Stellantis N.v. · MIL:STLAM
Stellantis — FY2022 Earnings Presentation
60 slides from Stellantis's earnings presentation, Oct 6, 2023
Slide 1: Full Year 2022 Results
FULL YEAR 2022 RESULTS FEBRUARY 22, 2023
Slide 2: Safe Harbor Statement
SAFE HARBOR STATEMENT This document, in particular references to “FY 2023 Guidance”, contains forward- changes, credit risk and other market risks; increases in costs, disruptions of looking statements. In particular, statements regarding future financial supply or shortages of raw materials, parts,
Slide 3: Record Results, Fast Progression on BEV Offensive and Dare Forward 2030
RECORD RESULTS, FAST PROGRESSION ON BEV OFFENSIVE AND DARE FORWARD 2030 Record 13.0% AOI Margin Global BEV Sales Up 41% y-o-y up 120 bps y-o-y(1) exceeds 2030 target #1 EU30 Commercial Vehicles BEV sales of >12%; all segments contributing #2 EU30 Overall BEV sales to both top and bottom line growth
Slide 4: North America – Record Profitability and Growing LEV Sales
NORTH AMERICA – RECORD PROFITABILITY AND GROWING LEV SALES Record 16.4% AOI Margin Market Share 10.7% Highest U.S. ATP despite unfilled semiconductor down 40 bps y-o-y, with across portfolio vs. competitors(1) orders and supply chain constraints U.S. share down 50 bps to 11.0% at $53k/unit for 2022
Slide 5: Enlarged Europe – Electrification Ecosystem on Track
ENLARGED EUROPE – ELECTRIFICATION ECOSYSTEM ON TRACK Record 9.9% AOI Margin #2 in EU30 for BEV Sales EU30 LEV Market Share 15.7% up 80 bps y-o-y(1) despite Fiat New 500 #1 selling BEV in Italy, up 170 bps y-o-y, unfilled semiconductor orders Peugeot e-208 #1 in France LEV sales mix 16.8%, up 620 bps
Slide 6: Rest of World – Third Engine More Than Doubled AOI Contribution
REST OF WORLD – “THIRD ENGINE” MORE THAN DOUBLED AOI CONTRIBUTION TO €3.8B CHINA AND MIDDLE EAST & AFRICA SOUTH AMERICA INDIA & ASIA PACIFIC Record AOI Margin of 16.7% Record AOI Margin of 13.1% Record AOI Margin of 14.5% AOI nearly doubled(1) to €1.1B up 480 bps y-o-y(1),; AOI up 132% to €2.0B AOI
Slide 7: Global SUV – BEV Product Offensive Accelerating
GLOBAL SUV – BEV PRODUCT OFFENSIVE ACCELERATING Jeep Avenger Premiered All-Electric Successfully Launched European Car of the Year 2023 Recon and Wagoneer “S” Grand Cherokee 4xe brand’s first-ever fully electric SUV North America reservations open 2023; North America deliveries started production to
Slide 8: American Brands – Showcasing Technology and Electrification
AMERICAN BRANDS – SHOWCASING TECHNOLOGY AND ELECTRIFICATION Pacifica #1 Selling Minivan All-Time Highest U.S. ATPs(1) Challenger in North America, for Ram 1500 and heavy-duty trucks #1 Selling Muscle Car sales up 11% y-o-y at $57K and $71k/unit, respectively, for 2022 for second year in a row in U.S
Slide 9: Upper Mainstream – At Forefront of Electrification
UPPER MAINSTREAM – AT FOREFRONT OF ELECTRIFICATION Corsa #1 Selling Car Pricing Power +1.3% 208 and e-208 Pricing Power +4.3% in Germany and UK vs. Benchmark #1 Selling in EU30 vs. Benchmark B Hatch-segment in EU G7 overall and BEV B-segment in EU G7 #1 LEV Brand in France Global BEV Sales Up 52% #1
Slide 10: Core – Mainstream Electrification Take-Off
CORE – MAINSTREAM ELECTRIFICATION TAKE-OFF All-New C3 Launched All-New Ë-C3 Production Market Leader in #3 Most Sold BEV in India and Brazil, started Jan 2023 in India, Brazil, Turkey and Italy in EU G10 strengthening local portfolio expands affordable BEV offerings 21.9%, 18.7% and 15.1% #1 in Ital
Slide 11: Commercial Vehicles – BEV Leader
COMMERCIAL VEHICLES – BEV LEADER Unrivaled Market Leader in Middle East & Africa #1 BEV Sales in EU30 EU30 and South America Market Share 15.1% 42.7% BEV Market Share 30.6% and 29.5% share, sales up 3% to 108k units; leading offerings in respectively #2 in Region C and D Van segments Record Ram Bran
Slide 12: Premium – Continuing on Path to Zero Emissions
PREMIUM – CONTINUING ON PATH TO ZERO EMISSIONS 100% BEV Portfolio from 2027 100% Electrified in 2024 100% BEV Launches from 2024 Tonale PHEV, first LEV, recently launched 100% BEV Launches from 2026 EU30 LEV sales mix at 41% Pricing Power +4.5% and Pricing Power –16.4% Pricing Power +3.5% -0.3% vs.
