(7,552)
(69)
(103)
\u2014
\u2014
(18)
6,031
Restructuring costs
1,540
1,147
(1,058)
(344)
(4)
\u2014
(1)
20
1,300
Legal proceedings and
disputes
1,198
192
(266)
(69)
7
\u2014
(1)
29
1,090
Commercial risks
2,672
912
(731)
(39)
(87)
\u2014
\u2014
(4)
2,723
Other risks
1,701
429
(411)
(316)
(17)
\u2014
(7)
(39)
1,340
Total Provisions
\u20ac19,771
\u20ac18,122
\u20ac(15,084)
\u20ac(951)
\u20ac(414)
\u20ac(63)
\u20ac(9)
\u20ac96
\u20ac21,468
Product warranty and recall campaigns
The estimated future costs of actions are principally based on assumptions regarding the lifetime warranty costs of
each vehicle line and each model year of that vehicle line, as well as historical claims experience for the vehicles. In addition,
the number and magnitude of additional service actions expected to be approved and policies related to additional service
actions are taken into consideration.
The cash outflow for the non-current portion of the Product warranty and recall campaigns provision is primarily
expected within a period through 2027.
During the year ended December 31, 2022, a total provision of \u20ac951\u00a0million was recognized in Product warranty and
recall campaigns which related to an extension of a recall of Takata airbags in Enlarged Europe, North America, Middle East
& Africa and South America.
Prior to 2021, certain warranty costs that were incurred beyond the contractual warranty period (\u201cgoodwill
warranty\u201d) were expensed as incurred due to the inability to reliably estimate the amount and frequency. During 2022, further
refinements to the model implemented during 2021 were made to consider new information related to expected future
spending for individually significant actions. For the year ended December 31, 2022, the change in estimate was recognized
as an increase to the warranty provision of \u20ac314\u00a0million. Refer to Note 29, Segment reporting for additional information.
Sales incentives
As described within Note 2, Basis of preparation - Use of estimates, the Company recorded the estimated cost of
sales incentive programs offered to dealers and consumers as a reduction to revenue at the time of sale of the vehicle to the
dealer. At December\u00a031, 2023, the Sales incentive provision increased primarily due to higher provisions for sales incentives
in connection with higher per unit accruals and dealer stock in North America and Enlarged Europe.
Legal proceedings and disputes
As described within Note 2, Basis of preparation - Use of estimates, a provision for legal proceedings was
recognized when it was deemed probable that the proceedings would result in an outflow of resources and when the amount
could be reasonably estimated. As the ultimate outcome of pending litigation was uncertain, the timing of cash outflows for
the Legal proceedings and disputes provision was also uncertain.
Commercial risks
Commercial risks arose in connection with the sale of products and services, such as onerous maintenance contracts,
and as a result of certain regulatory emission requirements. For items such as onerous maintenance contracts, a provision was
recognized when the expected costs to complete the services under these contracts exceeded the revenues expected to be
realized. A provision for costs related to regulatory emission requirements was recognized at the time vehicles were sold
based on the estimated cost to settle the obligation, measured as the sum of the cost of regulatory credits previously
purchased plus the amount, if any, of the fine expected to be paid in cash. The cash outflow for the non-current portion of the
Commercial risks provision was primarily expected within a period through 2027.
Corporate Average Fuel Economy (\u201cCAFE\u201d) standards
Commercial risks includes the provision of \u20ac660\u00a0million recognized during the twelve months ended December 31,
2022, related to the issuance of the final rule by the National Highway Traffic Safety Administration (\u201cNHTSA\u201d) in March
2022. Refer to Note 26, Guarantees granted, commitments and contingent liabilities for additional information.
Restructuring costs
During the year ended December\u00a031, 2023, a total provision for \u20ac1,119\u00a0million was recognized primarily related to
workforce reductions mainly in North America and Enlarged Europe (refer to Note 29, Segment reporting for additional
information). Restructuring costs for the year ended December 31, 2023 included \u20ac279\u00a0million curtailment losses in North
America recorded within Employee benefits liabilities.
During the year ended December 31, 2022, a total provision for \u20ac1,167\u00a0million was recognized primarily related to
workforce reductions mainly in Enlarged Europe, North America and South America (refer to Note 29, Segment reporting for
additional information).
Other risks
Other risks include, among other items: provisions for disputes with suppliers related to supply contracts or other
matters that were not subject to legal proceedings, provisions for product liabilities arising from personal injuries including
wrongful death and potential exemplary or punitive damages alleged to be the result of product defects, disputes with other
parties relating to contracts or other matters not subject to legal proceedings and management's best estimate of the
Company\u2019s probable environmental obligations, which also included costs related to claims on environmental matters. The
cash outflow for the non-current portion of the Other risks provision is primarily expected within a period through 2027.
Corporate Average Fuel Economy (\u201cCAFE\u201d) standards
On August 31, 2020, the U.S. Court of Appeals for the Second Circuit vacated a final rule published by NHTSA in
July 2019 that had reversed NHTSA\u2019s 2016 increase to the base rate of the CAFE penalty from $5.50 to $14.00. The base
rate applies to each tenth of a mile per gallon that a manufacturer\u2019s fleet-wide average fuel efficiency is below the CAFE
standard, and is multiplied by the number of vehicles in the manufacturer\u2019s fleet to arrive at an aggregate penalty. On January
14, 2021, NHTSA published an interim final rule with immediate effect, the result of which was to apply the increased fine
rate that resulted from the Second Circuit\u2019s ruling to future model years. In particular, NHTSA\u2019s interim rule imposed a
CAFE penalty base rate of $5.50 through 2021 Model Year and increased the CAFE penalty base rate to $14.00 prospectively
from the 2022 Model Year. FCA accrued estimated amounts for any probable CAFE penalty based on the $5.50 rate for
Model Years 2021 and earlier. In addition, as a result of the acquisition, and in accordance with IFRS 3, we recognized an
incremental contingent liability of \u20ac163\u00a0million for the potentially higher fine rate on vehicle shipments prior to the merger
date.
On April 1, 2022, NHTSA published a final rule repealing the interim final rule issued in January 2021 and reverting
to the December 2016 final rule which increased the CAFE civil penalty rate from $5.00 to $14.00, beginning with 2019
Model Year. Applying the annual inflation adjustment procedures did not result in an increase in the $14.00 rate through
2021 Model Year, but did result in an increased fine rate to $15.00 for 2022 Model Year vehicles. An additional accrual of
\u20ac655\u00a0million was recognized resulting from an increase in the provision related to the Model Year 2019-2021 penalty rate
adjustment during the year ended December 31, 2022. NHTSA has subsequently made, and is expected to continue to make,
mandatory inflation adjustments to the CAFE civil penalty rate, as required by law for all civil monetary penalties.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-757": { "value": "
21.
Provisions
Provisions consisted of the following:
At December 31,
2023
2022
Current
Non-
current
Total
Current
Non-
current
Total
(\u20ac million)
Product warranty and recall campaigns
\u20ac3,574
\u20ac5,410
\u20ac8,984
\u20ac3,501
\u20ac5,764
\u20ac9,265
Sales incentives
6,031
\u2014
6,031
3,395
\u2014
3,395
Restructuring
958
342
1,300
853
687
1,540
Legal proceedings and disputes
343
747
1,090
405
793
1,198
Commercial risks
2,301
422
2,723
2,444
228
2,672
Other risks
517
823
1,340
713
988
1,701
Total Provisions
\u20ac13,724
\u20ac7,744
\u20ac21,468
\u20ac11,311
\u20ac8,460
\u20ac19,771
Changes in Provisions were as follows:
At January
1, 2023
Additional
provisions
Settlements
Unused
amounts
Translation
differences
Transfer to
Liabilities
held for
sale
Change in
scope
Other
At
December
31, 2023
(\u20ac million)
Product warranty and
recall campaigns
\u20ac9,265
\u20ac5,064
\u20ac(5,066)
\u20ac(114)
\u20ac(210)
\u20ac(63)
\u20ac\u2014
\u20ac108
\u20ac8,984
Sales incentives
3,395
10,378
(7,552)
(69)
(103)
\u2014
\u2014
(18)
6,031
Restructuring costs
1,540
1,147
(1,058)
(344)
(4)
\u2014
(1)
20
1,300
Legal proceedings and
disputes
1,198
192
(266)
(69)
7
\u2014
(1)
29
1,090
Commercial risks
2,672
912
(731)
(39)
(87)
\u2014
\u2014
(4)
2,723
Other risks
1,701
429
(411)
(316)
(17)
\u2014
(7)
(39)
1,340
Total Provisions
\u20ac19,771
\u20ac18,122
\u20ac(15,084)
\u20ac(951)
\u20ac(414)
\u20ac(63)
\u20ac(9)
\u20ac96
\u20ac21,468
Product warranty and recall campaigns
The estimated future costs of actions are principally based on assumptions regarding the lifetime warranty costs of
each vehicle line and each model year of that vehicle line, as well as historical claims experience for the vehicles. In addition,
the number and magnitude of additional service actions expected to be approved and policies related to additional service
actions are taken into consideration.
The cash outflow for the non-current portion of the Product warranty and recall campaigns provision is primarily
expected within a period through 2027.
During the year ended December 31, 2022, a total provision of \u20ac951\u00a0million was recognized in Product warranty and
recall campaigns which related to an extension of a recall of Takata airbags in Enlarged Europe, North America, Middle East
& Africa and South America.
Prior to 2021, certain warranty costs that were incurred beyond the contractual warranty period (\u201cgoodwill
warranty\u201d) were expensed as incurred due to the inability to reliably estimate the amount and frequency. During 2022, further
refinements to the model implemented during 2021 were made to consider new information related to expected future
spending for individually significant actions. For the year ended December 31, 2022, the change in estimate was recognized
as an increase to the warranty provision of \u20ac314\u00a0million. Refer to Note 29, Segment reporting for additional information.
Sales incentives
As described within Note 2, Basis of preparation - Use of estimates, the Company recorded the estimated cost of
sales incentive programs offered to dealers and consumers as a reduction to revenue at the time of sale of the vehicle to the
dealer. At December\u00a031, 2023, the Sales incentive provision increased primarily due to higher provisions for sales incentives
in connection with higher per unit accruals and dealer stock in North America and Enlarged Europe.
Legal proceedings and disputes
As described within Note 2, Basis of preparation - Use of estimates, a provision for legal proceedings was
recognized when it was deemed probable that the proceedings would result in an outflow of resources and when the amount
could be reasonably estimated. As the ultimate outcome of pending litigation was uncertain, the timing of cash outflows for
the Legal proceedings and disputes provision was also uncertain.
Commercial risks
Commercial risks arose in connection with the sale of products and services, such as onerous maintenance contracts,
and as a result of certain regulatory emission requirements. For items such as onerous maintenance contracts, a provision was
recognized when the expected costs to complete the services under these contracts exceeded the revenues expected to be
realized. A provision for costs related to regulatory emission requirements was recognized at the time vehicles were sold
based on the estimated cost to settle the obligation, measured as the sum of the cost of regulatory credits previously
purchased plus the amount, if any, of the fine expected to be paid in cash. The cash outflow for the non-current portion of the
Commercial risks provision was primarily expected within a period through 2027.
Corporate Average Fuel Economy (\u201cCAFE\u201d) standards
Commercial risks includes the provision of \u20ac660\u00a0million recognized during the twelve months ended December 31,
2022, related to the issuance of the final rule by the National Highway Traffic Safety Administration (\u201cNHTSA\u201d) in March
2022. Refer to Note 26, Guarantees granted, commitments and contingent liabilities for additional information.
Restructuring costs
During the year ended December\u00a031, 2023, a total provision for \u20ac1,119\u00a0million was recognized primarily related to
workforce reductions mainly in North America and Enlarged Europe (refer to Note 29, Segment reporting for additional
information). Restructuring costs for the year ended December 31, 2023 included \u20ac279\u00a0million curtailment losses in North
America recorded within Employee benefits liabilities.
During the year ended December 31, 2022, a total provision for \u20ac1,167\u00a0million was recognized primarily related to
workforce reductions mainly in Enlarged Europe, North America and South America (refer to Note 29, Segment reporting for
additional information).
Other risks
Other risks include, among other items: provisions for disputes with suppliers related to supply contracts or other
matters that were not subject to legal proceedings, provisions for product liabilities arising from personal injuries including
wrongful death and potential exemplary or punitive damages alleged to be the result of product defects, disputes with other
parties relating to contracts or other matters not subject to legal proceedings and management's best estimate of the
Company\u2019s probable environmental obligations, which also included costs related to claims on environmental matters. The
cash outflow for the non-current portion of the Other risks provision is primarily expected within a period through 2027.
26.
Guarantees granted, commitments and contingent liabilities
Contingent liabilities
In connection with significant asset divestitures carried out in prior years, the Company provided indemnities to
purchasers. Potential liabilities may arise from possible breaches of representations and warranties provided in the contracts
and, in certain instances, environmental or tax matters, generally for a limited period of time. Some of these indemnifications
do not limit potential payment and as such, it was not possible to estimate the maximum amount of potential future payments
that could result from claims made under these indemnities.
Takata airbag inflators
Putative class action lawsuits were filed in March 2018 against FCA US LLC (\u201cFCA US\u201d), a wholly owned
subsidiary of Stellantis, in the U.S. District Courts for the Southern District of Florida and the Eastern District of Michigan,
asserting claims under federal and state laws alleging economic loss due to Takata airbag inflators installed in certain of our
vehicles. The cases were subsequently consolidated in the Southern District of Florida.
On November 8, 2022, the Court granted summary judgment in FCA US\u2019s favor against all claimants except those
in Georgia and North Carolina. Plaintiffs were granted leave to file an amended complaint to add additional states to the
pending action. The Court later entered an order to reset FCA US\u2019s renewed motions for summary judgment to address the
remaining amended claims.
On June 20, 2023, the Court entered an order preliminarily granting class certification for the amended complaint.
FCA US filed an appeal of the Court\u2019s preliminary order. On July 13, 2023, the Court revisited its class certification order
and further narrowed the classes based on a recent Court of Appeals decision.
At this stage of the proceedings, we are unable to reliably evaluate the likelihood that a loss will be incurred or
estimate a range of possible loss.
Emissions Matters
On January 10, 2019, FCA US announced it had reached final settlements on civil environmental and consumer
claims with the U.S. Environmental Protection Agency (\u201cEPA\u201d), the Civil Division of the U.S. Department of Justice
(\u201cDoJ\u201d), the California Air Resources Board (\u201cCARB\u201d), the State of California, 49 other States and U.S. Customs and Border
Protection, for which we accrued \u20ac748\u00a0million during the year ended December 31, 2018. Approximately \u20ac350\u00a0million of the
amount accrued by FCA US, which was prior to the merger, was related to civil penalties to resolve differences over diesel
emissions requirements. A portion of the amount accrued, prior to the merger, was attributable to settlement of a putative
class action on behalf of consumers in connection with which FCA US agreed to pay an average of $2,800 per vehicle to
eligible customers affected by the recall. That settlement received final court approval on May 3, 2019. On April 9, 2021,
FCA US reached an agreement with substantially all of the approximately 3,200 consumers that exercised their right to opt
out of the class action settlement to settle their claims for an amount that is not material to the Company. As of December 31,
2023, our best estimate of a probable loss is reflected in the amount previously accrued prior to the merger.
In September 2019, the DoJ filed criminal charges against an employee of FCA US for, among other things, fraud,
conspiracy, false statements and violations of the Clean Air Act primarily in connection with efforts to obtain regulatory
approval of the vehicles that were the subject of the civil settlements described above. In April 2021, two additional
employees of a Stellantis subsidiary were indicted by the DoJ on similar charges. The three employees were placed on
administrative leave following their indictments. On July 20, 2023, the FCA US employee plead guilty to conspiring to
violate the Clean Air Act.
On June 3, 2022, FCA US announced that it had agreed to a settlement to resolve the DoJ, Criminal Division\u2019s
investigation as it relates to FCA US. The settlement, which received court approval, includes a guilty plea, a fine of
approximately $96\u00a0million, and the forfeiture of approximately $204\u00a0million in gains. Prior to the merger, we accrued
approximately \u20ac200\u00a0million during the three months ended September 30, 2020 as our best estimate of probable loss with
regard to matters under discussion. In light of subsequent progress in our discussions with the DoJ, Criminal Division, we
increased our accrual for this matter to approximately \u20ac266\u00a0million as of December 31, 2021, which is sufficient to cover the
forfeiture and penalty paid in connection with the plea agreement. We remain subject to a number of related private lawsuits
(the \u201cNon Opt-Out Litigation\u201d).
We have also received inquiries from other regulatory authorities in a number of jurisdictions as they examine the
on-road tailpipe emissions of several automakers\u2019 vehicles and, when jurisdictionally appropriate, we continue to cooperate
with these governmental agencies and authorities.
In Europe, we have continued to work with the Italian Ministry of Transport (\u201cMIT\u201d) and the Dutch Vehicle
Regulator (\u201cRDW\u201d), the authorities that certified FCA diesel vehicles for sale in the European Union, and the UK Driver and
Vehicle Standards Agency in connection with their review of several diesel models.
We also responded to inquiries from the German authority, the Kraftfahrt-Bundesamt (\u201cKBA\u201d), regarding emissions
test results for FCA diesel vehicles, and discussed the KBA reported test results, our emission control calibrations and the
features of the vehicles in question. After these initial discussions, the MIT, which has sole authority for regulatory
compliance of the vehicles it has certified, asserted its exclusive jurisdiction over the matters raised by the KBA, tested the
vehicles, determined that the vehicles complied with applicable European regulations and informed the KBA of its
determination. Thereafter, mediations were held under European Commission (\u201cEC\u201d) rules, between the MIT and the
German Ministry of Transport and Digital Infrastructure, which oversees the KBA, in an effort to resolve their differences.
The mediation concluded and no action was taken with respect to FCA. In May 2017, the EC announced its intention to open
an infringement procedure against Italy regarding Italy's alleged failure to respond to EC's concerns regarding certain FCA
emission control calibrations. The MIT responded to the EC's allegations by confirming that the vehicles' approval process
was properly performed. In December, 2021, the EC notified Italy of its position that Italy did not comply with its obligation
to enforce EU emission type approval rules. In January 2024, the EC notified the MIT of the alleged non-compliance of Fiat
Ducato Euro 6 vehicles based on tests performed at the EC\u2019s request.
In May 2023, the KBA notified Stellantis of its investigation of certain Opel Euro 5, Peugeot Euro 6b, Fiat Euro 5
and Euro 6 vehicles and its intent to require remedial measures based on the alleged non-compliance of the diesel engines in
certain of those vehicles. The KBA subsequently expanded its inquiry to include Euro 5 and Euro 6 engines used in certain
Alfa Romeo, Fiat and Jeep vehicles, as well as Suzuki vehicles equipped with diesel engines supplied by FCA Italy (now
known as Stellantis Europe) and requested information relating to all Stellantis vehicles that may make use of strategies
similar to those allegedly used by the identified vehicles. The KBA has subsequently advised that these vehicles are non-
compliant and has demanded that Stellantis submit a plan to bring the vehicles into compliance. We continue to cooperate
with the KBA and, at this stage, we are unable to reliably evaluate the likelihood that a loss will be incurred or estimate a
range of possible loss. Given the number of vehicles potentially involved, however, the cost of any recall, and the impact that
any recall could have on related private litigation, may be significant.
In December 2019, the MIT notified FCA of communications with the Dutch Ministry of Infrastructure and Water
Management (\u201cI&W\u201d) regarding certain irregularities allegedly found by the RDW and the Dutch Center of Research TNO in
the emission levels of certain Jeep Grand Cherokee Euro 5 models and a vehicle model of another OEM containing a Euro 6
diesel engine supplied by FCA. In January 2020, the Dutch Parliament published a letter from the I&W summarizing the
conclusions of the RDW regarding those vehicles and engines and indicating an intention to order a recall and report their
findings to the Public Prosecutor, the EC and other member states. FCA engaged with the RDW to present our positions and
cooperate to reach an appropriate resolution of this matter. FCA proposed certain updates to the relevant vehicles that have
been tested and approved by the RDW and are now being implemented.
In addition, as part of the judicial investigation of several automakers in France, commencing in 2016 and 2017,
Automobiles Peugeot and Automobiles Citro\u00ebn were placed under examination by the Judicial Court of Paris in June 2021 on
allegations of consumer fraud in connection with the sale of Euro 5 diesel vehicles in France between 2009 and 2015. In July
2021, FCA Italy was placed under examination by the same court for possible consumer fraud in connection with the sale of
Euro 6 diesel vehicles in France between 2014 and 2017. FCA Italy was also designated as a material witness in connection
with allegations of obstruction of the actions of an economy ministry antifraud inspector in 2016 and 2017. As is typical in a
French criminal inquiry, each of the companies were required to pay bail for the potential payment of damages and fines and
to ensure representation in court, and to provide a guarantee for the potential compensation of losses. None of these amounts
were, individually or in the aggregate, material to the Company.
The French market surveillance authority (SSMVM) issued a decision of non-compliance regarding NOx emissions
of the Euro 6b Peugeot 308 in July 2023 and with regard to the Euro 6b Lancia Ypsilon in November 2023. We have
appealed these decisions and our appeals remain pending.
In July 2020, unannounced inspections took place at several of FCA\u2019s sites in Germany, Italy and the UK at the
initiative of the Public Prosecutors of Frankfurt am Main and of Turin, as part of their investigations of potential violations of
diesel emissions regulations and consumer protection laws. In April 2022, former FCA companies received an order to
produce documents to the Public Prosecutors. In October 2022, inspections took place at the Italian offices of FCA Italy and
Maserati and at the German office of Maserati Deutschland. We have begun settlement discussions with the Public
Prosecutor of Frankfurt regarding the former FCA vehicles. At the Public Prosecutor of Turin\u2019s request, the Italian
proceedings were dismissed in September 2023 and October 2023. In late 2023, we entered into a settlement regarding the
Public Prosecutor of Frankfurt\u2019s criminal investigation of the emissions of certain PSA diesel engines for an amount that is
not material to the Company.
We also face class actions and individual claims in several European countries and Israel. Several former FCA and
PSA companies and our Dutch dealers have been served with two class actions filed in the Netherlands by Dutch foundations
seeking monetary damages and vehicle buybacks in connection with alleged emissions non-compliance of certain diesel
vehicles. We have also been notified of a potential class action on behalf of Dutch consumers alleging emissions non-
compliance of certain former FCA vehicles sold as recreational vehicles, as well as a securities class action in the
Netherlands, alleging misrepresentations by FCA, now Stellantis. A class action alleging emissions non-compliance has also
been filed in Portugal regarding former FCA vehicles, in the UK regarding former FCA and PSA vehicles, and in Israel
regarding former PSA vehicles. We are also defending approximately 12,000 individual consumer claims alleging emissions
non-compliance of certain former FCA vehicles in Germany, as well as a significant number of cases relating to former FCA
and PSA vehicles in the Netherlands and Austria.
In December 2018, the Korean Ministry of Environment (\u201cMOE\u201d) announced its determination that approximately
2,400 FCA vehicles imported into Korea during 2015, 2016 and 2017 were not emissions compliant and that the vehicles
with a subsequent update of the emission control calibrations voluntarily performed by FCA, although compliant, would have
required re-homologation of the vehicles concerned. In May 2019, the MOE revoked certification of the above-referenced
vehicles and announced an administrative fine for an amount not material to the Company which has been paid by our
Korean subsidiary. On May 11, 2023, the Seoul Administrative Court dismissed our Korean subsidiary\u2019s appeal of the
certification revocation and our Korean subsidiary has filed a notice of appeal. Our Korean subsidiary has also paid an
administrative fine, in an amount not material to the Company, imposed by the Korean Fair Trade Commission for a
purported breach of the Act on Fair Labeling and Advertisement in connection with these vehicles.
