Document and Entity Information
Document and Entity Information - € / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | Stellantis N.V. | |
Entity File Number | 001-36675 | |
Entity Incorporation, State or Country Code | P7 | |
Entity Address, Address Line One | Singaporestraat 92-100 | |
Entity Common Stock, Shares Outstanding | 1,574,714,499 | |
Entity Address, City or Town | Lijnden | |
Entity Address, Postal Zip Code | P7 1175 RA | |
Entity Address, Country | NL | |
Contact Personnel Email Address | general.counsel@stellantis.com | |
Entity Listing, Par Value Per Share | € 0.01 | |
Document Accounting Standard | International Financial Reporting Standards | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Annual Report | true | |
Document Transition Report | false | |
Document Registration Statement | false | |
Entity Current Reporting Status | Yes | |
Document Type | 20-F | |
Document Fiscal Period Focus | 2020 | |
Document Fiscal Period Focus | FY | |
Number of shares outstanding (in shares) | 2,024,333,013 | 1,976,461,041 |
Entity Central Index Key | 0001605484 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Period End Date | Dec. 31, 2020 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Interactive Data Current | Yes | |
Document Shell Company Report | false | |
Special voting shares | ||
Document Information [Line Items] | ||
Entity Listing, Par Value Per Share | € 0.01 | |
Number of shares outstanding (in shares) | 449,618,514 | 408,941,767 |
Common shares | ||
Document Information [Line Items] | ||
Number of shares outstanding (in shares) | 1,574,714,499 | 1,567,519,274 |
Business Contact | ||
Document Information [Line Items] | ||
Entity Address, Address Line One | Singaporestraat 92-100 | |
Entity Address, City or Town | Lijnden | |
Entity Address, Postal Zip Code | P7 1175 RA | |
Entity Address, Country | NL | |
Contact Personnel Name | Giorgio Fossati | |
City Area Code | +31 20 | |
Local Phone Number | 3421 707 |
CONSOLIDATED INCOME STATEMENT
CONSOLIDATED INCOME STATEMENT - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Profit or loss [abstract] | |||
Net revenues | € 86,676 | € 108,187 | € 110,412 |
Cost of revenues | 75,962 | 93,164 | 95,011 |
Selling, general and other costs | 5,501 | 6,455 | 7,318 |
Research and development costs | 2,979 | 3,612 | 3,051 |
Result from investments: | 179 | 209 | 235 |
Share of the profit of equity method investees | 184 | 208 | 240 |
Other income from investments | (5) | 1 | (5) |
Gains on disposal of investments | 4 | 15 | 0 |
Restructuring costs | 73 | 154 | 103 |
Net financial expenses | 988 | 1,005 | 1,056 |
Profit before taxes | 1,356 | 4,021 | 4,108 |
Tax expense | 1,332 | 1,321 | 778 |
Net profit from continuing operations | 24 | 2,700 | 3,330 |
Profit from discontinued operations, net of tax | 0 | 3,930 | 302 |
Net profit | 24 | 6,630 | 3,632 |
Net profit attributable to: | |||
Owners of the parent | 29 | 6,622 | 3,608 |
Non-controlling interests | (5) | 8 | 24 |
Net profit/(loss) from continuing operations attributable to: | |||
Net profit from continuing operations attributable to owners of the parent | 29 | 2,694 | 3,323 |
Non-controlling interests | € (5) | € 6 | € 7 |
Earnings per share [abstract] | |||
Basic earnings per share (in EUR per share) | € 0.02 | € 4.23 | € 2.33 |
Diluted earnings per share (in EUR per share) | 0.02 | 4.22 | 2.30 |
Earnings per share for Net profit from continuing operations: | |||
Basic earnings per share from continuing operations (in EUR per share) | 0.02 | 1.72 | 2.15 |
Diluted earnings per share (in EUR per share) | € 0.02 | € 1.71 | € 2.12 |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of comprehensive income [abstract] | |||
Net profit | € 24 | € 6,630 | € 3,632 |
Items that will not be reclassified to the Consolidated Income Statement in subsequent periods: | |||
(Losses)/gains on remeasurement of defined benefit plans | (110) | (63) | 317 |
Other comprehensive income, before tax, gains (losses) from investments in debt instruments | (1) | 0 | 0 |
Share of (losses)/gains on remeasurement of defined benefit plans for equity method investees | 0 | (5) | 0 |
Other comprehensive income, before tax, financial assets measured at fair value through other comprehensive income | (5) | 6 | (4) |
Related tax impact | 21 | 7 | (76) |
Items relating to discontinued operations, net of tax | 0 | (9) | 2 |
Total items that will not be reclassified to the Consolidated Income Statement in subsequent periods (B1) | (95) | (64) | 239 |
Items that may be reclassified to the Consolidated Income Statements in subsequent periods: | |||
(Losses)/gains on cash flow hedging instruments | (22) | (191) | (9) |
Exchange (losses)/gains on translating foreign operations | (2,696) | 268 | 126 |
Share of Other comprehensive (loss) for equity method investees | (104) | (15) | (103) |
Related tax impact | 7 | 50 | (6) |
Items relating to discontinued operations, net of tax | 0 | 9 | (91) |
Total items that may be reclassified to the Consolidated Income Statement in subsequent periods (B2) | (2,815) | 121 | (83) |
Total Other comprehensive income/(loss), net of tax (B1)+(B2)=(B) | (2,910) | 57 | 156 |
Total Comprehensive income (A)+(B) | (2,886) | 6,687 | 3,788 |
Total Comprehensive income attributable to: | |||
Comprehensive income, attributable to owners of parent | (2,875) | 6,676 | 3,763 |
Non-controlling interests | (11) | 11 | 25 |
Total Comprehensive income (A)+(B) | (2,886) | 6,687 | 3,788 |
Total Comprehensive income attributable to owners of the parent: | |||
Continuing operations | (2,875) | 2,749 | 3,558 |
Discontinued operations | 0 | 3,927 | 205 |
Owners of the parent | € (2,875) | € 6,676 | € 3,763 |
CONSOLIDATED STATEMENT OF FINAN
CONSOLIDATED STATEMENT OF FINANCIAL POSITION - EUR (€) € in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Goodwill and intangible assets with indefinite useful lives | € 13,055 | € 14,257 |
Other intangible assets | 12,519 | 12,447 |
Property, plant and equipment | 27,582 | 28,608 |
Investments accounted for using the equity method | 2,086 | 2,009 |
Other financial assets | 331 | 340 |
Deferred tax assets | 1,096 | 1,689 |
Other receivables | 1,721 | 2,376 |
Tax receivables | 95 | 94 |
Prepaid expenses and other assets | 394 | 535 |
Other non-current assets | 798 | 757 |
Total Non-current assets | 59,677 | 63,112 |
Inventories | 8,094 | 9,722 |
Assets sold with a buy-back commitment | 852 | 1,626 |
Trade and other receivables | 5,545 | 6,628 |
Tax receivables | 89 | 372 |
Prepaid expenses and other assets | 457 | 524 |
Other financial assets | 851 | 670 |
Cash and cash equivalents | 23,846 | 15,014 |
Assets held for sale | 319 | 376 |
Total Current assets | 40,053 | 34,932 |
Total Assets | 99,730 | 98,044 |
Equity | ||
Equity attributable to owners of the parent | 25,737 | 28,537 |
Non-controlling interests | 124 | 138 |
Total Equity | 25,861 | 28,675 |
Liabilities | ||
Long-term debt | 17,036 | 8,025 |
Employee benefits liabilities | 8,328 | 8,507 |
Provisions | 4,966 | 5,027 |
Other financial liabilities | 280 | 124 |
Deferred tax liabilities | 1,845 | 1,628 |
Tax liabilities | 248 | 278 |
Other liabilities | 2,129 | 2,426 |
Total Non-current liabilities | 34,832 | 26,015 |
Trade payables | 20,576 | 21,616 |
Short-term debt and current portion of long-term debt | 4,081 | 4,876 |
Employee benefit liabilities | 592 | 544 |
Provisions | 7,255 | 8,978 |
Other financial liabilities | 353 | 194 |
Tax liabilities | 228 | 122 |
Other liabilities | 5,749 | 6,788 |
Liabilities held for sale | 203 | 236 |
Total Current liabilities | 39,037 | 43,354 |
Total Equity and liabilities | € 99,730 | € 98,044 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | |||
Net profit from continuing operations | € 24 | € 2,700 | € 3,330 |
Amortization and depreciation | 5,143 | 5,445 | 5,507 |
Net losses on disposal of tangible and intangible assets | 3 | 19 | 1 |
Net gains on disposal of investments | (22) | (15) | 0 |
Other non-cash items | 1,192 | 1,541 | 129 |
Dividends received | 73 | 156 | 75 |
Change in provisions | (434) | (1,744) | 842 |
Change in deferred taxes | 894 | 864 | 457 |
Change due to assets sold with buy-back commitments and GDP vehicles | (249) | (65) | 158 |
Change in inventories | 983 | 1,017 | 1,399 |
Change in trade receivables | 366 | 100 | 19 |
Change in trade payables | 565 | 2,020 | (1,240) |
Change in other liabilities, payables and receivables | 645 | (1,268) | (1,213) |
Cash flows (used in)/from operating activities - discontinued operations | 0 | (308) | 484 |
Total | 9,183 | 10,462 | 9,948 |
Cash flows used in investing activities: | |||
Investments in property, plant and equipment and intangible assets | (8,600) | (8,385) | (5,392) |
Investments in joint ventures, associates and unconsolidated subsidiaries | (63) | (2) | (3) |
Proceeds from the sale of tangible and intangible assets | 77 | 53 | 47 |
Proceeds from sales of investments other than investments accounted for using equity method | 71 | 0 | 0 |
Net change in receivables from financing activities | 396 | 336 | (676) |
Change in securities | 207 | (235) | (75) |
Other changes | (3) | 55 | (7) |
Net cash proceeds from disposal of discontinued operations | 0 | 5,348 | 0 |
Cash flows used in investing activities - discontinued operations | 0 | (155) | (632) |
Total | (7,915) | (2,985) | (6,738) |
Cash flows from/(used) in financing activities: | |||
Issuance of notes | 3,500 | 0 | 0 |
Repayment of notes | (1,376) | (1,480) | (1,850) |
Proceeds of other long-term debt | 15,215 | 329 | 935 |
Repayment of other long-term debt | (8,295) | (1,163) | (2,852) |
Net change in short-term debt and other financial assets/liabilities | 43 | (782) | 1,062 |
Distributions paid | 0 | (3,056) | (1) |
Other changes | 0 | 0 | 11 |
Cash flows from/(used in) financing activities - discontinued operations | 0 | 325 | (90) |
Total | 9,087 | (5,827) | (2,785) |
Translation exchange differences | (1,513) | 212 | 106 |
Total change in Cash and cash equivalents | 8,842 | 1,862 | 531 |
Cash and cash equivalents at beginning of the period | 15,014 | 12,450 | 12,638 |
Add: Cash and cash equivalents classified as part of disposal group held for sale | 17 | 719 | 0 |
Total change in Cash and cash equivalents | 8,842 | 1,862 | 531 |
Less: Cash and cash equivalents at end of the period - included within Assets held for sale | 27 | 17 | 719 |
Cash and cash equivalents at end of the period | € 23,846 | € 15,014 | € 12,450 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - EUR (€) € in Millions | Total | Share capital | Other reserves | Cash flow hedge reserve | Currency translation differences | Financial Assets measured at FVOCI | Remeasure-ment of defined benefit plans | Cumulative share of OCI of equity method investees | Non-controlling interests | Reserve of gains and losses on financial assets measured at fair value through other comprehensive income [member] |
Equity | Previously stated | € 20,987 | € 19 | € 20,921 | € 68 | € 970 | € 3 | € (810) | € (352) | € 168 | |
Equity | Increase (decrease) due to changes in accounting policy | 21 | 21 | ||||||||
Equity | 21,008 | 19 | 20,942 | 68 | 970 | 3 | (810) | (352) | 168 | |
Equity, beginning balance (Previously stated) at Dec. 31, 2017 | 20,987 | 19 | 20,921 | 68 | 970 | 3 | (810) | (352) | 168 | |
Equity, beginning balance (Increase (decrease) due to changes in accounting policy) at Dec. 31, 2017 | 21 | 21 | ||||||||
Equity, beginning balance at Dec. 31, 2017 | 21,008 | 19 | 20,942 | 68 | 970 | 3 | (810) | (352) | 168 | |
Capital increase | 11 | 11 | ||||||||
Dividends recognised as distributions to owners | 1 | 0 | (1) | |||||||
Share-based compensation | 82 | 0 | 82 | |||||||
Net profit | 3,632 | 3,608 | 24 | |||||||
Other comprehensive income/(loss) | 156 | 0 | (22) | 41 | (4) | 243 | (103) | 1 | ||
Other changes | 15 | 18 | (1) | 0 | 0 | 0 | 0 | (2) | ||
Equity, ending balance (Previously stated) at Dec. 31, 2018 | 24,903 | 19 | 24,650 | 45 | 1,011 | (1) | (567) | (455) | 201 | |
Equity, ending balance (Increase (decrease) due to changes in accounting policy) at Dec. 31, 2018 | 0 | 0 | ||||||||
Equity, ending balance at Dec. 31, 2018 | 24,903 | 19 | 24,650 | 45 | 1,011 | (1) | (567) | (455) | 201 | |
Equity | Previously stated | 24,903 | 19 | 24,650 | 45 | 1,011 | (1) | (567) | (455) | 201 | |
Equity | Increase (decrease) due to changes in accounting policy | 0 | 0 | ||||||||
Equity | 24,903 | 19 | 24,650 | 45 | 1,011 | (1) | (567) | (455) | 201 | |
Equity | Previously stated | 24,903 | 19 | 24,650 | 45 | 1,011 | (1) | (567) | (455) | 201 | |
Equity | Increase (decrease) due to changes in accounting policy | 0 | 0 | ||||||||
Equity | 24,903 | 19 | 24,650 | 45 | 1,011 | (1) | (567) | (455) | 201 | |
Dividends recognised as distributions to owners | 3,085 | 3,056 | 29 | |||||||
Share-based compensation | 115 | 1 | 114 | |||||||
Net profit | 6,630 | 6,622 | 8 | |||||||
Other comprehensive income/(loss) | 57 | (138) | 270 | 6 | (64) | (20) | 3 | |||
Increase (decrease) through disposal of subsidiary, equity | 44 | (109) | (6) | 97 | 109 | (47) | ||||
Other changes | 11 | 24 | (15) | 2 | ||||||
Equity, ending balance (Previously stated) at Dec. 31, 2019 | 28,675 | 20 | 28,245 | (114) | 1,378 | 5 | (522) | (475) | 138 | |
Equity, ending balance at Dec. 31, 2019 | 28,675 | 20 | ||||||||
Equity | Previously stated | 28,675 | 20 | 28,245 | (114) | 1,378 | 5 | (522) | (475) | 138 | |
Equity | Increase (decrease) due to changes in accounting policy | 0 | 0 | ||||||||
Equity | 24,903 | 20 | 24,650 | 45 | 1,011 | (1) | (567) | (455) | 201 | |
Equity | Previously stated | 28,675 | 20 | 28,245 | (114) | 1,378 | 5 | (522) | (475) | 138 | |
Equity | 28,675 | 20 | ||||||||
Equity | Previously stated | 28,675 | 20 | 28,245 | (114) | 1,378 | 5 | (522) | (475) | 138 | |
Equity | 28,675 | 20 | ||||||||
Equity, beginning balance (Previously stated) at Dec. 31, 2019 | 28,675 | 20 | 28,245 | (114) | 1,378 | 5 | (522) | (475) | 138 | |
Equity, beginning balance at Dec. 31, 2019 | 28,675 | 20 | ||||||||
Dividends recognised as distributions to owners | 0 | 0 | ||||||||
Share-based compensation | 60 | 0 | 60 | |||||||
Net profit | 24 | 29 | (5) | |||||||
Other comprehensive income/(loss) | (2,910) | (17) | (2,688) | (5) | (89) | (104) | (6) | € (1) | ||
Other changes | 12 | 17 | (2) | (3) | ||||||
Equity, ending balance at Dec. 31, 2020 | 25,861 | 20 | 28,351 | (133) | (1,310) | 0 | (611) | (579) | 124 | (1) |
Equity | Previously stated | 28,675 | 20 | 28,245 | (114) | 1,378 | 5 | (522) | (475) | 138 | |
Equity | 25,861 | 20 | 28,351 | (133) | (1,310) | 0 | (611) | (579) | 124 | (1) |
Equity | € 25,861 | € 20 | € 28,351 | € (133) | € (1,310) | € 0 | € (611) | € (579) | € 124 | € (1) |
CONSOLIDATED STATEMENT OF CHA_2
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Reclassification of gains/losses from other comprehensive income to inventories | € 2 | € 15 |
Principal activities
Principal activities | 12 Months Ended |
Dec. 31, 2020 | |
General Information About Financial Statements [Abstract] | |
Principal Activities | On January 29, 2014, the Board of Directors of Fiat S.p.A. approved a proposed corporate reorganization resulting in the formation of Fiat Chrysler Automobiles N.V. and establishing Fiat Chrysler Automobiles N.V., organized in the Netherlands, as the parent of the FCA Group with its principal executive offices located at 25 St. James's Street, London SW1A 1HA, United Kingdom. Fiat Chrysler Automobiles N.V. was incorporated as a public limited liability company ( naamloze vennootschap ) under the laws of the Netherlands on April 1, 2014 under the name Fiat Investments N.V. On October 12, 2014, the cross-border legal merger of Fiat S.p.A. into its 100 percent owned direct subsidiary Fiat Investments N.V. (the “2014 Merger”) became effective. The 2014 Merger, which took the form of a reverse merger, resulted in Fiat Investments N.V. being the surviving entity and it was renamed Fiat Chrysler Automobiles N.V. (“FCA NV”). The FCA Group and its subsidiaries, of which the most significant was FCA US LLC (“FCA US”, formerly known as Chrysler Group LLC), together with its subsidiaries, were engaged in the design, engineering, manufacturing, distribution and sale of automobiles and light commercial vehicles, engines, transmission systems, metallurgical products and production systems. In addition, the FCA Group was also involved in certain other activities, including (mainly captive) services, which represent an insignificant portion of the its business. Refer to Note 3, Scope of consolidation for information on the presentation of Magneti Marelli as a discontinued operation. On January 16, 2021, Peugeot S.A. (“PSA”) merged with and into Fiat Chrysler Automobiles N.V., with Fiat Chrysler Automobiles N.V. as the surviving company in the merger (the “merger”). On January 17, 2021, the combined company was renamed Stellantis N.V., the current members of the board of directors were appointed and the Stellantis articles of association became effective. On this date, the Stellantis management and board of directors collectively obtained the power and ability to control the assets, liabilities and operations of both FCA and PSA. As such, under IFRS 3, Business Combinations , January 17, 2021 is the acquisition date for the business combination. In 2021, the merger will be accounted for by Stellantis using the acquisition method of accounting in accordance with IFRS 3, which requires the identification of the acquirer and the acquiree for accounting purposes. Based on the assessment of the indicators under IFRS 3 and consideration of all pertinent facts and circumstances, FCA and PSA’s management determined that PSA is the acquirer for accounting purposes and as such, the merger will be accounted for as a reverse acquisition. As a result, the financial statements of Stellantis N.V. in subsequent filings will represent the historical financial statements of PSA. Refer to Note 31, Subsequent events , included elsewhere in these financial statements for additional detail. Unless otherwise specified, the terms “FCA Group” and “FCA” refer to FCA NV, together with its subsidiaries and its predecessor prior to the completion of the 2014 Merger, or any one or more of them, as the context may require. Any references to “Fiat” refer solely to Fiat S.p.A., the predecessor of FCA NV prior to the 2014 Merger. Unless otherwise specified, the terms “we”, “our”, “us”, the “Group”, the “Company” and “Stellantis” refer to Stellantis N.V., together with its consolidated subsidiaries, or any one or more of them, as the context may require. All references in this report to “Euro” and “€” refer to the currency introduced at the start of the third stage of European Economic and Monetary Union pursuant to the Treaty on the Functioning of the European Union, as amended. The FCA Group’s financial information is presented in Euro. All references to “U.S. Dollars”, “U.S. Dollar”, “U.S.$” and “$” refer to the currency of the United States of America (“U.S.”). Stellantis has filed a list of subsidiaries and associated companies, prepared in accordance with Sections 379 and 414, Book 2, Dutch Civil Code, at the Dutch trade register of Amsterdam. |
Basis of presentation
Basis of presentation | 12 Months Ended |
Dec. 31, 2020 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Disclosure of significant accounting policies | Significant accounting policies Basis of consolidation Subsidiaries Subsidiaries are entities over which the FCA Group had control. Control was achieved when the FCA Group had power over the investee, when it was exposed to, or had rights to, variable returns from its involvement with the investee and had the ability to use its power over the investee to affect the amount of the investor’s returns. Subsidiaries were consolidated on a line by line basis from the date which control was achieved by the FCA Group. The FCA Group reassessed whether or not it controlled an investee if facts and circumstances indicated that there were changes to one or more of the three elements of control listed above. The FCA Group recognized a non-controlling interest in the acquiree on a transaction-by-transaction basis, either at fair value or at the non-controlling interest’s share of the recognized amounts of the acquiree’s identifiable net assets. Net profit or loss and each component of Other comprehensive income/(loss) were attributed to Equity attributable to owners of the parent and to Non-controlling interests. Total comprehensive income/(loss) of subsidiaries was attributed to Equity attributable to the owners of the parent and to the non-controlling interest even if this resulted in a deficit balance in Non-controlling interests. Changes in the FCA Group’s ownership interests in a subsidiary that did not result in the FCA Group losing control over the subsidiary were accounted for as equity transactions. The carrying amounts of Equity attributable to owners of the parent and Non-controlling interests were adjusted to reflect the changes in their relative interests in the subsidiary. Any difference between the carrying amount of the non-controlling interests and the fair value of the consideration paid or received in the transaction was recognized directly in Equity attributable to the owners of the parent. Subsidiaries were deconsolidated from the date on which control ceased. When the FCA Group ceased to have control over a subsidiary, it derecognized the assets (including any goodwill) and liabilities of the subsidiary at their carrying amounts, derecognized the carrying amount of non-controlling interests in the former subsidiary and recognized the fair value of any consideration received from the transaction. Any retained interest in the former subsidiary was then remeasured to its fair value. All intra-group balances and transactions, and any unrealized gains and losses arising from intra-group transactions, were eliminated in preparing the Consolidated Financial Statements. Interests in Joint Ventures and Associates A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. An associate is an entity over which the FCA Group had significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but does not have control or joint control over those policies. Joint ventures and associates were accounted for using the equity method of accounting from the date joint control or significant influence was obtained. On acquisition, any excess of the investment over the share of the net fair value of the investee's identifiable assets and liabilities was recognized as goodwill and was included in the carrying amount of the investment. Any excess of the FCA Group’s share of the net fair value of the investee’s identifiable assets and liabilities over the cost of the investment was included as income in the determination of the FCA Group’s share of the investee’s profit/(loss) in the acquisition period. Under the equity method, investments were initially recognized at cost and adjusted thereafter to recognize the FCA Group’s share of the profit/(loss) and other comprehensive income/(loss) of the investee. The FCA Group’s share of the investee’s profit/(loss) was recognized in the Consolidated Income Statement. Distributions received from an investee reduced the carrying amount of the investment. Post-acquisition movements in Other comprehensive income/(loss) were recognized in Other comprehensive income/(loss) with a corresponding adjustment to the carrying amount of the investment. Unrealized gains arising on transactions between the FCA Group and its joint ventures and associates were eliminated to the extent of the FCA Group’s interest in the joint venture or associate. Unrealized losses were also eliminated unless the transaction provided evidence of an impairment of the asset transferred. When the FCA Group’s share of the losses of a joint venture or associate exceeded its interest in that joint venture or associate, the FCA Group discontinued recognizing its share of further losses. Additional losses were provided for and a liability was recognized only to the extent that the FCA Group had incurred legal or constructive obligations or made payments on behalf of the joint venture or associate. The FCA Group discontinued the use of the equity method from the date the investment ceased to be an associate or a joint venture, or when it was classified as available-for-sale. Interests in Joint Operations A joint operation is a type of joint arrangement whereby the parties that have joint control have rights to the assets and obligations for the liabilities relating to the arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. When the FCA Group undertook its activities under joint operations, it recognized its related interest in the joint operation including: (i) its assets, including its share of any assets held jointly, (ii) its liabilities, including its share of any liabilities incurred jointl y, (iii) its revenue from the sale of its share of the output arising from the joint operation, (iv) its share of the revenue from the sale of the output by the joint operation and (v) its expenses, including its share of any expenses incurred jointly. Assets held for sale, Assets held for distribution and Discontinued Operations Pursuant to IFRS 5 - Non-current Assets Held for Sale and Discontinued Operations , non-current assets and disposal groups are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use. This condition is regarded as met only when the asset or disposal group is available for immediate sale in its present condition, subject only to terms that are usual and customary for sales of such an asset or disposal group, and the sale is highly probable, with the sale expected to be completed within one year from the date of classification. Non-current assets and disposal groups classified as held for sale were measured at the lower of their carrying amount and fair value less costs to sell and were presented separately in the Consolidated Statement of Financial Position. Non-current assets and disposal groups were not classified as held for sale within the comparative period presented for the Consolidated Statement of Financial Position. A discontinued operation was a component of the FCA Group that either had been disposed of or was classified as held for sale and (i) represented either a separate major line of business or a geographical area of operations, (ii) was part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations, or (iii) was a subsidiary acquired exclusively with a view to resell and the disposal involves loss of control. Classification as a discontinued operation occurred upon disposal or, if earlier, when the asset or disposal group met the criteria to be classified as held for sale. When the asset or disposal group was classified as a discontinued operation, the comparative information was reclassified within the Consolidated Income Statement and the Consolidated Statement of Cash Flows as if the asset or disposal group had been discontinued from the start of the earliest comparative period presented. In addition, when an asset or disposal group was classified as held for sale, depreciation and amortization ceased. The classification, presentation and measurement requirements of IFRS 5 - Non-current Assets Held for Sale and Discontinued Operations outlined above also applied to an asset or disposal group that was classified as held for distribution to owners, whereby there must be commitment to the distribution, the asset or disposal group must be available for immediate distribution and the distribution must be highly probable. Foreign currency The functional currency of the FCA Group’s entities was the currency used in their respective primary economic environments. In individual companies, transactions in foreign currencies were recorded at the exchange rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies were translated at the exchange rate prevailing at the date of the Consolidated Statement of Financial Position. Exchange differences arising on the settlement of monetary items or on reporting monetary items at rates different from those initially recorded, were recognized in the Consolidated Income Statement. All assets and liabilities of foreign consolidated companies with a functional currency other than the Euro are translated using the closing rates as at the date of the Consolidated Statement of Financial Position. Income and expenses were translated into Euro at the average exchange rate for the period. Translation differences arising from the application of this method were classified within Other comprehensive income/(loss) until the disposal of the subsidiary. Average exchange rates for the period were used in preparing the Consolidated Statement of Cash Flows to translate the cash flows of foreign subsidiaries. The principal exchange rates used to translate other currencies into Euro were as follows: 2020 2019 2018 Average At December 31 Average At December 31 Average At December 31 U.S. Dollar (U.S.