Slide 13: Luxury – Maserati Is Back
LUXURY – MASERATI IS BACK 8.7% AOI Margin EU G10 Market Share(2) 2.2% Pricing Power +4.8% up 360 bps y-o-y(1), up 80 bps y-o-y; North America vs. Benchmark H2 Double-Digit and China share down 50 bps and in EU G5 60 bps y-o-y, respectively Return of Iconic GranTurismo All-New Grecale Launched MC20 S
Slide 14: Affiliates – Business Expansion Progressing at Full Speed
AFFILIATES – BUSINESS EXPANSION PROGRESSING AT FULL SPEED FINANCIAL SERVICES CIRCULAR ECONOMY U.S. Finco operations expanding Sales growth of 22% y-o-y, driven • ~90% of U.S. dealers enrolled by parts reman and parts reuse • Target to cover 80% of lease volumes by end Q1 2023 Partnering with Qinomic
Slide 15: Clear Progress on Software Strategy
CLEAR PROGRESS ON SOFTWARE STRATEGY TIMELINES ON TRACK 3 TECH PILLARS • 1,500+ software engineers, on track for 4,500 target by 2024 To Be Deployed Across 4 Vehicle Platforms • ~700 graduates from Software and Data Academy • Software platform development progressing, prototype road testing starts H2
Slide 16: Setting Up Full Ecosystem to Support Electrification Growth
SETTING UP FULL ECOSYSTEM TO SUPPORT ELECTRIFICATION GROWTH ELECTRIFICATION ACCELERATION MASTERING ELECTRIFICATION VALUE CHAIN BEV Sales Leadership in EU30 #1 Commercial Vehicles, #2 Overall 5 GIGAFACTORIES Partner Location GWh SOP ~50% of 2030 Target Secured Douvrin 40 2023 #1 U.S. PHEV Sales 512 K
Slide 17: New All-Electric Ram 1500
NEW ALL-ELECTRIC RAM 1500 LAUNCHED ARRIVING RAM REV INSIDER+ Q4 2024 FEBRUARY 12TH FEBRUARY 22, 2023 FY 2022 RESULTS | 17
Slide 18: Financial Results
FINANCIAL RESULTS FEBRUARY 22, 2023 FY 2022 RESULTS | 18
Slide 19: 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 Company) • PSA was determined to be the acquirer for accounting purposes, therefore, h
Slide 20: Record 13.0% Margin with €10.8B Industrial Free Cash Flows
RECORD 13.0% MARGIN WITH €10.8B INDUSTRIAL FREE CASH FLOWS RESULTS FROM CONTINUING OPERATIONS • Consolidated Shipments down 2% vs. FY 2021 Pro Forma with lower FY 2022 shipments in Enlarged Europe nearly vs. offset by improvements in all other FY 2021 FY 2021 € million, except as otherwise stated FY
Slide 21: Net Profit of €16.8B, Up 26%
NET PROFIT OF €16.8B, UP 26% RESULTS FROM CONTINUING OPERATIONS • Net Revenues up €27.5B or 18% y-o-y(2) FY 2022 vs. • Unusual Charges of €3.3B, up from FY 2021 FY 2021 € million, except as otherwise stated FY 2022 FY 2021 (1) Pro Forma (1) Pro Forma €2.7B for FY 2021 Pro Forma, primarily related to
Slide 22: Net Revenues
STRONG NET PRICING, VEHICLE MIX AND FX TRANSLATION DRIVE REVENUE GROWTH NET REVENUES € billion + 18% 10.3 2.9 179.6 4.9 12.1 152.1 (2.8) FY 2021 Volume & Vehicle Net Price Vehicle FX Other FY 2022 Pro Forma (1) Market Mix & Content Line Mix Translation (1) Refer to Basis of Presentation for addition
Slide 23: Adjusted Operating Income
AOI GROWTH AS STRONG PRICING MORE THAN OFFSET COST INFLATION ADJUSTED OPERATING INCOME * € million % = Adjusted Operating Income Margin 1,305 12,370 4,578 23,323 (1,532) 810 18,011 Change in dealer (9,129) (306) stock +€3.4B (2,784) 13.0% 11.8% Operating Performance: + 8,096 or + 45% Environment Veh