In November 2021, the MOE issued notice of its intention to impose a recall order, revocation of certification and an
administrative fine on the basis of the alleged non-compliance of approximately 2,250 other FCA vehicles. The amount of the
administrative fine is not material to the Company. We are waiting for the MOE to issue the final disposition on this matter.
In both cases, the authorities decided to not refer the matter to prosecutors, as they had found no evidence of wrongdoing by
our Korean subsidiary.
The results of the unresolved governmental inquiries and private litigation related to the emissions matters disclosed
above cannot be predicted at this time and these inquiries and litigation may lead to further enforcement actions, penalties or
damage awards, any of which may have a material adverse effect on our business, financial condition and results of
operations. It is also possible that these matters and their ultimate resolution may adversely affect our reputation with
consumers, which may negatively impact demand for our vehicles and consequently could have a material adverse effect on
our business, financial condition and results of operations. At this stage, we are unable to evaluate the likelihood that a
material loss in excess of the amounts accrued will be incurred with regard to the unresolved inquiries, Non Opt-Out
Litigation and other private litigation or estimate a range of possible loss.
National Training Center
On January 27, 2021, FCA US announced an agreement with the U.S. Attorney\u2019s Office for the Eastern District of
Michigan to resolve its investigation into past misconduct of certain former FCA US employees involving the UAW-Chrysler
National Training Center (\u201cNTC\u201d). Pursuant to the agreement, which received court approval on July 19, 2021, FCA US
agreed to plead guilty to a single count of conspiracy to violate the Labor Management Relations Act and the payment of a
fine in an amount that is not material to the Company and which was accrued prior to the merger. FCA US also agreed to
implement an independent compliance monitor for three years with respect to the dissolution of the NTC and internal controls
as they relate to the trusts being implemented to replace the NTC.
Several putative class action lawsuits have been filed against FCA US in U.S. federal court alleging harm to UAW
workers as a result of these acts. Those actions have been dismissed both at the trial court stage and on appeal. Three
plaintiffs in these lawsuits also filed charges alleging unfair labor practices with the U.S. National Labor Relations Board (the
\u201cBoard\u201d). The Board issued a complaint regarding these allegations and sought a cease and desist order as well as the posting
of a notification with respect to the alleged practices, but subsequently dismissed the charges.
On July 20, 2020, a group of employees in FCA\u2019s Toledo, Ohio Jeep plant filed a lawsuit in U.S. District Court for
the Northern District of Ohio against FCA US, the UAW and certain individuals claiming violations of the Racketeer
Influenced and Corrupt Organizations (\u201cRICO\u201d) Act and civil conspiracy. On October 20, 2020, FCA US filed a motion to
dismiss. Plaintiffs filed their second amended complaint on June 25, 2021. The case has been stayed pending decisions on
motions to dismiss in two related cases in the U.S. District Court for the Eastern District of Michigan. At this stage, we are
unable to reliably evaluate the likelihood that a loss will be incurred or estimate a range of possible loss.
On October 16, 2020 and February 28, 2021, lawsuits were filed in U.S. District Court for the Eastern District of
Michigan, by groups of current and former employees making similar claims. The court granted FCA US\u2019s motion to dismiss
one of the cases and that decision has been appealed by plaintiffs. FCA US\u2019s motion to dismiss the other case remains
pending. On March 30, 2023, plaintiffs in the dismissed action filed a new lawsuit in Michigan state court asserting common
law claims, which the UAW removed to federal court. On September 27, 2023, the federal court denied Plaintiffs\u2019 motion to
remand. On January 5, 2024, FCA US filed a motion to dismiss, which remains pending. At this stage, we are unable to
reliably evaluate the likelihood that a loss will be incurred or estimate a range of possible loss with regard to these lawsuits.
General Motors Litigation
On November 20, 2019, General Motors LLC and General Motors Company (collectively, \u201cGM\u201d) filed a lawsuit in
the U.S. District Court for the Eastern District of Michigan against FCA US, FCA N.V., now Stellantis N.V., and certain
individuals, claiming violations of the RICO Act, unfair competition and civil conspiracy in connection with allegations that
FCA US made payments to UAW officials that corrupted the bargaining process with the UAW and as a result FCA US
enjoyed unfair labor costs and operational advantages that caused harm to GM. GM also claimed that FCA US had made
concessions to the UAW in collective bargaining that the UAW was then able to extract from GM through pattern bargaining
which increased costs to GM and that this was done by FCA US in an effort to force a merger between GM and FCA N.V.
The court dismissed GM\u2019s lawsuit with prejudice. The U.S. Court of Appeals for the Sixth Circuit subsequently affirmed the
dismissal of GM\u2019s complaint. On April 17, 2023, the U.S. Supreme Court declined to grant review of the Sixth Circuit\u2019s
decision, which finally resolved the federal court case.
Following dismissal of its Federal court case, GM filed an action against FCA US and FCA N.V., now Stellantis
N.V., in Michigan state court, making substantially the same claims as it made in the federal litigation. On October 15, 2021,
the court granted Stellantis N.V. and FCA US\u2019s motion for summary disposition. GM filed a motion for reconsideration and
on December 6, 2021, the court granted GM\u2019s motion, permitting GM to amend its complaint. GM filed a second amended
complaint on December 23, 2021. On May 16, 2022, the court denied FCA US\u2019s motion for summary disposition and
permitted discovery to proceed against FCA US. On July 20, 2022, the court granted Stellantis N.V.\u2019s motion for summary
disposition, but on November 28, 2022 the court granted GM\u2019s motion for reconsideration and permitted jurisdictional
discovery to proceed against Stellantis N.V. The parties are currently engaged in discovery, which is expected to continue
through fall 2024. At this stage, we are unable to reliably evaluate the likelihood that a loss will be incurred or estimate a
range of possible loss.
Tigershark Engine \u2013 Litigation
Putative class action lawsuits were filed against FCA US and consolidated into a single action in U.S. District court
in Michigan asserting claims under federal and state laws claiming manufacturing and design defects in certain vehicles
equipped with the 2.4L Tigershark engine, which has been installed in approximately 1.6\u00a0million vehicles sold in the U.S.
The claims alleged excessive oil consumption and related excess emissions. In November 2021, we entered into an agreement
in principle to settle the litigation, contingent on court approval, for an amount that is not material to the Company. The court
granted final approval of the settlement in December 2022.
Other matters
Corporate Average Fuel Economy (\u201cCAFE\u201d) standards
On August 31, 2020, the U.S. Court of Appeals for the Second Circuit vacated a final rule published by NHTSA in
July 2019 that had reversed NHTSA\u2019s 2016 increase to the base rate of the CAFE penalty from $5.50 to $14.00. The base
rate applies to each tenth of a mile per gallon that a manufacturer\u2019s fleet-wide average fuel efficiency is below the CAFE
standard, and is multiplied by the number of vehicles in the manufacturer\u2019s fleet to arrive at an aggregate penalty. On January
14, 2021, NHTSA published an interim final rule with immediate effect, the result of which was to apply the increased fine
rate that resulted from the Second Circuit\u2019s ruling to future model years. In particular, NHTSA\u2019s interim rule imposed a
CAFE penalty base rate of $5.50 through 2021 Model Year and increased the CAFE penalty base rate to $14.00 prospectively
from the 2022 Model Year. FCA accrued estimated amounts for any probable CAFE penalty based on the $5.50 rate for
Model Years 2021 and earlier. In addition, as a result of the acquisition, and in accordance with IFRS 3, we recognized an
incremental contingent liability of \u20ac163\u00a0million for the potentially higher fine rate on vehicle shipments prior to the merger
date.
On April 1, 2022, NHTSA published a final rule repealing the interim final rule issued in January 2021 and reverting
to the December 2016 final rule which increased the CAFE civil penalty rate from $5.00 to $14.00, beginning with 2019
Model Year. Applying the annual inflation adjustment procedures did not result in an increase in the $14.00 rate through
2021 Model Year, but did result in an increased fine rate to $15.00 for 2022 Model Year vehicles. An additional accrual of
\u20ac655\u00a0million was recognized resulting from an increase in the provision related to the Model Year 2019-2021 penalty rate
adjustment during the year ended December 31, 2022. NHTSA has subsequently made, and is expected to continue to make,
mandatory inflation adjustments to the CAFE civil penalty rate, as required by law for all civil monetary penalties.
Greenhouse Gas Standards
On March 9, 2022, the EPA reinstated California\u2019s authority\u202funder the Clean Air Act\u202fto enforce its own, more
stringent, greenhouse gas (\u201cGHG\u201d) emission standards for passenger vehicles and light duty trucks (the \u201cCalifornia Waiver\u201d).
California emission standards covered by the California Waiver may be adopted by other states and to date 17 other states
(the \u201cCalifornia Waiver States\u201d) have adopted California\u2019s GHG emissions standards under the California Waiver.
\u202fPrior to the EPA\u2019s withdrawal of the California Waiver, automotive\u202fOEMs were deemed to be compliant with
California\u2019s GHG emissions standards if they were compliant with the EPA\u2019s GHG standards.\u202fThis \u201cdeemed to comply\u201d
mechanism was removed from the California regulation prior to the reinstatement of the California Waiver.\u202fAs interpreted by
CARB, the EPA\u2019s reinstatement of the California Waiver together with the removal of the \u201cdeemed to comply\u201d mechanism
means that automotive OEMs are\u202fretroactively\u202fsubject to the separate California GHG standards beginning with the model
year 2021\u202ffleet.\u202fOEMs\u202fmay achieve\u202fcompliance with the California GHG emission standards in several ways, including
through the sale of emission-compliant vehicles within\u202ftheir\u202ffleet for a given model year, through the carryforward or
carryback of excess credits generated by a compliant fleet in past or future years,\u202fby the purchase of California-specific
regulatory credits from third parties\u202for by a combination of the foregoing.
\u202fWe\u202fdid not meet\u202fthe California GHG targets for model years\u202f2021\u202fand 2022,\u202fand do not expect to meet the California
GHG targets for model year 2023, as\u202fin planning these\u202fmodel years prior to reinstatement of the California Waiver we
assumed the ability to utilize existing credits based on regulations in force at the time. We intend to be compliant with the
California GHG program, and for those years and any other model year with deficits, we intend to seek to cover such deficits
with excess credits generated through our compliance in model years within the applicable five-year carryback period.
While we are executing on several important steps to ensure our carryback strategy, the success of our carryback
strategy depends on future levels and mix of production and sales, as well as general market demand for battery electric
vehicles, all of\u202fwhich are inherently speculative.\u202fAs we are unable to reliably estimate the cost of compliance, we have not
recognized a provision.
\u202fWe understand that certain other automobile OEMs are subject to less stringent California GHG emissions standards
pursuant to settlement agreements entered into with CARB. We are currently evaluating the enforceability of the California
GHG emissions standards as applied by CARB, particularly in light of their retroactive application following the EPA\u2019s
reinstatement of the California Waiver, as well as the disparate treatment of other automotive OEMs which are not subject to
the same standards.
U.S. Import Duties
Historically, FCA paid a 2.5 percent duty on Ram ProMaster City vehicles imported into the U.S. as passenger
vehicles rather than the 25 percent duty applicable to vehicles that are imported into the U.S. as cargo vans. The vast majority
of these vehicles are converted into cargo vans after importation. Federal litigation against a competitor in a similar case
resulted in the application of the 25 percent duty rate to the competitor\u2019s vehicles. We believe there are facts that distinguish
our case from that of the competitor. However, U.S Customs and Border Protection may seek to recover increased duties for
our prior imports, plus interest, and may assert a claim for penalties. At this stage, we are unable to reliably evaluate the
likelihood that a loss will be incurred or estimate a range of possible loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-759": { "value": "
22.
Debt
Debt classified within current liabilities included short-term borrowings from banks and other financing with an
original maturity date falling within twelve months, as well as the current portion of long-term debt. Debt classified within
non-current liabilities included borrowings from banks and other financing with maturity dates greater than twelve months
(long-term debt), net of the current portion.
The following table summarizes the Company's current and non-current Debt by maturity date (amounts include
accrued interest):
At December 31,
2023
2022
Due
within
one\u00a0year
(current)
Due
between
one and
five\u00a0years
Due
beyond
five\u00a0years
Total
(non-
current)
Total
Debt
Due
within
one\u00a0year
(current)
Due
between
one and
five\u00a0years
Due
beyond
five
years
Total
(non-
current)
Total
Debt
(\u20ac million)
Notes
\u20ac2,277
\u20ac7,133
\u20ac8,805
\u20ac15,938
\u20ac18,215
\u20ac3,692
\u20ac7,662
\u20ac7,911
\u20ac15,573
\u20ac19,265
Borrowings from
banks
1,512
1,297
27
1,324
2,836
1,389
1,416
145
1,561
2,950
Asset-backed
financing
3,638
1,014
126
1,140
4,778
1,009
558
88
646
1,655
Lease liabilities
718
728
712
1,440
2,158
634
896
729
1,625
2,259
Other debt
1,317
150
9
159
1,476
960
63
1
64
1,024
Total Debt
\u20ac9,462
\u20ac10,322
\u20ac9,679
\u20ac20,001
\u20ac29,463
\u20ac7,684
\u20ac10,595
\u20ac8,874
\u20ac19,469
\u20ac27,153
Debt increased by approximately \u20ac2.3\u00a0billion primarily to fund financial services activities in the U.S.
Notes
The following table summarizes the notes outstanding at December\u00a031, 2023 and 2022 :
At December 31,
(\u20ac million)
Currency
Face\u00a0value\u00a0of
outstanding
notes
(million)
Coupon
%
Maturity
2023
2022
Stellantis (Peugeot S.A. issuances):
STELLANTIS N.V. (Peugeot S.A.) 2016
EUR
500
2.375
Q2/2023
\u2014
508
STELLANTIS N.V. (Peugeot S.A.) 2017
EUR
600
2.000
Q1/2024
609
608
STELLANTIS N.V. (Peugeot S.A.) 2017
EUR
100
2.000
Q1/2024
102
102
STELLANTIS N.V. (Peugeot S.A.) 2018
EUR
650
2.000
Q1/2025
659
658
STELLANTIS N.V. (Peugeot S.A.) 2019
EUR
600
1.125
Q3/2029
596
594
STELLANTIS N.V. (Peugeot S.A.) 2020
EUR
1,000
2.750
Q2/2026
1,014
1,011
STELLANTIS N.V. (Peugeot S.A.)
Schuldschein 2019
EUR
100
1.050
Q4/2023
\u2014
101
STELLANTIS N.V. (Peugeot S.A.)
Schuldschein 2019
EUR
60
1.600
Q2/2026
61
61
STELLANTIS N.V. (Peugeot S.A.)
Schuldschein 2019
EUR
50
1.810
Q2/2027
50
50
STELLANTIS N.V. (Peugeot S.A.)
Schuldschein 2019
EUR
70
Euribor
6M +
1.050
Q4/2023
\u2014
71
STELLANTIS N.V. (Peugeot S.A.)
Schuldschein 2019
EUR
204
Euribor
6M +
1.400
Q2/2026
207
204
Medium Term Note Programme(1):
STELLANTIS N.V. (FCA N.V.) 2016
EUR
1,250
3.750
Q1/2024
1,296
1,340
STELLANTIS N.V. (FCA N.V.) 2020
EUR
1,250
3.375
Q3/2023
\u2014
1,289
STELLANTIS N.V. (FCA N.V.) 2020
EUR
1,250
3.875
Q1/2026
1,381
1,420
STELLANTIS N.V. (FCA N.V.) 2020
EUR
1,000
4.500
Q3/2028
1,200
1,219
STELLANTIS N.V. 2021
EUR
1,250
0.625
Q1/2027
1,256
1,254
STELLANTIS N.V. 2021
EUR
1,250
0.750
Q1/2029
1,254
1,250
STELLANTIS N.V. 2021
EUR
1,250
1.250
Q2/2033
1,241
1,240
STELLANTIS N.V. 2022
EUR
1,000
2.750
Q2/2032
1,016
1,016
STELLANTIS N.V. 2023 - Green Bond
EUR
1,250
4.375
Q1/2030
1,285
\u2014
STELLANTIS N.V. 2023
EUR
1,250
4.250
Q2/2031
1,266
\u2014
Other Notes:
STELLANTIS N.V. (FCA N.V.) 2015
U.S.$
1,500
5.250
Q2/2023
\u2014
1,437
STELLANTIS FINANCE US 2021
U.S $
1,000
1.711
Q1/2027
909
942
STELLANTIS FINANCE US 2021
U.S $
1,000
2.691
Q3/2031
909
941
STELLANTIS FINANCE US 2022
U.S. $
550
5.625
Q1/2028
512
520
STELLANTIS FINANCE US 2022
U.S. $
700
6.375
Q3/2032
643
665
GIE PSA Tr\u00e9sorerie 2003
EUR
600
6.000
Q3/2033
749
764
Total Notes
\u20ac18,215
\u20ac19,265
______________________________________________________________________________________________________________________________
(1) Listed on the Irish Stock Exchange
Notes Issued by Peugeot S.A
Bonds issued by Peugeot S.A. are governed by the terms and conditions of the Peugeot S.A. \u20ac5\u00a0billion EMTN
Program that was renewed on June 8, 2020 for the last time. Those bonds are guaranteed by the GIE PSA Tr\u00e9sorerie.
In April 2019, Peugeot S.A. raised funds using a private investment under German law through a
Schuldscheindarlehen. This transaction was structured in several tranches denominated in euros, with maturities ranging from
Q4 2023 to Q2 2027.
Notes Issued Under the Medium Term Note Programme
Certain notes issued by Stellantis were governed by the terms and conditions of the Medium Term Note (\u201cMTN\u201d)
Programme (previously known as the Global Medium Term Note Programme, or \u201cGMTN\u201d Programme) formerly available to
FCA N.V., the predecessor of Stellantis N.V. A maximum of \u20ac20\u00a0billion was allowed under this programme, and notes of
\u20ac3.5\u00a0billion (principal amounts) were outstanding as at December 31, 2023.
After the merger, Stellantis established a Euro Medium Term Note Programme (\u201cEMTN\u201d) under which it may from
time to time issue notes up to an amount of \u20ac30\u00a0billion.
Under the \u20ac30\u00a0billion EMTN Programme, the Company issued two notes and repaid one note at maturity during the
year ended December 31, 2023:
\u2022 In March 2023, a Green Bond was issued with a principal amount of \u20ac1.25\u00a0billion with an interest rate of 4.375
percent and matures in March 2030. Stellantis will allocate an amount equal to the net proceeds of any Green
Bond issued to investments and expenditures meeting the eligibility criteria (the \u201cEligible Green Projects\u201d). The
Eligible Green Projects include design, development and manufacturing of zero emissions vehicles, that are
battery electric vehicles and hydrogen fuel cell vehicles;
\u2022 In June 2023, the Company issued notes with principal amount of \u20ac1.25\u00a0billion with an interest rate of 4.25
percent and matures in June 2031; and
\u2022 In July 2023, the Company repaid one note at maturity with principal amount of \u20ac1.250\u00a0billion with an interest
rate of 3.375 percent.
As at December 31, 2023, the outstanding principal amount of the notes issued under the successive versions of the
programme, after the merger, was \u20ac7.25\u00a0billion.
These notes impose covenants on the issuer, which include: (i) negative pledge clauses which require that in the case
that any security interest upon assets of Stellantis N.V. is granted in connection with other notes or debt securities having the
same ranking, such a security should be equally and ratably extended to the outstanding notes; (ii) pari passu clauses, under
which the notes rank and will rank pari passu with all other present and future unsubordinated and unsecured obligations of
Stellantis N.V.; (iii) periodic disclosure obligations; (iv) cross-default clauses which require immediate repayment of the
notes under certain events of default on other financial instruments issued by Stellantis' main entities; and (v) other clauses
that are generally applicable to securities of a similar type. A breach of these covenants may require the early repayment of
the notes. As of December 31, 2023, Stellantis was in compliance with the covenants under the MTN Programme.
From time to time, Stellantis may buy back notes in the market. Such buybacks, if made, depend upon market
conditions, the Company's financial situation and other factors which could affect such decisions.
Other Notes
In October 2023 Stellantis repaid, at maturity, \u20ac170\u00a0million related to Schuldschein issued by PSA in 2019.
In April 2023, Stellantis repaid, at maturity, a \u20ac500\u00a0million note formerly issued by PSA in 2016, and a U.S.
$1.5\u00a0billion (\u20ac1.4\u00a0billion) note formerly issued by FCA in 2015.
As at December 31, 2023, all the outstanding notes of Stellantis were rated \u201cBaa2\u201d by Moody\u2019s Investors Service
and \u201cBBB+\u201d by S&P Global Ratings.
The Notes impose covenants on Stellantis N.V. including: (i)\u00a0negative pledge clauses which require that in the case
that any security interest upon assets of Stellantis N.V. is granted in connection with other notes or debt securities having the
same ranking, such a security should be equally and ratably extended to the outstanding Notes; (ii)\u00a0pari passu clauses, under
which the Notes rank and will rank pari passu with all other present and future unsubordinated and unsecured obligations of
Stellantis N.V.; (iii)\u00a0periodic disclosure obligations; (iv)\u00a0cross-default clauses which require immediate repayment of the
Notes under certain events of default on other financial instruments issued by Stellantis\u2019 main entities; and (v)\u00a0other clauses
that are generally applicable to securities of a similar type. A breach of these covenants may require the early repayment of
the Notes. As of December\u00a031, 2023, Stellantis was in compliance with the covenants of the Notes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-758": { "value": "
22.
Debt
Debt classified within current liabilities included short-term borrowings from banks and other financing with an
original maturity date falling within twelve months, as well as the current portion of long-term debt. Debt classified within
non-current liabilities included borrowings from banks and other financing with maturity dates greater than twelve months
(long-term debt), net of the current portion.
The following table summarizes the Company's current and non-current Debt by maturity date (amounts include
accrued interest):
At December 31,
2023
2022
Due
within
one\u00a0year
(current)
Due
between
one and
five\u00a0years
Due
beyond
five\u00a0years
Total
(non-
current)
Total
Debt
Due
within
one\u00a0year
(current)
Due
between
one and
five\u00a0years
Due
beyond
five
years
Total
(non-
current)
Total
Debt
(\u20ac million)
Notes
\u20ac2,277
\u20ac7,133
\u20ac8,805
\u20ac15,938
\u20ac18,215
\u20ac3,692
\u20ac7,662
\u20ac7,911
\u20ac15,573
\u20ac19,265
Borrowings from
banks
1,512
1,297
27
1,324
2,836
1,389
1,416
145
1,561
2,950
Asset-backed
financing
3,638
1,014
126
1,140
4,778
1,009
558
88
646
1,655
Lease liabilities
718
728
712
1,440
2,158
634
896
729
1,625
2,259
Other debt
1,317
150
9
159
1,476
960
63
1
64
1,024
Total Debt
\u20ac9,462
\u20ac10,322
\u20ac9,679
\u20ac20,001
\u20ac29,463
\u20ac7,684
\u20ac10,595
\u20ac8,874
\u20ac19,469
\u20ac27,153
Debt increased by approximately \u20ac2.3\u00a0billion primarily to fund financial services activities in the U.S.
Notes
The following table summarizes the notes outstanding at December\u00a031, 2023 and 2022 :
At December 31,
(\u20ac million)
Currency
Face\u00a0value\u00a0of
outstanding
notes
(million)
Coupon
%
Maturity
2023
2022
Stellantis (Peugeot S.A. issuances):
STELLANTIS N.V. (Peugeot S.A.) 2016
EUR
500
2.375
Q2/2023
\u2014
508
STELLANTIS N.V. (Peugeot S.A.) 2017
EUR
600
2.000
Q1/2024
609
608
STELLANTIS N.V. (Peugeot S.A.) 2017
EUR
100
2.000
Q1/2024
102
102
STELLANTIS N.V. (Peugeot S.A.) 2018
EUR
650
2.000
Q1/2025
659
658
STELLANTIS N.V. (Peugeot S.A.) 2019
EUR
600
1.125
Q3/2029
596
594
STELLANTIS N.V. (Peugeot S.A.) 2020
EUR
1,000
2.750
Q2/2026
1,014
1,011
STELLANTIS N.V. (Peugeot S.A.)
