Stellantis N.v. · EURONEXT:STLAP
Stellantis — H1 2021 Earnings Presentation
47 slides from Stellantis's earnings presentation, Aug 3, 2021
Slide 1: First Half 2021 Results
FIRST HALF 2021 RESULTS AUGUST 3, 2021
Slide 2: Safe Harbor Statement
SAFE HARBOR STATEMENT This document, in particular references to “2021 Guidance”, contains forward- claims, investigations and lawsuits; material operating expenditures in relation looking statements. In particular, statements regarding future financial to compliance with environmental, health and s
Slide 3: Strong Start with Record Profitability
STRONG START WITH RECORD PROFITABILITY Record 11.4% Group Adjusted Strong Start to Synergies Operating Income (AOI) Margin(1) Execution, with ~€1.3B of net driven by North America at record 16.1% cash synergies in H1 2021 Market leader(2) in All In On Electrification South America in H1 2021 with 11
Slide 4: North America – Record Profitability
NORTH AMERICA – RECORD PROFITABILITY Record 16.1% AOI Margin(1) Highest U.S. Retail ATP(2) Top 50 despite unfilled semiconductor orders, across portfolio in May and Jun ‘21 Diversity Company with strong pricing and mix at $46K and $48K, respectively, in U.S. from DiversityInc vs. competitors All-New
Slide 5: Enlarged Europe – Meaningful Profitability Improvement
ENLARGED EUROPE – MEANINGFUL PROFITABILITY IMPROVEMENT 8.8% AOI Margin(1) CO2 Compliant Expansion in Eurasia with commercial and industrial on Standalone Basis with ramp-up of LCV business performance improvements Growing Market Share Ellesmere Port (UK) Signed Performance in EU30(2) to be First All
Slide 6: Rest of World – Strong Growth
REST OF WORLD – STRONG GROWTH China and South America Middle East & Africa India & Asia Pacific Market Leader(1) in Region, 9.7% AOI Margin(2) Market Share(1) Up ~20% Brazil and Argentina with strong pricing performance in India & Asia Pacific with share of 23.6%, 31.6% and vs. H1 2020 27.7%, respec
Slide 7: Global SUV
GLOBAL SUV Pricing Power +2.8%, +0.1% Achieved ~30% Market Leader and +4.4% vs. Benchmark LEV Mix in EU30(2) in South America for H1 2021 in Brazil, EU G7(1) and U.S., in Jun ‘21 with 14.9% SUV segment respectively share in H1 2021 Record Wrangler Compass and Renegade Record H1 Sales U.S. Retail Sal
Slide 8: American Brands
AMERICAN BRANDS Pacifica #3 Selling Best Ever H1 Global and Best H1 Muscle Car PHEV in U.S. U.S. Retail Sales for Brand Market Share Ever(2), for H1 2021 since becoming standalone brand in 2009 with 49.3% U.S. retail segment share Pricing Power -1.6% Pricing Power -0.2% Pricing Power +6.3% vs. Bench
Slide 9: Upper Mainstream
UPPER MAINSTREAM H1 2021 Market Share Up in +50% Sales Growth #2 in EU30(1) More Than 40 Countries EU30(1), Germany and UK outside of Europe vs. H1 2020 with 7.1% market share Worldwide with Record H1 y-o-y to 4.4%, 6.1% and 6.6%, for H1 2021 Market Share since 2015 respectively Pricing Power +0.6%
Slide 10: Core
CORE H1 2021 Volumes and All-Electric Ami Cargo Market Leader(3) in Brazil, #1 Electric City Car Market Share Up in EU30(1) Launched in Five Italy and Turkey; First Time in 10 Countries y-o-y with 363k units and 4.8% European Markets Leader in South America 30K sold to date share for last mile deliv
