Net revenues grew 6% y-o-y to €189.5 billion, Net profit rose 11% to €18.6 billion, and Industrial free cash flows increased 19% y-o-y to €12.9 billion
Today’s record financial results are proof that we have become a new global leader in our industry and will remain rock solid as we look to a turbulent 2024
AMSTERDAM, Netherlands, February 20, 2024/APO Group/ —
Net revenues of €189.5 billion, up 6% compared to 2022, with consolidated shipment volumes increasing 7%; Net profit grew 11% to €18.6 billion. Adjusted operating income (1)rose 1% to €24.3 billion, with AOI margin of 12.8%; Industrial free cash flows (2) of €12.9 billion, an increase of 19% compared to 2022; Strong balance sheet, with Industrial available liquidity at €61.1 billion; LEV sales up 27% in 2023, with PHEVs at #1 in U.S. and #2 for LEVs in U.S. (3); 21% increase in global BEV sales in 2023; Returned €6.6 billion in cash to shareholders in 2023 through dividends and share buybacks, an increase of 53% compared to €4.3 billion in 2022; Dividend proposed of €1.55 per common share, increase of approximately 16% compared to prior year, pending shareholder approval; Announcing 2024 open market share buyback program of €3.0 billion.
“As we just passed the three-year mark since Stellantis’ inception, I warmly thank our teams who are executing at the highest levels and contributing greatly to our growth story, even in the strongest of headwinds. Today’s record financial results are proof that we have become a new global leader in our industry and will remain rock solid as we look to a turbulent 2024. Thanks to our flexible technology and product roadmap, we are prepared to address the various scenarios that could arise and to continue delivering on our Dare Forward 2030 targets.” Carlos Tavares, CEO
All reported data is unaudited. Reference should be made to the section “Safe Harbor Statement” included elsewhere within this document.
Stellantis N.V. reported record full year 2023 results. Net revenues grew 6% y-o-y to €189.5 billion, Net profit rose 11% to €18.6 billion, and Industrial free cash flows increased 19% y-o-y to €12.9 billion. Global BEV sales are up 21% y-o-y and LEV sales up are 27% y-o-y, with PHEVs in the U.S. at #1 (3) and #2 for LEVs in the U.S. (3) Results are in line with Dare Forward 2030 objectives and are supported by the following concrete actions:
CARE: Stellantis remains on track to achieve its carbon net zero emission target by 2038 (4). Stellantis reduced its scope 1 and 2 absolute emissions tCO2 by 20% in 2023 vs Baseline 2021. A constant focus on the customer led to a reduction of vehicle defect rates three months after customer delivery by more than 40%, as compared to 2021. Embracing a circular consumption model, the Company opened its first Circular Economy Hub in Italy, creating a center of excellence aimed at industrializing the recovery and sustainable reuse of materials, and the business realized 18% year-over-year sales growth. The Company launched an employee share purchase plan – Shares to Win – in Italy and France and will extend it to other countries during 2024. As well, more than 600 collective agreements were signed covering approximately 90% of employee across the world. The Stellantis Student Awards celebrated more than 600 family members of employees for dedication to continuous learning and education, and the Stellantis Foundation partnered with CERN to inaugurate the Science Gateway in Geneva, its new outreach center for science education.
TECH: To support overall market growth and the electrification push in North America, 18 additional BEVs will be launched in 2024, reaching a total of 48 models by end of 2024. The all-new Citroën ë-C3 starts at €23,300 and is the most competitively priced B-segment EV produced in Europe and the Jeep® Avenger, which was awarded European Car of the Year 2023, continues to earn top honors. Stellantis launched the first of four all-new BEV-centric platforms, STLA Medium, on the Peugeot E-3008 with best-in-class range of up to 700 kilometers (435 miles). The second platform, STLA Large, is launching in 2024 with 800 kilometers (500 miles) range and fitted to exceed customer expectations. STLA Large is a highly flexible, BEV-native platform that will serve as the foundation for upcoming global vehicles in the D and E segments, and able to take multiple propulsion systems, including hybrid and internal combustion. Stellantis secured raw materials sourcing through 2027, and signed an agreement with CATL for the supply of LFP battery cells and modules, further expanding its battery chemistries portfolio. Stellantis and Ample established a partnership in battery swapping technology to deliver fully charged EV batteries in less than five minutes. Stellantis joined Symbio and the other shareholders in inaugurating SymphonHy, the first gigafactory in France and Europe’s largest integrated site producing hydrogen fuel cells. Stellantis is implementing a multifaceted semiconductor strategy to ensure supply security and drive innovation. SiliconAuto, the 50/50 joint venture with Foxconn, will tailor chips aimed at a new generation of automotive industry vehicle platforms starting in 2026. In 2023, Stellantis Ventures invested in six new startups, and Stellantis signed 49 commercial contracts with new startups.