Schuldschein 2019
EUR
100
1.050
Q4/2023
\u2014
101
STELLANTIS N.V. (Peugeot S.A.)
Schuldschein 2019
EUR
60
1.600
Q2/2026
61
61
STELLANTIS N.V. (Peugeot S.A.)
Schuldschein 2019
EUR
50
1.810
Q2/2027
50
50
STELLANTIS N.V. (Peugeot S.A.)
Schuldschein 2019
EUR
70
Euribor
6M +
1.050
Q4/2023
\u2014
71
STELLANTIS N.V. (Peugeot S.A.)
Schuldschein 2019
EUR
204
Euribor
6M +
1.400
Q2/2026
207
204
Medium Term Note Programme(1):
STELLANTIS N.V. (FCA N.V.) 2016
EUR
1,250
3.750
Q1/2024
1,296
1,340
STELLANTIS N.V. (FCA N.V.) 2020
EUR
1,250
3.375
Q3/2023
\u2014
1,289
STELLANTIS N.V. (FCA N.V.) 2020
EUR
1,250
3.875
Q1/2026
1,381
1,420
STELLANTIS N.V. (FCA N.V.) 2020
EUR
1,000
4.500
Q3/2028
1,200
1,219
STELLANTIS N.V. 2021
EUR
1,250
0.625
Q1/2027
1,256
1,254
STELLANTIS N.V. 2021
EUR
1,250
0.750
Q1/2029
1,254
1,250
STELLANTIS N.V. 2021
EUR
1,250
1.250
Q2/2033
1,241
1,240
STELLANTIS N.V. 2022
EUR
1,000
2.750
Q2/2032
1,016
1,016
STELLANTIS N.V. 2023 - Green Bond
EUR
1,250
4.375
Q1/2030
1,285
\u2014
STELLANTIS N.V. 2023
EUR
1,250
4.250
Q2/2031
1,266
\u2014
Other Notes:
STELLANTIS N.V. (FCA N.V.) 2015
U.S.$
1,500
5.250
Q2/2023
\u2014
1,437
STELLANTIS FINANCE US 2021
U.S $
1,000
1.711
Q1/2027
909
942
STELLANTIS FINANCE US 2021
U.S $
1,000
2.691
Q3/2031
909
941
STELLANTIS FINANCE US 2022
U.S. $
550
5.625
Q1/2028
512
520
STELLANTIS FINANCE US 2022
U.S. $
700
6.375
Q3/2032
643
665
GIE PSA Tr\u00e9sorerie 2003
EUR
600
6.000
Q3/2033
749
764
Total Notes
\u20ac18,215
\u20ac19,265
______________________________________________________________________________________________________________________________
(1) Listed on the Irish Stock Exchange
Notes Issued by Peugeot S.A
Bonds issued by Peugeot S.A. are governed by the terms and conditions of the Peugeot S.A. \u20ac5\u00a0billion EMTN
Program that was renewed on June 8, 2020 for the last time. Those bonds are guaranteed by the GIE PSA Tr\u00e9sorerie.
In April 2019, Peugeot S.A. raised funds using a private investment under German law through a
Schuldscheindarlehen. This transaction was structured in several tranches denominated in euros, with maturities ranging from
Q4 2023 to Q2 2027.
Notes Issued Under the Medium Term Note Programme
Certain notes issued by Stellantis were governed by the terms and conditions of the Medium Term Note (\u201cMTN\u201d)
Programme (previously known as the Global Medium Term Note Programme, or \u201cGMTN\u201d Programme) formerly available to
FCA N.V., the predecessor of Stellantis N.V. A maximum of \u20ac20\u00a0billion was allowed under this programme, and notes of
\u20ac3.5\u00a0billion (principal amounts) were outstanding as at December 31, 2023.
After the merger, Stellantis established a Euro Medium Term Note Programme (\u201cEMTN\u201d) under which it may from
time to time issue notes up to an amount of \u20ac30\u00a0billion.
Under the \u20ac30\u00a0billion EMTN Programme, the Company issued two notes and repaid one note at maturity during the
year ended December 31, 2023:
\u2022 In March 2023, a Green Bond was issued with a principal amount of \u20ac1.25\u00a0billion with an interest rate of 4.375
percent and matures in March 2030. Stellantis will allocate an amount equal to the net proceeds of any Green
Bond issued to investments and expenditures meeting the eligibility criteria (the \u201cEligible Green Projects\u201d). The
Eligible Green Projects include design, development and manufacturing of zero emissions vehicles, that are
battery electric vehicles and hydrogen fuel cell vehicles;
\u2022 In June 2023, the Company issued notes with principal amount of \u20ac1.25\u00a0billion with an interest rate of 4.25
percent and matures in June 2031; and
\u2022 In July 2023, the Company repaid one note at maturity with principal amount of \u20ac1.250\u00a0billion with an interest
rate of 3.375 percent.
As at December 31, 2023, the outstanding principal amount of the notes issued under the successive versions of the
programme, after the merger, was \u20ac7.25\u00a0billion.
These notes impose covenants on the issuer, which include: (i) negative pledge clauses which require that in the case
that any security interest upon assets of Stellantis N.V. is granted in connection with other notes or debt securities having the
same ranking, such a security should be equally and ratably extended to the outstanding notes; (ii) pari passu clauses, under
which the notes rank and will rank pari passu with all other present and future unsubordinated and unsecured obligations of
Stellantis N.V.; (iii) periodic disclosure obligations; (iv) cross-default clauses which require immediate repayment of the
notes under certain events of default on other financial instruments issued by Stellantis' main entities; and (v) other clauses
that are generally applicable to securities of a similar type. A breach of these covenants may require the early repayment of
the notes. As of December 31, 2023, Stellantis was in compliance with the covenants under the MTN Programme.
From time to time, Stellantis may buy back notes in the market. Such buybacks, if made, depend upon market
conditions, the Company's financial situation and other factors which could affect such decisions.
Other Notes
In October 2023 Stellantis repaid, at maturity, \u20ac170\u00a0million related to Schuldschein issued by PSA in 2019.
In April 2023, Stellantis repaid, at maturity, a \u20ac500\u00a0million note formerly issued by PSA in 2016, and a U.S.
$1.5\u00a0billion (\u20ac1.4\u00a0billion) note formerly issued by FCA in 2015.
As at December 31, 2023, all the outstanding notes of Stellantis were rated \u201cBaa2\u201d by Moody\u2019s Investors Service
and \u201cBBB+\u201d by S&P Global Ratings.
The Notes impose covenants on Stellantis N.V. including: (i)\u00a0negative pledge clauses which require that in the case
that any security interest upon assets of Stellantis N.V. is granted in connection with other notes or debt securities having the
same ranking, such a security should be equally and ratably extended to the outstanding Notes; (ii)\u00a0pari passu clauses, under
which the Notes rank and will rank pari passu with all other present and future unsubordinated and unsecured obligations of
Stellantis N.V.; (iii)\u00a0periodic disclosure obligations; (iv)\u00a0cross-default clauses which require immediate repayment of the
Notes under certain events of default on other financial instruments issued by Stellantis\u2019 main entities; and (v)\u00a0other clauses
that are generally applicable to securities of a similar type. A breach of these covenants may require the early repayment of
the Notes. As of December\u00a031, 2023, Stellantis was in compliance with the covenants of the Notes.
Borrowings from banks
European Investment Bank Borrowings
Stellantis had financing agreements with the European Investment Bank (\u201cEIB\u201d) for a total of \u20ac1.0 billion
outstanding at December\u00a031, 2023 (\u20ac1.0 billion at December\u00a031, 2022). These were entered into to finance specific projects
and investment plans among which include the manufacturing of PHEV vehicles at the Melfi production plant in Italy, the
manufacturing of battery electric vehicles at the Mirafiori production plant in Italy, the research, development and innovation
for electrification, connectivity and self-driving technologies mainly conducted at the Turin laboratories in Italy and the
development of low emissions and fuel efficient propulsion systems.
Brazil
Stellantis\u2019 Brazilian subsidiaries have access to various local bank facilities in order to fund investments and
operations including financial services activities. Total debt outstanding under those facilities amounted to a principal amount
of \u20ac0.7 billion at December\u00a031, 2023 (\u20ac0.6 billion at December\u00a031, 2022). This includes subsidized financing, granted by
public financing institutions, such as Banco Nacional do Desenvolvimento, with the aim to support industrial projects in
certain areas that gave the Company the opportunity to fund large investments in Brazil at attractive rates. At December\u00a031,
2023, outstanding subsidized loans amounted to \u20ac0.2 billion (\u20ac0.3 billion at December\u00a031, 2022), of which approximately
\u20ac0.1 billion (\u20ac0.2 billion at December\u00a031, 2022) related to the construction of the Pernambuco plant in Brazil, which was
supported by subsidized credit lines totaling Brazilian Real 6.5 billion (\u20ac1.2 billion).
Undrawn committed credit lines
On July 23, 2021, Stellantis announced that it had signed a new syndicated revolving credit facility (\u201cRCF\u201d) of
\u20ac12.0\u00a0billion, with a group of 29 relationship banks. This new RCF replaces the existing syndicated RCFs from the PSA
Group (\u20ac3.0\u00a0billion) and FCA Group (\u20ac6.25\u00a0billion), thereby providing an increase in the Company\u2019s overall liquidity and an
extension of the duration of the facility and is available for use in general corporate purposes. The credit facility is structured
in two tranches: \u20ac6.0\u00a0billion, with a 3-year tenor, and \u20ac6.0\u00a0billion, with a 5-year tenor, each tranche benefiting from two
further extension options, each of 1-year. In June 2023, the second-year extension option has been exercised. Current
maturities are July 2026 and July 2028 respectively for the two tranches.
At December\u00a031, 2023, undrawn committed credit lines of \u20ac12.6\u00a0billion include the syndicated revolving credit
facility of \u20ac12.0\u00a0billion, signed in 2021.
The covenants of the RCF include negative pledge, pari passu, cross-default and change of control clauses. Failure
to comply with these covenants, and in certain cases if not suitably remedied, can lead to the requirement of early repayment
of any outstanding amounts. As of December\u00a031, 2023, Stellantis was in compliance with the covenants of the RCF.
Asset-backed financing
Asset-backed financing primarily represented the amount of financing received by Stellantis Financial Services U.S.
through securitization programs of \u20ac4,711 million, that will be settled through the collection of a portfolio of receivables
which originate from consumers.
The retail consumer contracts are pledged to special purpose entities as collateral.
The following table summarizes the asset-back financing amounts at December\u00a031, 2023 and 2022:
At December 31,
(\u20ac million)
Currency
Interest rate %
Maturity(1)
2023
2022
Warehouse Credit
Facilities:
SFS Funding I
USD
CP/SOFR+spread
Q3/2024
3,189
627
SFS Funding II
USD
CP/SOFR+spread
Q3/2024
109
10
FIARC
USD
SOFR+spread
Q2/2025
29
101
Term Notes:
Term Notes 2017-2020
USD
2.80%-7.07%
Q2/2027
36
114
Term Notes 2021-1
USD
0.89%-5.37%
Q2/2028
45
75
Term Notes 2021-2
USD
0.48%-3.14%
Q4/2028
98
158
Term Notes 2022-1
USD
2.03%-5.41%
Q2/2029
125
201
Term Notes 2022-2
USD
6.26%-8.71%
Q4/2029
151
241
Term Notes 2023-1
USD
5.89%-7.74%
Q1/2031
929
\u2014
Total
\u20ac4,711
\u20ac1,527
________________________________________________________________________________________________________________________________________________
(1) Final maturity of the commitment for the warehouse credit facilities and the expected date of the last payment for the Term Notes
Warehouse Credit Facilities
There are three revolving warehouse credit facilities used to finance loan originations by Stellantis Financial
Services U.S. The Company believes that the credit facilities will continue to be renewed or replaced, and that it will be able
to secure additional sources of financing on satisfactory terms; however, there can be no assurance that it will be able to do
so. In the event that the Company is unable to renew its facilities, the receivables pledged would amortize over time to pay
down the warehouse credit facilities; however, the Company would not be able to finance new receivables without alternative
sources of funding. Stellantis Financial Services U.S. uses interest rate derivatives in order to reduce the interest rate risk of
certain warehouse credit facilities.
The Company has three separate USD warehouse credit facilities. First Investors Auto Receivables Corporation
(\u201cFIARC\u201d) was implemented on August 31, 2012 and has a commitment through June 2025. The FIARC facility has a
capacity of \u20ac271\u00a0million ($300\u00a0million) and bears interest based on SOFR plus a spread. Stellantis Financial Services U.S.
has also implemented two additional separate warehouse credit facilities. The first Stellantis Financial Services U.S. facility,
SFS Funding, LLC, was implemented in August 2022 and matures in August 2024. The \u20ac2.3\u00a0billion ($2.5\u00a0billion)
commitment bears interest based on variable commercial paper rates plus a spread or one-month term SOFR, plus a spread.
The second Stellantis Financial Services U.S. facility, SFS Funding II, LLC, was implemented in August 2022 and matures in
August 2024. The \u20ac452\u00a0million ($500\u00a0million) commitment bears interest based on variable commercial paper rates plus a
spread or one-month term SOFR, plus a spread.
ABS Term Notes
ABS Term Notes are issued in various classes ranging from Class A to Class E Notes. These notes are sequentially
paid with Class A Notes paid first. The range in interest rates depends on the level of risk of loss and is determined by
investor interest in each class of the notes.
The terms governing the warehouse credit facilities and ABS Term Notes contains numerous covenants relating to
the issuer\u2019s business, the observance of certain financial covenants, the avoidance of certain levels of delinquency experience
and other matters. A breach of a covenant, if not cured within the time limits specified, could precipitate events of default that
might result in the acceleration of the ABS Term Notes or warehouse credit facilities. The Company was not in default with
respect to any financial and non-financial covenants governing these financing arrangements at December 31, 2023.
Refer to Note 24, Fair value measurement for additional information on fair and carrying values of assigned
receivables and related liabilities.
Other
Additionally, there is \u20ac67 million of debt relating to factoring transactions which do not meet the IFRS 9
derecognition requirements and are recognized within assets of the same amount as of December\u00a031, 2023 (\u20ac128 million at
December\u00a031, 2022) in the Consolidated Statement of Financial Position, refer to Note 16, Trade receivables, other assets,
prepaid expenses and tax receivables for additional information.
Other debt
Other debt also includes funds raised from financial services companies and deposits from dealers in South America,
primarily in Brazil.
Lease liabilities
The following table summarizes the Company's current and non-current lease liabilities:
Lease liabilities included in the Statement of Financial Position
At December 31,
2023
2022
(\u20ac million)
Long-term debt (non-current)
\u20ac1,440
\u20ac1,625
Short-term debt and current portion of long-term debt (current)
\u20ac718
\u20ac634
Maturity analysis - contractual undiscounted cash flows
At December 31, 2023
(\u20ac million)
Due within one year
\u20ac818
Due between one and five years
824
Due beyond five years
795
Total undiscounted lease liabilities
\u20ac2,437
In addition, the Company entered into commitments relating to leases not yet commenced of \u20ac369 million, of which
the most significant relating to contracts in the U.S. and in Canada. In addition to the above, the Company entered into non-
cancellable short-term leases, which have not been classified as lease liabilities, of \u20ac59 million which is expected to be settled
within the next 12 months.
Debt secured by assets
At December\u00a031, 2023, debt secured by assets of the Company amounted to \u20ac79 million (\u20ac176 million at
December\u00a031, 2022), excluding the Lease liabilities and Asset-backed financing as described above, mainly related to
subsidized financing in South America and China and India & Asia Pacific.
The total carrying amount of assets acting as security for loans for the Company amounted to \u20ac806 million,
excluding the Right-of-use assets as described in Note 11, Property, plant and equipment, at December\u00a031, 2023 (\u20ac1,360
million at December\u00a031, 2022).
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-763": { "value": "
23.
Other liabilities
Other liabilities consisted of the following:
At December 31,
2023
2022
Current
Non-
current
Total
Current
Non-
current
Total
(\u20ac million)
Payables for buy-back agreements
\u20ac1,877
\u20ac4,645
\u20ac6,522
\u20ac1,968
\u20ac4,931
\u20ac6,899
Accrued expenses and deferred income
4,778
751
5,529
3,620
149
3,769
Indirect tax payables
1,426
15
1,441
1,563
23
1,586
Payables to personnel
2,658
4
2,662
2,700
6
2,706
Social security payables
567
15
582
633
14
647
Construction contract liabilities
(Note 14)
107
\u2014
107
111
\u2014
111
Service contract liability
808
2,160
2,968
948
2,255
3,203
Derivatives operating liability
746
299
1,045
708
224
932
Other
2,603
176
2,779
2,277
527
2,804
Total Other liabilities
\u20ac15,570
\u20ac8,065
\u20ac23,635
\u20ac14,528
\u20ac8,129
\u20ac22,657
Other liabilities (excludi ng Accrued expenses, Deferred income and Service contract liability) by due date were as
follows:
At December 31,
2023
2022
Total
due\u00a0within
one year
(Current)
Due
between
one\u00a0and
five
years
Due
beyond
five
years
Total due
after one
year
(Non-
Current)
Total
Total
due\u00a0within
one year
(Current)
Due
between
one\u00a0and
five
years
Due
beyond
five
years
Total due
after one
year
(Non-
Current)
Total
(\u20ac million)
Other liabilities (excluding
Accrued expenses, deferred
income and service contract
liability)
\u20ac9,984
\u20ac5,124
\u20ac30
\u20ac5,154
\u20ac15,138
\u20ac9,960
\u20ac2,449
\u20ac3,276
\u20ac5,725
\u20ac15,685
Payables for buy-back agreements include the price received for the product, recognized as an advance at the date of
the sale and, subsequently, the repurchase price and the remaining lease installments yet to be recognized.
In July 2023, the Brazilian court issued a final favorable decision and a definitive ruling in the lawsuit filed by
Stellantis challenging the calculation of federal taxes on revenue for previously paid taxes and recognizing its right to recover
tax payments made between 2002-2004 for an amount of \u20ac51\u00a0million.
Service contract liability
The service contract liability was mainly comprised of maintenance plans and extended warranties. Changes in the
Company's service contract liability for the year ended December\u00a031, 2023, were as follows:
At January 1,
2023
Advances
received from
customers
Amounts
recognized
within revenue
Transfers to
Assets/
(Liabilities)
held for sale
Other Changes
At December
31, 2023
(\u20ac million)
Service contract liability
\u20ac3,203
\u20ac1,198
\u20ac(1,272)
\u20ac\u2014
\u20ac(161)
\u20ac2,968
Of the total Service contract liability at December\u00a031, 2023, the Company expected to recognize approximately
\u20ac1,015\u00a0million in 2024, \u20ac767\u00a0million in 2025, \u20ac588\u00a0million in 2026 and \u20ac598\u00a0million thereafter.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-762": { "value": "
23.
Other liabilities
Other liabilities consisted of the following:
At December 31,
2023
2022
Current
Non-
current
Total
Current
Non-
current
Total
(\u20ac million)
Payables for buy-back agreements
\u20ac1,877
\u20ac4,645
\u20ac6,522
\u20ac1,968
\u20ac4,931
\u20ac6,899
Accrued expenses and deferred income
4,778
751
5,529
3,620
149
3,769
Indirect tax payables
1,426
15
1,441
1,563
23
1,586
Payables to personnel
2,658
4
2,662
2,700
6
2,706
Social security payables
567
15
582
633
14
647
Construction contract liabilities
(Note 14)
107
\u2014
107
111
\u2014
111
Service contract liability
808
2,160
2,968
948
2,255
3,203
Derivatives operating liability
746
299
1,045
708
224
932
Other
2,603
176
2,779
2,277
527
2,804
Total Other liabilities
\u20ac15,570
\u20ac8,065
\u20ac23,635
\u20ac14,528
\u20ac8,129
\u20ac22,657
Other liabilities (excludi ng Accrued expenses, Deferred income and Service contract liability) by due date were as
follows:
At December 31,
2023
2022
Total
due\u00a0within
one year
(Current)
Due
between
one\u00a0and
five
years
Due
beyond
five
years
Total due
after one
year
(Non-
Current)
Total
Total
due\u00a0within
one year
(Current)
Due
between
one\u00a0and
five
years
Due
beyond
five
years
Total due
after one
year
(Non-
Current)
Total
(\u20ac million)
Other liabilities (excluding
Accrued expenses, deferred
income and service contract
liability)
\u20ac9,984
\u20ac5,124
\u20ac30
\u20ac5,154
\u20ac15,138
\u20ac9,960
\u20ac2,449
\u20ac3,276
\u20ac5,725
\u20ac15,685
Payables for buy-back agreements include the price received for the product, recognized as an advance at the date of
the sale and, subsequently, the repurchase price and the remaining lease installments yet to be recognized.
In July 2023, the Brazilian court issued a final favorable decision and a definitive ruling in the lawsuit filed by
Stellantis challenging the calculation of federal taxes on revenue for previously paid taxes and recognizing its right to recover
tax payments made between 2002-2004 for an amount of \u20ac51\u00a0million.
Service contract liability
The service contract liability was mainly comprised of maintenance plans and extended warranties. Changes in the
Company's service contract liability for the year ended December\u00a031, 2023, were as follows:
At January 1,
2023
Advances
received from
customers
Amounts
recognized
within revenue
Transfers to
Assets/
(Liabilities)
held for sale
Other Changes
At December
31, 2023
(\u20ac million)
Service contract liability
\u20ac3,203
\u20ac1,198
\u20ac(1,272)
\u20ac\u2014
\u20ac(161)
\u20ac2,968
Of the total Service contract liability at December\u00a031, 2023, the Company expected to recognize approximately
\u20ac1,015\u00a0million in 2024, \u20ac767\u00a0million in 2025, \u20ac588\u00a0million in 2026 and \u20ac598\u00a0million thereafter.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-761": { "value": "
23.
Other liabilities
Other liabilities consisted of the following:
At December 31,
2023
2022
Current
Non-
current
Total
Current
Non-
current
Total
(\u20ac million)
Payables for buy-back agreements
\u20ac1,877
\u20ac4,645
\u20ac6,522
\u20ac1,968
\u20ac4,931
\u20ac6,899
Accrued expenses and deferred income
4,778
751
5,529
3,620
149
3,769
Indirect tax payables
1,426
15
1,441
1,563
23
1,586
Payables to personnel
2,658
4
2,662
2,700
6
2,706
Social security payables
567
15
582
633
14
647
Construction contract liabilities
(Note 14)
107
\u2014
107
111
\u2014
111
Service contract liability
808
2,160
2,968
948
2,255
3,203
Derivatives operating liability
746
299
1,045
708
224
932
Other
2,603
176
2,779
2,277
527
2,804
Total Other liabilities
\u20ac15,570
\u20ac8,065
\u20ac23,635
\u20ac14,528
\u20ac8,129
\u20ac22,657
Other liabilities (excludi ng Accrued expenses, Deferred income and Service contract liability) by due date were as
follows:
At December 31,
2023
2022
Total
due\u00a0within
one year
(Current)
Due
between
one\u00a0and
five
years
Due
beyond
five
years
Total due
after one
year
(Non-
Current)
Total
Total
due\u00a0within
one year
(Current)
Due
between
one\u00a0and
five
years
Due
beyond
five
years
Total due
after one
year
(Non-
Current)
Total
(\u20ac million)
Other liabilities (excluding
Accrued expenses, deferred
income and service contract
liability)
\u20ac9,984
\u20ac5,124
\u20ac30
\u20ac5,154
\u20ac15,138
\u20ac9,960
\u20ac2,449
\u20ac3,276
\u20ac5,725
\u20ac15,685
Payables for buy-back agreements include the price received for the product, recognized as an advance at the date of
the sale and, subsequently, the repurchase price and the remaining lease installments yet to be recognized.