Slide 24: North America
STRONG INCREASE IN BOTH TOP AND BOTTOM LINE RESULTS SHIPMENTS NET REVENUES ADJUSTED OPERATING INCOME & MARGIN (000 units) (€ billion) (€ million) 85.5 13,989 1,861 1,820 69.7 11,356 16.4% 16.3% FY '22 FY '21 FY '22 FY '21 FY '22 FY '21 Pro Forma (1) Pro Forma (1) Pro Forma (1) NORTH AMERICA • Up 2%,
Slide 25: Enlarged Europe
STRONG PRICING AND DISCIPLINED COST STRUCTURE SHIPMENTS NET REVENUES ADJUSTED OPERATING INCOME & MARGIN (000 units) (€ billion) (€ million) 2,860 63.3 6,293 2,626 59.1 5,370 9.9% 9.1% FY '22 FY '21 FY '22 FY '21 FY '22 FY '21 ENLARGED EUROPE Pro Forma (1) Pro Forma (1) Pro Forma (1) • Down 8%, with
Slide 26: Middle East & Africa
AOI NEARLY DOUBLED ON STRONG PRICING AND COST DISCIPLINE COMBINED SHIPMENTS NET REVENUES ADJUSTED OPERATING INCOME & MARGIN (000 units) (€ billion) (€ million) JV Consolidated 6.5 1,078 426 5.2 389 143 116 545 16.7% 283 273 10.5% MIDDLE EAST & AFRICA FY '22 FY '21 FY '22 FY '21 FY '22 FY '21 Pro For
Slide 27: South America
STRONG OPERATING DISCIPLINE DELIVERS POWERFUL OPERATING LEVERAGE SHIPMENTS NET REVENUES ADJUSTED OPERATING INCOME & MARGIN (000 units) (€ billion) (€ million) 859 15.6 2,048 830 10.7 13.1% 882 8.3% FY '22 FY '21 FY '22 FY '21 FY '22 FY '21 Pro Forma (1) Pro Forma (1) Pro Forma (1) • Up 3%, primarily
Slide 28: New Products Driving Profitable Growth
NEW PRODUCTS DRIVING PROFITABLE GROWTH CHINA AND INDIA & ASIA PACIFIC MASERATI China and India & Asia Pacific FY 2021 FY 2021 • Improved results primarily driven FY 2022 Pro Forma (1) FY 2022 Pro Forma (1) by favorable net pricing and € million, except as otherwise stated RESULTS FROM CONTINUING OPE
Slide 29: Industrial Free Cash Flows
STRONG CASH GENERATION DRIVEN BY PROFITABILITY AND €7.1B NET CASH SYNERGIES INDUSTRIAL FREE CASH FLOWS * € million 6,772 23,231 (9,207) 10,819 (4,833) (723) (833) (3,588) FY 2022 Capex, FY 2022 Industrial Changes in Financial Depreciation Capitalized Working Industrial Adjusted Provisions Restructur
Slide 30: New Vehicle Inventory
LOGISTICS CHALLENGES CONTINUE TO IMPACT DELIVERY OF VEHICLES TO DEALERS NEW VEHICLE INVENTORY 000 units • Dealer inventories increased in all regions, except China, from Dec 31 ’21 to meet 1,256 consumer demand 1,074 171 o North America dealer inventory up 69k 926 units from Dec 31 ‘21 230 845 791 C
Slide 31: 2023 Industry Outlook and Guidance
2023 INDUSTRY OUTLOOK AND GUIDANCE – CONTINUE TO SEE STRONG OPPORTUNITY NORTH AMERICA ENLARGED EUROPE MIDDLE EAST & AFRICA + 5% + 5% + 5% FY 2023 GUIDANCE Moderate growth expected Moderate growth expected Moderate growth expected in all markets in all major markets, in major markets particularly Spa
Slide 32: Fast Paced Progress on Strategic Transformation
FAST PACED PROGRESS ON STRATEGIC TRANSFORMATION C RBON NET ZERO BY 2038 CARE TECH VALUE 7 ACCRETIVE -50% vs 2021 100% BEV EU(3) BUSINESSES 2030 Carbon Footprint(1) 50% BEV U.S.(3) with their own P&L #1 DIGITAL REVOLUTION >25% Customer Satisfaction Net Revenues from regions Software, AI & Autonomous