VALUE: Flexibility, execution, resilience and agility remain core tenants of the Stellantis mentality and with its several tech and new model announcements the Company is poised to profitably navigate customer demand, market fluctuations and political shifts. Stellantis delivered continued growth outside Enlarged Europe and North America with the “third engine” (5) delivering a 13% increase in Net revenues. In China, Stellantis invested €1.4 billion in Leapmotor, a pure play NEV OEM, and now holds approximately 21% equity, giving Stellantis a leading role in supporting their promising growth in China as well as global expansion opportunities through the new Leapmotor International joint venture managed by Stellantis. With it, Stellantis is addressing a white space in its business model and can now benefit from Leapmotor’s competitiveness both in China and abroad. The Stellantis Pro One commercial vehicles achieved market share leadership in EU30 and South America and is the undisputed leader in EU30 BEV sales with 38.8% BEV market share. The business is targeting to achieve global leadership by 2027 with its completely updated and expanded line-up including internal combustion, battery electric, fuel cell hydrogen and range extended variants. The Data-as-a-Service arm, Mobilisights, created innovative solutions and secured strategic agreements through its custom data packages and data streaming offer.
GUIDANCE AND OUTLOOK: Building on 2023 momentum, management notes a number of factors could create a supportive revenue backdrop in 2024, including reduced supply and logistical constraints, stabilizing and potentially reduced interest rates, and the benefits of the Company’s expected expansion of its product offering. The Company is reiterating a minimum commitment of double-digit adjusted operating income (AOI) margin in 2024, as well as positive industrial free cash flow, despite macroeconomic uncertainties.
Pending shareholder approval, Stellantis proposes to pay a dividend of €1.55 per common share, an increase of approximately 16% compared to the prior year, and an expected calendar for NYSE, Euronext Milan and Euronext Paris to be as follows: (i) ex-date April 22, 2024, (ii) record date April 23, 2024, and (iii) payment date May 3, 2024. Stellantis will also execute a 2024 open-market share buyback program of €3.0 billion, which includes €0.5 billion of shares repurchased to service share-based compensation and employee share purchase, in 2024.
On February 15, 2024 at 2:00 p.m. CET / 8:00 a.m. EST, a live webcast and conference call will be held to present Stellantis’ Full Year 2023 Results. The webcast and recorded replay will be accessible under the Investors section of the Stellantis corporate website at www.Stellantis.com. The presentation material is expected to be posted under the Investors section of the Stellantis corporate website at approximately 7:30 a.m. CET / 1:30 a.m. EST on February 15, 2024.
UPCOMING EVENTS: Annual General Meeting – April 16, 2024; Q1 Shipments & Revenues – April 30, 2024; Investor Day 2024 – June 13, 2024
(1) Adjusted operating income/(loss) excludes from Net profit/(loss) adjustments comprising restructuring and other termination costs, impairments, asset write-offs, disposals of investments and unusual operating income/(expense) that are considered rare or discrete events and are infrequent in nature, as inclusion of such items is not considered to be indicative of the Company’s ongoing operating performance, and also excludes Net financial expenses/(income) and Tax expense/(benefit). Effective from January 1, 2023, our Adjusted operating income/(loss) includes Share of the profit/(loss) of equity method investees. The comparatives for the respective periods for 2022 have been adjusted accordingly. 2) Industrial free cash flows is our key cash flow metric and is calculated as Cash flows from operating activities less: (i) cash flows from operating activities from discontinued operations; (ii) cash flows from operating activities related to financial services, net of eliminations; (iii) investments in property, plant and equipment and intangible assets for industrial activities; (iv) contributions of equity to joint ventures and minor acquisitions of consolidated subsidiaries and equity method and other investments; and adjusted for: (i) net intercompany payments between continuing operations and discontinued operations; (ii) proceeds from disposal of assets and (iii) contributions to defined benefit pension plans, net of tax. The timing of Industrial free cash flows may be affected by the timing of monetization of receivables, factoring and the payment of accounts payables, as well as changes in other components of working capital, which can vary from period to period due to, among other things, cash management initiatives and other factors, some of which may be outside of the Company’s control. (3 Per S&P Global 2023 vehicle registrations (most current data available); PC + light duty trucks. (4) With single-digit percentage compensation of the remaining emissions. (5) Refers to the aggregation of the South America, Middle East & Africa and China and India & Asia Pacific segments for presentation purposes only.
