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1.
Principal activities
Stellantis N.V. was created as a result of the merger between Peugeot S.A. (\u201cPSA\u201d) and Fiat Chrysler Automobiles
N.V. (\u201cFCA N.V.\u201d), effective on January 17, 2021, with FCA N.V. as the surviving company. Upon the merger, FCA N.V.
was renamed to Stellantis N.V., 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.
Stellantis is engaged in the design, engineering, manufacturing, distribution and sale of automobiles and light
commercial vehicles, engines, transmission systems, mobility services and metallurgical products. In addition, Stellantis is
involved in certain other activities, including software and data businesses and financial services activities relating to dealer,
customer financing as well as vehicles leasing and rental.
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). All figures shown are rounded to the nearest million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-607": { "value": "Stellantis N.V.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-608": { "value": "public limited liability company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-609": { "value": "Netherlands", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-610": { "value": "Taurusavenue 1, 2132LS Hoofddorp, the Netherlands", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-611": { "value": "Netherlands", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-612": { "value": "Stellantis is engaged in the design, engineering, manufacturing, distribution and sale of automobiles and light commercial vehicles, engines, transmission systems, mobility services and metallurgical products. In addition, Stellantis is involved in certain other activities, including software and data businesses and financial services activities relating to dealer, customer financing as well as vehicles leasing and rental.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-613": { "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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-615": { "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, 2024 (\u201cThe Consolidated Financial Statements\u201d) were authorized for issuance by the Stellantis Board of
Directors on February\u00a027, 2025 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-614": { "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, 2024 (\u201cThe Consolidated Financial Statements\u201d) were authorized for issuance by the Stellantis Board of
Directors on February\u00a027, 2025 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-616": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-617": { "value": "
Material accounting policies
Basis of consolidation
Subsidiaries
Subsidiaries are entities over which the Company has control. Control is achieved when the Company (i) has power
over the investee; (ii) when it is exposed to, or has rights to, variable returns from its involvement with the investee and (iii)
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 tests the carrying value of a joint venture or associate for impairment when
indicators of impairment are identified.
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.
For the years ended December 31, 2024, 2023 and 2022 the Company did not have any discontinued operations.
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:
2024
2023
2022
Average
At December 31
Average
At December 31
Average
At December 31
U.S. Dollar (USD)
1.082
1.039
1.081
1.105
1.054
1.067
Canadian Dollar (CAD)
1.482
1.495
1.460
1.464
1.370
1.444
Mexican Peso (MXN)
19.806
21.550
19.193
18.723
21.203
20.856
Pound Sterling (GBP)
0.847
0.829
0.870
0.869
0.853
0.887
Polish Zloty (PLN)
4.306
4.273
4.544
4.348
4.686
4.690
Swiss Franc (CHF)
0.953
0.941
0.972
0.926
1.005
0.985
Turkish Lira (TRY)(1)
n.a.
36.769
n.a.
32.603
n.a.
19.953
Brazilian Real (BRL)
5.828
6.435
5.401
5.350
5.441
5.568
Argentine Peso (ARS)(2)
n.a.
1071.106
n.a.
893.404
n.a.
188.915
Chinese Renminbi (CNY)
7.786
7.583
7.657
7.851
7.079
7.358
Japanese Yen (JPY)
163.844
163.060
151.854
156.330
137.931
140.660
____________________________________________________________________________________________________
n.a. = not applicable
(1) 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
(2) 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
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 5-9 years) or
propulsion systems (generally 10-12 years) developed.
The useful lives of capitalized development expenditures are reviewed at least annually, or more frequently if facts
and circumstances indicate that there could be a change from the previous assessment. Changes in useful lives are accounted
for as a change in accounting estimate prospectively from the date of change. The useful life assessment considers any
updates to the Company\u2019s product development strategy (including any climate-related changes in assumptions), reflecting
the Company\u2019s most recently approved plans (including the MTP),which would also reflect any regulatory developments (for
example the phasing out of certain technologies). Refer to the section \u201cClimate change\u201d for additional information.
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
development-costs are expensed as incurred.
Other intangible assets (consisting principally of patents) are amortized on a straight-line basis over the estimated
useful life.
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, 2024, 2023 and 2022, assets are 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 - Assets subject to operating leases
1 - 3
Other assets - Other assets
2 - 34
The useful life of property, plant and equipment is reviewed at least annually, or more frequently if facts and
circumstances indicate that there could be a change from the previous assessment. Changes in useful lives are accounted for
as a change in accounting estimate prospectively from the date of change. The useful life assessment considers any updates to
the Company\u2019s product development strategy (including any climate-related changes in assumptions), reflecting the
Company\u2019s most recently approved plans (including the MTP), which would also reflect any regulatory developments (for
example the phasing out of certain technologies). Refer to the section \u201cClimate change\u201d for additional information.
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, 2024 and 2023 was \u20ac324 million and \u20ac262 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
Semi-annually, or when 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 \u201cCritical judgements and use of estimates\u201d 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. Corp (\u201cSFS U.S.\u201d).
The Company classifies financial liabilities that arise from supplier finance arrangement within Trade payables in the
Consolidated Statement of Financial Position if they have a similar nature and function to trade payables. This is the case if
the supplier finance arrangement is part of the working capital used in the Company\u2019s normal operating cycle and the terms
of the liabilities that are part of the supply chain finance arrangement are not substantially different from the terms of trade
payables that are not part of the arrangement. Cash flows related to liabilities arising from supplier finance arrangements that
are classified in Trade payables in the Consolidated Statement of Financial Position are included in operating activities in the
Consolidated Statement of Cash Flows.
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 - Revenue from contracts with customers, 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 Net financial expenses/(income) 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 or upon transfer to the customer. 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 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 section Critical judgements and use of estimates - Sales incentives for additional information.
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.
For the vehicles sales where the contract includes a put option whereby the customer may require the Company to
repurchase the vehicles, the Company assesses whether a significant economic incentive exists for the customer to exercise
its put option:
\u2022 If it is concluded 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 customer and a liability is recognized equal to
the estimated amount of the residual value guarantee if any; and
\u2022 If it is concluded that a significant economic incentive exists, the contract is accounted for as an operating lease
similarly to a repurchase obligation, as described in Lease installments from assets sold with buy-back commitments
and from operating leases.
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
\u20ac320 million of deferred costs related to these services at December 31, 2024 (\u20ac254 million at December 31, 2023) and
recognized \u20ac106 million of amortization expense during the year ended December\u00a031, 2024 (\u20ac98 million and \u20ac91 million
during the year ended December\u00a031, 2023 and 2022, 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 and from operating leases
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 net residual value is
recognized within Cost of revenues in the Consolidated Income Statement over the contractual term.
The Company (primarily in North America through SFS US) also offers vehicles under operating leases as a lessor
to customers. The vehicles leased to customers under operating leases are recorded within Property, plant and equipment.\u00a0
Third party estimates are utilized in conjunction with proprietary modelling to develop expected residual values for
the vehicles accounted for as an operating lease. Changes in estimated residual value result in increases or decreases in
depreciation expenses over the remaining term of the lease. Expected residual values are analyzed quarterly and depreciation
rates adjusted accordingly. Factors that influence the expected residual value are not limited to but include macro-economic
factors such as fuel prices, industry supply and demand, manufacturer\u2019s incentive programs model changes or redesigns,
regulatory developments, and recent wholesale market performance. We record gains and losses upon the disposal of a leased
vehicle by comparing the net proceeds at disposition to the carrying value of the lease at disposal.
As the Company progresses on its transformation to become a sustainable mobility tech company (refer to the
section \u201cClimate change\u201d for additional information), the proportion of assets sold with a buy back commitment made up by
LEVs is expected to increase, the residual values for which are currently more challenging to estimate than ICE vehicles (for
multiple reasons including limited historical data for LEV resales and the speed of technological developments in particular
with regards to battery chemistry and range). The Company factors in these additional risks into the residual value estimates
of LEV vehicles meaning that in general their LEVs depreciate at a faster rate than ICE vehicles.
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 (\u20ac997 million, \u20ac563 million and \u20ac289 million for the years ended
December 31, 2024, 2023 and 2022, respectively). Cost of revenues also included \u20ac179 million, \u20ac82 million and \u20ac31 million
related to the decrease in value for assets sold with buy-back commitments for the years ended December 31, 2024, 2023 and
2022, respectively. In addition, estimated costs related to product warranty and recall campaigns were recorded within Cost
of revenues (refer to the section Critical judgements and 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 over the same periods as the related costs which they are intended to offset.
Government grants related to assets are recognized as a reduction in the cost of the corresponding assets.
Government grants related to income are recognized as a reduction of the expense they are intended to compensate.
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 the section Critical judgements and use of estimates - Recoverability of deferred
tax assets for additional information.
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 25, Fair value measurement, for additional information on fair value measurements.
Critical judgements and 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, currency 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 5.25 percent and 5.17 percent at December\u00a031, 2024 and 2023, respectively.
At December\u00a031, 2024, 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
U.S. and
Canada
Other
(\u20ac million)
25 basis point decrease in discount rate
573
106
45
415
7
25 basis point increase in discount rate
(549)
(100)
(43)
(399)
(7)
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, currency 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, 2024, 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
(13)
100 basis point increase in health care cost trend rate
15
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 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. 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.
The MTP represents the Company\u2019s most recent approved business plan, which reflects its production plan based on
the latest interpretation of the changing geo-political and economic circumstances and is developed using the Company\u2019s
climate related assumptions and targets. Refer to the section \u201cClimate change\u201d for additional information. 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, 2024, 2023 and 2022, 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, which ranges from 8.8 percent to 24.1 percent, reflecting a current market assessment of the time value of
money and the risks specific to the CGUs.\u202f
During the year ended December 31, 2024, impairment losses of \u20ac1,063 million were recognized, mainly related to
impairment of certain platform assets in Maserati and Enlarged Europe driven by a decrease in projected vehicle margins and
the cancellation of certain projects prior to launch.
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.
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. Refer to the section \u201cClimate change\u201d for additional information.
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:
\u2022 The expected future cash flows covering the period from October 1, 2024 through December 31, 2027. 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;
\u2022 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 1.9 percent to 2.1 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; and
\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 8.8 percent to 24.1
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. The carrying amount of the Maserati segment was determined to be
in excess of the recoverable amount as a result of decreases in projected margins. As such, an impairment of \u20ac514 million
was recognized. No other impairments of goodwill and intangible assets with indefinite useful lives were recognized for the
year ended December 31, 2024. We do not consider that a reasonably possible change in impairment test assumptions,
including discount rate, long-term growth AOI margins and long-term growth rate, would result in an impairment of the
CGUs to which goodwill and indefinite lived intangibles have been allocated. No impairment charges were recognized for
Goodwill and Intangible assets with indefinite useful lives for the years ended December 31, 2023 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 MTP (refer to the section \u201cClimate change\u201d for additional information).
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.
The key estimate that is developed by the Company is the expected incentive cost needed to facilitate the sales of the
inventory by the dealers. This key estimate uses multiple inputs, such as 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-619": { "value": "
Basis of consolidation
Subsidiaries
Subsidiaries are entities over which the Company has control. Control is achieved when the Company (i) has power
over the investee; (ii) when it is exposed to, or has rights to, variable returns from its involvement with the investee and (iii)
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 tests the carrying value of a joint venture or associate for impairment when
indicators of impairment are identified.
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.
For the years ended December 31, 2024, 2023 and 2022 the Company did not have any discontinued operations.
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:
2024
2023
2022
Average
At December 31
Average
At December 31
Average
At December 31
U.S. Dollar (USD)
1.082
1.039
1.081
1.105
1.054
1.067
Canadian Dollar (CAD)
1.482
1.495
1.460
1.464
1.370
1.444
Mexican Peso (MXN)
19.806
21.550
19.193
18.723
21.203
20.856
Pound Sterling (GBP)
0.847
0.829
0.870
0.869
0.853
0.887
Polish Zloty (PLN)
4.306
4.273
4.544
4.348
4.686
4.690
Swiss Franc (CHF)
0.953
0.941
0.972
0.926
1.005
0.985
Turkish Lira (TRY)(1)
n.a.
36.769
n.a.
32.603
n.a.
19.953
Brazilian Real (BRL)
5.828
6.435
5.401
5.350
5.441
5.568
Argentine Peso (ARS)(2)
n.a.
1071.106
n.a.
893.404
n.a.
188.915
Chinese Renminbi (CNY)
7.786
7.583
7.657
7.851
7.079
7.358
Japanese Yen (JPY)
163.844
163.060
151.854
156.330
137.931
140.660
____________________________________________________________________________________________________
n.a. = not applicable
(1) 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
(2) 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
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-618": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-620": { "value": "
Subsidiaries
Subsidiaries are entities over which the Company has control. Control is achieved when the Company (i) has power
over the investee; (ii) when it is exposed to, or has rights to, variable returns from its involvement with the investee and (iii)
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-621": { "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 tests the carrying value of a joint venture or associate for impairment when
indicators of impairment are identified.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-623": { "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 tests the carrying value of a joint venture or associate for impairment when
indicators of impairment are identified.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-622": { "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 tests the carrying value of a joint venture or associate for impairment when
indicators of impairment are identified.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-625": { "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.
For the years ended December 31, 2024, 2023 and 2022 the Company did not have any discontinued operations.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-624": { "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.
For the years ended December 31, 2024, 2023 and 2022 the Company did not have any discontinued operations.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-626": { "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.
For the years ended December 31, 2024, 2023 and 2022 the Company did not have any discontinued operations.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-628": { "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:
2024
2023
2022
Average
At December 31
Average
At December 31
Average
At December 31
U.S. Dollar (USD)
1.082
1.039
1.081
1.105
1.054
1.067
Canadian Dollar (CAD)
1.482
1.495
1.460
1.464
1.370
1.444
Mexican Peso (MXN)
19.806
21.550
19.193
18.723
21.203
20.856
Pound Sterling (GBP)
0.847
0.829
0.870
0.869
0.853
0.887
Polish Zloty (PLN)
4.306
4.273
4.544
4.348
4.686
4.690
Swiss Franc (CHF)
0.953
0.941
0.972
0.926
1.005
0.985
Turkish Lira (TRY)(1)
n.a.
36.769
n.a.
32.603
n.a.
19.953
Brazilian Real (BRL)
5.828
6.435
5.401
5.350
5.441
5.568
Argentine Peso (ARS)(2)
n.a.
1071.106
n.a.
893.404
n.a.
188.915
Chinese Renminbi (CNY)
7.786
7.583
7.657
7.851
7.079
7.358
Japanese Yen (JPY)
163.844
163.060
151.854
156.330
137.931
140.660
____________________________________________________________________________________________________
n.a. = not applicable
(1) 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
(2) 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
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-627": { "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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-629": { "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 5-9 years) or
propulsion systems (generally 10-12 years) developed.
The useful lives of capitalized development expenditures are reviewed at least annually, or more frequently if facts
and circumstances indicate that there could be a change from the previous assessment. Changes in useful lives are accounted
for as a change in accounting estimate prospectively from the date of change. The useful life assessment considers any
updates to the Company\u2019s product development strategy (including any climate-related changes in assumptions), reflecting
the Company\u2019s most recently approved plans (including the MTP),which would also reflect any regulatory developments (for
example the phasing out of certain technologies). Refer to the section \u201cClimate change\u201d for additional information.
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
development-costs are expensed as incurred.
Other intangible assets (consisting principally of patents) are amortized on a straight-line basis over the estimated
useful life.
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 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. 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.
The MTP represents the Company\u2019s most recent approved business plan, which reflects its production plan based on
the latest interpretation of the changing geo-political and economic circumstances and is developed using the Company\u2019s
climate related assumptions and targets. Refer to the section \u201cClimate change\u201d for additional information. 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, 2024, 2023 and 2022, 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, which ranges from 8.8 percent to 24.1 percent, reflecting a current market assessment of the time value of
money and the risks specific to the CGUs.\u202f
During the year ended December 31, 2024, impairment losses of \u20ac1,063 million were recognized, mainly related to
impairment of certain platform assets in Maserati and Enlarged Europe driven by a decrease in projected vehicle margins and
the cancellation of certain projects prior to launch.
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.
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. Refer to the section \u201cClimate change\u201d for additional information.
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:
\u2022 The expected future cash flows covering the period from October 1, 2024 through December 31, 2027. 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;
\u2022 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 1.9 percent to 2.1 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; and
\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 8.8 percent to 24.1
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. The carrying amount of the Maserati segment was determined to be
in excess of the recoverable amount as a result of decreases in projected margins. As such, an impairment of \u20ac514 million
was recognized. No other impairments of goodwill and intangible assets with indefinite useful lives were recognized for the
year ended December 31, 2024. We do not consider that a reasonably possible change in impairment test assumptions,
including discount rate, long-term growth AOI margins and long-term growth rate, would result in an impairment of the
CGUs to which goodwill and indefinite lived intangibles have been allocated. No impairment charges were recognized for
Goodwill and Intangible assets with indefinite useful lives for the years ended December 31, 2023 and 2022.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-631": { "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. Refer to the section \u201cClimate change\u201d for additional information.
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:
\u2022 The expected future cash flows covering the period from October 1, 2024 through December 31, 2027. 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;
\u2022 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 1.9 percent to 2.1 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; and
\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 8.8 percent to 24.1
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. The carrying amount of the Maserati segment was determined to be
in excess of the recoverable amount as a result of decreases in projected margins. As such, an impairment of \u20ac514 million
was recognized. No other impairments of goodwill and intangible assets with indefinite useful lives were recognized for the
year ended December 31, 2024. We do not consider that a reasonably possible change in impairment test assumptions,
including discount rate, long-term growth AOI margins and long-term growth rate, would result in an impairment of the
CGUs to which goodwill and indefinite lived intangibles have been allocated. No impairment charges were recognized for
Goodwill and Intangible assets with indefinite useful lives for the years ended December 31, 2023 and 2022.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-630": { "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. Refer to the section \u201cClimate change\u201d for additional information.
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:
\u2022 The expected future cash flows covering the period from October 1, 2024 through December 31, 2027. 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;
\u2022 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 1.9 percent to 2.1 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; and
\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 8.8 percent to 24.1
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. The carrying amount of the Maserati segment was determined to be
in excess of the recoverable amount as a result of decreases in projected margins. As such, an impairment of \u20ac514 million
was recognized. No other impairments of goodwill and intangible assets with indefinite useful lives were recognized for the
year ended December 31, 2024. We do not consider that a reasonably possible change in impairment test assumptions,
including discount rate, long-term growth AOI margins and long-term growth rate, would result in an impairment of the
CGUs to which goodwill and indefinite lived intangibles have been allocated. No impairment charges were recognized for
Goodwill and Intangible assets with indefinite useful lives for the years ended December 31, 2023 and 2022.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-632": { "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 5-9 years) or
propulsion systems (generally 10-12 years) developed.
The useful lives of capitalized development expenditures are reviewed at least annually, or more frequently if facts
and circumstances indicate that there could be a change from the previous assessment. Changes in useful lives are accounted
for as a change in accounting estimate prospectively from the date of change. The useful life assessment considers any
updates to the Company\u2019s product development strategy (including any climate-related changes in assumptions), reflecting
the Company\u2019s most recently approved plans (including the MTP),which would also reflect any regulatory developments (for
example the phasing out of certain technologies). Refer to the section \u201cClimate change\u201d for additional information.
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
development-costs are expensed as incurred.
Other intangible assets (consisting principally of patents) are amortized on a straight-line basis over the estimated
useful life.
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 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. 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.
The MTP represents the Company\u2019s most recent approved business plan, which reflects its production plan based on
the latest interpretation of the changing geo-political and economic circumstances and is developed using the Company\u2019s
climate related assumptions and targets. Refer to the section \u201cClimate change\u201d for additional information. 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, 2024, 2023 and 2022, 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, which ranges from 8.8 percent to 24.1 percent, reflecting a current market assessment of the time value of
money and the risks specific to the CGUs.\u202f
During the year ended December 31, 2024, impairment losses of \u20ac1,063 million were recognized, mainly related to
impairment of certain platform assets in Maserati and Enlarged Europe driven by a decrease in projected vehicle margins and
the cancellation of certain projects prior to launch.
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.
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. Refer to the section \u201cClimate change\u201d for additional information.
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:
\u2022 The expected future cash flows covering the period from October 1, 2024 through December 31, 2027. 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;
\u2022 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 1.9 percent to 2.1 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; and
\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 8.8 percent to 24.1
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. The carrying amount of the Maserati segment was determined to be
in excess of the recoverable amount as a result of decreases in projected margins. As such, an impairment of \u20ac514 million
was recognized. No other impairments of goodwill and intangible assets with indefinite useful lives were recognized for the
year ended December 31, 2024. We do not consider that a reasonably possible change in impairment test assumptions,
including discount rate, long-term growth AOI margins and long-term growth rate, would result in an impairment of the
CGUs to which goodwill and indefinite lived intangibles have been allocated. No impairment charges were recognized for
Goodwill and Intangible assets with indefinite useful lives for the years ended December 31, 2023 and 2022.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-633": { "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 5-9 years) or
propulsion systems (generally 10-12 years) developed.
The useful lives of capitalized development expenditures are reviewed at least annually, or more frequently if facts
and circumstances indicate that there could be a change from the previous assessment. Changes in useful lives are accounted
for as a change in accounting estimate prospectively from the date of change. The useful life assessment considers any
updates to the Company\u2019s product development strategy (including any climate-related changes in assumptions), reflecting
the Company\u2019s most recently approved plans (including the MTP),which would also reflect any regulatory developments (for
example the phasing out of certain technologies). Refer to the section \u201cClimate change\u201d for additional information.
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
development-costs are expensed as incurred.
Other intangible assets (consisting principally of patents) are amortized on a straight-line basis over the estimated
useful life.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-634": { "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, 2024, 2023 and 2022, assets are 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 - Assets subject to operating leases
1 - 3
Other assets - Other assets
2 - 34
The useful life of property, plant and equipment is reviewed at least annually, or more frequently if facts and
circumstances indicate that there could be a change from the previous assessment. Changes in useful lives are accounted for
as a change in accounting estimate prospectively from the date of change. The useful life assessment considers any updates to
the Company\u2019s product development strategy (including any climate-related changes in assumptions), reflecting the
Company\u2019s most recently approved plans (including the MTP), which would also reflect any regulatory developments (for
example the phasing out of certain technologies). Refer to the section \u201cClimate change\u201d 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 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. 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.
The MTP represents the Company\u2019s most recent approved business plan, which reflects its production plan based on
the latest interpretation of the changing geo-political and economic circumstances and is developed using the Company\u2019s
climate related assumptions and targets. Refer to the section \u201cClimate change\u201d for additional information. 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, 2024, 2023 and 2022, 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, which ranges from 8.8 percent to 24.1 percent, reflecting a current market assessment of the time value of
money and the risks specific to the CGUs.\u202f
During the year ended December 31, 2024, impairment losses of \u20ac1,063 million were recognized, mainly related to
impairment of certain platform assets in Maserati and Enlarged Europe driven by a decrease in projected vehicle margins and
the cancellation of certain projects prior to launch.
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-636": { "value": "
Property, plant and equipment
Depreciation
During the years ended December\u00a031, 2024, 2023 and 2022, assets are 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 - Assets subject to operating leases
1 - 3
Other assets - Other assets
2 - 34
The useful life of property, plant and equipment is reviewed at least annually, or more frequently if facts and
circumstances indicate that there could be a change from the previous assessment. Changes in useful lives are accounted for
as a change in accounting estimate prospectively from the date of change. The useful life assessment considers any updates to
the Company\u2019s product development strategy (including any climate-related changes in assumptions), reflecting the
Company\u2019s most recently approved plans (including the MTP), which would also reflect any regulatory developments (for
example the phasing out of certain technologies). Refer to the section \u201cClimate change\u201d for additional information.
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 (\u20ac997 million, \u20ac563 million and \u20ac289 million for the years ended
December 31, 2024, 2023 and 2022, respectively). Cost of revenues also included \u20ac179 million, \u20ac82 million and \u20ac31 million
related to the decrease in value for assets sold with buy-back commitments for the years ended December 31, 2024, 2023 and
2022, respectively. In addition, estimated costs related to product warranty and recall campaigns were recorded within Cost
of revenues (refer to the section Critical judgements and 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-635": { "value": "
Property, plant and equipment
Depreciation
During the years ended December\u00a031, 2024, 2023 and 2022, assets are 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 - Assets subject to operating leases
1 - 3
Other assets - Other assets
2 - 34
The useful life of property, plant and equipment is reviewed at least annually, or more frequently if facts and
circumstances indicate that there could be a change from the previous assessment. Changes in useful lives are accounted for
as a change in accounting estimate prospectively from the date of change. The useful life assessment considers any updates to
the Company\u2019s product development strategy (including any climate-related changes in assumptions), reflecting the
Company\u2019s most recently approved plans (including the MTP), which would also reflect any regulatory developments (for
example the phasing out of certain technologies). Refer to the section \u201cClimate change\u201d for additional information.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-638": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-637": { "value": "
Borrowing Costs
The amount of borrowing costs capitalized in the years ended
December\u00a031, 2024 and 2023 was \u20ac324 million and \u20ac262 million, respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-639": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-641": { "value": "
Impairment of long-lived assets
Semi-annually, or when 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 \u201cCritical judgements and use of estimates\u201d 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 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. 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.
The MTP represents the Company\u2019s most recent approved business plan, which reflects its production plan based on
the latest interpretation of the changing geo-political and economic circumstances and is developed using the Company\u2019s
climate related assumptions and targets. Refer to the section \u201cClimate change\u201d for additional information. 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, 2024, 2023 and 2022, 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, which ranges from 8.8 percent to 24.1 percent, reflecting a current market assessment of the time value of
money and the risks specific to the CGUs.\u202f
During the year ended December 31, 2024, impairment losses of \u20ac1,063 million were recognized, mainly related to
impairment of certain platform assets in Maserati and Enlarged Europe driven by a decrease in projected vehicle margins and
the cancellation of certain projects prior to launch.
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.
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. Refer to the section \u201cClimate change\u201d for additional information.
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:
\u2022 The expected future cash flows covering the period from October 1, 2024 through December 31, 2027. 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;
\u2022 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 1.9 percent to 2.1 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; and
\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 8.8 percent to 24.1
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. The carrying amount of the Maserati segment was determined to be
in excess of the recoverable amount as a result of decreases in projected margins. As such, an impairment of \u20ac514 million
was recognized. No other impairments of goodwill and intangible assets with indefinite useful lives were recognized for the
year ended December 31, 2024. We do not consider that a reasonably possible change in impairment test assumptions,
including discount rate, long-term growth AOI margins and long-term growth rate, would result in an impairment of the
CGUs to which goodwill and indefinite lived intangibles have been allocated. No impairment charges were recognized for
Goodwill and Intangible assets with indefinite useful lives for the years ended December 31, 2023 and 2022.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-640": { "value": "
Impairment of long-lived assets
Semi-annually, or when 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 \u201cCritical judgements and use of estimates\u201d 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 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. 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.
The MTP represents the Company\u2019s most recent approved business plan, which reflects its production plan based on
the latest interpretation of the changing geo-political and economic circumstances and is developed using the Company\u2019s
climate related assumptions and targets. Refer to the section \u201cClimate change\u201d for additional information. 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, 2024, 2023 and 2022, 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, which ranges from 8.8 percent to 24.1 percent, reflecting a current market assessment of the time value of
money and the risks specific to the CGUs.\u202f
During the year ended December 31, 2024, impairment losses of \u20ac1,063 million were recognized, mainly related to
impairment of certain platform assets in Maserati and Enlarged Europe driven by a decrease in projected vehicle margins and
the cancellation of certain projects prior to launch.
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.
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. Refer to the section \u201cClimate change\u201d for additional information.
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:
\u2022 The expected future cash flows covering the period from October 1, 2024 through December 31, 2027. 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;
\u2022 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 1.9 percent to 2.1 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; and
\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 8.8 percent to 24.1
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. The carrying amount of the Maserati segment was determined to be
in excess of the recoverable amount as a result of decreases in projected margins. As such, an impairment of \u20ac514 million
was recognized. No other impairments of goodwill and intangible assets with indefinite useful lives were recognized for the
year ended December 31, 2024. We do not consider that a reasonably possible change in impairment test assumptions,
including discount rate, long-term growth AOI margins and long-term growth rate, would result in an impairment of the
CGUs to which goodwill and indefinite lived intangibles have been allocated. No impairment charges were recognized for
Goodwill and Intangible assets with indefinite useful lives for the years ended December 31, 2023 and 2022.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-644": { "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. Corp (\u201cSFS U.S.\u201d).
The Company classifies financial liabilities that arise from supplier finance arrangement within Trade payables in the
Consolidated Statement of Financial Position if they have a similar nature and function to trade payables. This is the case if
the supplier finance arrangement is part of the working capital used in the Company\u2019s normal operating cycle and the terms
of the liabilities that are part of the supply chain finance arrangement are not substantially different from the terms of trade
payables that are not part of the arrangement. Cash flows related to liabilities arising from supplier finance arrangements that
are classified in Trade payables in the Consolidated Statement of Financial Position are included in operating activities in the
Consolidated Statement of Cash Flows.
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 - Revenue from contracts with customers, 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 Net financial expenses/(income) 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-643": { "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. Corp (\u201cSFS U.S.\u201d).
The Company classifies financial liabilities that arise from supplier finance arrangement within Trade payables in the
Consolidated Statement of Financial Position if they have a similar nature and function to trade payables. This is the case if
the supplier finance arrangement is part of the working capital used in the Company\u2019s normal operating cycle and the terms
of the liabilities that are part of the supply chain finance arrangement are not substantially different from the terms of trade
payables that are not part of the arrangement. Cash flows related to liabilities arising from supplier finance arrangements that
are classified in Trade payables in the Consolidated Statement of Financial Position are included in operating activities in the
Consolidated Statement of Cash Flows.
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 - Revenue from contracts with customers, 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 Net financial expenses/(income) 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-642": { "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. Corp (\u201cSFS U.S.\u201d).
The Company classifies financial liabilities that arise from supplier finance arrangement within Trade payables in the
Consolidated Statement of Financial Position if they have a similar nature and function to trade payables. This is the case if
the supplier finance arrangement is part of the working capital used in the Company\u2019s normal operating cycle and the terms
of the liabilities that are part of the supply chain finance arrangement are not substantially different from the terms of trade
payables that are not part of the arrangement. Cash flows related to liabilities arising from supplier finance arrangements that
are classified in Trade payables in the Consolidated Statement of Financial Position are included in operating activities in the
Consolidated Statement of Cash Flows.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-647": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-646": { "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 Net financial expenses/(income) 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-645": { "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 - Revenue from contracts with customers, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-648": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-651": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-650": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-649": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-652": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-653": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-654": { "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, currency 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 5.25 percent and 5.17 percent at December\u00a031, 2024 and 2023, respectively.
At December\u00a031, 2024, 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
U.S. and
Canada
Other
(\u20ac million)
25 basis point decrease in discount rate
573
106
45
415
7
25 basis point increase in discount rate
(549)
(100)
(43)
(399)
(7)
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, currency 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, 2024, 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
(13)
100 basis point increase in health care cost trend rate
15
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-655": { "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, currency 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 5.25 percent and 5.17 percent at December\u00a031, 2024 and 2023, respectively.
At December\u00a031, 2024, 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
U.S. and
Canada
Other
(\u20ac million)
25 basis point decrease in discount rate
573
106
45
415
7
25 basis point increase in discount rate
(549)
(100)
(43)
(399)
(7)
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, currency 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, 2024, 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
(13)
100 basis point increase in health care cost trend rate
15
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.
The key estimate that is developed by the Company is the expected incentive cost needed to facilitate the sales of the
inventory by the dealers. This key estimate uses multiple inputs, such as 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-656": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-657": { "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 or upon transfer to the customer. 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 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 section Critical judgements and use of estimates - Sales incentives for additional information.
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.
For the vehicles sales where the contract includes a put option whereby the customer may require the Company to
repurchase the vehicles, the Company assesses whether a significant economic incentive exists for the customer to exercise
its put option:
\u2022 If it is concluded 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 customer and a liability is recognized equal to
the estimated amount of the residual value guarantee if any; and
\u2022 If it is concluded that a significant economic incentive exists, the contract is accounted for as an operating lease
similarly to a repurchase obligation, as described in Lease installments from assets sold with buy-back commitments
and from operating leases.
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
\u20ac320 million of deferred costs related to these services at December 31, 2024 (\u20ac254 million at December 31, 2023) and
recognized \u20ac106 million of amortization expense during the year ended December\u00a031, 2024 (\u20ac98 million and \u20ac91 million
during the year ended December\u00a031, 2023 and 2022, 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 and from operating leases
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 net residual value is
recognized within Cost of revenues in the Consolidated Income Statement over the contractual term.
The Company (primarily in North America through SFS US) also offers vehicles under operating leases as a lessor
to customers. The vehicles leased to customers under operating leases are recorded within Property, plant and equipment.\u00a0
Third party estimates are utilized in conjunction with proprietary modelling to develop expected residual values for
the vehicles accounted for as an operating lease. Changes in estimated residual value result in increases or decreases in
depreciation expenses over the remaining term of the lease. Expected residual values are analyzed quarterly and depreciation
rates adjusted accordingly. Factors that influence the expected residual value are not limited to but include macro-economic
factors such as fuel prices, industry supply and demand, manufacturer\u2019s incentive programs model changes or redesigns,
regulatory developments, and recent wholesale market performance. We record gains and losses upon the disposal of a leased
vehicle by comparing the net proceeds at disposition to the carrying value of the lease at disposal.
As the Company progresses on its transformation to become a sustainable mobility tech company (refer to the
section \u201cClimate change\u201d for additional information), the proportion of assets sold with a buy back commitment made up by
LEVs is expected to increase, the residual values for which are currently more challenging to estimate than ICE vehicles (for
multiple reasons including limited historical data for LEV resales and the speed of technological developments in particular
with regards to battery chemistry and range). The Company factors in these additional risks into the residual value estimates
of LEV vehicles meaning that in general their LEVs depreciate at a faster rate than ICE vehicles.
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.
The key estimate that is developed by the Company is the expected incentive cost needed to facilitate the sales of the
inventory by the dealers. This key estimate uses multiple inputs, such as 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-658": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-659": { "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 over the same periods as the related costs which they are intended to offset.
Government grants related to assets are recognized as a reduction in the cost of the corresponding assets.
Government grants related to income are recognized as a reduction of the expense they are intended to compensate.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-661": { "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 the section Critical judgements and use of estimates - Recoverability of deferred
tax assets for additional information.
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 MTP (refer to the section \u201cClimate change\u201d for additional information).
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-660": { "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 the section Critical judgements and use of estimates - Recoverability of deferred
tax assets for additional information.
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 MTP (refer to the section \u201cClimate change\u201d for additional information).
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-662": { "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 25, Fair value measurement, for additional information on fair value measurements.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-664": { "value": "
Critical judgements and 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. The following items discussed in this section are topics
which we consider to have sources of estimation uncertainties that may have a significant risk of resulting in a material
adjustment to the carrying amount of assets and liabilities in the next 12 months.
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, currency 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 5.25 percent and 5.17 percent at December\u00a031, 2024 and 2023, respectively.
At December\u00a031, 2024, 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
U.S. and
Canada
Other
(\u20ac million)
25 basis point decrease in discount rate
573
106
45
415
7
25 basis point increase in discount rate
(549)
(100)
(43)
(399)
(7)
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, currency 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, 2024, 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
(13)
100 basis point increase in health care cost trend rate
15
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 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. 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.
The MTP represents the Company\u2019s most recent approved business plan, which reflects its production plan based on
the latest interpretation of the changing geo-political and economic circumstances and is developed using the Company\u2019s
climate related assumptions and targets. Refer to the section \u201cClimate change\u201d for additional information. 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, 2024, 2023 and 2022, 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, which ranges from 8.8 percent to 24.1 percent, reflecting a current market assessment of the time value of
money and the risks specific to the CGUs.\u202f
During the year ended December 31, 2024, impairment losses of \u20ac1,063 million were recognized, mainly related to
impairment of certain platform assets in Maserati and Enlarged Europe driven by a decrease in projected vehicle margins and
the cancellation of certain projects prior to launch.
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.
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. Refer to the section \u201cClimate change\u201d for additional information.
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:
\u2022 The expected future cash flows covering the period from October 1, 2024 through December 31, 2027. 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;
\u2022 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 1.9 percent to 2.1 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; and
\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 8.8 percent to 24.1
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. The carrying amount of the Maserati segment was determined to be
in excess of the recoverable amount as a result of decreases in projected margins. As such, an impairment of \u20ac514 million
was recognized. No other impairments of goodwill and intangible assets with indefinite useful lives were recognized for the
year ended December 31, 2024. We do not consider that a reasonably possible change in impairment test assumptions,
including discount rate, long-term growth AOI margins and long-term growth rate, would result in an impairment of the
CGUs to which goodwill and indefinite lived intangibles have been allocated. No impairment charges were recognized for
Goodwill and Intangible assets with indefinite useful lives for the years ended December 31, 2023 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 MTP (refer to the section \u201cClimate change\u201d for additional information).
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.
The key estimate that is developed by the Company is the expected incentive cost needed to facilitate the sales of the
inventory by the dealers. This key estimate uses multiple inputs, such as 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 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 - Critical judgements and 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, 2024
(\u20ac million)
Tax Groups:
France
\u20ac1,640
\u20ac(1,621)
\u20ac19
Germany
381
(381)
\u2014
Spain
509
(95)
414
Italy
3,665
(639)
3,026
Other Jurisdictions:
Brazil
1,921
(1,616)
305
Others
666
(337)
329
Total
\u20ac8,782
\u20ac(4,689)
\u20ac4,093
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
At December 31 2024 and 2023, the Company had total tax-effected tax loss carry-forwards of \u20ac8.8\u00a0billion and
\u20ac9.1\u00a0billion, respectively, of which \u20ac4.1\u00a0billion and \u20ac6.3\u00a0billion were not recognized, respectively. The majority of the
Company\u2019s tax loss carry-forwards do not expire, such as France, Germany, Italy, Spain and Brazil. 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.
20.
Employee benefits liabilities
Pension benefits
The Company\u2019s funding policy for defined benefit pension plans, to directly make benefit payments where
appropriate, 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, 2024, the combined credit balances for the U.S. and
Canada qualified pension plans were approximately \u20ac2.0 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, 2024, the
Company made pension contributions in the U.S. and Canada totaling \u20ac40\u00a0million. Contributions to the pension plans of the
Company for 2025 are expected to be \u20ac81 million, including both contributions to pension funds and direct benefit payments
to employees. Of this amount, \u20ac31 million relates to the U.S. and Canada, with \u20ac25\u00a0million being mandatory contributions
and \u20ac6\u00a0million discretionary contributions, \u20ac10 million relates to the UK, and \u20ac15 million relates to Germany.
The expected benefit payments for pension plans are as follows:
Expected\u00a0benefit
payments
(\u20ac\u00a0million)
2025
\u20ac1,894
2026
\u20ac1,896
2027
\u20ac1,900
2028
\u20ac1,853
2029
\u20ac1,840
2030-2034
\u20ac8,807
The weighted average assumptions used to determine defined benefit obligations were as follows:
At December 31,
2024
2023
U.S.
Canada
UK
France
Germany
U.S.
Canada
UK
France
Germany
Discount rate
5.70%
4.61%
5.23%
3.39%
3.42%
5.43%
4.64%
5.29%
4.46%
3.99%
Future salary
increase rate
\u2014%
3.50%
2.65%
2.85%
2.70%
\u2014%
3.50%
2.70%
2.77%
2.80%
The average duration of U.S., Canada, UK, France and Germany liabilities was approximately 9, 10, 12, 7 and 15,
respectively. Refer to Note 2, Basis of preparation,for additional information on the Company\u2019s sensitivity analysis.
The average longevity at retirement age for current pensioners (male/female) were as follows:
2024
U.S.
Canada
UK
France
Germany
Life Expectancy at Age 65
Male retiring in 25 years (Aged 40)
20.68
21.88
23.13
N/A
24.26
Female retiring in 25 years (Aged 40)
22.15
24.11
25.63
N/A
27.00
Male retiring today (Aged 65)
19.19
20.63
21.40
11.26
20.90
Female retiring today (Aged 65)
20.79
22.94
23.82
10.76
24.27
", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-663": { "value": "
Critical judgements and 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. The following items discussed in this section are topics
which we consider to have sources of estimation uncertainties that may have a significant risk of resulting in a material
adjustment to the carrying amount of assets and liabilities in the next 12 months.
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, currency 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 5.25 percent and 5.17 percent at December\u00a031, 2024 and 2023, respectively.
At December\u00a031, 2024, 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
U.S. and
Canada
Other
(\u20ac million)
25 basis point decrease in discount rate
573
106
45
415
7
25 basis point increase in discount rate
(549)
(100)
(43)
(399)
(7)
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, currency 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, 2024, 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
(13)
100 basis point increase in health care cost trend rate
15
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 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. 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.
The MTP represents the Company\u2019s most recent approved business plan, which reflects its production plan based on
the latest interpretation of the changing geo-political and economic circumstances and is developed using the Company\u2019s
climate related assumptions and targets. Refer to the section \u201cClimate change\u201d for additional information. 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, 2024, 2023 and 2022, 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, which ranges from 8.8 percent to 24.1 percent, reflecting a current market assessment of the time value of
money and the risks specific to the CGUs.\u202f
During the year ended December 31, 2024, impairment losses of \u20ac1,063 million were recognized, mainly related to
impairment of certain platform assets in Maserati and Enlarged Europe driven by a decrease in projected vehicle margins and
the cancellation of certain projects prior to launch.
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.
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. Refer to the section \u201cClimate change\u201d for additional information.
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:
\u2022 The expected future cash flows covering the period from October 1, 2024 through December 31, 2027. 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;
\u2022 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 1.9 percent to 2.1 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; and
\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 8.8 percent to 24.1
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. The carrying amount of the Maserati segment was determined to be
in excess of the recoverable amount as a result of decreases in projected margins. As such, an impairment of \u20ac514 million
was recognized. No other impairments of goodwill and intangible assets with indefinite useful lives were recognized for the
year ended December 31, 2024. We do not consider that a reasonably possible change in impairment test assumptions,
including discount rate, long-term growth AOI margins and long-term growth rate, would result in an impairment of the
CGUs to which goodwill and indefinite lived intangibles have been allocated. No impairment charges were recognized for
Goodwill and Intangible assets with indefinite useful lives for the years ended December 31, 2023 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 MTP (refer to the section \u201cClimate change\u201d for additional information).
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.
The key estimate that is developed by the Company is the expected incentive cost needed to facilitate the sales of the
inventory by the dealers. This key estimate uses multiple inputs, such as 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 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 - Critical judgements and 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, 2024
(\u20ac million)
Tax Groups:
France
\u20ac1,640
\u20ac(1,621)
\u20ac19
Germany
381
(381)
\u2014
Spain
509
(95)
414
Italy
3,665
(639)
3,026
Other Jurisdictions:
Brazil
1,921
(1,616)
305
Others
666
(337)
329
Total
\u20ac8,782
\u20ac(4,689)
\u20ac4,093
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
At December 31 2024 and 2023, the Company had total tax-effected tax loss carry-forwards of \u20ac8.8\u00a0billion and
\u20ac9.1\u00a0billion, respectively, of which \u20ac4.1\u00a0billion and \u20ac6.3\u00a0billion were not recognized, respectively. The majority of the
Company\u2019s tax loss carry-forwards do not expire, such as France, Germany, Italy, Spain and Brazil. 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.
20.
Employee benefits liabilities
Pension benefits
The Company\u2019s funding policy for defined benefit pension plans, to directly make benefit payments where
appropriate, 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, 2024, the combined credit balances for the U.S. and
Canada qualified pension plans were approximately \u20ac2.0 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, 2024, the
Company made pension contributions in the U.S. and Canada totaling \u20ac40\u00a0million. Contributions to the pension plans of the
Company for 2025 are expected to be \u20ac81 million, including both contributions to pension funds and direct benefit payments
to employees. Of this amount, \u20ac31 million relates to the U.S. and Canada, with \u20ac25\u00a0million being mandatory contributions
and \u20ac6\u00a0million discretionary contributions, \u20ac10 million relates to the UK, and \u20ac15 million relates to Germany.
The expected benefit payments for pension plans are as follows:
Expected\u00a0benefit
payments
(\u20ac\u00a0million)
2025
\u20ac1,894
2026
\u20ac1,896
2027
\u20ac1,900
2028
\u20ac1,853
2029
\u20ac1,840
2030-2034
\u20ac8,807
The weighted average assumptions used to determine defined benefit obligations were as follows:
At December 31,
2024
2023
U.S.
Canada
UK
France
Germany
U.S.
Canada
UK
France
Germany
Discount rate
5.70%
4.61%
5.23%
3.39%
3.42%
5.43%
4.64%
5.29%
4.46%
3.99%
Future salary
increase rate
\u2014%
3.50%
2.65%
2.85%
2.70%
\u2014%
3.50%
2.70%
2.77%
2.80%
The average duration of U.S., Canada, UK, France and Germany liabilities was approximately 9, 10, 12, 7 and 15,
respectively. Refer to Note 2, Basis of preparation,for additional information on the Company\u2019s sensitivity analysis.
The average longevity at retirement age for current pensioners (male/female) were as follows:
2024
U.S.
Canada
UK
France
Germany
Life Expectancy at Age 65
Male retiring in 25 years (Aged 40)
20.68
21.88
23.13
N/A
24.26
Female retiring in 25 years (Aged 40)
22.15
24.11
25.63
N/A
27.00
Male retiring today (Aged 65)
19.19
20.63
21.40
11.26
20.90
Female retiring today (Aged 65)
20.79
22.94
23.82
10.76
24.27
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-665": { "value": "Critical judgements and 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. The following items discussed in this section are topics which we consider to have sources of estimation uncertainties that may have a significant risk of resulting in a material adjustment to the carrying amount of assets and liabilities in the next 12 months. 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, currency 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 5.25 percent and 5.17 percent at December\u00a031, 2024 and 2023, respectively. At December\u00a031, 2024, 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 U.S. and CanadaOther (\u20ac million) 25 basis point decrease in discount rate57310645415725 basis point increase in discount rate(549)(100)(43)(399)(7)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, currency 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, 2024, 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(13)100 basis point increase in health care cost trend rate15Refer 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 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. 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. The MTP represents the Company\u2019s most recent approved business plan, which reflects its production plan based on the latest interpretation of the changing geo-political and economic circumstances and is developed using the Company\u2019s climate related assumptions and targets. Refer to the section \u201cClimate change\u201d for additional information. 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, 2024, 2023 and 2022, 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, which ranges from 8.8 percent to 24.1 percent, reflecting a current market assessment of the time value of money and the risks specific to the CGUs.\u202f During the year ended December 31, 2024, impairment losses of \u20ac1,063 million were recognized, mainly related to impairment of certain platform assets in Maserati and Enlarged Europe driven by a decrease in projected vehicle margins and the cancellation of certain projects prior to launch.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.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. Refer to the section \u201cClimate change\u201d for additional information.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:\u2022 The expected future cash flows covering the period from October 1, 2024 through December 31, 2027. 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; \u2022 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 1.9 percent to 2.1 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; and\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 8.8 percent to 24.1 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. The carrying amount of the Maserati segment was determined to be in excess of the recoverable amount as a result of decreases in projected margins. As such, an impairment of \u20ac514 million was recognized. No other impairments of goodwill and intangible assets with indefinite useful lives were recognized for the year ended December 31, 2024. We do not consider that a reasonably possible change in impairment test assumptions, including discount rate, long-term growth AOI margins and long-term growth rate, would result in an impairment of the CGUs to which goodwill and indefinite lived intangibles have been allocated. No impairment charges were recognized for Goodwill and Intangible assets with indefinite useful lives for the years ended December 31, 2023 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 MTP (refer to the section \u201cClimate change\u201d for additional information). 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. The key estimate that is developed by the Company is the expected incentive cost needed to facilitate the sales of the inventory by the dealers. This key estimate uses multiple inputs, such as 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 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 - Critical judgements and 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, 2024 (\u20ac million) Tax Groups: France \u20ac1,640\u20ac(1,621)\u20ac19Germany 381(381)\u2014Spain 509(95)414Italy 3,665(639)3,026Other Jurisdictions: Brazil 1,921(1,616)305Others 666(337)329Total \u20ac8,782\u20ac(4,689)\u20ac4,093Tax 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)\u20ac6,305At December 31 2024 and 2023, the Company had total tax-effected tax loss carry-forwards of \u20ac8.8\u00a0billion and \u20ac9.1\u00a0billion, respectively, of which \u20ac4.1\u00a0billion and \u20ac6.3\u00a0billion were not recognized, respectively. The majority of the Company\u2019s tax loss carry-forwards do not expire, such as France, Germany, Italy, Spain and Brazil. 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. 20. Employee benefits liabilities The weighted average assumptions used to determine defined benefit obligations were as follows:At December 31, 2024 2023 U.S. Canada UK France Germany U.S. Canada UK France Germany Discount rate5.70%4.61%5.23%3.39%3.42%5.43%4.64%5.29%4.46%3.99%Future salary increase rate\u2014%3.50%2.65%2.85%2.70%\u2014%3.50%2.70%2.77%2.80%The average duration of U.S., Canada, UK, France and Germany liabilities was approximately 9, 10, 12, 7 and 15, respectively. Refer to Note 2, Basis of preparation,for additional information on the Company\u2019s sensitivity analysis.The average longevity at retirement age for current pensioners (male/female) were as follows:2024 U.S. Canada UK France Germany Life Expectancy at Age 65 Male retiring in 25 years (Aged 40) 20.68 21.88 23.13 N/A 24.26 Female retiring in 25 years (Aged 40) 22.15 24.11 25.63 N/A 27.00 Male retiring today (Aged 65) 19.19 20.63 21.40 11.26 20.90 Female retiring today (Aged 65) 20.79 22.94 23.82 10.76 24.27 ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-669": { "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 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. 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.