In July 2023, the Brazilian court issued a final favorable decision and a definitive ruling in the lawsuit filed by
Stellantis challenging the calculation of federal taxes on revenue for previously paid taxes and recognizing its right to recover
tax payments made between 2002-2004 for an amount of \u20ac51\u00a0million.
Service contract liability
The service contract liability was mainly comprised of maintenance plans and extended warranties. Changes in the
Company's service contract liability for the year ended December\u00a031, 2023, were as follows:
At January 1,
2023
Advances
received from
customers
Amounts
recognized
within revenue
Transfers to
Assets/
(Liabilities)
held for sale
Other Changes
At December
31, 2023
(\u20ac million)
Service contract liability
\u20ac3,203
\u20ac1,198
\u20ac(1,272)
\u20ac\u2014
\u20ac(161)
\u20ac2,968
Of the total Service contract liability at December\u00a031, 2023, the Company expected to recognize approximately
\u20ac1,015\u00a0million in 2024, \u20ac767\u00a0million in 2025, \u20ac588\u00a0million in 2026 and \u20ac598\u00a0million thereafter.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-760": { "value": "
23.
Other liabilities
Other liabilities consisted of the following:
At December 31,
2023
2022
Current
Non-
current
Total
Current
Non-
current
Total
(\u20ac million)
Payables for buy-back agreements
\u20ac1,877
\u20ac4,645
\u20ac6,522
\u20ac1,968
\u20ac4,931
\u20ac6,899
Accrued expenses and deferred income
4,778
751
5,529
3,620
149
3,769
Indirect tax payables
1,426
15
1,441
1,563
23
1,586
Payables to personnel
2,658
4
2,662
2,700
6
2,706
Social security payables
567
15
582
633
14
647
Construction contract liabilities
(Note 14)
107
\u2014
107
111
\u2014
111
Service contract liability
808
2,160
2,968
948
2,255
3,203
Derivatives operating liability
746
299
1,045
708
224
932
Other
2,603
176
2,779
2,277
527
2,804
Total Other liabilities
\u20ac15,570
\u20ac8,065
\u20ac23,635
\u20ac14,528
\u20ac8,129
\u20ac22,657
Other liabilities (excludi ng Accrued expenses, Deferred income and Service contract liability) by due date were as
follows:
At December 31,
2023
2022
Total
due\u00a0within
one year
(Current)
Due
between
one\u00a0and
five
years
Due
beyond
five
years
Total due
after one
year
(Non-
Current)
Total
Total
due\u00a0within
one year
(Current)
Due
between
one\u00a0and
five
years
Due
beyond
five
years
Total due
after one
year
(Non-
Current)
Total
(\u20ac million)
Other liabilities (excluding
Accrued expenses, deferred
income and service contract
liability)
\u20ac9,984
\u20ac5,124
\u20ac30
\u20ac5,154
\u20ac15,138
\u20ac9,960
\u20ac2,449
\u20ac3,276
\u20ac5,725
\u20ac15,685
Payables for buy-back agreements include the price received for the product, recognized as an advance at the date of
the sale and, subsequently, the repurchase price and the remaining lease installments yet to be recognized.
In July 2023, the Brazilian court issued a final favorable decision and a definitive ruling in the lawsuit filed by
Stellantis challenging the calculation of federal taxes on revenue for previously paid taxes and recognizing its right to recover
tax payments made between 2002-2004 for an amount of \u20ac51\u00a0million.
Service contract liability
The service contract liability was mainly comprised of maintenance plans and extended warranties. Changes in the
Company's service contract liability for the year ended December\u00a031, 2023, were as follows:
At January 1,
2023
Advances
received from
customers
Amounts
recognized
within revenue
Transfers to
Assets/
(Liabilities)
held for sale
Other Changes
At December
31, 2023
(\u20ac million)
Service contract liability
\u20ac3,203
\u20ac1,198
\u20ac(1,272)
\u20ac\u2014
\u20ac(161)
\u20ac2,968
Of the total Service contract liability at December\u00a031, 2023, the Company expected to recognize approximately
\u20ac1,015\u00a0million in 2024, \u20ac767\u00a0million in 2025, \u20ac588\u00a0million in 2026 and \u20ac598\u00a0million thereafter.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-764": { "value": "14528000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherCurrentLiabilities", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-765": { "value": "
24.
Fair value measurement
Assets and liabilities that are measured at fair value on a recurring basis
The following table shows the fair value hierarchy, based on observable and unobservable inputs, for financial assets
and liabilities measured at fair value on a recurring basis:
At December 31,
2023
2022
Note
Level 1
Level\u00a02
Level\u00a03
Total
Level 1
Level\u00a02
Level\u00a03
Total
(\u20ac million)
Financial securities and equity
instruments measured at FVOCI
13
\u20ac110
\u20ac23
\u20ac282
\u20ac415
\u20ac99
\u20ac19
\u20ac40
\u20ac158
Financial securities and equity
instruments measured at FVPL
13
1,041
\u2014
883
1,924
726
\u2014
214
940
Derivative financial assets
17
\u2014
40
\u2014
40
2
30
2
34
Derivative operating assets
17
\u2014
208
\u2014
208
\u2014
873
\u2014
873
Collateral deposits
13
108
\u2014
\u2014
108
51
\u2014
\u2014
51
Receivables from financing
activities
16
\u2014
\u2014
117
117
\u2014
\u2014
259
259
Trade receivables
16
\u2014
49
\u2014
49
\u2014
1
\u2014
1
Other receivables
16
\u2014
\u2014
76
76
\u2014
\u2014
89
89
Money market securities
18
17,691
\u2014
\u2014
17,691
20,869
\u2014
1
20,870
Total Assets
\u20ac18,950
\u20ac320
\u20ac1,358
\u20ac20,628
\u20ac21,747
\u20ac923
\u20ac605
\u20ac23,275
Derivative financial liabilities
17
\u2014
39
\u2014
39
\u2014
18
\u2014
18
Derivative operating liabilities
17
\u2014
1,005
40
1,045
\u2014
883
49
932
Total Liabilities
\u20ac\u2014
\u20ac1,044
\u20ac40
\u20ac1,084
\u20ac\u2014
\u20ac901
\u20ac49
\u20ac950
The fair value of derivative financial assets and liabilities was measured by taking into consideration market
parameters at the balance sheet date and using valuation techniques widely accepted in the financial business environment, as
described below:
\u2022 the fair value of forward contracts, swaps and options hedging currency risk was determined by using valuation
techniques common in the financial markets and taking market parameters at the balance sheet date (in
particular, exchange rates, interest rates and volatility rates);
\u2022 the fair value of interest rate swaps and forward rate agreements was determined by taking the prevailing
interest rates at the balance sheet date and using the discounted expected cash flow method;
\u2022 the fair value of combined interest rate and currency swaps was determined using the exchange and interest
rates prevailing at the balance sheet date and the discounted expected cash flow method; and
\u2022 the fair value of swaps and options hedging commodity price risk was determined by using valuation techniques
common in the financial markets and taking market parameters at the balance sheet date (in particular,
underlying prices, interest rates and volatility rates).
The fair value of money market securities was also based on available market quotations.
The fair value of Receivables from financing activities, which are classified in Level 3 of the fair value hierarchy,
was estimated using discounted cash flow models. The most significant inputs used in this measurement were market
discount rates that reflected conditions applied in various reference markets on receivables with similar characteristics,
adjusted in order to take into account the credit risk of the counterparties.
The fair value of Other receivables is classified in Level 3 of the fair value hierarchy and was estimated using
discounted cash flow models. The most significant inputs used in this measurement were market discount rates.
For assets and liabilities recognized in the financial statements at fair value on a recurring basis, the Company
determined whether transfers occurred between levels in the hierarchy by re-assessing categorization at the end of each
reporting period.
The following table provides a reconciliation of the changes in items measured at fair value and categorized within
Level 3:
Receivables
from
financing
activities
Financial
securities
Derivative\u00a0
financial
assets/
(liabilities)
Collateral
deposits
Money
market
securities
Other
receivables
(\u20ac million)
At January 1, 2023
\u20ac259
\u20ac254
\u20ac(48)
\u20ac\u2014
\u20ac1
\u20ac89
Change in scope of consolidation
(28)
Gains/(Losses) recognized in
Consolidated Income Statement
\u2014
1
\u2014
\u2014
\u2014
(13)
Losses recognized in Other
comprehensive income/(loss)
\u2014
(151)
8
\u2014
\u2014
\u2014
Issues/Settlements
(142)
\u2014
\u2014
\u2014
\u2014
\u2014
Purchases/Sales
\u2014
1,089
\u2014
\u2014
\u2014
\u2014
Transfers to Assets/(Liabilities) held for
sale
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transfers from Level 3
\u2014
\u2014
\u2014
\u2014
(1)
\u2014
At December 31, 2023
\u20ac117
\u20ac1,165
\u20ac(40)
\u20ac\u2014
\u20ac\u2014
\u20ac76
Receivables
from
financing
activities
Financial
securities
Derivative\u00a0
financial
assets/
(liabilities)
Collateral
deposits
Money
market
securities
Other
receivables
(\u20ac million)
At January 1, 2022
\u20ac252
\u20ac142
\u20ac(11)
\u20ac15
\u20ac12
\u20ac134
Gains recognized in Other
comprehensive income/(loss)
\u2014
5
4
\u2014
\u2014
20
Losses recognized in Consolidated
Income Statement
\u2014
\u2014
(41)
\u2014
\u2014
\u2014
Issues/Settlements
7
\u2014
\u2014
\u2014
\u2014
\u2014
Purchases/Sales
\u2014
58
\u2014
\u2014
(11)
\u2014
Transfers to Assets/(Liabilities) held for
sale
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transfers from Level 3
\u2014
49
\u2014
(15)
\u2014
(65)
At December 31, 2022
\u20ac259
\u20ac254
\u20ac(48)
\u20ac\u2014
\u20ac1
\u20ac89
The gains/(losses) included in the Consolidated Income Statements were recognized within Net financial expenses
and SG&A. Of the total gains/(losses) recognized in Other comprehensive income, \u20ac8\u00a0million were recognized within Cash
flow reserves ( \u20ac41\u00a0million at December 31, 2022),\u00a0\u20ac230\u00a0million were recognized within Currency translation differences (nil
at December 31, 2022) and \u20ac79\u00a0million were recognized within Gains and losses from remeasurement of financial assets (nil
at December 31, 2022).
Assets and liabilities not measured at fair value on recurring basis
The carrying value of debt securities measured at amortized cost, current receivables and payables was a reasonable
approximation of fair value as the present value of future cash flows did not differ significantly from the carrying amount.
The carrying value of Cash at banks and Other cash equivalents usually approximated fair value due to the short
maturity of these instruments (refer to Note 18, Cash and cash equivalents for additional information).
The following table provides the carrying amount and fair value of financial assets and liabilities not measured at
fair value on a recurring basis:
At December 31,
2023
2022
Note
Carrying
amount
Fair
Value
Carrying
amount
Fair
Value
(\u20ac million)
Dealer financing
\u20ac2,188
\u20ac2,184
\u20ac1,370
\u20ac1,365
Retail financing
5,505
5,364
2,475
2,301
Finance lease
133
133
7
7
Other receivables from financing activities
1,051
1,063
595
564
Total Receivables from financing activities(1)
16
\u20ac8,877
\u20ac8,744
\u20ac4,447
\u20ac4,237
Asset-backed financing
\u20ac4,778
\u20ac4,772
\u20ac1,655
\u20ac1,629
Notes
18,215
17,391
19,265
17,321
Borrowings from banks & Other debt
4,312
4,274
3,974
3,901
Total Debt, excluding Lease liabilities
22
\u20ac27,305
\u20ac26,437
\u20ac24,894
\u20ac22,851
______________________________________________________________________________________________________________________________
(1) Amount excludes receivables measured at FVPL
The carrying value of financial securities measured at amortized cost was a reasonable approximation of fair value
as the present value of future cash flows did not differ significantly from the carrying amount. Refer to Note 13, Financial
assets for additional information.
Notes that were traded in active markets for which close or last trade pricing was available are classified within
Level 1 of the fair value hierarchy. Notes for which such prices were not available were valued at the last available price or
based on quotes received from independent pricing services or from dealers who trade in such securities and are categorized
as Level 2. At December\u00a031, 2023, \u20ac17,073 million and \u20ac318 million of notes were classified within Level\u00a01 and Level 2,
respectively. At December\u00a031, 2022, \u20ac16,841 million of notes were classified within Level\u00a01 and \u20ac480 million of notes were
classified within Level\u00a02.
The fair value of Borrowings from banks and Other debt included in Level 2 of the fair value hierarchy was
estimated using discounted cash flow models. The main inputs used were year-end market interest rates, adjusted for market
expectations of the Company\u2019s non-performance risk implied in quoted prices of traded securities issued by the Company and
existing credit derivatives on Company liabilities. The fair value of Borrowings from banks and Other debt that requires
significant adjustment using unobservable inputs is categorized within Level 3. At December\u00a031, 2023, \u20ac4,041 million and
\u20ac233 million of Borrowings from banks and Other Debt was classified within Level\u00a02 and Level\u00a03, respectively. At
December\u00a031, 2022, \u20ac3,510 million and \u20ac387 million of Borrowings from banks and Other Debt were classified within
Level\u00a02 and Level\u00a03, respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-766": { "value": "189544000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-767": { "value": "151400000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-768": { "value": "9541000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:SellingGeneralAndAdministrativeExpense", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-769": { "value": "42000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:FinanceIncomeCost", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-770": { "value": "179592000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" }, "links": { "ftTyp_fact-footnote": { "ftGrp_default": [ "fn-1" ] } } }, "f-771": { "value": "144327000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" }, "links": { "ftTyp_fact-footnote": { "ftGrp_default": [ "fn-1" ] } } }, "f-772": { "value": "8981000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:SellingGeneralAndAdministrativeExpense", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" }, "links": { "ftTyp_fact-footnote": { "ftGrp_default": [ "fn-1" ] } } }, "f-773": { "value": "-768000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:FinanceIncomeCost", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" }, "links": { "ftTyp_fact-footnote": { "ftGrp_default": [ "fn-1" ] } } }, "f-774": { "value": "149419000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" }, "links": { "ftTyp_fact-footnote": { "ftGrp_default": [ "fn-1" ] } } }, "f-775": { "value": "119943000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" }, "links": { "ftTyp_fact-footnote": { "ftGrp_default": [ "fn-1" ] } } }, "f-776": { "value": "9130000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:SellingGeneralAndAdministrativeExpense", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" }, "links": { "ftTyp_fact-footnote": { "ftGrp_default": [ "fn-1" ] } } }, "f-777": { "value": "-734000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:FinanceIncomeCost", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" }, "links": { "ftTyp_fact-footnote": { "ftGrp_default": [ "fn-1" ] } } }, "f-780": { "value": "
26.
Guarantees granted, commitments and contingent liabilities
Guarantees granted
At December\u00a031, 2023, the Company had pledged guarantees on the debt or commitments of third parties totaling
\u20ac6\u00a0million (\u20ac24\u00a0million at December\u00a031, 2022), as well as guarantees on related party debt and commitments of \u20ac372\u00a0million
at December\u00a031, 2023 (\u20ac248\u00a0million at December\u00a031, 2022).
SCUSA Private-label financing agreement
In February 2013, FCA US entered into a private-label financing agreement (the \u201cSCUSA Agreement\u201d) with
Santander Consumer USA Inc. (\u201cSCUSA\u201d), an affiliate of Banco Santander, which launched on May\u00a01, 2013. Under the
SCUSA Agreement, SCUSA provides a wide range of wholesale and retail financing services to FCA US's dealers and
consumers in accordance with its usual and customary lending standards, under the Chrysler Capital brand name.
The SCUSA Agreement had an original ten-year term set to expire in April 2023, and was subject to early
termination in certain circumstances, including the failure by a party to comply with certain of its ongoing obligations under
the SCUSA Agreement. In accordance with the terms of the agreement, SCUSA provided an upfront, non-refundable
payment of \u20ac109 million (U.S.$150 million) in May 2013, which was recognized as deferred revenue and is amortized over
ten years.
On June 28, 2019, FCA US entered into an amendment (the \u201cAmendment\u201d) to the SCUSA Agreement. The
Amendment modified certain terms of the agreement, with the remaining term unchanged through to April 2023, and in
connection with its execution, SCUSA made a one-time, nonrefundable, non-contingent, cash payment of U.S. $60 million
(\u20ac53 million) to FCA US as part of a negotiated resolution of open matters. This amount was recognized by FCA US during
2019. The duration of the agreement remained unchanged. In April 2022, the SCUSA Agreement was amended and extended
through 2025, allowing SCUSA to serve a complementary role to Stellantis Financial Services U.S. Under the SCUSA
Agreement, SCUSA has certain rights, including limited exclusivity to participate in specified minimum percentages of
certain retail financing subvention programs. At December\u00a031, 2023, \u20ac7.4\u00a0million (U.S.$8.2\u00a0million) remained in deferred
revenue.
From time to time, FCA US worked with certain lenders to subsidize interest rates or cash payments at the inception
of a financing arrangement to incentivize customers to purchase its vehicles, a practice known as \u201csubvention\u201d. FCA US has
provided SCUSA with limited exclusivity rights to participate in specified minimum percentages of certain of its retail
financing rate subvention programs. SCUSA has committed to certain revenue sharing arrangements, as well as to consider
future revenue sharing opportunities. SCUSA bears the risk of loss on loans contemplated by the SCUSA Agreement. The
parties share in any residual gains and losses in respect of consumer leases, subject to specific provisions in the SCUSA
Agreement, including limitations on FCA US participation in gains and losses.
Other repurchase obligations
In accordance with the terms of other wholesale financing arrangements in Mexico, Stellantis Mexico was required
to repurchase dealer inventory financed under these arrangements, upon certain triggering events and with certain exceptions,
including in the event of an actual or constructive termination of a dealer\u2019s franchise agreement. These obligations exclude
certain vehicles including, but not limited to, vehicles that have been damaged or altered, that are missing equipment or that
have excessive mileage or an original invoice date that is more than one year prior to the repurchase date. In December 2015,
Stellantis Mexico entered into a ten -year private label financing agreement with STM Financial, S.A De C.V., Sofom, E.R.,
Grupo Financiaro Inbursa (\u201cSTM Financial\u201d), a wholly owned subsidiary of Banco Inbursa, under which STM Financial
provides a wide range of financial wholesale and retail financial services to Stellantis Mexico's dealers and retail customers
under the Stellantis Financial Mexico brand name. The wholesale repurchase obligation under the new agreement will be
limited to wholesale purchases in case of actual or constructive termination of a dealer's franchise agreement.
At December\u00a031, 2023, the maximum potential amount of future payments required to be made in accordance with
these wholesale financing arrangements was approximately \u20ac468\u00a0million ($517\u00a0million) and was based on the aggregate
repurchase value of eligible vehicles financed through such arrangements in the respective dealer's stock. If vehicles are
required to be repurchased through such arrangements, the total exposure would be reduced to the extent the vehicles can be
resold to another dealer. The fair value of the guarantee was nil at December\u00a031, 2023.
Arrangements with key suppliers
From time to time and in the ordinary course of business, the Company entered into various arrangements with key
suppliers in order to establish strategic and technological advantages. A limited number of these arrangements contained
unconditional purchase obligations to purchase a fixed or minimum quantity of goods and/or services with fixed and
determinable price provisions. Future minimum purchase obligations under these arrangements at December\u00a031, 2023 were
as follows:
(\u20ac\u00a0million)
2024
\u20ac2,130
2025
\u20ac1,893
2026
\u20ac2,909
2027
\u20ac2,961
2028
\u20ac3,206
2029 and thereafter
\u20ac2,374
At December 31, 2023, there were related party commitments relating to the purchase of batteries: (1) StarPlus
Energy LLC: commitment over a 9 year period starting from 2025. The residual commitment amounted to \u20ac3,445\u00a0million; (2)
NextStar Energy Inc: commitment over a 2 year period starting from 2024. The residual commitment amounted to
\u20ac85\u00a0million and (3) ACC: commitment for \u20ac8,091\u00a0million over a 5 year period starting from 2024. These amounts are
included in the table above.
As of December\u00a031, 2023, the Company had a take-or-pay commitment with Tofas with future minimum expected
obligations of \u20ac136\u00a0million for 2024 with no further obligations beyond 2024.
Other commitments, arrangements and contractual rights
At December 31, 2023, total joint venture and associate capital commitments were \u20ac3.2\u00a0billion for the period 2024
through to 2029.
UAW Collective Bargaining Agreement
In November 2023, the UAW-represented workforce ratified a new collective bargaining agreement that expires in
April 2028. The provisions of the agreement contain opportunities for incremental compensation upon meeting agreed
metrics related to absenteeism and attendance. The agreement includes wage increases, the reinstatement of the Cost of
Living Allowance (\u201cCOLA\u201d), a reduction in the time of progression to the top wage tier from eight years to three years,
supplemental unemployment benefits eligibility after 90 days of continuous service, annual lump sum payments to retirees
and surviving spouses, and retirement packages in 2024 and 2026. In addition, the agreement includes an increase in the
defined benefit and defined contribution pension plan rates; along with a commitment to provide \u20ac925\u00a0million
($1,000\u00a0million) in funding to the defined pension plan, which was made in 2023. The agreement, which covers
approximately 43,000 employees, includes a ratification bonus for all employees totaling approximately \u20ac201\u00a0million
($219\u00a0million), which was paid in December 2023.\u00a0
Unifor Collective Bargaining Agreement
Stellantis entered into a three-year labor agreement with Unifor in Canada that was ratified in November 2023,
covering approximately 7,500 employees. The terms of this agreement provide employee wage and benefit increases,
including improvements to base wage rates, reduced time for employees to progress to top wage, COLA protection and
retirement incentive opportunities for long-service employees choosing to retire. Also included are increases to the defined
benefit pension plan benefit for active employees and quarterly lump sum payments to retired employees. In addition, Unifor
members hired on or after September 19, 2016 and currently participating in the defined contribution plan are expected to be
enrolled in a College of Applied Arts and Technology pension plan effective January 2025. The agreement also includes,
lump sum payments to both full and part-time employees, totaling approximately \u20ac49\u00a0million (CAD$72\u00a0million), which were
paid in December 2023. The agreement expires in September 2026.
Under the UAW and Unifor agreements, the lump sum payments to retirees and ratification bonuses, which are not
dependent upon future services, were primarily recognized in Cost of revenues upon ratification of the contracts. Retirement
packages were recognized in Restructuring costs in December 2023 as the offers have been communicated and approved by
management. Wage increases, COLA, increases to defined contribution pension rates, and other benefit costs are recognized
as incurred. During the year ended December 31, 2023, there were \u20ac671\u00a0million of costs related to the North America
collective bargaining agreements, including restructuring costs and employee benefits past service cost which were excluded
from Adjusted operating income. Refer to Note 29, Segment reporting for additional information.
Contingent liabilities
In connection with significant asset divestitures carried out in prior years, the Company provided indemnities to
purchasers. Potential liabilities may arise from possible breaches of representations and warranties provided in the contracts
and, in certain instances, environmental or tax matters, generally for a limited period of time. Some of these indemnifications
do not limit potential payment and as such, it was not possible to estimate the maximum amount of potential future payments
that could result from claims made under these indemnities.
Takata airbag inflators
Putative class action lawsuits were filed in March 2018 against FCA US LLC (\u201cFCA US\u201d), a wholly owned
subsidiary of Stellantis, in the U.S. District Courts for the Southern District of Florida and the Eastern District of Michigan,
asserting claims under federal and state laws alleging economic loss due to Takata airbag inflators installed in certain of our
vehicles. The cases were subsequently consolidated in the Southern District of Florida.
On November 8, 2022, the Court granted summary judgment in FCA US\u2019s favor against all claimants except those
in Georgia and North Carolina. Plaintiffs were granted leave to file an amended complaint to add additional states to the
pending action. The Court later entered an order to reset FCA US\u2019s renewed motions for summary judgment to address the
remaining amended claims.