The African Energy Chamber proudly supports the inaugural Congo Energy & Investment Forum, scheduled for March 25-26, 2025 in Brazzaville
BRAZZAVILLE, Republic of the Congo, November 21, 2024/APO Group/ —
The African Energy Chamber (AEC), as the voice of Africa’s energy sector, proudly supports the inaugural Congo Energy & Investment Forum (CEIF), set to take place in Brazzaville on March 25-26, 2025. Unveiled during African Energy Week: Invest in African Energies in Cape Town by the Republic of Congo’s Ministry of Hydrocarbons, this milestone event signals the nation’s commitment to strengthening its role as a key energy player on the continent, while showcasing a range of investment opportunities.
Under the leadership of Hydrocarbons Minister Bruno Jean-Richard Itoua, the Republic of Congo has emerged as sub-Saharan Africa’s fourth-largest oil producer, with anticipated production of 280,000 barrels per day (BPD) by the end of 2024 and ambitions to reach 500,000 BPD within three to five years. Building on this momentum, the CEIF will highlight innovative projects and foster strategic partnerships that enhance investment, drive economic growth and position the Congo as a leader in Africa’s energy expansion.
Meanwhile, Société Nationale des Pétroles du Congo (SNPC), led by CEO Maixent Raoul Ominga, is spearheading the Congo’s energy growth. SNPC holds a majority stake in the Mengo Kundji Bindi II permit, with 2.5 billion barrels of estimated oil potential. The company is developing the site through 13 wells, 3D seismic data acquisition, and the construction of six production platforms.
We are honored to secure the Chamber’s endorsement for this pivotal forum
With the Chamber’s official support, the CEIF is set to attract government leaders, C-suite executives from major IOCs and energy experts, who will offer critical insights into Congo’s oil, gas and energy sector developments. The country is overhauling its gas sector to unlock 10 trillion cubic feet of resources through a comprehensive Gas Master Plan and new Gas Code that introduces favorable fiscal terms and enables small-scale project development, as well as large-scale, integrated gas megaprojects like Eni’s Congo LNG and Wing Wah’s Bango Kayo.
“The Congo Energy & Investment Forum marks a major milestone for the country, amplifying its strategic energy initiatives and showing industry stakeholders that it is serious about advancing its energy sector. We look forward to supporting this forum, which promises to connect investors, drive impactful partnerships and elevate the Congo’s position within Africa’s energy sector,” says NJ Ayuk, Executive Chairman of the AEC.
“We are honored to secure the Chamber’s endorsement for this pivotal forum, which, through its vast network and influence, will help attract key stakeholders and decision-makers to the event. Together, we aim to highlight the immense potential of the Congo’s energy sector, foster strategic partnerships and drive transformative investments that contribute to sustainable growth across the industry,” notes James Chester, CEO of Energy Capital & Power, organizers of the CEIF.
This premier forum provides a unique platform for connecting local and international investors with high-impact opportunities across a diversified range of energy projects, paving the way for collaborations that drive growth and transformation. The AEC’s endorsement underscores its commitment to fostering strategic partnerships, sustainable investment and regional cooperation, aligning with its broader mission to make energy poverty history across the continent by 2030.
As the energy industry continues to serve as a critical pillar of the Congolese economy and a catalyst for sustainable development, the AEC remains dedicated to supporting initiatives like CEIF that foster progress, investment and partnerships across the African energy landscape.
Africa will need global financial systems, including multilateral development banks, to play a significant role in financing our energy growth which must include fossil fuels
JOHANNESBURG, South Africa, November 21, 2024/APO Group/ —
By NJ Ayuk, Executive Chairman of the African Energy Chamber (www.EnergyChamber.org).