The MTP represents the Company\u2019s most recent approved business plan, which reflects its production plan based on
the latest interpretation of the changing geo-political and economic circumstances and is developed using the Company\u2019s
climate related assumptions and targets. Refer to the section \u201cClimate change\u201d for additional information. 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, 2024, 2023 and 2022, 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, which ranges from 8.8 percent to 24.1 percent, reflecting a current market assessment of the time value of
money and the risks specific to the CGUs.\u202f
During the year ended December 31, 2024, impairment losses of \u20ac1,063 million were recognized, mainly related to
impairment of certain platform assets in Maserati and Enlarged Europe driven by a decrease in projected vehicle margins and
the cancellation of certain projects prior to launch.
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.
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. Refer to the section \u201cClimate change\u201d for additional information.
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:
\u2022 The expected future cash flows covering the period from October 1, 2024 through December 31, 2027. 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;
\u2022 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 1.9 percent to 2.1 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; and
\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 8.8 percent to 24.1
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. The carrying amount of the Maserati segment was determined to be
in excess of the recoverable amount as a result of decreases in projected margins. As such, an impairment of \u20ac514 million
was recognized. No other impairments of goodwill and intangible assets with indefinite useful lives were recognized for the
year ended December 31, 2024. We do not consider that a reasonably possible change in impairment test assumptions,
including discount rate, long-term growth AOI margins and long-term growth rate, would result in an impairment of the
CGUs to which goodwill and indefinite lived intangibles have been allocated. No impairment charges were recognized for
Goodwill and Intangible assets with indefinite useful lives for the years ended December 31, 2023 and 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-668": { "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 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. 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.
The MTP represents the Company\u2019s most recent approved business plan, which reflects its production plan based on
the latest interpretation of the changing geo-political and economic circumstances and is developed using the Company\u2019s
climate related assumptions and targets. Refer to the section \u201cClimate change\u201d for additional information. 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, 2024, 2023 and 2022, 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, which ranges from 8.8 percent to 24.1 percent, reflecting a current market assessment of the time value of
money and the risks specific to the CGUs.\u202f
During the year ended December 31, 2024, impairment losses of \u20ac1,063 million were recognized, mainly related to
impairment of certain platform assets in Maserati and Enlarged Europe driven by a decrease in projected vehicle margins and
the cancellation of certain projects prior to launch.
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.
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. Refer to the section \u201cClimate change\u201d for additional information.
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:
\u2022 The expected future cash flows covering the period from October 1, 2024 through December 31, 2027. 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;
\u2022 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 1.9 percent to 2.1 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; and
\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 8.8 percent to 24.1
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. The carrying amount of the Maserati segment was determined to be
in excess of the recoverable amount as a result of decreases in projected margins. As such, an impairment of \u20ac514 million
was recognized. No other impairments of goodwill and intangible assets with indefinite useful lives were recognized for the
year ended December 31, 2024. We do not consider that a reasonably possible change in impairment test assumptions,
including discount rate, long-term growth AOI margins and long-term growth rate, would result in an impairment of the
CGUs to which goodwill and indefinite lived intangibles have been allocated. No impairment charges were recognized for
Goodwill and Intangible assets with indefinite useful lives for the years ended December 31, 2023 and 2022.
9.
Goodwill and intangible assets with indefinite useful lives
Goodwill and intangible assets with indefinite useful lives at December\u00a031, 2024 and 2023 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, 2023
\u20ac15,545
\u20ac(38)
\u20ac15,507
\u20ac16,212
\u20ac19
\u20ac31,738
Additions
66
\u2014
66
\u2014
5
71
Disposal
(12)
\u2014
(12)
\u2014
\u2014
(12)
Translation differences and
other
(388)
\u2014
(388)
(416)
1
(803)
At December 31, 2023
15,211
(38)
15,173
15,796
25
30,994
Additions(1)
290
\u2014
290
61
1
352
Impairment losses and assets
write-offs 2)
\u2014
(514)
(514)
\u2014
\u2014
(514)
Translation differences and
other
395
\u2014
395
761
(2)
1,154
At December 31, 2024
\u20ac15,896
\u20ac(552)
\u20ac15,344
\u20ac16,618
\u20ac24
\u20ac31,986
_______________________________________________________________________________________________________________________________________________
(1) Relates to Sopriam, Groupe 2L Logistics, PPETA, Comercial Automotiva S.A and other minor acquisitions. Refer to Note 3, Scope of consolidation for additional information
(2) Relates to impairment of platform assets in Maserati
Translation differences in 2024 primarily related to\u00a0foreign currency translations of the U.S. Dollar to the Euro and
Brazilian Real to the Euro.\u00a0
Translation differences in 2023 primarily related to foreign currency translation of U.S. Dollar to the Euro.
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 \u20ac514 million and nil impairment charges recognized in respect of Goodwill and intangible assets with
indefinite lives during the years ended December 31, 2024, and 2023, respectively. Refer to Note 2, Basis of preparation -
Critical judgements and 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, 2024
At December 31, 2023
(\u20ac million)
Goodwill
Brands
Goodwill
Brands
North America
\u20ac11,074
\u20ac12,546
\u20ac10,412
\u20ac11,795
Enlarged Europe
2,059
2,943
1,899
2,876
Middle East & Africa
107
\u2014
\u2014
\u2014
South America
1,332
51
1,550
\u2014
China and India & Asia Pacific
164
\u2014
170
\u2014
Maserati
\u2014
972
514
972
Other activities
608
106
628
153
Total
\u20ac15,344
\u20ac16,618
\u20ac15,173
\u20ac15,796
10.
Other intangible assets
Capitalized
development
expenditures
Patents,
concessions
and licenses
Other
intangible
assets
Total
(\u20ac million)
Gross carrying amount at January 1, 2023
\u20ac32,981
\u20ac916
\u20ac4,299
\u20ac38,196
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
Additions
4,150
82
454
4,686
Divestitures
(150)
(20)
(707)
(877)
Change in scope of consolidation
230
(2)
35
263
Transfer to Assets held for sale
\u2014
\u2014
(1)
(1)
Translation differences and other changes
677
23
92
792
At December 31, 2024
41,693
1,090
4,111
46,894
Accumulated amortization and impairment losses at
January 1, 2023
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
Amortization
2,149
98
211
2,458
Impairment losses, reversals and asset write-offs
693
1
\u2014
694
Divestitures
(156)
(19)
(28)
(203)
Change in scope of consolidation
(30)
\u2014
3
(27)
Translation differences and other changes
159
5
23
187
At December 31, 2024
22,026
719
1,770
24,515
Carrying amount at December 31, 2023
\u20ac17,575
\u20ac373
\u20ac2,677
\u20ac20,625
Carrying amount at December 31, 2024
\u20ac19,667
\u20ac371
\u20ac2,341
\u20ac22,379
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 2024, \u20ac694\u00a0million of impairment losses and asset write-offs were recognized, refer to Note 2, Basis of
preparation - Critical judgements and 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 2023, \u20ac122 million of impairment losses and asset write-offs were recognized.
At December\u00a031, 2024 and 2023, translation differences primarily related to depreciation of the Euro compared to
the U.S. Dollar.
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, 2024 and 2023, the Company had contractual commitments for the purchase of intangible assets
amounting to \u20ac331 million and \u20ac133 million, respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-667": { "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 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. 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.
The MTP represents the Company\u2019s most recent approved business plan, which reflects its production plan based on
the latest interpretation of the changing geo-political and economic circumstances and is developed using the Company\u2019s
climate related assumptions and targets. Refer to the section \u201cClimate change\u201d for additional information. 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, 2024, 2023 and 2022, 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, which ranges from 8.8 percent to 24.1 percent, reflecting a current market assessment of the time value of
money and the risks specific to the CGUs.\u202f
During the year ended December 31, 2024, impairment losses of \u20ac1,063 million were recognized, mainly related to
impairment of certain platform assets in Maserati and Enlarged Europe driven by a decrease in projected vehicle margins and
the cancellation of certain projects prior to launch.
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.
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. Refer to the section \u201cClimate change\u201d for additional information.
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:
\u2022 The expected future cash flows covering the period from October 1, 2024 through December 31, 2027. 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;
\u2022 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 1.9 percent to 2.1 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; and
\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 8.8 percent to 24.1
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. The carrying amount of the Maserati segment was determined to be
in excess of the recoverable amount as a result of decreases in projected margins. As such, an impairment of \u20ac514 million
was recognized. No other impairments of goodwill and intangible assets with indefinite useful lives were recognized for the
year ended December 31, 2024. We do not consider that a reasonably possible change in impairment test assumptions,
including discount rate, long-term growth AOI margins and long-term growth rate, would result in an impairment of the
CGUs to which goodwill and indefinite lived intangibles have been allocated. No impairment charges were recognized for
Goodwill and Intangible assets with indefinite useful lives for the years ended December 31, 2023 and 2022.
9.
Goodwill and intangible assets with indefinite useful lives
Goodwill and intangible assets with indefinite useful lives at December\u00a031, 2024 and 2023 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, 2023
\u20ac15,545
\u20ac(38)
\u20ac15,507
\u20ac16,212
\u20ac19
\u20ac31,738
Additions
66
\u2014
66
\u2014
5
71
Disposal
(12)
\u2014
(12)
\u2014
\u2014
(12)
Translation differences and
other
(388)
\u2014
(388)
(416)
1
(803)
At December 31, 2023
15,211
(38)
15,173
15,796
25
30,994
Additions(1)
290
\u2014
290
61
1
352
Impairment losses and assets
write-offs 2)
\u2014
(514)
(514)
\u2014
\u2014
(514)
Translation differences and
other
395
\u2014
395
761
(2)
1,154
At December 31, 2024
\u20ac15,896
\u20ac(552)
\u20ac15,344
\u20ac16,618
\u20ac24
\u20ac31,986
_______________________________________________________________________________________________________________________________________________
(1) Relates to Sopriam, Groupe 2L Logistics, PPETA, Comercial Automotiva S.A and other minor acquisitions. Refer to Note 3, Scope of consolidation for additional information
(2) Relates to impairment of platform assets in Maserati
Translation differences in 2024 primarily related to\u00a0foreign currency translations of the U.S. Dollar to the Euro and
Brazilian Real to the Euro.\u00a0
Translation differences in 2023 primarily related to foreign currency translation of U.S. Dollar to the Euro.
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 \u20ac514 million and nil impairment charges recognized in respect of Goodwill and intangible assets with
indefinite lives during the years ended December 31, 2024, and 2023, respectively. Refer to Note 2, Basis of preparation -
Critical judgements and 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, 2024
At December 31, 2023
(\u20ac million)
Goodwill
Brands
Goodwill
Brands
North America
\u20ac11,074
\u20ac12,546
\u20ac10,412
\u20ac11,795
Enlarged Europe
2,059
2,943
1,899
2,876
Middle East & Africa
107
\u2014
\u2014
\u2014
South America
1,332
51
1,550
\u2014
China and India & Asia Pacific
164
\u2014
170
\u2014
Maserati
\u2014
972
514
972
Other activities
608
106
628
153
Total
\u20ac15,344
\u20ac16,618
\u20ac15,173
\u20ac15,796
10.
Other intangible assets
Capitalized
development
expenditures
Patents,
concessions
and licenses
Other
intangible
assets
Total
(\u20ac million)
Gross carrying amount at January 1, 2023
\u20ac32,981
\u20ac916
\u20ac4,299
\u20ac38,196
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
Additions
4,150
82
454
4,686
Divestitures
(150)
(20)
(707)
(877)
Change in scope of consolidation
230
(2)
35
263
Transfer to Assets held for sale
\u2014
\u2014
(1)
(1)
Translation differences and other changes
677
23
92
792
At December 31, 2024
41,693
1,090
4,111
46,894
Accumulated amortization and impairment losses at
January 1, 2023
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
Amortization
2,149
98
211
2,458
Impairment losses, reversals and asset write-offs
693
1
\u2014
694
Divestitures
(156)
(19)
(28)
(203)
Change in scope of consolidation
(30)
\u2014
3
(27)
Translation differences and other changes
159
5
23
187
At December 31, 2024
22,026
719
1,770
24,515
Carrying amount at December 31, 2023
\u20ac17,575
\u20ac373
\u20ac2,677
\u20ac20,625
Carrying amount at December 31, 2024
\u20ac19,667
\u20ac371
\u20ac2,341
\u20ac22,379
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 2024, \u20ac694\u00a0million of impairment losses and asset write-offs were recognized, refer to Note 2, Basis of
preparation - Critical judgements and 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 2023, \u20ac122 million of impairment losses and asset write-offs were recognized.
At December\u00a031, 2024 and 2023, translation differences primarily related to depreciation of the Euro compared to
the U.S. Dollar.
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, 2024 and 2023, the Company had contractual commitments for the purchase of intangible assets
amounting to \u20ac331 million and \u20ac133 million, respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-670": { "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 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. 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.
The MTP represents the Company\u2019s most recent approved business plan, which reflects its production plan based on
the latest interpretation of the changing geo-political and economic circumstances and is developed using the Company\u2019s
climate related assumptions and targets. Refer to the section \u201cClimate change\u201d for additional information. 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, 2024, 2023 and 2022, 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, which ranges from 8.8 percent to 24.1 percent, reflecting a current market assessment of the time value of
money and the risks specific to the CGUs.\u202f
During the year ended December 31, 2024, impairment losses of \u20ac1,063 million were recognized, mainly related to
impairment of certain platform assets in Maserati and Enlarged Europe driven by a decrease in projected vehicle margins and
the cancellation of certain projects prior to launch.
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.
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
Advances\u00a0and
tangible\u00a0assets
in progress
Total
(\u20ac million)
Gross carrying amount at January 1, 2023
\u20ac1,549
\u20ac10,260
\u20ac49,691
\u20ac6,656
\u20ac3,663
\u20ac71,819
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
Additions
7
730
3,052
5,805
2,884
12,478
Divestitures and disposals
(19)
(321)
(1,761)
(609)
\u2014
(2,710)
Change in the scope of consolidation
5
42
(64)
207
29
219
Translation differences
3
142
596
382
175
1,298
Transfer to Assets held for sale
(22)
(75)
(11)
(2)
\u2014
(110)
Other changes
(31)
190
2,307
(227)
(2,519)
(280)
At December 31, 2024
1,391
10,823
54,846
14,001
6,111
87,172
Accumulated depreciation and impairment
losses at January 1, 2023
32
4,490
29,352
1,713
27
35,614
Depreciation
4
543
3,989
601
\u2014
5,137
Divestitures and disposal
(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
Depreciation
3
602
3,769
986
\u2014
5,360
Divestitures and disposals
(1)
(244)
(1,624)
(305)
\u2014
(2,174)
Impairment losses and asset write-offs
1
24
343
\u2014
1
369
Change in the scope of consolidation
\u2014
\u2014
(119)
49
\u2014
(70)
Translation differences
1
21
214
70
(2)
304
Transfer to Assets held for sale
\u2014
(34)
(4)
(1)
\u2014
(39)
Other changes
(5)
12
(138)
(43)
(5)
(179)
At December 31, 2024
31
5,024
34,249
2,838
19
42,161
Carrying amount at December 31, 2023
\u20ac1,416
\u20ac5,472
\u20ac18,919
\u20ac6,363
\u20ac5,517
\u20ac37,687
Carrying amount at December 31, 2024
\u20ac1,360
\u20ac5,799
\u20ac20,597
\u20ac11,163
\u20ac6,092
\u20ac45,011
Other assets includes vehicles sold with buy-back commitments for which the disposals are reported on a net basis
within the changes of gross carrying amount. Changes in Other assets segregated between owned assets held and used by
Stellantis and those subject to operating leases (including vehicles sold with a a buy-back commitment) are as follows:
Assets subject to
operating leases
Other assets
Total
(\u20ac million)
Gross carrying amount at January 1, 2023
\u20ac4,505
\u20ac2,151
\u20ac6,656
Additions
1,789
334
2,123
Divestitures and disposals
(60)
(232)
(292)
Translation differences
(24)
(43)
(67)
Change in scope
\u2014
(5)
(5)
Other changes
8
22
30
At December 31, 2023
6,218
2,227
8,445
Additions
5,201
604
5,805
Divestitures and disposals
(304)
(305)
(609)
Transfer to Assets held for sale
\u2014
(2)
(2)
Translation differences
310
72
382
Change in scope
64
143
207
Other changes
(281)
54
(227)
At December 31, 2024
11,208
2,793
14,001
Accumulated depreciation and impairment losses at January 1, 2023
491
1,222
1,713
Depreciation
132
469
601
Impairment losses and asset write offs
\u2014
1
1
Divestitures
(7)
(207)
(214)
Translation differences
\u2014
(28)
(28)
Other changes
8
1
9
At December 31, 2023
624
1,458
2,082
Depreciation
504
482
986
Divestitures
(18)
(287)
(305)
Transfer to Assets held for sale
\u2014
(1)
(1)
Translation differences
26
44
70
Change in scope
26
23
49
Other changes
(31)
(12)
(43)
At December 31, 2024
1,131
1,707
2,838
Carrying amount at December 31, 2023
\u20ac5,594
\u20ac769
\u20ac6,363
Carrying amount at December 31, 2024
\u20ac10,077
\u20ac1,086
\u20ac11,163
The increase in the carrying amount of assets subject to operating leases is primarily due to increases in our
financing activities within SFS U.S.
The maturity analysis of undiscounted annual lease payments (excluding assets subject to buy-back) to be received
is as follow:
At December 31,
2024
2023
(\u20ac million)
Within one year
\u20ac1,031
\u20ac348
Between one and two years
947
310
Between two and three years
479
205
Between three and four years
58
22
Between four and five years
3
\u2014
Later than five years
15
\u2014
Total undiscounted lease payments to be received
\u20ac2,533
\u20ac885
Property, plant and equipment included owned property, plant and equipment of \u20ac42,950 million at December\u00a031,
2024 (\u20ac35,903\u00a0million at December 31, 2023) and right-of-use assets of \u20ac2,061 million at December\u00a031, 2024 (\u20ac1,784\u00a0million
at December 31, 2023).
For the years ended December\u00a031, 2024 and 2023, the Company recognized a total of \u20ac369 million and \u20ac58 million,
respectively, of impairment losses and asset write-offs. Refer to Note 2, Basis of preparation - Critical judgements and use of
estimates - Recoverability of non-current assets with definite useful lives, for additional information on the impairment losses
and asset write-offs recognized.
These impairment charges were recognized within Cost of revenues in the Consolidated Income Statement for the
years ended December\u00a031, 2024, 2023 and 2022.
In 2024, translation differences of \u20ac994 million primarily reflected the foreign currency transaction impacts of U.S.
Dollar and Brazilian Real to the Euro. In 2023, translation differences of \u20ac(487) million primarily reflect the devaluation of
the U.S. Dollar partially mitigated by the appreciation of the Brazilian Real to the Euro.
At December\u00a031, 2024 and 2023, 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 \u20ac499 million
and \u20ac840 million, respectively.
At December\u00a031, 2024 and 2023, the Company had contractual commitments for the purchase of Property, plant and
equipment amounting to \u20ac2,711 million and \u20ac3,085 million, respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-666": { "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.
5.
Research and development costs
Research and development costs were as follows:
Years ended December 31,
2024
2023
2022
(\u20ac million)
Research and development expenditures expensed
\u20ac2,932
\u20ac3,300
\u20ac3,233
Amortization of capitalized development expenditures
2,149
2,193
1,889
Impairment and write-off of capitalized development expenditures
703
126
78
Total Research and development costs
\u20ac5,784
\u20ac5,619
\u20ac5,200
Refer to Note 2,\u00a0Basis of preparation - Critical judgements and 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, 2024, 2023 and 2022.
Refer to Note 10, Other intangible assets, for additional information on capitalized development expenditures.
8.
Other information by nature
Personnel costs for the Company for the years ended December 31, 2024 , 2023 and 2022 amounted to \u20ac17.1 billion,
\u20ac19.1 billion and \u20ac18.2 billion, respectively, and included costs that were capitalized mainly in connection with product
development activities. Personnel costs include wages and salaries, social security contributions, share-based compensation,
pension and other post-employment benefits.
Amounts relating to IFRS 16 recognized in Profit before taxes
Amounts recognized within Profit before taxes were as follows:
Years ended December 31,
2024
2023
2022
(\u20ac million)
Depreciation of right-of-use assets
\u20ac677
\u20ac607
\u20ac555
Interest expense on lease liabilities
64
63
63
Variable lease payments not included in the
measurement of lease liabilities
3
3
5
Income from sub-leasing right-of-use assets
(138)
(109)
(108)
Expenses relating to short-term leases and to leases
of low-value assets
219
111
107
Gains arising from sale and leaseback transactions
(248)
(155)
(119)
Total expense recognized in Net profit
\u20ac577
\u20ac520
\u20ac503
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 2024, \u20ac694\u00a0million of impairment losses and asset write-offs were recognized, refer to Note 2, Basis of
preparation - Critical judgements and 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-671": { "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. Refer to the section \u201cClimate change\u201d for additional information.
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:
\u2022 The expected future cash flows covering the period from October 1, 2024 through December 31, 2027. 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;
\u2022 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 1.9 percent to 2.1 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; and
\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 8.8 percent to 24.1
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. The carrying amount of the Maserati segment was determined to be
in excess of the recoverable amount as a result of decreases in projected margins. As such, an impairment of \u20ac514 million
was recognized. No other impairments of goodwill and intangible assets with indefinite useful lives were recognized for the
year ended December 31, 2024. We do not consider that a reasonably possible change in impairment test assumptions,
including discount rate, long-term growth AOI margins and long-term growth rate, would result in an impairment of the
CGUs to which goodwill and indefinite lived intangibles have been allocated. No impairment charges were recognized for
Goodwill and Intangible assets with indefinite useful lives for the years ended December 31, 2023 and 2022.
9.
Goodwill and intangible assets with indefinite useful lives
Goodwill and intangible assets with indefinite useful lives at December\u00a031, 2024 and 2023 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, 2023
\u20ac15,545
\u20ac(38)
\u20ac15,507
\u20ac16,212
\u20ac19
\u20ac31,738
Additions
66
\u2014
66
\u2014
5
71
Disposal
(12)
\u2014
(12)
\u2014
\u2014
(12)
Translation differences and
other
(388)
\u2014
(388)
(416)
1
(803)
At December 31, 2023
15,211
(38)
15,173
15,796
25
30,994
Additions(1)
290
\u2014
290
61
1
352
Impairment losses and assets
write-offs 2)
\u2014
(514)
(514)
\u2014
\u2014
(514)
Translation differences and
other
395
\u2014
395
761
(2)
1,154
At December 31, 2024
\u20ac15,896
\u20ac(552)
\u20ac15,344
\u20ac16,618
\u20ac24
\u20ac31,986
_______________________________________________________________________________________________________________________________________________
(1) Relates to Sopriam, Groupe 2L Logistics, PPETA, Comercial Automotiva S.A and other minor acquisitions. Refer to Note 3, Scope of consolidation for additional information
(2) Relates to impairment of platform assets in Maserati
Translation differences in 2024 primarily related to\u00a0foreign currency translations of the U.S. Dollar to the Euro and
Brazilian Real to the Euro.\u00a0
Translation differences in 2023 primarily related to foreign currency translation of U.S. Dollar to the Euro.
There were \u20ac514 million and nil impairment charges recognized in respect of Goodwill and intangible assets with
indefinite lives during the years ended December 31, 2024, and 2023, respectively. Refer to Note 2, Basis of preparation -
Critical judgements and 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, 2024
At December 31, 2023
(\u20ac million)
Goodwill
Brands
Goodwill
Brands
North America
\u20ac11,074
\u20ac12,546
\u20ac10,412
\u20ac11,795
Enlarged Europe
2,059
2,943
1,899
2,876
Middle East & Africa
107
\u2014
\u2014
\u2014
South America
1,332
51
1,550
\u2014
China and India & Asia Pacific
164
\u2014
170
\u2014
Maserati
\u2014
972
514
972
Other activities
608
106
628
153
Total
\u20ac15,344
\u20ac16,618
\u20ac15,173
\u20ac15,796
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-673": { "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 MTP (refer to the section \u201cClimate change\u201d for additional information).
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,
2024
2023
2022
(\u20ac million)
Current tax expense
\u20ac1,070
\u20ac3,405
\u20ac3,565
Deferred tax expense/(benefit)
(2,503)
559
(840)
Tax expense/(benefit) relating to prior periods(1)
(55)
(171)
4
Total Tax expense/(benefit)
\u20ac(1,488)
\u20ac3,793
\u20ac2,729
________________________________________________________________________________________________________________________________________________
(1) Tax expense/(benefit) relating to prior periods includes \u20ac372\u00a0million deferred tax expense, \u20ac173\u00a0million deferred tax expense and \u20ac161\u00a0million deferred tax expense for 2024,
2023 and 2022, 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 2024, 2023 and 2022, as follows:
Years ended December 31,
2024
2023
2022
(\u20ac million)
Profit/(loss) before tax
\u20ac4,032
\u20ac22,418
\u20ac19,508
Income tax rate
25.8%
25.8%
25.8%
Theoretical income taxes
\u20ac1,040
\u20ac5,784
\u20ac5,033
Tax effect on:
Differences between foreign tax rates and the theoretical applicable tax rate and
tax holidays
8
(407)
(495)
Recognition and utilization of previously unrecognized deferred tax assets
(2,512)
(740)
(1,153)
Deferred tax assets not recognized and write-downs
442
\u2014
47
Permanent differences
(5)
(470)
(406)
Tax credits
(531)
(299)
(221)
Withholding tax
57
44
21
Other differences
13
(119)
(97)
Total Tax expense/(benefit)
\u20ac(1,488)
\u20ac3,793
\u20ac2,729
Effective tax rate
-36.9%
16.9%
14.0%
The decrease in the effective tax rate to (36.9) percent in 2024 from 16.9 percent in 2023 is primarily related to non-
recurring \u20ac2.3\u00a0billion net tax benefit recorded in 2024 related to recognition of previously unrecognized Deferred tax assets in
Brazil.
We monitor the realizability of our deferred tax assets taking into account all relevant factors at each reporting
period. As of December 31, 2024, based on the relevant weight of positive and negative evidence, including the amount of
taxable income and cumulative earnings in recent years which is objective and verifiable, and consideration of our expected
future earnings, we concluded that it is probable that our Brazil deferred tax assets are realizable. As such, Deferred tax assets
of \u20ac2.3\u00a0billion were recognized.
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,
2024
2023
(\u20ac million)
Deferred tax assets(1)
\u20ac4,371
\u20ac2,152
Deferred tax liabilities(1)
(4,507)
(4,784)
Total Net deferred tax assets/(liabilities)
\u20ac(136)
\u20ac(2,632)
The decrease in Net deferred tax liabilities was mainly due to an increase in Net deferred tax assets in Brazil for non-
recurring \u20ac2.3\u00a0billion net tax benefit recorded in 2024 related to recognition of previously unrecognized Deferred tax assets,
along with a decrease in net deferred tax liabilities in North America. See Note 2, Basis of preparation - Critical judgements
and 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, 2024 and 2023 were as follows:
At January 1,
2024
Recognized in
Consolidated
Income
Statement
Recognized in
Equity
Transferred
to Assets/
(Liabilities)
Held for Sale
Translation
differences and
Other
At December
31, 2024
(\u20ac million)
Deferred tax liabilities arising on:
Accelerated depreciation
\u20ac(3,102)
\u20ac(304)
\u20ac\u2014
\u20ac\u2014
\u20ac(107)
\u20ac(3,513)
Capitalized development assets
(3,921)
471
\u2014
\u2014
27
(3,423)
Other Intangible assets and
Intangible assets with indefinite
useful lives
(3,869)
20
\u2014
\u2014
(185)
(4,034)
Right-of-use assets
(276)
(28)
\u2014
\u2014
(9)
(312)
Provision for employee benefits
(1,078)
(5)
66
\u2014
(50)
(1,067)
Other
(1,045)
(24)
(47)
10
(94)
(1,200)
Total deferred tax liabilities
\u20ac(13,291)
\u20ac131
\u20ac19
\u20ac10
\u20ac(417)
\u20ac(13,548)
Deferred tax assets arising on:
Provisions
4,468
467
\u2014
\u2014
(22)
4,914
Provision for employee benefits
1,953
214
(13)
\u2014
142
2,296
Lease liabilities
336
48
\u2014
\u2014
15
399
Impairment of tangible and
intangible assets
877
(232)
\u2014
\u2014
(13)
632
Inventories
444
(54)
\u2014
\u2014
(3)
386
Allowances for doubtful
accounts
59
15
\u2014
\u2014
(6)
69
Provision for buy back
153
(35)
\u2014
\u2014
33
151
Other
2,982
(203)
(109)
\u2014
(136)
2,534
Total deferred tax assets
\u20ac11,272
\u20ac220
\u20ac(122)
\u20ac\u2014
\u20ac10
\u20ac11,381
Unrecognized deferred tax assets
on temporary differences(1)
(3,377)
608
12
\u2014
100
(2,657)
Deferred tax assets arising on tax
loss carry-forwards
9,069
214
\u2014
\u2014
(501)
8,782
Unrecognized deferred tax assets
on tax loss carry-forwards
(6,305)
1,704
\u2014
\u2014
507
(4,094)
Total Net deferred tax assets/
(liabilities)
\u20ac(2,632)
\u20ac2,878
\u20ac(91)
\u20ac10
\u20ac(301)
\u20ac(136)
________________________________________________________________________________________________________________________________________________
(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 \u20ac1,267\u00a0million (gross) in 2024 (\u20ac1,298\u00a0million (gross) in 2023) and Advanced Corporate Tax in the United Kingdom of \u20ac27\u00a0million in 2024 (\u20ac26\u00a0million in 2023)
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 differences(1)
(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 (gross) in 2023 (\u20ac1,215\u00a0million (gross) in 2022) and Advanced Corporate Tax in the United Kingdom of \u20ac26\u00a0million in 2023 (\u20ac26\u00a0million in 2022)
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, 2024, 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 \u20ac530\u00a0million. (\u20ac379\u00a0million at
December 21, 2023).
As of December 31, 2024, the Company had total Deferred tax assets on deductible temporary differences of
\u20ac11,381\u00a0million (\u20ac11,272\u00a0million at December 31, 2023), of which \u20ac2,657\u00a0million was not recognized (\u20ac3,377\u00a0million at
December 31, 2023). As of December 31, 2024, the Company also had Deferred tax assets on tax loss carry-forwards of
\u20ac8,782\u00a0million (\u20ac9,069\u00a0million at December 31, 2023), of which \u20ac4,094\u00a0million was not recognized (\u20ac6,305\u00a0million at
December 31, 2023).
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 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 - Critical judgements and 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, 2024
(\u20ac million)
Tax Groups:
France
\u20ac1,640
\u20ac(1,621)
\u20ac19
Germany
381
(381)
\u2014
Spain
509
(95)
414
Italy
3,665
(639)
3,026
Other Jurisdictions:
Brazil
1,921
(1,616)
305
Others
666
(337)
329
Total
\u20ac8,782
\u20ac(4,689)
\u20ac4,093
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
At December 31 2024 and 2023, the Company had total tax-effected tax loss carry-forwards of \u20ac8.8\u00a0billion and
\u20ac9.1\u00a0billion, respectively, of which \u20ac4.1\u00a0billion and \u20ac6.3\u00a0billion were not recognized, respectively. The majority of the
Company\u2019s tax loss carry-forwards do not expire, such as France, Germany, Italy, Spain and Brazil. 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.
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. In December 2023, the Netherlands enacted Pillar Two legislation that is effective from
January 1, 2024. As the Netherlands is the jurisdiction of Stellantis N.V., 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.
The Company has reviewed its corporate structure in light of the enactment of the Pillar Two global minimum tax
rules in the Netherlands and other jurisdictions in which we operate. 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.
For 2024, our assessment of the potential exposure to Pillar Two income taxes is based on the country-by-country
reporting for 2023 and the latest financial information for 2024 for the constituent entities of the Company. Based on this
assessment, our expected exposure to Pillar Two income taxes does not have a material impact on tax expense and relates to
our profits earned in the United Arab Emirates where the Pillar Two transitional safe harbor does not apply and the Pillar
Two effective rate is below 15 percent.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-672": { "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 MTP (refer to the section \u201cClimate change\u201d for additional information).
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,
2024
2023
(\u20ac million)
Deferred tax assets(1)
\u20ac4,371
\u20ac2,152
Deferred tax liabilities(1)
(4,507)
(4,784)
Total Net deferred tax assets/(liabilities)
\u20ac(136)
\u20ac(2,632)
The decrease in Net deferred tax liabilities was mainly due to an increase in Net deferred tax assets in Brazil for non-
recurring \u20ac2.3\u00a0billion net tax benefit recorded in 2024 related to recognition of previously unrecognized Deferred tax assets,
along with a decrease in net deferred tax liabilities in North America. See Note 2, Basis of preparation - Critical judgements
and 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, 2024 and 2023 were as follows:
At January 1,
2024
Recognized in
Consolidated
Income
Statement
Recognized in
Equity
Transferred
to Assets/
(Liabilities)
Held for Sale
Translation
differences and
Other
At December
31, 2024
(\u20ac million)
Deferred tax liabilities arising on:
Accelerated depreciation
\u20ac(3,102)
\u20ac(304)
\u20ac\u2014
\u20ac\u2014
\u20ac(107)
\u20ac(3,513)
Capitalized development assets
(3,921)
471
\u2014
\u2014
27
(3,423)
Other Intangible assets and
Intangible assets with indefinite
useful lives
(3,869)
20
\u2014
\u2014
(185)
(4,034)
Right-of-use assets
(276)
(28)
\u2014
\u2014
(9)
(312)
Provision for employee benefits
(1,078)
(5)
66
\u2014
(50)
(1,067)
Other
(1,045)
(24)
(47)
10
(94)
(1,200)
Total deferred tax liabilities
\u20ac(13,291)
\u20ac131
\u20ac19
\u20ac10
\u20ac(417)
\u20ac(13,548)
Deferred tax assets arising on:
Provisions
4,468
467
\u2014
\u2014
(22)
4,914
Provision for employee benefits
1,953
214
(13)
\u2014
142
2,296
Lease liabilities
336
48
\u2014
\u2014
15
399
Impairment of tangible and
intangible assets
877
(232)
\u2014
\u2014
(13)
632
Inventories
444
(54)
\u2014
\u2014
(3)
386
Allowances for doubtful
accounts
59
15
\u2014
\u2014
(6)
69
Provision for buy back
153
(35)
\u2014
\u2014
33
151
Other
2,982
(203)
(109)
\u2014
(136)
2,534
Total deferred tax assets
\u20ac11,272
\u20ac220
\u20ac(122)
\u20ac\u2014
\u20ac10
\u20ac11,381
Unrecognized deferred tax assets
on temporary differences(1)
(3,377)
608
12
\u2014
100
(2,657)
Deferred tax assets arising on tax
loss carry-forwards
9,069
214
\u2014
\u2014
(501)
8,782
Unrecognized deferred tax assets
on tax loss carry-forwards
(6,305)
1,704
\u2014
\u2014
507
(4,094)
Total Net deferred tax assets/
(liabilities)
\u20ac(2,632)
\u20ac2,878
\u20ac(91)
\u20ac10
\u20ac(301)
\u20ac(136)
________________________________________________________________________________________________________________________________________________
(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 \u20ac1,267\u00a0million (gross) in 2024 (\u20ac1,298\u00a0million (gross) in 2023) and Advanced Corporate Tax in the United Kingdom of \u20ac27\u00a0million in 2024 (\u20ac26\u00a0million in 2023)
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 differences(1)
(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 (gross) in 2023 (\u20ac1,215\u00a0million (gross) in 2022) and Advanced Corporate Tax in the United Kingdom of \u20ac26\u00a0million in 2023 (\u20ac26\u00a0million in 2022)
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, 2024, 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 \u20ac530\u00a0million. (\u20ac379\u00a0million at
December 21, 2023).
As of December 31, 2024, the Company had total Deferred tax assets on deductible temporary differences of
\u20ac11,381\u00a0million (\u20ac11,272\u00a0million at December 31, 2023), of which \u20ac2,657\u00a0million was not recognized (\u20ac3,377\u00a0million at
December 31, 2023). As of December 31, 2024, the Company also had Deferred tax assets on tax loss carry-forwards of
\u20ac8,782\u00a0million (\u20ac9,069\u00a0million at December 31, 2023), of which \u20ac4,094\u00a0million was not recognized (\u20ac6,305\u00a0million at
December 31, 2023).
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 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 - Critical judgements and 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, 2024
(\u20ac million)
Tax Groups:
France
\u20ac1,640
\u20ac(1,621)
\u20ac19
Germany
381
(381)
\u2014
Spain
509
(95)
414
Italy
3,665
(639)
3,026
Other Jurisdictions:
Brazil
1,921
(1,616)
305
Others
666
(337)
329
Total
\u20ac8,782
\u20ac(4,689)
\u20ac4,093
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
At December 31 2024 and 2023, the Company had total tax-effected tax loss carry-forwards of \u20ac8.8\u00a0billion and
\u20ac9.1\u00a0billion, respectively, of which \u20ac4.1\u00a0billion and \u20ac6.3\u00a0billion were not recognized, respectively. The majority of the
Company\u2019s tax loss carry-forwards do not expire, such as France, Germany, Italy, Spain and Brazil. 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-674": { "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.
The key estimate that is developed by the Company is the expected incentive cost needed to facilitate the sales of the
inventory by the dealers. This key estimate uses multiple inputs, such as 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-676": { "value": "
New standards and amendments effective January 1, 2024
The following new standards and amendments, which were effective from January 1, 2024, were adopted by the
Company. The adoption of these amendments did not have a material impact on the Consolidated Financial Statements.
\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;
\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; and
\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. As a result of
implementing the amendments, the Company has provided additional disclosures about its supplier finance
arrangement. Refer to Note 23, Trade Payables, for additional information.
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 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 do not expect the
amendment to have a material impact on the consolidated financial statements;
\u2022 In May 2024, the IASB issued amendments to IFRS 9 and IFRS 7 regarding the classification and measurement
of financial instruments. The amendments relate to the settling of financial liabilities using an electronic
payment system, as well as assessing contractual cash flow characteristics of financial assets, including those
with environmental, social and governance linked features. The amendments are effective for periods beginning
on or after January 1, 2026, with early adoption permitted. We are currently evaluating the impact of adoption;
\u2022 In July 2024, the IASB issued Annual Improvements to IFRS Accounting Standards \u2013 Volume 11, which
included amendments to the following standards: updated wording regarding hedge accounting in IFRS 1 -
First-time Adoption of IFRS, to address potential confusion from an inconsistency with the hedge accounting
requirements of IFRS 9 Financial Instruments; replaced an obsolete referenced in IFRS 7 \u2013 Financial
Instruments: Disclosures, to IFRS 13 \u2013 Fair Value Measurement, and made other minor revisions regarding
inconsistencies with IFRS 13; amended IFRS 9 Financial Instruments, to clarify how a lessee accounts for the
derecognition of a lease liability and removed a potentially confusing cross reference to the term \u201ctransaction
price\u201d in IFRS 15 \u2013 Revenue from Contracts with Customers, as the term is used elsewhere in IFRS 9 and is not
necessarily consistent with the definition in IFRS 15; revised the wording in IFRS 10 - Consolidated Financial
Statements, to addresses a potential confusion arising from an inconsistency between two paragraphs related to
an investor determining whether another party is acting on its behalf by aligning the language in both
paragraphs; amended IAS 7 \u2013 Statement of Cash Flows, to remove a reference to the term \u201ccost method\u201d that is
no longer defined in IFRS. The amendments are effective for periods beginning on or after January 1, 2026,
with early adoption permitted. We are currently evaluating the impact of adoption;
\u2022 In March 2024, the IASB issued IFRS 18 - Presentation and Disclosure in Financial Statements, which is
intended to give investors more transparent and comparable information about companies\u2019 financial
performance. IFRS 18 replaces IAS 1 - Presentation of Financial Statements but carries forward many
requirements of IAS 1 unchanged. The standard introduces three defined categories for income and expenses -
operating, investing and financing - to improve the structure of the income statement, and requires all
companies to provide new defined subtotals, including operating profit. IFRS 18 also introduces additional
disclosure requirements in relation to management-defined performance measures. The standard is effective for
annual reporting periods beginning on or after January 1, 2027, with earlier adoption permitted. We are
currently evaluating the impact of adoption;
\u2022 In May 2024, the IASB issued IFRS 19 - Subsidiaries without Public Accountability: Disclosure which permits
eligible subsidiaries to use IFRS Accounting Standards with reduced disclosures. Subsidiaries using IFRS
Accounting Standards for their own financial statements provide disclosures that maybe disproportionate to the
information needs of their users, and this standard provides reduced disclosures which are better suited to the
needs of the users of their financial statements. Subsidiaries are eligible to apply IFRS 19 if they do not have
public accountability and their parent company applies IFRS Accounting Standards in their consolidated
financial statements. The standard is effective for annual reporting periods beginning on or after January 1,
2027, with earlier adoption permitted. We do not expect the standard to have an impact on the consolidated
financial statements; and
\u2022 In December 2024, the IASB issued Contracts Referencing Nature-dependent Electricity (Amendments to IFRS
9 and IFRS 7). The amendments were issued to help companies better report the financial effects of nature-
dependent electricity contracts, which are often structured as power purchase agreements. The amendments
include clarifying the application of the \u201cown-use\u201d requirements; permitting hedge accounting if these contracts
are used as hedging instruments; and adding new disclosure requirements to enable investors to understand the
effect of these contracts on a company\u2019s financial performance and cash flows. The amendments are effective
for annual reporting periods beginning on or after January 1, 2026, with earlier adoption permitted. We are
currently evaluating the impact of adoption.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-675": { "value": "
New standards and amendments effective January 1, 2024
The following new standards and amendments, which were effective from January 1, 2024, were adopted by the
Company. The adoption of these amendments did not have a material impact on the Consolidated Financial Statements.
\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;
\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; and
\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. As a result of
implementing the amendments, the Company has provided additional disclosures about its supplier finance
arrangement. Refer to Note 23, Trade Payables, for additional information.
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 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 do not expect the
amendment to have a material impact on the consolidated financial statements;
\u2022 In May 2024, the IASB issued amendments to IFRS 9 and IFRS 7 regarding the classification and measurement
of financial instruments. The amendments relate to the settling of financial liabilities using an electronic
payment system, as well as assessing contractual cash flow characteristics of financial assets, including those
with environmental, social and governance linked features. The amendments are effective for periods beginning
on or after January 1, 2026, with early adoption permitted. We are currently evaluating the impact of adoption;
\u2022 In July 2024, the IASB issued Annual Improvements to IFRS Accounting Standards \u2013 Volume 11, which
included amendments to the following standards: updated wording regarding hedge accounting in IFRS 1 -
First-time Adoption of IFRS, to address potential confusion from an inconsistency with the hedge accounting
requirements of IFRS 9 Financial Instruments; replaced an obsolete referenced in IFRS 7 \u2013 Financial
Instruments: Disclosures, to IFRS 13 \u2013 Fair Value Measurement, and made other minor revisions regarding
inconsistencies with IFRS 13; amended IFRS 9 Financial Instruments, to clarify how a lessee accounts for the
derecognition of a lease liability and removed a potentially confusing cross reference to the term \u201ctransaction
price\u201d in IFRS 15 \u2013 Revenue from Contracts with Customers, as the term is used elsewhere in IFRS 9 and is not
necessarily consistent with the definition in IFRS 15; revised the wording in IFRS 10 - Consolidated Financial
Statements, to addresses a potential confusion arising from an inconsistency between two paragraphs related to
an investor determining whether another party is acting on its behalf by aligning the language in both
paragraphs; amended IAS 7 \u2013 Statement of Cash Flows, to remove a reference to the term \u201ccost method\u201d that is
no longer defined in IFRS. The amendments are effective for periods beginning on or after January 1, 2026,
with early adoption permitted. We are currently evaluating the impact of adoption;
\u2022 In March 2024, the IASB issued IFRS 18 - Presentation and Disclosure in Financial Statements, which is
intended to give investors more transparent and comparable information about companies\u2019 financial
performance. IFRS 18 replaces IAS 1 - Presentation of Financial Statements but carries forward many
requirements of IAS 1 unchanged. The standard introduces three defined categories for income and expenses -
operating, investing and financing - to improve the structure of the income statement, and requires all
companies to provide new defined subtotals, including operating profit. IFRS 18 also introduces additional
disclosure requirements in relation to management-defined performance measures. The standard is effective for
annual reporting periods beginning on or after January 1, 2027, with earlier adoption permitted. We are
currently evaluating the impact of adoption;
\u2022 In May 2024, the IASB issued IFRS 19 - Subsidiaries without Public Accountability: Disclosure which permits
eligible subsidiaries to use IFRS Accounting Standards with reduced disclosures. Subsidiaries using IFRS
Accounting Standards for their own financial statements provide disclosures that maybe disproportionate to the
information needs of their users, and this standard provides reduced disclosures which are better suited to the
needs of the users of their financial statements. Subsidiaries are eligible to apply IFRS 19 if they do not have
public accountability and their parent company applies IFRS Accounting Standards in their consolidated
financial statements. The standard is effective for annual reporting periods beginning on or after January 1,
2027, with earlier adoption permitted. We do not expect the standard to have an impact on the consolidated
financial statements; and
\u2022 In December 2024, the IASB issued Contracts Referencing Nature-dependent Electricity (Amendments to IFRS
9 and IFRS 7). The amendments were issued to help companies better report the financial effects of nature-
dependent electricity contracts, which are often structured as power purchase agreements. The amendments
include clarifying the application of the \u201cown-use\u201d requirements; permitting hedge accounting if these contracts
are used as hedging instruments; and adding new disclosure requirements to enable investors to understand the
effect of these contracts on a company\u2019s financial performance and cash flows. The amendments are effective
for annual reporting periods beginning on or after January 1, 2026, with earlier adoption permitted. We are
currently evaluating the impact of adoption.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-680": { "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
FCA US LLC
USA
100.00
FCA Canada Inc.
Canada
100.00
Stellantis Mexico, S.A. de C.V.
Mexico
100.00
South America
Stellantis Automoveis Brasil Ltda.
Brazil
100.00
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
Stellantis Belux S.A.
Belgium
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
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 (3) 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, Stellantis
& You Deutschland GmbH, Opel Eisenach GmbH and Free2Move Deutschland GmbH.
Disposals
In April 2023, as part of the reorganization of the financial services activities in Europe, Stellantis completed the
sale of the 50 percent interest held in FCA Bank to CACF for a net consideration of \u20ac1,581 million. The total net
consideration was comprised of \u20ac1,090 million cash received during 2023 and a credit linked note issued by FCA Bank with
fair value at inception of \u20ac906 million and a residual amount of \u20ac374 million at December 31, 2024 (\u20ac559 million at
December 31, 2023) after partial repayment. We expect to liquidate the credit linked note by the first half of 2027. Refer to
Note 31, Explanatory notes to the Consolidated Statement of Cash Flows for additional information.
In December 2024, Stellantis completed the sale of its 100 percent interest in Comau for a base purchase price of
\u20ac300 million, adjusted for debt assumed by the buyer, resulting in a net consideration of \u20ac250\u00a0million. As part of the
transaction, Stellantis retained 49.9 percent of Comau by investing 49.9 percent of the net proceeds in Comau Group S.p.A
(former OEP Heron Bidco), which is accounted for as an associate under the equity method investment. The shares are
subject to put and call options over a period between the second and fourth anniversaries of the closing date, and from the
closing date until the third anniversary, respectively. Stellantis recognized loss on disposal of \u20ac25 million, which is reflected
in the Consolidated Income Statement under Gains/(losses) on disposal of investments. Comau was previously reported
within Other and Holding.
During the year ended December 31, 2024, the impact of minor business disposals was not material.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-679": { "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
FCA US LLC
USA
100.00
FCA Canada Inc.
Canada
100.00
Stellantis Mexico, S.A. de C.V.
Mexico
100.00
South America
Stellantis Automoveis Brasil Ltda.
Brazil
100.00
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
Stellantis Belux S.A.
Belgium
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
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 (3) 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, Stellantis
& You Deutschland GmbH, Opel Eisenach GmbH and Free2Move Deutschland GmbH.
26.
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\").
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 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, with the majority of these services terminated in June 2023;
\u2022 the purchase of engines and engine components for Maserati vehicles from Ferrari N.V.which terminated in
December 2023 with a limited extension to March 2024;
\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 sale of pre-assembled parts and components for the assembly of commercial vehicles to the associate
company Nordex;
\u2022 the sale of vehicles and spare parts to the associate company Stafim for distribution in Tunisia;
\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;
\u2022 the purchase of vehicles from, and the provision of services and the sale of goods to the joint operation FIAPL;
\u2022 the Jeep brand sponsorship of Juventus Football Club (a subsidiary of Exor) which terminated in June 2024;
\u2022 the manufacturing assistance services in both technology and personnel to manufacture an electric vertical take-
off and landing aircraft with Archer;
\u2022 the extension of subordinated loans to our Financial Services JVs with SCF and BNPP - Personal Finance; and
\u2022 the extension of loans to the joint ventures NextStar, StarPlus, Symbio and ACC.
The amounts for significant transactions with related parties recognized in the Consolidated Income Statements were
as follows:
Years ended December 31,
2024
2023
2022
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
\u20ac1,155
\u20ac461
\u20ac37
\u20ac\u2014
\u20ac1,339
\u20ac779
\u20ac27
\u20ac\u2014
\u20ac1,129
\u20ac1,699
\u20ac24
\u20ac\u2014
FCA Bank
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
2,007
33
30
21
Leasys
813
20
(7)
1
960
12
6
\u2014
\u2014
\u2014
\u2014
\u2014
Finance companies in
partnership with SCF
and BNPP PF(1)
7,248
738
(19)
35
8,973
471
(7)
14
7,773
623
1
(2)
Other
32
26
\u2014
(27)
76
178
(1)
(5)
167
604
12
(13)
Total joint
arrangements
9,248
1,245
11
9
11,348
1,440
25
9
11,076
2,959
67
6
Other
204
12
(3)
(1)
23
196
2
(1)
65
183
16
\u2014
Total associates
204
12
(3)
(1)
23
196
2
(1)
65
183
16
\u2014
CNHI
10
\u2014
\u2014
\u2014
28
\u2014
(3)
\u2014
50
\u2014
\u2014
\u2014
Iveco
102
14
\u2014
\u2014
218
19
(5)
\u2014
233
26
(1)
\u2014
Ferrari N.V.