$) 1.142 1.227 1.119 1.123 1.181 1.145 Brazilian Real (BRL) 5.894 6.374 4.413 4.516 4.308 4.444 Chinese Renminbi (CNY) 7.875 8.023 7.735 7.821 7.808 7.875 Canadian Dollar (CAD) 1.530 1.563 1.485 1.460 1.529 1.561 Mexican Peso (MXN) 24.519 24.416 21.557 21.220 22.705 22.492 Polish Zloty (PLN) 4.443 4.560 4.298 4.257 4.261 4.301 Argentine Peso (ARS) (1) 103.043 103.043 67.258 67.258 43.074 43.074 Pound Sterling (GBP) 0.890 0.899 0.878 0.851 0.885 0.895 Swiss Franc (CHF) 1.071 1.080 1.112 1.085 1.155 1.127 ______________________________________________________________________________________________________________________________ (1) From July 1, 2018 onwards, Argentina’s economy was considered to be hyperinflationary. Transactions after July 1, 2018 for entities with the Argentinian Peso as the functional currency were translated using the spot rate at the end of the period. Intangible assets Goodwill Goodwill represents the excess of the fair value of consideration paid in a business combination over the fair value of net tangible and identifiable intangible assets acquired. Goodwill was not amortized but was tested for impairment annually or more frequently if events or changes in circumstances indicated that it might be impaired. After initial recognition, goodwill was measured at cost less any accumulated impairment losses. Intangible assets with indefinite useful lives Intangible assets with indefinite useful lives consisted principally of brands which have no legal, contractual, competitive, economic or other factors that limit their useful lives. Intangible assets with indefinite useful lives were not amortized but were tested for impairment annually, or more frequently if events or changes in circumstances indicated that the asset may be impaired. Development expenditures Development expenditures for vehicle production and related components, engines and production systems were recognized as an asset if both of the following conditions within IAS 38 – Intangible assets were met: (i) that development expenditure can be measured reliably and (ii) that the technical feasibility of the product, projected volumes and pricing supported the view that the development expenditure would generate future economic benefits. Capitalized development expenditures included all direct and indirect costs that could be directly attributed to the development process. All other development expenditures were expensed as incurred. Capitalized development expenditures were amortized on a straight-line basis from when the related asset was available for use, generally from the beginning of production, over the expected life cycle of the models (generally 5-6 years) or powertrains (generally 10-12 years) developed. Property, plant and equipment Cost Property, plant and equipment was initially recognized at cost and included the purchase price, any costs directly attributable to bringing the assets to the location and condition necessary to be capable of operating in the manner intended by management and any initial estimate of the costs of dismantling and removing the asset and restoring the site on which it is located. Self-constructed assets were initially recognized at production cost. Subsequent expenditures and the cost of replacing parts of an asset were capitalized only if they increased the future economic benefits embodied in that asset. All other expenditures were expensed as incurred. When such replacement costs were capitalized, the carrying amount of the parts that were replaced was expensed to the Consolidated Income Statement. Depreciation During the years ended December 31, 2020, 2019 and 2018, assets depreciated on a straight-line basis over their estimated useful lives used the following depreciation rates: Depreciation rates Buildings 3% - 10% Plant, machinery and equipment 3% - 33% Other assets 5% - 33% Borrowing Costs Borrowing costs that were directly attributable to the acquisition, construction or production of property, plant or equipment or an intangible asset that was deemed to be a qualifying asset as defined in IAS 23 - Borrowing Costs were capitalized. The amount of borrowing costs eligible for capitalization corresponded to the actual borrowing costs incurred during the period, less any investment income on the temporary investment of any borrowed funds not yet used. The amount of borrowing costs capitalized in the year ended December 31, 2020 and 2019 was €320 million and €213 million, respectively. Leases As a Lessee At the inception of a contract, the FCA Group assessed whether the contract was, or contained, a lease. A contract was, or contained a lease if the contract conveyed the right to control the use of an identified asset for a period of time in exchange for consideration. This policy was applied to contracts entered into, or modified, on or after January 1, 2019. At inception or on reassessment of a contract that contained a lease component, the FCA Group allocated the consideration in the contract to each lease component on the basis of their relative stand-alone prices. Except for real estate properties, the FCA Group elected not to separate non-lease components and would account for the lease and non-lease components as a single lease component. Right-of-use asset The FCA Group recognized a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset was initially measured at cost, which comprised the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset was subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful life of the right-to-use asset was determined based on the nature of the asset, taking into consideration the lease term. In addition, the right-of-use asset was periodically reduced by impairment losses, if any, and adjusted for certain corresponding remeasurements of the lease liability. Lease liability The lease liability was initially measured at the present value of the lease payments that had not been paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate could not be readily determined, the FCA Group's incremental borrowing rate. The incremental borrowing rate was determined considering macro-economic factors such as the risk free rate based on the relevant currency and term, as well as FCA specific factors contributing to FCA’s credit spread, including the impact of security. The FCA Group primarily used the incremental borrowing rate as the discount rate for its lease liabilities. Lease payments used to measure the lease liability included the following, if appropriate: • fixed payments, including in-substance fixed payments; • variable lease payments that depended on an index or a rate, initially measured using the index or rate applicable as at the commencement date; • amounts expected to be payable under a residual value guarantee; • if reasonably certain to exercise, the exercise price under a purchase option, or lease payments in an optional renewal period; and • penalties for early termination of a lease unless the FCA Group was reasonably certain not to terminate early. The lease liability was subsequently measured at amortized cost using the effective interest method. It was remeasured when there was a change in future lease payments arising from a change in an index or rate, if there was a change in the FCA Group's estimate of the amount expected to be payable under a residual value guarantee, or if the FCA Group changed its assessment of whether it would exercise a purchase, extension or termination option. When the lease liability was remeasured in this way, a corresponding adjustment was made to the carrying amount of the right-of-use asset, or was recorded in profit or loss if the carrying amount of the right-of-use asset had been reduced to zero. The FCA Group presented right-of-use assets that did not meet the definition of investment property in Property, plant and equipment and lease liabilities in Long-term debt and Short-term debt and current portion of long-term debt in the Consolidated Statement of Financial Position. The FCA Group elected to not recognize right-of-use assets and lease liabilities for short-term leases and low-value leases for all classes of leased assets. The FCA Group recognized the lease payments associated with these leases as an expense on a straight-line basis over the lease term. As a Lessor When the FCA Group acted as a lessor, it determined at lease inception whether each lease was a finance lease or an operating lease. To classify each lease, the FCA Group made an overall assessment of whether the lease transferred substantially all the risks and rewards incidental to ownership of the underlying asset. If the risks and rewards were substantially transferred, then the lease was a finance lease; if not, then it was an operating lease. As part of this assessment, the FCA Group considered certain indicators such as whether the lease was for the major part of the economic life of the asset. Impairment of long-lived assets Annually, or more frequently if facts or circumstances indicated otherwise, the FCA Group assessed whether there was any indication that its finite-lived intangible assets (including capitalized development expenditures) and its property, plant and equipment may have been impaired. If indications of impairment were present, the carrying amount of the asset was reduced to its recoverable amount which was the higher of fair value less costs of disposal and its value in use, if the carrying amount exceeded the recoverable amount. The recoverable amount was determined for the individual asset, unless the asset did not generate cash inflows that were largely independent of those from other assets or groups of assets, in which case the asset was tested as part of the cash-generating unit (“CGU”) to which the asset belonged. A CGU was the smallest identifiable group of assets that generated cash inflows that were largely independent of the cash inflows from other assets or groups of assets. In assessing the value in use of an asset or CGU, the estimated future cash flows were discounted to their present value using a discount rate that reflected current market assessments of the time value of money and the risks specific to the asset or CGU. When an impairment loss for assets no longer existed or had decreased, the carrying amount of the asset or CGU was increased to the revised estimate of its recoverable amount but not in excess of the carrying amount that would have been recorded had no impairment loss been recognized. The reversal of an impairment loss was recognized in the Consolidated Income Statement. Refer to the section Use of estimates below for additional information. Financial assets and liabilities Financial assets primarily included trade receivables, receivables from financing activities, investments in other companies, derivative financial instruments, cash and cash equivalents, and debt securities that represented temporary investments of available funds and did not satisfy the requirements for being classified as cash equivalents. Financial liabilities primarily consisted of debt, derivative financial instruments, trade payables and other liabilities. Receivables from dealer financing activities were typically generated by sales of vehicles and were generally managed under dealer network financing programs as a component of the portfolio of the FCA Group's financial services companies. These receivables were interest bearing with the exception of an initial, limited, non-interest bearing period. The contractual terms governing the relationships with the dealer networks varied according to market and payment terms, which ranged from two to twelve months. Classification and measurement The classification of a financial asset was dependent on the FCA Group’s business model for managing such financial assets and their contractual cash flows. The FCA Group considered whether the contractual cash flows represented solely payments of principal and interest that were consistent with a basic lending arrangement. Where the contractual terms introduced exposure to risk or volatility that was inconsistent with a basic lending arrangement, the related financial assets were classified and measured at fair value through profit or loss (“FVPL”). Financial asset cash flow business model Initial measurement (1) Measurement category (3) Solely to collect the contractual cash flows (Held to Collect) Fair Value including transaction costs Amortized Cost (2) Collect both the contractual cash flows and generate cash flows arising from the sale of assets (Held to Collect and Sell) Fair Value including transaction costs Fair value through other comprehensive income (“FVOCI”) Generate cash flows primarily from the sale of assets (Held to Sell) Fair Value FVPL ______________________________________________________________________________________________________________________________ (1) A trade receivable without a significant financing component, as defined by IFRS 15, was initially measured at the transaction price. (2) Receivables with maturities of over one year, which bear no interest or have an interest rate significantly lower than market rates were discounted using market rates. (3) On initial recognition, the FCA Group could irrevocably designate a financial asset at FVPL that otherwise met the requirements to be measured at amortized cost or at FVOCI if doing so eliminated or significantly reduced an accounting mismatch that would otherwise arise. Factors considered by the FCA Group in determining the business model for a group of financial assets included: • past experience on how the cash flows for these assets were collected; • the frequency, volume and timing of sales of financial assets in prior periods, the reasons for such sales and future sales activity expectations; • how the asset’s performance was evaluated and reported to key management personnel; and • how risks were assessed and managed and how management was compensated. Financial assets were not reclassified subsequent to their initial recognition unless the FCA Group changed its business model for managing financial assets, in which case all affected financial assets were reclassified on the first day of the first reporting period following the change in the business model. Cash and cash equivalents included cash at banks, units in money market funds and other money market securities, commercial paper and certificate of deposits that were readily convertible into cash, with original maturities of three months or less at the date of purchase. Cash and cash equivalents were subject to an insignificant risk of changes in value and consisted of balances across various primary national and international money market instruments. Money market funds consisted of investments in high quality, short-term, diversified financial instruments that could generally be liquidated on demand and were measured at FVPL. Cash at banks and Other cash equivalents were measured at amortized cost. Investments in other companies were measured at fair value. Equity investments for which there was no quoted market price in an active market and there was insufficient financial information in order to determine fair value could be measured at cost as an estimate of fair value, as permitted by IFRS 9 - Financial Instruments (“IFRS 9”). The FCA Group could irrevocably elect to present subsequent changes in the investment’s fair value in Other comprehensive income (“OCI”) upon the initial recognition of an equity investment that was not held to sell. This election was made on an investment-by-investment basis. Generally, any dividends from these investments were recognized in Other income from investments within Result from investments when the FCA Group’s right to receive payment was established. Other net gains and losses were recognized in OCI and would not be reclassified to the Consolidated Income Statement in subsequent periods. Impairment losses (and the reversal of impairment losses) on equity investments measured at FVOCI were not reported separately from other changes in fair value in OCI. Impairment of financial assets The FCA Group’s credit risk differed in relation to the type of activity. In particular, receivables from financing activities, such as dealer and retail financing that were carried out through the FCA Group’s financial services companies, were exposed both to the direct risk of default and the deterioration of the creditworthiness of the counterparty, whereas trade receivables arising from the sale of vehicles and spare parts, were mostly exposed to the direct risk of counterparty default. These risks were mitigated by different kinds of securities received and the fact that collection exposure was spread across a large number of counterparties. The IFRS 9 impairment requirements are based on a forward-looking expected credit loss (“ECL”) model. ECL is a probability-weighted estimate of the present value of cash shortfalls. The calculation of the amount of ECL was based on the risk of default by the counterparty, which was determined by taking into account the information available at the end of each reporting period as to the counterparty’s solvency, the fair value of any guarantees and the FCA Group’s historical experience. The FCA Group considered a financial asset to be in default when: (i) the borrower was unlikely to pay its obligations in full and without consideration of compensating guarantees or collateral (if any exist); or (ii) the financial asset was more than 90 days past due. The FCA Group applied two impairment models for financial assets as set out in IFRS 9: the simplified approach and the general approach. The table below indicates the impairment model used for each of FCA’s financial asset categories. Impairment losses on financial assets were recognized in the Consolidated Income Statement within the corresponding line items, based on the classification of the counterparty. Financial asset IFRS 9 impairment model Trade receivables Simplified approach Receivables from financing activities General approach Other receivables General approach In order to test for impairment, individually significant receivables and receivables for which collectability was at risk were assessed individually, while all other receivables were grouped into homogeneous risk categories based on shared risk characteristics such as instrument type, industry or geographical location of the counterparty. The simplified approach for determining the lifetime ECL allowance was performed in two steps: • All trade receivables that were in default, as defined above, were individually assessed for impairment; and • A general reserve was recognized for all other trade receivables (including those not past due) based on historical loss rates. The FCA Group applied the general approach as determined by IFRS 9 by assessing at each reporting date whether there was a significant increase in credit risk on the financial instrument since initial recognition. The FCA Group considered receivables to have experienced a significant increase in credit risk when certain quantitative or qualitative indicators were met or the borrower was more than 30 days past due on its contractual payments. The “three-stages” for determining and measuring the impairment based on changes in credit quality since initial recognition are summarized below: Stage Description Time period for measurement of ECL Stage 1 A financial instrument that is not credit-impaired on initial recognition 12-month ECL Stage 2 A financial instrument with a significant increase in credit risk since initial recognition Lifetime ECL Stage 3 A financial instrument that is credit-impaired or has defaulted Lifetime ECL Considering forward-looking economic information, ECL was determined by projecting the probability of default, exposure at default and loss given default for each future contractual period and for each individual exposure or collective portfolio. The discount rate used in the ECL calculation was the stated effective interest rate or an approximation thereof. Each reporting period, the assumptions underlying the ECL calculation were reviewed and updated as necessary. Since adoption, there were no significant changes in estimation techniques or significant assumptions that led to material changes in the ECL allowance. The gross carrying amount of a financial asset was written-off to the extent that there was no realistic prospect of recovery. This was generally the case when the FCA Group determined that a debtor did not have assets or sources of income that could generate sufficient cash flows to repay the amounts subject to the write-off. However, financial assets that were written off could still be subject to enforcement activities. Derivative financial instruments Derivative financial instruments were used for economic hedging purposes in order to reduce currency, interest rate and market price risks (primarily related to commodities). In accordance with IFRS 9 , derivative financial instruments were recognized on the basis of the settlement date and, upon initial recognition, were measured at fair value less (in case a financial asset is not measured at FVPL) transaction costs that were directly attributable to the acquisition of the financial assets. Subsequent to initial recognition, all derivative financial instruments were measured at fair value. Furthermore, derivative financial instruments qualified for hedge accounting when (i) there was formal designation and documentation of the hedging relationship and the FCA Group’s risk management objective and strategy for undertaking the hedge at inception of the hedge and (ii) the hedge was expected to be effective. When derivative financial instruments qualified for hedge accounting, the following accounting treatments applied: • Fair value hedges - where a derivative financial instrument was designated as a hedge of t |