I believe the ultimate responsibility for getting there is ours and no one else’s. Yes, we need partners to walk alongside us, but the success of our energy movement rests on African shoulders.
To begin with, I would love to see African energy stakeholders speaking in a unified voice about African energy industry goals.
This will be particularly important in COP29 in Baku. It is imperative that African leaders present a unified voice and strategy for African energy transitions. We must make Africa’s unique needs and circumstances clear and explain the critical role that oil and gas will play in helping Africa achieve net-zero emissions in coming decades.
I would encourage African leaders to talk about the need for financing, as well, to make it possible for us to adopt renewable energy sources and set up the necessary infrastructure. Africa will need global financial systems, including multilateral development banks, to play a significant role in financing our energy growth which must include fossil fuels.
Africa’s governments have a role to play in a successful African energy movement as well.
Because Africa’s energy industry still can benefit greatly from the presence of international oil companies, our government leaders need to approve contracts with oil and gas companies promptly instead of allowing red tape to delay projects after discoveries are made.
And, they need to offer the kinds of fiscal policies that allow oil companies to operate profitably in Africa. In turn, that will help those companies generate revenue, create jobs and business opportunities, and foster capacity building.
I also would encourage governments and civil societies to reward companies that exemplify positive behavior. Let’s incentivize the kind of activities we want, from creating good jobs and training opportunities to sharing knowledge.
I would love to see African energy stakeholders speaking in a unified voice about African energy industry goals
And there’s more.
We in Africa must work together to create more opportunities for women to build careers in the oil and gas industry at all levels. Our energy industry can’t reach its potential to do good when half of our population is left out. Our progress on behalf of women has not been great—We need to do better, and we need to act quickly.
How the world can support
Now, I mean it when I say Africans are responsible for building the future they want. But, I would love to see Western governments, businesses, financial institutions, and organizations support our efforts.
How? They can avoid demonizing the oil and gas industry. We see it constantly, in the media, in policy and investment decisions, and in calls for Africa to leave our fossil fuels in the ground. Actions like these, even as Western leaders have pushed OPEC to produce oil, are not fair, and they’re not helpful.
I also would respectfully ask financial institutions to resume financing for African oil and gas projects and stop attempting to block projects like the East African Crude Oil pipeline or Mozambique’s LNG projects.
Please understand that with the war in Ukraine, the energy crisis in Europe, and the energy poverty facing our continent, our countries, like many others, are simply choosing the paths they believe are most likely to help their people.
You know, people for years have accused me of loving oil and gas companies more than Africa. The opposite is true. In my frequent travels around the continent, I’ve observed far too many young people with little in the way of opportunities.
I know our young people have aspirations for a better future. I know they have big dreams. And, I know that future is nearly within their grasp.
A thriving, strategically managed energy industry can make it possible for many of these young people, whether it leads to good jobs or it fosters the kind of economic growth that creates jobs in other fields. Even if we only get the lights on in their communities, we’ll be giving our young people hope and improving their chances of realizing their goals.
This is what drives me, the idea that with our ongoing efforts and determination, our young people can realize meaningful opportunities. I encourage each of you to work with us at the African Energy Chamber, in a spirit of cooperation and mutual respect. Together, we can build the kind of African energy movement that our continent, our communities, and our young people need and deserve.
Distributed by APO Group on behalf of African Energy Chamber.
This partnership is set to empower African communities, governments, and businesses, and represents a significant step toward realising the shared goal of financial inclusion and economic advancement across Africa
CAPE TOWN, South Africa, November 21, 2024/APO Group/ —
In Sub-Saharan Africa, approximately 105 million adults are unbanked and lack proper identification documents (http://apo-opa.co/4fZNzyr) [1]. Over 350 million adults in Africa live on a cash-only basis (http://apo-opa.co/3Z2xBg6), without access to financial accounts, credit cards, or lending facilities. Digital currency systems could prove to be key in improving financial inclusion and opening up new opportunities to large underbanked communities in many African countries.