3
6
(1)
\u2014
16
51
(1)
\u2014
22
83
\u2014
\u2014
Directors and Key
Management
\u2014
\u2014
50
\u2014
\u2014
\u2014
87
\u2014
\u2014
\u2014
75
\u2014
Other
\u2014
\u2014
32
\u2014
1
\u2014
43
\u2014
1
1
48
\u2014
Total CNHI, Ferrari,
Directors and other
115
20
81
\u2014
263
70
121
\u2014
306
110
122
\u2014
Total unconsolidated
subsidiaries
19
34
13
\u2014
95
24
\u2014
\u2014
17
50
5
(1)
Total transactions
with related parties
\u20ac9,586
\u20ac1,311
\u20ac102
\u20ac8
\u20ac11,729
\u20ac1,730
\u20ac148
\u20ac8
\u20ac11,464
\u20ac3,302
\u20ac210
\u20ac5
Total for the
Company
\u20ac156,878
\u20ac136,360
\u20ac9,299
\u20ac(345)
\u20ac189,544
\u20ac151,400
\u20ac9,541
\u20ac(42)
\u20ac179,592
\u20ac144,327
\u20ac8,981
\u20ac768
_______________________________________________________________________________________________________________________________________________
(1) As a result of the reorganization of the financing activities within Europe in 2023, the transactions of the financing companies in partnership with SCF and BNPP have a
similar nature. As such, the transactions have been aggregated and 2022 have been represented for comparability
Assets and liabilities from significant transactions with related parties were as follows:
At December 31,
2024
2023
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
\u20ac57
\u20ac147
\u20ac\u2014
\u20ac\u2014
\u20ac164
\u20ac180
\u20ac\u2014
\u20ac\u2014
Leasys
97
143
\u2014
79
147
104
\u2014
38
Finance companies in partnership
with SCF and BNPP PF
1,082
648
31
41
943
400
38
22
Other
804
43
\u2014
74
205
69
\u2014
\u2014
Total joint arrangements
2,040
981
31
194
1,459
753
38
60
Other
142
20
\u2014
\u2014
237
34
\u2014
\u2014
Total associates
142
20
\u2014
\u2014
237
34
\u2014
\u2014
CNHI
8
1
\u2014
\u2014
11
1
\u2014
\u2014
Iveco
25
8
\u2014
\u2014
42
40
\u2014
\u2014
Ferrari N.V.
5
2
\u2014
\u2014
8
19
\u2014
\u2014
Other
6
78
\u2014
(1)
1
25
\u2014
\u2014
Total CNHI, Ferrari N.V. and
other
44
89
\u2014
(1)
62
85
\u2014
\u2014
Total unconsolidated
subsidiaries
51
35
\u2014
2
188
26
\u2014
7
Total originating from related
parties
\u20ac2,277
\u20ac1,125
\u20ac31
\u20ac195
\u20ac1,946
\u20ac898
\u20ac38
\u20ac67
Total for the Company
\u20ac24,547
\u20ac53,222
\u20ac10,016
\u20ac27,211
\u20ac21,359
\u20ac56,643
\u20ac4,778
\u20ac24,685
______________________________________________________________________________________________________________________________
(1) Relating to Debt excluding Asset-backed financing, refer to Note, 22 Debt for additional information
For guarantees and commitments details, refer to Note 27, 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 \u20ac27\u00a0million and
\u20ac43\u00a0million for the year ended December 31, 2024 and 2023 , respectively. In addition the following were paid:
\u2022 \u20ac22 million in 2024 (\u20ac29 million in 2023) for share-based compensation expense;
\u2022 \u20ac0 million in 2024 (\u20ac6 million in 2023) for short-term employee benefits; and
\u2022 \u20ac1 million in 2024 (\u20ac2 million in 2023) for pension and similar benefits.
The aggregate compensation expense for remaining executives with strategic responsibilities was approximately \u20ac23
million for 2024 (\u20ac44 million for 2023), which in addition to base compensation, included:
\u2022 \u20ac7 million in 2024 (\u20ac16 million in 2023) for share-based compensation expense;
\u2022 \u20ac0 million in 2024 (\u20ac9 million in 2023) for short-term employee benefits; and
\u2022 \u20ac2 million in 2024 (\u20ac3 million in 2023) for pension and similar benefits.
The key management expenses reported above reflect the cost the of management structure during the year and
as updated for the changes announced on December 2, 2024.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-678": { "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
FCA US LLC
USA
100.00
FCA Canada Inc.
Canada
100.00
Stellantis Mexico, S.A. de C.V.
Mexico
100.00
South America
Stellantis Automoveis Brasil Ltda.
Brazil
100.00
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
Stellantis Belux S.A.
Belgium
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
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 (3) 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, Stellantis
& You Deutschland GmbH, Opel Eisenach GmbH and Free2Move Deutschland GmbH.
Acquisitions
In January 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 122 shops in Brazil. The acquisition further expands Stellantis\u2019 presence in the
aftermarket area which is part of our Dare Forward 2030 goals. The total consideration paid in cash at closing was
\u20ac133\u00a0million. The purchase price allocation has resulted in goodwill of \u20ac33\u00a0million, with identifiable net assets of
\u20ac143\u00a0million and \u20ac43\u00a0million of non-controlling interests. This entity is reported in the South America segment.
In January 2024, Stellantis obtained control of Punch Powertrain PSA e-transmissions Assembly SAS (\u201cPPETA\u201d) as
the joint venture partner, Punch Powertrain did not exercise call options it held prior to the lapse date of December 31, 2023.
PPETA assembles and sells eDCTs. PPETA was previously accounted for under the equity method. As the transaction was
executed without the transfer of consideration, the fair value of the existing 85 percent interest is used as a measurement of
consideration of \u20ac99\u00a0million. The purchase price allocation has resulted in goodwill of \u20ac49\u00a0million, identifiable net assets of
\u20ac59\u00a0million and \u20ac9\u00a0million of non-controlling interests. PPETA is reported in the Enlarged Europe segment.
In March 2024, Stellantis executed an insolvency call option for total cash consideration \u20ac137\u00a0million under which
we acquired the remaining 40 percent of Punch Powertrain E-Transmission N.V. (\u201cPPET\u201d). Following the transaction
Stellantis owns 100 percent of PPET which designs, engineers and manufactures the components of eDCTs assembled by
PPETA. This was previously accounted for under the equity method. The total consideration amounted to \u20ac340\u00a0million, of
which \u20ac137\u00a0million in cash and the remainder the fair value of the existing equity method investment. The preliminary
purchase price allocation has resulted in goodwill of \u20ac8 million and identifiable net assets of \u20ac332\u00a0million. The amounts
reported are provisional and could be subject to further adjustment during the one-year measurement period, in accordance
with IFRS 3. PPET is reported in the Enlarged Europe segment. Following acquisition, PPET was renamed to Stellantis E-
Transmission N.V.
In March 2024, Stellantis acquired a 60 percent interest in the French logistics company, Groupe 2L Logistics which
reinforces our vehicle distribution capacity. Total consideration was \u20ac55\u00a0million and the preliminary purchase price allocation
has resulted in goodwill of \u20ac50\u00a0million. The amounts reported are provisional and could be subject to further adjustment
during the one-year measurement period, in accordance with IFRS 3. The remaining 40 percent is subject to put and call
options over a transition period. This entity is reported in the Enlarged Europe segment.
In July 2024, Stellantis obtained control of Sopriam S.A. (\u201cSopriam\u201d) which specializes in vehicle distribution and
related parts in Morocco. The acquisition allows Stellantis to directly manage the distribution of Stellantis vehicles and parts
in the country. Prior to July 2024, Stellantis held a 9 percent interest of Sopriam and in July 2024, Stellantis entered into an
agreement for a two-phase step acquisition for the remaining 91 percent for \u20ac137\u00a0million. The initial phase, involved
immediate majority control by Stellantis through the acquisition of a 42 percent interest, followed by the full acquisition of
the remaining outstanding shares, which occurred in January 2025. The consideration paid for the first tranche was \u20ac63
million and for the second tranche was \u20ac74 million. The preliminary purchase price allocation resulted in the recognition of
identifiable net assets of \u20ac39\u00a0million and preliminary goodwill of \u20ac101\u00a0million. The amounts reported are provisional and
could be subject to further adjustment during the one-year measurement period, in accordance with IFRS 3. This entity is
reported in the Middle East & Africa segment.
Disposals
In April 2023, as part of the reorganization of the financial services activities in Europe, Stellantis completed the
sale of the 50 percent interest held in FCA Bank to CACF for a net consideration of \u20ac1,581 million. The total net
consideration was comprised of \u20ac1,090 million cash received during 2023 and a credit linked note issued by FCA Bank with
fair value at inception of \u20ac906 million and a residual amount of \u20ac374 million at December 31, 2024 (\u20ac559 million at
December 31, 2023) after partial repayment. We expect to liquidate the credit linked note by the first half of 2027. Refer to
Note 31, Explanatory notes to the Consolidated Statement of Cash Flows for additional information.
In December 2024, Stellantis completed the sale of its 100 percent interest in Comau for a base purchase price of
\u20ac300 million, adjusted for debt assumed by the buyer, resulting in a net consideration of \u20ac250\u00a0million. As part of the
transaction, Stellantis retained 49.9 percent of Comau by investing 49.9 percent of the net proceeds in Comau Group S.p.A
(former OEP Heron Bidco), which is accounted for as an associate under the equity method investment. The shares are
subject to put and call options over a period between the second and fourth anniversaries of the closing date, and from the
closing date until the third anniversary, respectively. Stellantis recognized loss on disposal of \u20ac25 million, which is reflected
in the Consolidated Income Statement under Gains/(losses) on disposal of investments. Comau was previously reported
within Other and Holding.
During the year ended December 31, 2024, the impact of minor business disposals was not material.
Held for sale
At December 31, 2024, there were various businesses which met the criteria under IFRS 5 to be classified as held for
sale with assets of \u20ac917\u00a0million and liabilities of \u20ac458\u00a0million (\u20ac763\u00a0million of assets and \u20ac332\u00a0million of liabilities at
December 31, 2023) of which \u20ac674\u00a0million of assets and \u20ac350\u00a0million of liabilities relates to Stellantis Otomotiv Pazarlama
Anonim Sirketi (\u20ac656\u00a0million of assets and \u20ac332\u00a0million of liabilities at December 31, 2023).
12.
Investments accounted for using the equity method
The following table summarizes Investments accounted for using the equity method:
At December 31,
2024
2023
(\u20ac million)
Joint ventures
\u20ac7,037
\u20ac6,013
Associates
2,015
2,006
Other
48
51
Total Investments accounted for using the equity method
\u20ac9,100
\u20ac8,070
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,
2024
2023
2024
2023
Ownership percentage
(\u20ac million)
Finance companies in partnership with Group Santander Consumer
Finance (\u201cSCF\u201d)
50.0%
50.0%
\u20ac2,016
\u20ac1,977
Finance companies in partnership with BNPP PF
50.0%
50.0%
1,086
1,096
Tofas-Turk Otomobil Fabrikasi A.S.
37.9%
37.9%
1,101
1,037
NextStar Energy Inc (\u201cNextStar\u201d)
49.0%
49.0%
897
397
StarPlus Energy LLC (\u201cStarPlus\u201d)
49.0%
49.0%
763
558
Automotive Cells Company SE (\u201cACC\u201d)
45.0%
33.3%
429
155
Leasys SAS
50.0%
50.0%
424
339
Symbio
33.3%
33.3%
197
230
Others
124
224
Total joint ventures
\u20ac7,037
\u20ac6,013
Zhejiang Leapmotor Technology Co., Ltd. (\u201cLeapmotor\u201d)
21.3%
21.3%
1,349
1,409
Archer Aviation Inc (\u201cArcher\u201d)
16.0%
10.1%
206
112
Nordex S.A.
50.0%
50.0%
148
142
360 Energy S.A.
49.5%
49.5%
113
105
Stellantis E-Transmission N.V.(1)
\u2014%
56.0%
\u2014
172
Comau Group S.p.A.(1)
49.9%
\u2014%
124
\u2014
Others
75
66
Total associates
\u20ac2,015
\u20ac2,006
Total joint ventures and associates
\u20ac9,052
\u20ac8,019
_______________________________________________________________________________________________________________________________________________
(1) Refer to Note 3, Scope of consolidation for additional information
There were no unrecognized losses relating to investments in joint ventures for the year ended December 31, 2024.
For the years ended December 31, 2023 and 2022 there were unrecognized losses of \u20ac27 million and \u20ac158 million,
respectively.
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 following tables provide summarized financial information relating to joint ventures with SCF which are
deemed to be material:
At December 31,
2024
2023
(\u20ac million)
Financial assets
\u20ac35,788
\u20ac34,499
Of which: Cash and cash equivalents
3,201
3,452
Other assets
1,554
1,583
Financial liabilities
30,235
29,382
Other liabilities
3,076
2,746
Total Equity
4,033
3,954
Carrying amount of interest
Company\u2019s share of net assets
2,016
1,977
Carrying amount of interest
\u20ac2,016
\u20ac1,977
Years ended December 31,
2024
2023
2022
(\u20ac million)
Interest and similar income
\u20ac3,382
\u20ac3,303
\u20ac2,592
Interest and similar expenses
(2,234)
(2,084)
(1,258)
Income tax expense
(193)
(239)
(219)
Profit from continuing operations
457
628
690
Net profit
457
628
690
Net profit attributable to owners of the parent (A)
229
314
345
Other comprehensive income/(loss) attributable to owners of the parent (B)
27
3
(8)
Total Comprehensive income attributable to owners of the parent (A+B)
\u20ac256
\u20ac317
\u20ac337
Company\u2019s share of net profit
\u20ac229
\u20ac314
\u20ac345
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, 2024, the market value of the Company\u2019s interest in Tofas was
\u20ac1,056 million (\u20ac1,219 million at December 31, 2023).
Zhejiang Leapmotor Technology Co., Ltd is listed on the Hong Kong Stock Exchange. At December\u00a031, 2024, the
market value of the Company\u2019s interest in Leapmotor was \u20ac1,147 million (\u20ac1,176 million at December 31, 2023).
Archer Aviation Inc is listed on NYSE. At December\u00a031, 2024, the market value of the Company\u2019s interest in
Archer was \u20ac533 million (\u20ac173 million at December 31, 2023).
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,
2024
2023
2022
(\u20ac million)
Joint ventures
\u20ac118
\u20ac547
\u20ac286
Associates
(137)
(50)
13
Other
(14)
(6)
(35)
Total Share of the profit/(loss) of equity method investees
\u20ac(33)
\u20ac491
\u20ac264
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,
2024
2023
2022
(\u20ac million)
Joint ventures:
Profit/(loss) from continuing operations
\u20ac(111)
\u20ac233
\u20ac(152)
Net profit/(loss)
(111)
233
(152)
Other comprehensive income/(loss)
(177)
(265)
(47)
Total Other comprehensive income/(loss)
\u20ac(288)
\u20ac(32)
\u20ac(199)
Associates:
Profit/(loss) from continuing operations
\u20ac(137)
\u20ac(50)
\u20ac13
Net profit/(loss)
(137)
(50)
13
Other comprehensive income /(loss)
27
(11)
\u2014
Total Other comprehensive income/(loss)
\u20ac(110)
\u20ac(61)
\u20ac13
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-677": { "value": "
3.
Scope of consolidation
Acquisitions
In January 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 122 shops in Brazil. The acquisition further expands Stellantis\u2019 presence in the
aftermarket area which is part of our Dare Forward 2030 goals. The total consideration paid in cash at closing was
\u20ac133\u00a0million. The purchase price allocation has resulted in goodwill of \u20ac33\u00a0million, with identifiable net assets of
\u20ac143\u00a0million and \u20ac43\u00a0million of non-controlling interests. This entity is reported in the South America segment.
In January 2024, Stellantis obtained control of Punch Powertrain PSA e-transmissions Assembly SAS (\u201cPPETA\u201d) as
the joint venture partner, Punch Powertrain did not exercise call options it held prior to the lapse date of December 31, 2023.
PPETA assembles and sells eDCTs. PPETA was previously accounted for under the equity method. As the transaction was
executed without the transfer of consideration, the fair value of the existing 85 percent interest is used as a measurement of
consideration of \u20ac99\u00a0million. The purchase price allocation has resulted in goodwill of \u20ac49\u00a0million, identifiable net assets of
\u20ac59\u00a0million and \u20ac9\u00a0million of non-controlling interests. PPETA is reported in the Enlarged Europe segment.
In March 2024, Stellantis executed an insolvency call option for total cash consideration \u20ac137\u00a0million under which
we acquired the remaining 40 percent of Punch Powertrain E-Transmission N.V. (\u201cPPET\u201d). Following the transaction
Stellantis owns 100 percent of PPET which designs, engineers and manufactures the components of eDCTs assembled by
PPETA. This was previously accounted for under the equity method. The total consideration amounted to \u20ac340\u00a0million, of
which \u20ac137\u00a0million in cash and the remainder the fair value of the existing equity method investment. The preliminary
purchase price allocation has resulted in goodwill of \u20ac8 million and identifiable net assets of \u20ac332\u00a0million. The amounts
reported are provisional and could be subject to further adjustment during the one-year measurement period, in accordance
with IFRS 3. PPET is reported in the Enlarged Europe segment. Following acquisition, PPET was renamed to Stellantis E-
Transmission N.V.
In March 2024, Stellantis acquired a 60 percent interest in the French logistics company, Groupe 2L Logistics which
reinforces our vehicle distribution capacity. Total consideration was \u20ac55\u00a0million and the preliminary purchase price allocation
has resulted in goodwill of \u20ac50\u00a0million. The amounts reported are provisional and could be subject to further adjustment
during the one-year measurement period, in accordance with IFRS 3. The remaining 40 percent is subject to put and call
options over a transition period. This entity is reported in the Enlarged Europe segment.
In July 2024, Stellantis obtained control of Sopriam S.A. (\u201cSopriam\u201d) which specializes in vehicle distribution and
related parts in Morocco. The acquisition allows Stellantis to directly manage the distribution of Stellantis vehicles and parts
in the country. Prior to July 2024, Stellantis held a 9 percent interest of Sopriam and in July 2024, Stellantis entered into an
agreement for a two-phase step acquisition for the remaining 91 percent for \u20ac137\u00a0million. The initial phase, involved
immediate majority control by Stellantis through the acquisition of a 42 percent interest, followed by the full acquisition of
the remaining outstanding shares, which occurred in January 2025. The consideration paid for the first tranche was \u20ac63
million and for the second tranche was \u20ac74 million. The preliminary purchase price allocation resulted in the recognition of
identifiable net assets of \u20ac39\u00a0million and preliminary goodwill of \u20ac101\u00a0million. The amounts reported are provisional and
could be subject to further adjustment during the one-year measurement period, in accordance with IFRS 3. This entity is
reported in the Middle East & Africa segment.
Disposals
In April 2023, as part of the reorganization of the financial services activities in Europe, Stellantis completed the
sale of the 50 percent interest held in FCA Bank to CACF for a net consideration of \u20ac1,581 million. The total net
consideration was comprised of \u20ac1,090 million cash received during 2023 and a credit linked note issued by FCA Bank with
fair value at inception of \u20ac906 million and a residual amount of \u20ac374 million at December 31, 2024 (\u20ac559 million at
December 31, 2023) after partial repayment. We expect to liquidate the credit linked note by the first half of 2027. Refer to
Note 31, Explanatory notes to the Consolidated Statement of Cash Flows for additional information.
In December 2024, Stellantis completed the sale of its 100 percent interest in Comau for a base purchase price of
\u20ac300 million, adjusted for debt assumed by the buyer, resulting in a net consideration of \u20ac250\u00a0million. As part of the
transaction, Stellantis retained 49.9 percent of Comau by investing 49.9 percent of the net proceeds in Comau Group S.p.A
(former OEP Heron Bidco), which is accounted for as an associate under the equity method investment. The shares are
subject to put and call options over a period between the second and fourth anniversaries of the closing date, and from the
closing date until the third anniversary, respectively. Stellantis recognized loss on disposal of \u20ac25 million, which is reflected
in the Consolidated Income Statement under Gains/(losses) on disposal of investments. Comau was previously reported
within Other and Holding.
During the year ended December 31, 2024, the impact of minor business disposals was not material.
12.
Investments accounted for using the equity method
The following table summarizes Investments accounted for using the equity method:
At December 31,
2024
2023
(\u20ac million)
Joint ventures
\u20ac7,037
\u20ac6,013
Associates
2,015
2,006
Other
48
51
Total Investments accounted for using the equity method
\u20ac9,100
\u20ac8,070
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,
2024
2023
2024
2023
Ownership percentage
(\u20ac million)
Finance companies in partnership with Group Santander Consumer
Finance (\u201cSCF\u201d)
50.0%
50.0%
\u20ac2,016
\u20ac1,977
Finance companies in partnership with BNPP PF
50.0%
50.0%
1,086
1,096
Tofas-Turk Otomobil Fabrikasi A.S.
37.9%
37.9%
1,101
1,037
NextStar Energy Inc (\u201cNextStar\u201d)
49.0%
49.0%
897
397
StarPlus Energy LLC (\u201cStarPlus\u201d)
49.0%
49.0%
763
558
Automotive Cells Company SE (\u201cACC\u201d)
45.0%
33.3%
429
155
Leasys SAS
50.0%
50.0%
424
339
Symbio
33.3%
33.3%
197
230
Others
124
224
Total joint ventures
\u20ac7,037
\u20ac6,013
Zhejiang Leapmotor Technology Co., Ltd. (\u201cLeapmotor\u201d)
21.3%
21.3%
1,349
1,409
Archer Aviation Inc (\u201cArcher\u201d)
16.0%
10.1%
206
112
Nordex S.A.
50.0%
50.0%
148
142
360 Energy S.A.
49.5%
49.5%
113
105
Stellantis E-Transmission N.V.(1)
\u2014%
56.0%
\u2014
172
Comau Group S.p.A.(1)
49.9%
\u2014%
124
\u2014
Others
75
66
Total associates
\u20ac2,015
\u20ac2,006
Total joint ventures and associates
\u20ac9,052
\u20ac8,019
_______________________________________________________________________________________________________________________________________________
(1) Refer to Note 3, Scope of consolidation for additional information
There were no unrecognized losses relating to investments in joint ventures for the year ended December 31, 2024.
For the years ended December 31, 2023 and 2022 there were unrecognized losses of \u20ac27 million and \u20ac158 million,
respectively.
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 following tables provide summarized financial information relating to joint ventures with SCF which are
deemed to be material:
At December 31,
2024
2023
(\u20ac million)
Financial assets
\u20ac35,788
\u20ac34,499
Of which: Cash and cash equivalents
3,201
3,452
Other assets
1,554
1,583
Financial liabilities
30,235
29,382
Other liabilities
3,076
2,746
Total Equity
4,033
3,954
Carrying amount of interest
Company\u2019s share of net assets
2,016
1,977
Carrying amount of interest
\u20ac2,016
\u20ac1,977
Years ended December 31,
2024
2023
2022
(\u20ac million)
Interest and similar income
\u20ac3,382
\u20ac3,303
\u20ac2,592
Interest and similar expenses
(2,234)
(2,084)
(1,258)
Income tax expense
(193)
(239)
(219)
Profit from continuing operations
457
628
690
Net profit
457
628
690
Net profit attributable to owners of the parent (A)
229
314
345
Other comprehensive income/(loss) attributable to owners of the parent (B)
27
3
(8)
Total Comprehensive income attributable to owners of the parent (A+B)
\u20ac256
\u20ac317
\u20ac337
Company\u2019s share of net profit
\u20ac229
\u20ac314
\u20ac345
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, 2024, the market value of the Company\u2019s interest in Tofas was
\u20ac1,056 million (\u20ac1,219 million at December 31, 2023).
Zhejiang Leapmotor Technology Co., Ltd is listed on the Hong Kong Stock Exchange. At December\u00a031, 2024, the
market value of the Company\u2019s interest in Leapmotor was \u20ac1,147 million (\u20ac1,176 million at December 31, 2023).
Archer Aviation Inc is listed on NYSE. At December\u00a031, 2024, the market value of the Company\u2019s interest in
Archer was \u20ac533 million (\u20ac173 million at December 31, 2023).
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,
2024
2023
2022
(\u20ac million)
Joint ventures
\u20ac118
\u20ac547
\u20ac286
Associates
(137)
(50)
13
Other
(14)
(6)
(35)
Total Share of the profit/(loss) of equity method investees
\u20ac(33)
\u20ac491
\u20ac264
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,
2024
2023
2022
(\u20ac million)
Joint ventures:
Profit/(loss) from continuing operations
\u20ac(111)
\u20ac233
\u20ac(152)
Net profit/(loss)
(111)
233
(152)
Other comprehensive income/(loss)
(177)
(265)
(47)
Total Other comprehensive income/(loss)
\u20ac(288)
\u20ac(32)
\u20ac(199)
Associates:
Profit/(loss) from continuing operations
\u20ac(137)
\u20ac(50)
\u20ac13
Net profit/(loss)
(137)
(50)
13
Other comprehensive income /(loss)
27
(11)
\u2014
Total Other comprehensive income/(loss)
\u20ac(110)
\u20ac(61)
\u20ac13
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-682": { "value": "
Acquisitions
In January 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 122 shops in Brazil. The acquisition further expands Stellantis\u2019 presence in the
aftermarket area which is part of our Dare Forward 2030 goals. The total consideration paid in cash at closing was
\u20ac133\u00a0million. The purchase price allocation has resulted in goodwill of \u20ac33\u00a0million, with identifiable net assets of
\u20ac143\u00a0million and \u20ac43\u00a0million of non-controlling interests. This entity is reported in the South America segment.
In January 2024, Stellantis obtained control of Punch Powertrain PSA e-transmissions Assembly SAS (\u201cPPETA\u201d) as
the joint venture partner, Punch Powertrain did not exercise call options it held prior to the lapse date of December 31, 2023.
PPETA assembles and sells eDCTs. PPETA was previously accounted for under the equity method. As the transaction was
executed without the transfer of consideration, the fair value of the existing 85 percent interest is used as a measurement of
consideration of \u20ac99\u00a0million. The purchase price allocation has resulted in goodwill of \u20ac49\u00a0million, identifiable net assets of
\u20ac59\u00a0million and \u20ac9\u00a0million of non-controlling interests. PPETA is reported in the Enlarged Europe segment.
In March 2024, Stellantis executed an insolvency call option for total cash consideration \u20ac137\u00a0million under which
we acquired the remaining 40 percent of Punch Powertrain E-Transmission N.V. (\u201cPPET\u201d). Following the transaction
Stellantis owns 100 percent of PPET which designs, engineers and manufactures the components of eDCTs assembled by
PPETA. This was previously accounted for under the equity method. The total consideration amounted to \u20ac340\u00a0million, of
which \u20ac137\u00a0million in cash and the remainder the fair value of the existing equity method investment. The preliminary
purchase price allocation has resulted in goodwill of \u20ac8 million and identifiable net assets of \u20ac332\u00a0million. The amounts
reported are provisional and could be subject to further adjustment during the one-year measurement period, in accordance
with IFRS 3. PPET is reported in the Enlarged Europe segment. Following acquisition, PPET was renamed to Stellantis E-
Transmission N.V.
In March 2024, Stellantis acquired a 60 percent interest in the French logistics company, Groupe 2L Logistics which
reinforces our vehicle distribution capacity. Total consideration was \u20ac55\u00a0million and the preliminary purchase price allocation
has resulted in goodwill of \u20ac50\u00a0million. The amounts reported are provisional and could be subject to further adjustment
during the one-year measurement period, in accordance with IFRS 3. The remaining 40 percent is subject to put and call
options over a transition period. This entity is reported in the Enlarged Europe segment.
In July 2024, Stellantis obtained control of Sopriam S.A. (\u201cSopriam\u201d) which specializes in vehicle distribution and
related parts in Morocco. The acquisition allows Stellantis to directly manage the distribution of Stellantis vehicles and parts
in the country. Prior to July 2024, Stellantis held a 9 percent interest of Sopriam and in July 2024, Stellantis entered into an
agreement for a two-phase step acquisition for the remaining 91 percent for \u20ac137\u00a0million. The initial phase, involved
immediate majority control by Stellantis through the acquisition of a 42 percent interest, followed by the full acquisition of
the remaining outstanding shares, which occurred in January 2025. The consideration paid for the first tranche was \u20ac63
million and for the second tranche was \u20ac74 million. The preliminary purchase price allocation resulted in the recognition of
identifiable net assets of \u20ac39\u00a0million and preliminary goodwill of \u20ac101\u00a0million. The amounts reported are provisional and
could be subject to further adjustment during the one-year measurement period, in accordance with IFRS 3. This entity is
reported in the Middle East & Africa segment.", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-681": { "value": "
Acquisitions
In January 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 122 shops in Brazil. The acquisition further expands Stellantis\u2019 presence in the
aftermarket area which is part of our Dare Forward 2030 goals. The total consideration paid in cash at closing was
\u20ac133\u00a0million. The purchase price allocation has resulted in goodwill of \u20ac33\u00a0million, with identifiable net assets of
\u20ac143\u00a0million and \u20ac43\u00a0million of non-controlling interests. This entity is reported in the South America segment.
In January 2024, Stellantis obtained control of Punch Powertrain PSA e-transmissions Assembly SAS (\u201cPPETA\u201d) as
the joint venture partner, Punch Powertrain did not exercise call options it held prior to the lapse date of December 31, 2023.
PPETA assembles and sells eDCTs. PPETA was previously accounted for under the equity method. As the transaction was
executed without the transfer of consideration, the fair value of the existing 85 percent interest is used as a measurement of
consideration of \u20ac99\u00a0million. The purchase price allocation has resulted in goodwill of \u20ac49\u00a0million, identifiable net assets of
\u20ac59\u00a0million and \u20ac9\u00a0million of non-controlling interests. PPETA is reported in the Enlarged Europe segment.
In March 2024, Stellantis executed an insolvency call option for total cash consideration \u20ac137\u00a0million under which
we acquired the remaining 40 percent of Punch Powertrain E-Transmission N.V. (\u201cPPET\u201d). Following the transaction
Stellantis owns 100 percent of PPET which designs, engineers and manufactures the components of eDCTs assembled by
PPETA. This was previously accounted for under the equity method. The total consideration amounted to \u20ac340\u00a0million, of
which \u20ac137\u00a0million in cash and the remainder the fair value of the existing equity method investment. The preliminary
purchase price allocation has resulted in goodwill of \u20ac8 million and identifiable net assets of \u20ac332\u00a0million. The amounts
reported are provisional and could be subject to further adjustment during the one-year measurement period, in accordance
with IFRS 3. PPET is reported in the Enlarged Europe segment. Following acquisition, PPET was renamed to Stellantis E-
Transmission N.V.
In March 2024, Stellantis acquired a 60 percent interest in the French logistics company, Groupe 2L Logistics which
reinforces our vehicle distribution capacity. Total consideration was \u20ac55\u00a0million and the preliminary purchase price allocation
has resulted in goodwill of \u20ac50\u00a0million. The amounts reported are provisional and could be subject to further adjustment
during the one-year measurement period, in accordance with IFRS 3. The remaining 40 percent is subject to put and call
options over a transition period. This entity is reported in the Enlarged Europe segment.
In July 2024, Stellantis obtained control of Sopriam S.A. (\u201cSopriam\u201d) which specializes in vehicle distribution and
related parts in Morocco. The acquisition allows Stellantis to directly manage the distribution of Stellantis vehicles and parts
in the country. Prior to July 2024, Stellantis held a 9 percent interest of Sopriam and in July 2024, Stellantis entered into an
agreement for a two-phase step acquisition for the remaining 91 percent for \u20ac137\u00a0million. The initial phase, involved
immediate majority control by Stellantis through the acquisition of a 42 percent interest, followed by the full acquisition of
the remaining outstanding shares, which occurred in January 2025. The consideration paid for the first tranche was \u20ac63
million and for the second tranche was \u20ac74 million. The preliminary purchase price allocation resulted in the recognition of
identifiable net assets of \u20ac39\u00a0million and preliminary goodwill of \u20ac101\u00a0million. The amounts reported are provisional and
could be subject to further adjustment during the one-year measurement period, in accordance with IFRS 3. This entity is
reported in the Middle East & Africa segment
12.
Investments accounted for using the equity method
The following table summarizes Investments accounted for using the equity method:
At December 31,
2024
2023
(\u20ac million)
Joint ventures
\u20ac7,037
\u20ac6,013
Associates
2,015
2,006
Other
48
51
Total Investments accounted for using the equity method
\u20ac9,100
\u20ac8,070
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,
2024
2023
2024
2023
Ownership percentage
(\u20ac million)
Finance companies in partnership with Group Santander Consumer
Finance (\u201cSCF\u201d)
50.0%
50.0%
\u20ac2,016
\u20ac1,977
Finance companies in partnership with BNPP PF
50.0%
50.0%
1,086
1,096
Tofas-Turk Otomobil Fabrikasi A.S.
37.9%
37.9%
1,101
1,037
NextStar Energy Inc (\u201cNextStar\u201d)
49.0%
49.0%
897
397
StarPlus Energy LLC (\u201cStarPlus\u201d)
49.0%
49.0%
763
558
Automotive Cells Company SE (\u201cACC\u201d)
45.0%
33.3%
429
155
Leasys SAS
50.0%
50.0%
424
339
Symbio
33.3%
33.3%
197
230
Others
124
224
Total joint ventures
\u20ac7,037
\u20ac6,013
Zhejiang Leapmotor Technology Co., Ltd. (\u201cLeapmotor\u201d)
21.3%
21.3%
1,349
1,409
Archer Aviation Inc (\u201cArcher\u201d)
16.0%
10.1%
206
112
Nordex S.A.
50.0%
50.0%
148
142
360 Energy S.A.
49.5%
49.5%
113
105
Stellantis E-Transmission N.V.(1)
\u2014%
56.0%
\u2014
172
Comau Group S.p.A.(1)
49.9%
\u2014%
124
\u2014
Others
75
66
Total associates
\u20ac2,015
\u20ac2,006
Total joint ventures and associates
\u20ac9,052
\u20ac8,019
_______________________________________________________________________________________________________________________________________________
(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\u00a031, 2024, the
market value of the Company\u2019s interest in Leapmotor was \u20ac1,147 million (\u20ac1,176 million at December 31, 2023).
Archer Aviation Inc is listed on NYSE. At December\u00a031, 2024, the market value of the Company\u2019s interest in
Archer was \u20ac533 million (\u20ac173 million at December 31, 2023).
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,
2024
2023
2022
(\u20ac million)
Joint ventures
\u20ac118
\u20ac547
\u20ac286
Associates
(137)
(50)
13
Other
(14)
(6)
(35)
Total Share of the profit/(loss) of equity method investees
\u20ac(33)
\u20ac491
\u20ac264
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,
2024
2023
2022
(\u20ac million)
Joint ventures:
Profit/(loss) from continuing operations
\u20ac(111)
\u20ac233
\u20ac(152)
Net profit/(loss)
(111)
233
(152)
Other comprehensive income/(loss)
(177)
(265)
(47)
Total Other comprehensive income/(loss)
\u20ac(288)
\u20ac(32)
\u20ac(199)
Associates:
Profit/(loss) from continuing operations
\u20ac(137)
\u20ac(50)
\u20ac13
Net profit/(loss)
(137)
(50)
13
Other comprehensive income /(loss)
27
(11)
\u2014
Total Other comprehensive income/(loss)
\u20ac(110)
\u20ac(61)
\u20ac13
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-684": { "value": "
Held for sale
At December 31, 2024, there were various businesses which met the criteria under IFRS 5 to be classified as held for
sale with assets of \u20ac917\u00a0million and liabilities of \u20ac458\u00a0million (\u20ac763\u00a0million of assets and \u20ac332\u00a0million of liabilities at
December 31, 2023) of which \u20ac674\u00a0million of assets and \u20ac350\u00a0million of liabilities relates to Stellantis Otomotiv Pazarlama
Anonim Sirketi (\u20ac656\u00a0million of assets and \u20ac332\u00a0million of liabilities at December 31, 2023).
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-683": { "value": "
Held for sale
At December 31, 2024, there were various businesses which met the criteria under IFRS 5 to be classified as held for
sale with assets of \u20ac917\u00a0million and liabilities of \u20ac458\u00a0million (\u20ac763\u00a0million of assets and \u20ac332\u00a0million of liabilities at
December 31, 2023) of which \u20ac674\u00a0million of assets and \u20ac350\u00a0million of liabilities relates to Stellantis Otomotiv Pazarlama
Anonim Sirketi (\u20ac656\u00a0million of assets and \u20ac332\u00a0million of liabilities at December 31, 2023).
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-685": { "value": "917000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-686": { "value": "458000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-689": { "value": "
4.
Net revenues
Net revenues were as follows:
Years ended December 31,
2024
2023
2022
(\u20ac million)
Revenues from:
Shipments of vehicles and sales of other goods
\u20ac149,544
\u20ac183,230
\u20ac173,718
Other services provided
4,422
4,018
3,786
Construction contract revenues
747
709
779
Lease installments from assets sold with a buy-back commitment
1,046
896
849
Interest income of financial services activities
1,119
691
460
Total Net revenues
\u20ac156,878
\u20ac189,544
\u20ac179,592
Net revenues by geographical area were as follows:
Years ended December 31,
2024
2023
2022
(\u20ac million)
Net revenues in:
North America(1)
\u20ac65,309
\u20ac88,466
\u20ac87,283
France
16,363
18,079
16,365
Brazil
13,577
13,742
11,363
Italy
11,166
11,790
10,840
Germany
8,371
10,467
9,046
United Kingdom
8,108
8,380
7,348
Turkey
5,969
6,187
3,110
Spain
4,286
5,147
5,307
Belgium
2,115
2,533
2,552
Netherlands
1,513
1,577
1,376
Argentina
1,413
1,524
2,735
Portugal
1,252
1,335
1,138
Algeria
1,245
1,079
277
Poland
1,166
1,204
1,230
Austria
1,062
812
801
Japan
894
1,377
1,152
Switzerland
670
930
763
China
638
1,141
1,811
Other countries
11,761
13,774
15,095
Total Net revenues
\u20ac156,878
\u20ac189,544
\u20ac179,592
______________________________________________________________________________________________________________________________
(1) Refers to the geographical area and not our North America reporting segment
Net revenues attributed by segment for the years ended December\u00a031, 2024, 2023 and 2022 were as follows:
2024
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
\u20ac62,111
\u20ac56,282
\u20ac10,022
\u20ac15,544
\u20ac1,930
\u20ac984
\u20ac2,671
\u20ac149,544
Other services provided
1,338
1,516
87
339
61
54
1,027
4,422
Construction contract revenues
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
747
747
Revenues from goods and services
63,449
57,798
10,109
15,883
1,991
1,038
4,445
154,713
Lease installments from assets sold with a
buy-back commitment
\u2014
1,046
\u2014
\u2014
\u2014
\u2014
\u2014
1,046
Interest income from financial services
activities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
1,119
1,119
Total Net revenues
\u20ac63,449
\u20ac58,844
\u20ac10,109
\u20ac15,883
\u20ac1,991
\u20ac1,038
\u20ac5,564
\u20ac156,878
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
The Company recognized a net decrease in Net revenues of \u20ac141 million during the year ended December 31, 2024
(net decrease of \u20ac119 million and \u20ac524 million during the years ended December 31, 2023 and 2022, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-688": { "value": "
4.
Net revenues
Net revenues were as follows:
Years ended December 31,
2024
2023
2022
(\u20ac million)
Revenues from:
Shipments of vehicles and sales of other goods
\u20ac149,544
\u20ac183,230
\u20ac173,718
Other services provided
4,422
4,018
3,786
Construction contract revenues
747
709
779
Lease installments from assets sold with a buy-back commitment
1,046
896
849
Interest income of financial services activities
1,119
691
460
Total Net revenues
\u20ac156,878
\u20ac189,544
\u20ac179,592
Net revenues by geographical area were as follows:
Years ended December 31,
2024
2023
2022
(\u20ac million)
Net revenues in:
North America(1)
\u20ac65,309
\u20ac88,466
\u20ac87,283
France
16,363
18,079
16,365
Brazil
13,577
13,742
11,363
Italy
11,166
11,790
10,840
Germany
8,371
10,467
9,046
United Kingdom
8,108
8,380
7,348
Turkey
5,969
6,187
3,110
Spain
4,286
5,147
5,307
Belgium
2,115
2,533
2,552
Netherlands
1,513
1,577
1,376
Argentina
1,413
1,524
2,735
Portugal
1,252
1,335
1,138
Algeria
1,245
1,079
277
Poland
1,166
1,204
1,230
Austria
1,062
812
801
Japan
894
1,377
1,152
Switzerland
670
930
763
China
638
1,141
1,811
Other countries
11,761
13,774
15,095
Total Net revenues
\u20ac156,878
\u20ac189,544
\u20ac179,592
______________________________________________________________________________________________________________________________
(1) Refers to the geographical area and not our North America reporting segment
Net revenues attributed by segment for the years ended December\u00a031, 2024, 2023 and 2022 were as follows:
2024
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
\u20ac62,111
\u20ac56,282
\u20ac10,022
\u20ac15,544
\u20ac1,930
\u20ac984
\u20ac2,671
\u20ac149,544
Other services provided
1,338
1,516
87
339
61
54
1,027
4,422
Construction contract revenues
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
747
747
Revenues from goods and services
63,449
57,798
10,109
15,883
1,991
1,038
4,445
154,713
Lease installments from assets sold with a
buy-back commitment
\u2014
1,046
\u2014
\u2014
\u2014
\u2014
\u2014
1,046
Interest income from financial services
activities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
1,119
1,119
Total Net revenues
\u20ac63,449
\u20ac58,844
\u20ac10,109
\u20ac15,883
\u20ac1,991
\u20ac1,038
\u20ac5,564
\u20ac156,878
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
The Company recognized a net decrease in Net revenues of \u20ac141 million during the year ended December 31, 2024
(net decrease of \u20ac119 million and \u20ac524 million during the years ended December 31, 2023 and 2022, 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 are summarized below. Stellantis\u2019 construction contracts were operated through Comau which was
disposed of in December 2024. Refer to Note 3, Scope of consolidation for additional information.
At December 31,
2024
2023
(\u20ac million)
Aggregate amount of costs incurred and recognized profits (less recognized losses) to date
\u20ac\u2014
\u20ac766
Less: Progress billings
\u2014
659
Construction contracts, net asset/(liability)
\u20ac\u2014
\u20ac107
Construction contract assets
\u2014
214
Less: Construction contract liabilities (Note 24)
\u2014
107
Construction contracts, net asset/(liability)
\u20ac\u2014
\u20ac107
Changes in the Company's construction contracts, net asset/(liability) for the year ended December\u00a031, 2024, were as
follows:
At January 1,
2024
Advances
received from
customers
Amounts
recognized
within revenue
Disposal
At December
31, 2024
(\u20ac million)
Construction contracts, net asset/(liability)
\u20ac107
\u20ac(757)
\u20ac747
\u20ac(97)
\u20ac\u2014
24.
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, 2024, were as follows:
At January 1,
2024
Advances
received from
customers
Amounts
recognized
within revenue
Transfers to
Assets/
(Liabilities)
held for sale
Other changes
At December
31, 2024
(\u20ac million)
Service contract liability
\u20ac2,968
\u20ac1,274
\u20ac(1,427)
\u20ac\u2014
\u20ac(85)
\u20ac2,730
Of the total Service contract liability at December\u00a031, 2024, the Company expected to recognize approximately
\u20ac979\u00a0million in 2025 , \u20ac706\u00a0million in 2026, \u20ac539\u00a0million in 2027 and \u20ac506\u00a0million thereafter.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-687": { "value": "
4.
Net revenues
Net revenues by geographical area were as follows:
Years ended December 31,
2024
2023
2022
(\u20ac million)
Net revenues in:
North America(1)
\u20ac65,309
\u20ac88,466
\u20ac87,283
France
16,363
18,079
16,365
Brazil
13,577
13,742
11,363
Italy
11,166
11,790
10,840
Germany
8,371
10,467
9,046
United Kingdom
8,108
8,380
7,348
Turkey
5,969
6,187
3,110
Spain
4,286
5,147
5,307
Belgium
2,115
2,533
2,552
Netherlands
1,513
1,577
1,376
Argentina
1,413
1,524
2,735
Portugal
1,252
1,335
1,138
Algeria
1,245
1,079
277
Poland
1,166
1,204
1,230
Austria
1,062
812
801
Japan
894
1,377
1,152
Switzerland
670
930
763
China
638
1,141
1,811
Other countries
11,761
13,774
15,095
Total Net revenues
\u20ac156,878
\u20ac189,544
\u20ac179,592
______________________________________________________________________________________________________________________________
(1) Refers to the geographical area and not our North America reporting segment
Net revenues attributed by segment for the years ended December\u00a031, 2024, 2023 and 2022 were as follows:
2024
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
\u20ac62,111
\u20ac56,282
\u20ac10,022
\u20ac15,544
\u20ac1,930
\u20ac984
\u20ac2,671
\u20ac149,544
Other services provided
1,338
1,516
87
339
61
54
1,027
4,422
Construction contract revenues
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
747
747
Revenues from goods and services
63,449
57,798
10,109
15,883
1,991
1,038
4,445
154,713
Lease installments from assets sold with a
buy-back commitment
\u2014
1,046
\u2014
\u2014
\u2014
\u2014
\u2014
1,046
Interest income from financial services
activities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
1,119
1,119
Total Net revenues
\u20ac63,449
\u20ac58,844
\u20ac10,109
\u20ac15,883
\u20ac1,991
\u20ac1,038
\u20ac5,564
\u20ac156,878
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
30.
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 Chairman, 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 (up until
disposal in December, 2024). Refer to Note 3, Scope of consolidation for additional information, our pre-owned car 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/(loss) 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).
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.
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, 2024,
2023 and 2022:
2024
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
\u20ac63,449
\u20ac58,844
\u20ac10,109
\u20ac15,883
\u20ac1,991
\u20ac1,038
\u20ac5,324
\u20ac240
\u20ac156,878
Net revenues from
transactions with other
segments
1
166
(12)
(20)
2
2
827
(966)
\u2014
Net revenues
63,450
59,010
10,097
15,863
1,993
1,040
6,151
(726)
156,878
Net profit/(loss)
\u20ac5,520
Tax expense/(benefit)
\u20ac(1,488)
Net financial expenses/
(income)
\u20ac(345)
Operating income/(loss)
\u20ac3,687
Adjustments:
Restructuring and other
costs, net of reversals(1)
\u20ac510
\u20ac1,027
\u20ac1
\u20ac20
\u20ac6
\u20ac22
\u20ac31
\u20ac\u2014
\u20ac1,617
Impairment expense and
supplier obligations(2)
\u20ac31
\u20ac207
\u20ac2
\u20ac\u2014
\u20ac16
\u20ac1,526
\u20ac25
\u20ac\u2014
\u20ac1,807
Takata recall campaign(3)
\u20ac\u2014
\u20ac711
\u20ac21
\u20ac36
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac768
Lifetime onerous
contracts(4)
\u20ac636
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac1
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac637
Other(5)
\u20ac62
\u20ac(6)
\u20ac\u2014
\u20ac32
\u20ac(5)
\u20ac\u2014
\u20ac7
\u20ac42
\u20ac132
Total adjustments
\u20ac1,239
\u20ac1,939
\u20ac24
\u20ac88
\u20ac18
\u20ac1,548
\u20ac63
\u20ac42
\u20ac4,961
Adjusted operating income
\u20ac2,660
\u20ac2,419
\u20ac1,901
\u20ac2,272
\u20ac(58)
\u20ac(260)
\u20ac144
\u20ac(430)
\u20ac8,648
Share of profit/(loss) of
equity method investees
\u20ac(8)
\u20ac(310)
\u20ac51
\u20ac1
\u20ac(72)
\u20ac\u2014
\u20ac305
\u20ac\u2014
\u20ac(33)
______________________________________________________________________________________________________________________________
(1) Primarily related to workforce reductions, mainly in Enlarged Europe and North America
(2) Primarily related to (i) \u20ac1,063\u00a0million of impairments of certain platform assets in Maserati and Enlarged Europe, net of reversal, driven by projected decreases in margins for certain
models and the cancellation of certain projects prior to launch, (ii) \u20ac230\u00a0million of provisions accrued for supplier obligations, relating to projects in development which were cancelled prior to
launch (and for which the related capitalized R&D was impaired under (i) above), and (iii) \u20ac514\u00a0million of goodwill impairments related to the Maserati segment
(3) Extension of Takata airbags recall campaign
(4) Provision primarily related to lifetime service contracts sold in North America prior to the merger determined to be onerous during 2024
(5) Consisting of other adjustments which are individually non significant
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)
\u20ac18,625
Tax expense/(benefit)
\u20ac3,793
Net financial expenses/
(income)
\u20ac(42)
Operating income/(loss)
\u20ac22,376
Adjustments:
Restructuring and other
costs, net of reversals(1)
\u20ac650
\u20ac475
\u20ac\u2014
\u20ac14
\u20ac1
\u20ac1
\u20ac20
\u20ac\u2014
\u20ac1,161
Collective agreements
related costs(2)
\u20ac428
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac428
Argentina currency
devaluation(3)
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac302
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac302
Impairment expense and
supplier obligations(4)
\u20ac\u2014
\u20ac47
\u20ac\u2014
\u20ac\u2014
\u20ac154
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac201
Reorganization of financial
services(5)
\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(6)
\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(7)
\u20ac(65)
\u20ac(40)
\u20ac\u2014
\u20ac\u2014
\u20ac(57)
\u20ac\u2014
\u20ac(39)
\u20ac\u2014
\u20ac(201)
Other(8)
\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
\u20ac(6)
\u20ac(139)
\u20ac192
\u20ac16
\u20ac18
\u20ac\u2014
\u20ac410
\u20ac\u2014
\u20ac491
______________________________________________________________________________________________________________________________
(1) Primarily related to workforce reductions and includes \u20ac243\u00a0million relating to the new collective bargaining agreements in North America
(2) 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 27, Guarantees granted, commitments
and contingent liabilities for additional information
(3) 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
(4) 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
(5) Net costs associated with the reorganization of our financial services activities in Europe
(6) Reversal of provisions related to litigation by certain patent owners related to the use of certain technologies in prior periods
(7) Mainly related to gains on disposals of investments and of fixed assets
(8) Consisting of other adjustments which are individually non significant
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)
\u20ac16,779
Tax expense/(benefit)
\u20ac2,729
Net financial expenses/
(income)
\u20ac768
Operating income/(loss)
\u20ac20,276
Adjustments:
Restructuring costs and other
costs, net of reversals(1)
\u20ac56
\u20ac1,020
\u20ac\u2014
\u20ac36
\u20ac\u2014
\u20ac2
\u20ac30
\u20ac\u2014
\u20ac1,144
Takata recall campaign(2)
\u20ac382
\u20ac545
\u20ac22
\u20ac2
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac951
CAFE penalty rate(3)
\u20ac660
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac660
Change in estimate of non-
contractual warranties(4)
\u20ac\u2014
\u20ac294
\u20ac14
\u20ac3
\u20ac3
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac314
Impairment of GAC-
Stellantis JV(5)
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac297
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac297
Impairment expense and
supplier obligations(6)
\u20ac99
\u20ac92
\u20ac\u2014
\u20ac45
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac1
\u20ac237
Patents litigation(7)
\u20ac93
\u20ac40
\u20ac\u2014
\u20ac1
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac134
Write down of FCA Bank
investment(8)
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac\u2014
\u20ac133
\u20ac\u2014
\u20ac133
Other(9)
\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
\u20ac(2)
\u20ac(75)
\u20ac110
\u20ac\u2014
\u20ac(310)
\u20ac\u2014
\u20ac541
\u20ac\u2014
\u20ac264
_______________________________________________________________________________________________________________________________________________
(1) Primarily related to workforce reductions, mainly in Enlarged Europe, North America and South America
(2) Extension of Takata airbags recall campaign
(3) Increase in provision related to Model Year 2019 - 2021 CAFE penalty rate adjustment. Refer to Note 21, Provisions for additional information
(4) Further refinements in estimate for warranty costs incurred after the contractual warranty period
(5) 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
(6) Primarily impairment expense in Enlarged Europe, mainly related to Russia, as well as North America and South America
(7) Provision related to litigation by certain patent owners related to the use of certain technologies in prior periods
(8) Write down of FCA Bank investment associated with the reorganization of our financial services activities in Europe
(9) Mainly related to release of litigation provisions, changes in ownership of equity method investments, partially offset by net losses on disposals
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,
2024
2023
(\u20ac million)
North America(1)
\u20ac62,276
\u20ac52,029
France
19,020
17,893
Italy
7,696
8,810
Germany
5,079
4,884
Brazil
3,414
3,811
Spain
1,709
1,876
United Kingdom
1,476
1,194
Poland
1,116
1,038
Slovakia
615
460
Serbia
257
161
Other countries(2)
6,505
5,817
Total Non-current assets (other than financial instruments, deferred tax assets and post-
employment benefits assets)
109,163
97,973
______________________________________________________________________________________________________________________________
(1) Refers to the geographical area and not our North America reporting segment
(2) Includes the Netherlands, amounts here are individually immaterial
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-690": { "value": "
5.