On June 20, 2023, the Court entered an order preliminarily granting class certification for the amended complaint.
FCA US filed an appeal of the Court\u2019s preliminary order. On July 13, 2023, the Court revisited its class certification order
and further narrowed the classes based on a recent Court of Appeals decision.
At this stage of the proceedings, we are unable to reliably evaluate the likelihood that a loss will be incurred or
estimate a range of possible loss.
Emissions Matters
On January 10, 2019, FCA US announced it had reached final settlements on civil environmental and consumer
claims with the U.S. Environmental Protection Agency (\u201cEPA\u201d), the Civil Division of the U.S. Department of Justice
(\u201cDoJ\u201d), the California Air Resources Board (\u201cCARB\u201d), the State of California, 49 other States and U.S. Customs and Border
Protection, for which we accrued \u20ac748\u00a0million during the year ended December 31, 2018. Approximately \u20ac350\u00a0million of the
amount accrued by FCA US, which was prior to the merger, was related to civil penalties to resolve differences over diesel
emissions requirements. A portion of the amount accrued, prior to the merger, was attributable to settlement of a putative
class action on behalf of consumers in connection with which FCA US agreed to pay an average of $2,800 per vehicle to
eligible customers affected by the recall. That settlement received final court approval on May 3, 2019. On April 9, 2021,
FCA US reached an agreement with substantially all of the approximately 3,200 consumers that exercised their right to opt
out of the class action settlement to settle their claims for an amount that is not material to the Company. As of December 31,
2023, our best estimate of a probable loss is reflected in the amount previously accrued prior to the merger.
In September 2019, the DoJ filed criminal charges against an employee of FCA US for, among other things, fraud,
conspiracy, false statements and violations of the Clean Air Act primarily in connection with efforts to obtain regulatory
approval of the vehicles that were the subject of the civil settlements described above. In April 2021, two additional
employees of a Stellantis subsidiary were indicted by the DoJ on similar charges. The three employees were placed on
administrative leave following their indictments. On July 20, 2023, the FCA US employee plead guilty to conspiring to
violate the Clean Air Act.
On June 3, 2022, FCA US announced that it had agreed to a settlement to resolve the DoJ, Criminal Division\u2019s
investigation as it relates to FCA US. The settlement, which received court approval, includes a guilty plea, a fine of
approximately $96\u00a0million, and the forfeiture of approximately $204\u00a0million in gains. Prior to the merger, we accrued
approximately \u20ac200\u00a0million during the three months ended September 30, 2020 as our best estimate of probable loss with
regard to matters under discussion. In light of subsequent progress in our discussions with the DoJ, Criminal Division, we
increased our accrual for this matter to approximately \u20ac266\u00a0million as of December 31, 2021, which is sufficient to cover the
forfeiture and penalty paid in connection with the plea agreement. We remain subject to a number of related private lawsuits
(the \u201cNon Opt-Out Litigation\u201d).
We have also received inquiries from other regulatory authorities in a number of jurisdictions as they examine the
on-road tailpipe emissions of several automakers\u2019 vehicles and, when jurisdictionally appropriate, we continue to cooperate
with these governmental agencies and authorities.
In Europe, we have continued to work with the Italian Ministry of Transport (\u201cMIT\u201d) and the Dutch Vehicle
Regulator (\u201cRDW\u201d), the authorities that certified FCA diesel vehicles for sale in the European Union, and the UK Driver and
Vehicle Standards Agency in connection with their review of several diesel models.
We also responded to inquiries from the German authority, the Kraftfahrt-Bundesamt (\u201cKBA\u201d), regarding emissions
test results for FCA diesel vehicles, and discussed the KBA reported test results, our emission control calibrations and the
features of the vehicles in question. After these initial discussions, the MIT, which has sole authority for regulatory
compliance of the vehicles it has certified, asserted its exclusive jurisdiction over the matters raised by the KBA, tested the
vehicles, determined that the vehicles complied with applicable European regulations and informed the KBA of its
determination. Thereafter, mediations were held under European Commission (\u201cEC\u201d) rules, between the MIT and the
German Ministry of Transport and Digital Infrastructure, which oversees the KBA, in an effort to resolve their differences.
The mediation concluded and no action was taken with respect to FCA. In May 2017, the EC announced its intention to open
an infringement procedure against Italy regarding Italy's alleged failure to respond to EC's concerns regarding certain FCA
emission control calibrations. The MIT responded to the EC's allegations by confirming that the vehicles' approval process
was properly performed. In December, 2021, the EC notified Italy of its position that Italy did not comply with its obligation
to enforce EU emission type approval rules. In January 2024, the EC notified the MIT of the alleged non-compliance of Fiat
Ducato Euro 6 vehicles based on tests performed at the EC\u2019s request.
In May 2023, the KBA notified Stellantis of its investigation of certain Opel Euro 5, Peugeot Euro 6b, Fiat Euro 5
and Euro 6 vehicles and its intent to require remedial measures based on the alleged non-compliance of the diesel engines in
certain of those vehicles. The KBA subsequently expanded its inquiry to include Euro 5 and Euro 6 engines used in certain
Alfa Romeo, Fiat and Jeep vehicles, as well as Suzuki vehicles equipped with diesel engines supplied by FCA Italy (now
known as Stellantis Europe) and requested information relating to all Stellantis vehicles that may make use of strategies
similar to those allegedly used by the identified vehicles. The KBA has subsequently advised that these vehicles are non-
compliant and has demanded that Stellantis submit a plan to bring the vehicles into compliance. We continue to cooperate
with the KBA and, at this stage, we are unable to reliably evaluate the likelihood that a loss will be incurred or estimate a
range of possible loss. Given the number of vehicles potentially involved, however, the cost of any recall, and the impact that
any recall could have on related private litigation, may be significant.
In December 2019, the MIT notified FCA of communications with the Dutch Ministry of Infrastructure and Water
Management (\u201cI&W\u201d) regarding certain irregularities allegedly found by the RDW and the Dutch Center of Research TNO in
the emission levels of certain Jeep Grand Cherokee Euro 5 models and a vehicle model of another OEM containing a Euro 6
diesel engine supplied by FCA. In January 2020, the Dutch Parliament published a letter from the I&W summarizing the
conclusions of the RDW regarding those vehicles and engines and indicating an intention to order a recall and report their
findings to the Public Prosecutor, the EC and other member states. FCA engaged with the RDW to present our positions and
cooperate to reach an appropriate resolution of this matter. FCA proposed certain updates to the relevant vehicles that have
been tested and approved by the RDW and are now being implemented.
In addition, as part of the judicial investigation of several automakers in France, commencing in 2016 and 2017,
Automobiles Peugeot and Automobiles Citro\u00ebn were placed under examination by the Judicial Court of Paris in June 2021 on
allegations of consumer fraud in connection with the sale of Euro 5 diesel vehicles in France between 2009 and 2015. In July
2021, FCA Italy was placed under examination by the same court for possible consumer fraud in connection with the sale of
Euro 6 diesel vehicles in France between 2014 and 2017. FCA Italy was also designated as a material witness in connection
with allegations of obstruction of the actions of an economy ministry antifraud inspector in 2016 and 2017. As is typical in a
French criminal inquiry, each of the companies were required to pay bail for the potential payment of damages and fines and
to ensure representation in court, and to provide a guarantee for the potential compensation of losses. None of these amounts
were, individually or in the aggregate, material to the Company.
The French market surveillance authority (SSMVM) issued a decision of non-compliance regarding NOx emissions
of the Euro 6b Peugeot 308 in July 2023 and with regard to the Euro 6b Lancia Ypsilon in November 2023. We have
appealed these decisions and our appeals remain pending.
In July 2020, unannounced inspections took place at several of FCA\u2019s sites in Germany, Italy and the UK at the
initiative of the Public Prosecutors of Frankfurt am Main and of Turin, as part of their investigations of potential violations of
diesel emissions regulations and consumer protection laws. In April 2022, former FCA companies received an order to
produce documents to the Public Prosecutors. In October 2022, inspections took place at the Italian offices of FCA Italy and
Maserati and at the German office of Maserati Deutschland. We have begun settlement discussions with the Public
Prosecutor of Frankfurt regarding the former FCA vehicles. At the Public Prosecutor of Turin\u2019s request, the Italian
proceedings were dismissed in September 2023 and October 2023. In late 2023, we entered into a settlement regarding the
Public Prosecutor of Frankfurt\u2019s criminal investigation of the emissions of certain PSA diesel engines for an amount that is
not material to the Company.
We also face class actions and individual claims in several European countries and Israel. Several former FCA and
PSA companies and our Dutch dealers have been served with two class actions filed in the Netherlands by Dutch foundations
seeking monetary damages and vehicle buybacks in connection with alleged emissions non-compliance of certain diesel
vehicles. We have also been notified of a potential class action on behalf of Dutch consumers alleging emissions non-
compliance of certain former FCA vehicles sold as recreational vehicles, as well as a securities class action in the
Netherlands, alleging misrepresentations by FCA, now Stellantis. A class action alleging emissions non-compliance has also
been filed in Portugal regarding former FCA vehicles, in the UK regarding former FCA and PSA vehicles, and in Israel
regarding former PSA vehicles. We are also defending approximately 12,000 individual consumer claims alleging emissions
non-compliance of certain former FCA vehicles in Germany, as well as a significant number of cases relating to former FCA
and PSA vehicles in the Netherlands and Austria.
In December 2018, the Korean Ministry of Environment (\u201cMOE\u201d) announced its determination that approximately
2,400 FCA vehicles imported into Korea during 2015, 2016 and 2017 were not emissions compliant and that the vehicles
with a subsequent update of the emission control calibrations voluntarily performed by FCA, although compliant, would have
required re-homologation of the vehicles concerned. In May 2019, the MOE revoked certification of the above-referenced
vehicles and announced an administrative fine for an amount not material to the Company which has been paid by our
Korean subsidiary. On May 11, 2023, the Seoul Administrative Court dismissed our Korean subsidiary\u2019s appeal of the
certification revocation and our Korean subsidiary has filed a notice of appeal. Our Korean subsidiary has also paid an
administrative fine, in an amount not material to the Company, imposed by the Korean Fair Trade Commission for a
purported breach of the Act on Fair Labeling and Advertisement in connection with these vehicles.
In November 2021, the MOE issued notice of its intention to impose a recall order, revocation of certification and an
administrative fine on the basis of the alleged non-compliance of approximately 2,250 other FCA vehicles. The amount of the
administrative fine is not material to the Company. We are waiting for the MOE to issue the final disposition on this matter.
In both cases, the authorities decided to not refer the matter to prosecutors, as they had found no evidence of wrongdoing by
our Korean subsidiary.
The results of the unresolved governmental inquiries and private litigation related to the emissions matters disclosed
above cannot be predicted at this time and these inquiries and litigation may lead to further enforcement actions, penalties or
damage awards, any of which may have a material adverse effect on our business, financial condition and results of
operations. It is also possible that these matters and their ultimate resolution may adversely affect our reputation with
consumers, which may negatively impact demand for our vehicles and consequently could have a material adverse effect on
our business, financial condition and results of operations. At this stage, we are unable to evaluate the likelihood that a
material loss in excess of the amounts accrued will be incurred with regard to the unresolved inquiries, Non Opt-Out
Litigation and other private litigation or estimate a range of possible loss.
National Training Center
On January 27, 2021, FCA US announced an agreement with the U.S. Attorney\u2019s Office for the Eastern District of
Michigan to resolve its investigation into past misconduct of certain former FCA US employees involving the UAW-Chrysler
National Training Center (\u201cNTC\u201d). Pursuant to the agreement, which received court approval on July 19, 2021, FCA US
agreed to plead guilty to a single count of conspiracy to violate the Labor Management Relations Act and the payment of a
fine in an amount that is not material to the Company and which was accrued prior to the merger. FCA US also agreed to
implement an independent compliance monitor for three years with respect to the dissolution of the NTC and internal controls
as they relate to the trusts being implemented to replace the NTC.
Several putative class action lawsuits have been filed against FCA US in U.S. federal court alleging harm to UAW
workers as a result of these acts. Those actions have been dismissed both at the trial court stage and on appeal. Three
plaintiffs in these lawsuits also filed charges alleging unfair labor practices with the U.S. National Labor Relations Board (the
\u201cBoard\u201d). The Board issued a complaint regarding these allegations and sought a cease and desist order as well as the posting
of a notification with respect to the alleged practices, but subsequently dismissed the charges.
On July 20, 2020, a group of employees in FCA\u2019s Toledo, Ohio Jeep plant filed a lawsuit in U.S. District Court for
the Northern District of Ohio against FCA US, the UAW and certain individuals claiming violations of the Racketeer
Influenced and Corrupt Organizations (\u201cRICO\u201d) Act and civil conspiracy. On October 20, 2020, FCA US filed a motion to
dismiss. Plaintiffs filed their second amended complaint on June 25, 2021. The case has been stayed pending decisions on
motions to dismiss in two related cases in the U.S. District Court for the Eastern District of Michigan. At this stage, we are
unable to reliably evaluate the likelihood that a loss will be incurred or estimate a range of possible loss.
On October 16, 2020 and February 28, 2021, lawsuits were filed in U.S. District Court for the Eastern District of
Michigan, by groups of current and former employees making similar claims. The court granted FCA US\u2019s motion to dismiss
one of the cases and that decision has been appealed by plaintiffs. FCA US\u2019s motion to dismiss the other case remains
pending. On March 30, 2023, plaintiffs in the dismissed action filed a new lawsuit in Michigan state court asserting common
law claims, which the UAW removed to federal court. On September 27, 2023, the federal court denied Plaintiffs\u2019 motion to
remand. On January 5, 2024, FCA US filed a motion to dismiss, which remains pending. At this stage, we are unable to
reliably evaluate the likelihood that a loss will be incurred or estimate a range of possible loss with regard to these lawsuits.
General Motors Litigation
On November 20, 2019, General Motors LLC and General Motors Company (collectively, \u201cGM\u201d) filed a lawsuit in
the U.S. District Court for the Eastern District of Michigan against FCA US, FCA N.V., now Stellantis N.V., and certain
individuals, claiming violations of the RICO Act, unfair competition and civil conspiracy in connection with allegations that
FCA US made payments to UAW officials that corrupted the bargaining process with the UAW and as a result FCA US
enjoyed unfair labor costs and operational advantages that caused harm to GM. GM also claimed that FCA US had made
concessions to the UAW in collective bargaining that the UAW was then able to extract from GM through pattern bargaining
which increased costs to GM and that this was done by FCA US in an effort to force a merger between GM and FCA N.V.
The court dismissed GM\u2019s lawsuit with prejudice. The U.S. Court of Appeals for the Sixth Circuit subsequently affirmed the
dismissal of GM\u2019s complaint. On April 17, 2023, the U.S. Supreme Court declined to grant review of the Sixth Circuit\u2019s
decision, which finally resolved the federal court case.
Following dismissal of its Federal court case, GM filed an action against FCA US and FCA N.V., now Stellantis
N.V., in Michigan state court, making substantially the same claims as it made in the federal litigation. On October 15, 2021,
the court granted Stellantis N.V. and FCA US\u2019s motion for summary disposition. GM filed a motion for reconsideration and
on December 6, 2021, the court granted GM\u2019s motion, permitting GM to amend its complaint. GM filed a second amended
complaint on December 23, 2021. On May 16, 2022, the court denied FCA US\u2019s motion for summary disposition and
permitted discovery to proceed against FCA US. On July 20, 2022, the court granted Stellantis N.V.\u2019s motion for summary
disposition, but on November 28, 2022 the court granted GM\u2019s motion for reconsideration and permitted jurisdictional
discovery to proceed against Stellantis N.V. The parties are currently engaged in discovery, which is expected to continue
through fall 2024. At this stage, we are unable to reliably evaluate the likelihood that a loss will be incurred or estimate a
range of possible loss.
Tigershark Engine \u2013 Litigation
Putative class action lawsuits were filed against FCA US and consolidated into a single action in U.S. District court
in Michigan asserting claims under federal and state laws claiming manufacturing and design defects in certain vehicles
equipped with the 2.4L Tigershark engine, which has been installed in approximately 1.6\u00a0million vehicles sold in the U.S.
The claims alleged excessive oil consumption and related excess emissions. In November 2021, we entered into an agreement
in principle to settle the litigation, contingent on court approval, for an amount that is not material to the Company. The court
granted final approval of the settlement in December 2022.
Other matters
Corporate Average Fuel Economy (\u201cCAFE\u201d) standards
On August 31, 2020, the U.S. Court of Appeals for the Second Circuit vacated a final rule published by NHTSA in
July 2019 that had reversed NHTSA\u2019s 2016 increase to the base rate of the CAFE penalty from $5.50 to $14.00. The base
rate applies to each tenth of a mile per gallon that a manufacturer\u2019s fleet-wide average fuel efficiency is below the CAFE
standard, and is multiplied by the number of vehicles in the manufacturer\u2019s fleet to arrive at an aggregate penalty. On January
14, 2021, NHTSA published an interim final rule with immediate effect, the result of which was to apply the increased fine
rate that resulted from the Second Circuit\u2019s ruling to future model years. In particular, NHTSA\u2019s interim rule imposed a
CAFE penalty base rate of $5.50 through 2021 Model Year and increased the CAFE penalty base rate to $14.00 prospectively
from the 2022 Model Year. FCA accrued estimated amounts for any probable CAFE penalty based on the $5.50 rate for
Model Years 2021 and earlier. In addition, as a result of the acquisition, and in accordance with IFRS 3, we recognized an
incremental contingent liability of \u20ac163\u00a0million for the potentially higher fine rate on vehicle shipments prior to the merger
date.
On April 1, 2022, NHTSA published a final rule repealing the interim final rule issued in January 2021 and reverting
to the December 2016 final rule which increased the CAFE civil penalty rate from $5.00 to $14.00, beginning with 2019
Model Year. Applying the annual inflation adjustment procedures did not result in an increase in the $14.00 rate through
2021 Model Year, but did result in an increased fine rate to $15.00 for 2022 Model Year vehicles. An additional accrual of
\u20ac655\u00a0million was recognized resulting from an increase in the provision related to the Model Year 2019-2021 penalty rate
adjustment during the year ended December 31, 2022. NHTSA has subsequently made, and is expected to continue to make,
mandatory inflation adjustments to the CAFE civil penalty rate, as required by law for all civil monetary penalties.
Greenhouse Gas Standards
On March 9, 2022, the EPA reinstated California\u2019s authority\u202funder the Clean Air Act\u202fto enforce its own, more
stringent, greenhouse gas (\u201cGHG\u201d) emission standards for passenger vehicles and light duty trucks (the \u201cCalifornia Waiver\u201d).
California emission standards covered by the California Waiver may be adopted by other states and to date 17 other states
(the \u201cCalifornia Waiver States\u201d) have adopted California\u2019s GHG emissions standards under the California Waiver.
\u202fPrior to the EPA\u2019s withdrawal of the California Waiver, automotive\u202fOEMs were deemed to be compliant with
California\u2019s GHG emissions standards if they were compliant with the EPA\u2019s GHG standards.\u202fThis \u201cdeemed to comply\u201d
mechanism was removed from the California regulation prior to the reinstatement of the California Waiver.\u202fAs interpreted by
CARB, the EPA\u2019s reinstatement of the California Waiver together with the removal of the \u201cdeemed to comply\u201d mechanism
means that automotive OEMs are\u202fretroactively\u202fsubject to the separate California GHG standards beginning with the model
year 2021\u202ffleet.\u202fOEMs\u202fmay achieve\u202fcompliance with the California GHG emission standards in several ways, including
through the sale of emission-compliant vehicles within\u202ftheir\u202ffleet for a given model year, through the carryforward or
carryback of excess credits generated by a compliant fleet in past or future years,\u202fby the purchase of California-specific
regulatory credits from third parties\u202for by a combination of the foregoing.
\u202fWe\u202fdid not meet\u202fthe California GHG targets for model years\u202f2021\u202fand 2022,\u202fand do not expect to meet the California
GHG targets for model year 2023, as\u202fin planning these\u202fmodel years prior to reinstatement of the California Waiver we
assumed the ability to utilize existing credits based on regulations in force at the time. We intend to be compliant with the
California GHG program, and for those years and any other model year with deficits, we intend to seek to cover such deficits
with excess credits generated through our compliance in model years within the applicable five-year carryback period.
While we are executing on several important steps to ensure our carryback strategy, the success of our carryback
strategy depends on future levels and mix of production and sales, as well as general market demand for battery electric
vehicles, all of\u202fwhich are inherently speculative.\u202fAs we are unable to reliably estimate the cost of compliance, we have not
recognized a provision.
\u202fWe understand that certain other automobile OEMs are subject to less stringent California GHG emissions standards
pursuant to settlement agreements entered into with CARB. We are currently evaluating the enforceability of the California
GHG emissions standards as applied by CARB, particularly in light of their retroactive application following the EPA\u2019s
reinstatement of the California Waiver, as well as the disparate treatment of other automotive OEMs which are not subject to
the same standards.
U.S. Import Duties
Historically, FCA paid a 2.5 percent duty on Ram ProMaster City vehicles imported into the U.S. as passenger
vehicles rather than the 25 percent duty applicable to vehicles that are imported into the U.S. as cargo vans. The vast majority
of these vehicles are converted into cargo vans after importation. Federal litigation against a competitor in a similar case
resulted in the application of the 25 percent duty rate to the competitor\u2019s vehicles. We believe there are facts that distinguish
our case from that of the competitor. However, U.S Customs and Border Protection may seek to recover increased duties for
our prior imports, plus interest, and may assert a claim for penalties. At this stage, we are unable to reliably evaluate the
likelihood that a loss will be incurred or estimate a range of possible loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-778": { "value": "
26.
Guarantees granted, commitments and contingent liabilities
Guarantees granted
At December\u00a031, 2023, the Company had pledged guarantees on the debt or commitments of third parties totaling
\u20ac6\u00a0million (\u20ac24\u00a0million at December\u00a031, 2022), as well as guarantees on related party debt and commitments of \u20ac372\u00a0million
at December\u00a031, 2023 (\u20ac248\u00a0million at December\u00a031, 2022).
SCUSA Private-label financing agreement
In February 2013, FCA US entered into a private-label financing agreement (the \u201cSCUSA Agreement\u201d) with
Santander Consumer USA Inc. (\u201cSCUSA\u201d), an affiliate of Banco Santander, which launched on May\u00a01, 2013. Under the
SCUSA Agreement, SCUSA provides a wide range of wholesale and retail financing services to FCA US's dealers and
consumers in accordance with its usual and customary lending standards, under the Chrysler Capital brand name.
The SCUSA Agreement had an original ten-year term set to expire in April 2023, and was subject to early
termination in certain circumstances, including the failure by a party to comply with certain of its ongoing obligations under
the SCUSA Agreement. In accordance with the terms of the agreement, SCUSA provided an upfront, non-refundable
payment of \u20ac109 million (U.S.$150 million) in May 2013, which was recognized as deferred revenue and is amortized over
ten years.
On June 28, 2019, FCA US entered into an amendment (the \u201cAmendment\u201d) to the SCUSA Agreement. The
Amendment modified certain terms of the agreement, with the remaining term unchanged through to April 2023, and in
connection with its execution, SCUSA made a one-time, nonrefundable, non-contingent, cash payment of U.S. $60 million
(\u20ac53 million) to FCA US as part of a negotiated resolution of open matters. This amount was recognized by FCA US during
2019. The duration of the agreement remained unchanged. In April 2022, the SCUSA Agreement was amended and extended
through 2025, allowing SCUSA to serve a complementary role to Stellantis Financial Services U.S. Under the SCUSA
Agreement, SCUSA has certain rights, including limited exclusivity to participate in specified minimum percentages of
certain retail financing subvention programs. At December\u00a031, 2023, \u20ac7.4\u00a0million (U.S.$8.2\u00a0million) remained in deferred
revenue.
