This is how Stellantis floods Exor, Peugeot and Bpifrance with money
This year Stellantis will distribute to shareholders a dividend of 1.55 euros for each ordinary share, 16% more than the previous year. 2023 brought "record" results: profit grew by 11% and net revenues at +6%. All the details
Stellantis, the car manufacturer that owns brands such as Fiat and Peugeot, today announced its "record" results for 2023, with net profit increased by 11 percent on an annual basis (to 18.6 billion euros), net revenues at +6 percent (to 185.5 billion) and a net industrial cash flow at +19 percent (to 12.9 billion). Available liquidity amounts to 61.1 billion euros.
HOW SALES ARE GOING
Global sales of battery electric vehicles – indicated by the acronym BEV – grew by 21 percent, consistently with the objectives of the Dare Forward 2030 plan: by that date, the company wants to bring electric vehicles to 100 percent of the mix of sales in Europe and 50 percent in the United States. By 2038, however, it wants to eliminate its net carbon emissions.
As for LEV models, or low-emission motor vehicles, global sales increased by 27 percent.
Stellantis has secured the supply of raw materials for batteries (which depend on critical metals such as lithium, nickel and cobalt) until 2027. Furthermore, it has signed an agreement with the Chinese company CATL for the supply of cells and lithium-iron-phosphate battery modules, a cheaper technology than traditional nickel-manganese-cobalt technology.
THE STELLANTIS PLAN ON SHARES AND DIVIDENDS
Stellantis has proposed that shareholders pay a dividend of 1.55 euros for each ordinary share, 16 percent more than the previous year. The expected detachment date – pending shareholder approval – is April 22, 2024, registration date is April 23rd and payment date is May 3rd.
The company's main shareholders are Exor, the holding of the Agnelli family led by John Elkann (who is also president of Stellantis) with 14.2 percent; the Peugeot family, founders of the French brand of the same name, with 7.1 percent; the French State, through the public bank Bpifrance, with 6.1 percent. These three shareholders, all long-term, have the following voting rights in Stellantis meetings: 23.1 percent for Exor, 11.1 percent for Peugeot and 9.6 percent for Bpifrance.
For 2024, Stellantis also plans to implement a share buyback program on the market for 3 billion dollars, of which 500 million euros for shares to be allocated to share-based compensation plans and the purchase of shares by shareholders. employees.
In 2023 Stellantis paid 6.6 billion euros to shareholders between dividends and share repurchases, 53 percent more than the 4.3 billion in 2022.
FORECASTS FOR 2024
The company expects 2024 to be a good year for revenue thanks to a number of tailwinds such as reduced supply chain disruptions and stabilization – as well as potential reduction – in interest rates.
“The record results announced today are proof that we have become a new global leader in the sector and that we will continue to be solid even in anticipation of a turbulent 2024,” said CEO Carlos Tavares. “Thanks to the flexibility of our technologies and the roadmap established in terms of products, we are ready to face the various scenarios that may arise, continuing to achieve the objectives of the Dare Forward 2030 strategic plan”.
THE AWARD TO ITALIAN EMPLOYEES (WHILE STELLANTIS STANDS AWAY)
Stellantis' Italian employees will have an average bonus of 2112 euros, 10 percent more than last year (1879 euros).
“The overall average bonus that Stellantis employees in Italy will receive is the positive result of the agreement signed last year with the signatory unions,” explained Tavares, “and recognizes the contribution of the entire Italian workforce in relation to the results of the company and the quality of social dialogue with the trade unions”. The manager wanted to underline the 11 percent salary increase in two years (+6.5 percent in 2023 and +4.5 percent in January 2024) and the 600 euro special bonus.
From March 31st Stellantis will stop production of the Maserati Levante SUV at the Mirafiori complex, as part of what appears to be a more general plan to disengage from Italy .
WHY IS STELLANTIS DIVEVESTING FROM ITALY?
“This morning Stellantis announced its 2023 financial management data. These are record numbers, as the car manufacturer underlines, profits rise to 18.6 billion euros and grow by 11%. Net revenues are approximately 190 billion (+6% compared to 2022) and delivery volumes recorded +8%. Therefore, not only is there a financial margin but the product on the market also grows. The good news for Italy is that employees will be recognized with an average productivity bonus of 2,112 euros (+10% compared to last year)”, declares Giuseppe Sabella, director of the Oikonova study centre.
“The worrying aspect of the Stellantis affair, however,” he continues, “is that the future of Italy in particular does not seem as solid as its revenues: the doubts expressed by Carlos Tavares about the future of the Mirafiori and Pomigliano factories are very recent. Furthermore, the latter is among the most cutting-edge production sites in the world. Let's also consider that Stellantis has already sold the Lingotto, depriving Turin and Italy of an automotive icon. This is because the French traction is naturally attentive to consolidating transalpine production. John Elkann on the other hand – who is the majority shareholder with Exor – actually has no ties with Italy, indeed he has more problems than anything else with our country. And he has never dealt directly with industry, only with finance. The Italian asset is not a consolidation objective for him. This is why the hypothesis of an alliance with Renault is more than plausible, also in view of a turbulent 2024", concludes Sabella.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/smartcity/stellantis-risultati-record-2023-dividendi/ on Thu, 15 Feb 2024 11:46:47 +0000.