Research and development costs
Research and development costs were as follows:
Years ended December 31,
2024
2023
2022
(\u20ac million)
Research and development expenditures expensed
\u20ac2,932
\u20ac3,300
\u20ac3,233
Amortization of capitalized development expenditures
2,149
2,193
1,889
Impairment and write-off of capitalized development expenditures
703
126
78
Total Research and development costs
\u20ac5,784
\u20ac5,619
\u20ac5,200
Refer to Note 2,\u00a0Basis of preparation - Critical judgements and 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, 2024, 2023 and 2022.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-695": { "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,
2024
2023
2022
(\u20ac million)
Interest income and other financial income
\u20ac1,995
\u20ac2,678
\u20ac1,066
Financial expenses:
Interest expense and other financial expenses:
1,248
1,064
959
Interest expense on notes
430
386
281
Interest expense on borrowings from bank
121
59
105
Other interest cost and financial expenses
697
619
573
Interest on lease liabilities
64
63
63
Write-down and reversals of write-downs of financial assets
(88)
128
14
Net interest expense/(income) on employee benefits provisions
211
203
163
Total Financial expenses
1,435
1,458
1,199
Net expenses from derivative financial instruments and exchange rate differences
215
1,178
635
Total Financial expenses and Net expenses from derivative financial
instruments and exchange rate differences
1,650
2,636
1,834
Net Financial expenses/(income)
\u20ac(345)
\u20ac(42)
\u20ac768
Other interest cost and financial expenses primarily comprises of the effects of hyperinflation, discounting
provisions and other miscellaneous finance expenses.
During the year ended December 31, 2021, Credit Suisse Asset Management suspended redemptions and
subscriptions of certain supply chain finance funds, which the Company held 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, it was believed that the uncertainty surrounding recovery of
the remaining balance had increased, and therefore we impaired the remaining balance of \u20ac132\u00a0million. This was reported as
Write-down and reversals of write-downs of financial assets within Net financial expenses/(income) for the year ended
December 31, 2023. Following the acquisition of Credit Suisse Asset Management by UBS, in June 2024, Stellantis received
an offer for \u20ac92\u00a0million, representing 90 percent of the last determined value of its investment. The offer was accepted by
Stellantis in July 2024, and payment was subsequently completed in August 2024. Based on the information, in June 2024,
the impairment was reversed. This is reported as Write-down and reversals of write-downs of financial assets within Net
financial expenses/(income), consistent with how the impairment was reported in 2023.
During the year ended December 31, 2024 there was \u20ac345\u00a0million net financial income as compared to \u20ac42\u00a0million
net financial income in the same period in 2023. The improvement primarily reflects the reduction in foreign exchange losses
due to lower exposure to the Argentine Peso and lower devaluation of the Argentine Peso versus the U.S Dollar and the
partial reversal of the write-down of the investment in supply chain finance funds mentioned above. This was offset by lower
interest income, reflecting reduced cash levels and declining market interest rates, higher hyperinflationary losses and higher
interest expense on debt.
Net financial expenses/(income) for the year ended December 31, 2024, include \u20ac382\u00a0million losses (\u20ac215\u00a0million
and \u20ac198\u00a0million losses for the years ended December 31, 2023 and 2022, respectively) on the net monetary position of
entities whose functional currency is the currency of hyperinflationary economies, relating to Argentine Peso and Turkish
Lira. The increase mainly reflects the change in net monetary position in those entities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-694": { "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,
2024
2023
2022
(\u20ac million)
Interest income and other financial income
\u20ac1,995
\u20ac2,678
\u20ac1,066
Financial expenses:
Interest expense and other financial expenses:
1,248
1,064
959
Interest expense on notes
430
386
281
Interest expense on borrowings from bank
121
59
105
Other interest cost and financial expenses
697
619
573
Interest on lease liabilities
64
63
63
Write-down and reversals of write-downs of financial assets
(88)
128
14
Net interest expense/(income) on employee benefits provisions
211
203
163
Total Financial expenses
1,435
1,458
1,199
Net expenses from derivative financial instruments and exchange rate differences
215
1,178
635
Total Financial expenses and Net expenses from derivative financial
instruments and exchange rate differences
1,650
2,636
1,834
Net Financial expenses/(income)
\u20ac(345)
\u20ac(42)
\u20ac768
Other interest cost and financial expenses primarily comprises of the effects of hyperinflation, discounting
provisions and other miscellaneous finance expenses.
During the year ended December 31, 2021, Credit Suisse Asset Management suspended redemptions and
subscriptions of certain supply chain finance funds, which the Company held 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, it was believed that the uncertainty surrounding recovery of
the remaining balance had increased, and therefore we impaired the remaining balance of \u20ac132\u00a0million. This was reported as
Write-down and reversals of write-downs of financial assets within Net financial expenses/(income) for the year ended
December 31, 2023. Following the acquisition of Credit Suisse Asset Management by UBS, in June 2024, Stellantis received
an offer for \u20ac92\u00a0million, representing 90 percent of the last determined value of its investment. The offer was accepted by
Stellantis in July 2024, and payment was subsequently completed in August 2024. Based on the information, in June 2024,
the impairment was reversed. This is reported as Write-down and reversals of write-downs of financial assets within Net
financial expenses/(income), consistent with how the impairment was reported in 2023.
During the year ended December 31, 2024 there was \u20ac345\u00a0million net financial income as compared to \u20ac42\u00a0million
net financial income in the same period in 2023. The improvement primarily reflects the reduction in foreign exchange losses
due to lower exposure to the Argentine Peso and lower devaluation of the Argentine Peso versus the U.S Dollar and the
partial reversal of the write-down of the investment in supply chain finance funds mentioned above. This was offset by lower
interest income, reflecting reduced cash levels and declining market interest rates, higher hyperinflationary losses and higher
interest expense on debt.
Net financial expenses/(income) for the year ended December 31, 2024, include \u20ac382\u00a0million losses (\u20ac215\u00a0million
and \u20ac198\u00a0million losses for the years ended December 31, 2023 and 2022, respectively) on the net monetary position of
entities whose functional currency is the currency of hyperinflationary economies, relating to Argentine Peso and Turkish
Lira. The increase mainly reflects the change in net monetary position in those entities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-693": { "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,
2024
2023
2022
(\u20ac million)
Interest income and other financial income
\u20ac1,995
\u20ac2,678
\u20ac1,066
Financial expenses:
Interest expense and other financial expenses:
1,248
1,064
959
Interest expense on notes
430
386
281
Interest expense on borrowings from bank
121
59
105
Other interest cost and financial expenses
697
619
573
Interest on lease liabilities
64
63
63
Write-down and reversals of write-downs of financial assets
(88)
128
14
Net interest expense/(income) on employee benefits provisions
211
203
163
Total Financial expenses
1,435
1,458
1,199
Net expenses from derivative financial instruments and exchange rate differences
215
1,178
635
Total Financial expenses and Net expenses from derivative financial
instruments and exchange rate differences
1,650
2,636
1,834
Net Financial expenses/(income)
\u20ac(345)
\u20ac(42)
\u20ac768
Other interest cost and financial expenses primarily comprises of the effects of hyperinflation, discounting
provisions and other miscellaneous finance expenses.
During the year ended December 31, 2021, Credit Suisse Asset Management suspended redemptions and
subscriptions of certain supply chain finance funds, which the Company held 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, it was believed that the uncertainty surrounding recovery of
the remaining balance had increased, and therefore we impaired the remaining balance of \u20ac132\u00a0million. This was reported as
Write-down and reversals of write-downs of financial assets within Net financial expenses/(income) for the year ended
December 31, 2023. Following the acquisition of Credit Suisse Asset Management by UBS, in June 2024, Stellantis received
an offer for \u20ac92\u00a0million, representing 90 percent of the last determined value of its investment. The offer was accepted by
Stellantis in July 2024, and payment was subsequently completed in August 2024. Based on the information, in June 2024,
the impairment was reversed. This is reported as Write-down and reversals of write-downs of financial assets within Net
financial expenses/(income), consistent with how the impairment was reported in 2023.
During the year ended December 31, 2024 there was \u20ac345\u00a0million net financial income as compared to \u20ac42\u00a0million
net financial income in the same period in 2023. The improvement primarily reflects the reduction in foreign exchange losses
due to lower exposure to the Argentine Peso and lower devaluation of the Argentine Peso versus the U.S Dollar and the
partial reversal of the write-down of the investment in supply chain finance funds mentioned above. This was offset by lower
interest income, reflecting reduced cash levels and declining market interest rates, higher hyperinflationary losses and higher
interest expense on debt.
Net financial expenses/(income) for the year ended December 31, 2024, include \u20ac382\u00a0million losses (\u20ac215\u00a0million
and \u20ac198\u00a0million losses for the years ended December 31, 2023 and 2022, respectively) on the net monetary position of
entities whose functional currency is the currency of hyperinflationary economies, relating to Argentine Peso and Turkish
Lira. The increase mainly reflects the change in net monetary position in those entities.
13.
Financial assets
Financial assets consisted of the following:
At December 31,
2024
2023
Note
Current
Non-
current
Total
Current
Non-
current
Total
(\u20ac million)
Derivative financial assets
17
\u20ac70
\u20ac310
\u20ac380
\u20ac17
\u20ac23
\u20ac40
Financial securities measured at fair value through
other comprehensive income
25
55
360
415
59
356
415
Financial securities measured at fair value through
profit or loss
25
538
1,322
1,860
1,013
911
1,924
Financial securities measured at amortized cost
2,390
1,106
3,496
3,667
1,764
5,431
Financial receivables(1)
25
788
174
962
2,023
158
2,181
Collateral deposits measured at fair value through
profit or loss(2)
25
31
22
53
51
57
108
Total financial assets
\u20ac3,872
\u20ac3,294
\u20ac7,166
\u20ac6,830
\u20ac3,269
\u20ac10,099
______________________________________________________________________________________________________________________________
(1) Measured at amortized cost
(2) Collateral deposits are held in connection with derivative transactions and debt obligation
The decrease of \u20ac2.9\u00a0billion in financial assets was mainly due to (i) a \u20ac1.1 billion decrease in receivables for
factoring activities of our financial services (ii) a \u20ac1.9 billion decrease in financial securities measured at amortized cost due
to reduction of investments in Enlarged Europe and North America.
16.
Trade receivables, other assets, prepaid expenses and tax receivables
Trade receivables
Trade receivables are measured at amortized cost and net of an ECL allowance, calculated using the simplified
approach. Changes in the allowance for trade receivables were as follows:
At January 1,
2024
Provision
Use\u00a0and
other changes
Transferred to
Assets held for
sale
At December
31, 2024
(\u20ac million)
ECL allowance - Trade receivables
\u20ac551
\u20ac181
\u20ac(124)
\u20ac\u2014
\u20ac608
An immaterial amount of Trade receivables were written off during the year ended December\u00a031, 2024, 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,
2024
2023
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
\u20ac5,049
\u20ac1,038
\u20ac6,087
\u20ac5,964
\u20ac964
\u20ac6,928
ECL allowance
(194)
(414)
(608)
(88)
(463)
(551)
Carrying amount
\u20ac4,855
\u20ac624
\u20ac5,479
\u20ac5,876
\u20ac501
\u20ac6,377
In addition to the amounts above, a further \u20ac27\u00a0million at December 31, 2024 (\u20ac49\u00a0million at December 31, 2023) of
trade receivables were measured at FVPL. Refer to Note 25, 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,
2024
2023
(\u20ac million)
Dealer financing
\u20ac2,330
\u20ac2,305
Retail financing
8,494
5,505
Finance leases
299
133
Other
1,408
1,051
Total Receivables from financing activities
\u20ac12,531
\u20ac8,994
The \u20ac3.5\u00a0billion increase in Receivables from financing activities for the year ended December 31, 2024 is mainly
due to the increase in retail financing of \u20ac3.0\u00a0billion driven by the increase in the loan portfolio activity in North America and
South America. Other receivables from financing increased by \u20ac0.4\u00a0billion mainly attributable to loans extended to our joint
ventures.\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,
2024
Provision
Use\u00a0and
other changes
Transferred to
Assets held for
sale
At December
31, 2024
(\u20ac million)
ECL allowance - Receivables from financing
activities
\u20ac195
\u20ac249
\u20ac(217)
\u20ac(1)
\u20ac226
The following table provides information about the exposure to credit risk and ECLs for receivables from financing
activities:
At December 31,
2024
2023
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
(\u20ac million)
Gross amount
\u20ac12,451
\u20ac168
\u20ac138
\u20ac12,757
\u20ac8,841
\u20ac117
\u20ac114
\u20ac9,072
ECL allowance
(174)
(33)
(19)
(226)
(149)
(23)
(23)
(195)
Carrying amount
\u20ac12,277
\u20ac135
\u20ac119
\u20ac12,531
\u20ac8,692
\u20ac94
\u20ac91
\u20ac8,877
In addition to the amounts above, nil at December\u00a031, 2024 (\u20ac117\u00a0million at December\u00a031, 2023) of receivables
from financing activities were measured at FVPL. Refer to Note 25, Fair value measurement. Refer to Note 2, Basis of
preparation for details on the stages.
Other assets and prepaid expenses
Other assets and prepaid expenses consisted of the following:
At December 31
2024
2023
Current
Non-current
Total
Current
Non-current
Total
(\u20ac million)
Receivables from financing activities at
amortized cost
\u20ac5,693
\u20ac6,838
\u20ac12,531
\u20ac4,487
\u20ac4,507
\u20ac8,994
Other receivables at amortized cost
5,119
1,391
6,510
4,311
1,628
5,939
Defined benefit plan assets (Note 20)
39
924
963
24
886
910
Derivative operating assets
256
17
273
157
51
208
Prepaid expenses and other
1,866
491
2,357
1,309
622
1,931
Total other assets and prepaid expenses
\u20ac12,973
\u20ac9,661
\u20ac22,634
\u20ac10,288
\u20ac7,694
\u20ac17,982
The following table summarizes Receivables from financing activities, Other receivables at amortized cost,
Derivative operating assets and Tax receivables by due date:
At December 31,
2024
2023
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
\u20ac5,693
\u20ac5,861
\u20ac977
\u20ac6,838
\u20ac12,531
\u20ac4,487
\u20ac3,273
\u20ac1,234
\u20ac4,507
\u20ac8,994
Other receivables at
amortized cost
5,119
1,295
96
1,391
6,510
4,311
1,498
130
1,628
5,939
Derivative operating
assets
256
17
\u2014
17
273
157
51
\u2014
51
208
Total
\u20ac11,068
\u20ac7,173
\u20ac1,073
\u20ac8,246
\u20ac19,314
\u20ac8,955
\u20ac4,822
\u20ac1,364
\u20ac6,186
\u20ac15,141
Tax receivables
\u20ac1,411
\u20ac210
\u20ac17
\u20ac227
\u20ac1,638
\u20ac802
\u20ac84
\u20ac33
\u20ac117
\u20ac919
Other receivables
At December\u00a031, 2024, Other receivables primarily consisted of tax receivables for VAT and other indirect taxes of
\u20ac4,593 million (\u20ac4,504 million at December\u00a031, 2023).
Transfer of financial assets
At December\u00a031, 2024, 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 \u20ac14,888\u00a0million
(\u20ac16,991\u00a0million at December\u00a031, 2023), of which 74 percent (75 percent at December\u00a031, 2023), was mainly due from the
sales network, transferred to financing companies in partnership with Santander, BNP Paribas and Cr\u00e9dit Agricole.
At December\u00a031, 2024 and 2023, the carrying amount of transferred financial assets not derecognized and the
related liabilities were as follows:
At December 31,
2024
2023
Trade
receivables
Receivables
from
financing
activities
Total
Trade
receivables
Receivables
from
financing
activities
Total
(\u20ac million)
Carrying amount of assets transferred and not
derecognized
\u20ac88
\u20ac5
\u20ac93
\u20ac58
\u20ac9
\u20ac67
Carrying amount of the related liabilities (Note 22)
\u20ac88
\u20ac5
\u20ac93
\u20ac58
\u20ac9
\u20ac67
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,
2024
2023
Positive\u00a0fair
value
Negative\u00a0fair
value
Positive\u00a0fair
value
Negative\u00a0fair
value
(\u20ac million)
Fair value hedges:
Interest rate risk - interest rate swaps
\u20ac170
\u20ac\u2014
\u20ac26
\u20ac(1)
Total Fair value hedges
170
\u2014
26
(1)
Cash flow hedges:
Interest rate risk - interest rate swaps
21
(11)
\u2014
(28)
Currency risks - forward contracts, currency swaps and
currency options
155
(182)
111
(331)
Commodity price risk \u2013 commodity swaps and commodity
options
46
(304)
36
(681)
Total Cash flow hedges
222
(497)
147
(1,040)
Total Net investment hedges
\u2014
\u2014
\u2014
\u2014
Derivatives for trading
261
(184)
75
(43)
Total Fair value of derivative financial assets/(liabilities)
\u20ac653
\u20ac(681)
\u20ac248
\u20ac(1,084)
Financial derivative assets/(liabilities) - current
\u20ac70
\u20ac(9)
\u20ac17
\u20ac(18)
Financial derivative assets/(liabilities) - non-current
\u20ac310
\u20ac(15)
\u20ac23
\u20ac(21)
Derivative operating assets/(liabilities) - current
\u20ac256
\u20ac(600)
\u20ac157
\u20ac(746)
Derivative operating assets/(liabilities) - non-current
\u20ac17
\u20ac(57)
\u20ac51
\u20ac(299)
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,
2024
2023
Due\u00a0within
one year
Due
between
one\u00a0and
five
years
Total
Due\u00a0within
one year
Due
between
one\u00a0and
five
years
Total
(\u20ac million)
Currency risk management
\u20ac19,279
\u20ac1,125
\u20ac20,404
\u20ac21,424
\u20ac6,263
\u20ac27,687
Interest rate risk management
71
12,215
12,286
42
6,680
6,722
Interest rate and currency risk management
11
19
30
37
28
65
Commodity price risk management
2,079
818
2,897
2,809
2,196
5,005
Total Notional amount
\u20ac21,440
\u20ac14,177
\u20ac35,617
\u20ac24,312
\u20ac15,167
\u20ac39,479
Fair value hedges
The net gains and losses arising from the valuation of outstanding currency derivatives and interest rate derivatives
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,
2024
2023
2022
(\u20ac million)
Currency and interest rate risk
Change in ineffective portion
\u20ac\u2014
\u20ac(1)
\u20ac(34)
Net gains/(losses)
\u20ac\u2014
\u20ac(1)
\u20ac(34)
Ineffectiveness portion is recognized in Net financial expenses.
At December 31, 2024, the Company has outstanding interest rate derivatives classified as fair value hedges; in
particular, interest rate swaps that manage interest rate risk of certain bonds issued in Europe and in North America, with a
nominal amount of \u20ac8.0\u00a0billion . The accumulated amount of fair value hedge adjustment on the hedged item is negative and
equal to \u20ac68\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, 2024 net losses of \u20ac48 million mainly related to discontinued hedges were
recognized in the Consolidated Income Statement (net gains \u20ac4 million for the year ended December\u00a031, 2023 and net losses
\u20ac6 million for the year ended December\u00a031, 2022).
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,
2024
2023
2022
(\u20ac million)
Currency risk
(Increase)/decrease in Cost of revenues
\u20ac222
\u20ac(101)
\u20ac(111)
Share of profit/(loss) of equity method investees
(42)
7
(10)
Interest rate risk
Share of profit/(loss) of equity method investees
19
44
(59)
Net financial income/(expenses)
(3)
\u2014
\u2014
Commodity price risk
(Increase)/decrease in Cost of revenues
(616)
(435)
464
Ineffectiveness and discontinued hedges
(48)
4
(6)
Tax expenses/(benefit)
84
77
(99)
Total recognized in the Consolidated Income Statement
\u20ac(384)
\u20ac(404)
\u20ac179
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, 2024, gains of \u20ac33\u00a0million (losses of \u20ac12\u00a0million for the year ended December 31, 2023 and
gains of \u20ac100\u00a0million for the year ended December 31, 2022) related to the hedges of a net investment in foreign operation
were recognized in the Consolidated Statement of Other Comprehensive Income within Exchange differences on translating
foreign operations differences. There was no ineffectiveness for the year ended December 31, 2024.
Derivatives for trading
At December\u00a031, 2024, 2023 and 2022, 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 32, Qualitative and quantitative information on financial risks.
18.
Cash and cash equivalents
Cash and cash equivalents consisted of the following:
At December 31,
2024
2023
(\u20ac million)
Cash at banks
\u20ac9,408
\u20ac8,981
Money market securities measured at FVTPL
19,127
17,691
Other cash equivalents
5,565
16,997
Total Cash and cash equivalents
\u20ac34,100
\u20ac43,669
Cash and cash equivalents held in certain foreign countries (primarily in Argentina, \u20ac114 million and \u20ac470\u00a0million at
December 31, 2024 and 2023, respectively and in Algeria, \u20ac276\u00a0million and \u20ac222\u00a0million at December 31, 2024 and 2023,
respectively) were subject to local exchange control regulations providing restrictions on the amount of cash that can leave
the country. Other cash equivalents primarily includes investments in commercial papers.
Cash and cash equivalents include \u20ac451\u00a0million at December 31, 2024 (\u20ac210\u00a0million at December 31, 2023) held in
bank deposits which are restricted to the operations related to securitization programs and warehouse credit facilities of SFS
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 SFS 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,
2024
2023
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
\u20ac949
\u20ac9,114
\u20ac9,054
\u20ac18,168
\u20ac19,117
\u20ac2,277
\u20ac7,133
\u20ac8,805
\u20ac15,938
\u20ac18,215
Borrowings from
banks
3,119
371
82
453
3,572
1,512
1,297
27
1,324
2,836
Asset-backed
financing
5,645
3,681
690
4,371
10,016
3,638
1,014
126
1,140
4,778
Lease liabilities
858
883
815
1,698
2,556
718
728
712
1,440
2,158
Other debt
1,628
291
47
338
1,966
1,317
150
9
159
1,476
Total Debt
\u20ac12,199
\u20ac14,340
\u20ac10,688
\u20ac25,028
\u20ac37,227
\u20ac9,462
\u20ac10,322
\u20ac9,679
\u20ac20,001
\u20ac29,463
Debt increased by approximately \u20ac7.8\u00a0billion primarily due to the increase in financial services funding.
Notes
The following table summarizes the notes outstanding at December\u00a031, 2024 and 2023:
At December 31,
(\u20ac million)
Currency
Face\u00a0value\u00a0of
outstanding
notes
(million)
Coupon
%
Maturity
2024
2023
Stellantis (Peugeot S.A. issuances):
STELLANTIS N.V. (Peugeot S.A.) 2017
EUR
600
2.000
Q1/2024
\u2014
609
STELLANTIS N.V. (Peugeot S.A.) 2017
EUR
100
2.000
Q1/2024
\u2014
102
STELLANTIS N.V. (Peugeot S.A.) 2018
EUR
650
2.000
Q1/2025
660
659
STELLANTIS N.V. (Peugeot S.A.) 2019
EUR
600
1.125
Q3/2029
597
596
STELLANTIS N.V. (Peugeot S.A.) 2020
EUR
1,000
2.750
Q2/2026
1,024
1,014
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
204
Euribor
6M +
1.400
Q2/2026
206
207
Medium Term Note Programme(1):
STELLANTIS N.V. (FCA N.V.) 2016
EUR
1,250
3.750
Q1/2024
\u2014
1,296
STELLANTIS N.V. (FCA N.V.) 2020
EUR
1,250
3.875
Q1/2026
1,347
1,381
STELLANTIS N.V. (FCA N.V.) 2020
EUR
1,000
4.500
Q3/2028
1,162
1,200
STELLANTIS N.V. 2021
EUR
1,250
0.625
Q1/2027
1,260
1,256
STELLANTIS N.V. 2021
EUR
1,250
0.750
Q1/2029
1,255
1,254
STELLANTIS N.V. 2021
EUR
1,250
1.250
Q2/2033
1,243
1,241
STELLANTIS N.V. 2022
EUR
1,000
2.750
Q2/2032
1,022
1,016
STELLANTIS N.V. 2023 - green bond
EUR
1,250
4.375
Q1/2030
1,296
1,285
STELLANTIS N.V. 2023
EUR
1,250
4.250
Q2/2031
1,270
1,266
STELLANTIS N.V. 2024
EUR
750
3.500
Q3/2030
753
\u2014
STELLANTIS N.V. 2024 - green bond
EUR
500
3.750
Q1/2036
508
\u2014
STELLANTIS N.V. 2024
EUR
750
3.375
Q4/2028
763
\u2014
STELLANTIS N.V. 2024
EUR
750
4.000
Q1/2034
749
\u2014
Other Notes:
STELLANTIS FINANCE U.S. 2021
U.S $
1,000
1.711
Q1/2027
968
909
STELLANTIS FINANCE U.S. 2021
U.S $
1,000
2.691
Q3/2031
967
909
STELLANTIS FINANCE U.S. 2022
U.S. $
550
5.625
Q1/2028
539
512
STELLANTIS FINANCE U.S. 2022
U.S. $
700
6.375
Q3/2032
682
643
GIE PSA Tr\u00e9sorerie 2003
EUR
600
6.000
Q3/2033
735
749
Total Notes
\u20ac19,117
\u20ac18,215
______________________________________________________________________________________________________________________________
(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 up 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
\u20ac2.25\u00a0billion (principal amounts) were outstanding as at December 31, 2024.
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 four notes and repaid one note at maturity during the
year ended December 31, 2024:
\u2022 In March 2024, a green bond was issued with a principal amount of \u20ac500\u00a0million and an interest rate of 3.75
percent, maturing in March 2036. Stellantis will aim to allocate an amount equal to the net proceeds of the green
bond to investments and expenditures meeting the eligibility criteria, which relate to design, development and
manufacturing of zero emissions vehicles (i.e. battery electric vehicles and hydrogen fuel cell vehicles);
\u2022 In March 2024, the Company issued notes with a principal amount of \u20ac750\u00a0million and an interest rate of 3.50
percent, maturing in September 2030;
\u2022 In April 2024, the Company repaid, at maturity, a \u20ac1,250\u00a0million note formerly issued by FCA N.V. in 2016;
and
\u2022 In November 2024, the Company issued two notes with principal amounts of: (a) \u20ac750\u00a0million at an interest rate
of 3.375 percent, maturing in November 2028 and (b) \u20ac750\u00a0million at an interest rate of 4.0 percent, maturing in
November 2034.
As at December 31, 2024, the outstanding principal amount of the notes issued under the successive versions of the
programme, after the merger, was \u20ac10\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, 2024, Stellantis was in compliance with the covenants of the notes 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 March 2024, Stellantis repaid, at maturity, a \u20ac600\u00a0million note and a \u20ac100\u00a0million note formerly issued by PSA in
2017.
The Notes issued by Stellantis Finance U.S. Inc 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, 2024, Stellantis was in compliance with the
covenants of the Notes.
As at December 31, 2024, all the outstanding notes of Stellantis were rated \u201cBaa1\u201d by Moody\u2019s Investors Service
and \u201cBBB+\u201d by S&P Global Ratings.
Borrowings from banks
European Investment Bank Borrowings
Stellantis had financing agreements with the European Investment Bank (\u201cEIB\u201d) for a total of \u20ac0.9 billion
outstanding at December\u00a031, 2024 (\u20ac1.0 billion at December\u00a031, 2023 ). These were entered into to finance specific projects
and investment plans among which include the manufacturing of PHEVs 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
integration and deployment of advanced manufacturing technologies for the production of a new platform of electric vehicles
at the Kragujevac plant (Serbia).
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 \u20ac0.5 billion at December\u00a031, 2024 (\u20ac0.7 billion at December\u00a031, 2023).
Undrawn committed credit lines
In July 2024, Stellantis N.V. announced it successfully extended the maturity and amended its syndicated revolving
credit facility (\u201cRCF\u201d) of \u20ac12\u00a0billion, originally signed in July 2021. The syndicated credit facility includes a broad-based
group of 29 banks from Europe, U.S. and Asia. The RCF is structured in 2 tranches: \u20ac6\u00a0billion, with a three-year tenor (July
2027), and \u20ac6.0\u00a0billion, with a five-year tenor (July 2029), each tranche benefiting from two further extension options, each
of one year exercisable on the first and second anniversary of the amendment signing date.
In March 2024, a new RCF committed credit line of \u20ac0.9\u00a0billion ($1\u00a0billion) was signed by SFS U.S. The line
expires in March 2027 and, at December 31, 2024, \u20ac0.3\u00a0billion ($0.3\u00a0billion) was undrawn.
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, 2024, Stellantis was in compliance with the covenants of the RCF.
At December\u00a031, 2024, undrawn committed credit lines of \u20ac12.9\u00a0billion include the syndicated revolving credit
facility of \u20ac12.0\u00a0billion, signed in 2024.
Asset-backed financing
Asset-backed financings, including warehouse credit facilities, asset-backed term notes and asset-backed securities
(\u201cABS\u201d) term loans, primarily represented the amount of financing received by SFS U.S. through securitization programs of
\u20ac9,866 million as of December\u00a031, 2024 (\u20ac4,711 million at December\u00a031, 2023), that will be settled through the collection of
a portfolio of receivables which originate from consumers.
The retail consumer contracts, lease and commercial loans to dealers are pledged to special purpose entities as
collateral.
The following table summarizes the asset-back financing amounts at December\u00a031, 2024 and 2023:
At December 31,
(\u20ac million)
Currency
Interest rate %
Maturity(1)
2024
2023
Warehouse Credit
Facilities:
SFS Funding I
USD
CP/SOFR+spread
Q2/2026
4,034
3,189
SFS Funding II
USD
CP/SOFR+spread
Q3/2024
\u2014
109
FIARC
USD
SOFR+spread
Q2/2025
60
29
SFMOT Floorplan Facility
USD
CP/SOFR+spread
Q2/2026
565
\u2014
Term Notes:
Term Notes 2017-2020
USD
2.80%-7.07%
Q2/2027
\u2014
36
FIAOT 2021-1
USD
0.89%-5.37%
Q2/2028
27
45
FIAOT 2021-2
USD
0.48%-3.14%
Q4/2028
63
98
FIAOT 2022-1
USD
2.03%-5.41%
Q2/2029
83
125
FIAOT 2022-2
USD
6.26%-9.50%
Q4/2029
95
151
FIAOT 2023-1
USD
6.44%-7.74%
Q1/2031
131
189
SFAST 2023-1
USD
5.47%-5.97%
Q1/2031
522
740
SFAST 2024-1
USD
4.94%-5.59%
Q1/2032
645
\u2014
SFAST 2024-2
USD
5.26%-5.71%
Q1/2032
760
\u2014
SFAST 2024-3
USD
4.55%-4.98%
Q4/2032
829
\u2014
Term Loans:
SFAF LLC
USD
5.45%
Q4/2031
555
\u2014
SFAF 2024-2
USD
5.45%
Q1/2032
590
\u2014
SFALV 2024-1
USD
4.80%
Q1/2030
907
\u2014
Total
\u20ac9,866
\u20ac4,711
________________________________________________________________________________________________________________________________________________
(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 SFS 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 of \u20ac6.1 billion ($6.3\u00a0billion) as of December\u00a031, 2024
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.
SFS U.S. uses interest rate derivatives in order to reduce the interest rate risk of certain warehouse credit facilities
where the underlying receivables carry fixed rate of interest and borrowings are based on the floating rate SOFR indices.
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.
ABS Term Loans
ABS Term Loans are provided by various banks which advance term loan proceeds secured by a pool of either retail
loan receivables or consumer leases. Two ABS Term Loans outstanding as of December\u00a031, 2024, with an aggregate balance
of \u20ac1.14\u00a0billion ($1.19\u00a0billion) are secured by retail loan receivables with an aggregate balance of \u20ac1.41 billion
($1.48\u00a0billion). The remaining ABS Term Loan facility with a balance of \u20ac899\u00a0million ($942\u00a0million) as of December 31,
2024, is secured by \u20ac1.05\u00a0billion ($1.1\u00a0billion) in consumer lease receivables.
The terms governing the warehouse credit facilities and ABS Term Loans contains numerous covenants relating to
the issuer\u2019s business, the observance of certain financial covenants, the avoidance of certain levels of delinquency and credit
loss 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 Loan or warehouse credit facilities. The ABS Term
Notes generally do not contain financial covenants or covenants related to delinquency experience or credit losses. The
Company was not in default with respect to any financial and non-financial covenants governing these financing
arrangements at December\u00a031, 2024.
Refer to Note 25, Fair value measurement for additional information on fair and carrying values of assigned
receivables and related liabilities.
Other
Additionally, there are:
\u2022 \u20ac101 million of debt relating to asset-backed financing in Brazil, at December 31, 2024 (nil at December 31,
2023); and
\u2022 \u20ac49 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, 2024 (\u20ac67 million at December\u00a031,
2023) 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 primarily includes funds raised from financial services companies through money market instruments 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,
2024
2023
(\u20ac million)
Long-term debt (non-current)
\u20ac1,698
\u20ac1,440
Short-term debt and current portion of long-term debt (current)
\u20ac858
\u20ac718
Maturity analysis - contractual undiscounted cash flows
At December 31, 2024
(\u20ac million)
Due within one year
\u20ac866
Due between one and five years
1,001
Due beyond five years
985
Total undiscounted lease liabilities
\u20ac2,852
In addition, the Company entered into commitments relating to leases not yet commenced of \u20ac71 million, of which
the most significant relating to contracts in the North America. In addition to the above, the Company entered into non-
cancellable short-term leases, which have not been classified as lease liabilities, of \u20ac61 million which is expected to be settled
within the next 12 months.
Debt secured by assets
At December\u00a031, 2024, debt secured by assets of the Company amounted to \u20ac23 million (\u20ac79 million at
December\u00a031, 2023), excluding the Lease liabilities and Asset-backed financing as described above, mainly related to
subsidized financing in South America.
The total carrying amount of assets acting as security for loans for the Company amounted to \u20ac471 million,
excluding the Right-of-use assets as described in Note 11, Property, plant and equipment, at December\u00a031, 2024 (\u20ac806
million at December\u00a031, 2023).
24.
Other liabilities
Other liabilities consisted of the following:
At December 31,
2024
2023
Current
Non-
current
Total
Current
Non-
current
Total
(\u20ac million)
Payables for buy-back agreements
\u20ac4,607
\u20ac2,780
\u20ac7,387
\u20ac1,877
\u20ac4,645
\u20ac6,522
Accrued expenses and deferred income
5,015
882
5,897
4,778
751
5,529
Indirect tax payables
1,416
10
1,426
1,426
15
1,441
Payables to personnel
1,779
\u2014
1,779
2,658
4
2,662
Social security payables
563
6
569
567
15
582
Construction contract liabilities
(Note 14)(1)
\u2014
\u2014
\u2014
107
\u2014
107
Service contract liability
713
2,017
2,730
808
2,160
2,968
Derivatives operating liability
600
57
657
746
299
1,045
Other
2,865
228
3,093
2,603
176
2,779
Total Other liabilities
\u20ac17,558
\u20ac5,980
\u20ac23,538
\u20ac15,570
\u20ac8,065
\u20ac23,635
____________________________________________________________________________________________________
(1) Construction contract liabilities related entirely to our automation production systems, Comau which was disposed of as of December 2024. Refer to Note 3, Scope of
consolidation for additional information
Other liabilities (excluding Accrued expenses, Deferred income and Service contract liability) by due date were as
follows:
At December 31,
2024
2023
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)
\u20ac11,830
\u20ac3,038
\u20ac43
\u20ac3,081
\u20ac14,911
\u20ac9,984
\u20ac5,124
\u20ac30
\u20ac5,154
\u20ac15,138
Payables for buy-back agreements
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.
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, 2024, were as follows:
At January 1,
2024
Advances
received from
customers
Amounts
recognized
within revenue
Transfers to
Assets/
(Liabilities)
held for sale
Other changes
At December
31, 2024
(\u20ac million)
Service contract liability
\u20ac2,968
\u20ac1,274
\u20ac(1,427)
\u20ac\u2014
\u20ac(85)
\u20ac2,730
Of the total Service contract liability at December\u00a031, 2024, the Company expected to recognize approximately
\u20ac979\u00a0million in 2025 , \u20ac706\u00a0million in 2026, \u20ac539\u00a0million in 2027 and \u20ac506\u00a0million thereafter.
32.
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, 2024 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 27, 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, C ash 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, 2024 and 2023, 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, 2024 and 2023 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 24, 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 (primarily base metals, commodities used in electric vehicle and PGM - platinum, palladium and rhodium) 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, except for entities that operate in hyperinflationary economies (Turkey and
Argentina) for which the income statements are translated into Euro using the spot rate at the end of 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, 2024 resulting from a 10 percent change in the exchange rates
would have been approximately \u20ac752\u00a0million in the Other comprehensive income (mainly driven by the foreign exchange
hedges related to the sales in GBP) and \u20ac291\u00a0million on Consolidated Income Statement.
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 \u20ac12\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,
2024 would have an impact of \u20ac89\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, 2024 would have a negative impact of \u20ac33\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, 2024, applied to floating rate or
short term maturity 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 \u20ac118\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, 2024, 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 \u20ac290\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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-692": { "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,
2024
2023
2022
(\u20ac million)
Interest income and other financial income
\u20ac1,995
\u20ac2,678
\u20ac1,066
Financial expenses:
Interest expense and other financial expenses:
1,248
1,064
959
Interest expense on notes
430
386
281
Interest expense on borrowings from bank
121
59
105
Other interest cost and financial expenses
697
619
573
Interest on lease liabilities
64
63
63
Write-down and reversals of write-downs of financial assets
(88)
128
14
Net interest expense/(income) on employee benefits provisions
211
203
163
Total Financial expenses
1,435
1,458
1,199
Net expenses from derivative financial instruments and exchange rate differences
215
1,178
635
Total Financial expenses and Net expenses from derivative financial
instruments and exchange rate differences
1,650
2,636
1,834
Net Financial expenses/(income)
\u20ac(345)
\u20ac(42)
\u20ac768
Other interest cost and financial expenses primarily comprises of the effects of hyperinflation, discounting
provisions and other miscellaneous finance expenses.
During the year ended December 31, 2021, Credit Suisse Asset Management suspended redemptions and
subscriptions of certain supply chain finance funds, which the Company held 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, it was believed that the uncertainty surrounding recovery of
the remaining balance had increased, and therefore we impaired the remaining balance of \u20ac132\u00a0million. This was reported as
Write-down and reversals of write-downs of financial assets within Net financial expenses/(income) for the year ended
December 31, 2023. Following the acquisition of Credit Suisse Asset Management by UBS, in June 2024, Stellantis received
an offer for \u20ac92\u00a0million, representing 90 percent of the last determined value of its investment. The offer was accepted by
Stellantis in July 2024, and payment was subsequently completed in August 2024. Based on the information, in June 2024,
the impairment was reversed. This is reported as Write-down and reversals of write-downs of financial assets within Net
financial expenses/(income), consistent with how the impairment was reported in 2023.
During the year ended December 31, 2024 there was \u20ac345\u00a0million net financial income as compared to \u20ac42\u00a0million
net financial income in the same period in 2023. The improvement primarily reflects the reduction in foreign exchange losses
due to lower exposure to the Argentine Peso and lower devaluation of the Argentine Peso versus the U.S Dollar and the
partial reversal of the write-down of the investment in supply chain finance funds mentioned above. This was offset by lower
interest income, reflecting reduced cash levels and declining market interest rates, higher hyperinflationary losses and higher
interest expense on debt.
Net financial expenses/(income) for the year ended December 31, 2024, include \u20ac382\u00a0million losses (\u20ac215\u00a0million
and \u20ac198\u00a0million losses for the years ended December 31, 2023 and 2022, respectively) on the net monetary position of
entities whose functional currency is the currency of hyperinflationary economies, relating to Argentine Peso and Turkish
Lira. The increase mainly reflects the change in net monetary position in those entities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-691": { "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,
2024
2023
2022
(\u20ac million)
Interest income and other financial income
\u20ac1,995
\u20ac2,678
\u20ac1,066
Financial expenses:
Interest expense and other financial expenses:
1,248
1,064
959
Interest expense on notes
430
386
281
Interest expense on borrowings from bank
121
59
105
Other interest cost and financial expenses
697
619
573
Interest on lease liabilities
64
63
63
Write-down and reversals of write-downs of financial assets
(88)
128
14
Net interest expense/(income) on employee benefits provisions
211
203
163
Total Financial expenses
1,435
1,458
1,199
Net expenses from derivative financial instruments and exchange rate differences
215
1,178
635
Total Financial expenses and Net expenses from derivative financial
instruments and exchange rate differences
1,650
2,636
1,834
Net Financial expenses/(income)
\u20ac(345)
\u20ac(42)
\u20ac768
Other interest cost and financial expenses primarily comprises of the effects of hyperinflation, discounting
provisions and other miscellaneous finance expenses.
During the year ended December 31, 2021, Credit Suisse Asset Management suspended redemptions and
subscriptions of certain supply chain finance funds, which the Company held 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, it was believed that the uncertainty surrounding recovery of
the remaining balance had increased, and therefore we impaired the remaining balance of \u20ac132\u00a0million. This was reported as
Write-down and reversals of write-downs of financial assets within Net financial expenses/(income) for the year ended
December 31, 2023. Following the acquisition of Credit Suisse Asset Management by UBS, in June 2024, Stellantis received
an offer for \u20ac92\u00a0million, representing 90 percent of the last determined value of its investment. The offer was accepted by
Stellantis in July 2024, and payment was subsequently completed in August 2024. Based on the information, in June 2024,
the impairment was reversed. This is reported as Write-down and reversals of write-downs of financial assets within Net
financial expenses/(income), consistent with how the impairment was reported in 2023.
During the year ended December 31, 2024 there was \u20ac345\u00a0million net financial income as compared to \u20ac42\u00a0million
net financial income in the same period in 2023. The improvement primarily reflects the reduction in foreign exchange losses
due to lower exposure to the Argentine Peso and lower devaluation of the Argentine Peso versus the U.S Dollar and the
partial reversal of the write-down of the investment in supply chain finance funds mentioned above. This was offset by lower
interest income, reflecting reduced cash levels and declining market interest rates, higher hyperinflationary losses and higher
interest expense on debt.
Net financial expenses/(income) for the year ended December 31, 2024, include \u20ac382\u00a0million losses (\u20ac215\u00a0million
and \u20ac198\u00a0million losses for the years ended December 31, 2023 and 2022, respectively) on the net monetary position of
entities whose functional currency is the currency of hyperinflationary economies, relating to Argentine Peso and Turkish
Lira. The increase mainly reflects the change in net monetary position in those entities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfHyperinflationaryReportingExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-698": { "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,
2024
2023
2022
(\u20ac million)
Interest income and other financial income
\u20ac1,995
\u20ac2,678
\u20ac1,066
Financial expenses:
Interest expense and other financial expenses:
1,248
1,064
959
Interest expense on notes
430
386
281
Interest expense on borrowings from bank
121
59
105
Other interest cost and financial expenses
697
619
573
Interest on lease liabilities
64
63
63
Write-down and reversals of write-downs of financial assets
(88)
128
14
Net interest expense/(income) on employee benefits provisions
211
203
163
Total Financial expenses
1,435
1,458
1,199
Net expenses from derivative financial instruments and exchange rate differences
215
1,178
635
Total Financial expenses and Net expenses from derivative financial
instruments and exchange rate differences
1,650
2,636
1,834
Net Financial expenses/(income)
\u20ac(345)
\u20ac(42)
\u20ac768
Other interest cost and financial expenses primarily comprises of the effects of hyperinflation, discounting
provisions and other miscellaneous finance expenses.
During the year ended December 31, 2021, Credit Suisse Asset Management suspended redemptions and
subscriptions of certain supply chain finance funds, which the Company held 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, it was believed that the uncertainty surrounding recovery of
the remaining balance had increased, and therefore we impaired the remaining balance of \u20ac132\u00a0million. This was reported as
Write-down and reversals of write-downs of financial assets within Net financial expenses/(income) for the year ended
December 31, 2023. Following the acquisition of Credit Suisse Asset Management by UBS, in June 2024, Stellantis received
an offer for \u20ac92\u00a0million, representing 90 percent of the last determined value of its investment. The offer was accepted by
Stellantis in July 2024, and payment was subsequently completed in August 2024. Based on the information, in June 2024,
the impairment was reversed. This is reported as Write-down and reversals of write-downs of financial assets within Net
financial expenses/(income), consistent with how the impairment was reported in 2023.
During the year ended December 31, 2024 there was \u20ac345\u00a0million net financial income as compared to \u20ac42\u00a0million
net financial income in the same period in 2023. The improvement primarily reflects the reduction in foreign exchange losses
due to lower exposure to the Argentine Peso and lower devaluation of the Argentine Peso versus the U.S Dollar and the
partial reversal of the write-down of the investment in supply chain finance funds mentioned above. This was offset by lower
interest income, reflecting reduced cash levels and declining market interest rates, higher hyperinflationary losses and higher
interest expense on debt.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-697": { "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,
2024
2023
2022
(\u20ac million)
Interest income and other financial income
\u20ac1,995
\u20ac2,678
\u20ac1,066
Financial expenses:
Interest expense and other financial expenses:
1,248
1,064
959
Interest expense on notes
430
386
281
Interest expense on borrowings from bank
121
59
105
Other interest cost and financial expenses
697
619
573
Interest on lease liabilities
64
63
63
Write-down and reversals of write-downs of financial assets
(88)
128
14
Net interest expense/(income) on employee benefits provisions
211
203
163
Total Financial expenses
1,435
1,458
1,199
Net expenses from derivative financial instruments and exchange rate differences
215
1,178
635
Total Financial expenses and Net expenses from derivative financial
instruments and exchange rate differences
1,650
2,636
1,834
Net Financial expenses/(income)
\u20ac(345)
\u20ac(42)
\u20ac768
Other interest cost and financial expenses primarily comprises of the effects of hyperinflation, discounting
provisions and other miscellaneous finance expenses.
During the year ended December 31, 2021, Credit Suisse Asset Management suspended redemptions and
subscriptions of certain supply chain finance funds, which the Company held 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, it was believed that the uncertainty surrounding recovery of
the remaining balance had increased, and therefore we impaired the remaining balance of \u20ac132\u00a0million. This was reported as
Write-down and reversals of write-downs of financial assets within Net financial expenses/(income) for the year ended
December 31, 2023. Following the acquisition of Credit Suisse Asset Management by UBS, in June 2024, Stellantis received
an offer for \u20ac92\u00a0million, representing 90 percent of the last determined value of its investment. The offer was accepted by
Stellantis in July 2024, and payment was subsequently completed in August 2024. Based on the information, in June 2024,
the impairment was reversed. This is reported as Write-down and reversals of write-downs of financial assets within Net
financial expenses/(income), consistent with how the impairment was reported in 2023.