Slide 11: Commercial Vehicles
COMMERCIAL VEHICLES Market Leader in EU30(1) Accelerating Sharing of Large e-Van Launched in and South America Electrification Technology in Europe in May 2021, Small for H1 2021 with 34.4% and 33.4% share, between Europe and North America e-Van to Launch in H2 2021 respectively H1 Market Share Grow
Slide 12: Premium
PREMIUM 100% BEV in 2027 100% Electrified in 2024, 100% BEV Launches from 2024 in basecamps of Enlarged Europe, with 100% BEV Launches from 2026 North America and China Pricing Power +0.7% and Pricing Power -19.3% Pricing Power +2.4% -0.6% vs. Benchmark vs. Benchmark vs. Benchmark for H1 2021 in Eur
Slide 13: Luxury
LUXURY Back in the Black H1 2021 Market Share Up Successfully Launched in H1 2021 in All Key Markets Levante, Ghibli and with AOI(1) of €29M y-o-y, with China +50 bps to 2.2%(2) Quattroporte mid-cycle refreshes All-New Levante All-New MC20 All-New Grecale Mild-Hybrid deliveries to begin in Sept ‘21
Slide 14: Mobility Business Accelerating
MOBILITY BUSINESS ACCELERATING Growth Sustained By Lease and Mobility Business Growth Across All Business Lines • End user revenues, with strong recovery of rental offers, up +42% • Short/medium-term rental, subscriptions and car-sharing revenues up vs. H1 2020 +128% vs. H1 2020 • B2B leasing and fl
Slide 15: PHEV and BEV Launches Over Next 2 Years
21 PHEV AND BEV LAUNCHES OVER NEXT 2 YEARS Start of Sale H2 2021 2022 H1 2023 Alfa Romeo Chrysler Citroen DS Automobiles 20 electrified nameplates to be launched in next 24 months: Dodge 10 – BEV only option Fiat/Abarth 1 – BEV & PHEV options Fiat Professional 9 – PHEV only option Jeep Lancia Masera
Slide 16: Financial Results
FINANCIAL RESULTS August 3, 2021 H1 2021 RESULTS | 16
Slide 17: Basis of Presentation
BASIS OF PRESENTATION • Completed merger of Peugeot S.A. (PSA) with and into Fiat Chrysler Automobiles N.V. (FCA) on Jan 16 ’21 (Merger) • On Jan 17 ’21, combined company was renamed Stellantis N.V. (Stellantis or Group) • PSA was determined to be the acquirer for accounting purposes, therefore, his
Slide 18: Record 11.4% Margin Despite Volume Constraints
RECORD 11.4% MARGIN DESPITE VOLUME CONSTRAINTS RESULTS FROM CONTINUING OPERATIONS H1 2021 • Pro Forma Consolidated Shipments Pro Forma +44% primarily due to impact of H1 2020 vs. COVID-related temporary production H1 2021 H1 2020 H1 2020 € million, except as otherwise stated H1 2021 (1) H1 2020 (1)
Slide 19: Net Profit of €5.9B
NET PROFIT OF €5.9B RESULTS FROM CONTINUING OPERATIONS H1 2021 • Pro Forma Net Revenues up €23.6B, Pro Forma or 46% vs. H1 2021 H1 2020 H1 2020 € million, except as otherwise stated H1 2021 (1) H1 2020 (1) Pro Forma (1) Pro Forma (1) Pro Forma • Pro Forma Net Financial Expenses Net Revenues 72,610 1
Slide 20: Net Revenues – Revenue Growth of 46%
REVENUE GROWTH OF 46% NET REVENUES € billion 4.9 1.3 4.6 75.3 72.6 17.0 (4.2) (2.7) 51.7 Vehicle Exclude H1 2020 Volume & Vehicle FX H1 2021 Net Price Other Pro Forma H1 2021 (1) Pro Forma (1) Market Mix Line Mix Translation Pro Forma (1) & Content Adjustments + 33% + 9% + 10% - 8% + 3% + 46% (1) Re
