Instabilities in the automotive market are offset by price increases. The Stellantis Group recorded a second year of record profits in 2022, with a net profit of 16.8 billion euros. This is an increase of 26% in net profit over one year, announced Wednesday the automotive group born in 2021 from the merger of PSA and Fiat Chrysler.
Only the hydrocarbon giant TotalEnergies has done better within the CAC40 so far in 2022, with a net profit of $ 20.5 billion. Stellantis' operating margin reached 13% of sales in 2022, almost at the level of BMW or Mercedes. The group with fourteen brands recorded a net increase in turnover (+18%) to 179.6 billion euros.
€9 billion cost
Price increases, cost hunting and a strong dollar more than offset a decline in the number of vehicles sold in Europe. Globally, rising raw material costs and logistical problems (delivery to dealers) in 2022 resulted in costs of €9 billion.
For 2023, the group expects the automotive markets to recover slightly (+5% in Europe and North America), and still targets a double-digit operating margin. The effect of inflation and increases in raw material costs is expected to be "smaller", and problems with vehicle delivery to dealers resolved in the first half of the year. Will the situation then become more complicated if car prices fall? "We are witnessing a rebalancing between supply and demand," said Carlos Tavares, the group's chief executive, at a press conference.
$4.2 billion for shareholders
On the strength of its results, Stellantis will distribute €4.2 billion in dividends to its shareholders, or €1.34 per share. Two billion euros will also be donated to its 264,000 employees worldwide. In addition, the group sent a signal to the markets by announcing the purchase of 1.5 billion euros of shares by the end of 2023.
"These new robust figures should reassure investors about the resilience of the manufacturer in an environment that will potentially become less favorable," Oddo BHF analysts said in a note. The group's share was up around 13:30 p.m. on the Paris and Milan stock exchanges (+1.42% and +1.13%), at 16.05 euros.
- Carlos Tavares