Universal Digital Payments Network (UDPN) (https://apo-opa.co/4g0POSt), the world’s leading global payments messaging network supporting regulated stablecoins and Central Bank Digital Currencies (CBDCs) and FORUS Digital (http://FORUS.Digital), a global leader in blockchain-based cooperative digital finance, are starting a strategic cooperation aimed at expanding financial inclusion and promoting tokenisation efforts across Africa.
This partnership is set to empower African communities, governments, and businesses, and represents a significant step toward realising the shared goal of financial inclusion and economic advancement across Africa, with blockchain and decentralised finance at the forefront of this transformation. UDPN and FORUS Digital will collaborate to introduce the UDPN platform’s capabilities throughout Africa, initially in South Africa, Malawi, Zimbabwe and Ethiopia.
Sonny Fisher (https://apo-opa.co/4fVmRXZ), Founder of FORUS Digital (https://apo-opa.co/3YWJRih), remarked “Our partnership with UDPN accelerates our vision of economic empowerment through decentralised finance. Together, we are equipping Africa with the tools to embrace blockchain-powered tokenisation and drive sustainable development.”
“As we stand on the brink of a digital payments revolution, UDPN’s collaboration with FORUS Digital will play a crucial role in shaping a future where financial services are accessible, efficient, and secure for all Africans. This partnership is a testament to our belief that technology can be a powerful tool for development. By working together, we are paving the way for innovative financial solutions that will enhance economic resilience in African communities,” commented Christopher Ortiz (https://apo-opa.co/3UYIb6M), Member of Group Executive Board – North America, UK and APAC, GFT (https://apo-opa.co/4eBennO).
UDPN is a DLT-underpinned messaging backbone focused on providing interoperability between the fast-growing number of different regulated stablecoins, tokenized deposits, and CBDCs, and seamless connectivity between any business IT system and regulated digital currencies.
Earlier this year the UDPN team launched three solutions designed to reshape the landscape of digital payments and assets in the financial sector:
Tokenised Deposit/Stablecoin Management System: A production-grade system designed for both commercial banks and regulated stablecoin issuers, streamlining the entire lifecycle of tokenised deposits and stablecoin services – from issuance to operation, including advanced interoperability features.
Digital Asset Tokenisation System: Provides a robust production-grade platform for financial institutions, such as banks and investment firms, to tokenise real-world assets and manage them within a regulated environment.
UDPN All-in-One Digital Currency Sandbox: A sandbox, designed to enable both commercial and central banks to learn about the latest digital currency technology, test built-in use cases, and develop their own new custom use cases in a self-control and secure environment that the banks can control and provide permissioned access to other institutions in their ecosystem.
The UDPN aims to drive down payment and foreign exchange costs whilst accelerating the uptake of regulated digital currencies.
Over 130 countries [3] globally are currently investigating, developing, or have already launched CBDCs. On the African continent, South Africa, Nigeria, Eswatini and Ethiopia have taken the lead. FORUS Digital has positioned itself in Africa to help central banks and commercial banks in their journey towards CBDC using the UDPN All-in-One Digital Currency Sandbox.
Statista [4] indicated that the Digital Assets market in Africa is projected to reach a revenue of US$3,115.0m by 2024. It indicates that Africa’s Digital Assets market specifically, the number of users is projected to reach 53.89m users by 2025.
Financial innovation is not limited to central banks. Citigroup’s launch of Citi Token Services and Societé Generale’s December 2023 announcement of their digital currency and asset services and the HSBC Orion platform are the most recent examples of how traditional financial institutions are making digital assets an essential part of their service offerings to their clients.
This partnership between UDPN and FORUS Digital will focus on helping central banks deploy a secure CBDC testing environment for creating use cases and defining new regulations. It will also help commercial banks manage their own tokenised deposit and stablecoin life cycle and integrate into the central bank digital currency testing environment. The programmability of value-added financial services will enable new business models and enhance the efficiency and transparency of cross-border payments.
This partnership is a major milestone in Africa’s digital financial transformation and the introduction of UDPN Solutions there will enable a variety of sectors to access secure, low-cost cross-border payments and tokenised financial products. By providing African governments and financial institutions with blockchain-driven tools, UDPN will support enabling an inclusive, scalable digital payments system for the African continent.
Learn more!
To learn more about the Universal Digital Payment Network (UDPN), please visit www.UDPN.io.
Together, we are equipping Africa with the tools to embrace blockchain-powered tokenisation and drive sustainable development
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