Slide 21: Adjusted Operating Income – Record Double-Digit Margin of 11.4%
RECORD DOUBLE-DIGIT MARGIN OF 11.4% ADJUSTED OPERATING INCOME * € million % = Adjusted Operating Income Margin 1,809 3,944 8,622 8,438 (126) (269) (490) (384) (413) (184) 3,799 11.4% 11.6% 752 1.5% Operating Performance: + 4,071 or + 541% Environment Vehicle Exclude H1 2020 Industry & Vehicle Market
Slide 22: North America – Record 16.1% Margin
RECORD 16.1% MARGIN SHIPMENTS NET REVENUES ADJUSTED OPERATING INCOME & MARGIN (000 units) (€ billion) (€ million) 5,236 873 697 32.4 22.8 16.1% 876 3.8% H1 '21 H1 '20 H1 '21 H1 '20 H1 '21 H1 '20 Pro Forma (1) Pro Forma (1) Pro Forma (1) Pro Forma (1) Pro Forma (1) Pro Forma (1) • Up 25%, mainly due
Slide 23: South America – Strong Commercial Performance
STRONG COMMERCIAL PERFORMANCE SHIPMENTS NET REVENUES ADJUSTED OPERATING INCOME & MARGIN (000 units) (€ billion) (€ million) 326 424 4.9 6.6% 186 2.2 (63) (2.9)% H1 '21 H1 '20 H1 '21 H1 '20 H1 '21 H1 '20 Pro Forma (1) Pro Forma (1) Pro Forma (1) Pro Forma (1) Pro Forma (1) Pro Forma (1) • Up 128%, pr
Slide 24: Enlarged Europe – Meaningful Profitability Improvement
MEANINGFUL PROFITABILITY IMPROVEMENT SHIPMENTS NET REVENUES ADJUSTED OPERATING INCOME & MARGIN (000 units) (€ billion) (€ million) 1,664 32.0 2,829 1,181 22.7 8.8% 194 0.9% H1 '21 H1 '20 H1 '21 H1 '20 H1 '21 H1 '20 Pro Forma (1) Pro Forma (1) Pro Forma (1) Pro Forma (1) Pro Forma (1) Pro Forma (1) •
Slide 25: Middle East & Africa – Strong Pricing Drives 9.7% Margin
STRONG PRICING DRIVES 9.7% MARGIN COMBINED SHIPMENTS NET REVENUES ADJUSTED OPERATING INCOME & MARGIN (000 units) (€ billion) (€ million) JV Consolidated 200 2.5 247 62 130 1.8 37 9.7% 138 43 93 2.4% H1 '21 H1 '20 H1 '21 H1 '20 H1 '21 H1 '20 Middle East & Africa Pro Forma (1) Pro Forma (1) Pro Forma
Slide 26: Improved Profitability for China, India & Asia Pacific and Maserati
IMPROVED PROFITABILITY FOR CHINA, INDIA & ASIA PACIFIC AND MASERATI China and India & Asia Pacific China and India & Asia Pacific H1 2021 H1 2020 H1 2021 H1 2020 • Improved results primarily driven Pro Forma (1) Pro Forma (1) Pro Forma (1) Pro Forma (1) by higher volumes and net pricing, as well as
Slide 27: Industrial Free Cash Flows
NEGATIVE WORKING CAPITAL OFFSETTING POSITIVE NET SYNERGIES INDUSTRIAL FREE CASH FLOWS * € million 2,795 8,580 (5,333) 1,813 650 (3,346) (2,385) (324) (1,150) (1,163) H1 2021 H1 2021 Exclude FCA Pro Forma (1) H1 2021 (1) Capex & Changes in Financial Pro Forma (1) Jan 1 – 16 ‘21 Industrial Depreciatio
Slide 28: Historically Low Stock Levels
HISTORICALLY LOW STOCK LEVELS 000 units • Dealer inventories declined in all regions, 1,256 1,320 except South America and India & Asia 1,234 Pacific, primarily due to unfilled 171 232 Group inventory semiconductor orders impacting 273 882 Independent dealers inventory production 110 • North America
Slide 29: 2021 Industry Outlook and Guidance