Slide 33: Transforming, Resilient, Highly Profitable
TRANSFORMING, RESILIENT, HIGHLY PROFITABLE ‘One Stellantis’ Strategy Delivers Fast Progress on Dare Forward 2030 Leverage All-Weather Capabilities Company driven by our people, 2022 record Early results reinforce our strong confidence Balanced footprint and improved results demonstrate one-team mind
Slide 34: Appendix
APPENDIX FEBRUARY 22, 2023 FY 2022 RESULTS | 34
Slide 35: Definitions and Notes to Presentation
DEFINITIONS AND NOTES TO PRESENTATION For purposes of this presentation, and unless otherwise stated: • LEV = Low emission vehicles, which include battery electric (BEV), plug-in hybrid (PHEV) and fuel cell electric (FCEV) vehicles • EU30 = EU 27 (excluding Malta), Iceland, Norway, Switzerland and U
Slide 36: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES Stellantis monitors its operations through the use of several non-generally accepted accounting principles (non-GAAP) financial measures. Company management believes that these non-GAAP financial measures provide useful and relevant information regarding our operating res
Slide 37: Full Year Key Commercial Metrics
FULL YEAR KEY COMMERCIAL METRICS COMBINED SALES 000 units 6,579 5,839 3,098 2,570 FY 2022 1,791 2,005 FY 2021 844 812 415 411 105 108 92 122 23.4 24.3 NORTH ENLARGED MIDDLE EAST SOUTH INDIA & TOTAL CHINA AMERICA EUROPE & AFRICA AMERICA ASIA PACIFIC MARKET SHARE (1) 10.7% 11.1% 18.3% 19.3% 12.0% 11.8
Slide 38: H2 Key Commercial Metrics
H2 KEY COMMERCIAL METRICS COMBINED SALES 000 units 2,820 2,984 H2 2022 H2 2021 1,192 1,319 855 928 449 400 213 201 52 52 45 71 13.2 13.0 NORTH ENLARGED MIDDLE EAST SOUTH INDIA & TOTAL CHINA AMERICA EUROPE & AFRICA AMERICA ASIA PACIFIC MARKET SHARE (1) 10.1% 11.4% 17.0% 18.1% 12.0% 11.8% 22.9% 22.3%
Slide 39: H2 Key Financial Metrics
H2 KEY FINANCIAL METRICS RESULTS FROM CONTINUING OPERATIONS € million, except as otherwise stated H2 2022 H2 2021 Combined Shipments (1) (000 units) 2,970 2,868 + 4% Consolidated Shipments (1) (000 units) 2,848 2,756 + 3% Net Revenues 91,593 76,809 + 19% Adjusted Operating Income * 10,949 9,389 + 17
Slide 40: H2 Key P&L Metrics
H2 KEY P&L METRICS RESULTS FROM CONTINUING OPERATIONS € million, except as otherwise stated H2 2022 H2 2021 Net Revenues 91,593 76,809 + 19% Operating Income 9,692 7,782 + 25% Net Financial Expenses 337 517 - 35% Profit Before Taxes 9,355 7,265 + 29% Tax Expense 744 182 + 309% Share of the Profit of
Slide 41: H2 Net Revenues
H2 NET REVENUES NET REVENUES € billion + 19% 5.7 2.0 91.6 6.2 1.7 76.8 (0.9) Volume & Vehicle Net Price Vehicle FX H2 2021 Other H2 2022 Market Mix & Content Line Mix Translation Figures may not add due to rounding FEBRUARY 22, 2023 FY 2022 RESULTS | 41
Slide 42: H2 Adjusted Operating Income
H2 ADJUSTED OPERATING INCOME ADJUSTED OPERATING INCOME * € million % = Adjusted Operating Income Margin 6,279 636 1,451 10,949 (1,571) 316 9,389 (287) (5,180) (84) Change in dealer 12.2% stock +€1.1B 12.0% Operating Performance: + 1,847 or + 20% Environment Vehicle Industry & Vehicle Market Share H2
Slide 43: H2 Results North America, Enlarged Europe