During the year ended December 31, 2024 there was \u20ac345\u00a0million net financial income as compared to \u20ac42\u00a0million
net financial income in the same period in 2023. The improvement primarily reflects the reduction in foreign exchange losses
due to lower exposure to the Argentine Peso and lower devaluation of the Argentine Peso versus the U.S Dollar and the
partial reversal of the write-down of the investment in supply chain finance funds mentioned above. This was offset by lower
interest income, reflecting reduced cash levels and declining market interest rates, higher hyperinflationary losses and higher
interest expense on debt.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-696": { "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,
2024
2023
2022
(\u20ac million)
Interest income and other financial income
\u20ac1,995
\u20ac2,678
\u20ac1,066
Financial expenses:
Interest expense and other financial expenses:
1,248
1,064
959
Interest expense on notes
430
386
281
Interest expense on borrowings from bank
121
59
105
Other interest cost and financial expenses
697
619
573
Interest on lease liabilities
64
63
63
Write-down and reversals of write-downs of financial assets
(88)
128
14
Net interest expense/(income) on employee benefits provisions
211
203
163
Total Financial expenses
1,435
1,458
1,199
Net expenses from derivative financial instruments and exchange rate differences
215
1,178
635
Total Financial expenses and Net expenses from derivative financial
instruments and exchange rate differences
1,650
2,636
1,834
Net Financial expenses/(income)
\u20ac(345)
\u20ac(42)
\u20ac768
Other interest cost and financial expenses primarily comprises of the effects of hyperinflation, discounting
provisions and other miscellaneous finance expenses.
During the year ended December 31, 2021, Credit Suisse Asset Management suspended redemptions and
subscriptions of certain supply chain finance funds, which the Company held 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, it was believed that the uncertainty surrounding recovery of
the remaining balance had increased, and therefore we impaired the remaining balance of \u20ac132\u00a0million. This was reported as
Write-down and reversals of write-downs of financial assets within Net financial expenses/(income) for the year ended
December 31, 2023. Following the acquisition of Credit Suisse Asset Management by UBS, in June 2024, Stellantis received
an offer for \u20ac92\u00a0million, representing 90 percent of the last determined value of its investment. The offer was accepted by
Stellantis in July 2024, and payment was subsequently completed in August 2024. Based on the information, in June 2024,
the impairment was reversed. This is reported as Write-down and reversals of write-downs of financial assets within Net
financial expenses/(income), consistent with how the impairment was reported in 2023.
During the year ended December 31, 2024 there was \u20ac345\u00a0million net financial income as compared to \u20ac42\u00a0million
net financial income in the same period in 2023. The improvement primarily reflects the reduction in foreign exchange losses
due to lower exposure to the Argentine Peso and lower devaluation of the Argentine Peso versus the U.S Dollar and the
partial reversal of the write-down of the investment in supply chain finance funds mentioned above. This was offset by lower
interest income, reflecting reduced cash levels and declining market interest rates, higher hyperinflationary losses and higher
interest expense on debt.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-700": { "value": "
8.
Other information by nature
Personnel costs for the Company for the years ended December 31, 2024 , 2023 and 2022 amounted to \u20ac17.1 billion,
\u20ac19.1 billion and \u20ac18.2 billion, respectively, and included costs that were capitalized mainly in connection with product
development activities. Personnel costs include wages and salaries, social security contributions, share-based compensation,
pension and other post-employment benefits.
For the years ended December 31, 2024, 2023 and 2022, the continuing operations of the Company had an average
number of employees of 259,118, 271,292 and 282,926, respectively.
Amounts relating to IFRS 16 recognized in Profit before taxes
Amounts recognized within Profit before taxes were as follows:
Years ended December 31,
2024
2023
2022
(\u20ac million)
Depreciation of right-of-use assets
\u20ac677
\u20ac607
\u20ac555
Interest expense on lease liabilities
64
63
63
Variable lease payments not included in the
measurement of lease liabilities
3
3
5
Income from sub-leasing right-of-use assets
(138)
(109)
(108)
Expenses relating to short-term leases and to leases
of low-value assets
219
111
107
Gains arising from sale and leaseback transactions
(248)
(155)
(119)
Total expense recognized in Net profit
\u20ac577
\u20ac520
\u20ac503
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-699": { "value": "
8.
Other information by nature
Personnel costs for the Company for the years ended December 31, 2024 , 2023 and 2022 amounted to \u20ac17.1 billion,
\u20ac19.1 billion and \u20ac18.2 billion, respectively, and included costs that were capitalized mainly in connection with product
development activities. Personnel costs include wages and salaries, social security contributions, share-based compensation,
pension and other post-employment benefits.
20.
Employee benefits liabilities
Employee benefits liabilities consisted of the following:
At December 31,
2024
2023
Current
Non-
current
Total
Current
Non-
current
Total
(\u20ac million)
Pension benefits
\u20ac34
\u20ac2,362
\u20ac2,396
\u20ac45
\u20ac1,913
\u20ac1,958
Health care and life insurance plans
126
1,574
1,700
120
1,577
1,697
Other post-employment benefits
49
731
780
58
735
793
Other provisions for employees
374
774
1,148
339
686
1,025
Total Employee benefits liabilities
\u20ac583
\u20ac5,441
\u20ac6,024
\u20ac562
\u20ac4,911
\u20ac5,473
The Company recognized total expense related to continuing operations of \u20ac1,995 million for defined contribution
plans for the year ended December\u00a031, 2024 (\u20ac2,114 million in 2023 and \u20ac2,018 million in 2022).
The following table summarizes the fair value of defined benefit obligations and the fair value of related plan assets:
At December 31,
2024
2023
(\u20ac million)
Present value of defined benefit obligations:
Pension benefits
\u20ac23,750
\u20ac23,468
Health care and life insurance plans
1,700
1,697
Other post-employment benefits
753
767
Total present value of defined benefit obligations (a)
26,203
25,932
Fair value of plan assets (b)
22,502
22,642
Asset ceiling (c)
212
248
Total net defined benefit plans (a - b + c)
3,913
3,538
of which:
Net defined benefit liability (d)
4,876
4,448
Defined benefit plan asset (Note 16)
(963)
(910)
Other provisions for employees (e)
1,148
1,025
Total Employee benefits liabilities (d + e)
\u20ac6,024
\u20ac5,473
Pension benefits
The Company\u2019s funding policy for defined benefit pension plans, to directly make benefit payments where
appropriate, 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, 2024, the combined credit balances for the U.S. and
Canada qualified pension plans were approximately \u20ac2.0 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, 2024, the
Company made pension contributions in the U.S. and Canada totaling \u20ac40\u00a0million. Contributions to the pension plans of the
Company for 2025 are expected to be \u20ac81 million, including both contributions to pension funds and direct benefit payments
to employees. Of this amount, \u20ac31 million relates to the U.S. and Canada, with \u20ac25\u00a0million being mandatory contributions
and \u20ac6\u00a0million discretionary contributions, \u20ac10 million relates to the UK, and \u20ac15 million relates to Germany.
The expected benefit payments for pension plans are as follows:
Expected\u00a0benefit
payments
(\u20ac\u00a0million)
2025
\u20ac1,894
2026
\u20ac1,896
2027
\u20ac1,900
2028
\u20ac1,853
2029
\u20ac1,840
2030-2034
\u20ac8,807
The following table summarizes changes in pension plans:
2024
2023
U.S. and
Canada
UK
France
and
Germany
Other
Total
U.S. and
Canada
UK
France
and
Germany
Other
Total
(\u20ac million)
Projected benefit obligation
At beginning of period:
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)
Effect of changes in scope of
consolidation and other
114
1
\u2014
1
116
(1)
1
(1)
\u2014
(1)
Service cost
(98)
\u2014
(36)
(9)
(143)
(99)
\u2014
(32)
(9)
(140)
Interest cost
(973)
(77)
(110)
(17)
(1,177)
(980)
(69)
(94)
(17)
(1,160)
Benefit payments for the year
1,558
88
127
19
1,792
1,537
83
117
39
1,776
Participant contributions
(1)
\u2014
\u2014
\u2014
(1)
(1)
\u2014
\u2014
\u2014
(1)
Actuarial gains and (losses)
339
(10)
(176)
(27)
126
(165)
108
(128)
(4)
(189)
Demographic assumptions
and experience
(10)
(4)
26
2
14
10
(19)
(17)
(13)
(39)
Financial assumptions
349
(6)
(202)
(29)
112
(175)
127
(111)
9
(150)
Effect of changes in exchange
rates
(924)
(70)
\u2014
18
(976)
610
(32)
\u2014
(13)
565
Past service cost
(16)
(2)
\u2014
(1)
(19)
(396)
(2)
\u2014
\u2014
(398)
Effect of curtailments and
settlements/Other
\u2014
\u2014
\u2014
\u2014
\u2014
(268)
\u2014
\u2014
\u2014
(268)
At period-end: Present value
\u20ac(18,965)
\u20ac(1,526)
\u20ac(3,004)
\u20ac(255)
\u20ac(23,750)
\u20ac(18,964)
\u20ac(1,456)
\u20ac(2,809)
\u20ac(239)
\u20ac(23,468)
Plan Assets
At beginning of period: Fair
value
\u20ac18,262
\u20ac1,800
\u20ac2,408
\u20ac172
\u20ac22,642
\u20ac17,959
\u20ac1,989
\u20ac2,547
\u20ac181
\u20ac22,676
Effect of changes in scope of
consolidation and other
(121)
\u2014
\u2014
(1)
(122)
\u2014
\u2014
\u2014
\u2014
\u2014
Expected return on assets
932
96
95
7
1,130
920
90
90
8
1,108
Participant contributions
1
\u2014
\u2014
\u2014
1
1
\u2014
\u2014
\u2014
1
Administrative Expenses
(58)
(4)
\u2014
(1)
(63)
(84)
(3)
\u2014
\u2014
(87)
Actuarial gains and (losses)
(558)
(13)
293
9
(269)
560
(255)
(124)
(7)
174
Effect of changes in exchange
rates
820
87
\u2014
\u2014
907
(554)
41
\u2014
1
(512)
Employer contributions
27
12
5
(1)
43
993
21
6
\u2014
1,020
Benefit payments for the year
(1,547)
(88)
(121)
(11)
(1,767)
(1,533)
(83)
(111)
(11)
(1,738)
At period-end: Fair value
\u20ac17,758
\u20ac1,890
\u20ac2,680
\u20ac174
\u20ac22,502
\u20ac18,262
\u20ac1,800
\u20ac2,408
\u20ac172
\u20ac22,642
2024
2023
U.S. and
Canada
UK
France
and
Germany
Other
Total
U.S. and
Canada
UK
France
and
Germany
Other
Total
(\u20ac million)
Present value of
projected benefit
obligation
\u20ac(18,965)
\u20ac(1,526)
\u20ac(3,004)
\u20ac(255)
\u20ac(23,750)
\u20ac(18,964)
\u20ac(1,456)
\u20ac(2,809)
\u20ac(239)
\u20ac(23,468)
Fair value of plan assets
17,758
1,890
2,680
174
22,502
18,262
1,800
2,408
172
22,642
Net (liability) asset
recognized in the balance
sheet before minimum
funding requirement
(IFRIC 14)
(1,207)
364
(324)
(81)
(1,248)
(702)
344
(401)
(67)
(826)
Minimum funding
requirement liability
(IFRIC 14)
(212)
\u2014
\u2014
\u2014
(212)
(248)
\u2014
\u2014
\u2014
(248)
Net (liability) asset
recognized in the balance
sheet
(1,419)
364
(324)
(81)
(1,460)
(950)
344
(401)
(67)
(1,074)
Of which, liability
(1,951)
(8)
(363)
(74)
(2,396)
(1,444)
(22)
(432)
(60)
(1,958)
Of which, asset
532
372
39
(7)
936
494
366
31
(7)
884
Amounts recognized in the Consolidated Income Statement were as follows:
Years ended December 31,
2024
2023
2022
(\u20ac million)
Current service cost
\u20ac143
\u20ac140
\u20ac228
Interest expense
1,177
1,160
828
Interest income
(1,130)
(1,108)
(765)
Other administration costs
63
87
83
Past service costs/(credits) and (gains)/losses arising from settlements/curtailments
19
666
3
Interest expense on asset ceiling
12
\u2014
\u2014
Total recognized in the Consolidated Income Statement
\u20ac284
\u20ac945
\u20ac377
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 2024 and 2023 resulted in pension plan curtailment charges of \u20ac16\u00a0million and \u20ac268\u00a0million, respectively,
recognized within Restructuring costs.
The fair value of plan assets by class was as follows:
At December 31,
2024
2023
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
\u20ac884
\u20ac881
\u20ac1,943
\u20ac1,742
U.S. equity securities
656
655
671
669
Non-U.S. equity securities
540
540
516
516
Equity commingled funds
1,194
734
1,118
688
Equity instruments
2,390
1,929
2,305
1,873
Government securities
3,197
1,700
2,837
1,476
Corporate bonds (including convertible and high yield bonds)
4,572
35
4,414
217
Other fixed income
4,861
1
4,178
\u2014
Fixed income securities
12,630
1,736
11,429
1,693
Private equity funds
2,943
\u2014
2,956
\u2014
Diversified Commingled funds
82
\u2014
47
\u2014
Real estate funds
1,316
\u2014
1,288
\u2014
Hedge funds
2,306
\u2014
2,308
\u2014
Investment funds
6,647
\u2014
6,599
\u2014
Insurance contracts and other
(49)
(17)
366
22
Total fair value of plan assets
\u20ac22,502
\u20ac4,529
\u20ac22,642
\u20ac5,330
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,
2024
2023
U.S.
Canada
UK
France
Germany
U.S.
Canada
UK
France
Germany
Discount rate
5.70%
4.61%
5.23%
3.39%
3.42%
5.43%
4.64%
5.29%
4.46%
3.99%
Future salary
increase rate
\u2014%
3.50%
2.65%
2.85%
2.70%
\u2014%
3.50%
2.70%
2.77%
2.80%
The average duration of U.S., Canada, UK, France and Germany liabilities was approximately 9, 10, 12, 7 and 15,
respectively. Refer to Note 2, Basis of preparation,for additional information on the Company\u2019s sensitivity analysis.
The average longevity at retirement age for current pensioners (male/female) were as follows:
2024
U.S.
Canada
UK
France
Germany
Life Expectancy at Age 65
Male retiring in 25 years (Aged 40)
20.68
21.88
23.13
N/A
24.26
Female retiring in 25 years (Aged 40)
22.15
24.11
25.63
N/A
27.00
Male retiring today (Aged 65)
19.19
20.63
21.40
11.26
20.90
Female retiring today (Aged 65)
20.79
22.94
23.82
10.76
24.27
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)
2025
\u20ac126
2026
\u20ac126
2027
\u20ac126
2028
\u20ac125
2029
\u20ac125
2030-2034
\u20ac614
Changes in net defined benefit obligations for healthcare and life insurance plans were as follows:
2024
2023
(\u20ac million)
Present value of obligations at January\u00a01
\u20ac1,697
\u20ac1,722
Included in the Consolidated Income Statement
105
143
Included in Other comprehensive income:
Actuarial (gains)/losses from:
- Demographic and other assumptions
(2)
(25)
- Financial assumptions
(51)
40
Effect of movements in exchange rates
81
(53)
Other:
Benefits paid
(130)
(130)
December 31
\u20ac1,700
\u20ac1,697
Amounts recognized in the Consolidated Income Statement were as follows:
Years ended December 31,
2024
2023
2022
(\u20ac million)
Current service cost
\u20ac10
\u20ac11
\u20ac21
Interest expense
90
89
70
Past service costs/(credits) and losses/(gains) arising from settlements
5
43
1
Total recognized in the Consolidated Income Statement
\u20ac105
\u20ac143
\u20ac92
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 2024 and 2023
resulted in OPEB plan curtailment charges of \u20ac5\u00a0million and \u20ac11\u00a0million, respectively, 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,
2024
2023
U.S.
Canada
U.S.
Canada
Discount rate
5.76%
4.72%
5.51%
4.64%
Salary growth
2.50%
2.00%
2.50%
2.00%
Weighted average ultimate healthcare cost trend rate
3.95%
4.00%
3.95%
4.00%
The average duration of the U.S. and Canadian liabilities was approximately 10 and 14 years, respectively. Refer to
Note 2, Basis of preparation, for additional information on the Company\u2019s sensitivity analysis.
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 2024 plan valuation was 6.9 percent. The annual rate was assumed to decrease gradually to 3.9 percent through
2049 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 2024 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:
2024
2023
(\u20ac million)
Present value of obligations at January\u00a01
\u20ac767
\u20ac805
Included in the Consolidated Income Statement
(14)
60
Included in Other comprehensive income:
Actuarial (gains)/losses from:
- Demographic and other assumptions
(21)
(27)
- Financial assumptions
123
(29)
Effect of movements in exchange rates
(4)
(4)
Other:
Benefits paid
(66)
(47)
Other changes
(32)
9
Present value of obligations at December\u00a031
\u20ac753
\u20ac767
As at December 31, 2024, the above Other post-employment benefit liability is net of plan assets of \u20ac311\u00a0million.
Amounts recognized in the Consolidated Income Statement were as follows:
Years ended December 31,
2024
2023
2022
(\u20ac million)
Current service cost
\u20ac28
\u20ac31
\u20ac38
Interest expense
34
34
12
Past service costs/(credits) and losses/(gains) arising from settlements
(76)
(5)
(84)
Total recognized in the Consolidated Income Statement
\u20ac(14)
\u20ac60
\u20ac(34)
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 2024 and 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 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. Additionally, the
Company provided a matching contribution of 100 percent of the personal amount invested, up to \u20ac1,000. The shares are
locked up for a specified period. Employees bear the risk of fluctuations in the share price relative to the subscription price.
In the November 2024 plan, a total of 9.7\u00a0million shares were subscribed. There was an increase in equity of
\u20ac123\u00a0million and the total cost of the plan was \u20ac58\u00a0million.
In the November 2023 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 details for each plan were as follows:\u00a0
Dates right subscribed
From November 5 to November 18,
2024
From November 13 to November 30,
2023
Employee subscription price
\u20ac9.74
\u20ac14.52
Lock-up period
3 to 5 years
3 to 5 years
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-701": { "value": "
For the years ended December 31, 2024, 2023 and 2022, the continuing operations of the Company had an average
number of employees of 259,118, 271,292 and 282,926, respectively.
The average longevity at retirement age for current pensioners (male/female) were as follows:
2024
U.S.
Canada
UK
France
Germany
Life Expectancy at Age 65
Male retiring in 25 years (Aged 40)
20.68
21.88
23.13
N/A
24.26
Female retiring in 25 years (Aged 40)
22.15
24.11
25.63
N/A
27.00
Male retiring today (Aged 65)
19.19
20.63
21.40
11.26
20.90
Female retiring today (Aged 65)
20.79
22.94
23.82
10.76
24.27
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-702": { "value": "
Amounts relating to IFRS 16 recognized in Profit before taxes
Amounts recognized within Profit before taxes were as follows:
Years ended December 31,
2024
2023
2022
(\u20ac million)
Depreciation of right-of-use assets
\u20ac677
\u20ac607
\u20ac555
Interest expense on lease liabilities
64
63
63
Variable lease payments not included in the
measurement of lease liabilities
3
3
5
Income from sub-leasing right-of-use assets
(138)
(109)
(108)
Expenses relating to short-term leases and to leases
of low-value assets
219
111
107
Gains arising from sale and leaseback transactions
(248)
(155)
(119)
Total expense recognized in Net profit
\u20ac577
\u20ac520
\u20ac503
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, 2023
\u20ac23
\u20ac1,401
\u20ac265
\u20ac272
\u20ac1,961
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
33
1,309
153
289
1,784
Depreciation
(3)
(275)
(84)
(315)
(677)
Additions
6
460
42
406
914
Divestitures
(4)
(59)
(33)
(8)
(104)
Change in the scope of consolidation
2
54
1
62
119
Translation differences
1
46
2
16
65
Other
(11)
(25)
(2)
(2)
(40)
Balance at December 31, 2024
\u20ac24
\u20ac1,510
\u20ac79
\u20ac448
\u20ac2,061
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,
2024
2023
(\u20ac million)
Long-term debt (non-current)
\u20ac1,698
\u20ac1,440
Short-term debt and current portion of long-term debt (current)
\u20ac858
\u20ac718
Maturity analysis - contractual undiscounted cash flows
At December 31, 2024
(\u20ac million)
Due within one year
\u20ac866
Due between one and five years
1,001
Due beyond five years
985
Total undiscounted lease liabilities
\u20ac2,852
In addition, the Company entered into commitments relating to leases not yet commenced of \u20ac71 million, of which
the most significant relating to contracts in the North America. In addition to the above, the Company entered into non-
cancellable short-term leases, which have not been classified as lease liabilities, of \u20ac61 million which is expected to be settled
within the next 12 months.
Amounts relating to IFRS 16 recognized in the Consolidated Statement of Cash Flows
During the years ended December 31, 2024, 2023 and 2022, the total cash outflow for leases recognized in
accordance with IFRS 16 was \u20ac938 million, \u20ac757\u00a0million and \u20ac626\u00a0million, respectively, of which \u20ac874 million, \u20ac693
million and \u20ac568\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, \u20ac64 million and
\u20ac58 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-703": { "value": "
12.
Investments accounted for using the equity method
The following table summarizes Investments accounted for using the equity method:
At December 31,
2024
2023
(\u20ac million)
Joint ventures
\u20ac7,037
\u20ac6,013
Associates
2,015
2,006
Other
48
51
Total Investments accounted for using the equity method
\u20ac9,100
\u20ac8,070
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,
2024
2023
2024
2023
Ownership percentage
(\u20ac million)
Finance companies in partnership with Group Santander Consumer
Finance (\u201cSCF\u201d)
50.0%
50.0%
\u20ac2,016
\u20ac1,977
Finance companies in partnership with BNPP PF
50.0%
50.0%
1,086
1,096
Tofas-Turk Otomobil Fabrikasi A.S.
37.9%
37.9%
1,101
1,037
NextStar Energy Inc (\u201cNextStar\u201d)
49.0%
49.0%
897
397
StarPlus Energy LLC (\u201cStarPlus\u201d)
49.0%
49.0%
763
558
Automotive Cells Company SE (\u201cACC\u201d)
45.0%
33.3%
429
155
Leasys SAS
50.0%
50.0%
424
339
Symbio
33.3%
33.3%
197
230
Others
124
224
Total joint ventures
\u20ac7,037
\u20ac6,013
Zhejiang Leapmotor Technology Co., Ltd. (\u201cLeapmotor\u201d)
21.3%
21.3%
1,349
1,409
Archer Aviation Inc (\u201cArcher\u201d)
16.0%
10.1%
206
112
Nordex S.A.
50.0%
50.0%
148
142
360 Energy S.A.
49.5%
49.5%
113
105
Stellantis E-Transmission N.V.(1)
\u2014%
56.0%
\u2014
172
Comau Group S.p.A.(1)
49.9%
\u2014%
124
\u2014
Others
75
66
Total associates
\u20ac2,015
\u20ac2,006
Total joint ventures and associates
\u20ac9,052
\u20ac8,019
_______________________________________________________________________________________________________________________________________________
(1) Refer to Note 3, Scope of consolidation for additional information
There were no unrecognized losses relating to investments in joint ventures for the year ended December 31, 2024.
For the years ended December 31, 2023 and 2022 there were unrecognized losses of \u20ac27 million and \u20ac158 million,
respectively.
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 following tables provide summarized financial information relating to joint ventures with SCF which are
deemed to be material:
At December 31,
2024
2023
(\u20ac million)
Financial assets
\u20ac35,788
\u20ac34,499
Of which: Cash and cash equivalents
3,201
3,452
Other assets
1,554
1,583
Financial liabilities
30,235
29,382
Other liabilities
3,076
2,746
Total Equity
4,033
3,954
Carrying amount of interest
Company\u2019s share of net assets
2,016
1,977
Carrying amount of interest
\u20ac2,016
\u20ac1,977
Years ended December 31,
2024
2023
2022
(\u20ac million)
Interest and similar income
\u20ac3,382
\u20ac3,303
\u20ac2,592
Interest and similar expenses
(2,234)
(2,084)
(1,258)
Income tax expense
(193)
(239)
(219)
Profit from continuing operations
457
628
690
Net profit
457
628
690
Net profit attributable to owners of the parent (A)
229
314
345
Other comprehensive income/(loss) attributable to owners of the parent (B)
27
3
(8)
Total Comprehensive income attributable to owners of the parent (A+B)
\u20ac256
\u20ac317
\u20ac337
Company\u2019s share of net profit
\u20ac229
\u20ac314
\u20ac345
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, 2024, the market value of the Company\u2019s interest in Tofas was
\u20ac1,056 million (\u20ac1,219 million at December 31, 2023).
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,
2024
2023
2022
(\u20ac million)
Joint ventures
\u20ac118
\u20ac547
\u20ac286
Associates
(137)
(50)
13
Other
(14)
(6)
(35)
Total Share of the profit/(loss) of equity method investees
\u20ac(33)
\u20ac491
\u20ac264
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,
2024
2023
2022
(\u20ac million)
Joint ventures:
Profit/(loss) from continuing operations
\u20ac(111)
\u20ac233
\u20ac(152)
Net profit/(loss)
(111)
233
(152)
Other comprehensive income/(loss)
(177)
(265)
(47)
Total Other comprehensive income/(loss)
\u20ac(288)
\u20ac(32)
\u20ac(199)
Associates:
Profit/(loss) from continuing operations
\u20ac(137)
\u20ac(50)
\u20ac13
Net profit/(loss)
(137)
(50)
13
Other comprehensive income /(loss)
27
(11)
\u2014
Total Other comprehensive income/(loss)
\u20ac(110)
\u20ac(61)
\u20ac13
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-705": { "value": "
13.
Financial assets
Financial assets consisted of the following:
At December 31,
2024
2023
Note
Current
Non-
current
Total
Current
Non-
current
Total
(\u20ac million)
Derivative financial assets
17
\u20ac70
\u20ac310
\u20ac380
\u20ac17
\u20ac23
\u20ac40
Financial securities measured at fair value through
other comprehensive income
25
55
360
415
59
356
415
Financial securities measured at fair value through
profit or loss
25
538
1,322
1,860
1,013
911
1,924
Financial securities measured at amortized cost
2,390
1,106
3,496
3,667
1,764
5,431
Financial receivables(1)
25
788
174
962
2,023
158
2,181
Collateral deposits measured at fair value through
profit or loss(2)
25
31
22
53
51
57
108
Total financial assets
\u20ac3,872
\u20ac3,294
\u20ac7,166
\u20ac6,830
\u20ac3,269
\u20ac10,099
______________________________________________________________________________________________________________________________
(1) Measured at amortized cost
(2) Collateral deposits are held in connection with derivative transactions and debt obligation
Trade receivables
Trade receivables are measured at amortized cost and net of an ECL allowance, calculated using the simplified
approach. Changes in the allowance for trade receivables were as follows:
At January 1,
2024
Provision
Use\u00a0and
other changes
Transferred to
Assets held for
sale
At December
31, 2024
(\u20ac million)
ECL allowance - Trade receivables
\u20ac551
\u20ac181
\u20ac(124)
\u20ac\u2014
\u20ac608
An immaterial amount of Trade receivables were written off during the year ended December\u00a031, 2024, 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,
2024
2023
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
\u20ac5,049
\u20ac1,038
\u20ac6,087
\u20ac5,964
\u20ac964
\u20ac6,928
ECL allowance
(194)
(414)
(608)
(88)
(463)
(551)
Carrying amount
\u20ac4,855
\u20ac624
\u20ac5,479
\u20ac5,876
\u20ac501
\u20ac6,377
In addition to the amounts above, a further \u20ac27\u00a0million at December 31, 2024 (\u20ac49\u00a0million at December 31, 2023) of
trade receivables were measured at FVPL. Refer to Note 25, 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,
2024
2023
(\u20ac million)
Dealer financing
\u20ac2,330
\u20ac2,305
Retail financing
8,494
5,505
Finance leases
299
133
Other
1,408
1,051
Total Receivables from financing activities
\u20ac12,531
\u20ac8,994
The \u20ac3.5\u00a0billion increase in Receivables from financing activities for the year ended December 31, 2024 is mainly
due to the increase in retail financing of \u20ac3.0\u00a0billion driven by the increase in the loan portfolio activity in North America and
South America. Other receivables from financing increased by \u20ac0.4\u00a0billion mainly attributable to loans extended to our joint
ventures.\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,
2024
Provision
Use\u00a0and
other changes
Transferred to
Assets held for
sale
At December
31, 2024
(\u20ac million)
ECL allowance - Receivables from financing
activities
\u20ac195
\u20ac249
\u20ac(217)
\u20ac(1)
\u20ac226
The following table provides information about the exposure to credit risk and ECLs for receivables from financing
activities:
At December 31,
2024
2023
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
(\u20ac million)
Gross amount
\u20ac12,451
\u20ac168
\u20ac138
\u20ac12,757
\u20ac8,841
\u20ac117
\u20ac114
\u20ac9,072
ECL allowance
(174)
(33)
(19)
(226)
(149)
(23)
(23)
(195)
Carrying amount
\u20ac12,277
\u20ac135
\u20ac119
\u20ac12,531
\u20ac8,692
\u20ac94
\u20ac91
\u20ac8,877
In addition to the amounts above, nil at December\u00a031, 2024 (\u20ac117\u00a0million at December\u00a031, 2023) of receivables
from financing activities were measured at FVPL. Refer to Note 25, Fair value measurement. Refer to Note 2, Basis of
preparation for details on the stages.
Other assets and prepaid expenses
Other assets and prepaid expenses consisted of the following:
At December 31
2024
2023
Current
Non-current
Total
Current
Non-current
Total
(\u20ac million)
Receivables from financing activities at
amortized cost
\u20ac5,693
\u20ac6,838
\u20ac12,531
\u20ac4,487
\u20ac4,507
\u20ac8,994
Other receivables at amortized cost
5,119
1,391
6,510
4,311
1,628
5,939
Defined benefit plan assets (Note 20)
39
924
963
24
886
910
Derivative operating assets
256
17
273
157
51
208
Prepaid expenses and other
1,866
491
2,357
1,309
622
1,931
Total other assets and prepaid expenses
\u20ac12,973
\u20ac9,661
\u20ac22,634
\u20ac10,288
\u20ac7,694
\u20ac17,982
The following table summarizes Receivables from financing activities, Other receivables at amortized cost,
Derivative operating assets and Tax receivables by due date:
At December 31,
2024
2023
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
\u20ac5,693
\u20ac5,861
\u20ac977
\u20ac6,838
\u20ac12,531
\u20ac4,487
\u20ac3,273
\u20ac1,234
\u20ac4,507
\u20ac8,994
Other receivables at
amortized cost
5,119
1,295
96
1,391
6,510
4,311
1,498
130
1,628
5,939
Derivative operating
assets
256
17
\u2014
17
273
157
51
\u2014
51
208
Total
\u20ac11,068
\u20ac7,173
\u20ac1,073
\u20ac8,246
\u20ac19,314
\u20ac8,955
\u20ac4,822
\u20ac1,364
\u20ac6,186
\u20ac15,141
Tax receivables
\u20ac1,411
\u20ac210
\u20ac17
\u20ac227
\u20ac1,638
\u20ac802
\u20ac84
\u20ac33
\u20ac117
\u20ac919
Other receivables
At December\u00a031, 2024, Other receivables primarily consisted of tax receivables for VAT and other indirect taxes of
\u20ac4,593 million (\u20ac4,504 million at December\u00a031, 2023).
Transfer of financial assets
At December\u00a031, 2024, 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 \u20ac14,888\u00a0million
(\u20ac16,991\u00a0million at December\u00a031, 2023), of which 74 percent (75 percent at December\u00a031, 2023), was mainly due from the
sales network, transferred to financing companies in partnership with Santander, BNP Paribas and Cr\u00e9dit Agricole.
At December\u00a031, 2024 and 2023, the carrying amount of transferred financial assets not derecognized and the
related liabilities were as follows:
At December 31,
2024
2023
Trade
receivables
Receivables
from
financing
activities
Total
Trade
receivables
Receivables
from
financing
activities
Total
(\u20ac million)
Carrying amount of assets transferred and not
derecognized
\u20ac88
\u20ac5
\u20ac93
\u20ac58
\u20ac9
\u20ac67
Carrying amount of the related liabilities (Note 22)
\u20ac88
\u20ac5
\u20ac93
\u20ac58
\u20ac9
\u20ac67
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,
2024
2023
Positive\u00a0fair
value
Negative\u00a0fair
value
Positive\u00a0fair
value
Negative\u00a0fair
value
(\u20ac million)
Fair value hedges:
Interest rate risk - interest rate swaps
\u20ac170
\u20ac\u2014
\u20ac26
\u20ac(1)
Total Fair value hedges
170
\u2014
26
(1)
Cash flow hedges:
Interest rate risk - interest rate swaps
21
(11)
\u2014
(28)
Currency risks - forward contracts, currency swaps and
currency options
155
(182)
111
(331)
Commodity price risk \u2013 commodity swaps and commodity
options
46
(304)
36
(681)
Total Cash flow hedges
222
(497)
147
(1,040)
Total Net investment hedges
\u2014
\u2014
\u2014
\u2014
Derivatives for trading
261
(184)
75
(43)
Total Fair value of derivative financial assets/(liabilities)
\u20ac653
\u20ac(681)
\u20ac248
\u20ac(1,084)
Financial derivative assets/(liabilities) - current
\u20ac70
\u20ac(9)
\u20ac17
\u20ac(18)
Financial derivative assets/(liabilities) - non-current
\u20ac310
\u20ac(15)
\u20ac23
\u20ac(21)
Derivative operating assets/(liabilities) - current
\u20ac256
\u20ac(600)
\u20ac157
\u20ac(746)
Derivative operating assets/(liabilities) - non-current
\u20ac17
\u20ac(57)
\u20ac51
\u20ac(299)
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,
2024
2023
Due\u00a0within
one year
Due
between
one\u00a0and
five
years
Total
Due\u00a0within
one year
Due
between
one\u00a0and
five
years
Total
(\u20ac million)
Currency risk management
\u20ac19,279
\u20ac1,125
\u20ac20,404
\u20ac21,424
\u20ac6,263
\u20ac27,687
Interest rate risk management
71
12,215
12,286
42
6,680
6,722
Interest rate and currency risk management
11
19
30
37
28
65
Commodity price risk management
2,079
818
2,897
2,809
2,196
5,005
Total Notional amount
\u20ac21,440
\u20ac14,177
\u20ac35,617
\u20ac24,312
\u20ac15,167
\u20ac39,479
Fair value hedges
The net gains and losses arising from the valuation of outstanding currency derivatives and interest rate derivatives
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,
2024
2023
2022
(\u20ac million)
Currency and interest rate risk
Change in ineffective portion
\u20ac\u2014
\u20ac(1)
\u20ac(34)
Net gains/(losses)
\u20ac\u2014
\u20ac(1)
\u20ac(34)
Ineffectiveness portion is recognized in Net financial expenses.
At December 31, 2024, the Company has outstanding interest rate derivatives classified as fair value hedges; in
particular, interest rate swaps that manage interest rate risk of certain bonds issued in Europe and in North America, with a
nominal amount of \u20ac8.0\u00a0billion . The accumulated amount of fair value hedge adjustment on the hedged item is negative and
equal to \u20ac68\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, 2024 net losses of \u20ac48 million mainly related to discontinued hedges were
recognized in the Consolidated Income Statement (net gains \u20ac4 million for the year ended December\u00a031, 2023 and net losses
\u20ac6 million for the year ended December\u00a031, 2022).
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,
2024
2023
2022
(\u20ac million)
Currency risk
(Increase)/decrease in Cost of revenues
\u20ac222
\u20ac(101)
\u20ac(111)
Share of profit/(loss) of equity method investees
(42)
7
(10)
Interest rate risk
Share of profit/(loss) of equity method investees
19
44
(59)
Net financial income/(expenses)
(3)
\u2014
\u2014
Commodity price risk
(Increase)/decrease in Cost of revenues
(616)
(435)
464
Ineffectiveness and discontinued hedges
(48)
4
(6)
Tax expenses/(benefit)
84
77
(99)
Total recognized in the Consolidated Income Statement
\u20ac(384)
\u20ac(404)
\u20ac179
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, 2024, gains of \u20ac33\u00a0million (losses of \u20ac12\u00a0million for the year ended December 31, 2023 and
gains of \u20ac100\u00a0million for the year ended December 31, 2022) related to the hedges of a net investment in foreign operation
were recognized in the Consolidated Statement of Other Comprehensive Income within Exchange differences on translating
foreign operations differences. There was no ineffectiveness for the year ended December 31, 2024.
Derivatives for trading
At December\u00a031, 2024, 2023 and 2022, 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 32, Qualitative and quantitative information on financial risks.
18.
Cash and cash equivalents
Cash and cash equivalents consisted of the following:
At December 31,
2024
2023
(\u20ac million)
Cash at banks
\u20ac9,408
\u20ac8,981
Money market securities measured at FVTPL
19,127
17,691
Other cash equivalents
5,565
16,997
Total Cash and cash equivalents
\u20ac34,100
\u20ac43,669
25.
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,
2024
2023
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
\u20ac119
\u20ac29
\u20ac267
\u20ac415
\u20ac110
\u20ac23
\u20ac282
\u20ac415
Financial securities and equity
instruments measured at FVPL
13
1,205
\u2014
655
1,860
1,041
\u2014
883
1,924
Derivative financial assets
17
\u2014
380
\u2014
380
\u2014
40
\u2014
40
Derivative operating assets
17
\u2014
273
\u2014
273
\u2014
208
\u2014
208
Collateral deposits
13
53
\u2014
\u2014
53
108
\u2014
\u2014
108
Receivables from financing
activities
16
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
117
117
Trade receivables
16
\u2014
27
\u2014
27
\u2014
49
\u2014
49
Other receivables
16
\u2014
\u2014
66
66
\u2014
\u2014
76
76
Money market securities
18
19,127
\u2014
\u2014
19,127
17,691
\u2014
\u2014
17,691
Total Assets
\u20ac20,504
\u20ac709
\u20ac988
\u20ac22,201
\u20ac18,950
\u20ac320
\u20ac1,358
\u20ac20,628
Derivative financial liabilities
17
\u2014
24
\u2014
24
\u2014
39
\u2014
39
Derivative operating liabilities
17
\u2014
656
1
657
\u2014
1,005
40
1,045
Total Liabilities
\u20ac\u2014
\u20ac680
\u20ac1
\u20ac681
\u20ac\u2014
\u20ac1,044
\u20ac40
\u20ac1,084
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)
Money
market
securities
Other
receivables
(\u20ac million)
At January 1, 2024
\u20ac117
\u20ac1,165
\u20ac(40)
\u20ac\u2014
\u20ac76
Change in scope of consolidation
\u2014
(7)
\u2014
\u2014
\u2014
Gains/(Losses) recognized in Consolidated Income
Statement
\u2014
(34)
\u2014
\u2014
(10)
Gains/(Losses) recognized in Other comprehensive
income
\u2014
(26)
39
\u2014
\u2014
Issues/Settlements
(117)
\u2014
\u2014
\u2014
\u2014
Purchases/Sales
\u2014
(176)
\u2014
\u2014
\u2014
At December 31, 2024
\u20ac\u2014
\u20ac922
\u20ac(1)
\u20ac\u2014
\u20ac66
Receivables
from
financing
activities
Financial
securities
Derivative\u00a0
financial
assets/
(liabilities)
Money
market
securities
Other
receivables
(\u20ac million)
At January 1, 2023
\u20ac259
\u20ac254
\u20ac(48)
\u20ac1
\u20ac89
Change in scope of consolidation
\u2014
(28)
\u2014
\u2014
\u2014
Gains/(Losses) recognized in Consolidated Income
Statement
\u2014
1
\u2014
\u2014
(13)
Gains/(Losses) recognized in Other comprehensive
income
\u2014
(151)
8
\u2014
\u2014
Issues/Settlements
(142)
\u2014
\u2014
\u2014
\u2014
Purchases/Sales
\u2014
1,089
\u2014
\u2014
\u2014
Transfers from Level 3
\u2014
\u2014
\u2014
(1)
\u2014
At December 31, 2023
\u20ac117
\u20ac1,165
\u20ac(40)
\u20ac\u2014
\u20ac76
The gains/(losses) included in the Consolidated Income Statements were recognized within Net financial expenses/
(income). Of the total gains/(losses) recognized in Other comprehensive income, \u20ac39\u00a0million were recognized within Cash
flow reserves (\u20ac8\u00a0million at December 31, 2023),\u00a0\u20ac(11)\u00a0million were recognized within Currency translation differences
(\u20ac230\u00a0million at December 31, 2023) and \u20ac(15)\u00a0million were recognized within Gains and losses from remeasurement of
financial assets (\u20ac79\u00a0million at December 31, 2023).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-704": { "value": "
13.
Financial assets
Financial assets consisted of the following:
At December 31,
2024
2023
Note
Current
Non-
current
Total
Current
Non-
current
Total
(\u20ac million)
Derivative financial assets
17
\u20ac70
\u20ac310
\u20ac380
\u20ac17
\u20ac23
\u20ac40
Financial securities measured at fair value through
other comprehensive income
25
55
360
415
59
356
415
Financial securities measured at fair value through
profit or loss
25
538
1,322
1,860
1,013
911
1,924
Financial securities measured at amortized cost
2,390
1,106
3,496
3,667
1,764
5,431
Financial receivables(1)
25
788
174
962
2,023
158
2,181
Collateral deposits measured at fair value through
profit or loss(2)
25
31
22
53
51
57
108
Total financial assets
\u20ac3,872
\u20ac3,294
\u20ac7,166
\u20ac6,830
\u20ac3,269
\u20ac10,099
______________________________________________________________________________________________________________________________
(1) Measured at amortized cost
(2) Collateral deposits are held in connection with derivative transactions and debt obligation
Asset-backed financing
Asset-backed financings, including warehouse credit facilities, asset-backed term notes and asset-backed securities
(\u201cABS\u201d) term loans, primarily represented the amount of financing received by SFS U.S. through securitization programs of
\u20ac9,866 million as of December\u00a031, 2024 (\u20ac4,711 million at December\u00a031, 2023), that will be settled through the collection of
a portfolio of receivables which originate from consumers.
The retail consumer contracts, lease and commercial loans to dealers are pledged to special purpose entities as
collateral.
The following table summarizes the asset-back financing amounts at December\u00a031, 2024 and 2023:
At December 31,
(\u20ac million)
Currency
Interest rate %
Maturity(1)
2024
2023
Warehouse Credit
Facilities:
SFS Funding I
USD
CP/SOFR+spread
Q2/2026
4,034
3,189
SFS Funding II
USD
CP/SOFR+spread
Q3/2024
\u2014
109
FIARC
USD
SOFR+spread
Q2/2025
60
29
SFMOT Floorplan Facility
USD
CP/SOFR+spread
Q2/2026
565
\u2014
Term Notes:
Term Notes 2017-2020
USD
2.80%-7.07%
Q2/2027
\u2014
36
FIAOT 2021-1
USD
0.89%-5.37%
Q2/2028
27
45
FIAOT 2021-2
USD
0.48%-3.14%
Q4/2028
63
98
FIAOT 2022-1
USD
2.03%-5.41%
Q2/2029
83
125
FIAOT 2022-2
USD
6.26%-9.50%
Q4/2029
95
151
FIAOT 2023-1
USD
6.44%-7.74%
Q1/2031
131
189
SFAST 2023-1
USD
5.47%-5.97%
Q1/2031
522
740
SFAST 2024-1
USD
4.94%-5.59%
Q1/2032
645
\u2014
SFAST 2024-2
USD
5.26%-5.71%
Q1/2032
760
\u2014
SFAST 2024-3
USD
4.55%-4.98%
Q4/2032
829
\u2014
Term Loans:
SFAF LLC
USD
5.45%
Q4/2031
555
\u2014
SFAF 2024-2
USD
5.45%
Q1/2032
590
\u2014
SFALV 2024-1
USD
4.80%
Q1/2030
907
\u2014
Total
\u20ac9,866
\u20ac4,711
________________________________________________________________________________________________________________________________________________
(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 SFS 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 of \u20ac6.1 billion ($6.3\u00a0billion) as of December\u00a031, 2024
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.
SFS U.S. uses interest rate derivatives in order to reduce the interest rate risk of certain warehouse credit facilities
where the underlying receivables carry fixed rate of interest and borrowings are based on the floating rate SOFR indices.
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.
ABS Term Loans
ABS Term Loans are provided by various banks which advance term loan proceeds secured by a pool of either retail
loan receivables or consumer leases. Two ABS Term Loans outstanding as of December\u00a031, 2024, with an aggregate balance
of \u20ac1.14\u00a0billion ($1.19\u00a0billion) are secured by retail loan receivables with an aggregate balance of \u20ac1.41 billion
($1.48\u00a0billion). The remaining ABS Term Loan facility with a balance of \u20ac899\u00a0million ($942\u00a0million) as of December 31,
2024, is secured by \u20ac1.05\u00a0billion ($1.1\u00a0billion) in consumer lease receivables.
The terms governing the warehouse credit facilities and ABS Term Loans contains numerous covenants relating to
the issuer\u2019s business, the observance of certain financial covenants, the avoidance of certain levels of delinquency and credit
loss 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 Loan or warehouse credit facilities. The ABS Term
Notes generally do not contain financial covenants or covenants related to delinquency experience or credit losses. The
Company was not in default with respect to any financial and non-financial covenants governing these financing
arrangements at December\u00a031, 2024.
Refer to Note 25, Fair value measurement for additional information on fair and carrying values of assigned
receivables and related liabilities.
Other
Additionally, there are:
\u2022 \u20ac101 million of debt relating to asset-backed financing in Brazil, at December 31, 2024 (nil at December 31,
2023); and
\u2022 \u20ac49 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, 2024 (\u20ac67 million at December\u00a031,
2023) 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, 2024, debt secured by assets of the Company amounted to \u20ac23 million (\u20ac79 million at
December\u00a031, 2023), excluding the Lease liabilities and Asset-backed financing as described above, mainly related to
subsidized financing in South America.
The total carrying amount of assets acting as security for loans for the Company amounted to \u20ac471 million,
excluding the Right-of-use assets as described in Note 11, Property, plant and equipment, at December\u00a031, 2024 (\u20ac806
million at December\u00a031, 2023).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-706": { "value": "
14.
Inventories
At December 31,
2024
2023
(\u20ac million)
Finished goods and goods for resale
\u20ac11,242
\u20ac12,064
Work-in-progress, raw materials and manufacturing supplies
9,619
9,136
Amount due from customers for contract work
\u2014
214
Total Inventories
\u20ac20,861
\u20ac21,414
The decrease in total inventories in 2024 compared to 2023 is mostly driven by reduction in new vehicles stock in
Enlarged Europe due to lower production which is partially offset by an increase in used cars and manufacturing supplies.
The amount of inventory write-downs recognized primarily within Cost of revenues during the years ended
December\u00a031, 2024, 2023 and 2022 was \u20ac910 million , \u20ac505 million and \u20ac397 million, respectively. These mainly relate to
finished goods and goods for resale.
The Construction contracts, net asset/(liability) related to the design and production of industrial automation systems
and related products are summarized below. Stellantis\u2019 construction contracts were operated through Comau which was
disposed of in December 2024. Refer to Note 3, Scope of consolidation for additional information.
At December 31,
2024
2023
(\u20ac million)
Aggregate amount of costs incurred and recognized profits (less recognized losses) to date
\u20ac\u2014
\u20ac766
Less: Progress billings
\u2014
659
Construction contracts, net asset/(liability)
\u20ac\u2014
\u20ac107
Construction contract assets
\u2014
214
Less: Construction contract liabilities (Note 24)
\u2014
107
Construction contracts, net asset/(liability)
\u20ac\u2014
\u20ac107
Changes in the Company's construction contracts, net asset/(liability) for the year ended December\u00a031, 2024, were as
follows:
At January 1,
2024
Advances
received from
customers
Amounts
recognized
within revenue
Disposal
At December
31, 2024
(\u20ac million)
Construction contracts, net asset/(liability)
\u20ac107
\u20ac(757)
\u20ac747
\u20ac(97)
\u20ac\u2014
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-707": { "value": "
14.
Inventories
The Construction contracts, net asset/(liability) related to the design and production of industrial automation systems
and related products are summarized below. Stellantis\u2019 construction contracts were operated through Comau which was
disposed of in December 2024. Refer to Note 3, Scope of consolidation for additional information.
At December 31,
2024
2023
(\u20ac million)
Aggregate amount of costs incurred and recognized profits (less recognized losses) to date
\u20ac\u2014
\u20ac766
Less: Progress billings
\u2014
659
Construction contracts, net asset/(liability)
\u20ac\u2014
\u20ac107
Construction contract assets
\u2014
214
Less: Construction contract liabilities (Note 24)
\u2014
107
Construction contracts, net asset/(liability)
\u20ac\u2014
\u20ac107
Changes in the Company's construction contracts, net asset/(liability) for the year ended December\u00a031, 2024, were as
follows:
At January 1,
2024
Advances
received from
customers
Amounts
recognized
within revenue
Disposal
At December
31, 2024
(\u20ac million)
Construction contracts, net asset/(liability)
\u20ac107
\u20ac(757)
\u20ac747
\u20ac(97)
\u20ac\u2014
24.