2021 INDUSTRY OUTLOOK AND GUIDANCE North America South America Enlarged Europe + 10% + 20% + 10% Outlook for region Outlook for region Outlook for region increased from +8% unchanged unchanged y-o-y, primarily due to improvements in U.S. Middle East & Africa India & Asia Pacific China + 15% + 10% +
Slide 30: Our Purpose and Values Set the Inspiration
OUR PURPOSE AND VALUES SET THE INSPIRATION POWERED BY OUR DIVERSITY, WE LEAD THE WAY THE WORLD MOVES WE ARE CUSTOMER CENTRIC WE WIN TOGETHER WE ARE AGILE AND INNOVATIVE WE CARE FOR THE FUTURE Upcoming Event: Software Day Planned for Fall 2021 August 3, 2021 H1 2021 RESULTS | 30
Slide 31: Appendix
APPENDIX August 3, 2021 H1 2021 RESULTS | 31
Slide 32: Key Commercial Metrics
KEY COMMERCIAL METRICS COMBINED SALES 000 units 3,591 2,689 1,778 H1 2021 1,325 1,077 918 H1 2020 412 217 210 142 52 34 50 46 11.3 7.0 North South Enlarged Middle East India & Total China America America Europe & Africa Asia Pacific MARKET SHARE (1) 10.9% 11.9% 23.6% 17.4% 20.4% 19.6% 11.9% 11.6% 0.
Slide 33: Non-GAAP Financial Measures (1 of 2)
NON-GAAP FINANCIAL MEASURES (1 of 2) Stellantis monitors its operations through the use of several non-generally accepted accounting principles (non-GAAP) financial measures. Group management believes that these non-GAAP financial measures provide useful and relevant information regarding our operat
Slide 34: Non-GAAP Financial Measures (2 of 2)
NON-GAAP FINANCIAL MEASURES (2 of 2) • Industrial Free Cash Flows is calculated as Cash Flows from Operating Activities less: cash flows from operating activities from discontinued operations; cash flows from operating activities related to financial services, net of eliminations; investments in pro
Slide 35: Reconciliation of Net Revenues to Pro Forma Net Revenues H1 2021
RECONCILIATION OF NET REVENUES FROM EXTERNAL CUSTOMERS TO PRO FORMA NET REVENUES H1 2021 Pro Forma RESULTS FROM CONTINUING OPERATIONS China and Middle India & North South Enlarged East & Asia € million America America Europe Africa Pacific Maserati Other (1) Stellantis Net Revenues from External Cus
Slide 36: Reconciliation of Net Revenues to Pro Forma Net Revenues H1 2020
RECONCILIATION OF NET REVENUES FROM EXTERNAL CUSTOMERS TO PRO FORMA NET REVENUES H1 2020 Pro Forma RESULTS FROM CONTINUING OPERATIONS China and Middle India & North South Enlarged East & Asia € million America America Europe Africa Pacific Maserati Other (1) Stellantis Net Revenues from External Cus
Slide 37: Reconciliation of Net Profit to Pro Forma Adjusted Operating Income H1 2021
RECONCILIATION OF NET PROFIT TO PRO FORMA ADJUSTED OPERATING INCOME H1 2021 Pro Forma RESULTS FROM CONTINUING OPERATIONS China and North South Enlarged Middle East India & Asia € million America America Europe & Africa Pacific Maserati Other (1) Stellantis Net Profit from Continuing Operations 5,800
Slide 38: Reconciliation of Net Profit to Adjusted Operating Income H1 2021
RECONCILIATION OF NET PROFIT TO ADJUSTED OPERATING INCOME H1 2021 RESULTS FROM CONTINUING OPERATIONS China and North South Enlarged Middle East India & Asia € million America America Europe & Africa Pacific Maserati Other (1) Stellantis Net Profit from Continuing Operations 5,800 Tax Expense 1,729 N