Use of estimates | Use of estimates The Consolidated Financial Statements were prepared in accordance with IFRS which required the use of estimates, judgments and assumptions that affect the carrying amount of assets and liabilities, the disclosure of contingent assets and liabilities and the amounts of income and expenses recognized. The estimates and associated assumptions were based on management's best judgment of elements that were known when the financial statements are prepared, on historical experience and on any other factors that are considered to be relevant. Estimates and underlying assumptions were historically reviewed by the FCA Group periodically and when circumstances required. Actual results could differ from the estimates, which required adjustment accordingly. The effects of any changes in estimates were recognized in the Consolidated Income Statement in the period in which the adjustment was made, or in future periods. Items requiring estimates for which there was a risk that a material difference could arise in the future in respect of the carrying amounts of assets and liabilities were discussed below. Employee Benefits The FCA Group historically provided post-employment benefits for certain of its active employees and retirees, which varied according to the legal, fiscal and economic conditions of each country in which the FCA Group operated and changed periodically. The plans were classified by the FCA Group on the basis of the type of benefit provided as follows: pension benefits, health care and life insurance plans and other post-employment benefits. The FCA Group companies provided certain post-employment benefits, such as pension or health care benefits, to their employees under defined contribution plans whereby the group paid contributions to public or private plans on a legally mandatory, contractual, or voluntary basis. The FCA Group recognized the cost for defined contribution plans as incurred and classified this by function within Cost of revenues, Selling, general and other costs, and Research and development costs in the Consolidated Income Statement. Pension plans The FCA Group sponsored both non-contributory and contributory defined benefit pension plans primarily in the U.S. and Canada, the majority of which were funded. Non-contributory pension plans covered certain hourly and salaried employees and the benefits were based on a fixed rate for each year of service. Additionally, contributory benefits were provided to certain salaried employees under the salaried employees’ retirement plans. The FCA Group’s defined benefit pension plans were accounted for on an actuarial basis, which required the use of estimates and assumptions to determine the net liability or net asset. The FCA Group estimated the present value of the projected future payments to all participants by taking into consideration parameters of a financial nature such as discount rates, the rate of salary increases and the likelihood of potential future events estimated by using demographic assumptions, which could have an effect on the amount and timing of future payments, such as mortality, dismissal and retirement rates, which were developed to reflect actual and projected plan experience. Mortality rates were developed using FCA plan-specific populations, recent mortality information published by recognized experts in this field, primarily the U.S. Society of Actuaries and the Canadian Institute of Actuaries, and other data where appropriate to reflect actual and projected plan experience. The expected amount and timing of contributions was based on an assessment of minimum funding requirements. From time to time, contributions were made beyond those that are legally required. Plan obligations and costs were based on existing retirement plan provisions. Assumptions regarding any potential future changes to benefit provisions beyond those to which the FCA Group was presently committed were not made. Significant differences in actual experience or significant changes in the following key assumption could affect the pension obligations and pension expense: • Discount rates . FCA’s discount rates were based on yields of high-quality (AA-rated) fixed income investments for which the timing and amounts of maturities match the timing and amounts of the projected benefit payments. The effects of actual results differing from assumptions and of amended assumptions were included in Other comprehensive income/(loss). The weighted average discount rates used to determine the defined benefit obligation for the defined benefit plans were 2.6 percent and 3.3 percent at December 31, 2020 and 2019, respectively. At December 31, 2020, the effect on the defined benefit obligation of a decrease or increase in the discount rate, holding all other assumptions constant, is as follows: Effect on pension benefit ( € million) 10 basis point decrease in discount rate 301 10 basis point increase in discount rate (294) Refer to Note 19, Employee benefits liabilities, for additional information on the FCA Group’s pension plans. Other post-employment benefits The FCA Group historically provided health care, legal, severance, indemnity life insurance benefits and other post-retirement benefits to certain hourly and salaried employees. Upon retirement, these employees could become eligible for a continuation of certain benefits. Benefits and eligibility rules could be modified periodically. These other post-employment benefits (“OPEB”) were accounted for on an actuarial basis, which required the selection of various assumptions. The estimation of the FCA Group’s obligations, costs and liabilities associated with OPEB required the use of estimates of the present value of the projected future payments to all participants, taking into consideration the likelihood of potential future events estimated by using demographic assumptions, which could have an effect on the amount and timing of future payments, such as mortality, dismissal and retirement rates, which were developed to reflect actual and projected plan experience, as well as legal requirements for retirement in respective countries. Mortality rates were developed using plan-specific populations, recent mortality information published by recognized experts in this field and other data where appropriate to reflect actual and projected plan experience. Plan obligations and costs were based on existing plan provisions. Assumptions regarding any potential future changes to benefit provisions beyond those to which the FCA Group were presently committed were not made. Significant differences in actual experience or significant changes in the following key assumptions could affect the OPEB obligation and expense: • Discount rates . FCA’s discount rates were based on yields of high-quality (AA-rated) fixed income investments for which the timing and amounts of maturities matched the timing and amounts of the projected benefit payments. • Health care cost trends . The FCA Group’s health care cost trend assumptions were developed based on historical cost data, the near-term outlook and an assessment of likely long-term trends. At December 31, 2020, the effect of a decrease or increase in the key assumptions affecting the health care, life insurance plans and Italian severance indemnity ( trattamento di fine rapporto or “TFR”), holding all other assumptions constant, is shown below: Effect on health Effect on the TFR (€ million) 10 basis point / (100 basis point for TFR) decrease in discount rate 30 40 10 basis point / (100 basis point for TFR) increase in discount rate (30) (35) 100 basis point decrease in health care cost trend rate (36) — 100 basis point increase in health care cost trend rate 44 — Refer to Note 19, Employee benefits liabilities, for additional information on the FCA Group’s OPEB liabilities. Recoverability of non-current assets with definite useful lives Non-current assets with definite useful lives included property, plant and equipment, intangible assets and assets held for sale. Intangible assets with definite useful lives mainly consist of capitalized development expenditures primarily related to the North America and EMEA segments. The FCA Group periodically reviewed the carrying amount of non-current assets with definite useful lives when events or circumstances indicated that an asset may be impaired. The recoverability of non-current assets with definite useful lives was based on the estimated future cash flows, using the FCA Group’s current business plan, of the CGUs to which the assets related. The global automotive industry had historically experienced significant change as a result of evolving regulatory requirements for fuel efficiency, greenhouse gas emissions and other tailpipe emissions as well as emerging technology changes, such as electrification and autonomous driving. FCA’s business plan could change in response to these evolving requirements and emerging technologies or in relation to any future business plans or strategies developed as part of partnerships and collaborations. As FCA continued to assess the potential impacts of these evolving requirements, emerging technologies or future plans and strategies, and of operationalizing and implementing the strategic targets set out in the business plan, including reallocation of our resources, the recoverability of certain of FCA’s assets or CGUs could be impacted in future periods. For example, product development strategies could be affected by regulatory changes as well as changes in the expected costs of implementing electrification, including the cost of batteries. As relevant circumstances change, FCA expects to adjust its product plans which could result in changes to the expected use of certain of the FCA Group’s vehicle platforms. These uncertainties could result in either impairments of, or reductions to the expected useful lives of, these platforms, or both. Any change in recoverability would be accounted for at the time such change to the business plan occurs. For the years ended December 31, 2020, 2019 and 2018, the impairment tests performed compared the carrying amount of the assets included in the respective CGUs to their value-in-use. The value-in-use of the CGUs was determined using a discounted cash flow methodology based on estimated pre-tax future cash flows attributable to the CGUs and a pre-tax discount rate reflecting a current market assessment of the time value of money and the risks specific to the CGUs. During the year ended December 31, 2020, impairment losses and supplier obligations of €927 million were recognized. Of this, €13 million of supplier obligations were recognized within Cost of revenues in the Consolidated income statement and impairments totaling €914 million were recognized, primarily in relation to: • For the three months ended March 31, 2020, the FCA Group reviewed its business and operations to take into consideration the estimated impacts and effects of the COVID-19 pandemic, including the estimated impact on the macroeconomic environment, the market outlook and the FCA Group’s operations. Using the updated information, FCA performed an assessment of the recoverability of certain of its assets as of March 31, 2020. Specifically, FCA reviewed FCA’s cash generating units (“CGUs”) and goodwill and intangible assets with indefinite useful lives for indicators of impairment. Certain CGUs, primarily those that were expected to be more sensitive to the current market outlook, in North America, EMEA, LATAM and Maserati segments, as well as goodwill allocated to EMEA and LATAM segments, were found to have indicators of impairment, and were therefore subject to impairment testing. As a result of this impairment testing, impairment charges totaling €450 million, primarily as a result of reduced volume expectations, were recognized on CGUs within the EMEA, LATAM and Maserati segments composed of €247 million of Property, plant and equipment recognized within Cost of revenues and €203 million of previously capitalized development costs recognized within Research and development costs . Of these charges, €178 million relates to the EMEA segment, €161 million relates to the LATAM segment, and €111 million relates to the Maserati segment, which is incremental to the impairment recognized in the Maserati segment discussed below. • In addition to the impairments discussed above, during the three months ended March 31, 2020, certain assets within the Maserati segment were impaired in connection with decisions that were made regarding the planned utilization of certain assembly assets to more efficiently utilize the FCA Group's manufacturing capacity as part of the implementation of the previously announced Maserati product renewal activities. As a result of these decisions, impairment charges were recognized totaling €177 million, composed of €85 million of Property, plant and equipment recognized within Cost of revenues and €92 million of previously capitalized development expenditures recognized within Research and development costs . Impairment expense of €16 million was also recognized in North America for property, plant and equipment relating to idled assets. • During the three months ended September 30, 2020, the FCA Group changed FCA’s strategy for the future B-Segment platform in EMEA, which was under development. As a result of the change in strategy, assets totaling €74 million were impaired within the EMEA segment, composed of €4 million of Property, plant and equipment and €70 million of previously capitalized research and development expenditures, which were recognized within Cost of revenues and Research and development costs , respectively, as well as €13 million of supplier obligations. • During the three months ended December 31, 2020, impairment losses totaling €197 million were recognized, of which €120 million related to vehicle platform impairments in the North America segment as a result of the increase in the CAFE fine rate applicable starting with model year 2022 vehicles, composed of €37 million of Property, plant and equipment recognized within Cost of revenues and €83 million of previously capitalized development expenditures recognized within Research and development costs . In addition, impairment expense of €56 million was recognized in relation to capitalized development costs which were no longer planned to be used by the FCA Group. Of these, €44 million was not allocated to a specific region as the impaired assets were used to produce vehicles sold in several of FCA’s regions, while €9 million relates to the Maserati segment and €3 million relates to the EMEA segment. Furthermore, impairment expense of €18 million was also recognized in North America for property, plant and equipment for idled assets. During the year ended December 31, 2019, impairment losses totaling €1,589 million were recognized. Of the total impairment charges, €1,376 million was recognized in relation to the rationalization of product portfolio plans, primarily for Europe in the A-segment as well as for Alfa Romeo resulted in the recognition of asset impairment charges for certain platforms, composed of €563 million of Property, plant and equipment recognized within Cost of revenues and €813 million of previously capitalized development costs recognized within Research and development costs and excluded from Adjusted EBIT. Of these charges, €435 million relates to the EMEA segment, €148 million relates to the Maserati segment and the remaining €793 million was not allocated to a specific region as the impaired assets were used to produce vehicles sold in several of FCA’s regions. During the year ended December 31, 2018, impairment losses totaling €297 million were recognized. The most significant component of this impairment loss was in EMEA, primarily resulting from changes in product plans in connection with the 2018-2022 business plan. It was determined that the carrying amount of the CGUs exceeded their value-in-use and accordingly, an impairment charge of €262 million was recognized in EMEA, €16 million in North America, €11 million in APAC and €8 million in LATAM. Recoverability of Goodwill and Intangible assets with indefinite useful lives In accordance with IAS 36 - Impairment of Assets , goodwill and intangible assets with indefinite useful lives were not amortized and were tested for impairment annually or more frequently if facts or circumstances indicate that the asset may be impaired. Goodwill and intangible assets with indefinite useful lives were allocated to operating segments or to CGUs within the operating segments. The impairment test was performed by comparing the carrying amount (which mainly comprises property, plant and equipment, goodwill, brands and capitalized development expenditures) and the recoverable amount of each cash generating unit (“CGU”) or group of CGUs to which Goodwill has been allocated. The recoverable amount of a CGU was the higher of its fair value less costs of disposal and its value-in-use. The balance of Goodwill and intangible assets with indefinite useful lives recognized by the FCA Group primarily related to the acquisition of FCA US. Goodwill from the acquisition of FCA US was allocated to the North America, EMEA, APAC and LATAM operating segments. Due to the identification of indicators of impairment, primarily as the FCA Group reviewed its business and operations to take into consideration the potential impacts and effects of the COVID-19 pandemic, including the estimated impact on the macro economic environment, the market outlook and the FCA Group’s operations, the goodwill allocated to the EMEA and LATAM operating segments were tested for impairment at March, 31 2020. Of total Goodwill and intangible assets with indefinite useful lives of €14,614 million at March 31, 2020, €275 million and €577 million (€269 million and €563 million at December 31, 2019) of goodwill was allocated to the EMEA and LATAM segments, respectively. No intangible assets with indefinite useful lives, other than goodwill, were recognized within the EMEA and LATAM segments. The assumptions used in the goodwill impairment test for the EMEA and LATAM segments as of March 31, 2020, represented management’s best estimate for the period under consideration. • The estimate of the recoverable amount for purposes of performing the EMEA and LATAM goodwill impairment test was determined using value-in-use at March 31, 2020 and was based on the following assumptions: ▪ The expected future cash flows covering the period from 2020 through 2024. These expected cash flows reflected the current expectations regarding economic conditions and market trends as well as the segment specific initiatives for the period 2020 to 2024. These cash flows related to the operating segments in their current condition when preparing the financial statements and excluded the estimated cash flows that might arise from future restructuring plans or other structural changes. Key assumptions used in estimating the future cash flows were those related to volumes, sales mix, profit margins, expected conditions regarding market trends and segment, brand and model market share for the respective operating segment over the period considered. ▪ The expected future cash flows included a normalized terminal period to estimate the future result beyond the time period explicitly considered which incorporated a long-term growth rate assumption of 2 percent. The long-term EBIT margins were set considering historical margins, the margins incorporated into the plan, and other market data, as adjusted for the stage in the economic cycle of the regions and any specific circumstances (for example, in LATAM, the long-term EBIT margin was adjusted to assume no extension of the Brazilian tax benefits beyond 2025). ▪ Pre-tax cash flows were discounted using a pre-tax discount rate which reflects the current market assessment of the time value of money for the period being considered, and the risks specific to those cash flows under consideration. The pre-tax Weighted Average Cost of Capital (“WACC”) applied ranged from 9.5 percent to 16 percent. • Expected future cash flows are sensitive to changes in the WACC, such that an increase of 25 basis points and 40 basis points in the WACC for the EMEA and LATAM segments respectively, would reduce the recoverable value down to its carrying amount. The pre-tax WACC was calculated using the Capital Asset Pricing Model technique. The recoverable amounts for EMEA and LATAM operating segments estimated using the assumptions described above were determined to be in excess of the carrying amount of goodwill allocated to the EMEA and LATAM operating segments, respectively. As such, no impairment charges were recognized for goodwill for the three months ended March 31, 2020. The FCA Group’s goodwill and intangible assets with indefinite useful lives were tested for impairment on October 1, 2020, which is the date the group annually tests goodwill for impairment. • The estimate of the recoverable amount for purposes of performing the annual impairment test for each of the operating segments was determined using value-in-use and was based on the following assumptions: ◦ The expected future cash flows covering the period from 2020 through 2024. These expected cash flows reflect the current expectations regarding economic conditions and market trends as well as the FCA Group’s initiatives for the period 2020 to 2024. These cash flows relate to the respective CGUs in their current condition when preparing the financial statements and exclude the estimated cash flows that might arise from restructuring plans or other structural changes. Volumes and sales mix used for estimating the future cash flow were based on assumptions that were considered reasonable and sustainable and represent the best estimate of expected conditions regarding market trends and segment, brand and model share for the respective operating segment over the period considered. With regards to: ◦ The expected future cash flows included a normalized terminal period to estimate the future result beyond the time period explicitly considered which incorporated a long-term growth rate assumption of 2 percent. The long-term EBIT margins were set considering historical margins, the margins incorporated into the business plan, and other market data, as adjusted for the stage in the economic cycle of the regions and any specific circumstances (for example, in LATAM, the long-term EBIT margin has been adjusted to assume no extension of the Brazilian tax benefits beyond 2025). With regards to: ▪ The APAC operating segment, expected future cash flows have historically been sensitive to certain assumptions, primarily the expected margins for the terminal period. While the assumptions used were considered reasonable and achievable and represented the best estimate of expected conditions in the operating segment, management had been and continued to be actively implementing measures to improve operating results by addressing commercial performance and cost structure to allow the achievement of the expected margins and cash flow in APAC. From 2019, the APAC region had become less sensitive to changes in the terminal period EBIT Margin as a result of ongoing actions FCA is taking to improve the competitiveness of its business in China. However, the recoverability of the assets within the APAC region were dependent upon achieving profitable results, which had not been achieved in recent periods. ▪ The LATAM operating segment, for the year ended December 31, 2019, expected future cash flows had become sensitive to the expected margins for the terminal period taking into consideration the expectations for the region as well as the economic uncertainties in Argentina, such that a reduction of 90 basis points in the margin for the terminal period would reduce the recoverable value down to its carrying amount. During 2020, the LATAM region had become less sensitive to changes in terminal period EBIT margin, as a result of improved performance outlook in the region. • For the year ended December 31, 2020, pre-tax cash flows were discounted using a pre-tax discount rate which reflected the current market assessment of the time value of money for the period being considered and the risks specific to the operating segment and cash flows under consideration. The pre-tax discount rate ranged from 9.5 percent to 16.8 percent. The pre-tax discount rates were determined using the WACC which were calculated using the Capital Asset Pricing Model technique. The values estimated as described above were determined to be in excess of the carrying amount for each operating segment to which Goodwill was allocated. As such, no impairment charges were recognized for Goodwill and Intangible assets with indefinite useful lives for the year ended December 31, 2020. There were no impairment charges resulting from the impairment tests performed for the years ended December 31, 2019 and 2018. Recoverability of deferred tax assets Deferred tax assets were recognized to the extent that it is probable that sufficient taxable profit would be available to allow the benefit of part or all of the deferred tax assets to be utilized. The recoverability of deferred tax assets