Set aside the controversy over the electric, which doesn't excite you, Carlos Tavares proves to be able to achieve excellent results even with Ev machines, presenting the Stellantis budget 2022: "The global sale of battery-powered vehicles grew by 2022% in 41 - underlines the CEO of Stellantis - We have thus also demonstrated the effectiveness of our electrification strategy in Europe". But, above all, "now - he adds - we have the technology, products, raw materials and the entire battery ecosystem to lead the same transformation journey in North America, starting with our first all-electric Ram vehicles from 2023 and Jeep from 2024”. Tavares replies in this way to the criticisms of the alleged delays compared to the plans of Renault need Volkswagen in Europe to the extension of Ford and GM on the US market, favored by government support for the electric car which, according to CFO Palmer, has not changed the group's ambitious plans: to double (compared to 2021) net revenues over €300 billion threshold by 2030, supporting double-digit margin growth for the entire decade.
The financial markets, after the publication of the accounts, rewarded right from the outset with a rise in the order of a generous 2% (in a negative market with Ftse Miba -1,56% at the end of the morning) the roadmap of the group. Thanks also to the buyback up to 1,5 billion euros which will be made by 2023. An "unexpected" gift according to JP Morgan, in line with what was done by bmw e Mercedes.
Together, another sign of good financial health, al prize of 2 billion euros to be divided among all employees: for Italian workers 1.879 euros to be collected in two tranches between February and April.
Stellantis: 2022 budget, the key numbers
To convince the operators were:
- THEoperating profit, which grew by 17% in the second half of 2022 thanks to the strong pricing capacity (the word discount is forbidden) despite the problems of logistics and the supply of chips. In 2023, anticipates the CFO Richard Palmer, "our price increases will not be as significant as last year, because inflation will decrease".
- THEadjusted operating profit equal to 23,3 billion euros (+29%) with a margin of 13%, better than the objective of exceeding 12% by 2030.
- The freal cash flow last year it exceeded 10,8 billion
- THENet income it is up by 26% to 16,8 billion euro. Revenues (179,6 billion) rise by 18% thanks to favorable net prices and the exchange rate effect which has rewarded the North American accounts.
- La patrimonial situation is solid: available industrial liquidity is equal to 61,3 billion euros
The results allow the distribution of a ordinary dividend of 4,2 billioni euros corresponding to 1,34 euros per share. According to the calendars, the detachment of the coupon is expected on 24 April 2023, payment date 4 May.
On the industrial front all regions are growing with record profitability. The so-called “Third Engines” – the Middle East and Africa, South America, China, India and Asia Pacific – increased net revenues by 34% over the previous year and more than doubled its contribution to adjusted operating income, bringing it to 3,8 billion euros in 2022. These are important steps forward towards achieving the goal of obtaining more than 25% of global net revenues from these markets by 2030.
Stellantis 2022 budget: trade unions ok reward for employees
Stellantis communicated “record results in terms of turnover (+18%), profit (+26%), as well as adjusted operating result, which is the benchmark for profit sharing adopted by many countries and which has been announced will form the basis of the future prize also for Italy”. Thus the unions Fim, Uilm, Fismic, Uglm and Aqcfr in a note comment on the Stellantis 2022 accounts and the indications on the annual employee bonus. “These are excellent results that attest to the goodness of the 2019 contract, especially as no plant was left without a prize”. In the next negotiation for the renewal of the Ccsl (first level collective agreement) set for 6, 7 and 8 March in Turin, "the economic part will have to be addressed, starting precisely from the future premium intended to replace the efficiency one agreed in 2019 and which has now come to an end", they conclude. Only Fiom expresses a negative position: "The bonus and the unilateral disbursement are not enough to recover what was lost due to inflation, which is why we reiterated the request for an extraordinary disbursement of a month's salary and that the fullness of the prize for all the workers of Stellantis ”, says a separate note from the sibndaco CGIL.