Other liabilities
Other liabilities consisted of the following:
At December 31,
2024
2023
Current
Non-
current
Total
Current
Non-
current
Total
(\u20ac million)
Payables for buy-back agreements
\u20ac4,607
\u20ac2,780
\u20ac7,387
\u20ac1,877
\u20ac4,645
\u20ac6,522
Accrued expenses and deferred income
5,015
882
5,897
4,778
751
5,529
Indirect tax payables
1,416
10
1,426
1,426
15
1,441
Payables to personnel
1,779
\u2014
1,779
2,658
4
2,662
Social security payables
563
6
569
567
15
582
Construction contract liabilities
(Note 14)(1)
\u2014
\u2014
\u2014
107
\u2014
107
Service contract liability
713
2,017
2,730
808
2,160
2,968
Derivatives operating liability
600
57
657
746
299
1,045
Other
2,865
228
3,093
2,603
176
2,779
Total Other liabilities
\u20ac17,558
\u20ac5,980
\u20ac23,538
\u20ac15,570
\u20ac8,065
\u20ac23,635
____________________________________________________________________________________________________
(1) Construction contract liabilities related entirely to our automation production systems, Comau which was disposed of as of December 2024. Refer to Note 3, Scope of
consolidation for additional information
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, 2024, were as follows:
At January 1,
2024
Advances
received from
customers
Amounts
recognized
within revenue
Transfers to
Assets/
(Liabilities)
held for sale
Other changes
At December
31, 2024
(\u20ac million)
Service contract liability
\u20ac2,968
\u20ac1,274
\u20ac(1,427)
\u20ac\u2014
\u20ac(85)
\u20ac2,730
Of the total Service contract liability at December\u00a031, 2024, the Company expected to recognize approximately
\u20ac979\u00a0million in 2025 , \u20ac706\u00a0million in 2026, \u20ac539\u00a0million in 2027 and \u20ac506\u00a0million thereafter.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-708": { "value": "
15.
Working capital
Years ended December 31,
2024
2023
2022
(\u20ac million)
(Increase)/decrease in inventories
\u20ac632
\u20ac(4,388)
\u20ac(5,606)
(Increase)/decrease in trade receivables
786
(2,249)
(1,986)
Increase/(decrease) in trade payables
(4,007)
1,058
4,165
Other changes
(3,398)
107
(1,054)
Total change in working capital
\u20ac(5,987)
\u20ac(5,472)
\u20ac(4,481)
The change in working capital in 2024 of \u20ac5,987 million includes (i) a decrease of \u20ac632 million in inventories due to
a reduction in new vehicles stock in Enlarged Europe due to lower production which is partially offset by an increase in used
cars and manufacturing supplies, (ii) a decrease of \u20ac786 million in trade receivables primarily due to lower volumes, (iii) a
decrease of \u20ac4,007 million in trade payables, primarily reflecting lower production in Enlarged Europe and North America
and (iv) a decrease of \u20ac3,398 million in other payables net of other receivables primarily related to a decrease in tax payables
net of tax receivables and to a decrease in payables to personnel.
31.
Explanatory notes to the Consolidated Statement of Cash Flows
Non-cash items
For the year ended December\u00a031, 2024, non-cash items of \u20ac6,200 million primarily included: (i) \u20ac7,226 million for
depreciation and amortization expense, (ii) \u20ac1,927 million in other non-cash items mainly referred to impairments, partially
offset by (iii) \u20ac2,921 million change in deferred taxes resulting primarily from an increase in deferred tax assets (Refer to
Note 7, Tax expense/(benefit) for additional information) and (iv) \u20ac32 million gains on disposal of equity investments and
other assets.
For the year ended December\u00a031, 2023, non-cash items of \u20ac8,775\u00a0million primarily included: (i) \u20ac7,549\u00a0million for
depreciation and amortization expense, (ii) \u20ac701\u00a0million 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\u00a0million in other non-cash
items mainly referred to impairments and hyperinflation impacts, partially offset by (iv) \u20ac195\u00a0million 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).
Operating activities
For the year ended December\u00a031, 2024, net cash from operating activities of \u20ac4,008 million was primarily the result
of: (i) net profit from continuing operations of \u20ac5,520 million adjusted by: (1) non-cash items of \u20ac6,200 million, (2) net
increase in provisions of \u20ac1,779 million, mainly attributable to commercial risks in North America, restructuring and other
risks, (3) the negative effect of the change in working capital of \u20ac5,987\u00a0million, which was mainly due to (i) a decrease of
\u20ac4,007\u00a0million in trade payables, primarily reflecting lower production volumes in Enlarged Europe and North America, (ii) a
decrease of \u20ac3,398\u00a0million in other payables net of other receivables primarily related to a decrease in tax payables net of tax
receivables and to a decrease in payables to personnel, partially offset by (iii) a decrease of \u20ac786\u00a0million in trade receivables
primarily due to lower volumes, and (iv) a decrease of \u20ac632\u00a0million in inventories mostly driven by reduction in new vehicles
stock in Enlarged Europe due to lower production which is partially offset by an increase in used cars and manufacturing
supplies and (4) the negative effect of the change in carrying amount of leased vehicles of \u20ac3,885 million related to the
financial services activity in North America.
For the year ended December\u00a031, 2023, net cash from operating activities of \u20ac22,485\u00a0million was primarily the
result of: (i) net profit from continuing operations of \u20ac18,625\u00a0million adjusted by: (1) non-cash items of \u20ac8,775\u00a0million, (2)
net increase in provisions of \u20ac2,460\u00a0million, 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.
Investing activities
For the year ended December\u00a031, 2024, net cash used in investing activities of \u20ac15,982\u00a0million was primarily the
result of (1) \u20ac11,060\u00a0million of investment in property, plant and equipment and intangible assets, including \u20ac3,922 million of
capitalized development expenditures, partially offset by \u20ac223 million increase in payables related to the investments in
properties, plant and equipment and intangible assets, (2) an increase in receivables from financing activities of
\u20ac4,151\u00a0million, which was mainly attributable to increased retail and dealer financing in North and South America, (3)
acquisitions of subsidiaries and equity method investments for \u20ac1,652\u00a0million primarily relating to (i) the capital injections to
joint ventures and associates for the total of \u20ac1,267\u00a0million and (ii) acquisitions relating to Comercial Automotiva S.A.,
Groupe 2L Logistics, PPET and Sopriam for the total gross amount of \u20ac388 million (refer to Note 3, Scope of consolidation
for additional information), partially offset by the disposal of property, plant and equipment of \u20ac365 million and of
investments in subsidiaries and associates of \u20ac261 million.\u00a0 \u00a0
For the year ended December\u00a031, 2023, net cash used in investing activities of \u20ac15,047\u00a0million was primarily the
result of (1) \u20ac10,193\u00a0million of investment in property, plant and equipment and intangible assets, including \u20ac4,184\u00a0million 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 SFS 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, NextStar, Symbio, PPET and PPETA
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,
partially offset by the disposal of property, plant and equipment of \u20ac533\u00a0million and of investments in subsidiaries and
associates of \u20ac1,457\u00a0million, 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 SFS 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, partially offset by the disposal of
property, plant and equipment of \u20ac545\u00a0million and of investments in subsidiaries and associates of \u20ac235\u00a0million.\u00a0
Financing activities
For the year ended December\u00a031, 2024, net cash from financing activities of \u20ac2,061 million resulted primarily from
(1) the net increase in long-term debt of \u20ac4,644 million including (i) the issuance of bonds for \u20ac2,750 million which are
partially offset by repayment of bonds at maturity for \u20ac1,950 million, (ii) new long-term debt for \u20ac10,365 million primarily
related to the funding of SFS U.S., partially offset by repayments for \u20ac6,521 million, (2) the distribution of dividends to
shareholders of \u20ac4,651 million, (3) the decrease in securities of \u20ac2,422 million primarily attributable to reduction of
investments in Enlarged Europe and North America, (4) the purchase of treasury shares for \u20ac3,000 million as a result of the
share buyback program (Refer to Note 28, Equity for additional information), and (5) the changes in short-term debt and
other financial assets and liabilities for positive \u20ac2,557 million.
For the year ended December\u00a031, 2023, net cash used in financing activities of \u20ac9,200\u00a0million resulted primarily
from (1) the net decrease in long-term debt of \u20ac214\u00a0million including (i) the repayment of bonds at maturity for
\u20ac3,277\u00a0million which are partially offset by the issuance of bonds for \u20ac2,500\u00a0million, (ii) new long-term debt for
\u20ac1,668\u00a0million, partially offset by repayments for \u20ac1,105\u00a0million, (2) the distribution of dividends to shareholders of
\u20ac4,208\u00a0million, (3) the increase in securities of \u20ac2,754\u00a0million primarily attributable to the investment in marketable debt
securities by our central treasury companies, (4) the purchase of treasury shares for \u20ac2,434\u00a0million 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 28, Equity for additional information), and (5) the changes in short-term debt and other financial assets and liabilities for
positive \u20ac328\u00a0million.
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 28, Equity for additional
information), and (5) the changes in short-term debt and other financial assets and liabilities for negative \u20ac400\u00a0million.
The following is a reconciliation of liabilities arising from financing activities for the years ended December 31,
2024 and 2023:
Years ended December 31,
2024
2023
(\u20ac million)
Total Debt at January 1
\u20ac29,463
\u20ac27,153
Add: Derivative (assets)/liabilities and collateral at January 1
(109)
(67)
Add: Securities and financial receivables at January 1
(9,357)
(4,176)
Total Liabilities from financing activities at January 1
\u20ac19,997
\u20ac22,910
Cash flows(1)
9,623
(2,640)
Foreign exchange effects
12
(250)
Fair value changes
85
468
Changes in scope of consolidation
350
955
Transfer to (assets)/liabilities held for sale
(10)
(122)
Other changes
715
(1,324)
Total Liabilities from financing activities at December 31
\u20ac30,772
\u20ac19,997
Less: Derivative (assets)/liabilities and collateral at December 31
(409)
(109)
Less: Securities and financial receivables at December 31
(6,046)
(9,357)
Total Debt at December 31
\u20ac37,227
\u20ac29,463
______________________________________________________________________________________________________________________________
(1) Includes the lines (a) Changes in short-term debt and other financial assets and liabilities, (b) Changes in long-term debt and (3) Change in securities. Refer to the
Consolidated Statement of Cash Flows for additional information
Amounts relating to IFRS 16 recognized in the Consolidated Statement of Cash Flows
During the years ended December 31, 2024, 2023 and 2022, the total cash outflow for leases recognized in
accordance with IFRS 16 was \u20ac938 million, \u20ac757\u00a0million and \u20ac626\u00a0million, respectively, of which \u20ac874 million, \u20ac693
million and \u20ac568\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, \u20ac64 million and
\u20ac58 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).
Dividends received, interest expense and taxes paid
During the years ended December 31, 2024, 2023 and 2022, the Company paid interest of \u20ac1,549\u00a0million and
received interest of \u20ac2,716\u00a0million, \u20ac 1,126\u00a0million and \u20ac2,917\u00a0million, \u20ac937\u00a0million and \u20ac1,201\u00a0million, respectively. These
amounts are mainly recognized within Cash flows from operating activities in the Consolidated Statement of Cash Flows.
Amounts indicated are also inclusive of interest rate differentials paid or received on interest rate derivatives.
During the years ended December 31, 2024, 2023 and 2022, the Company made income tax payments, net of
refunds, totaling \u20ac2,792\u00a0million, \u20ac2,649\u00a0million and \u20ac2,860\u00a0million, respectively. These amounts are mainly recognized
within Cash flows from operating activities in the Consolidated Statement of Cash Flows. Amounts indicated are also
inclusive of interest rate differentials paid or received on interest rate derivatives. For the year ended December 31, 2024
income tax payments include \u20ac72\u00a0million of U.S. purchased tax credits from a third party.
During the years ended December 31, 2024, 2023 and 2022, the Company received dividends of \u20ac335\u00a0million,
\u20ac312\u00a0million and \u20ac217\u00a0million, respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-709": { "value": "
16.
Trade receivables, other assets, prepaid expenses and tax receivables
Trade receivables
Trade receivables are measured at amortized cost and net of an ECL allowance, calculated using the simplified
approach. Changes in the allowance for trade receivables were as follows:
At January 1,
2024
Provision
Use\u00a0and
other changes
Transferred to
Assets held for
sale
At December
31, 2024
(\u20ac million)
ECL allowance - Trade receivables
\u20ac551
\u20ac181
\u20ac(124)
\u20ac\u2014
\u20ac608
An immaterial amount of Trade receivables were written off during the year ended December\u00a031, 2024, 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,
2024
2023
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
\u20ac5,049
\u20ac1,038
\u20ac6,087
\u20ac5,964
\u20ac964
\u20ac6,928
ECL allowance
(194)
(414)
(608)
(88)
(463)
(551)
Carrying amount
\u20ac4,855
\u20ac624
\u20ac5,479
\u20ac5,876
\u20ac501
\u20ac6,377
In addition to the amounts above, a further \u20ac27\u00a0million at December 31, 2024 (\u20ac49\u00a0million at December 31, 2023) of
trade receivables were measured at FVPL. Refer to Note 25, 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,
2024
2023
(\u20ac million)
Dealer financing
\u20ac2,330
\u20ac2,305
Retail financing
8,494
5,505
Finance leases
299
133
Other
1,408
1,051
Total Receivables from financing activities
\u20ac12,531
\u20ac8,994
The \u20ac3.5\u00a0billion increase in Receivables from financing activities for the year ended December 31, 2024 is mainly
due to the increase in retail financing of \u20ac3.0\u00a0billion driven by the increase in the loan portfolio activity in North America and
South America. Other receivables from financing increased by \u20ac0.4\u00a0billion mainly attributable to loans extended to our joint
ventures.\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,
2024
Provision
Use\u00a0and
other changes
Transferred to
Assets held for
sale
At December
31, 2024
(\u20ac million)
ECL allowance - Receivables from financing
activities
\u20ac195
\u20ac249
\u20ac(217)
\u20ac(1)
\u20ac226
The following table provides information about the exposure to credit risk and ECLs for receivables from financing
activities:
At December 31,
2024
2023
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
(\u20ac million)
Gross amount
\u20ac12,451
\u20ac168
\u20ac138
\u20ac12,757
\u20ac8,841
\u20ac117
\u20ac114
\u20ac9,072
ECL allowance
(174)
(33)
(19)
(226)
(149)
(23)
(23)
(195)
Carrying amount
\u20ac12,277
\u20ac135
\u20ac119
\u20ac12,531
\u20ac8,692
\u20ac94
\u20ac91
\u20ac8,877
In addition to the amounts above, nil at December\u00a031, 2024 (\u20ac117\u00a0million at December\u00a031, 2023) of receivables
from financing activities were measured at FVPL. Refer to Note 25, Fair value measurement. Refer to Note 2, Basis of
preparation for details on the stages.
Other assets and prepaid expenses
Other assets and prepaid expenses consisted of the following:
At December 31
2024
2023
Current
Non-current
Total
Current
Non-current
Total
(\u20ac million)
Receivables from financing activities at
amortized cost
\u20ac5,693
\u20ac6,838
\u20ac12,531
\u20ac4,487
\u20ac4,507
\u20ac8,994
Other receivables at amortized cost
5,119
1,391
6,510
4,311
1,628
5,939
Defined benefit plan assets (Note 20)
39
924
963
24
886
910
Derivative operating assets
256
17
273
157
51
208
Prepaid expenses and other
1,866
491
2,357
1,309
622
1,931
Total other assets and prepaid expenses
\u20ac12,973
\u20ac9,661
\u20ac22,634
\u20ac10,288
\u20ac7,694
\u20ac17,982
The following table summarizes Receivables from financing activities, Other receivables at amortized cost,
Derivative operating assets and Tax receivables by due date:
At December 31,
2024
2023
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
\u20ac5,693
\u20ac5,861
\u20ac977
\u20ac6,838
\u20ac12,531
\u20ac4,487
\u20ac3,273
\u20ac1,234
\u20ac4,507
\u20ac8,994
Other receivables at
amortized cost
5,119
1,295
96
1,391
6,510
4,311
1,498
130
1,628
5,939
Derivative operating
assets
256
17
\u2014
17
273
157
51
\u2014
51
208
Total
\u20ac11,068
\u20ac7,173
\u20ac1,073
\u20ac8,246
\u20ac19,314
\u20ac8,955
\u20ac4,822
\u20ac1,364
\u20ac6,186
\u20ac15,141
Tax receivables
\u20ac1,411
\u20ac210
\u20ac17
\u20ac227
\u20ac1,638
\u20ac802
\u20ac84
\u20ac33
\u20ac117
\u20ac919
Other receivables
At December\u00a031, 2024, Other receivables primarily consisted of tax receivables for VAT and other indirect taxes of
\u20ac4,593 million (\u20ac4,504 million at December\u00a031, 2023).
Transfer of financial assets
At December\u00a031, 2024, 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 \u20ac14,888\u00a0million
(\u20ac16,991\u00a0million at December\u00a031, 2023), of which 74 percent (75 percent at December\u00a031, 2023), was mainly due from the
sales network, transferred to financing companies in partnership with Santander, BNP Paribas and Cr\u00e9dit Agricole.
At December\u00a031, 2024 and 2023, the carrying amount of transferred financial assets not derecognized and the
related liabilities were as follows:
At December 31,
2024
2023
Trade
receivables
Receivables
from
financing
activities
Total
Trade
receivables
Receivables
from
financing
activities
Total
(\u20ac million)
Carrying amount of assets transferred and not
derecognized
\u20ac88
\u20ac5
\u20ac93
\u20ac58
\u20ac9
\u20ac67
Carrying amount of the related liabilities (Note 22)
\u20ac88
\u20ac5
\u20ac93
\u20ac58
\u20ac9
\u20ac67
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-718": { "value": "
16.
Trade receivables, other assets, prepaid expenses and tax receivables
Other assets and prepaid expenses
Other assets and prepaid expenses consisted of the following:
At December 31
2024
2023
Current
Non-current
Total
Current
Non-current
Total
(\u20ac million)
Receivables from financing activities at
amortized cost
\u20ac5,693
\u20ac6,838
\u20ac12,531
\u20ac4,487
\u20ac4,507
\u20ac8,994
Other receivables at amortized cost
5,119
1,391
6,510
4,311
1,628
5,939
Defined benefit plan assets (Note 20)
39
924
963
24
886
910
Derivative operating assets
256
17
273
157
51
208
Prepaid expenses and other
1,866
491
2,357
1,309
622
1,931
Total other assets and prepaid expenses
\u20ac12,973
\u20ac9,661
\u20ac22,634
\u20ac10,288
\u20ac7,694
\u20ac17,982
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-717": { "value": "
16.
Trade receivables, other assets, prepaid expenses and tax receivables
Other assets and prepaid expenses
Other assets and prepaid expenses consisted of the following:
At December 31
2024
2023
Current
Non-current
Total
Current
Non-current
Total
(\u20ac million)
Receivables from financing activities at
amortized cost
\u20ac5,693
\u20ac6,838
\u20ac12,531
\u20ac4,487
\u20ac4,507
\u20ac8,994
Other receivables at amortized cost
5,119
1,391
6,510
4,311
1,628
5,939
Defined benefit plan assets (Note 20)
39
924
963
24
886
910
Derivative operating assets
256
17
273
157
51
208
Prepaid expenses and other
1,866
491
2,357
1,309
622
1,931
Total other assets and prepaid expenses
\u20ac12,973
\u20ac9,661
\u20ac22,634
\u20ac10,288
\u20ac7,694
\u20ac17,982
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-716": { "value": "
16.
Trade receivables, other assets, prepaid expenses and tax receivables
The following table summarizes Receivables from financing activities, Other receivables at amortized cost,
Derivative operating assets and Tax receivables by due date:
At December 31,
2024
2023
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
\u20ac5,693
\u20ac5,861
\u20ac977
\u20ac6,838
\u20ac12,531
\u20ac4,487
\u20ac3,273
\u20ac1,234
\u20ac4,507
\u20ac8,994
Other receivables at
amortized cost
5,119
1,295
96
1,391
6,510
4,311
1,498
130
1,628
5,939
Derivative operating
assets
256
17
\u2014
17
273
157
51
\u2014
51
208
Total
\u20ac11,068
\u20ac7,173
\u20ac1,073
\u20ac8,246
\u20ac19,314
\u20ac8,955
\u20ac4,822
\u20ac1,364
\u20ac6,186
\u20ac15,141
Tax receivables
\u20ac1,411
\u20ac210
\u20ac17
\u20ac227
\u20ac1,638
\u20ac802
\u20ac84
\u20ac33
\u20ac117
\u20ac919
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, 2024 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 27, 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, C ash 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, 2024 and 2023, 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, 2024 and 2023 which could lead to significant risk of repayment.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-715": { "value": "
16.
Trade receivables, other assets, prepaid expenses and tax receivables
The following table summarizes Receivables from financing activities, Other receivables at amortized cost,
Derivative operating assets and Tax receivables by due date:
At December 31,
2024
2023
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
\u20ac5,693
\u20ac5,861
\u20ac977
\u20ac6,838
\u20ac12,531
\u20ac4,487
\u20ac3,273
\u20ac1,234
\u20ac4,507
\u20ac8,994
Other receivables at
amortized cost
5,119
1,295
96
1,391
6,510
4,311
1,498
130
1,628
5,939
Derivative operating
assets
256
17
\u2014
17
273
157
51
\u2014
51
208
Total
\u20ac11,068
\u20ac7,173
\u20ac1,073
\u20ac8,246
\u20ac19,314
\u20ac8,955
\u20ac4,822
\u20ac1,364
\u20ac6,186
\u20ac15,141
Tax receivables
\u20ac1,411
\u20ac210
\u20ac17
\u20ac227
\u20ac1,638
\u20ac802
\u20ac84
\u20ac33
\u20ac117
\u20ac919
Other receivables
At December\u00a031, 2024, Other receivables primarily consisted of tax receivables for VAT and other indirect taxes of
\u20ac4,593 million (\u20ac4,504 million at December\u00a031, 2023).", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-714": { "value": "
16.
Trade receivables, other assets, prepaid expenses and tax receivables
The following table summarizes Receivables from financing activities, Other receivables at amortized cost,
Derivative operating assets and Tax receivables by due date:
At December 31,
2024
2023
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
\u20ac5,693
\u20ac5,861
\u20ac977
\u20ac6,838
\u20ac12,531
\u20ac4,487
\u20ac3,273
\u20ac1,234
\u20ac4,507
\u20ac8,994
Other receivables at
amortized cost
5,119
1,295
96
1,391
6,510
4,311
1,498
130
1,628
5,939
Derivative operating
assets
256
17
\u2014
17
273
157
51
\u2014
51
208
Total
\u20ac11,068
\u20ac7,173
\u20ac1,073
\u20ac8,246
\u20ac19,314
\u20ac8,955
\u20ac4,822
\u20ac1,364
\u20ac6,186
\u20ac15,141
Tax receivables
\u20ac1,411
\u20ac210
\u20ac17
\u20ac227
\u20ac1,638
\u20ac802
\u20ac84
\u20ac33
\u20ac117
\u20ac919
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,
2024
2023
Due\u00a0within
one year
Due
between
one\u00a0and
five
years
Total
Due\u00a0within
one year
Due
between
one\u00a0and
five
years
Total
(\u20ac million)
Currency risk management
\u20ac19,279
\u20ac1,125
\u20ac20,404
\u20ac21,424
\u20ac6,263
\u20ac27,687
Interest rate risk management
71
12,215
12,286
42
6,680
6,722
Interest rate and currency risk management
11
19
30
37
28
65
Commodity price risk management
2,079
818
2,897
2,809
2,196
5,005
Total Notional amount
\u20ac21,440
\u20ac14,177
\u20ac35,617
\u20ac24,312
\u20ac15,167
\u20ac39,479
22.
Debt
The following table summarizes the Company's current and non-current Debt by maturity date (amounts include
accrued interest):
At December 31,
2024
2023
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
\u20ac949
\u20ac9,114
\u20ac9,054
\u20ac18,168
\u20ac19,117
\u20ac2,277
\u20ac7,133
\u20ac8,805
\u20ac15,938
\u20ac18,215
Borrowings from
banks
3,119
371
82
453
3,572
1,512
1,297
27
1,324
2,836
Asset-backed
financing
5,645
3,681
690
4,371
10,016
3,638
1,014
126
1,140
4,778
Lease liabilities
858
883
815
1,698
2,556
718
728
712
1,440
2,158
Other debt
1,628
291
47
338
1,966
1,317
150
9
159
1,476
Total Debt
\u20ac12,199
\u20ac14,340
\u20ac10,688
\u20ac25,028
\u20ac37,227
\u20ac9,462
\u20ac10,322
\u20ac9,679
\u20ac20,001
\u20ac29,463
24.
Other liabilities
Other liabilities (excluding Accrued expenses, Deferred income and Service contract liability) by due date were as
follows:
At December 31,
2024
2023
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)
\u20ac11,830
\u20ac3,038
\u20ac43
\u20ac3,081
\u20ac14,911
\u20ac9,984
\u20ac5,124
\u20ac30
\u20ac5,154
\u20ac15,138
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 24, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-713": { "value": "
16.
Trade receivables, other assets, prepaid expenses and tax receivables
Other assets and prepaid expenses
Other assets and prepaid expenses consisted of the following:
At December 31
2024
2023
Current
Non-current
Total
Current
Non-current
Total
(\u20ac million)
Receivables from financing activities at
amortized cost
\u20ac5,693
\u20ac6,838
\u20ac12,531
\u20ac4,487
\u20ac4,507
\u20ac8,994
Other receivables at amortized cost
5,119
1,391
6,510
4,311
1,628
5,939
Defined benefit plan assets (Note 20)
39
924
963
24
886
910
Derivative operating assets
256
17
273
157
51
208
Prepaid expenses and other
1,866
491
2,357
1,309
622
1,931
Total other assets and prepaid expenses
\u20ac12,973
\u20ac9,661
\u20ac22,634
\u20ac10,288
\u20ac7,694
\u20ac17,982
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-712": { "value": "
16.
Trade receivables, other assets, prepaid expenses and tax receivables
The following table summarizes Receivables from financing activities, Other receivables at amortized cost,
Derivative operating assets and Tax receivables by due date:
At December 31,
2024
2023
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
\u20ac5,693
\u20ac5,861
\u20ac977
\u20ac6,838
\u20ac12,531
\u20ac4,487
\u20ac3,273
\u20ac1,234
\u20ac4,507
\u20ac8,994
Other receivables at
amortized cost
5,119
1,295
96
1,391
6,510
4,311
1,498
130
1,628
5,939
Derivative operating
assets
256
17
\u2014
17
273
157
51
\u2014
51
208
Total
\u20ac11,068
\u20ac7,173
\u20ac1,073
\u20ac8,246
\u20ac19,314
\u20ac8,955
\u20ac4,822
\u20ac1,364
\u20ac6,186
\u20ac15,141
Tax receivables
\u20ac1,411
\u20ac210
\u20ac17
\u20ac227
\u20ac1,638
\u20ac802
\u20ac84
\u20ac33
\u20ac117
\u20ac919
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,
2024
2023
Due\u00a0within
one year
Due
between
one\u00a0and
five
years
Total
Due\u00a0within
one year
Due
between
one\u00a0and
five
years
Total
(\u20ac million)
Currency risk management
\u20ac19,279
\u20ac1,125
\u20ac20,404
\u20ac21,424
\u20ac6,263
\u20ac27,687
Interest rate risk management
71
12,215
12,286
42
6,680
6,722
Interest rate and currency risk management
11
19
30
37
28
65
Commodity price risk management
2,079
818
2,897
2,809
2,196
5,005
Total Notional amount
\u20ac21,440
\u20ac14,177
\u20ac35,617
\u20ac24,312
\u20ac15,167
\u20ac39,479
22.
Debt
The following table summarizes the Company's current and non-current Debt by maturity date (amounts include
accrued interest):
At December 31,
2024
2023
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
\u20ac949
\u20ac9,114
\u20ac9,054
\u20ac18,168
\u20ac19,117
\u20ac2,277
\u20ac7,133
\u20ac8,805
\u20ac15,938
\u20ac18,215
Borrowings from
banks
3,119
371
82
453
3,572
1,512
1,297
27
1,324
2,836
Asset-backed
financing
5,645
3,681
690
4,371
10,016
3,638
1,014
126
1,140
4,778
Lease liabilities
858
883
815
1,698
2,556
718
728
712
1,440
2,158
Other debt
1,628
291
47
338
1,966
1,317
150
9
159
1,476
Total Debt
\u20ac12,199
\u20ac14,340
\u20ac10,688
\u20ac25,028
\u20ac37,227
\u20ac9,462
\u20ac10,322
\u20ac9,679
\u20ac20,001
\u20ac29,463
24.
Other liabilities
Other liabilities (excluding Accrued expenses, Deferred income and Service contract liability) by due date were as
follows:
At December 31,
2024
2023
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)
\u20ac11,830
\u20ac3,038
\u20ac43
\u20ac3,081
\u20ac14,911
\u20ac9,984
\u20ac5,124
\u20ac30
\u20ac5,154
\u20ac15,138
32.
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, 2024 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 27, 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, C ash 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, 2024 and 2023, 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, 2024 and 2023 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 24, 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 (primarily base metals, commodities used in electric vehicle and PGM - platinum, palladium and rhodium) 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, except for entities that operate in hyperinflationary economies (Turkey and
Argentina) for which the income statements are translated into Euro using the spot rate at the end of 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, 2024 resulting from a 10 percent change in the exchange rates
would have been approximately \u20ac752\u00a0million in the Other comprehensive income (mainly driven by the foreign exchange
hedges related to the sales in GBP) and \u20ac291\u00a0million on Consolidated Income Statement.
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 \u20ac12\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,
2024 would have an impact of \u20ac89\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, 2024 would have a negative impact of \u20ac33\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, 2024, applied to floating rate or
short term maturity 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 \u20ac118\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, 2024, 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 \u20ac290\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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-711": { "value": "
16.
Trade receivables, other assets, prepaid expenses and tax receivables
Other assets and prepaid expenses
Other assets and prepaid expenses consisted of the following:
At December 31
2024
2023
Current
Non-current
Total
Current
Non-current
Total
(\u20ac million)
Receivables from financing activities at
amortized cost
\u20ac5,693
\u20ac6,838
\u20ac12,531
\u20ac4,487
\u20ac4,507
\u20ac8,994
Other receivables at amortized cost
5,119
1,391
6,510
4,311
1,628
5,939
Defined benefit plan assets (Note 20)
39
924
963
24
886
910
Derivative operating assets
256
17
273
157
51
208
Prepaid expenses and other
1,866
491
2,357
1,309
622
1,931
Total other assets and prepaid expenses
\u20ac12,973
\u20ac9,661
\u20ac22,634
\u20ac10,288
\u20ac7,694
\u20ac17,982
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-710": { "value": "
16.
Trade receivables, other assets, prepaid expenses and tax receivables
The following table summarizes Receivables from financing activities, Other receivables at amortized cost,
Derivative operating assets and Tax receivables by due date:
At December 31,
2024
2023
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
\u20ac5,693
\u20ac5,861
\u20ac977
\u20ac6,838
\u20ac12,531
\u20ac4,487
\u20ac3,273
\u20ac1,234
\u20ac4,507
\u20ac8,994
Other receivables at
amortized cost
5,119
1,295
96
1,391
6,510
4,311
1,498
130
1,628
5,939
Derivative operating
assets
256
17
\u2014
17
273
157
51
\u2014
51
208
Total
\u20ac11,068
\u20ac7,173
\u20ac1,073
\u20ac8,246
\u20ac19,314
\u20ac8,955
\u20ac4,822
\u20ac1,364
\u20ac6,186
\u20ac15,141
Tax receivables
\u20ac1,411
\u20ac210
\u20ac17
\u20ac227
\u20ac1,638
\u20ac802
\u20ac84
\u20ac33
\u20ac117
\u20ac919
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-722": { "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,
2024
2023
Positive\u00a0fair
value
Negative\u00a0fair
value
Positive\u00a0fair
value
Negative\u00a0fair
value
(\u20ac million)
Fair value hedges:
Interest rate risk - interest rate swaps
\u20ac170
\u20ac\u2014
\u20ac26
\u20ac(1)
Total Fair value hedges
170
\u2014
26
(1)
Cash flow hedges:
Interest rate risk - interest rate swaps
21
(11)
\u2014
(28)
Currency risks - forward contracts, currency swaps and
currency options
155
(182)
111
(331)
Commodity price risk \u2013 commodity swaps and commodity
options
46
(304)
36
(681)
Total Cash flow hedges
222
(497)
147
(1,040)
Total Net investment hedges
\u2014
\u2014
\u2014
\u2014
Derivatives for trading
261
(184)
75
(43)
Total Fair value of derivative financial assets/(liabilities)
\u20ac653
\u20ac(681)
\u20ac248
\u20ac(1,084)
Financial derivative assets/(liabilities) - current
\u20ac70
\u20ac(9)
\u20ac17
\u20ac(18)
Financial derivative assets/(liabilities) - non-current
\u20ac310
\u20ac(15)
\u20ac23
\u20ac(21)
Derivative operating assets/(liabilities) - current
\u20ac256
\u20ac(600)
\u20ac157
\u20ac(746)
Derivative operating assets/(liabilities) - non-current
\u20ac17
\u20ac(57)
\u20ac51
\u20ac(299)
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,
2024
2023
Due\u00a0within
one year
Due
between
one\u00a0and
five
years
Total
Due\u00a0within
one year
Due
between
one\u00a0and
five
years
Total
(\u20ac million)
Currency risk management
\u20ac19,279
\u20ac1,125
\u20ac20,404
\u20ac21,424
\u20ac6,263
\u20ac27,687
Interest rate risk management
71
12,215
12,286
42
6,680
6,722
Interest rate and currency risk management
11
19
30
37
28
65
Commodity price risk management
2,079
818
2,897
2,809
2,196
5,005
Total Notional amount
\u20ac21,440
\u20ac14,177
\u20ac35,617
\u20ac24,312
\u20ac15,167
\u20ac39,479
Fair value hedges
The net gains and losses arising from the valuation of outstanding currency derivatives and interest rate derivatives
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,
2024
2023
2022
(\u20ac million)
Currency and interest rate risk
Change in ineffective portion
\u20ac\u2014
\u20ac(1)
\u20ac(34)
Net gains/(losses)
\u20ac\u2014
\u20ac(1)
\u20ac(34)
Ineffectiveness portion is recognized in Net financial expenses.
At December 31, 2024, the Company has outstanding interest rate derivatives classified as fair value hedges; in
particular, interest rate swaps that manage interest rate risk of certain bonds issued in Europe and in North America, with a
nominal amount of \u20ac8.0\u00a0billion . The accumulated amount of fair value hedge adjustment on the hedged item is negative and
equal to \u20ac68\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, 2024 net losses of \u20ac48 million mainly related to discontinued hedges were
recognized in the Consolidated Income Statement (net gains \u20ac4 million for the year ended December\u00a031, 2023 and net losses
\u20ac6 million for the year ended December\u00a031, 2022).
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,
2024
2023
2022
(\u20ac million)
Currency risk
(Increase)/decrease in Cost of revenues
\u20ac222
\u20ac(101)
\u20ac(111)
Share of profit/(loss) of equity method investees
(42)
7
(10)
Interest rate risk
Share of profit/(loss) of equity method investees
19
44
(59)
Net financial income/(expenses)
(3)
\u2014
\u2014
Commodity price risk
(Increase)/decrease in Cost of revenues
(616)
(435)
464
Ineffectiveness and discontinued hedges
(48)
4
(6)
Tax expenses/(benefit)
84
77
(99)
Total recognized in the Consolidated Income Statement
\u20ac(384)
\u20ac(404)
\u20ac179
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, 2024, gains of \u20ac33\u00a0million (losses of \u20ac12\u00a0million for the year ended December 31, 2023 and
gains of \u20ac100\u00a0million for the year ended December 31, 2022) related to the hedges of a net investment in foreign operation
were recognized in the Consolidated Statement of Other Comprehensive Income within Exchange differences on translating
foreign operations differences. There was no ineffectiveness for the year ended December 31, 2024.
Derivatives for trading
At December\u00a031, 2024, 2023 and 2022, 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 32, Qualitative and quantitative information on financial risks.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-721": { "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,
2024
2023
Positive\u00a0fair
value
Negative\u00a0fair
value
Positive\u00a0fair
value
Negative\u00a0fair
value
(\u20ac million)
Fair value hedges:
Interest rate risk - interest rate swaps
\u20ac170
\u20ac\u2014
\u20ac26
\u20ac(1)
Total Fair value hedges
170
\u2014
26
(1)
Cash flow hedges:
Interest rate risk - interest rate swaps
21
(11)
\u2014
(28)
Currency risks - forward contracts, currency swaps and
currency options
155
(182)
111
(331)
Commodity price risk \u2013 commodity swaps and commodity
options
46
(304)
36
(681)
Total Cash flow hedges
222
(497)
147
(1,040)
Total Net investment hedges
\u2014
\u2014
\u2014
\u2014
Derivatives for trading
261
(184)
75
(43)
Total Fair value of derivative financial assets/(liabilities)
\u20ac653
\u20ac(681)
\u20ac248
\u20ac(1,084)
Financial derivative assets/(liabilities) - current
\u20ac70
\u20ac(9)
\u20ac17
\u20ac(18)
Financial derivative assets/(liabilities) - non-current
\u20ac310
\u20ac(15)
\u20ac23
\u20ac(21)
Derivative operating assets/(liabilities) - current
\u20ac256
\u20ac(600)
\u20ac157
\u20ac(746)
Derivative operating assets/(liabilities) - non-current
\u20ac17
\u20ac(57)
\u20ac51
\u20ac(299)
Derivatives for trading
At December\u00a031, 2024, 2023 and 2022, 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 32, Qualitative and quantitative information on financial risks.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsHeldForTradingExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-720": { "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,
2024
2023
Positive\u00a0fair
value
Negative\u00a0fair
value
Positive\u00a0fair
value
Negative\u00a0fair
value
(\u20ac million)
Fair value hedges:
Interest rate risk - interest rate swaps
\u20ac170
\u20ac\u2014
\u20ac26
\u20ac(1)
Total Fair value hedges
170
\u2014
26
(1)
Cash flow hedges:
Interest rate risk - interest rate swaps
21
(11)
\u2014
(28)
Currency risks - forward contracts, currency swaps and
currency options
155
(182)
111
(331)
Commodity price risk \u2013 commodity swaps and commodity
options
46
(304)
36
(681)
Total Cash flow hedges
222
(497)
147
(1,040)
Total Net investment hedges
\u2014
\u2014
\u2014
\u2014
Derivatives for trading
261
(184)
75
(43)
Total Fair value of derivative financial assets/(liabilities)
\u20ac653
\u20ac(681)
\u20ac248
\u20ac(1,084)
Financial derivative assets/(liabilities) - current
\u20ac70
\u20ac(9)
\u20ac17
\u20ac(18)
Financial derivative assets/(liabilities) - non-current
\u20ac310
\u20ac(15)
\u20ac23
\u20ac(21)
Derivative operating assets/(liabilities) - current
\u20ac256
\u20ac(600)
\u20ac157
\u20ac(746)
Derivative operating assets/(liabilities) - non-current
\u20ac17
\u20ac(57)
\u20ac51
\u20ac(299)
Derivatives for trading
At December\u00a031, 2024, 2023 and 2022, 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 32, Qualitative and quantitative information on financial risks.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesHeldForTradingExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-719": { "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,
2024
2023
Positive\u00a0fair
value
Negative\u00a0fair
value
Positive\u00a0fair
value
Negative\u00a0fair
value
(\u20ac million)
Fair value hedges:
Interest rate risk - interest rate swaps
\u20ac170
\u20ac\u2014
\u20ac26
\u20ac(1)
Total Fair value hedges
170
\u2014
26
(1)
Cash flow hedges:
Interest rate risk - interest rate swaps
21
(11)
\u2014
(28)
Currency risks - forward contracts, currency swaps and
currency options
155
(182)
111
(331)
Commodity price risk \u2013 commodity swaps and commodity
options
46
(304)
36
(681)
Total Cash flow hedges
222
(497)
147
(1,040)
Total Net investment hedges
\u2014
\u2014
\u2014
\u2014
Derivatives for trading
261
(184)
75
(43)
Total Fair value of derivative financial assets/(liabilities)
\u20ac653
\u20ac(681)
\u20ac248
\u20ac(1,084)
Financial derivative assets/(liabilities) - current
\u20ac70
\u20ac(9)
\u20ac17
\u20ac(18)
Financial derivative assets/(liabilities) - non-current
\u20ac310
\u20ac(15)
\u20ac23
\u20ac(21)
Derivative operating assets/(liabilities) - current
\u20ac256
\u20ac(600)
\u20ac157
\u20ac(746)
Derivative operating assets/(liabilities) - non-current
\u20ac17
\u20ac(57)
\u20ac51
\u20ac(299)
Derivatives for trading
At December\u00a031, 2024, 2023 and 2022, 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 32, Qualitative and quantitative information on financial risks.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsHeldForTradingExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-725": { "value": "
18.
Cash and cash equivalents
Cash and cash equivalents consisted of the following:
At December 31,
2024
2023
(\u20ac million)
Cash at banks
\u20ac9,408
\u20ac8,981
Money market securities measured at FVTPL
19,127
17,691
Other cash equivalents
5,565
16,997
Total Cash and cash equivalents
\u20ac34,100
\u20ac43,669
Cash and cash equivalents held in certain foreign countries (primarily in Argentina, \u20ac114 million and \u20ac470\u00a0million at
December 31, 2024 and 2023, respectively and in Algeria, \u20ac276\u00a0million and \u20ac222\u00a0million at December 31, 2024 and 2023,
respectively) were subject to local exchange control regulations providing restrictions on the amount of cash that can leave
the country. Other cash equivalents primarily includes investments in commercial papers.
Cash and cash equivalents include \u20ac451\u00a0million at December 31, 2024 (\u20ac210\u00a0million at December 31, 2023) held in
bank deposits which are restricted to the operations related to securitization programs and warehouse credit facilities of SFS
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 SFS 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-724": { "value": "
18.
Cash and cash equivalents
Cash and cash equivalents consisted of the following:
At December 31,
2024
2023
(\u20ac million)
Cash at banks
\u20ac9,408
\u20ac8,981
Money market securities measured at FVTPL
19,127
17,691
Other cash equivalents
5,565
16,997
Total Cash and cash equivalents
\u20ac34,100
\u20ac43,669
Cash and cash equivalents held in certain foreign countries (primarily in Argentina, \u20ac114 million and \u20ac470\u00a0million at
December 31, 2024 and 2023, respectively and in Algeria, \u20ac276\u00a0million and \u20ac222\u00a0million at December 31, 2024 and 2023,
respectively) were subject to local exchange control regulations providing restrictions on the amount of cash that can leave
the country. Other cash equivalents primarily includes investments in commercial papers.
Cash and cash equivalents include \u20ac451\u00a0million at December 31, 2024 (\u20ac210\u00a0million at December 31, 2023) held in
bank deposits which are restricted to the operations related to securitization programs and warehouse credit facilities of SFS
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 SFS 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-723": { "value": "
18.
Cash and cash equivalents
Cash and cash equivalents consisted of the following:
At December 31,
2024
2023
(\u20ac million)
Cash at banks
\u20ac9,408
\u20ac8,981
Money market securities measured at FVTPL
19,127
17,691
Other cash equivalents
5,565
16,997
Total Cash and cash equivalents
\u20ac34,100
\u20ac43,669
25.
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,
2024
2023
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
\u20ac119
\u20ac29
\u20ac267
\u20ac415
\u20ac110
\u20ac23
\u20ac282
\u20ac415
Financial securities and equity
instruments measured at FVPL
13
1,205
\u2014
655
1,860
1,041
\u2014
883
1,924
Derivative financial assets
17
\u2014
380
\u2014
380
\u2014
40
\u2014
40
Derivative operating assets
17
\u2014
273
\u2014
273
\u2014
208
\u2014
208
Collateral deposits
13
53
\u2014
\u2014
53
108
\u2014
\u2014
108
Receivables from financing
activities
16
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
117
117
Trade receivables
16
\u2014
27
\u2014
27
\u2014
49
\u2014
49
Other receivables
16
\u2014
\u2014
66
66
\u2014
\u2014
76
76
Money market securities
18
19,127
\u2014
\u2014
19,127
17,691
\u2014
\u2014
17,691
Total Assets
\u20ac20,504
\u20ac709
\u20ac988
\u20ac22,201
\u20ac18,950
\u20ac320
\u20ac1,358
\u20ac20,628
Derivative financial liabilities
17
\u2014
24
\u2014
24
\u2014
39
\u2014
39
Derivative operating liabilities
17
\u2014
656
1
657
\u2014
1,005
40
1,045
Total Liabilities
\u20ac\u2014
\u20ac680
\u20ac1
\u20ac681
\u20ac\u2014
\u20ac1,044
\u20ac40
\u20ac1,084
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)
Money
market
securities
Other
receivables
(\u20ac million)
At January 1, 2024
\u20ac117
\u20ac1,165
\u20ac(40)
\u20ac\u2014
\u20ac76
Change in scope of consolidation
\u2014
(7)
\u2014
\u2014
\u2014
Gains/(Losses) recognized in Consolidated Income
Statement
\u2014
(34)
\u2014
\u2014
(10)
Gains/(Losses) recognized in Other comprehensive
income
\u2014
(26)
39
\u2014
\u2014
Issues/Settlements
(117)
\u2014
\u2014
\u2014
\u2014
Purchases/Sales
\u2014
(176)
\u2014
\u2014
\u2014
At December 31, 2024
\u20ac\u2014
\u20ac922
\u20ac(1)
\u20ac\u2014
\u20ac66
Receivables
from
financing
activities
Financial
securities
Derivative\u00a0
financial
assets/
(liabilities)
Money
market
securities
Other
receivables
(\u20ac million)
At January 1, 2023
\u20ac259
\u20ac254
\u20ac(48)
\u20ac1
\u20ac89
Change in scope of consolidation
\u2014
(28)
\u2014
\u2014
\u2014
Gains/(Losses) recognized in Consolidated Income
Statement
\u2014
1
\u2014
\u2014
(13)
Gains/(Losses) recognized in Other comprehensive
income
\u2014
(151)
8
\u2014
\u2014
Issues/Settlements
(142)
\u2014
\u2014
\u2014
\u2014
Purchases/Sales
\u2014
1,089
\u2014
\u2014
\u2014
Transfers from Level 3
\u2014
\u2014
\u2014
(1)
\u2014
At December 31, 2023
\u20ac117
\u20ac1,165
\u20ac(40)
\u20ac\u2014
\u20ac76
The gains/(losses) included in the Consolidated Income Statements were recognized within Net financial expenses/
(income). Of the total gains/(losses) recognized in Other comprehensive income, \u20ac39\u00a0million were recognized within Cash
flow reserves (\u20ac8\u00a0million at December 31, 2023),\u00a0\u20ac(11)\u00a0million were recognized within Currency translation differences
(\u20ac230\u00a0million at December 31, 2023) and \u20ac(15)\u00a0million were recognized within Gains and losses from remeasurement of
financial assets (\u20ac79\u00a0million at December 31, 2023).
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,
2024
2023
Note
Carrying
amount
Fair
Value
Carrying
amount
Fair
Value
(\u20ac million)
Dealer financing
\u20ac2,330
\u20ac2,329
\u20ac2,188
\u20ac2,184
Retail financing
8,494
7,855
5,505
5,364
Finance lease
299
325
133
133
Other receivables from financing activities
1,408
1,499
1,051
1,063
Total Receivables from financing activities(1)
16
\u20ac12,531
\u20ac12,008
\u20ac8,877
\u20ac8,744
Asset-backed financing
\u20ac10,016
\u20ac10,037
\u20ac4,778
\u20ac4,772
Notes
19,117
18,302
18,215
17,391
Borrowings from banks & Other debt
5,538
5,539
4,312
4,274
Total Debt, excluding Lease liabilities
22
\u20ac34,671
\u20ac33,878
\u20ac27,305
\u20ac26,437
______________________________________________________________________________________________________________________________
(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.
The carrying value of financial receivables 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, 2024, \u20ac17,985 million and \u20ac317 million of notes were classified within Level\u00a01 and Level 2,
respectively. At December\u00a031, 2023, \u20ac17,073 million of notes were classified within Level\u00a01 and \u20ac318 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, 2024, \u20ac5,209 million and
\u20ac330 million of Borrowings from banks and Other Debt was classified within Level\u00a02 and Level\u00a03, respectively. At
December\u00a031, 2023, \u20ac4,041 million and \u20ac233 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-726": { "value": "
Cash and cash equivalents include \u20ac451\u00a0million at December 31, 2024 (\u20ac210\u00a0million at December 31, 2023) held in
bank deposits which are restricted to the operations related to securitization programs and warehouse credit facilities of SFS
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 SFS 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:DisclosureOfDepositsFromBanksExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-727": { "value": "
19.
Share-based compensation
2024-2026 Long-Term Incentive Plan
At the Annual General Meeting Of Shareholders (\u201cAGM\u201d) in April 2021, shareholders approved the Company\u2019s
framework equity incentive plan under which the 2024-2026 Long-Term Incentive Plan (\u201c2024-2026 LTIP\u201d) operates
In 2024, the Company granted a total of approximately 6.5\u00a0million PSU and approximately 2.9\u00a0million RSU awards
to eligible employees under the 2024-2026 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, 2024 to
December 31, 2026, 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, 2024 to December 31, 2026, 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, \u201cPSU Compliance\u201d), covering a three-year period from January 1,
2024 to December 31, 2026, 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 6.5\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 2027.
The RSU awards (\u201c2024 RSU awards\u201d), which represent the right to receive Stellantis common shares, cover a three
year vesting period through 2027.
In 2024, the Company granted a total of approximately 0.04\u00a0million Performance Restricted Share Units (\u201cPRSU\u201d).
The PRSU awards, which represent the right to receive Stellantis common shares, will be determined based on the
achievement of certain KPIs which would result in the eligible employee receiving 0 percent to at most 150 percent, of the
original number of units granted to vest in 2025 and 2026.
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 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.
2023-2025 Long-Term Incentive Plan
At the AGM 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, \u201cPSU Compliance\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 8.8 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 vesting period from May 1, 2023 to May 1, 2026.