H2 RESULTS NORTH AMERICA ENLARGED EUROPE SHIPMENTS NET REVENUES SHIPMENTS NET REVENUES (000 units) (€ billion) (000 units) (€ billion) 43.0 37.3 1,264 1,196 32.0 902 947 27.0 H2 '22 H2 '21 H2 '22 H2 '21 H2 '22 H2 '21 H2 '22 H2 '21 ADJUSTED OPERATING INCOME ADJUSTED OPERATING INCOME € million € milli
Slide 44: H2 Results Middle East & Africa, South America
H2 RESULTS MIDDLE EAST & AFRICA SOUTH AMERICA COMBINED SHIPMENTS NET REVENUES SHIPMENTS NET REVENUES (000 units) (€ billion) (000 units) (€ billion) JV Consolidated 456 406 8.4 227 189 5.7 82 54 3.4 2.7 145 135 H2 '22 H2 '21 H2 '22 H2 '21 H2 '22 H2 '21 H2 '22 H2 '21 ADJUSTED OPERATING INCOME ADJUSTE
Slide 45: H2 Results China and India & Asia Pacific, Maserati
H2 RESULTS CHINA AND INDIA & ASIA PACIFIC MASERATI H2 2022 H2 2021 H2 2022 H2 2021 € million, except as otherwise stated RESULTS FROM CONTINUING OPERATIONS Combined Shipments (1) (000 units) 105 117 - 10% n.a. n.a. n.a. Consolidated Shipments (1) (000 units) 65 59 + 10% 15.7 13.4 + 17% Net Revenues
Slide 46: H2 Industrial Free Cash Flows
H2 INDUSTRIAL FREE CASH FLOWS INDUSTRIAL FREE CASH FLOWS * € million 3,559 10,939 (4,777) 5,500 (1,629) (656) (428) (1,508) H2 2022 Capex, H2 2022 Industrial Changes in Financial Depreciation Capitalized Working Industrial Adjusted Provisions Restructuring Charges & Amortization R&D & Other Capital
Slide 47: Reconciliation of Net Revenues from External Customers to Net Revenues
RECONCILIATION OF NET REVENUES FROM EXTERNAL CUSTOMERS TO NET REVENUES FY 2022 RESULTS FROM CONTINUING OPERATIONS China and North Enlarged Middle East South India & € million America Europe & Africa America Asia Pacific Maserati Other (1) Stellantis Net Revenues from External Customers 85,474 63,226
Slide 48: Reconciliation of Net Revenues from External Customers to Net Revenues
RECONCILIATION OF NET REVENUES FROM EXTERNAL CUSTOMERS TO NET REVENUES H2 2022 RESULTS FROM CONTINUING OPERATIONS China and North Enlarged Middle East South India & € million America Europe & Africa America Asia Pacific Maserati Other (1) Stellantis Net Revenues from External Customers 43,032 31,951
Slide 49: Reconciliation of Net Revenues to Pro Forma Net Revenues
RECONCILIATION OF NET REVENUES FROM EXTERNAL CUSTOMERS TO PRO FORMA NET REVENUES FY 2021 Pro Forma RESULTS FROM CONTINUING OPERATIONS China and North Enlarged Middle East South India & € million America Europe & Africa America Asia Pacific Maserati Other (1) Stellantis Net Revenues from External Cus
Slide 50: Reconciliation of Net Revenues from External Customers to Net Revenues
RECONCILIATION OF NET REVENUES FROM EXTERNAL CUSTOMERS TO NET REVENUES H2 2021 RESULTS FROM CONTINUING OPERATIONS China and North Enlarged Middle East South India & € million America Europe & Africa America Asia Pacific Maserati Other (1) Stellantis Net Revenues from External Customers 37,286 27,098
Slide 51: Reconciliation of Net Profit to Adjusted Operating Income
RECONCILIATION OF NET PROFIT TO ADJUSTED OPERATING INCOME FY 2022 RESULTS FROM CONTINUING OPERATIONS China and North Enlarged Middle East South India & € million America Europe & Africa America Asia Pacific Maserati Other (1) Stellantis Net Profit from Continuing Operations 16,779 Tax Expense 2,729