was dependent on the FCA Group’s ability to generate sufficient future taxable income in the period in which it is assumed that the deductible temporary differences reverse and tax losses carried forward could be utilized. In making this assessment, the FCA Group considered future taxable income arising based on the most recent business plan. Moreover, the FCA Group estimated the impact of the reversal of taxable temporary differences on earnings and it also considered the period over which these deferred tax assets could be recovered. The estimates and assumptions used in the assessment were subject to uncertainty especially related to the FCA Group’s future performance as compared to the business plan, particularly in LATAM and EMEA. Therefore, changes in current estimates due to unanticipated events could have a significant impact on the Consolidated Financial Statements. Refer to Note 7, Tax expense for additional detail. For the three months ended March 31, 2020, the FCA Group reviewed its business and operations to take into consideration the estimated impacts and effects of the COVID-19 pandemic, including the estimated impact on the macroeconomic environment, the market outlook and the FCA Group’s operations. As such, the FCA Group assessed its ability to generate sufficient taxable income in the future that would allow realization of net deferred tax assets in Italy and Brazil, primarily in relation to tax loss carry-forwards in each respective country. As a result of this assessment, a write-down of €549 million of deferred tax assets was recorded for the year ended December 31, 2020. Of this write-down, €446 million primarily related to Italian tax loss carry-forwards and €103 million related to Brazilian tax loss carry-forwards. Sales incentives The FCA Group recorded the estimated cost of sales incentive programs offered to dealers and consumers as a reduction to revenue at the time of sale to the dealer. This estimated cost represented the incentive programs offered to dealers and consumers, as well as the expected modifications to these programs in order to facilitate sales of the dealer inventory. Subsequent adjustments to sales incentive programs related to vehicles previously sold to dealers were recognized as an adjustment to Net revenues in the period the adjustment was determinable. The FCA Group used price discounts to adjust vehicle pricing in response to a number of market and product factors, including pricing actions and incentives offered by competitors, economic conditions, the amount of excess industry production capacity, the intensity of market competition, consumer demand for the product and the desire to support promotional campaigns. The FCA Group offered a variety of sales incentive programs at any given point in time, including cash offers to dealers and consumers and subvention programs offered to customers, or lease subsidies, which reduced the retail customer’s monthly lease payment or cash due at the inception of the financing arrangement, or both. Sales incentive programs were generally brand, model and region specific for a defined period of time. Multiple factors were used in estimating the future incentive expense by vehicle line, including the current incentive programs in the market, planned promotional programs and the normal incentive escalation incurred as the model year ages. The estimated incentive rates were reviewed monthly and changes to planned rates were adjusted accordingly, thereby impacting revenues. As there were a multitude of inputs affecting the calculation of the estimate for sales incentives, an increase or decrease of any of these variables could have a significant effect on Net revenues. Product warranties, recall campaigns and product liabilities The FCA Group established reserves for product warranties at the time the related sale was recognized. FCA issued various types of product warranties under which the performance of products delivered was generally guaranteed for a certain period or term. The accrual for product warranties included the expected costs of warranty obligations imposed by law or contract, as well as the expected costs for policy coverage, recall actions and buyback commitments. The estimated future costs of these actions were principally based on assumptions regarding the lifetime warranty costs of each vehicle line and each model year of that vehicle line, as well as historical claims experience for the FCA Group’s vehicles. In addition, the number and magnitude of additional service actions expected to be approved and policies related to additional service actions were taken into consideration. Due to the uncertainty and potential volatility of these estimated factors, changes in the assumptions used could materially affect the results of operations. The FCA Group periodically initiated voluntary service and recall actions to address various customer satisfaction as well as safety and emissions issues related to vehicles sold. Included in the reserve was the estimated cost of these service and recall actions. In North America, FCA accrued estimated costs for recalls at the time of sale, which were based on historical claims experience as well as an additional actuarial analysis that gave greater weight to the more recent calendar year trends in recall campaign activity. In other regions and sectors, however, there generally was not sufficient historical data to support the application of an actuarial-based estimation technique. As a result, estimated recall costs for the other regions and sectors were accrued at the time when they were probable and reasonably estimable, which typically occurred once a specific recall campaign was approved and announced. Estimates of the future costs of these actions were subject to numerous uncertainties, including the enactment of new laws and regulations, the number of vehicles affected by a service or recall action and the nature of the corrective action. It was reasonably possible that the ultimate cost of these service and recall actions could have required the FCA Group to make expenditures in excess of (or less than) established reserves over an extended period of time and in a range of amounts that could not be reasonably estimated. The estimate of warranty and additional service and recall action obligations was periodically reviewed during the year. Experience showed that initial data for any given model year could be volatile; therefore, FCA’s process relied upon long-term historical averages until sufficient data was available. As actual experience became available, it was used to modify the historical averages to ensure that the forecast was within the range of likely outcomes. Resulting accruals were then compared with current spending rates to ensure that the balances were adequate to meet expected future obligations. In addition, the FCA Group made provisions for estimated product liability costs arising from property damage and personal injuries including wrongful death, and potential exemplary or punitive damages alleged to be the result of product defects. By nature, these costs could be infrequent, difficult to predict and have the potential to vary significantly in amount. The valuation of the reserve was actuarially determined on an annual basis based on, among other factors, the |
Scope of consolidation
Scope of consolidation | 12 Months Ended |
Dec. 31, 2020 | |
Interests In Other Entities [Abstract] | |
Scope of consolidation | The following table sets forth a list of the principal subsidiaries of FCA, which are grouped by its reportable segments, as well as holding and other companies: Name Country Percentage North America FCA US LLC USA (Delaware) 100.00 FCA Canada Inc. Canada 100.00 FCA Mexico, S.A. de C.V. Mexico 100.00 LATAM FCA Fiat Chrysler Automoveis Brasil LTDA. Brazil 100.00 FCA Automobiles Argentina S.A. Argentina 100.00 Banco Fidis S.A. Brazil 100.00 APAC Chrysler Group (China) Sales Limited People’s Republic of China 100.00 FCA Japan Ltd. Japan 100.00 FCA Australia Pty Ltd. Australia 100.00 FCA Automotive Finance Co. Ltd. People’s Republic of China 100.00 Alfa Romeo (Shanghai) Automobiles Sales Co. Ltd. People’s Republic of China 100.00 EMEA FCA Italy S.p.A. Italy 100.00 FCA Poland Spólka Akcyjna Poland 100.00 FCA Powertrain Poland Sp. z o.o. Poland 100.00 FCA Serbia d.o.o. Kragujevac Serbia 66.67 FCA Germany AG Germany 100.00 FCA France S.A.S. France 100.00 Fiat Chrysler Automobiles UK Ltd. United Kingdom 100.00 Fiat Chrysler Automobiles Spain S.A. Spain 100.00 Fidis S.p.A. Italy 100.00 Maserati Maserati S.p.A. Italy 100.00 Maserati (China) Cars Trading Co. Ltd. People's Republic of China 100.00 Maserati North America Inc. USA (Delaware) 100.00 Holding Companies and Other Companies FCA North America Holdings LLC USA (Delaware) 100.00 Fiat Chrysler Finance S.p.A. Italy 100.00 Fiat Chrysler Finance Europe SENC Luxembourg 100.00 Magneti Marelli Discontinued Operations and Disposal On April 5, 2018, the FCA Board of Directors announced that it had authorized FCA management to develop and implement a plan to separate the Magneti Marelli business from the FCA Group and to distribute shares of a new holding company for Magneti Marelli to the shareholders of FCA. At September 30, 2018, the separation within the next twelve months became highly probable and Magneti Marelli operations met the criteria to be classified as a disposal group held for sale. It also met the criteria to be classified as a discontinued operation pursuant to IFRS 5 - Non-current Assets Held for Sale and Discontinued Operations. On October, 22, 2018, FCA announced that it had entered into a definitive agreement to sell its Magneti Marelli business to CK Holdings Co., Ltd. On May 2, 2019, FCA completed the sale of Magneti Marelli for consideration of €5,772 million (including €5,774 million cash consideration, contingent consideration receivable with a fair value of €70 million, contingent consideration payable by FCA of €16 million, costs relating to the transaction of €16 million and a preliminary purchase price adjustment of approximately €40 million). On April 26, 2020, the final purchase price adjustment was agreed, substantially confirming the preliminary amount. The following table shows the calculation of the gain on sale on the Magneti Marelli transaction: At May 2, 2019 (€ million) Intangible assets € 788 Property, plant and equipment 2,146 Financial receivables 10 Cash and cash equivalents 426 Other assets 2,055 Debt (782) Trade and other payables (1,942) Other liabilities (791) Net assets sold € 1,910 Consideration 5,772 Reclassification of amounts in OCI relating to Magneti Marelli (1) (91) Gain on sale attributable to FCA € 3,771 ______________________________________________________________________________________________________________________________ (1) Excluding amounts related to remeasurement of defined benefit plans. Refer to the Consolidated Statement of Cash flows for the year ended December 31, 2020, for the aggregate cash flows arising from the sale of Magneti Marelli, which consists of the cash consideration received net of the cash and cash equivalents transferred in the sale, as disclosed in the table above. The presentation of the Magneti Marelli business is as follows: • The operating results of Magneti Marelli have been excluded from the FCA Group’s continuing operations and are presented net of taxes as a single line item within the Consolidated Income Statement up to the completion of the sale transaction on May 2, 2019 and for the year ended December 31, 2018. In order to present the financial effects of a discontinued operation, revenues and expenses arising from intercompany transactions were eliminated except for those revenues and expenses that are considered to continue after the disposal of the discontinued operation. However, no profit or loss is recognized for intercompany transactions within the Consolidated Income Statement. • Cash flows arising from Magneti Marelli up to the completion of the sale transaction on May 2, 2019, have been presented separately as discontinued cash flows from operating, investing and financing activities within the Consolidated Statements of Cash Flows for the years ended December 31, 2019 and 2018. These cash flows represent those arising from transactions with third parties. • In accordance with the IFRS 5, depreciation and amortization on the assets of Magneti Marelli ceased as at September 30, 2018. The impact of ceasing depreciation of the property, plant and equipment and amortization of the intangible assets of Magneti Marelli was €134 million for the period up to the completion of the sale transaction on May 2, 2019 (€96 million for the year ended December 31, 2019), net of tax of €27 million (€20 million for the year ended December 31, 2019). • The operating results from discontinued operations includes €5 million of interest on lease liabilities for the year ended December 31, 2019. • Total expenses recognized in the operating results from discontinued operations relating to short-term leases and low-value assets leases amounted to €6 million and €2 million, respectively, for the period up to the completion of the sale transaction on May 2, 2019. The following table summarizes the operating results of Magneti Marelli up to the completion of the sale transaction on May 2, 2019, that were excluded from the Consolidated Income Statement for the years ended December 31, 2019 and 2018: Years ended December 31, 2019 (1) 2018 (1) (€ million) Net revenues € 1,657 € 4,998 Expenses 1,447 4,493 Net financial expenses 5 85 Profit before taxes from discontinued operations 205 420 Tax expense 44 118 Profit after taxes from discontinued operations 161 302 Add: Gain on sale attributable to FCA 3,771 — Less: Tax expense on gain on sale 2 — Profit from discontinued operations, net of taxes € 3,930 € 302 ______________________________________________________________________________________________________________________________ (1) Amounts presented are not representative of the income statement of Magneti Marelli on a stand-alone basis; amounts are net of transactions between Magneti Marelli and other companies of the FCA Group. FCA elected to present both the tax on the gain after the participation exemption of €55 million and the corresponding utilization of tax losses as a net nil impact within Profit from discontinued operations, net of tax. Plastic Components and Automotive Modules Business Held for Sale During the year ended December 31, 2019, certain entities within FCA’s plastic components and automotive modules business met the criteria to be presented as held for sale. On January 31, 2020, the FCA Group entered into agreements for the sale of several of the groups of assets within its plastic components and automotive modules businesses for a total sale price of €47.5 million, resulting in a gain on disposal of €5 million. Teksid Cast Iron Components Business Held for Sale During December 2019, FCA announced that it had entered into an agreement with Tupy S.A. for the sale of FCA’s global cast iron automotive components business, which is operated through FCA’s subsidiary Teksid S.p.A. The proposed sale includes Teksid’s cast iron production facilities in Brazil, Mexico, Poland and Portugal, in addition to Teksid’s interest in a joint venture in China and as a result the related assets and liabilities (€312 million and €204 million at December 31, 2020, respectively) met the criteria to be presented as held for sale from December 31, 2019. The agreement valued the business at €210 million enterprise value. Consideration, subject to customary purchase price adjustments, will be paid at closing, expected by the end of the second quarter of 2021. The proposed transaction is subject to customary closing conditions, including the receipt of antitrust approvals. Teksid’s aluminum business is not included in the transaction and will remain part of the Group. Acquisition of the Assets of Vari-Form Inc. During the year ended December 31, 2019, FCA N.V., through subsidiaries in Canada, Mexico and Italy, entered into asset purchase agreements for the assets of Vari-Form, a vehicle component manufacturer. The most significant element of these transactions was in Canada for an amount of U.S.$62 million (€55 million), the majority of which was allocated to goodwill, recognized within the North America segment. There were no significant transactions with non-controlling interests during the years ended December 31, 2020, 2019 and 2018. |
Net revenues
Net revenues | 12 Months Ended |
Dec. 31, 2020 | |
Analysis of income and expense [abstract] | |
Net revenues | Net revenues were as follows: Years ended December 31, 2020 2019 2018 (€ million) Revenues from: Sales of goods € 82,510 € 103,019 € 104,990 Services provided 3,297 3,961 3,871 Contract revenues 547 672 958 Lease installments from assets sold with a buy-back commitment 193 362 394 Interest income of financial services activities 129 173 199 Total Net revenues € 86,676 € 108,187 € 110,412 Net revenues by geographical area were as follows: Years ended December 31, 2020 2019 2018 (€ million) Net revenues in: North America (1) € 60,783 € 73,848 € 73,405 Brazil 4,518 7,423 6,452 Italy 5,454 7,259 8,815 France 2,420 3,021 3,204 Germany 2,325 2,519 2,755 China 1,412 1,753 1,974 Spain 789 1,200 1,397 United Kingdom 696 995 1,136 Argentina 772 861 1,384 Japan 752 839 718 Turkey 947 739 896 Australia 322 320 418 Other countries 5,486 7,410 7,858 Total Net revenues € 86,676 € 108,187 € 110,412 ______________________________________________________________________________________________________________________________ (1) Refers to the geographical area and not FCA’s North America reporting segment. Net revenues attributed by segment for the years ended December 31, 2020, 2019 and 2018 were as follows: Mass-Market Vehicles 2020 North America LATAM APAC EMEA Maserati Other activities Total (€ million) Revenues from: Sales of goods € 58,198 € 5,031 € 2,250 € 15,284 € 1,323 € 424 € 82,510 Services provided 2,045 206 17 765 53 211 3,297 Construction contract revenues — — — — — 547 547 Revenues from goods and services 60,243 5,237 2,267 16,049 1,376 1,182 86,354 Lease installments from assets sold with a buy-back commitment 64 — — 129 — — 193 Interest income from financial services activities — 60 50 13 6 — 129 Total Net revenues € 60,307 € 5,297 € 2,317 € 16,191 € 1,382 € 1,182 € 86,676 Mass-Market Vehicles 2019 North America LATAM APAC EMEA Maserati Other activities Total (€ million) Revenues from: Sales of goods € 70,809 € 8,059 € 2,674 € 19,275 € 1,563 € 639 € 103,019 Services provided 2,388 297 27 950 29 270 3,961 Construction contract revenues — — — — — 672 672 Revenues from goods and services 73,197 8,356 2,701 20,225 1,592 1,581 107,652 Lease installments from assets sold with a buy-back commitment 140 — — 222 — — 362 Interest income from financial services activities — 93 61 19 — — 173 Total Net revenues € 73,337 € 8,449 € 2,762 € 20,466 € 1,592 € 1,581 € 108,187 Mass-Market Vehicles 2018 North America LATAM APAC EMEA Maserati Other activities Total (€ million) Revenues from: Sales of goods € 69,908 € 7,756 € 2,560 € 21,516 € 2,606 € 644 € 104,990 Services provided 2,287 270 21 945 39 309 3,871 Construction contract revenues — — — — — 958 958 Revenues from goods and services 72,195 8,026 2,581 22,461 2,645 1,911 109,819 Lease installments from assets sold with a buy-back commitment 158 — — 235 — 1 394 Interest income from financial services activities — 116 65 18 — — 199 Total Net revenues € 72,353 € 8,142 € 2,646 € 22,714 € 2,645 € 1,912 € 110,412 The FCA Group recognized a net decrease in Net revenues of €130 million during the year ended December 31, 2020 (net decrease in Net revenues of €4 million during the year ended December 31, 2019, net decrease in Net revenues of €14 million during the year ended December 31, 2018) from performance obligations satisfied in the prior year. This was primarily due to changes in the estimated cost of sales incentive programs occurring after FCA had transferred control of vehicles to the dealers. |
Research and development costs
Research and development costs | 12 Months Ended |
Dec. 31, 2020 | |
Analysis of income and expense [abstract] | |
Research and development costs | Research and development costs were as follows: Years ended December 31, 2020 2019 2018 (€ million) Research and development expenditures expensed € 1,226 € 1,305 € 1,448 Amortization of capitalized development expenditures 1,250 1,358 1,456 Impairment and write-off of capitalized development expenditures 503 949 147 Total Research and development costs € 2,979 € 3,612 € 3,051 Refer to Note 2, Basis of Preparation - Use of estimates - Recoverability of non-current assets with definite useful lives for detail on the impairment and write-off of capitalized development expenditures during the years ended December 31, 2020, 2019 and 2018. Refer to Note 10, Other intangible assets, |
Net financial expenses
Net financial expenses | 12 Months Ended |
Dec. 31, 2020 | |
Analysis of income and expense [abstract] | |
Net financial expenses | The following table summarizes the FCA Group’s financial income and expenses, included within Net financial expenses: Years ended December 31, 2020 2019 2018 (€ million) Interest income and other financial income € 117 € 261 € 249 Financial expenses: Interest expense and other financial expenses: 596 784 929 Interest expense on notes 321 370 422 Interest expense on borrowings from bank 209 181 259 Other interest cost and financial expenses 66 233 248 Interest on lease liabilities (1) 94 88 — Write-down of financial assets 10 21 6 Losses on disposal of securities — 2 6 Net interest expense on employee benefits provisions 218 298 276 Total Financial expenses 918 1,193 1,217 Net expenses from derivative financial instruments and exchange rate differences 187 73 88 Total Financial expenses and Net expenses from derivative financial instruments and exchange rate differences 1,105 1,266 1,305 Net Financial expenses € 988 € 1,005 € 1,056 ______________________________________________________________________________________________________________________________ (1) Interest on lease liabilities previously recognized in accordance with IAS 17 during the year ended December 31, 2018 was not material for reclassification. |
Tax expense
Tax expense | 12 Months Ended |
Dec. 31, 2020 | |
Income Taxes [Abstract] | |