In October 2023, the Company granted a total of approximately 0.4\u00a0million PRSU. 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 percent to at most 125 percent, of
the original number of units granted to vest. Each grant covers a three-year performance period with one-third vested on
October 1, 2024, and the remaining two-thirds expected to vest on October 1, 2025 and 2026. The Software Achievement
multiplier is reset for each year of the three-year performance period and is based on the annual software internal metric.
2022-2024 Long-Term Incentive Plan
At the AGM 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 vesting period from May 15, 2022 to May 15, 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 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.
As of January 18, 2021, the share performance of the award resulted in a payout of 200 percent of target (2.0\u00a0million
PSUs) to vest on January 17, 2026. As a result of the CEO\u2019s departure from the Company on December 1, 2024, the CEO
was eligible to receive a prorata share of the award of 1.6\u00a0million PSUs; however, under the terms of the CEO\u2019s exit
agreement with the Company, the CEO will receive 0.8\u00a0million PSUs on January 17, 2026.
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 and 2024 with the remaining portion expected to vest in 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. These awards vested in
2022, 2023 and 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.
PSU Awards
Changes during 2024, 2023 and 2022 for the PSU awards under the 2024-2026, 2023-2025, 2022-2024 and
2021-2023 LTIPs were as follows:
2024
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
8,579,529
\u20ac12.79
5,970,230
\u20ac12.64
1,255,057
\u20ac12.76
Granted
1,936,088
5.72
\u2014
\u2014
1,908,977
11.94
Vested
(2,426,156)
17.07
(2,426,155)
14.55
(606,651)
14.55
Canceled
(242)
5.65
\u2014
\u2014
(242)
12.15
Forfeited
(1,030,392)
10.22
(377,453)
11.39
(303,028)
11.84
Outstanding shares unvested at
December 31
7,058,827
\u20ac9.76
3,166,622
\u20ac11.32
2,254,113
\u20ac11.71
2024
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
4,339,381
\u20ac12.64
3,479,043
\u20ac12.83
417,386
\u20ac15.82
Granted
27,111
20.99
2,581,419
12.07
43,271
14.80
Vested
(485,154)
14.55
\u2014
\u2014
(137,746)
18.14
Canceled
(121,287)
14.55
(323)
12.15
(692)
15.82
Forfeited
(538,637)
12.63
(870,598)
12.64
(33,405)
17.26
Outstanding shares unvested at
December 31
3,221,414
\u20ac12.35
5,189,541
\u20ac12.48
288,814
\u20ac14.39
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
The key assumptions utilized to calculate the grant-date fair values for the PSU TSR awards are summarized below:
2024
2023
2022
Key assumptions
PSU TSR Awards Range
Grant date stock price
\u20ac12.40 - \u20ac15.49
\u20ac15.37 - \u20ac15.64
\u20ac12.51 - \u20ac13.33
Expected volatility
37%
34%
42%
Risk-free rate
2.51%
2.94%
0.4%
Expected dividend yields
10%
9%
5%
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 Yield Curves of appropriate term.
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, 2024, 2023 and 2022 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 2024, 2023 and 2022 for the RSU awards under the 2024-2026, 2023-2025 and 2022-2024 LTIPs
were as follows:
2024
2023
2022
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
11,062,707
\u20ac12.67
8,824,943
\u20ac12.77
4,316,256
\u20ac14.62
Granted
2,944,677
11.62
3,419,898
12.41
5,186,760
11.45
Vested
(3,432,046)
14.68
(365,601)
15.26
(310,968)
16.11
Canceled
(539)
11.71
\u2014
\u2014
\u2014
Forfeited
(1,204,010)
12.20
(816,533)
12.51
(367,105)
14.02
Outstanding shares unvested at
December 31
9,370,789
\u20ac11.67
11,062,707
\u20ac12.67
8,824,943
\u20ac12.77
The weighted average fair value of the RSU awards that were granted at December 31, 2024, 2023 and 2022, 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 2024, 2023 and 2022 for the Replacement Stellantis RSU awards from share-based payment plans
issued by the former FCA Group were as follows:
2024
2023
2022
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
\u2014
\u20ac9.95
9,722,133
\u20ac9.95
17,520,829
\u20ac11.08
Anti-dilution adjustment
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Granted
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Vested
\u2014
\u2014
(9,597,921)
9.95
(6,923,401)
10.19
Canceled
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Forfeited
\u2014
\u2014
(124,212)
\u2014
(875,295)
10.05
Outstanding shares unvested at
December 31
\u2014
\u20ac\u2014
\u2014
\u20ac9.95
9,722,133
\u20ac9.95
The weighted average fair value of the RSU awards 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 2024, 2023 and 2022 for the Replacement Stellantis RSU awards from share-based payment plans
issued by former PSA were as follows:
2024
2023
2022
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
\u2014
\u20ac\u2014
6,422,078
\u20ac6.71
11,573,960
\u20ac7.9
Anti-dilution adjustment
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Granted
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Vested
\u2014
\u2014
(6,422,078)
6.71
(4,187,770)
8.78
Canceled
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Forfeited
\u2014
\u2014
\u2014
\u2014
(964,112)
7.76
Outstanding shares unvested at
December 31
\u2014
\u20ac\u2014
\u2014
\u20ac\u2014
6,422,078
\u20ac6.71
The weighted average fair value of the RSU awards that were granted at December 31, 2024, 2023 and 2022 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.
Share-based Compensation Expense
Total expense for the PSU awards and RSU awards of approximately \u20ac45 million, \u20ac189 million and \u20ac170 million
was recorded for the years ended December\u00a031, 2024, 2023 and 2022, respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-728": { "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.
As of January 18, 2021, the share performance of the award resulted in a payout of 200 percent of target (2.0\u00a0million
PSUs) to vest on January 17, 2026. As a result of the CEO\u2019s departure from the Company on December 1, 2024, the CEO
was eligible to receive a prorata share of the award of 1.6\u00a0million PSUs; however, under the terms of the CEO\u2019s exit
agreement with the Company, the CEO will receive 0.8\u00a0million PSUs on January 17, 2026.
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 \u20ac27\u00a0million and
\u20ac43\u00a0million for the year ended December 31, 2024 and 2023 , respectively. In addition the following were paid:
\u2022 \u20ac22 million in 2024 (\u20ac29 million in 2023) for share-based compensation expense;
\u2022 \u20ac0 million in 2024 (\u20ac6 million in 2023) for short-term employee benefits; and
\u2022 \u20ac1 million in 2024 (\u20ac2 million in 2023) for pension and similar benefits.
The aggregate compensation expense for remaining executives with strategic responsibilities was approximately \u20ac23
million for 2024 (\u20ac44 million for 2023), which in addition to base compensation, included:
\u2022 \u20ac7 million in 2024 (\u20ac16 million in 2023) for share-based compensation expense;
\u2022 \u20ac0 million in 2024 (\u20ac9 million in 2023) for short-term employee benefits; and
\u2022 \u20ac2 million in 2024 (\u20ac3 million in 2023) for pension and similar benefits.
The key management expenses reported above reflect the cost the of management structure during the year and
as updated for the changes announced on December 2, 2024.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-729": { "value": "
20.
Employee benefits liabilities
Employee benefits liabilities consisted of the following:
At December 31,
2024
2023
Current
Non-
current
Total
Current
Non-
current
Total
(\u20ac million)
Pension benefits
\u20ac34
\u20ac2,362
\u20ac2,396
\u20ac45
\u20ac1,913
\u20ac1,958
Health care and life insurance plans
126
1,574
1,700
120
1,577
1,697
Other post-employment benefits
49
731
780
58
735
793
Other provisions for employees
374
774
1,148
339
686
1,025
Total Employee benefits liabilities
\u20ac583
\u20ac5,441
\u20ac6,024
\u20ac562
\u20ac4,911
\u20ac5,473
The Company recognized total expense related to continuing operations of \u20ac1,995 million for defined contribution
plans for the year ended December\u00a031, 2024 (\u20ac2,114 million in 2023 and \u20ac2,018 million in 2022).
The following table summarizes the fair value of defined benefit obligations and the fair value of related plan assets:
At December 31,
2024
2023
(\u20ac million)
Present value of defined benefit obligations:
Pension benefits
\u20ac23,750
\u20ac23,468
Health care and life insurance plans
1,700
1,697
Other post-employment benefits
753
767
Total present value of defined benefit obligations (a)
26,203
25,932
Fair value of plan assets (b)
22,502
22,642
Asset ceiling (c)
212
248
Total net defined benefit plans (a - b + c)
3,913
3,538
of which:
Net defined benefit liability (d)
4,876
4,448
Defined benefit plan asset (Note 16)
(963)
(910)
Other provisions for employees (e)
1,148
1,025
Total Employee benefits liabilities (d + e)
\u20ac6,024
\u20ac5,473
Pension benefits
The Company\u2019s funding policy for defined benefit pension plans, to directly make benefit payments where
appropriate, 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, 2024, the combined credit balances for the U.S. and
Canada qualified pension plans were approximately \u20ac2.0 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, 2024, the
Company made pension contributions in the U.S. and Canada totaling \u20ac40\u00a0million. Contributions to the pension plans of the
Company for 2025 are expected to be \u20ac81 million, including both contributions to pension funds and direct benefit payments
to employees. Of this amount, \u20ac31 million relates to the U.S. and Canada, with \u20ac25\u00a0million being mandatory contributions
and \u20ac6\u00a0million discretionary contributions, \u20ac10 million relates to the UK, and \u20ac15 million relates to Germany.
The expected benefit payments for pension plans are as follows:
Expected\u00a0benefit
payments
(\u20ac\u00a0million)
2025
\u20ac1,894
2026
\u20ac1,896
2027
\u20ac1,900
2028
\u20ac1,853
2029
\u20ac1,840
2030-2034
\u20ac8,807
The following table summarizes changes in pension plans:
2024
2023
U.S. and
Canada
UK
France
and
Germany
Other
Total
U.S. and
Canada
UK
France
and
Germany
Other
Total
(\u20ac million)
Projected benefit obligation
At beginning of period:
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)
Effect of changes in scope of
consolidation and other
114
1
\u2014
1
116
(1)
1
(1)
\u2014
(1)
Service cost
(98)
\u2014
(36)
(9)
(143)
(99)
\u2014
(32)
(9)
(140)
Interest cost
(973)
(77)
(110)
(17)
(1,177)
(980)
(69)
(94)
(17)
(1,160)
Benefit payments for the year
1,558
88
127
19
1,792
1,537
83
117
39
1,776
Participant contributions
(1)
\u2014
\u2014
\u2014
(1)
(1)
\u2014
\u2014
\u2014
(1)
Actuarial gains and (losses)
339
(10)
(176)
(27)
126
(165)
108
(128)
(4)
(189)
Demographic assumptions
and experience
(10)
(4)
26
2
14
10
(19)
(17)
(13)
(39)
Financial assumptions
349
(6)
(202)
(29)
112
(175)
127
(111)
9
(150)
Effect of changes in exchange
rates
(924)
(70)
\u2014
18
(976)
610
(32)
\u2014
(13)
565
Past service cost
(16)
(2)
\u2014
(1)
(19)
(396)
(2)
\u2014
\u2014
(398)
Effect of curtailments and
settlements/Other
\u2014
\u2014
\u2014
\u2014
\u2014
(268)
\u2014
\u2014
\u2014
(268)
At period-end: Present value
\u20ac(18,965)
\u20ac(1,526)
\u20ac(3,004)
\u20ac(255)
\u20ac(23,750)
\u20ac(18,964)
\u20ac(1,456)
\u20ac(2,809)
\u20ac(239)
\u20ac(23,468)
Plan Assets
At beginning of period: Fair
value
\u20ac18,262
\u20ac1,800
\u20ac2,408
\u20ac172
\u20ac22,642
\u20ac17,959
\u20ac1,989
\u20ac2,547
\u20ac181
\u20ac22,676
Effect of changes in scope of
consolidation and other
(121)
\u2014
\u2014
(1)
(122)
\u2014
\u2014
\u2014
\u2014
\u2014
Expected return on assets
932
96
95
7
1,130
920
90
90
8
1,108
Participant contributions
1
\u2014
\u2014
\u2014
1
1
\u2014
\u2014
\u2014
1
Administrative Expenses
(58)
(4)
\u2014
(1)
(63)
(84)
(3)
\u2014
\u2014
(87)
Actuarial gains and (losses)
(558)
(13)
293
9
(269)
560
(255)
(124)
(7)
174
Effect of changes in exchange
rates
820
87
\u2014
\u2014
907
(554)
41
\u2014
1
(512)
Employer contributions
27
12
5
(1)
43
993
21
6
\u2014
1,020
Benefit payments for the year
(1,547)
(88)
(121)
(11)
(1,767)
(1,533)
(83)
(111)
(11)
(1,738)
At period-end: Fair value
\u20ac17,758
\u20ac1,890
\u20ac2,680
\u20ac174
\u20ac22,502
\u20ac18,262
\u20ac1,800
\u20ac2,408
\u20ac172
\u20ac22,642
2024
2023
U.S. and
Canada
UK
France
and
Germany
Other
Total
U.S. and
Canada
UK
France
and
Germany
Other
Total
(\u20ac million)
Present value of
projected benefit
obligation
\u20ac(18,965)
\u20ac(1,526)
\u20ac(3,004)
\u20ac(255)
\u20ac(23,750)
\u20ac(18,964)
\u20ac(1,456)
\u20ac(2,809)
\u20ac(239)
\u20ac(23,468)
Fair value of plan assets
17,758
1,890
2,680
174
22,502
18,262
1,800
2,408
172
22,642
Net (liability) asset
recognized in the balance
sheet before minimum
funding requirement
(IFRIC 14)
(1,207)
364
(324)
(81)
(1,248)
(702)
344
(401)
(67)
(826)
Minimum funding
requirement liability
(IFRIC 14)
(212)
\u2014
\u2014
\u2014
(212)
(248)
\u2014
\u2014
\u2014
(248)
Net (liability) asset
recognized in the balance
sheet
(1,419)
364
(324)
(81)
(1,460)
(950)
344
(401)
(67)
(1,074)
Of which, liability
(1,951)
(8)
(363)
(74)
(2,396)
(1,444)
(22)
(432)
(60)
(1,958)
Of which, asset
532
372
39
(7)
936
494
366
31
(7)
884
Amounts recognized in the Consolidated Income Statement were as follows:
Years ended December 31,
2024
2023
2022
(\u20ac million)
Current service cost
\u20ac143
\u20ac140
\u20ac228
Interest expense
1,177
1,160
828
Interest income
(1,130)
(1,108)
(765)
Other administration costs
63
87
83
Past service costs/(credits) and (gains)/losses arising from settlements/curtailments
19
666
3
Interest expense on asset ceiling
12
\u2014
\u2014
Total recognized in the Consolidated Income Statement
\u20ac284
\u20ac945
\u20ac377
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 2024 and 2023 resulted in pension plan curtailment charges of \u20ac16\u00a0million and \u20ac268\u00a0million, respectively,
recognized within Restructuring costs.
The fair value of plan assets by class was as follows:
At December 31,
2024
2023
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
\u20ac884
\u20ac881
\u20ac1,943
\u20ac1,742
U.S. equity securities
656
655
671
669
Non-U.S. equity securities
540
540
516
516
Equity commingled funds
1,194
734
1,118
688
Equity instruments
2,390
1,929
2,305
1,873
Government securities
3,197
1,700
2,837
1,476
Corporate bonds (including convertible and high yield bonds)
4,572
35
4,414
217
Other fixed income
4,861
1
4,178
\u2014
Fixed income securities
12,630
1,736
11,429
1,693
Private equity funds
2,943
\u2014
2,956
\u2014
Diversified Commingled funds
82
\u2014
47
\u2014
Real estate funds
1,316
\u2014
1,288
\u2014
Hedge funds
2,306
\u2014
2,308
\u2014
Investment funds
6,647
\u2014
6,599
\u2014
Insurance contracts and other
(49)
(17)
366
22
Total fair value of plan assets
\u20ac22,502
\u20ac4,529
\u20ac22,642
\u20ac5,330
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,
2024
2023
U.S.
Canada
UK
France
Germany
U.S.
Canada
UK
France
Germany
Discount rate
5.70%
4.61%
5.23%
3.39%
3.42%
5.43%
4.64%
5.29%
4.46%
3.99%
Future salary
increase rate
\u2014%
3.50%
2.65%
2.85%
2.70%
\u2014%
3.50%
2.70%
2.77%
2.80%
The average duration of U.S., Canada, UK, France and Germany liabilities was approximately 9, 10, 12, 7 and 15,
respectively. Refer to Note 2, Basis of preparation,for additional information on the Company\u2019s sensitivity analysis.
The average longevity at retirement age for current pensioners (male/female) were as follows:
2024
U.S.
Canada
UK
France
Germany
Life Expectancy at Age 65
Male retiring in 25 years (Aged 40)
20.68
21.88
23.13
N/A
24.26
Female retiring in 25 years (Aged 40)
22.15
24.11
25.63
N/A
27.00
Male retiring today (Aged 65)
19.19
20.63
21.40
11.26
20.90
Female retiring today (Aged 65)
20.79
22.94
23.82
10.76
24.27
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)
2025
\u20ac126
2026
\u20ac126
2027
\u20ac126
2028
\u20ac125
2029
\u20ac125
2030-2034
\u20ac614
Changes in net defined benefit obligations for healthcare and life insurance plans were as follows:
2024
2023
(\u20ac million)
Present value of obligations at January\u00a01
\u20ac1,697
\u20ac1,722
Included in the Consolidated Income Statement
105
143
Included in Other comprehensive income:
Actuarial (gains)/losses from:
- Demographic and other assumptions
(2)
(25)
- Financial assumptions
(51)
40
Effect of movements in exchange rates
81
(53)
Other:
Benefits paid
(130)
(130)
December 31
\u20ac1,700
\u20ac1,697
Amounts recognized in the Consolidated Income Statement were as follows:
Years ended December 31,
2024
2023
2022
(\u20ac million)
Current service cost
\u20ac10
\u20ac11
\u20ac21
Interest expense
90
89
70
Past service costs/(credits) and losses/(gains) arising from settlements
5
43
1
Total recognized in the Consolidated Income Statement
\u20ac105
\u20ac143
\u20ac92
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 2024 and 2023
resulted in OPEB plan curtailment charges of \u20ac5\u00a0million and \u20ac11\u00a0million, respectively, 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,
2024
2023
U.S.
Canada
U.S.
Canada
Discount rate
5.76%
4.72%
5.51%
4.64%
Salary growth
2.50%
2.00%
2.50%
2.00%
Weighted average ultimate healthcare cost trend rate
3.95%
4.00%
3.95%
4.00%
The average duration of the U.S. and Canadian liabilities was approximately 10 and 14 years, respectively. Refer to
Note 2, Basis of preparation, for additional information on the Company\u2019s sensitivity analysis.
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 2024 plan valuation was 6.9 percent. The annual rate was assumed to decrease gradually to 3.9 percent through
2049 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 2024 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:
2024
2023
(\u20ac million)
Present value of obligations at January\u00a01
\u20ac767
\u20ac805
Included in the Consolidated Income Statement
(14)
60
Included in Other comprehensive income:
Actuarial (gains)/losses from:
- Demographic and other assumptions
(21)
(27)
- Financial assumptions
123
(29)
Effect of movements in exchange rates
(4)
(4)
Other:
Benefits paid
(66)
(47)
Other changes
(32)
9
Present value of obligations at December\u00a031
\u20ac753
\u20ac767
As at December 31, 2024, the above Other post-employment benefit liability is net of plan assets of \u20ac311\u00a0million.
Amounts recognized in the Consolidated Income Statement were as follows:
Years ended December 31,
2024
2023
2022
(\u20ac million)
Current service cost
\u20ac28
\u20ac31
\u20ac38
Interest expense
34
34
12
Past service costs/(credits) and losses/(gains) arising from settlements
(76)
(5)
(84)
Total recognized in the Consolidated Income Statement
\u20ac(14)
\u20ac60
\u20ac(34)
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,
2024
2023
Current
Non-
current
Total
Current
Non-
current
Total
(\u20ac million)
Product warranty and recall campaigns
\u20ac3,737
\u20ac5,571
\u20ac9,308
\u20ac3,574
\u20ac5,410
\u20ac8,984
Sales incentives
6,343
\u2014
6,343
6,031
\u2014
6,031
Restructuring
1,035
544
1,579
958
342
1,300
Legal proceedings and disputes
457
618
1,075
343
747
1,090
Commercial risks
1,910
1,208
3,118
2,301
422
2,723
Other risks
738
919
1,657
517
823
1,340
Total Provisions
\u20ac14,220
\u20ac8,860
\u20ac23,080
\u20ac13,724
\u20ac7,744
\u20ac21,468
Changes in Provisions were as follows:
At January
1, 2024
Additional
provisions
Settlements
Unused
amounts
Translation
differences
Transfer to
Liabilities
held for
sale
Change in
scope
Other
At
December
31, 2024
(\u20ac million)
Product warranty and
recall campaigns
\u20ac8,984
\u20ac6,332
\u20ac(6,209)
\u20ac(133)
\u20ac265
\u20ac(38)
\u20ac(21)
\u20ac128
\u20ac9,308
Sales incentives
6,031
10,229
(10,110)
(4)
214
(21)
\u2014
4
6,343
Restructuring costs
1,300
1,706
(1,284)
(172)
25
\u2014
(2)
6
1,579
Legal proceedings and
disputes
1,090
368
(252)
(71)
(65)
\u2014
(6)
11
1,075
Commercial risks
2,723
1,964
(1,680)
(41)
155
\u2014
(3)
\u2014
3,118
Other risks
1,340
833
(427)
(161)
21
\u2014
4
47
1,657
Total Provisions
\u20ac21,468
\u20ac21,432
\u20ac(19,962)
\u20ac(582)
\u20ac615
\u20ac(59)
\u20ac(28)
\u20ac196
\u20ac23,080
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 \u00a0
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 2028.
Sales incentives
As described within Note 2, Basis of preparation - Critical judgements and 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.
Legal proceedings and disputes
As described within Note 2, Basis of preparation - Critical judgements and 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 2028.
The increase in commercial risk is primarily due to (i) additional provisions of \u20ac636\u00a0million in North America
related to lifetime service contracts which were identified as being onerous during 2024, as the estimated incremental costs to
complete the services were estimated to be in excess of the revenues to be realized, and (ii) an increase in supplier take or pay
provisions in North America of \u20ac267\u00a0million which is partially offset by (iii) settlements of previously accrued provisions,
including \u20ac433\u00a0million from the carryback of excess credits generated from fleet compliance in 2024.
Restructuring costs
During the year ended December\u00a031, 2024, a total provision for \u20ac1,617\u00a0million was recognized primarily related to
workforce reduction mainly in Enlarged Europe and North America (refer to Note 30, Segment reporting for additional
information). Restructuring costs for the year ended December 31, 2024 included \u20ac21\u00a0million curtailment losses.
During the year ended December 31, 2023, a total provision for \u20ac1,119\u00a0million was recognized primarily related to
workforce reductions mainly in Enlarged Europe and North America (refer to Note 30 , 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.
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 2028.
Corporate Average Fuel Economy (\u201cCAFE\u201d) standards
In August 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. In January
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.
In April 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-730": { "value": "
21.
Provisions
Provisions consisted of the following:
At December 31,
2024
2023
Current
Non-
current
Total
Current
Non-
current
Total
(\u20ac million)
Product warranty and recall campaigns
\u20ac3,737
\u20ac5,571
\u20ac9,308
\u20ac3,574
\u20ac5,410
\u20ac8,984
Sales incentives
6,343
\u2014
6,343
6,031
\u2014
6,031
Restructuring
1,035
544
1,579
958
342
1,300
Legal proceedings and disputes
457
618
1,075
343
747
1,090
Commercial risks
1,910
1,208
3,118
2,301
422
2,723
Other risks
738
919
1,657
517
823
1,340
Total Provisions
\u20ac14,220
\u20ac8,860
\u20ac23,080
\u20ac13,724
\u20ac7,744
\u20ac21,468
Changes in Provisions were as follows:
At January
1, 2024
Additional
provisions
Settlements
Unused
amounts
Translation
differences
Transfer to
Liabilities
held for
sale
Change in
scope
Other
At
December
31, 2024
(\u20ac million)
Product warranty and
recall campaigns
\u20ac8,984
\u20ac6,332
\u20ac(6,209)
\u20ac(133)
\u20ac265
\u20ac(38)
\u20ac(21)
\u20ac128
\u20ac9,308
Sales incentives
6,031
10,229
(10,110)
(4)
214
(21)
\u2014
4
6,343
Restructuring costs
1,300
1,706
(1,284)
(172)
25
\u2014
(2)
6
1,579
Legal proceedings and
disputes
1,090
368
(252)
(71)
(65)
\u2014
(6)
11
1,075
Commercial risks
2,723
1,964
(1,680)
(41)
155
\u2014
(3)
\u2014
3,118
Other risks
1,340
833
(427)
(161)
21
\u2014
4
47
1,657
Total Provisions
\u20ac21,468
\u20ac21,432
\u20ac(19,962)
\u20ac(582)
\u20ac615
\u20ac(59)
\u20ac(28)
\u20ac196
\u20ac23,080
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 \u00a0
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 2028.
Sales incentives
As described within Note 2, Basis of preparation - Critical judgements and 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.
Legal proceedings and disputes
As described within Note 2, Basis of preparation - Critical judgements and 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 2028.
The increase in commercial risk is primarily due to (i) additional provisions of \u20ac636\u00a0million in North America
related to lifetime service contracts which were identified as being onerous during 2024, as the estimated incremental costs to
complete the services were estimated to be in excess of the revenues to be realized, and (ii) an increase in supplier take or pay
provisions in North America of \u20ac267\u00a0million which is partially offset by (iii) settlements of previously accrued provisions,
including \u20ac433\u00a0million from the carryback of excess credits generated from fleet compliance in 2024.
Restructuring costs
During the year ended December\u00a031, 2024, a total provision for \u20ac1,617\u00a0million was recognized primarily related to
workforce reduction mainly in Enlarged Europe and North America (refer to Note 30, Segment reporting for additional
information). Restructuring costs for the year ended December 31, 2024 included \u20ac21\u00a0million curtailment losses.
During the year ended December 31, 2023, a total provision for \u20ac1,119\u00a0million was recognized primarily related to
workforce reductions mainly in Enlarged Europe and North America (refer to Note 30 , 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.
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 2028.
27.
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.
Litigation
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.
In November 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. Plaintiffs\u2019 appeal of the grant of summary judgement was dismissed by the Court for lack of jurisdiction. In
May 2024, the Court entered an order to allow FCA US\u2019s renewed motions for summary judgment to address the remaining
amended claims.
In June 2023, the Court entered an order preliminarily granting class certification for the amended complaint. In July
2023, the Court revisited its class certification order and further narrowed the classes based on a recent Court of Appeals
decision. FCA US\u2019 appeal of the Court\u2019s preliminary order was denied.
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
We face class actions and individual claims alleging emissions non-compliance in several countries. Several former
FCA and PSA companies and Dutch dealers have been served with class actions in the Netherlands by Dutch foundations
seeking monetary damages and vehicle buybacks in connection with alleged emissions non-compliance of certain vehicles
equipped with diesel engines. 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, and are subject to a securities class
action in the Netherlands, alleging misrepresentations by FCA. Class actions alleging emissions non-compliance has also
been filed and are on-going 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 4,000 pending individual consumer claims
alleging emissions non-compliance in Germany and approximately 60 individual consumer cases in Austria relating to former
FCA vehicles.
The results of the private litigation matters described above cannot be predicted at this time and may lead to damage
awards 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 will be incurred
with regard to these private litigations or estimate a range of possible loss.
General Motors
In November 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 Racketeer Influenced and Corrupt Organizations (\u201cRICO\u201d) Act, unfair competition and
civil conspiracy in connection with allegations that FCA US made payments to The International Union, United Automobile,
Aerospace and Agricultural Implement Workers of America (\u201cUAW\u201d) 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 and the U.S. Court of Appeals for the Sixth
Circuit subsequently affirmed the dismissal of GM\u2019s complaint. In April 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. In October 2021, the
court granted Stellantis N.V. and FCA US\u2019s motion for summary disposition. GM filed a motion for reconsideration and in
December 2021, the court granted GM\u2019s motion, permitting GM to amend its complaint. GM filed a second amended
complaint in December 2021. In May 2022, the court denied FCA US\u2019s motion for summary disposition and permitted
discovery to proceed against FCA US. In July 2022, the court granted Stellantis N.V.\u2019s motion for summary disposition, but
in November 2022 the court granted GM\u2019s motion for reconsideration and permitted jurisdictional discovery to proceed
against Stellantis N.V. The case is currently stayed while the Michigan Court of Appeals considers certain trial court rulings
regarding privilege. At this stage, we are unable to reliably evaluate the likelihood that a loss will be incurred or estimate a
range of possible loss.
2024 Financial Guidance
In August 2024, a putative securities class action complaint was filed in the U.S. District Court of the Southern
District of New York against Stellantis N.V. and certain of its former officers, alleging that the defendants made material
misstatements relating to the Company\u2019s 2024 financial guidance. 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.
Government Inquiries
Emissions
We are subject to criminal and civil governmental investigations alleging emissions non-compliance in certain
European jurisdictions and we continue to cooperate with these investigations.
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 (now known as Stellantis Europe) 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. 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 aggregate, material to the Company. Civil parties have joined the prosecutor\u2019s case and may seek further
compensation.
In May 2023, the German authority, Kraftfahrt-Bundesamt (\u201cKBA\u201d) notified Stellantis of its investigation of certain
Opel Euro 5, 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 and requested information relating to all Stellantis vehicles that may make use of strategies similar to those
allegedly used by the identified vehicles. In January 2024, the KBA advised that the Opel vehicles, equipped with Euro 5
engines, are non-compliant. At the KBA\u2019s request, during the first half of 2024, Opel submitted a plan to bring the vehicles
into compliance. In July 2024, Opel received a formal decision of non-compliance from the KBA regarding its vehicles
equipped with Euro 5 diesel engines. Although we objected to this formal decision, we continue to cooperate with the KBA
inquiries 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 Italian Ministry of Transport (\u201cMIT\u201d) notified FCA Italy 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 Italy. 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 European Commission (\u201cEC\u201d) and other
member states. FCA engaged with the RDW to present our positions and cooperate to reach an appropriate resolution of this
matter. FCA Italy proposed certain updates to the relevant vehicles that have been tested and approved by the RDW and are
now being implemented without further concerns being raised by RDW.
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. At the Public Prosecutor of Turin\u2019s request, the Italian
proceedings were dismissed in September 2023 and October 2023. We continue to participate in discussions with the Public
Prosecutor of Frankfurt to resolve this matter regarding former FCA vehicles and, based on the status of those discussions,
we have recognized a provision in an amount that is not material to the Company.
In January 2024, the EC notified the MIT of the alleged non-compliance of Fiat Ducato Euro 5 and Euro 6 vehicles
based on tests performed at the EC\u2019s request. We are cooperating with the MIT in its substantive responses to EC.
The results of the unresolved governmental investigations described above cannot be predicted at this time and may
lead to further enforcement actions or penalties, 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 will be incurred with regard to these unresolved inquiries or estimate a range of possible loss.
End of Life Vehicles
In March 2022, the EC and the UK Competition and Markets Authority (the \u201cCMA\u201d) conducted unannounced
inspections at the premises of Opel and several other companies and associations active in the European automotive sector.
These inspections, as well as contemporaneous and subsequent information requests received from the EC and CMA, relate
to potential collusion in the collection, treatment, and recovery of end-of-life vehicles and whether such activity may have
violated relevant competition laws. We continue to cooperate with these investigations and have recognized a provision in an
amount that is not material to the Company.
Other matters
Corporate Average Fuel Economy (\u201cCAFE\u201d) standards
In August 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. In January
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.
In April 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
In March 2022, the U.S. Environmental Protection Agency (\u201cEPA\u201d) 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.
Prior 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
the California Air Resources Board (\u201cCARB\u201d), 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,\u202f2022 and 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 previously intended to cover such deficits with excess credits generated through our compliance in model
years within the applicable five-year carryback period. However, in March 2024, we entered into an agreement with CARB
to settle and resolve claims and disputes regarding CARB\u2019s regulation of automotive GHG emissions. The agreement
imposes alternative GHG emissions requirements for model year 2021 through 2026 passenger cars and light-duty trucks,
commitments related to zero-emission technology, and a zero emission vehicle commitment if CARB cannot implement or
enforce its ACC II ZEV program due to a judicial or federal action. In exchange, CARB agreed not to enforce the GHG
emission standards in its regulations that would otherwise be applicable to model year 2021 through 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-732": { "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,
2024
2023
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
\u20ac949
\u20ac9,114
\u20ac9,054
\u20ac18,168
\u20ac19,117
\u20ac2,277
\u20ac7,133
\u20ac8,805
\u20ac15,938
\u20ac18,215
Borrowings from
banks
3,119
371
82
453
3,572
1,512
1,297
27
1,324
2,836
Asset-backed
financing
5,645
3,681
690
4,371
10,016
3,638
1,014
126
1,140
4,778
Lease liabilities
858
883
815
1,698
2,556
718
728
712
1,440
2,158
Other debt
1,628
291
47
338
1,966
1,317
150
9
159
1,476
Total Debt
\u20ac12,199
\u20ac14,340
\u20ac10,688
\u20ac25,028
\u20ac37,227
\u20ac9,462
\u20ac10,322
\u20ac9,679
\u20ac20,001
\u20ac29,463
Debt increased by approximately \u20ac7.8\u00a0billion primarily due to the increase in financial services funding.
Notes
The following table summarizes the notes outstanding at December\u00a031, 2024 and 2023:
At December 31,
(\u20ac million)
Currency
Face\u00a0value\u00a0of
outstanding
notes
(million)
Coupon
%
Maturity
2024
2023
Stellantis (Peugeot S.A. issuances):
STELLANTIS N.V. (Peugeot S.A.) 2017
EUR
600
2.000
Q1/2024
\u2014
609
STELLANTIS N.V. (Peugeot S.A.) 2017
EUR
100
2.000
Q1/2024
\u2014
102
STELLANTIS N.V. (Peugeot S.A.) 2018
EUR
650
2.000
Q1/2025
660
659
STELLANTIS N.V. (Peugeot S.A.) 2019
EUR
600
1.125
Q3/2029
597
596
STELLANTIS N.V. (Peugeot S.A.) 2020
EUR
1,000
2.750
Q2/2026
1,024
1,014
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
204
Euribor
6M +
1.400
Q2/2026
206
207
Medium Term Note Programme(1):
STELLANTIS N.V. (FCA N.V.) 2016
EUR
1,250
3.750
Q1/2024
\u2014
1,296
STELLANTIS N.V. (FCA N.V.) 2020
EUR
1,250
3.875
Q1/2026
1,347
1,381
STELLANTIS N.V. (FCA N.V.) 2020
EUR
1,000
4.500
Q3/2028
1,162
1,200
STELLANTIS N.V. 2021
EUR
1,250
0.625
Q1/2027
1,260
1,256
STELLANTIS N.V. 2021
EUR
1,250
0.750
Q1/2029
1,255
1,254
STELLANTIS N.V. 2021
EUR
1,250
1.250
Q2/2033
1,243
1,241
STELLANTIS N.V. 2022
EUR
1,000
2.750
Q2/2032
1,022
1,016
STELLANTIS N.V. 2023 - green bond
EUR
1,250
4.375
Q1/2030
1,296
1,285
STELLANTIS N.V. 2023
EUR
1,250
4.250
Q2/2031
1,270
1,266
STELLANTIS N.V. 2024
EUR
750
3.500
Q3/2030
753
\u2014
STELLANTIS N.V. 2024 - green bond
EUR
500
3.750
Q1/2036
508
\u2014
STELLANTIS N.V. 2024
EUR
750
3.375
Q4/2028
763
\u2014
STELLANTIS N.V. 2024
EUR
750
4.000
Q1/2034
749
\u2014
Other Notes:
STELLANTIS FINANCE U.S. 2021
U.S $
1,000
1.711
Q1/2027
968
909
STELLANTIS FINANCE U.S. 2021
U.S $
1,000
2.691
Q3/2031
967
909
STELLANTIS FINANCE U.S. 2022
U.S. $
550
5.625
Q1/2028
539
512
STELLANTIS FINANCE U.S. 2022
U.S. $
700
6.375
Q3/2032
682
643
GIE PSA Tr\u00e9sorerie 2003
EUR
600
6.000
Q3/2033
735
749
Total Notes
\u20ac19,117
\u20ac18,215
______________________________________________________________________________________________________________________________
(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 up 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
\u20ac2.25\u00a0billion (principal amounts) were outstanding as at December 31, 2024.
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 four notes and repaid one note at maturity during the
year ended December 31, 2024:
\u2022 In March 2024, a green bond was issued with a principal amount of \u20ac500\u00a0million and an interest rate of 3.75
percent, maturing in March 2036. Stellantis will aim to allocate an amount equal to the net proceeds of the green
bond to investments and expenditures meeting the eligibility criteria, which relate to design, development and
manufacturing of zero emissions vehicles (i.e. battery electric vehicles and hydrogen fuel cell vehicles);
\u2022 In March 2024, the Company issued notes with a principal amount of \u20ac750\u00a0million and an interest rate of 3.50
percent, maturing in September 2030;
\u2022 In April 2024, the Company repaid, at maturity, a \u20ac1,250\u00a0million note formerly issued by FCA N.V. in 2016;
and
\u2022 In November 2024, the Company issued two notes with principal amounts of: (a) \u20ac750\u00a0million at an interest rate
of 3.375 percent, maturing in November 2028 and (b) \u20ac750\u00a0million at an interest rate of 4.0 percent, maturing in
November 2034.
As at December 31, 2024, the outstanding principal amount of the notes issued under the successive versions of the
programme, after the merger, was \u20ac10\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, 2024, Stellantis was in compliance with the covenants of the notes 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 March 2024, Stellantis repaid, at maturity, a \u20ac600\u00a0million note and a \u20ac100\u00a0million note formerly issued by PSA in
2017.
The Notes issued by Stellantis Finance U.S. Inc 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, 2024, Stellantis was in compliance with the
covenants of the Notes.
As at December 31, 2024, all the outstanding notes of Stellantis were rated \u201cBaa1\u201d by Moody\u2019s Investors Service
and \u201cBBB+\u201d by S&P Global Ratings.
Borrowings from banks
European Investment Bank Borrowings
Stellantis had financing agreements with the European Investment Bank (\u201cEIB\u201d) for a total of \u20ac0.9 billion
outstanding at December\u00a031, 2024 (\u20ac1.0 billion at December\u00a031, 2023 ). These were entered into to finance specific projects
and investment plans among which include the manufacturing of PHEVs 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
integration and deployment of advanced manufacturing technologies for the production of a new platform of electric vehicles
at the Kragujevac plant (Serbia).
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 \u20ac0.5 billion at December\u00a031, 2024 (\u20ac0.7 billion at December\u00a031, 2023).
Undrawn committed credit lines
In July 2024, Stellantis N.V. announced it successfully extended the maturity and amended its syndicated revolving
credit facility (\u201cRCF\u201d) of \u20ac12\u00a0billion, originally signed in July 2021. The syndicated credit facility includes a broad-based
group of 29 banks from Europe, U.S. and Asia. The RCF is structured in 2 tranches: \u20ac6\u00a0billion, with a three-year tenor (July
2027), and \u20ac6.0\u00a0billion, with a five-year tenor (July 2029), each tranche benefiting from two further extension options, each
of one year exercisable on the first and second anniversary of the amendment signing date.
In March 2024, a new RCF committed credit line of \u20ac0.9\u00a0billion ($1\u00a0billion) was signed by SFS U.S. The line
expires in March 2027 and, at December 31, 2024, \u20ac0.3\u00a0billion ($0.3\u00a0billion) was undrawn.
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, 2024, Stellantis was in compliance with the covenants of the RCF.
At December\u00a031, 2024, undrawn committed credit lines of \u20ac12.9\u00a0billion include the syndicated revolving credit
facility of \u20ac12.0\u00a0billion, signed in 2024.
Asset-backed financing
Asset-backed financings, including warehouse credit facilities, asset-backed term notes and asset-backed securities
(\u201cABS\u201d) term loans, primarily represented the amount of financing received by SFS U.S. through securitization programs of
\u20ac9,866 million as of December\u00a031, 2024 (\u20ac4,711 million at December\u00a031, 2023), that will be settled through the collection of
a portfolio of receivables which originate from consumers.
The retail consumer contracts, lease and commercial loans to dealers are pledged to special purpose entities as
collateral.
The following table summarizes the asset-back financing amounts at December\u00a031, 2024 and 2023:
At December 31,
(\u20ac million)
Currency
Interest rate %
Maturity(1)
2024
2023
Warehouse Credit
Facilities:
SFS Funding I
USD
CP/SOFR+spread
Q2/2026
4,034
3,189
SFS Funding II
USD
CP/SOFR+spread
Q3/2024
\u2014
109
FIARC
USD
SOFR+spread
Q2/2025
60
29
SFMOT Floorplan Facility
USD
CP/SOFR+spread
Q2/2026
565
\u2014
Term Notes:
Term Notes 2017-2020
USD
2.80%-7.07%
Q2/2027
\u2014
36
FIAOT 2021-1
USD
0.89%-5.37%
Q2/2028
27
45
FIAOT 2021-2
USD
0.48%-3.14%
Q4/2028
63
98
FIAOT 2022-1
USD
2.03%-5.41%
Q2/2029
83
125
FIAOT 2022-2
USD
6.26%-9.50%
Q4/2029
95
151
FIAOT 2023-1
USD
6.44%-7.74%
Q1/2031
131
189
SFAST 2023-1
USD
5.47%-5.97%
Q1/2031
522
740
SFAST 2024-1
USD
4.94%-5.59%
Q1/2032
645
\u2014
SFAST 2024-2
USD
5.26%-5.71%
Q1/2032
760
\u2014
SFAST 2024-3
USD
4.55%-4.98%
Q4/2032
829
\u2014
Term Loans:
SFAF LLC
USD
5.45%
Q4/2031
555
\u2014
SFAF 2024-2
USD
5.45%
Q1/2032
590
\u2014
SFALV 2024-1
USD
4.80%
Q1/2030
907
\u2014
Total
\u20ac9,866
\u20ac4,711
________________________________________________________________________________________________________________________________________________
(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 SFS 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 of \u20ac6.1 billion ($6.3\u00a0billion) as of December\u00a031, 2024
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.
SFS U.S. uses interest rate derivatives in order to reduce the interest rate risk of certain warehouse credit facilities
where the underlying receivables carry fixed rate of interest and borrowings are based on the floating rate SOFR indices.
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.
ABS Term Loans
ABS Term Loans are provided by various banks which advance term loan proceeds secured by a pool of either retail
loan receivables or consumer leases. Two ABS Term Loans outstanding as of December\u00a031, 2024, with an aggregate balance
of \u20ac1.14\u00a0billion ($1.19\u00a0billion) are secured by retail loan receivables with an aggregate balance of \u20ac1.41 billion
($1.48\u00a0billion). The remaining ABS Term Loan facility with a balance of \u20ac899\u00a0million ($942\u00a0million) as of December 31,
2024, is secured by \u20ac1.05\u00a0billion ($1.1\u00a0billion) in consumer lease receivables.
The terms governing the warehouse credit facilities and ABS Term Loans contains numerous covenants relating to
the issuer\u2019s business, the observance of certain financial covenants, the avoidance of certain levels of delinquency and credit
loss 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 Loan or warehouse credit facilities. The ABS Term
Notes generally do not contain financial covenants or covenants related to delinquency experience or credit losses. The
Company was not in default with respect to any financial and non-financial covenants governing these financing
arrangements at December\u00a031, 2024.
Refer to Note 25, Fair value measurement for additional information on fair and carrying values of assigned
receivables and related liabilities.
Other
Additionally, there are:
\u2022 \u20ac101 million of debt relating to asset-backed financing in Brazil, at December 31, 2024 (nil at December 31,
2023); and
\u2022 \u20ac49 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, 2024 (\u20ac67 million at December\u00a031,
2023) 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 primarily includes funds raised from financial services companies through money market instruments 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,
2024
2023
(\u20ac million)
Long-term debt (non-current)
\u20ac1,698
\u20ac1,440
Short-term debt and current portion of long-term debt (current)
\u20ac858
\u20ac718
Maturity analysis - contractual undiscounted cash flows
At December 31, 2024
(\u20ac million)
Due within one year
\u20ac866
Due between one and five years
1,001
Due beyond five years
985
Total undiscounted lease liabilities
\u20ac2,852
In addition, the Company entered into commitments relating to leases not yet commenced of \u20ac71 million, of which
the most significant relating to contracts in the North America. In addition to the above, the Company entered into non-
cancellable short-term leases, which have not been classified as lease liabilities, of \u20ac61 million which is expected to be settled
within the next 12 months.
Debt secured by assets
At December\u00a031, 2024, debt secured by assets of the Company amounted to \u20ac23 million (\u20ac79 million at
December\u00a031, 2023), excluding the Lease liabilities and Asset-backed financing as described above, mainly related to
subsidized financing in South America.
The total carrying amount of assets acting as security for loans for the Company amounted to \u20ac471 million,
excluding the Right-of-use assets as described in Note 11, Property, plant and equipment, at December\u00a031, 2024 (\u20ac806
million at December\u00a031, 2023).
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-731": { "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,
2024
2023
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
\u20ac949
\u20ac9,114
\u20ac9,054
\u20ac18,168
\u20ac19,117
\u20ac2,277
\u20ac7,133
\u20ac8,805
\u20ac15,938
\u20ac18,215
Borrowings from
banks
3,119
371
82
453
3,572
1,512
1,297
27
1,324
2,836
Asset-backed
financing
5,645
3,681
690
4,371
10,016
3,638
1,014
126
1,140
4,778
Lease liabilities
858
883
815
1,698
2,556
718
728
712
1,440
2,158
Other debt
1,628
291
47
338
1,966
1,317
150
9
159
1,476
Total Debt
\u20ac12,199
\u20ac14,340
\u20ac10,688
\u20ac25,028
\u20ac37,227
\u20ac9,462
\u20ac10,322
\u20ac9,679
\u20ac20,001
\u20ac29,463
Debt increased by approximately \u20ac7.8\u00a0billion primarily due to the increase in financial services funding.
Notes
The following table summarizes the notes outstanding at December\u00a031, 2024 and 2023:
At December 31,
(\u20ac million)
Currency
Face\u00a0value\u00a0of
outstanding
notes
(million)
Coupon
%
Maturity
2024
2023
Stellantis (Peugeot S.A. issuances):
STELLANTIS N.V. (Peugeot S.A.) 2017
EUR
600
2.000
Q1/2024
\u2014
609
STELLANTIS N.V. (Peugeot S.A.) 2017
EUR
100
2.000
Q1/2024
\u2014
102
STELLANTIS N.V. (Peugeot S.A.) 2018
EUR
650
2.000
Q1/2025
660
659
STELLANTIS N.V. (Peugeot S.A.) 2019
EUR
600
1.125
Q3/2029
597
596
STELLANTIS N.V. (Peugeot S.A.) 2020
EUR
1,000
2.750
Q2/2026
1,024
1,014
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
204
Euribor
6M +
1.400
Q2/2026
206
207
Medium Term Note Programme(1):
STELLANTIS N.V. (FCA N.V.) 2016
EUR
1,250
3.750
Q1/2024
\u2014
1,296
STELLANTIS N.V. (FCA N.V.) 2020
EUR
1,250
3.875
Q1/2026
1,347
1,381
STELLANTIS N.V. (FCA N.V.) 2020
EUR
1,000
4.500
Q3/2028
1,162
1,200
STELLANTIS N.V. 2021
EUR
1,250
0.625
Q1/2027
1,260
1,256
STELLANTIS N.V. 2021
EUR
1,250
0.750
Q1/2029
1,255
1,254
STELLANTIS N.V. 2021
EUR
1,250
1.250
Q2/2033
1,243
1,241
STELLANTIS N.V. 2022
EUR
1,000
2.750
Q2/2032
1,022
1,016
STELLANTIS N.V. 2023 - green bond
EUR
1,250
4.375
Q1/2030
1,296
1,285
STELLANTIS N.V. 2023
EUR
1,250
4.250
Q2/2031
1,270
1,266
STELLANTIS N.V. 2024
EUR
750
3.500
Q3/2030
753
\u2014
STELLANTIS N.V. 2024 - green bond
EUR
500
3.750
Q1/2036
508
\u2014
STELLANTIS N.V. 2024
EUR
750
3.375
Q4/2028
763
\u2014
STELLANTIS N.V. 2024
EUR
750
4.000
Q1/2034
749
\u2014
Other Notes:
STELLANTIS FINANCE U.S. 2021
U.S $
1,000
1.711
Q1/2027
968
909
STELLANTIS FINANCE U.S. 2021
U.S $
1,000
2.691
Q3/2031
967
909
STELLANTIS FINANCE U.S. 2022
U.S. $
550
5.625
Q1/2028
539
512
STELLANTIS FINANCE U.S. 2022
U.S. $
700
6.375
Q3/2032
682
643
GIE PSA Tr\u00e9sorerie 2003
EUR
600
6.000
Q3/2033
735
749
Total Notes
\u20ac19,117
\u20ac18,215
______________________________________________________________________________________________________________________________
(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 up 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
\u20ac2.25\u00a0billion (principal amounts) were outstanding as at December 31, 2024.
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 four notes and repaid one note at maturity during the
year ended December 31, 2024:
\u2022 In March 2024, a green bond was issued with a principal amount of \u20ac500\u00a0million and an interest rate of 3.75
percent, maturing in March 2036. Stellantis will aim to allocate an amount equal to the net proceeds of the green
bond to investments and expenditures meeting the eligibility criteria, which relate to design, development and
manufacturing of zero emissions vehicles (i.e. battery electric vehicles and hydrogen fuel cell vehicles);
\u2022 In March 2024, the Company issued notes with a principal amount of \u20ac750\u00a0million and an interest rate of 3.50
percent, maturing in September 2030;
\u2022 In April 2024, the Company repaid, at maturity, a \u20ac1,250\u00a0million note formerly issued by FCA N.V. in 2016;
and
\u2022 In November 2024, the Company issued two notes with principal amounts of: (a) \u20ac750\u00a0million at an interest rate
of 3.375 percent, maturing in November 2028 and (b) \u20ac750\u00a0million at an interest rate of 4.0 percent, maturing in
November 2034.