From time to time, FCA US worked with certain lenders to subsidize interest rates or cash payments at the inception
of a financing arrangement to incentivize customers to purchase its vehicles, a practice known as \u201csubvention\u201d. FCA US has
provided SCUSA with limited exclusivity rights to participate in specified minimum percentages of certain of its retail
financing rate subvention programs. SCUSA has committed to certain revenue sharing arrangements, as well as to consider
future revenue sharing opportunities. SCUSA bears the risk of loss on loans contemplated by the SCUSA Agreement. The
parties share in any residual gains and losses in respect of consumer leases, subject to specific provisions in the SCUSA
Agreement, including limitations on FCA US participation in gains and losses.
Other repurchase obligations
In accordance with the terms of other wholesale financing arrangements in Mexico, Stellantis Mexico was required
to repurchase dealer inventory financed under these arrangements, upon certain triggering events and with certain exceptions,
including in the event of an actual or constructive termination of a dealer\u2019s franchise agreement. These obligations exclude
certain vehicles including, but not limited to, vehicles that have been damaged or altered, that are missing equipment or that
have excessive mileage or an original invoice date that is more than one year prior to the repurchase date. In December 2015,
Stellantis Mexico entered into a ten -year private label financing agreement with STM Financial, S.A De C.V., Sofom, E.R.,
Grupo Financiaro Inbursa (\u201cSTM Financial\u201d), a wholly owned subsidiary of Banco Inbursa, under which STM Financial
provides a wide range of financial wholesale and retail financial services to Stellantis Mexico's dealers and retail customers
under the Stellantis Financial Mexico brand name. The wholesale repurchase obligation under the new agreement will be
limited to wholesale purchases in case of actual or constructive termination of a dealer's franchise agreement.
At December\u00a031, 2023, the maximum potential amount of future payments required to be made in accordance with
these wholesale financing arrangements was approximately \u20ac468\u00a0million ($517\u00a0million) and was based on the aggregate
repurchase value of eligible vehicles financed through such arrangements in the respective dealer's stock. If vehicles are
required to be repurchased through such arrangements, the total exposure would be reduced to the extent the vehicles can be
resold to another dealer. The fair value of the guarantee was nil at December\u00a031, 2023.
Arrangements with key suppliers
From time to time and in the ordinary course of business, the Company entered into various arrangements with key
suppliers in order to establish strategic and technological advantages. A limited number of these arrangements contained
unconditional purchase obligations to purchase a fixed or minimum quantity of goods and/or services with fixed and
determinable price provisions. Future minimum purchase obligations under these arrangements at December\u00a031, 2023 were
as follows:
(\u20ac\u00a0million)
2024
\u20ac2,130
2025
\u20ac1,893
2026
\u20ac2,909
2027
\u20ac2,961
2028
\u20ac3,206
2029 and thereafter
\u20ac2,374
At December 31, 2023, there were related party commitments relating to the purchase of batteries: (1) StarPlus
Energy LLC: commitment over a 9 year period starting from 2025. The residual commitment amounted to \u20ac3,445\u00a0million; (2)
NextStar Energy Inc: commitment over a 2 year period starting from 2024. The residual commitment amounted to
\u20ac85\u00a0million and (3) ACC: commitment for \u20ac8,091\u00a0million over a 5 year period starting from 2024. These amounts are
included in the table above.
As of December\u00a031, 2023, the Company had a take-or-pay commitment with Tofas with future minimum expected
obligations of \u20ac136\u00a0million for 2024 with no further obligations beyond 2024.
Other commitments, arrangements and contractual rights
At December 31, 2023, total joint venture and associate capital commitments were \u20ac3.2\u00a0billion for the period 2024
through to 2029.
UAW Collective Bargaining Agreement
In November 2023, the UAW-represented workforce ratified a new collective bargaining agreement that expires in
April 2028. The provisions of the agreement contain opportunities for incremental compensation upon meeting agreed
metrics related to absenteeism and attendance. The agreement includes wage increases, the reinstatement of the Cost of
Living Allowance (\u201cCOLA\u201d), a reduction in the time of progression to the top wage tier from eight years to three years,
supplemental unemployment benefits eligibility after 90 days of continuous service, annual lump sum payments to retirees
and surviving spouses, and retirement packages in 2024 and 2026. In addition, the agreement includes an increase in the
defined benefit and defined contribution pension plan rates; along with a commitment to provide \u20ac925\u00a0million
($1,000\u00a0million) in funding to the defined pension plan, which was made in 2023. The agreement, which covers
approximately 43,000 employees, includes a ratification bonus for all employees totaling approximately \u20ac201\u00a0million
($219\u00a0million), which was paid in December 2023.\u00a0
Unifor Collective Bargaining Agreement
Stellantis entered into a three-year labor agreement with Unifor in Canada that was ratified in November 2023,
covering approximately 7,500 employees. The terms of this agreement provide employee wage and benefit increases,
including improvements to base wage rates, reduced time for employees to progress to top wage, COLA protection and
retirement incentive opportunities for long-service employees choosing to retire. Also included are increases to the defined
benefit pension plan benefit for active employees and quarterly lump sum payments to retired employees. In addition, Unifor
members hired on or after September 19, 2016 and currently participating in the defined contribution plan are expected to be
enrolled in a College of Applied Arts and Technology pension plan effective January 2025. The agreement also includes,
lump sum payments to both full and part-time employees, totaling approximately \u20ac49\u00a0million (CAD$72\u00a0million), which were
paid in December 2023. The agreement expires in September 2026.
Under the UAW and Unifor agreements, the lump sum payments to retirees and ratification bonuses, which are not
dependent upon future services, were primarily recognized in Cost of revenues upon ratification of the contracts. Retirement
packages were recognized in Restructuring costs in December 2023 as the offers have been communicated and approved by
management. Wage increases, COLA, increases to defined contribution pension rates, and other benefit costs are recognized
as incurred. During the year ended December 31, 2023, there were \u20ac671\u00a0million of costs related to the North America
collective bargaining agreements, including restructuring costs and employee benefits past service cost which were excluded
from Adjusted operating income. Refer to Note 29, Segment reporting for additional information.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-779": { "value": "
26.
Guarantees granted, commitments and contingent liabilities
Contingent liabilities
In connection with significant asset divestitures carried out in prior years, the Company provided indemnities to
purchasers. Potential liabilities may arise from possible breaches of representations and warranties provided in the contracts
and, in certain instances, environmental or tax matters, generally for a limited period of time. Some of these indemnifications
do not limit potential payment and as such, it was not possible to estimate the maximum amount of potential future payments
that could result from claims made under these indemnities.
Takata airbag inflators
Putative class action lawsuits were filed in March 2018 against FCA US LLC (\u201cFCA US\u201d), a wholly owned
subsidiary of Stellantis, in the U.S. District Courts for the Southern District of Florida and the Eastern District of Michigan,
asserting claims under federal and state laws alleging economic loss due to Takata airbag inflators installed in certain of our
vehicles. The cases were subsequently consolidated in the Southern District of Florida.
On November 8, 2022, the Court granted summary judgment in FCA US\u2019s favor against all claimants except those
in Georgia and North Carolina. Plaintiffs were granted leave to file an amended complaint to add additional states to the
pending action. The Court later entered an order to reset FCA US\u2019s renewed motions for summary judgment to address the
remaining amended claims.
On June 20, 2023, the Court entered an order preliminarily granting class certification for the amended complaint.
FCA US filed an appeal of the Court\u2019s preliminary order. On July 13, 2023, the Court revisited its class certification order
and further narrowed the classes based on a recent Court of Appeals decision.
At this stage of the proceedings, we are unable to reliably evaluate the likelihood that a loss will be incurred or
estimate a range of possible loss.
Emissions Matters
On January 10, 2019, FCA US announced it had reached final settlements on civil environmental and consumer
claims with the U.S. Environmental Protection Agency (\u201cEPA\u201d), the Civil Division of the U.S. Department of Justice
(\u201cDoJ\u201d), the California Air Resources Board (\u201cCARB\u201d), the State of California, 49 other States and U.S. Customs and Border
Protection, for which we accrued \u20ac748\u00a0million during the year ended December 31, 2018. Approximately \u20ac350\u00a0million of the
amount accrued by FCA US, which was prior to the merger, was related to civil penalties to resolve differences over diesel
emissions requirements. A portion of the amount accrued, prior to the merger, was attributable to settlement of a putative
class action on behalf of consumers in connection with which FCA US agreed to pay an average of $2,800 per vehicle to
eligible customers affected by the recall. That settlement received final court approval on May 3, 2019. On April 9, 2021,
FCA US reached an agreement with substantially all of the approximately 3,200 consumers that exercised their right to opt
out of the class action settlement to settle their claims for an amount that is not material to the Company. As of December 31,
2023, our best estimate of a probable loss is reflected in the amount previously accrued prior to the merger.
In September 2019, the DoJ filed criminal charges against an employee of FCA US for, among other things, fraud,
conspiracy, false statements and violations of the Clean Air Act primarily in connection with efforts to obtain regulatory
approval of the vehicles that were the subject of the civil settlements described above. In April 2021, two additional
employees of a Stellantis subsidiary were indicted by the DoJ on similar charges. The three employees were placed on
administrative leave following their indictments. On July 20, 2023, the FCA US employee plead guilty to conspiring to
violate the Clean Air Act.
On June 3, 2022, FCA US announced that it had agreed to a settlement to resolve the DoJ, Criminal Division\u2019s
investigation as it relates to FCA US. The settlement, which received court approval, includes a guilty plea, a fine of
approximately $96\u00a0million, and the forfeiture of approximately $204\u00a0million in gains. Prior to the merger, we accrued
approximately \u20ac200\u00a0million during the three months ended September 30, 2020 as our best estimate of probable loss with
regard to matters under discussion. In light of subsequent progress in our discussions with the DoJ, Criminal Division, we
increased our accrual for this matter to approximately \u20ac266\u00a0million as of December 31, 2021, which is sufficient to cover the
forfeiture and penalty paid in connection with the plea agreement. We remain subject to a number of related private lawsuits
(the \u201cNon Opt-Out Litigation\u201d).
We have also received inquiries from other regulatory authorities in a number of jurisdictions as they examine the
on-road tailpipe emissions of several automakers\u2019 vehicles and, when jurisdictionally appropriate, we continue to cooperate
with these governmental agencies and authorities.
In Europe, we have continued to work with the Italian Ministry of Transport (\u201cMIT\u201d) and the Dutch Vehicle
Regulator (\u201cRDW\u201d), the authorities that certified FCA diesel vehicles for sale in the European Union, and the UK Driver and
Vehicle Standards Agency in connection with their review of several diesel models.
We also responded to inquiries from the German authority, the Kraftfahrt-Bundesamt (\u201cKBA\u201d), regarding emissions
test results for FCA diesel vehicles, and discussed the KBA reported test results, our emission control calibrations and the
features of the vehicles in question. After these initial discussions, the MIT, which has sole authority for regulatory
compliance of the vehicles it has certified, asserted its exclusive jurisdiction over the matters raised by the KBA, tested the
vehicles, determined that the vehicles complied with applicable European regulations and informed the KBA of its
determination. Thereafter, mediations were held under European Commission (\u201cEC\u201d) rules, between the MIT and the
German Ministry of Transport and Digital Infrastructure, which oversees the KBA, in an effort to resolve their differences.
The mediation concluded and no action was taken with respect to FCA. In May 2017, the EC announced its intention to open
an infringement procedure against Italy regarding Italy's alleged failure to respond to EC's concerns regarding certain FCA
emission control calibrations. The MIT responded to the EC's allegations by confirming that the vehicles' approval process
was properly performed. In December, 2021, the EC notified Italy of its position that Italy did not comply with its obligation
to enforce EU emission type approval rules. In January 2024, the EC notified the MIT of the alleged non-compliance of Fiat
Ducato Euro 6 vehicles based on tests performed at the EC\u2019s request.
In May 2023, the KBA notified Stellantis of its investigation of certain Opel Euro 5, Peugeot Euro 6b, Fiat Euro 5
and Euro 6 vehicles and its intent to require remedial measures based on the alleged non-compliance of the diesel engines in
certain of those vehicles. The KBA subsequently expanded its inquiry to include Euro 5 and Euro 6 engines used in certain
Alfa Romeo, Fiat and Jeep vehicles, as well as Suzuki vehicles equipped with diesel engines supplied by FCA Italy (now
known as Stellantis Europe) and requested information relating to all Stellantis vehicles that may make use of strategies
similar to those allegedly used by the identified vehicles. The KBA has subsequently advised that these vehicles are non-
compliant and has demanded that Stellantis submit a plan to bring the vehicles into compliance. We continue to cooperate
with the KBA and, at this stage, we are unable to reliably evaluate the likelihood that a loss will be incurred or estimate a
range of possible loss. Given the number of vehicles potentially involved, however, the cost of any recall, and the impact that
any recall could have on related private litigation, may be significant.
In December 2019, the MIT notified FCA of communications with the Dutch Ministry of Infrastructure and Water
Management (\u201cI&W\u201d) regarding certain irregularities allegedly found by the RDW and the Dutch Center of Research TNO in
the emission levels of certain Jeep Grand Cherokee Euro 5 models and a vehicle model of another OEM containing a Euro 6
diesel engine supplied by FCA. In January 2020, the Dutch Parliament published a letter from the I&W summarizing the
conclusions of the RDW regarding those vehicles and engines and indicating an intention to order a recall and report their
findings to the Public Prosecutor, the EC and other member states. FCA engaged with the RDW to present our positions and
cooperate to reach an appropriate resolution of this matter. FCA proposed certain updates to the relevant vehicles that have
been tested and approved by the RDW and are now being implemented.
In addition, as part of the judicial investigation of several automakers in France, commencing in 2016 and 2017,
Automobiles Peugeot and Automobiles Citro\u00ebn were placed under examination by the Judicial Court of Paris in June 2021 on
allegations of consumer fraud in connection with the sale of Euro 5 diesel vehicles in France between 2009 and 2015. In July
2021, FCA Italy was placed under examination by the same court for possible consumer fraud in connection with the sale of
Euro 6 diesel vehicles in France between 2014 and 2017. FCA Italy was also designated as a material witness in connection
with allegations of obstruction of the actions of an economy ministry antifraud inspector in 2016 and 2017. As is typical in a
French criminal inquiry, each of the companies were required to pay bail for the potential payment of damages and fines and
to ensure representation in court, and to provide a guarantee for the potential compensation of losses. None of these amounts
were, individually or in the aggregate, material to the Company.
The French market surveillance authority (SSMVM) issued a decision of non-compliance regarding NOx emissions
of the Euro 6b Peugeot 308 in July 2023 and with regard to the Euro 6b Lancia Ypsilon in November 2023. We have
appealed these decisions and our appeals remain pending.
In July 2020, unannounced inspections took place at several of FCA\u2019s sites in Germany, Italy and the UK at the
initiative of the Public Prosecutors of Frankfurt am Main and of Turin, as part of their investigations of potential violations of
diesel emissions regulations and consumer protection laws. In April 2022, former FCA companies received an order to
produce documents to the Public Prosecutors. In October 2022, inspections took place at the Italian offices of FCA Italy and
Maserati and at the German office of Maserati Deutschland. We have begun settlement discussions with the Public
Prosecutor of Frankfurt regarding the former FCA vehicles. At the Public Prosecutor of Turin\u2019s request, the Italian
proceedings were dismissed in September 2023 and October 2023. In late 2023, we entered into a settlement regarding the
Public Prosecutor of Frankfurt\u2019s criminal investigation of the emissions of certain PSA diesel engines for an amount that is
not material to the Company.
We also face class actions and individual claims in several European countries and Israel. Several former FCA and
PSA companies and our Dutch dealers have been served with two class actions filed in the Netherlands by Dutch foundations
seeking monetary damages and vehicle buybacks in connection with alleged emissions non-compliance of certain diesel
vehicles. We have also been notified of a potential class action on behalf of Dutch consumers alleging emissions non-
compliance of certain former FCA vehicles sold as recreational vehicles, as well as a securities class action in the
Netherlands, alleging misrepresentations by FCA, now Stellantis. A class action alleging emissions non-compliance has also
been filed in Portugal regarding former FCA vehicles, in the UK regarding former FCA and PSA vehicles, and in Israel
regarding former PSA vehicles. We are also defending approximately 12,000 individual consumer claims alleging emissions
non-compliance of certain former FCA vehicles in Germany, as well as a significant number of cases relating to former FCA
and PSA vehicles in the Netherlands and Austria.
In December 2018, the Korean Ministry of Environment (\u201cMOE\u201d) announced its determination that approximately
2,400 FCA vehicles imported into Korea during 2015, 2016 and 2017 were not emissions compliant and that the vehicles
with a subsequent update of the emission control calibrations voluntarily performed by FCA, although compliant, would have
required re-homologation of the vehicles concerned. In May 2019, the MOE revoked certification of the above-referenced
vehicles and announced an administrative fine for an amount not material to the Company which has been paid by our
Korean subsidiary. On May 11, 2023, the Seoul Administrative Court dismissed our Korean subsidiary\u2019s appeal of the
certification revocation and our Korean subsidiary has filed a notice of appeal. Our Korean subsidiary has also paid an
administrative fine, in an amount not material to the Company, imposed by the Korean Fair Trade Commission for a
purported breach of the Act on Fair Labeling and Advertisement in connection with these vehicles.
In November 2021, the MOE issued notice of its intention to impose a recall order, revocation of certification and an
administrative fine on the basis of the alleged non-compliance of approximately 2,250 other FCA vehicles. The amount of the
administrative fine is not material to the Company. We are waiting for the MOE to issue the final disposition on this matter.
In both cases, the authorities decided to not refer the matter to prosecutors, as they had found no evidence of wrongdoing by
our Korean subsidiary.
The results of the unresolved governmental inquiries and private litigation related to the emissions matters disclosed
above cannot be predicted at this time and these inquiries and litigation may lead to further enforcement actions, penalties or
damage awards, any of which may have a material adverse effect on our business, financial condition and results of
operations. It is also possible that these matters and their ultimate resolution may adversely affect our reputation with
consumers, which may negatively impact demand for our vehicles and consequently could have a material adverse effect on
our business, financial condition and results of operations. At this stage, we are unable to evaluate the likelihood that a
material loss in excess of the amounts accrued will be incurred with regard to the unresolved inquiries, Non Opt-Out
Litigation and other private litigation or estimate a range of possible loss.
National Training Center
On January 27, 2021, FCA US announced an agreement with the U.S. Attorney\u2019s Office for the Eastern District of
Michigan to resolve its investigation into past misconduct of certain former FCA US employees involving the UAW-Chrysler
National Training Center (\u201cNTC\u201d). Pursuant to the agreement, which received court approval on July 19, 2021, FCA US
agreed to plead guilty to a single count of conspiracy to violate the Labor Management Relations Act and the payment of a
fine in an amount that is not material to the Company and which was accrued prior to the merger. FCA US also agreed to
implement an independent compliance monitor for three years with respect to the dissolution of the NTC and internal controls
as they relate to the trusts being implemented to replace the NTC.
Several putative class action lawsuits have been filed against FCA US in U.S. federal court alleging harm to UAW
workers as a result of these acts. Those actions have been dismissed both at the trial court stage and on appeal. Three
plaintiffs in these lawsuits also filed charges alleging unfair labor practices with the U.S. National Labor Relations Board (the
\u201cBoard\u201d). The Board issued a complaint regarding these allegations and sought a cease and desist order as well as the posting
of a notification with respect to the alleged practices, but subsequently dismissed the charges.
On July 20, 2020, a group of employees in FCA\u2019s Toledo, Ohio Jeep plant filed a lawsuit in U.S. District Court for
the Northern District of Ohio against FCA US, the UAW and certain individuals claiming violations of the Racketeer
Influenced and Corrupt Organizations (\u201cRICO\u201d) Act and civil conspiracy. On October 20, 2020, FCA US filed a motion to
dismiss. Plaintiffs filed their second amended complaint on June 25, 2021. The case has been stayed pending decisions on
motions to dismiss in two related cases in the U.S. District Court for the Eastern District of Michigan. At this stage, we are
unable to reliably evaluate the likelihood that a loss will be incurred or estimate a range of possible loss.
On October 16, 2020 and February 28, 2021, lawsuits were filed in U.S. District Court for the Eastern District of
Michigan, by groups of current and former employees making similar claims. The court granted FCA US\u2019s motion to dismiss
one of the cases and that decision has been appealed by plaintiffs. FCA US\u2019s motion to dismiss the other case remains
pending. On March 30, 2023, plaintiffs in the dismissed action filed a new lawsuit in Michigan state court asserting common
law claims, which the UAW removed to federal court. On September 27, 2023, the federal court denied Plaintiffs\u2019 motion to
remand. On January 5, 2024, FCA US filed a motion to dismiss, which remains pending. At this stage, we are unable to
reliably evaluate the likelihood that a loss will be incurred or estimate a range of possible loss with regard to these lawsuits.
General Motors Litigation
On November 20, 2019, General Motors LLC and General Motors Company (collectively, \u201cGM\u201d) filed a lawsuit in
the U.S. District Court for the Eastern District of Michigan against FCA US, FCA N.V., now Stellantis N.V., and certain
individuals, claiming violations of the RICO Act, unfair competition and civil conspiracy in connection with allegations that
FCA US made payments to UAW officials that corrupted the bargaining process with the UAW and as a result FCA US
enjoyed unfair labor costs and operational advantages that caused harm to GM. GM also claimed that FCA US had made
concessions to the UAW in collective bargaining that the UAW was then able to extract from GM through pattern bargaining
which increased costs to GM and that this was done by FCA US in an effort to force a merger between GM and FCA N.V.
The court dismissed GM\u2019s lawsuit with prejudice. The U.S. Court of Appeals for the Sixth Circuit subsequently affirmed the
dismissal of GM\u2019s complaint. On April 17, 2023, the U.S. Supreme Court declined to grant review of the Sixth Circuit\u2019s
decision, which finally resolved the federal court case.
Following dismissal of its Federal court case, GM filed an action against FCA US and FCA N.V., now Stellantis
N.V., in Michigan state court, making substantially the same claims as it made in the federal litigation. On October 15, 2021,
the court granted Stellantis N.V. and FCA US\u2019s motion for summary disposition. GM filed a motion for reconsideration and
on December 6, 2021, the court granted GM\u2019s motion, permitting GM to amend its complaint. GM filed a second amended
complaint on December 23, 2021. On May 16, 2022, the court denied FCA US\u2019s motion for summary disposition and
permitted discovery to proceed against FCA US. On July 20, 2022, the court granted Stellantis N.V.\u2019s motion for summary
disposition, but on November 28, 2022 the court granted GM\u2019s motion for reconsideration and permitted jurisdictional
discovery to proceed against Stellantis N.V. The parties are currently engaged in discovery, which is expected to continue
through fall 2024. At this stage, we are unable to reliably evaluate the likelihood that a loss will be incurred or estimate a
range of possible loss.
Tigershark Engine \u2013 Litigation
Putative class action lawsuits were filed against FCA US and consolidated into a single action in U.S. District court
in Michigan asserting claims under federal and state laws claiming manufacturing and design defects in certain vehicles
equipped with the 2.4L Tigershark engine, which has been installed in approximately 1.6\u00a0million vehicles sold in the U.S.
The claims alleged excessive oil consumption and related excess emissions. In November 2021, we entered into an agreement
in principle to settle the litigation, contingent on court approval, for an amount that is not material to the Company. The court
granted final approval of the settlement in December 2022.