Tax expense | The following table summarizes Tax expense: Years ended December 31, 2020 2019 2018 (€ million) Current tax expense € 239 € 435 € 592 Deferred tax expense 1,231 872 520 Tax (benefit)/expense relating to prior periods (1) (138) 14 (334) Total Tax expense € 1,332 € 1,321 € 778 ________________________________________________________________________________________________________________________________________________ (1) Tax (benefit)/expense relating to prior periods includes €325 million deferred tax benefit related to U.S. provision to return adjustments for prior years' tax positions finalized in 2020. The applicable tax rate used to determine theoretical income taxes was the statutory rate in the United Kingdom (“UK”), the tax jurisdiction in which FCA NV was historically resident. The reconciliation between the theoretical income taxes calculated on the basis of the theoretical tax rate of 19.0 percent in 2020 (19.0 percent in 2019 and 19.0 percent in 2018) and income taxes recognized is as follows: Years ended December 31, 2020 2019 2018 (€ million) Theoretical income taxes € 259 € 766 € 781 Tax effect on: Recognition and utilization of previously unrecognized deferred tax assets — (159) — Permanent differences (148) (411) (416) Tax credits (119) (112) (135) Deferred tax assets not recognized and write-downs 1,417 976 633 Differences between foreign tax rates and the theoretical applicable tax rate and tax holidays 27 171 207 Taxes relating to prior years (138) 14 (334) Tax rate changes (25) 9 — Withholding tax 27 41 41 Other differences 15 20 (15) Total Tax expense, excluding IRAP (1) 1,315 1,315 762 Effective tax rate 97.0% 32.7% 18.5% IRAP (current and deferred) 17 6 16 Total Tax expense € 1,332 € 1,321 € 778 ______________________________________________________________________________________________________________________________ (1) Local income tax due in Italy As the IRAP taxable basis differs from Profit before taxes, it is excluded from the effective tax rates above. The increase in the effective tax rate to 97.0 percent in 2020 from 32.7 percent in 2019 was primarily related to (i) tax expense related to the write-down of Deferred tax assets in Italy and Brazil for the three months ended March 31, 2020, as described below; and (ii) a decrease in North America profit before tax, which significantly impacted the unfavorable effective tax rate impact of current year unrecognized Deferred tax assets, primarily in Italy and Brazil. The FCA Group historically recognized the amount of Deferred tax assets less the Deferred tax liabilities of the individual companies within Deferred tax assets, where these may be offset. Amounts recognized were as follows: At December 31, 2020 2019 (€ million) Deferred tax assets € 1,096 € 1,689 Deferred tax liabilities (1,845) (1,628) Total Net deferred tax (liabilities) assets € (749) € 61 The change from Net deferred tax assets at December 31, 2019 to Net deferred tax liabilities at December 31, 2020 was mainly due to an increase in deferred tax liabilities in North America related to provisions, acceleration of tax depreciation and amortization on capital expenditures, partially offset by utilization of U.S. tax credit carryforwards, and a decrease in deferred tax assets of €549 million for deferred tax asset write-downs in Italy and Brazil, as described in Note 2, Basis of Preparation - Use of estimates - Recoverability of deferred tax assets for additional detail. The significant components of Deferred tax assets and liabilities and their changes during the years ended December 31, 2020 and 2019 were as follows: At January 1, 2020 Recognized in Consolidated Income Statement Recognized in Equity Translation At December 31, 2020 (€ million) Deferred tax assets arising on: Provisions € 3,673 € (100) € — € (254) € 3,319 Provision for employee benefits 1,470 51 (10) (118) 1,393 Lease liabilities 369 (20) — 2 351 Intangible assets 151 7 — (25) 133 Impairment of financial assets 166 (18) — (7) 141 Inventories 188 43 — (30) 201 Allowances for doubtful accounts 105 (6) — (35) 64 Other 702 328 (1) (3) 1,026 Total Deferred tax assets € 6,824 € 285 € (11) € (470) € 6,628 Deferred tax liabilities arising on: Accelerated depreciation € (2,330) € (164) € — € 197 € (2,297) Capitalized development assets (2,601) (554) — 157 (2,998) Other Intangible assets and Intangible assets with indefinite useful lives (948) (17) — 82 (883) Right-of-use assets (365) 27 — 32 (306) Provision for employee benefits (77) (3) 31 (8) (57) Other (247) (147) 5 18 (371) Total Deferred tax liabilities € (6,568) € (858) € 36 € 478 € (6,912) Deferred tax asset arising on tax loss carry-forwards € 4,861 € 1,017 € — € (516) € 5,362 Unrecognized deferred tax assets (5,056) (1,350) 3 576 (5,827) Total Net deferred tax assets (liabilities) € 61 € (906) € 28 € 68 € (749) At January 1, 2019 Recognized in Recognized in Equity Transferred to Assets/(Liabilities) Held for Sale Translation At December 31, 2019 (€ million) Deferred tax assets arising on: Provisions € 4,127 € (470) € — € 10 € 6 € 3,673 Provision for employee benefits 1,487 (41) 1 1 22 1,470 Lease liabilities 260 106 — (1) 4 369 Intangible assets 166 (15) — — — 151 Impairment of financial assets 155 (1) — — 12 166 Inventories 246 (56) — — (2) 188 Allowances for doubtful accounts 96 13 — — (4) 105 Other 685 (22) (4) 1 42 702 Total Deferred tax assets € 7,222 € (486) € (3) € 11 € 80 € 6,824 Deferred tax liabilities arising on: Accelerated depreciation € (2,296) € (33) € — € (1) € — € (2,330) Capitalized development expenditures (2,440) (129) — — (32) (2,601) Other Intangible assets and Intangible assets with indefinite useful lives (912) 36 — — (72) (948) Right-of-use assets (260) (101) — — (4) (365) Provision for employee benefits (91) (9) 22 — 1 (77) Other (424) 156 38 — (17) (247) Total Deferred tax liabilities € (6,423) € (80) € 60 € (1) € (124) € (6,568) Deferred tax asset arising on tax loss carry-forwards € 4,963 € 106 € — € 12 € (220) € 4,861 Unrecognized deferred tax assets (4,885) (407) — (20) 256 (5,056) Total Net deferred tax assets € 877 € (867) € 57 € 2 € (8) € 61 As of December 31, 2020, the FCA Group had total Deferred tax assets on deductible temporary differences of €6,628 million (€6,824 million at December 31, 2019), of which €1,072 million was not recognized (€1,113 million at December 31, 2019). As of December 31, 2020, the FCA Group also had Deferred tax assets on tax loss carry-forwards of €5,362 million (€4,861 million at December 31, 2019), of which €4,755 million was not recognized (€3,943 million at December 31, 2019). As of December 31, 2020, the FCA Group had total net recognized and unrecognized deferred tax assets of €3,682 million (€3,263 million at December 31, 2019) in Italy primarily attributable to Italian tax loss carry-forwards that could be carried forward indefinitely. A deferred tax asset was recognized for Italian tax loss carry-forwards to the extent the realization of the related tax benefit was supported through achievement of the FCA Group’s business plan. The FCA Group continued to recognize Italian Net deferred tax assets of €253 million (€705 million at December 31, 2019) as the FCA Group considered it probable that FCA would have sufficient taxable income in the future that would allow realization of these net deferred tax assets. The utilization of Italian tax loss carry-forwards for which currently no deferred tax asset was recognized was subject to future sustained profitability, as well as, the achievement of taxable income in periods which are beyond the FCA Group’s business plan and therefore this utilization was uncertain. As a result, €3,429 million of Net deferred tax assets in Italy were not recognized as of December 31, 2020 (€2,558 million at December 31, 2019). As of December 31, 2020, the FCA Group had net recognized and unrecognized deferred tax assets of €1,692 million in Brazil (€1,888 million at December 31, 2019), primarily attributable to Brazilian tax loss carry-forwards that could be carried forward indefinitely. As of December 31, 2020, a deferred tax asset was not recognized for Brazilian tax loss carry-forwards since the FCA Group did not consider it probable that there would be sufficient taxable income in the future that would allow realization of these deferred tax assets. The utilization of Brazilian tax loss carry-forwards for which currently no deferred tax asset was recognized was subject to future sustained profitability, as well as, the achievement of taxable income in periods which are beyond the FCA Group’s business plan and therefore this utilization was uncertain. As a result, €1,692 million of Net deferred tax assets in Brazil, which included Brazil tax losses, were not recognized as of December 31, 2020 (€1,757 million at December 31, 2019). As of December 31, 2020, the FCA Group had net recognized and unrecognized deferred tax assets of €173 million (€151 million at December 31, 2019) in the UK primarily attributable to UK tax loss carry-forwards that could be carried forward indefinitely. A deferred tax asset was recognized for the UK tax loss carried forwards to the extent the realization of the related tax benefit was supported through generation of taxable income. The FCA Group recognizes UK Net deferred tax assets of €173 million (€151 million at December 31, 2019) as the FCA Group considered it probable that FCA would have sufficient taxable income in the future that would allow realization of these net deferred tax assets. The realization of these deferred tax assets was sensitive to the assumptions and judgments used in the determination of the taxable income in the future, as well as, FCA’s ability to affect tax planning strategies, as necessary. The deferred tax assets in the UK could be impacted by future reorganizations or changes in tax residency. Certain jurisdictions within EMEA in which the FCA Group operated could begin to generate profits or taxable income in the future. While FCA had not yet recognized all deferred tax assets in these jurisdictions, it was possible FCA’s assessment of realizability could change, resulting in the recognition of additional deferred tax assets in FCA’s Balance Sheet and the related income tax benefit in FCA’s Income Statement. Refer to Note 2, Basis of Preparation - Use of estimates - Recoverability of deferred tax assets for additional detail. Deferred tax liabilities on the undistributed earnings of subsidiaries have not been recognized, except in cases where it was probable the distribution would occur in the foreseeable future. Total gross deductible and taxable temporary differences and accumulated tax losses at December 31, 2020, together with the amounts for which deferred tax assets have not been recognized, analyzed by year of expiration, were as follows: Year of expiration At December 31, 2020 2021 2022 2023 2024 Beyond 2024 Unlimited/ (€ million) Temporary differences and tax losses relating to corporate taxation: Deductible temporary differences € 26,844 € 3,449 € 2,618 € 2,514 € 3,282 € 14,596 € 385 Taxable temporary differences (28,641) (2,871) (2,707) (2,729) (2,787) (14,594) (2,953) Tax losses 20,343 115 60 45 101 1,576 18,446 Amounts for which deferred tax assets were not recognized (21,440) (344) (103) (75) (839) (3,008) (17,071) Temporary differences and tax losses relating to corporate taxation € (2,894) € 349 € (132) € (245) € (243) € (1,430) € (1,193) Temporary differences and tax losses relating to local taxation (i.e. IRAP in Italy): Deductible temporary differences € 10,736 € 1,088 € 588 € 551 € 1,141 € 7,241 € 127 Taxable temporary differences (9,572) (896) (713) (713) (764) (6,346) (140) Tax losses 4,819 29 31 32 54 103 4,570 Amounts for which deferred tax assets (6,065) (188) (38) (11) (582) (600) (4,646) Temporary differences and tax losses relating to local taxation € (82) € 33 € (132) € (141) € (151) € 398 € (89) |
Other information by nature
Other information by nature | 12 Months Ended |
Dec. 31, 2020 | |
Additional information [abstract] | |
Other information by nature | Personnel costs for the continuing operations of the FCA Group for the years ended December 31, 2020, 2019 and 2018 amounted to €10.3 billion, €11.4 billion and €11.7 billion, respectively, and included costs that were capitalized mainly in connection with product development activities. For the years ended December 31, 2020, 2019 and 2018, the continuing operations of the FCA Group had an average number of employees of 191,705, 198,772 and 203,122, respectively. Amounts relating to IFRS 16 recognized in Profit before taxes Amounts recognized within Profit before taxes for the year ended December 31, 2020 were as follows: Years ended December 31, 2020 2019 (€ million) Depreciation of right-of-use assets € 403 € 346 Interest expense on lease liabilities 94 88 Variable lease payments not included in the measurement of lease liabilities 2 3 Income from sub-leasing right-of-use assets (88) (85) Expenses relating to short-term leases and to leases of low-value assets 78 186 Gains arising from sale and leaseback transactions (94) (91) Total expense recognized in Net profit from continuing operations € 395 € 447 |
Goodwill and intangible assets
Goodwill and intangible assets with indefinite useful lives | 12 Months Ended |
Dec. 31, 2020 | |
Intangible Assets [Abstract] | |
Goodwill and intangible assets with indefinite useful lives | Goodwill and intangible assets with indefinite useful lives at December 31, 2020 and 2019 are summarized below: Goodwill Gross amount Accumulated impairment losses Total Goodwill Brands Total Goodwill and intangible assets with indefinite useful lives (€ million) At January 1, 2019 € 11,254 € (420) € 10,834 € 3,136 € 13,970 Additions 34 — 34 — 34 Transfers to Assets held for sale (11) — (11) — (11) Translation differences and Other 162 46 208 56 264 At December 31, 2019 11,439 (374) 11,065 3,192 14,257 Translation differences and Other (1,190) 256 (934) (268) (1,202) At December 31, 2020 € 10,249 € (118) € 10,131 € 2,924 € 13,055 Translation differences in 2020 and 2019 primarily related to foreign currency transaction of U.S. Dollar to the Euro. Brands Brands, composed of the Chrysler, Jeep, Dodge, Ram and Mopar brands, resulted from the acquisition of FCA US and are allocated to the North America segment. These rights are protected legally through registration with government agencies and through their continuous use in commerce. As these rights have no legal, contractual, competitive or economic term that limits their useful lives, they were classified as intangible assets with indefinite useful lives and were therefore not amortized but instead tested annually for impairment. For the purpose of impairment testing, the carrying value of Brands was historically tested jointly with the goodwill allocated to the North America segment. Goodwill At December 31, 2020, Goodwill included €10,078 million from the acquisition of FCA US (€11,008 million at December 31, 2019). At December 31, 2020, Goodwill included €32 million (€34 million at December 31, 2019) from the acquisition of Vari-Form (refer to Note 3, Scope of consolidation ). There were no impairment charges recognized in respect of Goodwill and intangible assets with indefinite lives during the years ended December 31, 2020, 2019 and 2018. Refer to Note 2, Basis of preparation - Use of estimates for discussion of the assumptions and judgments relating to goodwill impairment testing. The following table summarizes the allocation of Goodwill between FCA's reportable segments: At December 31, 2020 2019 (€ million) North America € 8,294 € 9,059 APAC 1,074 1,174 LATAM 515 563 EMEA 248 269 Other activities — — Total Goodwill € 10,131 € 11,065 |
Other intangible assets
Other intangible assets | 12 Months Ended |
Dec. 31, 2020 | |
Intangible Assets [Abstract] | |
Other intangible assets | Capitalized development expenditures Patents, concessions, licenses and credits Other Total (€ million) Gross carrying amount at January 1, 2019 € 20,228 € 3,999 € 636 € 24,863 Additions 2,889 600 67 3,556 Divestitures (338) (127) (82) (547) Transfer to Assets held for sale — (3) (16) (19) Translation differences and other changes 147 103 (5) 245 At December 31, 2019 22,926 4,572 600 28,098 Additions 2,640 745 177 3,562 Divestitures (81) (134) (173) (388) Transfer to Assets held for sale — — — — Translation differences and other changes (1,327) (333) (50) (1,710) At December 31, 2020 24,158 4,850 554 29,562 Accumulated amortization and impairment losses at January 1, 2019 10,403 2,362 349 13,114 Amortization 1,358 426 48 1,832 Impairment losses and asset write-offs 949 — 4 953 Divestitures (337) (2) (8) (347) Transfer to Assets held for sale — (3) (13) (16) Translation differences and other changes 46 72 (3) 115 At December 31, 2019 12,419 2,855 377 15,651 Amortization 1,250 408 32 1,690 Impairment losses and asset write-offs 503 — 1 504 Divestitures (53) — (15) (68) Transfer to Assets held for sale — — — — Translation differences and other changes (519) (194) (21) (734) At December 31, 2020 13,600 3,069 374 17,043 Carrying amount at December 31, 2019 € 10,507 € 1,717 € 223 € 12,447 Carrying amount at December 31, 2020 € 10,558 € 1,781 € 180 € 12,519 Capitalized development expenditures included both internal and external costs that were directly attributable to the internal product development process, primarily consisting of material costs and personnel related expenses relating to engineering, design and development focused on content enhancement of existing vehicles, new models and powertrain programs. In 2020, €504 million of impairment losses and asset write-offs were recognized, refer to Note 2, Use of estimates - Recoverability of non-current assets with definite useful lives for further information on the impairment losses and asset write-offs recognized. In 2019, €953 million of impairment losses and asset write-offs were recognized, including a total of €813 million of impairment losses and asset write-offs resulting from rationalization of product portfolio plans, primarily for Europe in the A-segment as well as for Alfa Romeo resulted in the recognition of asset impairment charges for certain platforms. Translation differences primarily related to foreign currency translation of the U.S. Dollar to the Euro and of the Brazilian Real to the Euro. Amortization of capitalized development expenditures was recognized within Research and development costs within the Consolidated Income Statement, as described in Note 5, Research and development costs . Amortization of Patents, concessions, licenses and credits and Other intangibles are recognized within Cost of revenues and Selling, general and other costs. At December 31, 2020 and 2019, the FCA Group had contractual commitments for the purchase of intangible assets amounting to €624 million (refer to Note 25, Guarantees granted, commitments and contingent liabilities |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2020 | |
Property, plant and equipment [abstract] | |
Property, plant and equipment | Property, plant and equipment comprises owned and leased assets that do not meet the definition of investment property under IAS 40 - Investment Property . The FCA Group historically leased assets including land, industrial buildings, plant machinery and equipment, and other assets. Land Industrial Plant, machinery and equipment Other Advances and Total (€ million) Gross carrying amount at January 1, 2019 € 877 € 9,227 € 50,094 € 2,944 € 1,528 € 64,670 Additions 33 274 1,587 222 3,287 5,403 Divestitures (40) (46) (1,135) (124) (3) (1,348) Change in the scope of consolidation — — 63 — 1 64 Translation differences 8 96 507 45 19 675 Transfer to Assets held for sale (15) (149) (502) (17) (23) (706) Other changes 36 25 857 (4) (886) 28 At December 31, 2019 899 9,427 51,471 3,066 3,923 68,786 Additions 16 928 2,793 258 1,605 5,600 Divestitures (2) (54) (884) (245) (4) (1,189) Change in the scope of consolidation — (8) — — — (8) Translation differences (87) (849) (3,682) (246) (376) (5,240) Transfer to Assets held for sale — (14) (2) — — (16) Other changes 45 (86) 523 (7) (546) (71) At December 31, 2020 871 9,344 50,219 2,826 4,602 67,862 Accumulated depreciation and impairment losses at January 1, 2019 32 3,365 32,032 1,855 10 37,294 Depreciation 3 411 2,876 323 — 3,613 Divestitures (2) (32) (1,098) (115) — (1,247) Impairment losses and asset write-offs — 2 618 16 — 636 Change in the scope of consolidation — — 11 — — 11 Translation differences — 29 305 25 — 359 Transfer to Assets held for sale (3) (107) (384) (17) (1) (512) Other changes — 9 19 (4) — 24 At December 31, 2019 30 3,677 34,379 2,083 9 40,178 Depreciation 1 427 2,695 330 — 3,453 Divestitures — (8) (845) (234) (2) (1,089) Impairment losses and asset write-offs — 3 402 5 — 410 Change in the scope of consolidation — — — — — — Translation differences — (253) (2,160) (170) — (2,583) Transfer to Assets held for sale — (9) (2) — — (11) Other changes (1) (53) (17) (8) 1 (78) At December 31, 2020 30 3,784 34,452 2,006 8 40,280 Carrying amount at December 31, 2019 € 869 € 5,750 € 17,092 € 983 € 3,914 € 28,608 Carrying amount at December 31, 2020 € 841 € 5,560 € 15,767 € 820 € 4,594 € 27,582 Included within the total €27,582 million Property, plant and equipment amounts presented above was owned property, plant and equipment of €25,958 million and right-of-use assets of €1,624 million at December 31, 2020. Included within the total €28,608 million Property, plant and equipment amounts presented above was owned property, plant and equipment of €26,987 million and right-of-use assets of €1,621 million at December 31, 2019. Changes in Right-of-use assets are as follows: Land Industrial buildings Plant, machinery and equipment Other assets Total (€ million) Balance at January 1, 2019 26 1,085 206 78 1,395 Depreciation (3) (150) (100) (93) (346) Additions 11 167 236 163 577 Change in the scope of consolidation — 18 26 — 44 Translation differences 1 24 2 1 28 Other (28) (24) (21) (4) (77) Balance at December 31, 2019 7 1,120 349 145 1,621 Depreciation (1) (159) (102) (141) (403) Additions 11 284 80 199 574 Translation differences (1) (90) (27) (14) (132) Other — (25) (7) (4) (36) Balance at December 31, 2020 € 16 € 1,130 € 293 € 185 € 1,624 For the year ended December 31, 2020, the FCA Group recognized a total of €410 million of impairment losses and asset write-offs. Refer to Note 2, Basis of Preparation - Use of estimates - Recoverability of non-current assets with definite useful lives, for further information on the impairment losses and asset write-offs recognized. For the year ended December 31, 2019, the FCA Group recognized a total of €636 million of impairment losses and asset write-offs, including a total of €563 million resulting from rationalization of product portfolio plans, primarily for Europe in the A-segment as well as for Alfa Romeo resulted in the recognition of asset impairment charges for certain platforms. Refer to Note 2, Basis of Preparation - Use of estimates - Recoverability of non-current assets with definite useful lives for additional detail regarding the assumptions and judgments used when testing these assets for impairment. These impairment charges were recognized within Cost of revenues in the Consolidated Income Statement for the years ended December 31, 2020, and 2019. In 2020, translation differences of €2,657 million primarily reflected the foreign currency transaction impacts of U.S. Dollar to the Euro and of the Brazilian Real to the Euro. In 2019, translation differences of €316 million primarily reflected the foreign currency transaction impacts of U.S. Dollar to the Euro, partially offset by the Brazilian Real. The carrying amounts of Property, plant and equipment of the FCA Group (excluding the Right-of-Use assets described above) reported as pledged as security for debt and other commitments, primarily relating to FCA operations in Brazil, are summarized as follows: At December 31, 2020 2019 (€ million) Land and industrial buildings pledged as security for debt € 535 € 777 Plant and machinery pledged as security for debt and other commitments 571 855 Other assets pledged as security for debt and other commitments 2 5 Total Property, plant and equipment pledged as security for debt and other commitments € 1,108 € 1,637 At December 31, 2020 and 2019, the FCA had contractual commitments for the purchase of Property, plant and equipment amounting to €1,009 million and €1,255 million, respectively. |
Investments accounted for using
Investments accounted for using the equity method | 12 Months Ended |
Dec. 31, 2020 | |
Interests In Other Entities [Abstract] | |
Investments accounted for using the equity method | The following table summarizes Investments accounted for using the equity method: At December 31, 2020 2019 (€ million) Joint ventures € 1,965 € 1,871 Associates 75 94 Other 46 44 Total Investments accounted for using the equity method € 2,086 € 2,009 FCA's ownership percentages and the carrying value of investments in joint ventures accounted for under the equity method were as follows: Ownership percentage Investment balance At December 31, At December 31, 2020 2019 2020 2019 Joint ventures Ownership percentage (€ million) FCA Bank S.p.A. 50.0% 50.0% € 1,738 € 1,501 Tofas-Turk Otomobil Fabrikasi A.S. 37.9% 37.9% 181 240 GAC Fiat Chrysler Automobiles Co. 50.0% 50.0% 18 107 Others 28 23 Total € 1,965 € 1,871 FCA Bank, a joint venture with Crédit Agricole Consumer Finance S.A. (“CACF”), historically operated in Europe, primarily in Italy, France, Germany, UK and Spain. FCA Bank provided retail and dealer financing and long-term rental services in the automotive sector, directly or through its subsidiaries as a partner of the FCA Group's mass-market vehicle brands and for Maserati vehicles. On July 19, 2019, FCA and Crédit Agricole Consumer Finance agreed to extend the term until December 31, 2024, with automatic renewal unless notice of non-renewal is provided no later than three years before end of the term. A notice of non-renewal would trigger certain put and call rights. The financial statements of FCA Bank as at and for the year ended December 31, 2020 have not been authorized for issuance as of the date of issuance of the FCA Consolidated Financial Statements. As such, the most recent publicly available financial information is included in the tables below. The most recently available information was used to estimate FCA's share of FCA Bank net income and net equity. The following tables include summarized financial information relating to FCA Bank: At June 30, 2020 At December 31, 2019 (€ million) Financial assets € 24,721 € 26,583 Of which: Cash and cash equivalents 620 585 Other assets 5,253 5,123 Financial liabilities 25,145 27,029 Other liabilities 1,454 1,506 Equity (100%) 3,375 3,171 Net assets attributable to owners of the parent 3,317 3,116 Carrying amount of interest in FCA Bank Group's share of net assets 1,659 1,558 Elimination of unrealized profits and other adjustments 79 (57) Carrying amount of interest in FCA Bank (1) € 1,738 € 1,501 ______________________________________________________________________________________________________________________________ (1) Amounts as at December 31, 2020 and 2019 respectively. Six months ended June 30 Years ended December 31, 2020 2019 2018 (€ million) Interest and similar income € 441 € 930 € 903 Interest and similar expenses 116 237 (242) Income tax expense 75 171 (159) Profit from continuing operations 225 467 388 Net profit 225 467 388 Net profit attributable to owners of the parent (A) 222 460 383 Other comprehensive income/(loss) attributable to owners of the parent (B) (21) 7 (5) Total Comprehensive income attributable to owners of the parent (A+B) € 201 € 467 € 378 Group’s share of net profit (1) € 247 € 229 € 192 ______________________________________________________________________________________________________________________________ (1) Amounts for the years ended December 31, 2020, 2019 and 2018 respectively Tofas-Turk Otomobil Fabrikasi A.S. (“Tofas”), FCA’s joint venture with Koç Holding, is registered with the Turkish Capital Market Board and listed on the İstanbul Stock Exchange. At December 31, 2020, the fair value of the FCA Group’s interest in Tofas was €713 million (€764 million at December 31, 2019). GAC Fiat Chrysler Automobiles Co. (“GAC FCA JV”), FCA’s joint venture with Guangzhou Automobile Group Co., Ltd., historically locally produced Jeep vehicles for the Chinese market. The FCA Group's proportionate share of the earnings of its joint ventures, associates and interests in unconsolidated subsidiaries accounted for using the equity method is included within Result from investments in the Consolidated Income Statement. The following table summarizes the share of profits of equity method investees included within Result from investments : Years ended December 31, 2020 2019 2018 (€ million) Joint Ventures € 185 € 200 € 221 Associates (8) (2) 6 Other 7 10 13 Total Share of the profit of equity method investees € 184 € 208 € 240 Immaterial Joint Ventures and Associates The aggregate amounts recognized for the FCA Group’s share in all individually immaterial joint ventures and associates accounted for using the equity method were as follows: Years ended December 31, 2020 2019 2018 (€ million) Joint ventures: (Loss)/profit from continuing operations € (62) € (28) € 27 Net (loss)/profit (62) (28) 27 Other comprehensive loss (80) (19) (91) Total Other comprehensive (loss)/income € (142) € (47) € (64) Associates: (Loss)/income from continuing operations € (8) € (2) € 6 Net (loss)/income (8) (2) 6 Other comprehensive loss (9) — (3) Total Other comprehensive (loss)/income € (17) € (2) € 3 |