Slide 39: Reconciliation of Net Profit to Pro Forma Adjusted Operating Income H1 2020
RECONCILIATION OF NET PROFIT TO PRO FORMA ADJUSTED OPERATING INCOME H1 2020 Pro Forma RESULTS FROM CONTINUING OPERATIONS China and North South Enlarged Middle East India & Asia € million America America Europe & Africa Pacific Maserati Other (1) Stellantis Net Profit from Continuing Operations 797 T
Slide 40: Reconciliation of Net Profit to Pro Forma Adjusted Net Profit
RECONCILIATION OF NET PROFIT TO PRO FORMA ADJUSTED NET PROFIT RESULTS FROM CONTINUING OPERATIONS € million H1 2021 H1 2020 Net Profit from Continuing Operations 5,800 797 Add: FCA Net Profit from Continuing Operations – Jan 1 – 16 ’21 30 Add: FCA Net Loss from Continuing Operations – Jan 1 – Jun 30
Slide 41: Reconciliation of Pro Forma Diluted EPS to Adjusted Diluted EPS
RECONCILIATION OF PRO FORMA DILUTED EPS TO PRO FORMA ADJUSTED DILUTED EPS RESULTS FROM CONTINUING OPERATIONS € million, except as otherwise stated H1 2021 H1 2020 Net Profit from Continuing Operations Attributable to Owners of the Parent, as Reported 5,790 800 Add: FCA Net Profit from Continuing Ope
Slide 42: Reconciliation of Operating Cash Flows to Pro Forma Industrial Free Cash Flows
RECONCILIATION OF CASH FLOWS FROM OPERATING ACTIVITIES TO PRO FORMA INDUSTRIAL FREE CASH FLOWS € million H1 2021 Cash Flows from Operating Activities 5,615 Less: Cash Flows from Operating Activities – Discontinued Operations ‒ Cash Flows from Operating Activities – Continuing Operations 5,615 Less:
Slide 43: Reconciliation of Debt to Industrial Net Financial Position
RECONCILIATION OF DEBT TO INDUSTRIAL NET FINANCIAL POSITION € million Jun 30 2021 Debt (31,359) Current Financial Receivables from Jointly-Controlled Financial Services Companies 67 Derivative Financial Assets/(Liabilities), Net and Collateral Deposits (214) Financial Securities 937 Cash and Cash Eq
Slide 44: Aggregated Industrial Free Cash Flows, Net Financial Position and Available Liquidity
AGGREGATED INDUSTRIAL FREE CASH FLOWS, NET FINANCIAL POSITION AND AVAILABLE LIQUIDITY RESULTS FROM CONTINUING OPERATIONS H1 2020 € million Aggregated PSA Automotive Free Cash Flows (3,601) FCA Industrial Free Cash Flows (9,972) Aggregated Industrial Free Cash Flows (1) (13,573) Dec 31 2020 Aggregate
Slide 45: Debt Maturity Schedule – Industrial Activities
DEBT MATURITY SCHEDULE – INDUSTRIAL ACTIVITIES € billion Outstanding Jun 30 2021 6M 2021 2022 2023 2024 2025 Beyond 15.6 Capital Markets Debt 0.0 1.4 3.2 2.0 0.7 8.5 9.4 Bank Debt 0.5 5.9 1.6 0.4 0.9 0.0 0.5 Other Debt 0.4 0.1 0.0 0.0 0.0 0.0 2.6 Lease Liabilities 0.4 0.4 0.4 0.3 0.2 1.0 28.2 Total
Slide 46: Research and Development Costs and Expenditures
RESEARCH AND DEVELOPMENT COSTS AND EXPENDITURES RESULTS FROM CONTINUING OPERATIONS € million H1 2021 H1 2020 H1 2021 (1) H1 2020 (1) Pro Forma (1) Pro Forma (1) Research and Development Expenditures Expensed 1,305 580 1,362 1,299 Amortization of Capitalized Development Expenditures 726 416 742 552 I
Slide 47: STELEANTIS
STELEANTIS