Other matters
Corporate Average Fuel Economy (\u201cCAFE\u201d) standards
On August 31, 2020, the U.S. Court of Appeals for the Second Circuit vacated a final rule published by NHTSA in
July 2019 that had reversed NHTSA\u2019s 2016 increase to the base rate of the CAFE penalty from $5.50 to $14.00. The base
rate applies to each tenth of a mile per gallon that a manufacturer\u2019s fleet-wide average fuel efficiency is below the CAFE
standard, and is multiplied by the number of vehicles in the manufacturer\u2019s fleet to arrive at an aggregate penalty. On January
14, 2021, NHTSA published an interim final rule with immediate effect, the result of which was to apply the increased fine
rate that resulted from the Second Circuit\u2019s ruling to future model years. In particular, NHTSA\u2019s interim rule imposed a
CAFE penalty base rate of $5.50 through 2021 Model Year and increased the CAFE penalty base rate to $14.00 prospectively
from the 2022 Model Year. FCA accrued estimated amounts for any probable CAFE penalty based on the $5.50 rate for
Model Years 2021 and earlier. In addition, as a result of the acquisition, and in accordance with IFRS 3, we recognized an
incremental contingent liability of \u20ac163\u00a0million for the potentially higher fine rate on vehicle shipments prior to the merger
date.
On April 1, 2022, NHTSA published a final rule repealing the interim final rule issued in January 2021 and reverting
to the December 2016 final rule which increased the CAFE civil penalty rate from $5.00 to $14.00, beginning with 2019
Model Year. Applying the annual inflation adjustment procedures did not result in an increase in the $14.00 rate through
2021 Model Year, but did result in an increased fine rate to $15.00 for 2022 Model Year vehicles. An additional accrual of
\u20ac655\u00a0million was recognized resulting from an increase in the provision related to the Model Year 2019-2021 penalty rate
adjustment during the year ended December 31, 2022. NHTSA has subsequently made, and is expected to continue to make,
mandatory inflation adjustments to the CAFE civil penalty rate, as required by law for all civil monetary penalties.
Greenhouse Gas Standards
On March 9, 2022, the EPA reinstated California\u2019s authority\u202funder the Clean Air Act\u202fto enforce its own, more
stringent, greenhouse gas (\u201cGHG\u201d) emission standards for passenger vehicles and light duty trucks (the \u201cCalifornia Waiver\u201d).
California emission standards covered by the California Waiver may be adopted by other states and to date 17 other states
(the \u201cCalifornia Waiver States\u201d) have adopted California\u2019s GHG emissions standards under the California Waiver.
\u202fPrior to the EPA\u2019s withdrawal of the California Waiver, automotive\u202fOEMs were deemed to be compliant with
California\u2019s GHG emissions standards if they were compliant with the EPA\u2019s GHG standards.\u202fThis \u201cdeemed to comply\u201d
mechanism was removed from the California regulation prior to the reinstatement of the California Waiver.\u202fAs interpreted by
CARB, the EPA\u2019s reinstatement of the California Waiver together with the removal of the \u201cdeemed to comply\u201d mechanism
means that automotive OEMs are\u202fretroactively\u202fsubject to the separate California GHG standards beginning with the model
year 2021\u202ffleet.\u202fOEMs\u202fmay achieve\u202fcompliance with the California GHG emission standards in several ways, including
through the sale of emission-compliant vehicles within\u202ftheir\u202ffleet for a given model year, through the carryforward or
carryback of excess credits generated by a compliant fleet in past or future years,\u202fby the purchase of California-specific
regulatory credits from third parties\u202for by a combination of the foregoing.
\u202fWe\u202fdid not meet\u202fthe California GHG targets for model years\u202f2021\u202fand 2022,\u202fand do not expect to meet the California
GHG targets for model year 2023, as\u202fin planning these\u202fmodel years prior to reinstatement of the California Waiver we
assumed the ability to utilize existing credits based on regulations in force at the time. We intend to be compliant with the
California GHG program, and for those years and any other model year with deficits, we intend to seek to cover such deficits
with excess credits generated through our compliance in model years within the applicable five-year carryback period.
While we are executing on several important steps to ensure our carryback strategy, the success of our carryback
strategy depends on future levels and mix of production and sales, as well as general market demand for battery electric
vehicles, all of\u202fwhich are inherently speculative.\u202fAs we are unable to reliably estimate the cost of compliance, we have not
recognized a provision.
\u202fWe understand that certain other automobile OEMs are subject to less stringent California GHG emissions standards
pursuant to settlement agreements entered into with CARB. We are currently evaluating the enforceability of the California
GHG emissions standards as applied by CARB, particularly in light of their retroactive application following the EPA\u2019s
reinstatement of the California Waiver, as well as the disparate treatment of other automotive OEMs which are not subject to
the same standards.
U.S. Import Duties
Historically, FCA paid a 2.5 percent duty on Ram ProMaster City vehicles imported into the U.S. as passenger
vehicles rather than the 25 percent duty applicable to vehicles that are imported into the U.S. as cargo vans. The vast majority
of these vehicles are converted into cargo vans after importation. Federal litigation against a competitor in a similar case
resulted in the application of the 25 percent duty rate to the competitor\u2019s vehicles. We believe there are facts that distinguish
our case from that of the competitor. However, U.S Customs and Border Protection may seek to recover increased duties for
our prior imports, plus interest, and may assert a claim for penalties. At this stage, we are unable to reliably evaluate the
likelihood that a loss will be incurred or estimate a range of possible loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-781": { "value": "
27.
Equity
Share capital
At December\u00a031, 2023 , the authorized share capital of Stellantis was ninety million Euro (\u20ac90,000,000), divided into
4.5\u00a0billion (4,500,000,000) Stellantis common shares, nominal value of one Euro cent (\u20ac0.01) per share and 4.5\u00a0billion
(4,499,750,000) class A special voting shares, nominal value of one Euro cent (\u20ac0.01) per share each and two hundred and
fifty thousand (250,000) class B special voting shares with a nominal value of one euro cent (\u20ac0.01) each.
At December\u00a031, 2023, the fully paid-up share capital of Stellantis amounted to \u20ac31 million (\u20ac32 million at
December\u00a031, 2022 ) and consisted of 3,165,189,336 common shares (3,213,372,229 at December\u00a031, 2022). 388,412 issued
special voting shares, of which 179,790 issued special voting shares A, of which 110,508 held in treasury (178,790 at
December 31, 2022) and 208,622 issued special voting shares B, held in treasury (208,622 at December 31, 2022). In June
2023, 69,125,544 common shares held in treasury were cancelled, following the resolution of the AGM held on April 13,
2023. All shares have a nominal value of \u20ac0.01 each.
At December\u00a031, 2023, there were 3,023,099,039 outstanding common shares (3,144,246,685 December 31, 2022).
In accordance with IFRS 3 - Business Combinations, as applied to a reverse acquisition, the share capital of
Stellantis reflects the share capital of the legal acquirer, FCA N.V. with the difference between share capital of the legal
acquirer and the accounting acquirer, PSA, being aggregated and shown as part of retained earnings and other reserves.
The following table summarizes the changes in the number of outstanding common shares and special voting shares
of Stellantis during the year ended December\u00a031, 2023:
Common Shares
Special Voting
Shares A
Special Voting
Shares B
Total
Balance at January 1, 2023
3,144,246,685
178,692
\u2014
3,144,425,377
Issuance of special voting shares
\u2014
1,000
208,622
209,622
Purchase of treasury shares
(142,090,297)
(110,410)
(208,622)
(142,409,329)
Shares issued for long-term incentive plans and
employee share purchase plan
20,942,651
\u2014
\u2014
20,942,651
Balance at December 31, 2023
3,023,099,039
69,282
\u2014
3,023,168,321
In June 2021, one of the Company's consolidated subsidiaries, ARAMIS SAS (\"Aramis\") listed a portion of its
shares on the Euronext Paris stock exchange. Prior to the listing, the Company held a 70 percent interest in Aramis, and as a
result of the IPO, the Company\u2019s interest has been diluted to 61 percent. As there was no loss of control as a result of the
listing, the transaction has been accounted for as an equity transaction with \u20ac178\u00a0million recognized as an increase in non-
controlling interest and \u20ac121\u00a0million recognized as additional retained earnings. \u00a0
Pursuant to the Articles of Association, the Board of Directors is irrevocably authorized to issue shares (common
and special voting shares) and to grant rights to subscribe for shares in the capital of the Company. This authorization is up to
a maximum aggregate amount of shares as set out in the Articles of Association, as amended from time to time, and limits or
excludes the right of pre-emption with respect to common shares.
Exercise of GM Warrants
As part of the acquisition of Opel/Vauxhall by Groupe PSA, on July 31, 2017, PSA issued warrants to Adam Opel
GmbH (a GM company), hereafter referred to as \u201cGM\u201d. The equity warrants entitled the holder to subscribe for 39,727,324
shares in Peugeot S.A. with a par value of \u20ac1 per warrant, and each warrant being eligible for one share in PSA Automobiles
S.A. (\u201cPSA\u201d). The warrants were exercisable between the 5th and the 9th year following issuance, meaning that the exercise
window opened on July 31, 2022. On the merger date, each of the warrants issued by PSA to GM was converted into one
equity warrant, each of which entitled the holder to subscribe for 1.74 Stellantis shares (same conversion ratio as for all other
PSA shares), with an exercise price equal to \u20ac1 per original warrant (\u20ac39,727,324).
On September 15, 2022, upon the exercise of the warrants above by GM we issued 69,125,544 common shares,
representing approximately 2.2 percent of Stellantis\u2019 share capital (on a diluted basis) and with a cash proceed of \u20ac40\u00a0million.
Following the agreement entered into with GM, we immediately repurchased all the shares issued with a cash disbursement
of \u20ac923\u00a0million corresponding to \u20ac13.36 per share (such amount was based on the volume weighted average price of one
Stellantis common share on the regulated market of Euronext in Milan over the previous five trading days). The issuance and
subsequent share buy-back have been accounted for as separate transactions within equity.
In addition, the warrant agreement noted that in case of transactions including dividends, allocation of shares to
shareholders, merger or spin-off, where the date for determining the shareholders entitlement to benefit from or participate in
the transaction, the warrant holders rights are protected until the delivery date. Such transactions included cash dividends
payable to GM by PSA prior to the merger and paid by Stellantis since the merger, the Faurecia spin-off in 2021 and the 2021
Faurecia dividends payable. The amounts paid were previously recognized as liabilities when such dividends were declared.
The payments reduced the liability for the dividends declared in years prior to 2022 and recognized against equity for the
dividends declared during 2022.
All the repurchased shares were cancelled following the resolution adopted by the shareholders at the AGM on April
13, 2023.
Share buyback program
At the AGM on April 13, 2022, the Board of Directors was authorized to acquire common shares in the capital of
the Company, either through purchase on a stock exchange, through a public tender offer, an offer for exchange or otherwise,
up to a maximum number of shares equal to 10 percent of the Company\u2019s issued common shares. The authorization was for a
period of 18 months from the date of the 2022 General Meeting of Shareholders. The authorization was renewed in the same
terms at the AGM on April 13, 2023 for a period of 18 months from the date of the 2023 General Meeting of Shareholders
and therefore up to and including October 12, 2024.
During 2022, the Company completed a share buyback transaction relating to the exercise of the General Motors
(\u201cGM\u201d) warrants. This related to the acquisition of Opel/Vauxhall from GM by Groupe PSA in 2017 and on the date of the
merger between FCA and PSA these were converted into Stellantis equity warrants. On September 15, 2022, the warrants
were exercised by GM and the Company issued 69,125,544 common shares that it immediately repurchased for a total
disbursement of \u20ac923\u00a0million. All the repurchased shares were cancelled following the resolution adopted by the shareholders
at the AGM on April 13, 2023.
In February 2023, the Company announced a Share Buyback Program (the \u201cProgram\u201d), covering up to
\u20ac1,500\u00a0million (total purchase price excluding ancillary costs) to be executed in the open market with the intent to cancel the
common shares acquired through the Program. The purchase price per common share will be no higher than an amount equal
to 110 percent of the market price of the shares on the NYSE, Euronext Milan or Euronext Paris. The market price is
calculated as the average of the highest price on each of the 5 days of trading prior to the date on which the acquisition is
made, as shown in the official price list of the NYSE, Euronext Milan or Euronext Paris. The share buybacks are subject to
market conditions and in compliance with applicable rules and regulations, including the Market Abuse Regulation 596/2014
and the Commission Delegated Regulation (EU) 2016/1052. Following the share buyback transaction mentioned above, the
remaining authorization stood at approximately 244\u00a0million shares, which was expected to be adequate to cover this Program,
as well as any repurchase(s) of the 99.2\u00a0million shares currently owned by Dongfeng Corporation under the terms announced
on July 15, 2022.
In March 2023, the Company entered into an agreement with an independent investment firm that makes its trading
decisions concerning the timing of purchases independently of the Company. This agreement related to the first tranche of the
Program for a maximum amount of up to \u20ac500\u00a0million which started in March 2023 and ended in May 2023. Total common
shares purchased under this tranche were 33,249,812 at an average price of \u20ac15.04 per share for total cash paid of
\u20ac500\u00a0million.\u00a0
In June 2023, the Company entered into the second tranche of its Program with an independent investment firm for a
maximum amount of up to \u20ac500\u00a0million, starting in June 2023 and to end no later than September 2023. Total common
shares purchased under this tranche were 30,660,186 at an average price of \u20ac16.31 per share for total cash paid of
\u20ac500\u00a0million.
In September 2023, the Company entered into the third tranche of its Program with an independent investment firm
for a maximum amount of up to \u20ac500\u00a0million, starting in September 2023 and to end no later than December 2023. Total
common shares purchased under this tranche were 28,180,299 at an average price of \u20ac17.74 per share for total cash paid of
\u20ac500\u00a0million.
Dongfeng share repurchase
As part of an agreed share repurchase framework between Stellantis and Dongfeng, during November 2023, the
Company agreed to repurchase 50\u00a0million common shares for a total consideration of \u20ac934\u00a0million which represents
approximately 1.6 percent of Stellantis\u2019 share capital from Dongfeng. Per the pre-agreed terms of the share repurchase
framework, pricing was set at the five-day average closing price of Stellantis shares on the Euronext Milan for the period
ending immediately prior to the date on which Dongfeng submitted an offer. The purchase of Stellantis common shares by
Stellantis from Dongfeng was carried out under the authority granted by Stellantis\u2019 general meeting of April 2023. The
Company intends to cancel these shares.
Dongfeng retained 49.2\u00a0million common shares, representing approximately 1.6 percent of Stellantis\u2019 share capital
post-cancellation.
Employee share purchase plan
During November 2023, the Company offered eligible employees the opportunity to become shareholders through a
specific employee share purchase plan. Under the plan eligible employees could subscribe to Stellantis shares, at a
subscription price of \u20ac14.52 corresponding to the average of the Company\u2019s closing share price on the 20 trading days
preceding the date of the decision setting the terms of the plan, less a 20 percent discount. The shares are locked up for a
period from 3 to 5 years. Employees bear the risk of fluctuations in the share price relative to the subscription price. In
relation to the plan a total of 4.4\u00a0million shares were subscribed. There was an increase in equity of \u20ac82\u00a0million and the total
cost of the plan was \u20ac36\u00a0million.
The data used to value the equity instruments were as follows:\u00a0
Dates right subscribed
From November 13 to November 30, 2023
Employee subscription price
\u20ac14.52
Equity Incentive Plans
On April 15, 2021, the AGM of Shareholders resolved to authorize, under certain conditions, the Board of Directors
to issue common shares, to grant rights to subscribe for shares under the LTIP and its sub-plans, up to maximum of
100\u00a0million common shares, and to exclude pre-emptive rights of shareholders in that regard, both for a period of five years.
Furthermore, the AGM authorized the Board of Directors, for a period of 18 months from the date of the AGM, to
repurchase up to a maximum of 10 percent of the Company\u2019s common shares issued as of the date of the AGM. Pursuant to
the authorization, which does not entail any obligation for the Company but is designed to provide additional flexibility, the
Board of Directors may repurchase common shares in compliance with applicable regulations, subject to certain maximum
and minimum price thresholds.
Other reserves:
Other reserves comprised the following:
\u2022 legal reserves of \u20ac18,639 million at December\u00a031, 2023 (\u20ac18,037 million at December\u00a031, 2022) determined in
accordance with Dutch law and primarily relating to development expenditures capitalized by subsidiaries and
their earnings, subject to certain restrictions on distributions to Stellantis;
\u2022 capital reserves of \u20ac17,980 million at December\u00a031, 2023 (\u20ac20,119 million at December\u00a031, 2022);
\u2022 retained earnings, after the separation of the legal reserve, of positive \u20ac24,322 million (positive \u20ac13,873 million
at December\u00a031, 2022); and
\u2022 profit attributable to owners of the parent of \u20ac18,596 million for the year ended December\u00a031, 2023 (\u20ac16,799
million for the year ended December\u00a031, 2022).
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-782": { "value": "
27.
Equity
At December\u00a031, 2023, the fully paid-up share capital of Stellantis amounted to \u20ac31 million (\u20ac32 million at
December\u00a031, 2022 ) and consisted of 3,165,189,336 common shares (3,213,372,229 at December\u00a031, 2022). 388,412 issued
special voting shares, of which 179,790 issued special voting shares A, of which 110,508 held in treasury (178,790 at
December 31, 2022) and 208,622 issued special voting shares B, held in treasury (208,622 at December 31, 2022). In June
2023, 69,125,544 common shares held in treasury were cancelled, following the resolution of the AGM held on April 13,
2023. All shares have a nominal value of \u20ac0.01 each.
At December\u00a031, 2023, there were 3,023,099,039 outstanding common shares (3,144,246,685 December 31, 2022).
In accordance with IFRS 3 - Business Combinations, as applied to a reverse acquisition, the share capital of
Stellantis reflects the share capital of the legal acquirer, FCA N.V. with the difference between share capital of the legal
acquirer and the accounting acquirer, PSA, being aggregated and shown as part of retained earnings and other reserves.
The following table summarizes the changes in the number of outstanding common shares and special voting shares
of Stellantis during the year ended December\u00a031, 2023:
Common Shares
Special Voting
Shares A
Special Voting
Shares B
Total
Balance at January 1, 2023
3,144,246,685
178,692
\u2014
3,144,425,377
Issuance of special voting shares
\u2014
1,000
208,622
209,622
Purchase of treasury shares
(142,090,297)
(110,410)
(208,622)
(142,409,329)
Shares issued for long-term incentive plans and
employee share purchase plan
20,942,651
\u2014
\u2014
20,942,651
Balance at December 31, 2023
3,023,099,039
69,282
\u2014
3,023,168,321
In June 2021, one of the Company's consolidated subsidiaries, ARAMIS SAS (\"Aramis\") listed a portion of its
shares on the Euronext Paris stock exchange. Prior to the listing, the Company held a 70 percent interest in Aramis, and as a
result of the IPO, the Company\u2019s interest has been diluted to 61 percent. As there was no loss of control as a result of the
listing, the transaction has been accounted for as an equity transaction with \u20ac178\u00a0million recognized as an increase in non-
controlling interest and \u20ac121\u00a0million recognized as additional retained earnings. \u00a0
Pursuant to the Articles of Association, the Board of Directors is irrevocably authorized to issue shares (common
and special voting shares) and to grant rights to subscribe for shares in the capital of the Company. This authorization is up to
a maximum aggregate amount of shares as set out in the Articles of Association, as amended from time to time, and limits or
excludes the right of pre-emption with respect to common shares.
Share buyback program
At the AGM on April 13, 2022, the Board of Directors was authorized to acquire common shares in the capital of
the Company, either through purchase on a stock exchange, through a public tender offer, an offer for exchange or otherwise,
up to a maximum number of shares equal to 10 percent of the Company\u2019s issued common shares. The authorization was for a
period of 18 months from the date of the 2022 General Meeting of Shareholders. The authorization was renewed in the same
terms at the AGM on April 13, 2023 for a period of 18 months from the date of the 2023 General Meeting of Shareholders
and therefore up to and including October 12, 2024.
During 2022, the Company completed a share buyback transaction relating to the exercise of the General Motors
(\u201cGM\u201d) warrants. This related to the acquisition of Opel/Vauxhall from GM by Groupe PSA in 2017 and on the date of the
merger between FCA and PSA these were converted into Stellantis equity warrants. On September 15, 2022, the warrants
were exercised by GM and the Company issued 69,125,544 common shares that it immediately repurchased for a total
disbursement of \u20ac923\u00a0million. All the repurchased shares were cancelled following the resolution adopted by the shareholders
at the AGM on April 13, 2023.
In February 2023, the Company announced a Share Buyback Program (the \u201cProgram\u201d), covering up to
\u20ac1,500\u00a0million (total purchase price excluding ancillary costs) to be executed in the open market with the intent to cancel the
common shares acquired through the Program. The purchase price per common share will be no higher than an amount equal
to 110 percent of the market price of the shares on the NYSE, Euronext Milan or Euronext Paris. The market price is
calculated as the average of the highest price on each of the 5 days of trading prior to the date on which the acquisition is
made, as shown in the official price list of the NYSE, Euronext Milan or Euronext Paris. The share buybacks are subject to
market conditions and in compliance with applicable rules and regulations, including the Market Abuse Regulation 596/2014
and the Commission Delegated Regulation (EU) 2016/1052. Following the share buyback transaction mentioned above, the
remaining authorization stood at approximately 244\u00a0million shares, which was expected to be adequate to cover this Program,
as well as any repurchase(s) of the 99.2\u00a0million shares currently owned by Dongfeng Corporation under the terms announced
on July 15, 2022.
In March 2023, the Company entered into an agreement with an independent investment firm that makes its trading
decisions concerning the timing of purchases independently of the Company. This agreement related to the first tranche of the
Program for a maximum amount of up to \u20ac500\u00a0million which started in March 2023 and ended in May 2023. Total common
shares purchased under this tranche were 33,249,812 at an average price of \u20ac15.04 per share for total cash paid of
\u20ac500\u00a0million.\u00a0
In June 2023, the Company entered into the second tranche of its Program with an independent investment firm for a
maximum amount of up to \u20ac500\u00a0million, starting in June 2023 and to end no later than September 2023. Total common
shares purchased under this tranche were 30,660,186 at an average price of \u20ac16.31 per share for total cash paid of
\u20ac500\u00a0million.
In September 2023, the Company entered into the third tranche of its Program with an independent investment firm
for a maximum amount of up to \u20ac500\u00a0million, starting in September 2023 and to end no later than December 2023. Total
common shares purchased under this tranche were 28,180,299 at an average price of \u20ac17.74 per share for total cash paid of
\u20ac500\u00a0million.
Dongfeng share repurchase
As part of an agreed share repurchase framework between Stellantis and Dongfeng, during November 2023, the
Company agreed to repurchase 50\u00a0million common shares for a total consideration of \u20ac934\u00a0million which represents
approximately 1.6 percent of Stellantis\u2019 share capital from Dongfeng. Per the pre-agreed terms of the share repurchase
framework, pricing was set at the five-day average closing price of Stellantis shares on the Euronext Milan for the period
ending immediately prior to the date on which Dongfeng submitted an offer. The purchase of Stellantis common shares by
Stellantis from Dongfeng was carried out under the authority granted by Stellantis\u2019 general meeting of April 2023. The
Company intends to cancel these shares.
Dongfeng retained 49.2\u00a0million common shares, representing approximately 1.6 percent of Stellantis\u2019 share capital
post-cancellation.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-783": { "value": "
Other reserves:
Other reserves comprised the following:
\u2022 legal reserves of \u20ac18,639 million at December\u00a031, 2023 (\u20ac18,037 million at December\u00a031, 2022) determined in
accordance with Dutch law and primarily relating to development expenditures capitalized by subsidiaries and
their earnings, subject to certain restrictions on distributions to Stellantis;
\u2022 capital reserves of \u20ac17,980 million at December\u00a031, 2023 (\u20ac20,119 million at December\u00a031, 2022);
\u2022 retained earnings, after the separation of the legal reserve, of positive \u20ac24,322 million (positive \u20ac13,873 million
at December\u00a031, 2022); and
\u2022 profit attributable to owners of the parent of \u20ac18,596 million for the year ended December\u00a031, 2023 (\u20ac16,799
million for the year ended December\u00a031, 2022).