Other financial assets
Other financial assets | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of financial assets [abstract] | |
Other Financial assets | Other financial assets consisted of the following: At December 31, 2020 2019 Note Current Non-current Total Current Non-current Total (€ million) Derivative financial assets 16 € 501 € 128 € 629 € 93 € 5 € 98 Debt securities measured at fair value through other comprehensive income 23 64 — 64 — — — Debt securities measured at fair value through profit or loss 23 226 — 226 233 — 233 Debt securities measured at amortized cost 8 — 8 297 2 299 Equity instruments measured at fair value through other comprehensive income 23 — 31 31 — 37 37 Equity instruments mandatorily designated at fair value through profit and loss 23 52 12 64 47 12 59 Financial receivables — 128 128 — 242 242 Collateral deposits (1) 23 — 32 32 — 42 42 Total Other financial assets € 851 € 331 € 1,182 € 670 € 340 € 1,010 ______________________________________________________________________________________________________________________________ |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2020 | |
Inventories [Abstract] | |
Inventories | At December 31, 2020 2019 (€ million) Finished goods and goods for resale € 3,962 € 5,600 Work-in-progress, raw materials and manufacturing supplies 3,912 3,928 Amount due from customers for contract work 220 194 Total Inventories € 8,094 € 9,722 The amount of inventory write-downs recognized primarily within Cost of revenues during the years ended December 31, 2020, 2019 and 2018 was €639 million, €647 million and €669 million, respectively. The Construction contracts, net asset/(liability) related to the design and production of industrial automation systems and related products and is summarized as follows: At December 31, 2020 2019 (€ million) Aggregate amount of costs incurred and recognized profits (less recognized losses) to date € 543 € 826 Less: Progress billings 358 715 Construction contracts, net asset/(liability) 185 111 Construction contract assets 220 194 Less: Construction contract liabilities (Note 22) 35 83 Construction contracts, net asset/(liability) € 185 € 111 Changes in the FCA Group's construction contracts, net asset/(liability) for the year ended December 31, 2020, were as follows: At January 1, 2020 Advances received from customers Amounts recognized within revenue At December 31, 2020 (€ million) Construction contracts, net asset/(liability) € 111 € (473) € 547 € 185 At December 31, 2020, the entire amount of Construction contracts, net asset/(liability) was expected to be recognized as revenue in the following 12 months. |
Trade, other receivables and ta
Trade, other receivables and tax receivables | 12 Months Ended |
Dec. 31, 2020 | |
Trade and other receivables [abstract] | |
Trade, other receivables and tax receivables | The following table summarizes Trade, other receivables and Tax receivables by due date: At December 31, 2020 2019 Total due within one year (current) Due between one and five years Due beyond five years Total due after one year (non-current) Total Total due within one year (current) Due between one and five years Due beyond five years Total due after one year (non-current) Total (€ million) Trade receivables € 1,581 € — € — € — € 1,581 € 2,064 € — € — € — € 2,064 Receivables from financing activities 2,159 249 8 257 2,416 2,855 294 6 300 3,155 Other receivables 1,805 1,378 86 1,464 3,269 1,709 695 1,381 2,076 3,785 Total Trade and other receivables € 5,545 € 1,627 € 94 € 1,721 € 7,266 € 6,628 € 989 € 1,387 € 2,376 € 9,004 Tax receivables € 89 € 78 € 17 € 95 € 184 € 372 € 51 € 43 € 94 € 466 Trade receivables Trade receivables are shown net of an ECL allowance, calculated using the simplified approach. Changes in the allowance for trade receivables were as follows: At January 1, 2020 Provision Use and Transferred to Assets held for sale At December 31, 2020 (€ million) ECL allowance - Trade receivables € 237 € 31 € (43) € — € 225 Trade receivables of an immaterial amount were written off during the year ended December 31, 2020, and are still subject to enforcement activities. The following table provides information about the exposure to credit risk and ECLs for trade receivables: At December 31, 2020 2019 Current and less than 90 days past due 90 days or more past due Total Current and less than 90 days past due 90 days or more past due Total (€ million) Gross amount € 1,551 € 243 € 1,794 € 1,989 € 293 € 2,282 ECL allowance (42) (183) (225) (53) (184) (237) Carrying amount € 1,509 € 60 € 1,569 € 1,936 € 109 € 2,045 In addition to the amounts above, a further €12 million at December 31, 2020 (€19 million at December 31, 2019) of trade receivables were measured at FVPL. Refer to Note 23, Fair value measurement. Receivables from financing activities Receivables from financing activities mainly relate to the business of financial services companies fully consolidated by the FCA Group and are summarized as follows: At December 31, 2020 2019 (€ million) Dealer financing € 1,538 € 2,317 Retail financing 512 613 Finance leases 6 3 Other 360 222 Total Receivables from financing activities € 2,416 € 3,155 Receivables from financing activities are shown net of an ECL allowance. Changes in the allowance for receivables from financing activities were as follows: At January 1, 2020 Provision Use and Transferred to Assets held for sale At December 31, 2020 (€ million) ECL allowance - Receivables from financing activities € 23 € 40 € (46) € — € 17 Receivables from financing activities of an immaterial amount were written off during the year ended December 31, 2020, and are still subject to enforcement activities. The following table provides information about the exposure to credit risk and ECLs for receivables from financing activities: At December 31, 2020 2019 Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total (€ million) Gross amount € 1,878 € 53 € 29 € 1,960 € 2,369 € 194 € 35 € 2,598 ECL allowance (8) (1) (8) (17) (10) (2) (11) (23) Carrying amount € 1,870 € 52 € 21 € 1,943 € 2,359 € 192 € 24 € 2,575 In addition to the amounts above, a further €473 million at December 31, 2020 (€580 million at December 31, 2019) of receivables from financing activities were measured at FVPL. Refer to Note 23, Fair value measurement . Other receivables At December 31, 2020, Other receivables primarily consisted of tax receivables for VAT and other indirect taxes of €2,296 million (€2,866 million at December 31, 2019). As disclosed in Note 22, Other liabilities and Tax liabilities , during 2017, the Brazilian Supreme Court ruled that state value added tax should be excluded from the basis for calculating a federal tax on revenue, a decision which was subsequently appealed. In March 2019, a final and definitive favorable decision was made in respect of the COFINS over ICMS element of the litigation, relating to amounts previously paid but not recovered for the period between May 2004 to December 2014. During 2019, total credits and the related receivable of €164 million were recognized, which were excluded from Adjusted EBIT (refer to Note 28, Segment reporting ). On December 17, 2019, the Brazilian courts indicated that it would render a decision on the Brazilian government’s appeal regarding the 2017 Supreme Court’s decision with respect to the calculation of the state value added tax in the basis for federal tax on revenue on April 1, 2020, which has been subsequently postponed. Transfer of financial assets At December 31, 2020, the FCA Group had receivables due after that date amounting to €6,233 million (€7,301 million at December 31, 2019) which had been transferred without recourse and which were derecognized in accordance with IFRS 9 – Financial Instruments . The transfers related to trade receivables and other receivables for €5,399 million (€5,777 million at December 31, 2019) and receivables from financing activities for €834 million (€1,524 million at December 31, 2019). These amounts included receivables of €3,812 million (€4,686 million at December 31, 2019), mainly due from the sales network, transferred to FCA Bank, FCA’s jointly controlled financial services company. At December 31, 2020 and 2019, the carrying amount of transferred financial assets not derecognized and the related liabilities were as follows: At December 31, 2020 2019 Trade receivables Receivables Total Trade Receivables Total (€ million) Carrying amount of assets transferred and not derecognized € 6 € 35 € 41 € 11 € 140 € 151 Carrying amount of the related liabilities (Note 21) € 6 € 35 € 41 € 11 € 140 € 151 |
Derivative financial assets and
Derivative financial assets and liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Financial Instruments [Abstract] | |
Derivative financial assets and liabilities | The following table summarizes the fair value of the FCA Group's derivative financial assets and liabilities: At December 31, 2020 2019 Positive fair Negative fair Positive fair Negative fair (€ million) Fair value hedges: Interest rate risk - interest rate swaps € — € — € — € — Total Fair value hedges — — — — Cash flow hedges: Currency risks - forward contracts, currency swaps and currency options 149 (139) 34 (81) Interest rate risk - interest rate swaps — (228) — (180) Interest rate and currency risk - combined interest rate and currency swaps 138 (26) — — Commodity price risk – commodity swaps and commodity options 97 (9) 21 (6) Total Cash flow hedges 384 (402) 55 (267) Net investment hedges: Currency risks - forward contracts, currency swaps and currency options — — — — Total Net investment hedges — — — — Derivatives for trading 245 (231) 43 (51) Total Fair value of derivative financial assets/(liabilities) € 629 € (633) € 98 € (318) Financial derivative assets/(liabilities) - current € 501 € (353) € 93 € (194) Financial derivative assets/(liabilities) - non-current € 128 € (280) € 5 € (124) The following table summarizes the outstanding notional amounts of the FCA Group's derivative financial instruments by due date: At December 31, 2020 2019 Due within one year Due between one and Due beyond Total Due within one year Due between Due Total (€ million) Currency risk management € 15,151 € 317 € — € 15,468 € 11,259 € 30 € — € 11,289 Interest rate risk management 701 889 1,956 3,546 1,105 1,700 — 2,805 Interest rate and currency risk management 6 16 978 1,000 9 22 — 31 Commodity price risk management 1,133 86 — 1,219 523 27 — 550 Other derivative financial instruments 14 — — 14 — 14 — 14 Total Notional amount € 17,005 € 1,308 € 2,934 € 21,247 € 12,896 € 1,793 € — € 14,689 Fair value hedges The gains and losses arising from the valuation of outstanding interest rate derivatives (for managing interest rate risk) and currency derivatives (for managing currency risk) were recognized in accordance with fair value hedge accounting and the gains and losses arising from the respective hedged items are summarized as follows: Years ended December 31, 2020 2019 2018 (€ million) Currency risk Net gains/(losses) on qualifying hedges € — € — € — Fair value changes in hedged items — — — Interest rate risk Net (losses) on qualifying hedges — — (2) Fair value changes in hedged items — — 2 Net gains/(losses) € — € — € — At December 31, 2020, there were no outstanding fair value hedges. Cash flow hedges Amounts recognized in the Consolidated Income Statement mainly related to currency risk management and, to a lesser extent, hedges regarding commodity price risk management and cash flows that were exposed to interest rate risk. The FCA Group's policy for managing currency risk normally required hedging of projected future flows from trading activities which will occur within the following twelve months and from orders acquired (or contracts in progress), regardless of their due dates. The hedging effect arising from this was recorded in the Cash flow hedge reserve within Other comprehensive (loss)/income and would be subsequently recognized in the Consolidated Income Statement, primarily during the following year. Derivatives relating to interest rate and currency risk management were treated as cash flow hedges and were entered into for the purpose of hedging notes issued in foreign currencies. The amount recorded in Other comprehensive income and within the Cash flow hedge reserve was recognized in the Consolidated Income Statement according to the timing of the cash flows of the underlying notes. In 2017, the FCA Group entered in interest rate swaps in order to hedge against the increase in interest rates in relation to future debt issuances. In 2019 and in 2018, the maturity dates for a portion of these interest rate swaps were extended. In 2020, the FCA Group issued bonds denominated in Euro, with part of the funding swapped to U.S. dollar with combined interest rate and currency swaps. Both interest rate swaps and combined interest rate and currency swaps were designated as a cash flow hedge. For the year ended December 31, 2020 losses of €178 million (for the year ended December 31, 2019 losses of €167 million and for the year ended December 31, 2018 gains of €31 million) relating to such derivatives were recognized in the Cash flow hedge reserve within Other comprehensive (loss)/income. For the year ended December 31, 2020 net losses of €20 million related to ineffectiveness were recognized in the Consolidated Income Statement (net losses of €17 million for the year ended December 31, 2019, net gains of €5 million for the year ended December 31, 2018). The FCA Group reclassified gains/(losses) arising on Cash flow hedges, net of the tax effect, from Other comprehensive income and Inventories to the Consolidated Income Statement as follows: Years ended December 31, 2020 2019 2018 (€ million) Currency risk Increase/(decrease) in Net revenues € 28 € (27) € 100 Decrease/(increase) in Cost of revenues 135 (29) (17) Net financial income/(expenses) 98 4 2 Result from investments 21 1 24 Interest rate risk Result from investments 2 (2) 1 Net financial expenses (11) — — Commodity price risk (Increase)/decrease in Cost of revenues (86) 7 29 Ineffectiveness and discontinued hedges (21) (33) (5) Tax expense/(benefit) 1 (3) (36) Items relating to discontinued operations, net of tax — 2 9 Total recognized in the Consolidated Income Statement € 167 € (80) € 107 Net investment hedges In order to manage the FCA Group's foreign currency risk related to its investments in foreign operations, it historically entered into net investment hedges, in particular foreign currency swaps and forward contracts. For the year ended December 31, 2020, there were no net investment hedges. For the year ended December 31, 2019, net loss of €50 million related to net investment hedges were recognized in Currency translation differences within Other comprehensive (loss)/income. At December 31, 2019, there were no outstanding net investment hedges. For the year ended December 31, 2018, net gains of €17 million related to net investment hedges were recognized in Currency translation differences within Other comprehensive (loss)/income. There was no ineffectiveness for the years ended December 31, 2019 and 2018. Derivatives for trading At December 31, 2020, 2019 and 2018, Derivatives for trading primarily consisted of derivative contracts entered into for hedging purposes which did not qualify for hedge accounting and one embedded derivative in a bond issuance in which the yield was determined as a function of trends in the inflation rate and related hedging derivative, which converted the exposure to a floating rate (the total value of the embedded derivative is offset by the value of the hedging derivative). Information on the FCA Group's risk management strategy and additional information on the its hedging activities is provided in Note 30, Qualitative and quantitative information on financial risks. |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2020 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Cash and cash equivalents | Cash and cash equivalents consisted of the following: At December 31, 2020 2019 (€ million) Cash at banks € 8,749 € 5,166 Money market securities 7,802 2,293 Other cash equivalents 7,295 7,555 Total Cash and cash equivalents € 23,846 € 15,014 |
Share-based compensation
Share-based compensation | 12 Months Ended |
Dec. 31, 2020 | |
Share-Based Payment Arrangements [Abstract] | |
Share-based compensation | 2020-2022 Long Term Incentive Plan In December 2019, FCA’s Board of Directors approved the 2020-2022 Long-Term Incentive Plan (“2020-2022 LTIP”), under the framework equity incentive plan. Refer to Note 26, Equity for further information on the framework equity incentive plan. During May 2020, FCA awarded a total of 7.0 million Performance Share Units (“PSU”) and 4.5 million Restricted Share Units (“RSU”) to eligible employees under the 2020-2022 LTIP. The PSU awards, which represented the right to receive FCA common shares, had an Adjusted EBIT target as well as a total shareholder return (“TSR”) target, with each weighted at 50 percent and settled independently of the other. Half of the awards were expected to vest based on achievement of the FCA targets for Adjusted EBIT (“2020 PSU Adjusted EBIT awards”), covering a three three The RSU awards (“2020 RSU awards”), which represented the right to receive FCA common shares, were expected to vest in the second quarter of year 2023. Additional Grants In addition to the grants above, during June and July 2020 FCA also awarded 0.1 million PSU awards to certain key employees of FCA. The PSU awards, which represented the right to receive FCA common shares, had the same financial performance goals as the 2020 PSU Adjusted EBIT awards and 2020 PSU TSR awards, as described above. These awards were expected to vest in one tranche in the second quarter of 2023 if the respective performance goals for the period January 1, 2020 to December 31, 2022 are achieved. During June and July 2020, FCA also awarded an additional 0.1 million RSU awards to certain key employees of the Company. These additional awards were expected to vest in one tranche in the second quarter of 2023. 2019-2021 Long Term Incentive Plan In December 2018, FCA’s Board of Directors approved the 2019-2021 Long-Term Incentive Plan (“2019-2021 LTIP”), under the framework equity incentive plan. During May 2019, FCA awarded a total of 9.5 million PSU and 5.9 million RSU to eligible employees under the 2019-2021 LTIP. The PSU awards, which represented the right to receive FCA common shares, had an Adjusted EBIT target as well as a TSR target, with each weighted at 50 percent and settled independently of the other. Half of the awards were expected to vest based on achievement of the targets for Adjusted EBIT (“2019 PSU Adjusted EBIT awards”), covering a three three The RSU awards (“2019 RSU awards”), which represented the right to receive FCA common shares. One third of the awards vested in the second quarter of 2020, with the remaining awards were expected to vest in two equal tranches in the second quarter of each year 2021 and 2022. Additional Grants In addition to the grants above, during May and July 2019 FCA also awarded 0.9 million PSU awards to certain key employees of the Company. The PSU awards, which represented the right to receive FCA common shares, had the same financial performance goals as the 2019 PSU Adjusted EBIT awards and 2019 PSU TSR awards, as described above. These awards were expected vest in one tranche in the second quarter of 2022 if the respective performance goals for the period January 1, 2019 to December 31, 2021 are achieved. During May and July 2019, FCA also awarded an additional 0.4 million RSU awards to certain key employees of the Company. These additional awards were expected to vest in one tranche in the second quarter of 2022. 2017-2021 Long Term Incentive Plan During the year ended December 31, 2018, FCA awarded a total of 2.40 million PSU awards and 0.58 million RSU awards to certain key employees under the 2017-2021 Long-Term Incentive Plan, and under the framework equity incentive plan. The PSU awards, which represented the right to receive FCA common shares, included a TSR target (“2018 PSU TSR awards”). These awards were expected to vest based upon market conditions covering a five Part of the 2019 PSU TSR awards granted in May 2019 (“Replacement awards”) were considered to be a replacement of certain of the 2018 PSU TSR awards. Under the modified terms of the 2018 PSU TSR awards, 60 percent of the 2018 PSU TSR awards were replaced with the Replacement awards and the remaining 40 percent of 2018 PSU TSR awards have vested at target during the second quarter of 2020. The RSU awards, which represented the right to receive FCA common shares, one third of the award has vested in 2019, one third of the award has vested in 2020, with the remaining one third vesting in 2021. 2016-2018 Long Term Incentive Plan During the year ended December 31, 2017, FCA awarded a total of 2.26 million PSU awards and 2.29 million RSU awards to certain key employees under the 2016-2018 Long-Term Incentive Plan, and under the framework equity incentive plan. The PSU awards, which represented the right to receive FCA common shares, had financial performance goals that included a net income target as well as total shareholder return target, with each weighted at 50 percent and settled independently of the other. Half of the award vested based on achievement of the targets for net income (“2017 PSU NI awards”) covering a three two The RSU awards, which represented the right to receive FCA common shares, have vested in two equal tranches in 2018 and 2019. 