As at December 31, 2024, the outstanding principal amount of the notes issued under the successive versions of the
programme, after the merger, was \u20ac10\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, 2024, Stellantis was in compliance with the covenants of the notes 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 March 2024, Stellantis repaid, at maturity, a \u20ac600\u00a0million note and a \u20ac100\u00a0million note formerly issued by PSA in
2017.
The Notes issued by Stellantis Finance U.S. Inc 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, 2024, Stellantis was in compliance with the
covenants of the Notes.
As at December 31, 2024, all the outstanding notes of Stellantis were rated \u201cBaa1\u201d by Moody\u2019s Investors Service
and \u201cBBB+\u201d by S&P Global Ratings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-733": { "value": "
23.
Trade Payables
The Company has entered into supplier finance arrangements with its third party suppliers and third party banks. As
a result of these arrangements, the supplier:
\u2022 transfers the credit risk;
\u2022 can obtain payment at an earlier date than original terms; and
\u2022 may receive more favorable terms based on Stellantis\u2019 credit worthiness than if the supplier had factored the
receivables directly with the bank.
Participation in the arrangement is at the suppliers\u2019 own discretion. Terms of the original contracts between
Stellantis and the supplier do not change as a result of these transactions, and there is no agreement with the debtor to extend
payment terms.
The following table summarizes the carrying amount of liabilities that are part of supplier finance arrangements at
December 31, 2024 and January 1, 2024:
At December 31, 2024
At January 1, 2024
(\u20ac million)
Presented within trade payables
\u20ac873
\u20ac808
Of which suppliers have received payment
817
708
The following table summarizes the range of payment due dates at December 31, 2024 and January 1, 2024:
At December 31, 2024
At January 1, 2024
(days)
Liabilities that are part of the arrangement
45-90
45-90
Comparable trade payables that are not part of an arrangement(1)
30-60
30-60
________________________________________________________________________________________________________________________________________________
(1) Except for Enlarged Europe, Middle East and Africa which has 60-90 days payment terms
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-737": { "value": "
24.
Other liabilities
Other liabilities consisted of the following:
At December 31,
2024
2023
Current
Non-
current
Total
Current
Non-
current
Total
(\u20ac million)
Payables for buy-back agreements
\u20ac4,607
\u20ac2,780
\u20ac7,387
\u20ac1,877
\u20ac4,645
\u20ac6,522
Accrued expenses and deferred income
5,015
882
5,897
4,778
751
5,529
Indirect tax payables
1,416
10
1,426
1,426
15
1,441
Payables to personnel
1,779
\u2014
1,779
2,658
4
2,662
Social security payables
563
6
569
567
15
582
Construction contract liabilities
(Note 14)(1)
\u2014
\u2014
\u2014
107
\u2014
107
Service contract liability
713
2,017
2,730
808
2,160
2,968
Derivatives operating liability
600
57
657
746
299
1,045
Other
2,865
228
3,093
2,603
176
2,779
Total Other liabilities
\u20ac17,558
\u20ac5,980
\u20ac23,538
\u20ac15,570
\u20ac8,065
\u20ac23,635
____________________________________________________________________________________________________
(1) Construction contract liabilities related entirely to our automation production systems, Comau which was disposed of as of December 2024. Refer to Note 3, Scope of
consolidation for additional information
Other liabilities (excluding Accrued expenses, Deferred income and Service contract liability) by due date were as
follows:
At December 31,
2024
2023
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)
\u20ac11,830
\u20ac3,038
\u20ac43
\u20ac3,081
\u20ac14,911
\u20ac9,984
\u20ac5,124
\u20ac30
\u20ac5,154
\u20ac15,138
Payables for buy-back agreements
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.
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, 2024, were as follows:
At January 1,
2024
Advances
received from
customers
Amounts
recognized
within revenue
Transfers to
Assets/
(Liabilities)
held for sale
Other changes
At December
31, 2024
(\u20ac million)
Service contract liability
\u20ac2,968
\u20ac1,274
\u20ac(1,427)
\u20ac\u2014
\u20ac(85)
\u20ac2,730
Of the total Service contract liability at December\u00a031, 2024, the Company expected to recognize approximately
\u20ac979\u00a0million in 2025 , \u20ac706\u00a0million in 2026, \u20ac539\u00a0million in 2027 and \u20ac506\u00a0million thereafter.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-736": { "value": "
24.
Other liabilities
Other liabilities consisted of the following:
At December 31,
2024
2023
Current
Non-
current
Total
Current
Non-
current
Total
(\u20ac million)
Payables for buy-back agreements
\u20ac4,607
\u20ac2,780
\u20ac7,387
\u20ac1,877
\u20ac4,645
\u20ac6,522
Accrued expenses and deferred income
5,015
882
5,897
4,778
751
5,529
Indirect tax payables
1,416
10
1,426
1,426
15
1,441
Payables to personnel
1,779
\u2014
1,779
2,658
4
2,662
Social security payables
563
6
569
567
15
582
Construction contract liabilities
(Note 14)(1)
\u2014
\u2014
\u2014
107
\u2014
107
Service contract liability
713
2,017
2,730
808
2,160
2,968
Derivatives operating liability
600
57
657
746
299
1,045
Other
2,865
228
3,093
2,603
176
2,779
Total Other liabilities
\u20ac17,558
\u20ac5,980
\u20ac23,538
\u20ac15,570
\u20ac8,065
\u20ac23,635
____________________________________________________________________________________________________
(1) Construction contract liabilities related entirely to our automation production systems, Comau which was disposed of as of December 2024. Refer to Note 3, Scope of
consolidation for additional information
Other liabilities (excluding Accrued expenses, Deferred income and Service contract liability) by due date were as
follows:
At December 31,
2024
2023
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)
\u20ac11,830
\u20ac3,038
\u20ac43
\u20ac3,081
\u20ac14,911
\u20ac9,984
\u20ac5,124
\u20ac30
\u20ac5,154
\u20ac15,138
Payables for buy-back agreements
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.
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, 2024, were as follows:
At January 1,
2024
Advances
received from
customers
Amounts
recognized
within revenue
Transfers to
Assets/
(Liabilities)
held for sale
Other changes
At December
31, 2024
(\u20ac million)
Service contract liability
\u20ac2,968
\u20ac1,274
\u20ac(1,427)
\u20ac\u2014
\u20ac(85)
\u20ac2,730
Of the total Service contract liability at December\u00a031, 2024, the Company expected to recognize approximately
\u20ac979\u00a0million in 2025 , \u20ac706\u00a0million in 2026, \u20ac539\u00a0million in 2027 and \u20ac506\u00a0million thereafter.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-735": { "value": "
24.
Other liabilities
Other liabilities consisted of the following:
At December 31,
2024
2023
Current
Non-
current
Total
Current
Non-
current
Total
(\u20ac million)
Payables for buy-back agreements
\u20ac4,607
\u20ac2,780
\u20ac7,387
\u20ac1,877
\u20ac4,645
\u20ac6,522
Accrued expenses and deferred income
5,015
882
5,897
4,778
751
5,529
Indirect tax payables
1,416
10
1,426
1,426
15
1,441
Payables to personnel
1,779
\u2014
1,779
2,658
4
2,662
Social security payables
563
6
569
567
15
582
Construction contract liabilities
(Note 14)(1)
\u2014
\u2014
\u2014
107
\u2014
107
Service contract liability
713
2,017
2,730
808
2,160
2,968
Derivatives operating liability
600
57
657
746
299
1,045
Other
2,865
228
3,093
2,603
176
2,779
Total Other liabilities
\u20ac17,558
\u20ac5,980
\u20ac23,538
\u20ac15,570
\u20ac8,065
\u20ac23,635
____________________________________________________________________________________________________
(1) Construction contract liabilities related entirely to our automation production systems, Comau which was disposed of as of December 2024. Refer to Note 3, Scope of
consolidation for additional information
Other liabilities (excluding Accrued expenses, Deferred income and Service contract liability) by due date were as
follows:
At December 31,
2024
2023
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)
\u20ac11,830
\u20ac3,038
\u20ac43
\u20ac3,081
\u20ac14,911
\u20ac9,984
\u20ac5,124
\u20ac30
\u20ac5,154
\u20ac15,138
Payables for buy-back agreements
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.
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, 2024, were as follows:
At January 1,
2024
Advances
received from
customers
Amounts
recognized
within revenue
Transfers to
Assets/
(Liabilities)
held for sale
Other changes
At December
31, 2024
(\u20ac million)
Service contract liability
\u20ac2,968
\u20ac1,274
\u20ac(1,427)
\u20ac\u2014
\u20ac(85)
\u20ac2,730
Of the total Service contract liability at December\u00a031, 2024, the Company expected to recognize approximately
\u20ac979\u00a0million in 2025 , \u20ac706\u00a0million in 2026, \u20ac539\u00a0million in 2027 and \u20ac506\u00a0million thereafter.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-734": { "value": "
24.
Other liabilities
Other liabilities consisted of the following:
At December 31,
2024
2023
Current
Non-
current
Total
Current
Non-
current
Total
(\u20ac million)
Payables for buy-back agreements
\u20ac4,607
\u20ac2,780
\u20ac7,387
\u20ac1,877
\u20ac4,645
\u20ac6,522
Accrued expenses and deferred income
5,015
882
5,897
4,778
751
5,529
Indirect tax payables
1,416
10
1,426
1,426
15
1,441
Payables to personnel
1,779
\u2014
1,779
2,658
4
2,662
Social security payables
563
6
569
567
15
582
Construction contract liabilities
(Note 14)(1)
\u2014
\u2014
\u2014
107
\u2014
107
Service contract liability
713
2,017
2,730
808
2,160
2,968
Derivatives operating liability
600
57
657
746
299
1,045
Other
2,865
228
3,093
2,603
176
2,779
Total Other liabilities
\u20ac17,558
\u20ac5,980
\u20ac23,538
\u20ac15,570
\u20ac8,065
\u20ac23,635
____________________________________________________________________________________________________
(1) Construction contract liabilities related entirely to our automation production systems, Comau which was disposed of as of December 2024. Refer to Note 3, Scope of
consolidation for additional information
Other liabilities (excluding Accrued expenses, Deferred income and Service contract liability) by due date were as
follows:
At December 31,
2024
2023
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)
\u20ac11,830
\u20ac3,038
\u20ac43
\u20ac3,081
\u20ac14,911
\u20ac9,984
\u20ac5,124
\u20ac30
\u20ac5,154
\u20ac15,138
Payables for buy-back agreements
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.
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, 2024, were as follows:
At January 1,
2024
Advances
received from
customers
Amounts
recognized
within revenue
Transfers to
Assets/
(Liabilities)
held for sale
Other changes
At December
31, 2024
(\u20ac million)
Service contract liability
\u20ac2,968
\u20ac1,274
\u20ac(1,427)
\u20ac\u2014
\u20ac(85)
\u20ac2,730
Of the total Service contract liability at December\u00a031, 2024, the Company expected to recognize approximately
\u20ac979\u00a0million in 2025 , \u20ac706\u00a0million in 2026, \u20ac539\u00a0million in 2027 and \u20ac506\u00a0million thereafter.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-738": { "value": "15570000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherCurrentLiabilities", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-739": { "value": "
25.
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,
2024
2023
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
\u20ac119
\u20ac29
\u20ac267
\u20ac415
\u20ac110
\u20ac23
\u20ac282
\u20ac415
Financial securities and equity
instruments measured at FVPL
13
1,205
\u2014
655
1,860
1,041
\u2014
883
1,924
Derivative financial assets
17
\u2014
380
\u2014
380
\u2014
40
\u2014
40
Derivative operating assets
17
\u2014
273
\u2014
273
\u2014
208
\u2014
208
Collateral deposits
13
53
\u2014
\u2014
53
108
\u2014
\u2014
108
Receivables from financing
activities
16
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
117
117
Trade receivables
16
\u2014
27
\u2014
27
\u2014
49
\u2014
49
Other receivables
16
\u2014
\u2014
66
66
\u2014
\u2014
76
76
Money market securities
18
19,127
\u2014
\u2014
19,127
17,691
\u2014
\u2014
17,691
Total Assets
\u20ac20,504
\u20ac709
\u20ac988
\u20ac22,201
\u20ac18,950
\u20ac320
\u20ac1,358
\u20ac20,628
Derivative financial liabilities
17
\u2014
24
\u2014
24
\u2014
39
\u2014
39
Derivative operating liabilities
17
\u2014
656
1
657
\u2014
1,005
40
1,045
Total Liabilities
\u20ac\u2014
\u20ac680
\u20ac1
\u20ac681
\u20ac\u2014
\u20ac1,044
\u20ac40
\u20ac1,084
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)
Money
market
securities
Other
receivables
(\u20ac million)
At January 1, 2024
\u20ac117
\u20ac1,165
\u20ac(40)
\u20ac\u2014
\u20ac76
Change in scope of consolidation
\u2014
(7)
\u2014
\u2014
\u2014
Gains/(Losses) recognized in Consolidated Income
Statement
\u2014
(34)
\u2014
\u2014
(10)
Gains/(Losses) recognized in Other comprehensive
income
\u2014
(26)
39
\u2014
\u2014
Issues/Settlements
(117)
\u2014
\u2014
\u2014
\u2014
Purchases/Sales
\u2014
(176)
\u2014
\u2014
\u2014
At December 31, 2024
\u20ac\u2014
\u20ac922
\u20ac(1)
\u20ac\u2014
\u20ac66
Receivables
from
financing
activities
Financial
securities
Derivative\u00a0
financial
assets/
(liabilities)
Money
market
securities
Other
receivables
(\u20ac million)
At January 1, 2023
\u20ac259
\u20ac254
\u20ac(48)
\u20ac1
\u20ac89
Change in scope of consolidation
\u2014
(28)
\u2014
\u2014
\u2014
Gains/(Losses) recognized in Consolidated Income
Statement
\u2014
1
\u2014
\u2014
(13)
Gains/(Losses) recognized in Other comprehensive
income
\u2014
(151)
8
\u2014
\u2014
Issues/Settlements
(142)
\u2014
\u2014
\u2014
\u2014
Purchases/Sales
\u2014
1,089
\u2014
\u2014
\u2014
Transfers from Level 3
\u2014
\u2014
\u2014
(1)
\u2014
At December 31, 2023
\u20ac117
\u20ac1,165
\u20ac(40)
\u20ac\u2014
\u20ac76
The gains/(losses) included in the Consolidated Income Statements were recognized within Net financial expenses/
(income). Of the total gains/(losses) recognized in Other comprehensive income, \u20ac39\u00a0million were recognized within Cash
flow reserves (\u20ac8\u00a0million at December 31, 2023),\u00a0\u20ac(11)\u00a0million were recognized within Currency translation differences
(\u20ac230\u00a0million at December 31, 2023) and \u20ac(15)\u00a0million were recognized within Gains and losses from remeasurement of
financial assets (\u20ac79\u00a0million at December 31, 2023).
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,
2024
2023
Note
Carrying
amount
Fair
Value
Carrying
amount
Fair
Value
(\u20ac million)
Dealer financing
\u20ac2,330
\u20ac2,329
\u20ac2,188
\u20ac2,184
Retail financing
8,494
7,855
5,505
5,364
Finance lease
299
325
133
133
Other receivables from financing activities
1,408
1,499
1,051
1,063
Total Receivables from financing activities(1)
16
\u20ac12,531
\u20ac12,008
\u20ac8,877
\u20ac8,744
Asset-backed financing
\u20ac10,016
\u20ac10,037
\u20ac4,778
\u20ac4,772
Notes
19,117
18,302
18,215
17,391
Borrowings from banks & Other debt
5,538
5,539
4,312
4,274
Total Debt, excluding Lease liabilities
22
\u20ac34,671
\u20ac33,878
\u20ac27,305
\u20ac26,437
______________________________________________________________________________________________________________________________
(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.
The carrying value of financial receivables 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, 2024, \u20ac17,985 million and \u20ac317 million of notes were classified within Level\u00a01 and Level 2,
respectively. At December\u00a031, 2023, \u20ac17,073 million of notes were classified within Level\u00a01 and \u20ac318 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, 2024, \u20ac5,209 million and
\u20ac330 million of Borrowings from banks and Other Debt was classified within Level\u00a02 and Level\u00a03, respectively. At
December\u00a031, 2023, \u20ac4,041 million and \u20ac233 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-742": { "value": "
27.
Guarantees granted, commitments and contingent liabilities
Guarantees granted and commitments
At December\u00a031, 2024, the Company had guarantees on related party debt, commitments and activities, which is
mainly comprised of:
(i) two guarantees granted to our joint venture with SCF and one to our joint venture partner with BNPP PF on the
debt of some of our dealers in Europe, for \u20ac500\u00a0million, which will expire in July 2025 and January 2026, and \u20ac150
million respectively;
(ii) a guarantee granted to third parties on the outstanding debt of ACC for \u20ac423\u00a0million;
(iii) a guarantee granted to third parties on commitments of ACC for \u20ac270\u00a0million;
(iv) a guarantee granted to third parties on the outstanding debt of StarPlus for \u20ac888\u00a0million drawn from a
\u20ac7,218\u00a0million ($7,500\u00a0million) loan facility which is 49 percent guaranteed by Stellantis N.V.;
(v) a guarantee granted to third parties on the outstanding debt of Nidec Emotors for \u20ac115\u00a0million; and
(vi) a guarantee granted to third parties on commitments of Symbio for \u20ac59 million.
In 2024, NextStar entered into a loan facility with third-party financial institutions for a notional \u20ac1,294\u00a0million
($1,344\u00a0million) which is 49 percent guaranteed by Stellantis N.V. The facility was undrawn at December 31, 2024.
At December\u00a031, 2023, the Company had guarantees on related party debt and commitments of \u20ac372\u00a0million which
mainly comprised of (i) a guarantee in the interest of our joint venture ACC for \u20ac270\u00a0million and (ii) a guarantee granted to
third parties on the outstanding debt of Nidec Emotors for \u20ac82\u00a0million.
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, 2024, the maximum potential amount of future payments required to be made in accordance with
these wholesale financing arrangements was approximately \u20ac385\u00a0million ($400\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, 2024.
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, 2024 were
as follows:
(\u20ac\u00a0million)
2025
\u20ac1,575
2026
\u20ac3,169
2027
\u20ac3,849
2028
\u20ac4,274
2029
\u20ac4,398
2030 and thereafter
\u20ac2,606
At December 31, 2024, there were related party commitments relating to the purchase of batteries:
(i) StarPlus: commitment over a 9 year period starting from 2025. The commitment amounted to \u20ac3,664\u00a0million;
(ii) NextStar: commitment over a 2 year period starting from 2024. The residual commitment amounted to
\u20ac53\u00a0million; and
(iii) ACC: commitment over a 5 year period starting from 2024. The residual commitment amounted to
\u20ac7,581\u00a0million.
These amounts are included in the table above.
Other commitments, arrangements and contractual rights
At December 31, 2024, total joint venture and associate capital commitments were \u20ac2.0\u00a0billion for the period 2025
through to 2029.
For contractual commitments relating to purchase of intangible assets, refer to Note 10, Other intangible assets for
additional information. For contractual commitments relating to purchase of tangible assets, refer to Note 11, Property, plant
and equipment for additional information.
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 thousand 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 that were participating in the defined contribution plan have been 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 30, 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.
Litigation
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.
In November 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. Plaintiffs\u2019 appeal of the grant of summary judgement was dismissed by the Court for lack of jurisdiction. In
May 2024, the Court entered an order to allow FCA US\u2019s renewed motions for summary judgment to address the remaining
amended claims.
In June 2023, the Court entered an order preliminarily granting class certification for the amended complaint. In July
2023, the Court revisited its class certification order and further narrowed the classes based on a recent Court of Appeals
decision. FCA US\u2019 appeal of the Court\u2019s preliminary order was denied.
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
We face class actions and individual claims alleging emissions non-compliance in several countries. Several former
FCA and PSA companies and Dutch dealers have been served with class actions in the Netherlands by Dutch foundations
seeking monetary damages and vehicle buybacks in connection with alleged emissions non-compliance of certain vehicles
equipped with diesel engines. 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, and are subject to a securities class
action in the Netherlands, alleging misrepresentations by FCA. Class actions alleging emissions non-compliance has also
been filed and are on-going 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 4,000 pending individual consumer claims
alleging emissions non-compliance in Germany and approximately 60 individual consumer cases in Austria relating to former
FCA vehicles.
The results of the private litigation matters described above cannot be predicted at this time and may lead to damage
awards 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 will be incurred
with regard to these private litigations or estimate a range of possible loss.
General Motors
In November 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 Racketeer Influenced and Corrupt Organizations (\u201cRICO\u201d) Act, unfair competition and
civil conspiracy in connection with allegations that FCA US made payments to The International Union, United Automobile,
Aerospace and Agricultural Implement Workers of America (\u201cUAW\u201d) 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 and the U.S. Court of Appeals for the Sixth
Circuit subsequently affirmed the dismissal of GM\u2019s complaint. In April 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. In October 2021, the
court granted Stellantis N.V. and FCA US\u2019s motion for summary disposition. GM filed a motion for reconsideration and in
December 2021, the court granted GM\u2019s motion, permitting GM to amend its complaint. GM filed a second amended
complaint in December 2021. In May 2022, the court denied FCA US\u2019s motion for summary disposition and permitted
discovery to proceed against FCA US. In July 2022, the court granted Stellantis N.V.\u2019s motion for summary disposition, but
in November 2022 the court granted GM\u2019s motion for reconsideration and permitted jurisdictional discovery to proceed
against Stellantis N.V. The case is currently stayed while the Michigan Court of Appeals considers certain trial court rulings
regarding privilege. At this stage, we are unable to reliably evaluate the likelihood that a loss will be incurred or estimate a
range of possible loss.
2024 Financial Guidance
In August 2024, a putative securities class action complaint was filed in the U.S. District Court of the Southern
District of New York against Stellantis N.V. and certain of its former officers, alleging that the defendants made material
misstatements relating to the Company\u2019s 2024 financial guidance. 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.
Government Inquiries
Emissions
We are subject to criminal and civil governmental investigations alleging emissions non-compliance in certain
European jurisdictions and we continue to cooperate with these investigations.
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 (now known as Stellantis Europe) 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. 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 aggregate, material to the Company. Civil parties have joined the prosecutor\u2019s case and may seek further
compensation.
In May 2023, the German authority, Kraftfahrt-Bundesamt (\u201cKBA\u201d) notified Stellantis of its investigation of certain
Opel Euro 5, 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 and requested information relating to all Stellantis vehicles that may make use of strategies similar to those
allegedly used by the identified vehicles. In January 2024, the KBA advised that the Opel vehicles, equipped with Euro 5
engines, are non-compliant. At the KBA\u2019s request, during the first half of 2024, Opel submitted a plan to bring the vehicles
into compliance. In July 2024, Opel received a formal decision of non-compliance from the KBA regarding its vehicles
equipped with Euro 5 diesel engines. Although we objected to this formal decision, we continue to cooperate with the KBA
inquiries 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 Italian Ministry of Transport (\u201cMIT\u201d) notified FCA Italy 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 Italy. 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 European Commission (\u201cEC\u201d) and other
member states. FCA engaged with the RDW to present our positions and cooperate to reach an appropriate resolution of this
matter. FCA Italy proposed certain updates to the relevant vehicles that have been tested and approved by the RDW and are
now being implemented without further concerns being raised by RDW.
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. At the Public Prosecutor of Turin\u2019s request, the Italian
proceedings were dismissed in September 2023 and October 2023. We continue to participate in discussions with the Public
Prosecutor of Frankfurt to resolve this matter regarding former FCA vehicles and, based on the status of those discussions,
we have recognized a provision in an amount that is not material to the Company.
In January 2024, the EC notified the MIT of the alleged non-compliance of Fiat Ducato Euro 5 and Euro 6 vehicles
based on tests performed at the EC\u2019s request. We are cooperating with the MIT in its substantive responses to EC.
The results of the unresolved governmental investigations described above cannot be predicted at this time and may
lead to further enforcement actions or penalties, 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 will be incurred with regard to these unresolved inquiries or estimate a range of possible loss.
End of Life Vehicles
In March 2022, the EC and the UK Competition and Markets Authority (the \u201cCMA\u201d) conducted unannounced
inspections at the premises of Opel and several other companies and associations active in the European automotive sector.
These inspections, as well as contemporaneous and subsequent information requests received from the EC and CMA, relate
to potential collusion in the collection, treatment, and recovery of end-of-life vehicles and whether such activity may have
violated relevant competition laws. We continue to cooperate with these investigations and have recognized a provision in an
amount that is not material to the Company.
Other matters
Corporate Average Fuel Economy (\u201cCAFE\u201d) standards
In August 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. In January
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.
In April 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
In March 2022, the U.S. Environmental Protection Agency (\u201cEPA\u201d) 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.
Prior 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
the California Air Resources Board (\u201cCARB\u201d), 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,\u202f2022 and 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 previously intended to cover such deficits with excess credits generated through our compliance in model
years within the applicable five-year carryback period. However, in March 2024, we entered into an agreement with CARB
to settle and resolve claims and disputes regarding CARB\u2019s regulation of automotive GHG emissions. The agreement
imposes alternative GHG emissions requirements for model year 2021 through 2026 passenger cars and light-duty trucks,
commitments related to zero-emission technology, and a zero emission vehicle commitment if CARB cannot implement or
enforce its ACC II ZEV program due to a judicial or federal action. In exchange, CARB agreed not to enforce the GHG
emission standards in its regulations that would otherwise be applicable to model year 2021 through 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-741": { "value": "
27.
Guarantees granted, commitments and contingent liabilities
Guarantees granted and commitments
At December\u00a031, 2024, the Company had guarantees on related party debt, commitments and activities, which is
mainly comprised of:
(i) two guarantees granted to our joint venture with SCF and one to our joint venture partner with BNPP PF on the
debt of some of our dealers in Europe, for \u20ac500\u00a0million, which will expire in July 2025 and January 2026, and \u20ac150
million respectively;
(ii) a guarantee granted to third parties on the outstanding debt of ACC for \u20ac423\u00a0million;
(iii) a guarantee granted to third parties on commitments of ACC for \u20ac270\u00a0million;
(iv) a guarantee granted to third parties on the outstanding debt of StarPlus for \u20ac888\u00a0million drawn from a
\u20ac7,218\u00a0million ($7,500\u00a0million) loan facility which is 49 percent guaranteed by Stellantis N.V.;
(v) a guarantee granted to third parties on the outstanding debt of Nidec Emotors for \u20ac115\u00a0million; and
(vi) a guarantee granted to third parties on commitments of Symbio for \u20ac59 million.
In 2024, NextStar entered into a loan facility with third-party financial institutions for a notional \u20ac1,294\u00a0million
($1,344\u00a0million) which is 49 percent guaranteed by Stellantis N.V. The facility was undrawn at December 31, 2024.
At December\u00a031, 2023, the Company had guarantees on related party debt and commitments of \u20ac372\u00a0million which
mainly comprised of (i) a guarantee in the interest of our joint venture ACC for \u20ac270\u00a0million and (ii) a guarantee granted to
third parties on the outstanding debt of Nidec Emotors for \u20ac82\u00a0million.
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, 2024, the maximum potential amount of future payments required to be made in accordance with
these wholesale financing arrangements was approximately \u20ac385\u00a0million ($400\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, 2024.
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, 2024 were
as follows:
(\u20ac\u00a0million)
2025
\u20ac1,575
2026
\u20ac3,169
2027
\u20ac3,849
2028
\u20ac4,274
2029
\u20ac4,398
2030 and thereafter
\u20ac2,606
At December 31, 2024, there were related party commitments relating to the purchase of batteries:
(i) StarPlus: commitment over a 9 year period starting from 2025. The commitment amounted to \u20ac3,664\u00a0million;
(ii) NextStar: commitment over a 2 year period starting from 2024. The residual commitment amounted to
\u20ac53\u00a0million; and
(iii) ACC: commitment over a 5 year period starting from 2024. The residual commitment amounted to
\u20ac7,581\u00a0million.
These amounts are included in the table above.
Other commitments, arrangements and contractual rights
At December 31, 2024, total joint venture and associate capital commitments were \u20ac2.0\u00a0billion for the period 2025
through to 2029.
For contractual commitments relating to purchase of intangible assets, refer to Note 10, Other intangible assets for
additional information. For contractual commitments relating to purchase of tangible assets, refer to Note 11, Property, plant
and equipment for additional information.
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 thousand 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 that were participating in the defined contribution plan have been 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 30, Segment reporting for additional information.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-740": { "value": "
27.
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.
Litigation
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.
In November 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. Plaintiffs\u2019 appeal of the grant of summary judgement was dismissed by the Court for lack of jurisdiction. In
May 2024, the Court entered an order to allow FCA US\u2019s renewed motions for summary judgment to address the remaining
amended claims.
In June 2023, the Court entered an order preliminarily granting class certification for the amended complaint. In July
2023, the Court revisited its class certification order and further narrowed the classes based on a recent Court of Appeals
decision. FCA US\u2019 appeal of the Court\u2019s preliminary order was denied.
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
We face class actions and individual claims alleging emissions non-compliance in several countries. Several former
FCA and PSA companies and Dutch dealers have been served with class actions in the Netherlands by Dutch foundations
seeking monetary damages and vehicle buybacks in connection with alleged emissions non-compliance of certain vehicles
equipped with diesel engines. 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, and are subject to a securities class
action in the Netherlands, alleging misrepresentations by FCA. Class actions alleging emissions non-compliance has also
been filed and are on-going 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 4,000 pending individual consumer claims
alleging emissions non-compliance in Germany and approximately 60 individual consumer cases in Austria relating to former
FCA vehicles.
The results of the private litigation matters described above cannot be predicted at this time and may lead to damage
awards 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 will be incurred
with regard to these private litigations or estimate a range of possible loss.
General Motors
In November 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 Racketeer Influenced and Corrupt Organizations (\u201cRICO\u201d) Act, unfair competition and
civil conspiracy in connection with allegations that FCA US made payments to The International Union, United Automobile,
Aerospace and Agricultural Implement Workers of America (\u201cUAW\u201d) 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 and the U.S. Court of Appeals for the Sixth
Circuit subsequently affirmed the dismissal of GM\u2019s complaint. In April 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. In October 2021, the
court granted Stellantis N.V. and FCA US\u2019s motion for summary disposition. GM filed a motion for reconsideration and in
December 2021, the court granted GM\u2019s motion, permitting GM to amend its complaint. GM filed a second amended
complaint in December 2021. In May 2022, the court denied FCA US\u2019s motion for summary disposition and permitted
discovery to proceed against FCA US. In July 2022, the court granted Stellantis N.V.\u2019s motion for summary disposition, but
in November 2022 the court granted GM\u2019s motion for reconsideration and permitted jurisdictional discovery to proceed
against Stellantis N.V. The case is currently stayed while the Michigan Court of Appeals considers certain trial court rulings
regarding privilege. At this stage, we are unable to reliably evaluate the likelihood that a loss will be incurred or estimate a
range of possible loss.
2024 Financial Guidance
In August 2024, a putative securities class action complaint was filed in the U.S. District Court of the Southern
District of New York against Stellantis N.V. and certain of its former officers, alleging that the defendants made material
misstatements relating to the Company\u2019s 2024 financial guidance. 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.
Government Inquiries
Emissions
We are subject to criminal and civil governmental investigations alleging emissions non-compliance in certain
European jurisdictions and we continue to cooperate with these investigations.
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 (now known as Stellantis Europe) 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. 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 aggregate, material to the Company. Civil parties have joined the prosecutor\u2019s case and may seek further
compensation.
In May 2023, the German authority, Kraftfahrt-Bundesamt (\u201cKBA\u201d) notified Stellantis of its investigation of certain
Opel Euro 5, 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 and requested information relating to all Stellantis vehicles that may make use of strategies similar to those
allegedly used by the identified vehicles. In January 2024, the KBA advised that the Opel vehicles, equipped with Euro 5
engines, are non-compliant. At the KBA\u2019s request, during the first half of 2024, Opel submitted a plan to bring the vehicles
into compliance. In July 2024, Opel received a formal decision of non-compliance from the KBA regarding its vehicles
equipped with Euro 5 diesel engines. Although we objected to this formal decision, we continue to cooperate with the KBA
inquiries 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 Italian Ministry of Transport (\u201cMIT\u201d) notified FCA Italy 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 Italy. 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 European Commission (\u201cEC\u201d) and other
member states. FCA engaged with the RDW to present our positions and cooperate to reach an appropriate resolution of this
matter. FCA Italy proposed certain updates to the relevant vehicles that have been tested and approved by the RDW and are
now being implemented without further concerns being raised by RDW.
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. At the Public Prosecutor of Turin\u2019s request, the Italian
proceedings were dismissed in September 2023 and October 2023. We continue to participate in discussions with the Public
Prosecutor of Frankfurt to resolve this matter regarding former FCA vehicles and, based on the status of those discussions,
we have recognized a provision in an amount that is not material to the Company.
In January 2024, the EC notified the MIT of the alleged non-compliance of Fiat Ducato Euro 5 and Euro 6 vehicles
based on tests performed at the EC\u2019s request. We are cooperating with the MIT in its substantive responses to EC.
The results of the unresolved governmental investigations described above cannot be predicted at this time and may
lead to further enforcement actions or penalties, 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 will be incurred with regard to these unresolved inquiries or estimate a range of possible loss.
End of Life Vehicles
In March 2022, the EC and the UK Competition and Markets Authority (the \u201cCMA\u201d) conducted unannounced
inspections at the premises of Opel and several other companies and associations active in the European automotive sector.
These inspections, as well as contemporaneous and subsequent information requests received from the EC and CMA, relate
to potential collusion in the collection, treatment, and recovery of end-of-life vehicles and whether such activity may have
violated relevant competition laws. We continue to cooperate with these investigations and have recognized a provision in an
amount that is not material to the Company.
Other matters
Corporate Average Fuel Economy (\u201cCAFE\u201d) standards
In August 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. In January
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.
In April 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
In March 2022, the U.S. Environmental Protection Agency (\u201cEPA\u201d) 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.
Prior 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
the California Air Resources Board (\u201cCARB\u201d), 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,\u202f2022 and 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 previously intended to cover such deficits with excess credits generated through our compliance in model
years within the applicable five-year carryback period. However, in March 2024, we entered into an agreement with CARB
to settle and resolve claims and disputes regarding CARB\u2019s regulation of automotive GHG emissions. The agreement
imposes alternative GHG emissions requirements for model year 2021 through 2026 passenger cars and light-duty trucks,
commitments related to zero-emission technology, and a zero emission vehicle commitment if CARB cannot implement or
enforce its ACC II ZEV program due to a judicial or federal action. In exchange, CARB agreed not to enforce the GHG
emission standards in its regulations that would otherwise be applicable to model year 2021 through 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-743": { "value": "
28.
Equity
Share capital
At December\u00a031, 2024, 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, 2024, the fully paid-up share capital of Stellantis amounted to \u20ac37 million (\u20ac31 million at
December\u00a031, 2023) and consisted of 2,896,073,567 common shares (3,165,189,336 at December\u00a031, 2023), of which
15,581,288 held in treasury (142,090,297 at December\u00a031, 2023), 866,522,224 issued special voting shares A (refer to
Corporate Governance - Articles of Association and Information on Stellantis Shares included elsewhere in this report for
additional information), of which 111,508 held in treasury (110,508 at December 31, 2023) and nil issued special voting
shares B, held in treasury (208,622 at December\u00a031, 2023). During the year ended December 31, 2024, 278,891,748 common
shares and 208,622 Class B special voting shares held in treasury were cancelled following April 16, 2024 AGM resolution.
All shares have a nominal value of \u20ac0.01 each.
At December\u00a031, 2024, there were 2,880,492,279 outstanding common shares ( 3,023,099,039 December 31, 2023).
During the year ended December 31, 2024, 164,161,741 common shares were purchased under the Share buyback program
and 11,779,002 were delivered in execution of the Share base compensation plans.
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, 2024:
Common Shares
Special Voting
Shares A
Total
Balance at January 1, 2024
3,023,099,039
69,282
3,023,168,321
Issuance of special voting shares
\u2014
866,342,434
866,342,434
Purchase of treasury shares
(164,161,741)
(1,000)
(164,162,741)
Treasury shares assigned to long-term incentive plans participants
11,779,002
\u2014
11,779,002
Shares issued for long-term incentive plans and employee-share
purchase plan
9,775,979
\u2014
9,775,979
Balance at December 31, 2024
2,880,492,279
866,410,716
3,746,902,995
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.
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, 2023, 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 2023 AGM. The authorization was renewed in the same terms at the AGM on April
16, 2024 for a period of 18 months from the date of the 2024 AGM and therefore up to and including October 15, 2025.
In February 2024, the Company announced a Share Buyback Program (the \u201cProgram\u201d), covering up to \u20ac3.0\u00a0billion
(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 apart from a portion of up to \u20ac0.5\u00a0billion, which may be used to service share-based
compensation and employee stock purchase plans. 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 five 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.
In February 2024, 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 \u20ac1.0\u00a0billion which started in February 2024 and completed in April
2024. Total common shares purchased under this tranche were 41,094,781 at an average price of \u20ac24.33 per share for total
cash paid of \u20ac1.0\u00a0billion.
In May 2024, the Company entered into the second tranche of \u20ac1.0\u00a0billion purchases and completed in June 2024.
Total common shares purchased under this tranche were 51,025,628 at an average price of \u20ac19.60 per share for total cash
paid of \u20ac1.0\u00a0billion.
In August 2024, the Company entered into the third tranche of \u20ac1.0\u00a0billion purchases and completed in October
2024. Total common shares purchased under this tranche were 72,041,332 at an average price of \u20ac13.88 per share for total
cash paid of \u20ac1.0\u00a0billion.
For the year ended December 31, 2024, the Company purchased a total of 164,161,741 at an average price of \u20ac18.27
per share for total cash paid of \u20ac3.0\u00a0billion.
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 2024 and 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 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. Additionally, the
Company provided a matching contribution of 100 percent of the personal amount invested, up to \u20ac1,000. The shares are
locked up for a specified period. Employees bear the risk of fluctuations in the share price relative to the subscription price.
In the November 2024 plan, a total of 9.7\u00a0million shares were subscribed. There was an increase in equity of
\u20ac123\u00a0million and the total cost of the plan was \u20ac58\u00a0million.
In the November 2023 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 details for each plan were as follows:\u00a0
Dates right subscribed
From November 5 to November 18,
2024
From November 13 to November 30,
2023
Employee subscription price
\u20ac9.74
\u20ac14.52
Lock-up period
3 to 5 years
3 to 5 years
Equity Incentive Plans
On April 15, 2021, the AGM 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 \u20ac24,051 million at December\u00a031, 2024 (\u20ac18,639 million at December\u00a031, 2023) 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 shareholders;
\u2022 capital reserves of \u20ac15,133 million at December\u00a031, 2024 (\u20ac17,980 million at December\u00a031, 2023);
\u2022 retained earnings, after the separation of the legal reserve, of positive \u20ac34,424 million (positive \u20ac24,322 million
at December\u00a031, 2023); and
\u2022 profit attributable to owners of the parent of \u20ac5,473 million for the year ended December\u00a031, 2024 (\u20ac18,596
million for the year ended December\u00a031, 2023).
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-744": { "value": "
28.
Equity
At December\u00a031, 2024, the fully paid-up share capital of Stellantis amounted to \u20ac37 million (\u20ac31 million at
December\u00a031, 2023) and consisted of 2,896,073,567 common shares (3,165,189,336 at December\u00a031, 2023), of which
15,581,288 held in treasury (142,090,297 at December\u00a031, 2023), 866,522,224 issued special voting shares A (refer to
Corporate Governance - Articles of Association and Information on Stellantis Shares included elsewhere in this report for
additional information), of which 111,508 held in treasury (110,508 at December 31, 2023) and nil issued special voting
shares B, held in treasury (208,622 at December\u00a031, 2023). During the year ended December 31, 2024, 278,891,748 common
shares and 208,622 Class B special voting shares held in treasury were cancelled following April 16, 2024 AGM resolution.
All shares have a nominal value of \u20ac0.01 each.
At December\u00a031, 2024, there were 2,880,492,279 outstanding common shares ( 3,023,099,039 December 31, 2023).
During the year ended December 31, 2024, 164,161,741 common shares were purchased under the Share buyback program
and 11,779,002 were delivered in execution of the Share base compensation plans.
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, 2024:
Common Shares
Special Voting
Shares A
Total
Balance at January 1, 2024
3,023,099,039
69,282
3,023,168,321
Issuance of special voting shares
\u2014
866,342,434
866,342,434
Purchase of treasury shares
(164,161,741)
(1,000)
(164,162,741)
Treasury shares assigned to long-term incentive plans participants
11,779,002
\u2014
11,779,002
Shares issued for long-term incentive plans and employee-share
purchase plan
9,775,979
\u2014
9,775,979
Balance at December 31, 2024
2,880,492,279
866,410,716
3,746,902,995
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, 2023, 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 2023 AGM. The authorization was renewed in the same terms at the AGM on April
16, 2024 for a period of 18 months from the date of the 2024 AGM and therefore up to and including October 15, 2025.
In February 2024, the Company announced a Share Buyback Program (the \u201cProgram\u201d), covering up to \u20ac3.0\u00a0billion
(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 apart from a portion of up to \u20ac0.5\u00a0billion, which may be used to service share-based
compensation and employee stock purchase plans. 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 five 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.
In February 2024, 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 \u20ac1.0\u00a0billion which started in February 2024 and completed in April
2024. Total common shares purchased under this tranche were 41,094,781 at an average price of \u20ac24.33 per share for total
cash paid of \u20ac1.0\u00a0billion.
In May 2024, the Company entered into the second tranche of \u20ac1.0\u00a0billion purchases and completed in June 2024.
Total common shares purchased under this tranche were 51,025,628 at an average price of \u20ac19.60 per share for total cash
paid of \u20ac1.0\u00a0billion.
In August 2024, the Company entered into the third tranche of \u20ac1.0\u00a0billion purchases and completed in October
2024. Total common shares purchased under this tranche were 72,041,332 at an average price of \u20ac13.88 per share for total
cash paid of \u20ac1.0\u00a0billion.
For the year ended December 31, 2024, the Company purchased a total of 164,161,741 at an average price of \u20ac18.27
per share for total cash paid of \u20ac3.0\u00a0billion.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-745": { "value": "
Other reserves:
Other reserves comprised the following:
\u2022 legal reserves of \u20ac24,051 million at December\u00a031, 2024 (\u20ac18,639 million at December\u00a031, 2023) 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 shareholders;
\u2022 capital reserves of \u20ac15,133 million at December\u00a031, 2024 (\u20ac17,980 million at December\u00a031, 2023);
\u2022 retained earnings, after the separation of the legal reserve, of positive \u20ac34,424 million (positive \u20ac24,322 million
at December\u00a031, 2023); and
\u2022 profit attributable to owners of the parent of \u20ac5,473 million for the year ended December\u00a031, 2024 (\u20ac18,596
million for the year ended December\u00a031, 2023).
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-746": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-747": { "value": "
Dividends proposed, declared and paid
On April 16, 2024, the AGM approved an ordinary dividend distribution of \u20ac1.55 per common share corresponding
to a total distribution of \u20ac4.7\u00a0billion, that was paid on May 3, 2024.
On February 26, 2025, the Company announced an ordinary dividend of \u20ac2.0\u00a0billion corresponding to \u20ac0.68 per
share to be paid, subject to shareholder approval. The dividend represents a payout ratio of approximately 30 percent of the
2024 Net profit as adjusted primarily for the base purchase price related to the Comau disposal (refer to Note 3, Scope of
consolidation for additional information). The expected dates are as follows: (i) ex-date April 22, 2025 for Euronext Milan
and Euronext Paris and April 23, 2025 for NYSE; (ii) record date: April 23, 2025 for NYSE, Euronext Milan and Euronext
Paris; (iii) payment date: May 5, 2025 for NYSE, Euronext Milan and Euronext Paris.
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 to 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
Stellantis adopted a loyalty voting structure on January 17, 2021 whereby certain registered shares that were held for
an uninterrupted period of three years in the name of the same shareholder qualify to receive one class A special voting for
each common shares registered. During the year ended December 31, 2024, issuance of these special voting shares has taken
place. Refer to \"Corporate Governance - Loyalty Voting Structure\" included elsewhere in this report for additional
information.
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, 2024, 2023 and 2022, the Company paid interest of \u20ac1,549\u00a0million and
received interest of \u20ac2,716\u00a0million, \u20ac 1,126\u00a0million and \u20ac2,917\u00a0million, \u20ac937\u00a0million and \u20ac1,201\u00a0million, respectively. These
amounts are mainly recognized within Cash flows from operating activities in the Consolidated Statement of Cash Flows.
Amounts indicated are also inclusive of interest rate differentials paid or received on interest rate derivatives.
During the years ended December 31, 2024, 2023 and 2022, the Company made income tax payments, net of
refunds, totaling \u20ac2,792\u00a0million, \u20ac2,649\u00a0million and \u20ac2,860\u00a0million, respectively. These amounts are mainly recognized
within Cash flows from operating activities in the Consolidated Statement of Cash Flows. Amounts indicated are also
inclusive of interest rate differentials paid or received on interest rate derivatives. For the year ended December 31, 2024
income tax payments include \u20ac72\u00a0million of U.S. purchased tax credits from a third party.
During the years ended December 31, 2024, 2023 and 2022, the Company received dividends of \u20ac335\u00a0million,
\u20ac312\u00a0million and \u20ac217\u00a0million, respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-748": { "value": "1.55", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-749": { "value": "2000000000.0", "decimals": -8, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-750": { "value": "0.68", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-751": { "value": "
29.
Earnings per share
Basic earnings per share
Basic earnings per share for the years ended December 31, 2024, 2023 and 2022 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,
2024
2023
2022
Net profit attributable to owners of the parent
million
\u20ac5,473
\u20ac18,596
\u20ac16,799
Weighted average number of shares outstanding
thousand
2,949,652
3,107,725
3,140,089
Basic earnings per share
\u20ac
\u20ac1.86
\u20ac5.98
\u20ac5.35
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, 2024, 2023 and 2022 (Note 19, Share-based
compensation), as determined using the treasury stock method.
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, 2024, 2023 and 2022.
The following tables provide the amounts used in the calculation of diluted earnings per share:
Years ended December 31,
2024
2023
2022
Net profit attributable to owners of the parent
million
\u20ac5,473
\u20ac18,596
\u20ac16,799
Weighted average number of shares outstanding
thousand
2,949,652
3,107,725
3,140,089
Number of shares deployable for share-based compensation
thousand
26,168
24,733
23,870
Weighted average number of shares outstanding for diluted earnings
per share
thousand
2,975,820
3,132,458
3,163,959
Diluted earnings per share
\u20ac
\u20ac1.84
\u20ac5.94
\u20ac5.31
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-752": { "value": "
30.
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 Chairman, 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-753": { "value": "4651000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-754": { "value": "
32.
Qualitative and quantitative information on financial risks
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, except for entities that operate in hyperinflationary economies (Turkey and
Argentina) for which the income statements are translated into Euro using the spot rate at the end of 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, 2024 resulting from a 10 percent change in the exchange rates
would have been approximately \u20ac752\u00a0million in the Other comprehensive income (mainly driven by the foreign exchange
hedges related to the sales in GBP) and \u20ac291\u00a0million on Consolidated Income Statement.
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.", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-755": { "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 (primarily base metals, commodities used in electric vehicle and PGM - platinum, palladium and rhodium) 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, except for entities that operate in hyperinflationary economies (Turkey and
Argentina) for which the income statements are translated into Euro using the spot rate at the end of 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, 2024 resulting from a 10 percent change in the exchange rates
would have been approximately \u20ac752\u00a0million in the Other comprehensive income (mainly driven by the foreign exchange
hedges related to the sales in GBP) and \u20ac291\u00a0million on Consolidated Income Statement.
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 \u20ac12\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,
2024 would have an impact of \u20ac89\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, 2024 would have a negative impact of \u20ac33\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, 2024, applied to floating rate or
short term maturity 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 \u20ac118\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, 2024, 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 \u20ac290\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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-756": { "value": "
33.
Subsequent events
The Company has evaluated subsequent events through February\u00a027, 2025, which is the date the financial statements
were authorized for issuance.
In November 2024, Stellantis initiated a consultation period with the trade unions and employee representatives on a
proposal to consolidate its UK manufacturing of light commercial vehicles. On February 5, 2025 upon conclusion of the
consultation period, the Company confirmed that the Luton plant will cease production in the second quarter of 2025. As of
the date of this report, discussions are taking place with the affected employees. As such, the cost associated with transferring
roles from Luton to Ellesmere Port, or an estimate of the termination benefits cannot yet be reasonably estimated.
On February 19, 2025, SFS U.S., through SFS Auto Receivables Securitization Trust 2025-1, issued six classes of
ABS Term Notes totaling \u20ac842\u00a0million ($875\u00a0million) in aggregate. The notes issued in each class bear a fixed rate. The ABS
Term Notes are secured by a pool of prime retail loans.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300LKT9PW7ZIBDF31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fn-2": { "value": "Includes:
\u2022 deferred hedging gains/(losses) transferred to inventory, net of tax of \u20ac(47) million (\u20ac1\u00a0million at December 31, 2023 and \u20ac25\u00a0million at December 31, 2022); 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
\u20ac454\u00a0million at December 31, 2024, \u20ac323\u00a0million at December 31, 2023 and \u20ac398\u00a0million at December 31, 2022.
", "dimensions": { "concept": "xbrl:note", "noteId": "fn-2", "language": "en" } }, "fn-1": { "value": " Refer to Note 28 , Equity for additional information", "dimensions": { "concept": "xbrl:note", "noteId": "fn-1", "language": "en" } } } }