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-784": { "value": "18596000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-785": { "value": "16799000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" }, "links": { "ftTyp_fact-footnote": { "ftGrp_default": [ "fn-1" ] } } }, "f-786": { "value": "-910000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxCashFlowHedges", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-787": { "value": "-482000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxCashFlowHedges", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-788": { "value": "149000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxCashFlowHedges", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-789": { "value": "-228000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-790": { "value": "1753000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-791": { "value": "2488000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-792": { "value": "-1927000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-793": { "value": "2013000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-794": { "value": "2005000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-795": { "value": "
Policies and processes for managing capital
The objectives identified by the Company for managing capital were to create value for shareholders as a whole,
safeguard business continuity and support the growth of the Company. As a result, the Company endeavored to maintain an
adequate level of capital that, at the same time, enables it to obtain a satisfactory economic return for its shareholders and
guarantee economic access to external sources of funds, including by means of achieving an adequate credit rating.
The Company constantly monitors its net financial position in comparison with net equity and the generation of cash
from its industrial activities. In order to reach these objectives, the Company continues to aim for improvement in the
profitability of its operations. Furthermore, the Board of Directors may make proposals to Stellantis shareholders at a general
meeting to reduce or increase share capital or, where permitted by law, to distribute reserves. The Company may also make
purchases of treasury shares, without exceeding the limits authorized at a general meeting of Stellantis shareholders, under
the same logic of creating value, compatible with the objectives of achieving financial equilibrium and an improvement in the
Company's rating.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-796": { "value": "
Dividends proposed, declared and paid
On April 13, 2023, the AGM approved an ordinary dividend distribution of \u20ac1.34 per common share corresponding
to a total distribution of approximately \u20ac4.2\u00a0billion, that was paid on May 4, 2023.
On February 15, 2024, the Company announced an ordinary dividend of \u20ac4.7\u00a0billion corresponding to \u20ac1.55 per
share to be paid, subject to shareholder approval. The expected dates for NYSE, Euronext Milan and Euronext Paris will be
as follows: (i) ex-date April 22, 2024, (ii) record date April 23, 2024, and (iii) payment date May 3, 2024.
Dividend policy
Common shares
The Company\u2019s dividend policy contemplates an annual ordinary dividend to the holders of common shares
targeting a payout ratio of 25 percent - 30 percent of the Company\u2019s Net profit for the relevant prior financial year.
The actual level of dividend to be distributed by the Company will be determined by the Board of Directors in its
sole discretion and will be subject to earnings, cash balances, commitments, strategic plans and any other factors that the
Board of Directors may deem relevant at the time of a dividend distribution, including adjustments for income or costs that
are significant in nature but expected to occur infrequently.
Special voting shares
The holders of special voting shares are not entitled to any distributions. However, pursuant to article 29.4 of the
Company's articles of association, from any amount of profits not reserved by the Board of Directors, first an amount shall be
allocated and added to a separate special voting shares dividend reserve for the benefit of the holders of special voting shares
(the \"Special Voting Shares Dividend Reserve\"). The Company has no intention to propose any distribution from the Special
Voting Shares Dividend Reserve.
Dividends received, interest expense and taxes paid
During the years ended December 31, 2023, 2022 and 2021, the Company paid interest of \u20ac1,126\u00a0million and
received interest of \u20ac2,917\u00a0million, \u20ac937\u00a0million and \u20ac1,201\u00a0million, \u20ac1,185\u00a0million and \u20ac347\u00a0million, respectively. Amounts
indicated are also inclusive of interest rate differentials paid or received on interest rate derivatives.
During the years ended December 31, 2023, 2022 and 2021, the Company made income tax payments, net of
refunds, totaling \u20ac2,649\u00a0million, \u20ac2,860\u00a0million and \u20ac2,170\u00a0million, respectively.
During the years ended December 31, 2023, 2022 and 2021, the Company received dividends of \u20ac312\u00a0million,
\u20ac217\u00a0million and \u20ac405\u00a0million, respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-797": { "value": "1.34", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-798": { "value": "4700000000", "decimals": -8, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-799": { "value": "1.55", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-800": { "value": "
28.
Earnings per share
Basic earnings per share
Basic earnings per share for the years ended December 31, 2023, 2022 and 2021 was determined by dividing the
Net profit attributable to the equity holders of the parent by the weighted average number of shares outstanding during each
period.
The following tables provide the amounts used in the calculation of basic earnings per share:
Years ended December 31,
2023
2022
2021
Net profit attributable to owners of the parent
million
\u20ac18,596
\u20ac16,799
\u20ac14,200
Weighted average number of shares outstanding
thousand
3,107,725
3,140,089
3,059,284
Basic earnings per share
\u20ac
\u20ac5.98
\u20ac5.35
\u20ac4.64
Years ended December 31,
2023
2022
2021
Net profit from continuing operations attributable to owners of the
parent
million
\u20ac18,596
\u20ac16,799
\u20ac13,210
Weighted average number of shares outstanding
thousand
3,107,725
3,140,089
3,059,284
Basic earnings per share from continuing operations
\u20ac
\u20ac5.98
\u20ac5.35
\u20ac4.32
Years ended December 31,
2023
2022
2021
Net profit from discontinued operations attributable to owners of the
parent
million
\u20ac\u2014
\u20ac\u2014
\u20ac990
Weighted average number of shares outstanding
thousand
3,107,725
3,140,089
3,059,284
Basic earnings per share from discontinued operations
\u20ac
\u20ac\u2014
\u20ac\u2014
\u20ac0.32
Diluted earnings per share
In order to calculate the diluted earnings per share, the weighted average number of shares outstanding was
increased to take into consideration the theoretical effect of potential common shares that would be issued for the restricted
and performance share units outstanding and unvested at December 31, 2023, 2022 and 2021 (Note 19, Share-based
compensation), as determined using the treasury stock method. Additionally, in 2021 the weighted average number of shares
outstanding was increased to reflect the 39,727,324 GM warrants issued by PSA in 2017, that became exercisable in July
2022.
There were no instruments excluded from the calculation of diluted earnings per share because of an anti-dilutive
impact for the years ended December 31, 2023, 2022 and 2021.
The following tables provide the amounts used in the calculation of diluted earnings per share:
Years ended December 31,
2023
2022
2021
Net profit attributable to owners of the parent
million
\u20ac18,596
\u20ac16,799
\u20ac14,200
Weighted average number of shares outstanding
thousand
3,107,725
3,140,089
3,059,284
Number of shares deployable for share-based compensation
thousand
24,733
23,870
23,651
Equity warrants delivered to GM
thousand
\u2014
\u2014
68,497
Weighted average number of shares outstanding for diluted earnings
per share
thousand
3,132,458
3,163,959
3,151,432
Diluted earnings per share
\u20ac
\u20ac5.94
\u20ac5.31
\u20ac4.51
Years ended December 31,
2023
2022
2021
Net profit from continuing operations attributable to owners of the
parent
million
\u20ac18,596
\u20ac16,799
\u20ac13,210
Weighted average number of shares outstanding
3,107,725
3,140,089
3,059,284
Number of shares deployable for share-based compensation
thousand
24,733
23,870
23,651
Equity warrants delivered to GM
thousand
\u2014
\u2014
68,497
Weighted average number of shares outstanding for diluted earnings
per share
thousand
3,132,458
3,163,959
3,151,432
Diluted earnings per share from continuing operations
\u20ac
\u20ac5.94
\u20ac5.31
\u20ac4.19
Years ended December 31,
2023
2022
2021
Net profit from discontinued operations attributable to owners of the
parent
million
\u20ac\u2014
\u20ac\u2014
\u20ac990
Weighted average number of shares outstanding
3,107,725
3,140,089
3,059,284
Number of shares deployable for share-based compensation
thousand
24,733
23,870
23,651
Equity warrants delivered to GM
thousand
\u2014
\u2014
68,497
Weighted average number of shares outstanding for diluted earnings
per share
thousand
3,132,458
3,163,959
3,151,432
Diluted earnings per share from discontinued operations
\u20ac
\u20ac\u2014
\u20ac\u2014
\u20ac0.31
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"iso4217:EUR" } }, "f-820": { "value": "16799000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromContinuingOperationsAttributableToOrdinaryEquityHoldersOfParentEntity", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" }, "links": { "ftTyp_fact-footnote": { "ftGrp_default": [ "fn-1" ] } } }, "f-821": { "value": "13210000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromContinuingOperationsAttributableToOrdinaryEquityHoldersOfParentEntity", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" }, "links": { "ftTyp_fact-footnote": { "ftGrp_default": [ "fn-1" ] } } }, "f-822": { "value": "5.94", "decimals": 2, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShareFromContinuingOperations", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-823": { "value": "5.31", "decimals": 2, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShareFromContinuingOperations", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" }, "links": { "ftTyp_fact-footnote": { "ftGrp_default": [ "fn-1" ] } } }, "f-824": { "value": "4.19", "decimals": 2, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShareFromContinuingOperations", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" }, "links": { "ftTyp_fact-footnote": { "ftGrp_default": [ "fn-1" ] } } }, "f-825": { "value": "18625000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromContinuingOperations", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-826": { "value": "3793000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-827": { "value": "42000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:FinanceIncomeCost", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-828": { "value": "7549000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForDepreciationAndAmortisationExpense", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-829": { "value": "701000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForDeferredTaxExpense", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-830": { "value": "720000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherAdjustmentsForNoncashItems", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-831": { "value": "-195000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-832": { "value": "22485000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-833": { "value": "18625000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromContinuingOperations", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-834": { "value": "2460000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForProvisions", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-835": { "value": "5472000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInWorkingCapital", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-836": { "value": "-15047000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-837": { "value": "10193000000", "decimals": -6, "dimensions": { "concept": "stellantis:InvestmentsInPropertyPlantAndEquipmentAndIntangibleAssets", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-838": { "value": "1068000000", "decimals": -6, "dimensions": { "concept": "stellantis:ChangeInAmountsPayablePropertyPlantAndEquipementAndIntangibleAssets", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-839": { "value": "-3834000000", "decimals": -6, "dimensions": { "concept": "stellantis:NetChangeInReceivablesFromFinancingActivities", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-840": { "value": "3885000000", "decimals": -6, "dimensions": { "concept": "stellantis:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesAndPurchaseOfInterestAccountedForUsingEquityMethodClassifiedAsInvestingActivities", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-841": { "value": "533000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromDisposalsOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-842": { "value": "1457000000", "decimals": -6, "dimensions": { "concept": "stellantis:ProceedsFromDisposalOfSharesInConsolidatedCompaniesAndOfInvestmentsInNonConsolidatedCompanies", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-843": { "value": "-9200000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-844": { "value": "-214000000", "decimals": -6, "dimensions": { "concept": "stellantis:CashFlowsFromUsedInIncreaseDecreaseInNonCurrentBorrowings", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-845": { "value": "4208000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-846": { "value": "-2754000000", "decimals": -6, "dimensions": { "concept": "stellantis:CashFlowsFromUsedInIncreaseDecreaseInSecurities", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-847": { "value": "2434000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" }, "links": { "ftTyp_fact-footnote": { "ftGrp_default": [ "fn-2" ] } } }, "f-848": { "value": "328000000", "decimals": -6, "dimensions": { "concept": "stellantis:CashFlowsFromUsedInIncreaseDecreaseInShortTermDebtOtherFinancialAssetsAndLiabilities", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-849": { "value": "
Financial market risks
Due to the nature of the Company\u2019s business, the Company is exposed to a variety of market risks, primarily foreign
currency exchange rate risk, interest rate risk and commodity price risk.
The Company\u2019s exposure to foreign currency exchange rate risk arises both in connection with the geographical
distribution of the Company\u2019s industrial activities compared to the markets in which it sells its products, and in relation to the
use of external borrowing denominated in foreign currencies.
The Company\u2019s exposure to interest rate risk arises from the need to fund industrial and financial operating activities
and the necessity to invest surplus funds. Changes in market interest rates could have the effect of either increasing or
decreasing the Company\u2019s Net profit, thereby indirectly affecting the costs and returns of financing and investing
transactions.
The Company\u2019s exposure to commodity price risk arises from the risk of changes in the price of certain raw
materials and energy used in production. Changes in the price of raw materials could have a significant effect on the
Company\u2019s results by indirectly affecting costs and product margins.
These risks could significantly affect the Company\u2019s financial position and results and for this reason, these risks
were systematically identified and monitored, in order to detect potential negative effects in advance and take the necessary
actions to mitigate them, primarily through its operating and financing activities and if required, through the use of derivative
financial instruments in accordance with its established risk management policies.
The Company\u2019s policy permits derivatives to be used only for managing the exposure to fluctuations in foreign
currency exchange rates and interest rates as well as commodities prices connected with future cash flows and assets and
liabilities.
The Company utilizes derivative financial instruments designated as fair value hedges mainly to hedge:
\u2022 the foreign currency exchange rate risk on financial instruments denominated in foreign currency; and
\u2022 the interest rate risk on fixed rate loans, bonds and borrowings.
The instruments used for these hedges are mainly foreign currency forward contracts, interest rate swaps and
combined interest rate and foreign currency financial instruments.
The Company uses derivative financial instruments as cash flow hedges for the purpose of pre-determining:
\u2022 the exchange rate at which forecasted transactions denominated in foreign currencies would be accounted for;
\u2022 the interest paid on borrowings, both to match the fixed interest received on loans (customer financing activity),
and to achieve a targeted mix of floating versus fixed rate funding structured loans; and
\u2022 the price of certain commodities and components.
The foreign currency exchange rate exposure on forecasted commercial flows is hedged by foreign currency swaps,
forward contracts and foreign currency options. Interest rate exposures are usually hedged by interest rate swaps and, in
limited cases, by forward rate agreements. Exposure to changes in the price of commodities is generally hedged by using
commodity swaps and commodity options. Counterparties to these agreements are major financial institutions.
Refer to Note 17, Derivative financial and operating assets and liabilities for additional information on the fair
value of derivative financial instruments held at the balance sheet date.
Quantitative information on foreign currency exchange rate risk
The Company is exposed to risk resulting from changes in foreign currency exchange rates, which could affect its
earnings and equity. Where a Stellantis company incurred costs in a currency different from that of its revenues, any change
in exchange rates could affect the operating results of that company; the principal exchange rates to which the Company is
exposed are:
\u2022 EUR/GBP, relating to sales in the UK of vehicles produced in the Euro zone;
\u2022 CNY and JPY in relation to costs paid to Chinese and Japanese suppliers net of sales in China and Japan
respectively originating from European and North America entities;
\u2022 U.S.$/CAD and U.S.$/MXP, primarily relating to sales in Canada and Mexico of produced vehicles, net of local
cost and import in U.S. of Canadian produced vehicles;
\u2022 EUR/U.S.$, relating to sales and purchases (mainly linked to commodity) in U.S.$ made by European entities
and to sales and purchases in Euro made by U.S. entities;
\u2022 TRY and PLN, in relation to sales in Turkish and Poland markets, net of manufacturing costs incurred in
Turkey and Poland; and
\u2022 U.S.$/BRL and EUR/BRL, relating to Brazilian manufacturing operations and the related import and export
flows.
The Company\u2019s policy is to use derivative financial instruments to hedge a percentage of certain exposures subject
to foreign currency exchange rate risk for the upcoming twenty-four months (including such risk before or beyond that date
where it is deemed appropriate in relation to the characteristics of the business) and to hedge the exposure resulting from firm
commitments unless not deemed appropriate.
The Stellantis entities could have trade receivables or payables denominated in a currency different from their
respective functional currency. In addition, in a limited number of cases, it could be convenient from an economic point of
view, or it could be required under local market conditions, for the Stellantis entities to obtain financing or invest funds in a
currency different from their respective functional currency, e.g. Argentinian industrial companies (with U.S.$ as functional
currency) invest a significant amount of cash denominated in Argentine Pesos. Changes in exchange rates could result in
exchange gains or losses arising from these situations. The Company\u2019s policy is to hedge, whenever deemed appropriate, the
exposure resulting from receivables, payables, cash and securities denominated in foreign currencies different from the
respective Stellantis entity\u2019s functional currency.
Certain of the Stellantis entities are located in countries which are outside of the Eurozone, primarily the U.S.,
Brazil, Canada, Poland, Serbia, Turkey, Mexico, Argentina, India and China. As the Company's reporting currency is the
Euro, the income statements of those entities that have a reporting currency other than the Euro are translated into Euro using
the average exchange rate for the period. In addition, the assets and liabilities of those consolidated entities are translated into
Euro at the period-end foreign exchange rate. The effects of these changes in foreign exchange rates are recognized directly
in the Cumulative translation adjustments reserve included in Other comprehensive income. Changes in exchange rates could
lead to effects on the translated balances of revenues, costs and assets and liabilities reported in Euro, even when
corresponding items are unchanged in the respective local currency of these entities.
The Company monitors its principal exposure to conversion exchange risk and, in certain circumstances, enters into
derivatives for the purpose of hedging the specific risk.
The potential loss in fair value of derivative financial instruments held for foreign currency exchange rate risk
management (currency swaps/forwards) at December 31, 2023 resulting from a 10 percent change in the exchange rates
would have been approximately \u20ac163\u00a0million on the Consolidated Income Statement and \u20ac1,436\u00a0million in Other
comprehensive income.
This analysis assumes that a hypothetical, unfavorable 10 percent change in exchange rates as at year-end is applied
in the measurement of the fair value of derivative financial instruments.
Receivables, payables and future trade flows whose hedging transactions have been analyzed were not included in
this analysis. It is reasonable to assume that changes in market exchange rates would produce the opposite effect, of an equal
or greater amount, on the underlying transactions that have been hedged.
Quantitative information on interest rate risk
The manufacturing companies and treasuries of the Company make use of external borrowings and invest in
monetary and financial market instruments. In addition, the Stellantis entities sell receivables resulting from their trading
activities on a continuing basis. Changes in market interest rates could affect the cost of the various forms of financing,
including the sale of receivables, or the return on investments and the employment of funds, thus negatively impacting the net
financial expenses incurred by the Company.
In addition, the financial services companies provide loans (mainly to customers and dealers), financing themselves
using various forms of direct debt or asset-backed financing (e.g. factoring of receivables or securitizations). Where the
characteristics of the variability of the interest rate applied to loans granted differ from those of the variability of the cost of
the financing obtained, changes in the current level of interest rates could affect the operating result of those entities and the
Company as a whole.
In order to manage these risks, the Company uses interest rate derivative financial instruments, mainly interest rate
swaps and forward rate agreements, when available in the market, with the objective of mitigating, under economically
acceptable conditions, the potential variability of interest rates on the Company's Net profit.
In assessing the potential impact of changes in interest rates, the Company segregated fixed rate financial
instruments (for which the impact was assessed in terms of fair value) from floating rate and short term financial instruments
(for which the impact was assessed in terms of cash flows).
The fixed rate financial instruments used by the Company consisted principally of part of the portfolio of the
financial services companies (primarily customer financing and financial leases) and part of debt (including subsidized loans
and notes). These instruments are measured at amortized cost and changes in market interest rates for these instruments do
not affect Net profit or Equity. Certain financial securities are accounted for at FVPL. The impact of an unfavorable 50 basis
points change in interest rate levels would result in increase in financial expenses of \u20ac19\u00a0million due to the change in fair
values of these securities.
The Company entered in certain derivatives in order to manage interest rate risk on underlying debt exposures. An
unfavorable 50 basis points change in interest rates level applied to the interest rate derivatives outstanding at December 31,
2023 would have an impact of \u20ac58\u00a0million on financial expense. It is expected that this impact will be offset by an equivalent
gain on the underlying debt exposures.
In addition, financial services companies use derivatives in order to hedge the interest rate risk arising from the
mismatch between financial receivables and related funding. A 50 basis points change in interest rates level applied to the
interest rate derivatives outstanding at December 31, 2023 would have a negative impact of \u20ac28\u00a0million in Other
comprehensive income.
Floating rate financial instruments consisted principally of cash and cash equivalents, loans provided by the financial
services companies to the sales network and part of debt. The effect of the sale of receivables was also considered in the
sensitivity analysis.
A hypothetical 50 basis points change in short-term interest rates at December 31, 2023, applied to floating rate
financial assets and liabilities, operations for the sale of receivables and derivative financial instruments, would result in
increased net financial expenses, on an annual basis, of approximately \u20ac173\u00a0million.
This analysis is based on the assumption that there is an unfavorable change of 50 basis points of interest rate levels
across homogeneous categories. A homogeneous category is defined on the basis of the currency in which the financial assets
and liabilities are denominated. In addition, the sensitivity analysis applied to floating rate financial instruments assumes that
cash and cash equivalents and other short-term financial assets and liabilities which expire during the projected 12-month
period will be renewed or reinvested in similar instruments, that will reflect the hypothetical 50 basis points change in short-
term interest rates.
Quantitative information on commodity price risk
The Company, in addition to supply agreements that provide protections to the price increases and supply shortages,
entered into derivative contracts for certain commodities to hedge its exposure to commodity price risk associated with
buying raw materials and energy used in its normal operations, primarily base metals and PGM (platinum, palladium and
rhodium).
In connection with the commodity price derivative contracts outstanding at December 31, 2023, a hypothetical 10
percent change in the price of the commodities at that date would have caused a negative impact on the Other comprehensive
income of \u20ac501\u00a0million. Future trade flows whose hedging transactions have been analyzed were not considered in this
analysis. It is reasonable to assume that changes in commodity prices would produce the opposite effect, of an equal or
greater amount, on the underlying transactions that have been hedged.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-850": { "value": "
32.
Subsequent events
The Company has evaluated subsequent events through February\u00a022, 2024, which is the date the financial statements
were authorized for issuance.
On January 15, 2024, Stellantis obtained control of Comercial Automotiva S.A. through the acquisition of 70
percent of the voting equity interest of the company, with symmetrical put and call options to purchase the remaining 30
percent of the equity after December 31, 2026. Comercial Automotiva S.A. sells independent aftermarket auto parts, tires and
car maintenance services and currently has more than 126 shops in Brazil. The total consideration paid in cash at closing was
\u20ac133\u00a0million. The preliminary purchase price allocation has not been completed due to the proximity of the acquisition date
to December 31, 2023.
On January 26, 2024, Stellantis and the other partners to the ACC joint venture participated in a capital increase of
ACC. Stellantis provided \u20ac410\u00a0million towards the capital increase of which \u20ac300\u00a0million was paid in cash in January 2024
and \u20ac110\u00a0million from the conversion of a loan provided in 2023. Following the January 26, 2024 capital increase, Stellantis
holds 44.4 percent of the ACC share capital with the remaining equity equally distributed between the other two partners to
the ACC joint venture.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fn-1": { "value": "Share of the profit of equity method investees is included in our Operating income effective January 1, 2023. Comparatives for 2022 and 2021 have been adjusted accordingly.
Refer to Note 2, Basis of preparation for additional information
", "dimensions": { "concept": "xbrl:note", "noteId": "fn-1", "language": "en" } }, "fn-2": { "value": " Refer to Note 27, Equity for additional information", "dimensions": { "concept": "xbrl:note", "noteId": "fn-2", "language": "en" } }, "fn-3": { "value": "Includes:
\u2022 at December 31, 2021, the impact of the reduction in ownership of ARAMIS upon an IPO resulting in \u20ac178\u00a0million recognized as an increase in non-controlling interest
and \u20ac121\u00a0million recognized as additional retained earnings. Refer to Note 27, Equity;
\u2022 deferred hedging gains transferred to inventory, net of tax of \u20ac1\u00a0million (\u20ac25\u00a0million at December 31, 2022 and \u20ac30\u00a0million at December 31, 2021); and
\u2022 the effect of hyperinflation for entities whose functional currency is the Turkish Lira, beginning from January 1, 2022, and the Argentine Peso, from July 1, 2018 of
\u20ac323\u00a0million at December 31, 2023, \u20ac398\u00a0million at December 31, 2022 and \u20ac159\u00a0million at December 31, 2021.
", "dimensions": { "concept": "xbrl:note", "noteId": "fn-3", "language": "en" } } } }