2014-2018 Long Term Incentive Plan During the year ended December 31, 2015, FCA awarded a total of 14.71 million PSU awards and 5.20 million RSU awards to certain key employees under the 2014-2018 Long Term Incentive Plan (“2014-2018 LTIP”), and under the framework equity incentive plan. The PSU awards, which represented the right to receive FCA common shares, had financial performance goals covering a five The RSUs, which represented the right to receive FCA common shares, vested in three equal tranches. One third of the awards vested in the first quarter of 2017, and a cumulative two-thirds of the awards vested in the first quarter 2018 with the remaining tranche vested in the first quarter of 2019. Additional Grants In addition to the above, during the year ended December 31, 2016, FCA awarded 0.09 million RSU awards to certain key employees of the Company under the 2014-2018 LTIP, which represented the right to receive FCA common shares. Half of the awards vested in the first quarter of 2018 and the remaining half of these awards vested in the first quarter of 2019. In addition to the above, during the year ended December 31, 2018, FCA awarded an additional 0.1 million PSU awards and 0.05 million RSU awards to certain key employees, under the 2014-2018 LTIP. The PSU awards, which represented the right to receive FCA common shares, had the same financial performance goals as the 2015 PSU NI awards and the 2015 PSU TSR awards, as described above. A cumulative 100 percent has vested in the first quarter of 2019 with the achievement of the performance goals for the years 2014 to 2018. The RSU awards, which represented the right to receive FCA common shares, have vested in the first quarter of 2019. Other Restricted Share Unit Grants During the year ended December 31, 2020, FCA awarded 1.0 million RSU awards to certain key employees of the Company, which represented the right to receive FCA common shares. A portion of these awards vested in 2020, with the remaining portion expected to vest in 2021 and 2022 in accordance with the award agreements. During the year ended December 31, 2019, FCA awarded 0.8 million RSU awards to certain key employees of the Company, which represented the right to receive FCA common shares. A portion of these awards vested in 2019 and 2020 with the remaining portion expected to vested in 2021 and 2022 in accordance with the award agreements. PSU NI Awards Changes during 2020, 2019 and 2018 for the PSU NI awards under the framework equity incentive plan were as follows: 2020 2019 2018 PSU NI Weighted PSU NI Weighted PSU NI Weighted Outstanding shares unvested at January 1 262,384 € 4.91 4,568,830 € 6.14 8,803,826 € 5.89 Anti-dilution adjustment — — 25,516 4.91 32,855 5.87 Granted — — — — 71,136 9.73 Vested (236,868) 4.90 (4,295,593) 6.24 (3,857,502) 5.58 Canceled — — — — — — Forfeited (25,516) 4.90 (36,369) 6.62 (481,485) 6.27 Outstanding shares unvested at December 31 — € — 262,384 € 4.91 4,568,830 € 6.14 The vesting of the 2017 PSU NI awards and the 2015 PSU NI awards has been determined by comparing the FCA Group's net profit excluding unusual items to the net income targets derived from the FCA Group's business plan for the corresponding period. The performance period commenced on January 1, 2016 for the 2017 PSU NI awards and January 1, 2014 for the 2015 PSU NI awards. As the performance period commenced substantially prior to the commencement of the service period, which coincided with the grant date, the Company determined that the net income target did not meet the definition of a performance condition under IFRS 2 - Share-based Payment , and therefore is required to be accounted for as a non-vesting condition. As such, the fair values of the PSU NI awards were calculated using a Monte Carlo simulation model. The key assumptions utilized to calculate the grant-date fair values for the PSU NI awards are summarized below: Key assumptions 2017 PSU NI Awards Range 2015 PSU NI Awards Range Grant date stock price €9.74 - €10.39 €13.44 - €15.21 Expected volatility 40 % 40 % Risk-free rate (0.8) % 0.7 % The expected volatility was based on the observed historical volatility for common shares of FCA. The risk-free rate was based on the yields of government and treasury bonds with similar terms to the vesting date of each PSU NI award. PSU Adjusted EBIT Awards Changes during 2020 and 2019 for the PSU Adjusted EBIT awards under the framework equity incentive plan were as follows: 2020 2019 PSU Adjusted EBIT Weighted PSU Adjusted EBIT Weighted Outstanding shares unvested at January 1 5,560,639 € 10.19 € — € — Anti-dilution adjustment — — 524,308 10.18 Granted 3,629,656 6.40 5,182,071 11.26 Vested (1,189,222) 10.18 — — Canceled — — — — Forfeited (827,001) 9.86 (145,740) 11.28 Outstanding shares unvested at December 31 7,174,072 € 8.32 5,560,639 € 10.19 The fair values of the PSU Adjusted EBIT awards that were granted during the years ended December 31, 2020 and 2019 were measured using the FCA stock price on the grant date, adjusted for expected dividends at a constant yield as PSU awards do not have the right to receive ordinary dividends prior to vesting. PSU TSR Awards Changes during 2020, 2019 and 2018 for the PSU TSR awards under the framework equity incentive plan were as follows: 2020 2019 2018 PSU TSR Weighted PSU TSR Weighted PSU TSR Weighted Outstanding shares unvested at January 1 6,797,491 € 10.61 6,926,413 € 11.42 8,803,827 € 10.58 Anti-dilution adjustment — — 644,588 10.60 32,855 10.54 Granted 3,629,656 3.92 5,189,237 11.58 2,473,637 13.15 Vested (2,421,734) 10.83 (4,295,594) 10.67 (3,857,502) 10.51 Canceled — — (1,385,046) 12.99 — — Forfeited (831,326) 9.91 (282,107) 11.94 (526,404) 11.50 Outstanding shares unvested at December 31 7,174,087 € 7.23 6,797,491 € 10.61 6,926,413 € 11.42 The weighted average fair value of the PSU TSR awards granted during the years ended December 31, 2018, 2017 and 2015 were calculated using a Monte Carlo simulation model. The weighted average fair value of the PSU TSR awards granted during the years ended December 31, 2020 and 2019 were calculated using a Monte Carlo Simulation, adjusted for expected dividends at a constant yield as PSU awards do not have the right to receive ordinary dividends prior to vesting. In accordance with IFRS 2 - Share-based Payment , the 2018 PSU TSR awards were modified and remeasured at the grant date of the Replacement awards, using a Monte Carlo Simulation. Only the incremental amount, which is the difference between the fair value of the 2018 PSU TSR and the fair value of the Replacement awards, will be recognized as an expense over the term of the Replacement awards. The key assumptions utilized to calculate the grant date fair values for the PSU TSR awards issued are summarized below: Key assumptions 2020 PSU TSR Awards Range 2019 PSU TSR Awards Range 2018 PSU TSR Awards Range 2017 PSU TSR Awards Range 2015 PSU TSR Awards Range Grant date stock price € 7.38 € 13.10 € 18.79 €9.74 - €10.39 €13.44 - €15.21 Expected volatility 40 % 39 % 41 % 44 % 37% - 39% Dividend yield 5 % 5 % — % — % — % Risk-free rate (0.7) % (0.7) % (0.3) % (0.8) % 0.7% - 0.8% The expected volatility was based on the observed historical volatility for common shares of FCA. The risk-free rate was based on the yields of government and treasury bonds with similar terms to the vesting date of each PSU TSR award. In addition, since the volatility of each member of the defined peer group are not wholly independent of one another, a correlation coefficient was developed based on historical share price changes for FCA and the defined peer group over a three Restricted Share Units Changes during 2020, 2019 and 2018 for the RSU awards under the framework equity incentive plan were as follows: 2020 2019 2018 RSUs Weighted RSUs Weighted RSUs Weighted Outstanding shares unvested at January 1 8,153,039 € 10.51 4,290,986 € 10.47 7,600,313 € 9.17 Anti-dilution adjustment — — 761,529 10.49 28,299 9.12 Granted 5,654,588 6.59 7,160,764 11.35 627,081 18.54 Vested (3,228,967) 10.24 (3,347,345) 9.93 (3,690,050) 9.09 Canceled — — — — — — Forfeited (715,489) 9.12 (712,895) 10.05 (274,657) 10.28 Outstanding shares unvested at December 31 9,863,171 € 8.46 8,153,039 € 10.51 4,290,986 € 10.47 The weighted average fair value of the RSU awards that were granted in December 31, 2018, 2017, 2016 and 2015, were measured using the FCA stock price on the grant date. The weighted average fair value of the RSU awards that were granted during the years ended December 31, 2020 and 2019 were measured using the FCA stock price on the grant date, adjusted for expected dividends at a constant yield as RSU awards do not have the right to receive ordinary dividends prior to vesting. Modification to PSU awards and RSU awards to certain key employees During the year ended December 31, 2020, in connection with the planned merger with Groupe PSA, FCA’s board of directors approved a modification to the PSU and RSU awards that were granted to certain key employees, under the framework equity incentive plan. All outstanding PSU and RSU awards granted to these employees and outstanding at the merger date have been replaced with cash-settled awards, which vest upon the merger and are payable on specified dates after the closing of the merger. In accordance with the requirements of IFRS 2 - Share-based payment , a liability of €51 million was accrued within Employee benefits liabilities , representing the fair value of these cash-settled awards as measured at December 31, 2020. Anti-dilution adjustments - PSU awards and RSU awards The documents governing FCA's long-term incentive plans contained anti-dilution provisions which provided for an adjustment to the number of awards granted under the plans in order to preserve, or alternatively prevent the enlargement of, the benefits intended to be made available to the recipients of the awards should an event occur that impacted FCA’s capital structure. In December 2019, the Compensation Committee approved a conversion factor of 1.107723 that was applied to outstanding awards under the Long Term Incentive Plan to make equity award holders whole for the resulting diminution in the value of an FCA common share as a result of the payment of an extraordinary cash distribution to holders of FCA common shares on May 30, 2019. There was no change to the total cost of these awards to be amortized over the remaining vesting period as a result of these adjustments. In January 2018, as a result of the distribution of the Company's entire interest in GEDI Gruppo Editoriale S.p.A. to holders of FCA common shares on July 2, 2017, the Compensation Committee approved a conversion factor of 1.003733 that was applied to outstanding awards under the Long Term Incentive Plan to make equity award holders whole for the resulting diminution in the value of an FCA common share. There was no change to the total cost of these awards to be amortized over the remaining vesting period as a result of these adjustments. Similarly, in January 2017, as a result of the distribution of the Company's 16.7 percent ownership interest in RCS Media Group S.p.A. to holders of its common shares on May 1, 2016, the Compensation Committee approved a conversion factor of 1.005865 that was applied to outstanding PSU awards and RSU awards issued prior to December 31, 2016 to make equity award holders whole for the resulting diminution in the value of an FCA common share. There was no change to the total cost of these awards to be amortized over the remaining vesting period as a result of these adjustments. Similarly, in January 2016, as a result of the spin-off of Ferrari N.V., a conversion factor of 1.5440 was approved by the Compensation Committee and applied to outstanding PSU awards and RSU awards as an equitable adjustment to make equity award holders whole for the resulting diminution in the value of an FCA share. For the PSU NI awards, the Compensation Committee also approved an adjustment to the net income targets for the years 2016-2018 to account for the net income of Ferrari in order to preserve the economic benefit intended to be provided to each participant. There was no change to the total cost of these awards to be amortized over the remaining vesting period as a result of these adjustments. The following table reflects the changes resulting from the anti-dilution adjustments: 2019 Anti-dilution adjustment 2018 Anti-dilution adjustment 2017 Anti-dilution adjustment 2016 Anti-dilution adjustment PSU Awards: Number of awards - as adjusted 12,620,514 17,673,363 22,890,392 22,717,024 Key assumptions - as adjusted: €8.79 - €16.96 €5.71 - €10.35 €8.66 - €9.79 €8.71 - €9.85 RSU Awards: Number of awards - as adjusted 8,153,039 7,628,612 8,015,812 8,023,472 Share-based Compensation Expense Total expense for the PSU awards and RSU awards of approximately €98 million, €92 million and €54 million was recorded for the years ended December 31, 2020, 2019 and 2018, respectively. At December 31, 2020, the FCA Group had unrecognized compensation expense related to the non-vested PSU awards and RSU awards of approximately €58 million based on current forfeiture assumptions, which will be recognized over a weighted-average period of 1.66 years. |
Employee benefits liabilities
Employee benefits liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Employee Benefits [Abstract] | |
Employee benefits liabilities | Employee benefits liabilities consisted of the following: At December 31, 2020 2019 Current Non-current Total Current Non-current Total (€ million) Pension benefits € 35 € 4,838 € 4,873 € 38 € 5,024 € 5,062 Health care and life insurance plans 119 2,114 2,233 132 2,157 2,289 Other post-employment benefits 61 702 763 63 730 793 Other provisions for employees 377 674 1,051 311 596 907 Total Employee benefits liabilities € 592 € 8,328 € 8,920 € 544 € 8,507 € 9,051 FCA’s continuing operations recognized a total expense of €1,308 million for defined contribution and state plans for the year ended December 31, 2020 (€1,508 million in 2019 and €1,518 million in 2018). The following table summarizes the fair value of defined benefit obligations and the fair value of related plan assets: At December 31, 2020 2019 (€ million) Present value of defined benefit obligations: Pension benefits € 24,361 € 25,024 Health care and life insurance plans 2,233 2,289 Other post-employment benefits 763 793 Total present value of defined benefit obligations (a) 27,357 28,106 Fair value of plan assets (b) 20,258 20,729 Asset ceiling (c) 17 18 Total net defined benefit plans (a - b + c) 7,116 7,395 of which: Net defined benefit liability (d) 7,869 8,144 Defined benefit plan asset (753) (749) Other provisions for employees (e) 1,051 907 Total Employee benefits liabilities (d + e) € 8,920 € 9,051 Pension benefits Liabilities arising from FCA’s defined benefit plans were historically funded by contributions made by FCA Group subsidiaries, and at times by their employees, into legally separate trusts from which the employee benefits are paid. FCA Group’s funding policy for defined benefit pension plans was to contribute the minimum amounts required by applicable laws and regulations. Occasionally, additional discretionary contributions were made in excess of those legally required to achieve certain desired funding levels. In the U.S., these excess amounts were tracked and the resulting credit balance can be used to satisfy minimum funding requirements in future years. At December 31, 2020, the combined credit balances for the U.S. and Canada qualified pension plans were approximately €1.5 billion, with the usage of the credit balances to satisfy minimum funding requirements subject to the plans maintaining certain funding levels. During the year ended December 31, 2020, 2019 and 2018, the FCA Group made pension contributions in the U.S. and Canada totaling €113 million, €48 million and €724 million, respectively, including an accelerated discretionary contribution in September 2018 of €670 million ($800 million) to certain of FCA’s U.S. pension plans, which resulted in tax benefits (refer to Note 7, Tax expense for further information). Contributions to the pension plans of the former FCA Group for 2021 are expected to be €1,087 million, of which €1,060 million relate to the U.S. and Canada, with €606 million being discretionary contributions and €454 million which will be made to satisfy minimum funding requirements. The expected benefit payments for pension plans are as follows: Expected benefit (€ million) 2021 € 1,383 2022 € 1,364 2023 € 1,351 2024 € 1,353 2025 € 1,345 2026-2030 € 6,665 The following table summarizes changes in the pension plans: 2020 2019 Obligation Fair value of plan assets Asset ceiling Liability/ (Asset) Obligation Fair value of plan assets Asset ceiling Liability/ (€ million) At January 1 € 25,024 € (20,729) € 18 € 4,313 € 22,767 € (18,819) € 13 € 3,961 Included in the Consolidated Income Statement 954 (566) — 388 1,111 (713) — 398 Included in Other comprehensive income: Actuarial (gains)/losses from: Demographic and other assumptions (10) — — (10) (359) — — (359) Financial assumptions 1,868 — — 1,868 2,773 — — 2,773 Return on assets — (1,923) — (1,923) — (2,454) — (2,454) Changes in the effect of limiting net assets — — — — — — 3 3 Changes in exchange rates (1,992) 1,603 (1) (390) 618 (564) 2 56 Other: Employer contributions — (113) — (113) — (48) — (48) Plan participant contributions 2 (2) — — 2 (2) — — Benefits paid (1,485) 1,472 — (13) (1,520) 1,506 — (14) Settlements paid — — — — (394) 394 — — Transfer to Liabilities held for sale — — — — — — — — Other changes — — — — 26 (29) — (3) At December 31 € 24,361 € (20,258) € 17 € 4,120 € 25,024 € (20,729) € 18 € 4,313 Amounts recognized in the Consolidated Income Statement were as follows: Years ended December 31, 2020 2019 2018 (€ million) Current service cost € 175 € 156 € 172 Interest expense 771 969 925 Interest income (646) (795) (759) Other administration costs 80 82 79 Past service costs/(credits) and (gains)/losses arising from settlements/curtailments 8 (14) 92 Items relating to discontinued operations — — — Total recognized in the Consolidated Income Statement € 388 € 398 € 509 During the year ended December 31, 2020, there were no settlements or curtailments. During the year ended December 31, 2019, the FCA Group entered into a buyout relating to its Canadian salaried defined benefit plan. A total of €325 million was paid to a third-party insurance company in settlement of FCA's obligations, resulting in a settlement loss of €6 million that was recognized within Selling, general and other in the Consolidated Income Statement for the year ended December 31, 2019. During the year ended December 31, 2019, the FCA Group also amended its U.S. defined benefit plan for salaried employees to allow certain terminated vested participants to accept a lump-sum amount. A total of €69 million was paid in December 2019 to those participants that accepted the offer. The plan amendment resulted in a settlement gain of €20 million that was recognized within Selling, general and other in the Consolidated Income Statement for the year ended December 31, 2019. During the year ended December 31, 2018, the FCA Group settled a portion of the supplemental retirement plan in North America, resulting in a refund of excess assets of €22 million. The corresponding settlement charge of €78 million was recognized within Selling, general and other in the Consolidated Income Statement for the year ended December 31, 2018. During the year ended December 31, 2018, the FCA Group also entered into an annuity buyout relating to two of its U.S. defined benefit plans. A total of €841 million was paid to a third-party insurance company in settlement of FCA's obligations, resulting in a settlement loss of €12 million that was recognized within Selling, general and other in the Consolidated Income Statement for the year ended December 31, 2018. The fair value of plan assets by class was as follows: At December 31, 2020 2019 Amount of which have a Amount of which have a (€ million) Cash and cash equivalents € 846 € 799 € 699 € 681 U.S. equity securities 1,220 1,219 1,407 1,405 Non-U.S. equity securities 670 670 781 781 Commingled funds 1,480 506 1,596 422 Equity instruments 3,370 2,395 3,784 2,608 Government securities 2,823 833 3,179 1,191 Corporate bonds (including convertible and high yield bonds) 5,797 — 5,553 — Other fixed income 1,487 185 1,536 174 Fixed income securities 10,107 1,018 10,268 1,365 Private equity funds 2,332 — 2,297 — Commingled funds 70 66 65 62 Real estate funds 1,173 3 1,349 3 Hedge funds 2,199 62 2,072 38 Investment funds 5,774 131 5,783 103 Insurance contracts and other 161 66 195 66 Total fair value of plan assets € 20,258 € 4,409 € 20,729 € 4,823 Non-U.S. equity securities were invested broadly in developed international and emerging markets. Fixed income securities were debt instruments primarily comprised of long-term U.S. Treasury and global government bonds, as well as U.S., developed international and emerging market companies’ debt securities diversified by sector, geography and through a wide range of market capitalizations. Private equity funds included those in limited partnerships that invest primarily in the equity of companies that are not publicly traded on a stock exchange. Private debt funds included those in limited partnerships that invest primarily in the debt of companies and real estate developers. Commingled funds include common collective trust funds, mutual funds and other investment entities. Real estate fund investments included those in limited partnerships that invest in various commercial and residential real estate projects both domestically and internationally. Hedge fund investments included those seeking to maximize absolute return using a broad range of strategies to enhance returns and provide additional diversification. The investment strategies and objectives for pension assets primarily in the U.S. and Canada reflected a balance of liability-hedging and return-seeking investment considerations. The investment objectives were to minimize the volatility of the value of pension assets relative to pension liabilities and to ensure that assets were sufficient to pay plan obligations. The objective of minimizing the volatility of assets relative to liabilities was addressed primarily through asset diversification, partial asset-liability matching and hedging. Assets were broadly diversified across many asset classes to achieve risk-adjusted returns that, in total, lower asset volatility relative to the liabilities. Additionally, in order to minimize pension asset volatility relative to the pension liabilities, a portion of the pension plan assets were allocated to fixed income securities. The FCA Group policy for these plans ensured actual allocations were in line with target allocations as appropriate. Assets were actively monitored and managed primarily by external investment managers. Investment managers were not permitted to invest outside of the asset class or strategy for which they had been appointed. The FCA Group used investment guidelines to ensure investment managers invested solely within the mandated investment strategy. Certain investment managers used derivative financial instruments to mitigate the risk of changes in interest rates and foreign currencies impacting the fair values of certain investments. Derivative financial instruments could also be used in place of physical securities when it was more cost-effective and/or efficient to do so. Plan assets did not include FCA shares or properties occupied by Group companies, with the possible exception of commingled investment vehicles where FCA did not control the investment guidelines. Sources of potential risk in pension plan assets related to market risk, interest rate risk and operating risk. Market risk was mitigated by diversification strategies and as a result, there were no significant concentrations of risk in terms of sector, industry, geography, market capitalization, manager or counterparty. Interest rate risk was mitigated by partial asset-liability matching. The fixed income target asset allocation partially matched the bond-like and long-dated nature of the pension liabilities. Interest rate increases generally will result in a decline in the fair value of the investments in fixed income securities and the present value of the obligations. Conversely, interest rate decreases will generally increase the fair value of the investments in fixed income securities and the present value of the obligations. Operating risks were mitigated through ongoing oversight of external investment managers’ style adherence, team strength, firm health and internal controls. The weighted average assumptions used to determine defined benefit obligations were as follows: At December 31, 2020 2019 U.S. Canada UK U.S. Canada UK Discount rate 2.6% 2.5% 1.6% 3.3% 3.1% 2.0% Future salary increase rate —% 3.5% 2.7% —% 3.5% 2.7% The average duration of U.S. and Canadian liabilities was approximately 12 years and 14 years, respectively. The average duration of UK pension liabilities was approximately 17 years. Health care and life insurance plans Liabilities arising from these unfunded plans comprised obligations for retiree health care and life insurance granted to employees and to retirees in the U.S. and Canada. Upon retirement from the Group, these employees may become eligible for continuation of certain benefits. Benefits and eligibility rules may be modified periodically. The expected benefit payments for unfunded health care and life insurance plans are as follows: Expected benefit payments (€ million) 2021 € 119 2022 € 118 2023 € 117 2024 € 117 2025 € 117 2026-2030 € 572 Changes in net defined benefit obligations for healthcare and life insurance plans were as follows: 2020 2019 (€ million) Present value of obligations at January 1 € 2,289 € 2,216 Included in the Consolidated Income Statement 94 115 Included in Other comprehensive income: Actuarial (gains)/losses from: - Demographic and other assumptions (24) (215) - Financial assumptions 179 251 Effect of movements in exchange rates (186) 57 Other: Benefits paid (119) (135) Transfer to Liabilities held for sale — — December 31 € 2,233 € 2,289 Amounts recognized in the Consolidated Income Statement were as follows: Years ended December 31, 2020 2019 2018 (€ million) Current service cost € 21 € 20 € 22 Interest expense 73 96 88 Past service costs/(credits) and losses/(gains) arising from settlements — (1) — Total recognized in the Consolidated Income Statement € 94 € 115 € 110 Health care and life insurance plans were accounted for on an actuarial basis, which required the selection of various assumptions. In particular, it required the use of estimates of the present value of the projected future payments to all participants, taking into consideration the likelihood of potential future events such as health care cost increases and demographic experience. The weighted average assumptions used to determine the defined benefit obligations were as follows: At December 31, 2020 2019 U.S. Canada U.S. Canada Discount rate 2.7% 2.7% 3.4% 3.1% Salary growth 1.5% 1.3% 1.5 % 1.0% Weighted average ultimate healthcare cost trend rate 4.0% 4.0% 4.4% 4.0% The average duration of the U.S. and Canadian liabilities was approximately 13 years and 17 years, respectively. The annual rate of increase in the per capita cost of covered U.S. health care benefits assumed for the next year and used in the 2020 plan valuation was 5.5 percent (5.3 percent in 2019). The annual rate was assumed to decrease gradually to 4.0 