Slide 52: Reconciliation of Net Profit to Adjusted Operating Income
RECONCILIATION OF NET PROFIT TO ADJUSTED OPERATING INCOME H2 2022 RESULTS FROM CONTINUING OPERATIONS China and North Enlarged Middle East South India & € million America Europe & Africa America Asia Pacific Maserati Other (1) Stellantis Net Profit from Continuing Operations 8,819 Tax Expense 744 Net
Slide 53: Reconciliation of Net Profit to Pro Forma Adjusted Operating Income
RECONCILIATION OF NET PROFIT TO PRO FORMA ADJUSTED OPERATING INCOME FY 2021 Pro Forma RESULTS FROM CONTINUING OPERATIONS China and North Enlarged Middle East South India & € million America Europe & Africa America Asia Pacific Maserati Other (1) Stellantis Net Profit from Continuing Operations 13,21
Slide 54: Reconciliation of Net Profit to Adjusted Operating Income
RECONCILIATION OF NET PROFIT TO ADJUSTED OPERATING INCOME FY 2021 RESULTS FROM CONTINUING OPERATIONS China and North Enlarged Middle East South India & € million America Europe & Africa America Asia Pacific Maserati Other (1) Stellantis Net Profit from Continuing Operations 13,218 Tax Expense 1,911
Slide 55: Reconciliation of Net Profit to Adjusted Operating Income
RECONCILIATION OF NET PROFIT TO ADJUSTED OPERATING INCOME H2 2021 RESULTS FROM CONTINUING OPERATIONS China and North Enlarged Middle East South India & € million America Europe & Africa America Asia Pacific Maserati Other (1) Stellantis Net Profit from Continuing Operations 7,418 Tax Expense 182 Net
Slide 56: Reconciliation of Cash Flows from Operating Activities to Industrial Free Cash Flows
RECONCILIATION OF CASH FLOWS FROM OPERATING ACTIVITIES TO INDUSTRIAL FREE CASH FLOWS € million H2 2022 H2 2021 FY 2022 FY 2021 Cash Flows from Operating Activities 10,116 13,031 19,959 18,646 Less: Cash Flows from Operating Activities – Discontinued Operations ‒ ‒ ‒ ‒ Cash Flows from Operating Activ
Slide 57: Reconciliation of Debt to Industrial Net Financial Position
RECONCILIATION OF DEBT TO INDUSTRIAL NET FINANCIAL POSITION € million Dec 31 2022 Jun 30 2022 Dec 31 2021 Debt (27,153) (28,164) (33,582) Current Financial Receivables from Jointly-Controlled Financial Services Companies 321 332 103 Derivative Financial Assets/(Liabilities), Net and Collateral Depos
Slide 58: Debt Maturity Schedule – Industrial Activities
DEBT MATURITY SCHEDULE – INDUSTRIAL ACTIVITIES € billion Outstanding Dec 31 2022 2023 2024 2025 2026 2027 Beyond 18.5 Capital Markets Debt 3.3 2.0 0.7 2.5 2.2 7.8 2.3 Bank Debt 0.8 0.4 0.9 0.0 0.0 0.1 0.4 Other Debt 0.3 0.1 0.0 0.0 0.0 0.0 2.2 Lease Liabilities 0.6 0.4 0.2 0.2 0.1 0.7 23.4 Total Ind
Slide 59: Research and Development Costs and Expenditures
RESEARCH AND DEVELOPMENT COSTS AND EXPENDITURES RESULTS FROM CONTINUING OPERATIONS € million FY 2021 H2 2022 H2 2021 FY 2022 FY 2021 (1) Pro Forma (1) Research and Development Expenditures Expensed 1,628 1,456 3,233 2,761 2,818 Amortization of Capitalized Development Expenditures 958 849 1,889 1,575
Slide 60: STELEANTIS
STELEANTIS