percent through 2042 and remain at that level thereafter. The annual rate of increase in the per capita cost of covered Canadian health care benefits assumed for next year and used in the 2020 plan valuation was 4.4 percent (4.4 percent in 2019). The annual rate was assumed to decrease gradually to 4.0 percent through 2040 and remain at that level thereafter. Other post-employment benefits Other post-employment benefits comprised other employee benefits granted to Group employees in Europe and includes the Italian employee severance indemnity ( trattamento di fine rapporto , or “TFR”) obligation required under Italian Law, amounting to €543 million at December 31, 2020 and €584 million at December 31, 2019. The amount of TFR to which each employee is entitled must be paid when the employee leaves the Group and is calculated based on the period of employment and the taxable earnings of each employee. Under certain conditions, the entitlement may be partially advanced to an employee during their working life. The legislation governing this scheme was amended by Law 296 of December 27, 2006 and subsequent decrees and regulations issued in 2007. Under these amendments, companies with at least 50 employees were obliged to transfer the TFR obligation to the “Treasury fund” managed by the Italian state-owned social security body (“INPS”) or to supplementary pension funds. Prior to the amendments, accruing TFR for employees of all Italian companies could be managed by the company itself. Consequently, the Italian companies’ obligation to INPS and the contributions to supplementary pension funds take the form of defined contribution plans under IAS 19 - Employee Benefits, whereas the amounts recorded in the provision for employee severance pay retain the nature of defined benefit plans. Accordingly, the provision for employee severance indemnity in Italy consisted of the residual TFR obligation through December 31, 2006. This is an unfunded defined benefit plan as the benefits have already been entirely earned, with the sole exception of future revaluations. Since 2007, the scheme has been classified as a defined contribution plan and the FCA Group recognized the associated cost over the period in which the employee rendered service. Changes in defined benefit obligations for other post-employment benefits were as follows: 2020 2019 (€ million) Present value of obligations at January 1 € 793 € 819 Included in the Consolidated Income Statement 14 20 Included in Other comprehensive income: Actuarial (gains)/losses from: - Demographic and other assumptions (18) 11 - Financial assumptions 13 41 Effect of movements in exchange rates (7) 3 Other: Benefits paid (32) (90) Transfer to Liabilities held for sale — (20) Other changes — 9 Present value of obligations at December 31 € 763 € 793 Amounts recognized in the Consolidated Income Statement were as follows: Years ended December 31, 2020 2019 2018 (€ million) Current service cost € 7 € 6 € 9 Interest expense 7 12 14 Past service costs/(credits) and losses/(gains) arising from settlements — 1 — Items relating to discontinued operations — 1 — Total recognized in the Consolidated Income Statement € 14 € 20 € 23 The discount rates used for the measurement of the Italian TFR obligation were based on yields of high-quality (AA rated) fixed income securities for which the timing and amounts of maturities matched the timing and amounts of the projected benefit payments. For this plan, the single weighted average discount rate that reflected the estimated timing and amount of the scheme future benefit payments for 2020 was 0.5 percent (0.6 percent in 2019). The average duration of the Italian TFR was approximately 7 years. Retirement or employee leaving rates were developed to reflect actual and projected Group experience and legal requirements for retirement in Italy. Other provisions for employees |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2020 | |
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract] | |
Provisions | consisted of the following: At December 31, 2020 2019 (1) Current Non-current Total Current Non-current Total (€ million) Product warranty and recall campaigns € 2,045 € 3,671 € 5,716 € 2,406 € 3,900 € 6,306 Sales incentives 4,078 — 4,078 5,479 — 5,479 Legal proceedings and disputes 397 183 580 303 222 525 Commercial risks 410 301 711 441 120 561 Restructuring 64 24 88 72 34 106 Other risks 261 787 1,048 277 751 1,028 Total Provisions € 7,255 € 4,966 € 12,221 € 8,978 € 5,027 € 14,005 Changes in Provisions were as follows: At January 1, 2020 Additional Settlements Unused Translation differences Transfer to Liabilities held for sale Other At December 31, 2020 (€ million) Product warranty and recall campaigns € 6,306 € 2,777 € (2,897) € — € (488) € — € 18 € 5,716 Sales incentives 5,479 10,524 (11,636) (11) (324) — 46 4,078 Legal proceedings and disputes 525 286 (165) (11) (56) — 1 580 Commercial risks 561 338 (125) (4) (55) — (4) 711 Restructuring costs 106 66 (64) (12) (6) — (2) 88 Other risks 1,028 317 (198) (29) (38) — (32) 1,048 Total Provisions € 14,005 € 14,308 € (15,085) € (67) € (967) € — € 27 € 12,221 Product warranty and recall campaigns At December 31, 2020, the Product warranty and recall campaigns provision decreased primarily due to lower volumes in North America, reflecting COVID-19 related disruptions, partially offset by higher recall campaign costs. At December 31, 2019, the Product warranty and recall campaigns provision decreased slightly primarily due to lower volumes in North America. The cash outflow for the non-current portion of the Product warranty and recall campaigns provision is primarily expected within a period through 2023. Sales incentives As described within Note 2, Basis of preparation - Use of estimates , the FCA Group recorded the estimated cost of sales incentive programs offered to dealers and consumers as a reduction to revenue at the time of sale of the vehicle to the dealer. At December 2020, the Sales incentive provision decreased primarily due to lower dealer stock levels. Legal proceedings and disputes As described within Note 2 , Basis of preparation - Use of estimates , a provision for legal proceedings was recognized when it was deemed probable that the proceedings would result in an outflow of resources. As the ultimate outcome of pending litigation was uncertain, the timing of cash outflows for the Legal proceedings and disputes provision was also uncertain. During the year ended December 31, 2020, a provision of €222 million was recognized for estimated probable loss to settle matters under investigation by the U.S. Department of Justice primarily related to criminal investigations associated with U.S. diesel emissions matters (refer to Note 25 - Guarantees granted, commitments and contingent liabilities for further information ). During the year ended December 31, 2020, approximately €0.1 billion of payments were made for civil, environmental and consumer claims related to U.S. diesel emissions matters accrued in 2018 (refer to Note 25, Guarantees granted, commitments and contingent liabilities ). Commercial risks Commercial risks arose in connection with the sale of products and services, such as onerous maintenance contracts, and as a result of certain regulatory emission requirements. For items such as onerous maintenance contracts, a provision was recognized when the expected costs to complete the services under these contracts exceeded the revenues expected to be realized. A provision for fines related to certain regulatory emission requirements that could be settled with cash fines was recognized at the time vehicles were sold based on the estimated cost to settle the obligation, measured as the sum of the cost of regulatory credits previously purchased plus the amount, if any, of the fine expected to be paid in cash. The cash outflow for the non-current portion of the Commercial risks provision was primarily expected within a period through 2023. On August 31, 2020, the U.S. Court of Appeals for the Second Circuit vacated a final rule published by the National Highway Traffic Safety Administration (“NHTSA”) in July 2019 that had reversed NHTSA’s 2016 increase to the base rate of the CAFE penalty from $5.50 to $14.00. The base rate applies to each tenth of a mile per gallon (“MPG”) that a manufacturer’s fleet-wide average MPG is below the CAFE standard, and is multiplied by the number of vehicles in the manufacturer’s fleet to arrive at an aggregate penalty. On January 14, 2021, NHTSA published an interim final rule intended to avoid retroactive applicability of the increased fine rate that resulted from the Second Circuit’s ruling. In particular, NHTSA’s new rule imposes a CAFE penalty base rate of $5.50 through 2021 Model Year. The rule increases the CAFE penalty base rate to $14.00 in 2022 Model Year. Refer to Note 2, Basis of preparation , for additional detail on related impairments and Note 25, Guarantees granted, commitments and contingent liabilities for additional detail. On July 12, 2019, the U.S. Department of Transportation’s National Highway Traffic Safety Administration (“NHTSA”) announced a final rule that retained the current fine rate applicable to automobile manufacturers that fail to meet Corporate Average Fuel Economy (“CAFE”) standards through achievement of the targeted fleet fuel efficiency or remittance of CAFE credits. Prior to this final rule, FCA recorded a provision for estimated CAFE civil fines relating to 2019 model year vehicles for which CAFE credits were not expected to be available at the previously announced civil fine rate. As a result of the announced final rule, under IAS 37, the reduction of the civil fine rate resulted in a change in the estimated provision of €158 million relating to 2019 model year vehicles sold prior to March 31, 2019, which was recognized as a reduction to Cost of revenues within the Consolidated Income Statement for the year ended December 31, 2019. Restructuring costs During the year ended December 31, 2020, a total provision for €66 million was recognized primarily for workforce restructuring costs, of which €18 million was recognized within LATAM, €6 million within EMEA and €32 million within North America (refer to Note 28, Segment reporting ). Other risks |
Debt
Debt | 12 Months Ended |
Dec. 31, 2020 | |
Financial Instruments [Abstract] | |
Debt | Debt classified within current liabilities included short-term borrowings from banks and other financing with an original maturity date falling within twelve months, as well as the current portion of long-term debt. Debt classified within non-current liabilities included borrowings from banks and other financing with maturity dates greater than twelve months (long-term debt), net of the current portion. The following table summarizes the FCA Group's current and non-current Debt by maturity date (amounts include accrued interest): At December 31, 2020 2019 Due Due Due Total (non-current) Total Debt Due within Due Due Total (non-current) Total Debt (€ million) Notes € 1,131 € 5,073 € 2,250 € 7,323 € 8,454 € 1,450 € 4,942 — € 4,942 € 6,392 Borrowings from banks 1,842 8,288 40 8,328 10,170 2,097 1,511 88 1,599 3,696 Asset-backed financing (Note 15) 41 — — — 41 151 — — — 151 Lease liabilities 355 664 674 1,338 1,693 360 705 575 1,280 1,640 Other debt (1) 712 46 1 47 759 818 204 — 204 1,022 Total Debt € 4,081 € 14,071 € 2,965 € 17,036 € 21,117 € 4,876 € 7,362 € 663 € 8,025 € 12,901 ________________________________________________________________________________________________________________________________________________ (1) Debt at December 31, 2020, excludes €74 million of debt included within Liabilities held for sale. Refer to Note 3, Scope of consolidation. Notes The following table summarizes the notes outstanding at December 31, 2020 and 2019: At December 31, Currency Face value of Coupon % Maturity 2020 2019 Medium Term Note Programme: (€ million) Fiat Chrysler Finance Europe SENC (1) EUR 1,000 4.750 March 22, 2021 1,000 1,000 Fiat Chrysler Finance Europe SENC (1) EUR 1,350 4.750 July 15, 2022 1,350 1,350 FCA NV (1) EUR 1,250 3.375 July 7, 2023 1,250 — FCA NV (1) EUR 1,250 3.750 March 29, 2024 1,250 1,250 FCA NV (1) EUR 1,250 3.875 January 5, 2026 1,250 — FCA NV (1) EUR 1,000 4.500 July 7, 2028 1,000 — Other (2) EUR 7 7 7 Total Medium Term Note Programme 7,107 3,607 Other Notes: FCA NV (1) U.S.$ 1,500 4.500 April 15, 2020 — 1,335 FCA NV (1) U.S.$ 1,500 5.250 April 15, 2023 1,223 1,335 Total Other Notes 1,223 2,670 Hedging effect, accrued interest and amortized cost valuation 124 115 Total Notes € 8,454 € 6,392 ______________________________________________________________________________________________________________________________ (1) Listing on the Irish Stock Exchange was obtained. (2) Medium Term Notes with amounts outstanding equal to or less than the equivalent of €50 million. Notes Issued Through the Medium Term Note Programme Certain notes issued by the FCA Group were governed by the terms and conditions of the Medium Term Note (“MTN”) Programme (previously known as the Global Medium Term Note Programme, or “GMTN” Programme). A maximum of €20 billion may be used under this programme, of which notes of €7,107 million were outstanding at December 31, 2020 (€3,607 million at December 31, 2019). Notes under the MTN Programme are issued, or otherwise guaranteed, by FCA NV. From time to time, FCA may buy back notes in the market that have been issued. Such buybacks, if made, depend upon market conditions, the Group's financial situation and other factors which could affect such decisions. Changes in notes issued under the MTN Programme during the year ended December 31, 2020 were due to the issuance in July 2020 of Notes with principal amount totaling €3,500 million. On July 1, 2020, FCA confirmed pricing of an offering of €3.5 billion of notes under the Medium Term Note Programme, with settlement on July 7, 2020. The offering comprised (i) €1.25 billion in principal amount of 3.375% notes due July 2023, (ii) €1.25 billion in principal amount of 3.875% notes due January 2026, and (iii) €1.0 billion in principal amount of 4.500% notes due July 2028, each at an issue price of 100% of the applicable principal amount. The issuance replaced in full the €3.5 billion Bridge Credit Facility, which was previously fully undrawn and was fully cancelled on July 7, 2020, in connection with the settlement of the notes offering. Changes in notes issued under the MTN Programme during the year ended December 31, 2019 were due to the repayment at maturity: • in September 2019 of a note with a principal amount of CHF 250 million; and • in October 2019 of a note with a principal amount of €1,250 million. Notes issued under the MTN Programme imposed covenants on the issuer and, in certain cases, on FCA NV as guarantor, which include: (i) negative pledge clauses which require that in the case that any security interest upon assets of the issuer and/or FCA NV is granted in connection with other notes or debt securities having the same ranking, such a security should be equally and ratably extended to the outstanding notes; (ii) pari passu clauses, under which the notes rank and will rank pari passu with all other present and future unsubordinated and unsecured obligations of the issuer and/or FCA NV; (iii) periodic disclosure obligations; (iv) cross-default clauses which require immediate repayment of the notes under certain events of default on other financial instruments issued by FCA's main entities; and (v) other clauses that are generally applicable to securities of a similar type. A breach of these covenants may require the early repayment of the notes. As of December 31, 2020, FCA was in compliance with the covenants under the MTN Programme. Other Notes In 2015, FCA NV issued U.S.$1.5 billion (€1.4 billion) principal amount of 4.5 percent unsecured senior debt securities due April 15, 2020 (the “2020 Notes”) and U.S.$1.5 billion (€1.4 billion) principal amount of 5.25 percent unsecured senior debt securities due April 15, 2023 (the “2023 Notes”) at an issue price of 100 percent of their principal amount. The 2020 Notes and the 2023 Notes, collectively referred to as the “Notes”, rank pari passu in right of payment with respect to all of FCA NV's existing and future senior unsecured indebtedness and senior in right of payment to any of FCA NV's future subordinated indebtedness and existing indebtedness, which is by its terms subordinated in right of payment to the Notes. Interest on the 2023 Notes is payable semi-annually in April and October. On April 15, 2020, the FCA NV repaid in full at maturity U.S.$1.5 billion of the 4.5 percent unsecured notes issued in April 2015. The Notes imposed covenants on FCA NV including: (i) negative pledge clauses which require that in the case that any security interest upon assets of FCA NV is granted in connection with other notes or debt securities having the same ranking, such a security should be equally and ratably extended to the outstanding Notes; (ii) pari passu clauses, under which the Notes rank and will rank pari passu with all other present and future unsubordinated and unsecured obligations of FCA NV; (iii) periodic disclosure obligations; (iv) cross-default clauses which require immediate repayment of the Notes under certain events of default on other financial instruments issued by FCA’s main entities; and (v) other clauses that are generally applicable to securities of a similar type. A breach of these covenants may require the early repayment of the Notes. As of December 31, 2020, FCA was in compliance with the covenants of the Notes. Borrowings from banks European Investment Bank Borrowings FCA had financing agreements with the European Investment Bank (“EIB”) for a total of €1.2 billion outstanding at December 31, 2020 (€0.4 billion outstanding at December 31, 2019), which included the residual debt due under the following facilities: • €500 million ( amortizing in installments up to June 2021 ), entered into in May 2011 (guaranteed by SACE and the Serbian Authorities) for an investment program relating to the modernization and expansion of production capacity of an automotive plant in Serbia; and • €420 million (maturing in June 2022), entered into in June 2018 to support research and development projects to be implemented by FCA during the period 2018-2020. On March 18, 2020, FCA announced that it entered into an agreement for a €300 million five-year loan with the European Investment Bank (“EIB”) to support specific investments to be implemented by FCA through 2021. The investments are primarily to support the manufacturing deployment of the advanced vehicle powertrain electrification technologies and, in particular, the setup of production lines for the manufacturing of PHEV vehicles at FCA’s production plant in Melfi (Italy) and the manufacturing of battery electric vehicles (“BEV”) at the production plant in Mirafiori (Italy). The loan was fully drawn on March 26, 2020. On September 18, 2020, FCA announced that it entered into an agreement for a €485 million five-year loan with the EIB to support production of PHEVs at the Pomigliano plant in Campania (Italy). The additional borrowings also support research, development and innovation for electrification, connectivity and self-driving technologies mainly conducted at FCA's laboratories in Turin (Italy). The loan was fully drawn on September 30, 2020. Brazil FCA’s Brazilian subsidiaries have access to various local bank facilities in order to fund investments and operations. Total debt outstanding under those facilities amounted to a principal amount of €1.3 billion at December 31, 2020 (€1.8 billion at December 31, 2019). The loans primarily include subsidized loans granted by public financing institutions, such as Banco Nacional do Desenvolvimento (“BNDES”), with the aim to support industrial projects in certain areas. This provided the FCA Group with the opportunity to fund large investments in Brazil with loans of sizeable amounts at attractive rates. At December 31, 2020, outstanding subsidized loans amounted to €0.6 billion (€1.1 billion at December 31, 2019), of which approximately €0.4 billion (€0.8 billion at December 31, 2019) related to the construction of the plant in Pernambuco (Brazil), which was supported by subsidized credit lines totaling Brazilian Real (“BRL”) 6.5 billion (€1.5 billion). Approximately €0.1 billion (€0.1 billion at December 31, 2019) of committed credit lines contracted to fund scheduled investments in the area were undrawn at December 31, 2020. Incremental Bridge Credit Facility On March 26, 2020, FCA announced that it had entered into a new €3.5 billion credit facility (the “Bridge Credit Facility”). The Bridge Credit Facility, initially entered into with two banks and then successfully syndicated to thirteen banks, including the two original underwriting banks, was available for general corporate purposes and for working capital needs of the group and was structured as a bridge facility to capital markets. On July 7, 2020, the Bridge Credit Facility was cancelled. Refer to Notes Issued Through the Medium Term Note Programme above for further information. Intesa Sanpaolo Credit Facility On June 24, 2020, FCA Italy S.p.A., a wholly-owned subsidiary of Fiat Chrysler Automobiles N.V., and other Italian companies in the FCA Group entered into a facility agreement with Intesa Sanpaolo for borrowings of up to €6.3 billion to finance FCA’s activities in Italy. The facility is unsecured and guaranteed by FCA N.V., subsequently Stellantis N.V., and will mature in March 2023, amortizing in five equal quarterly installments with the first such installment due on March 31, 2022. SACE (Italy’s export credit agency) will guarantee 80 percent of the borrowings under that facility pursuant to the recently enacted Italian Liquidity Decree. The facility and borrowings under the facility are at interest rates within a range that could be obtained in the market. The covenants of the credit facility include financial covenants which apply under certain conditions, as well as negative pledge, pari passu, cross-default and change of control clauses. Failure to comply with these covenants, and in certain cases if not suitably remedied, can lead to the requirement of early repayment of any outstanding amounts. In connection with SACE’s guarantee, the FCA Group provided the following industrial commitments applicable while any loans are outstanding under the facility: (i) to continue to carry out certain Italian investment projects currently underway and previously announced; (ii) not to delocalize outside Italy production of vehicles under such investment projects; and (iii) to pursue the goal of reducing temporary layoffs for employees engaged under such investment projects in Italy to nil by the end of 2023, each with agreed milestones for implementation. If the industrial commitments previously described are not implemented by the agreed milestones, the FCA Group, subsequently the Stellantis Group, may at its option: (i) implement those industrial commitments within an additional six-month period following the milestones; (ii) negotiate and agree alternative milestones and/or commitments with the Italian government; or (iii) repay the loan at any time within 18 months (including a 6 months negotiation period) from the point of non-compliance. In addition, while loans under the facility are outstanding, FCA N.V. has committed not to approve or pay dividends or other shareholder distributions in the 2020 calendar year (except dividends related to the merger with Peugeot S.A.), and the Italian subsidiaries of the FCA Group have committed not to distribute dividends or to make other shareholder distributions until May 26, 2021. During the year ended December 31, 2020, €6.3 billion of the facility was drawn down. Revolving Credit Facilities On March 26, 2020, the tenor of the three-year Tranche A of FCA’s €6.25 billion revolving credit facility (as amended, the “RCF”), for €3.125 billion, was extended by one year to April 27, 2023, with the Tranche B maturity unchanged at March 2024. On April 21, 2020, FCA announced that, in light of the continuing uncertainty relating to the impacts of COVID-19, it had drawn down its €6.25 billion revolving credit facility originally signed in June 2015 and last amended in March 2019. The €6.25 billion draw down was subsequently repaid by December 31, 2020, with the RCF being fully available as of December 31, 2020. In March 2019, the FCA Group amended its syndicated revolving credit facility originally signed in June 2015 and previously amended in March 2017 and March 2018. The amendment extended the RCF’s final maturity to March 2024. The RCF is available for general corporate purposes and for the working capital needs of the FCA Group and is structured in two tranches: €3.125 billion, with a 37-month tenor and two extension options of 1-year and of 11-months exercisable on the first and second anniversary of the amendment signing date, respectively, and €3.125 billion, with a 60-month tenor. This amendment was accounted for as a debt modification and, as a result, the new costs associated with the March 2019 amendment as well as the remaining unamortized debt issuance costs related to the original €5.0 billion RCF and the previous March 2017 and March 2018 amendments are amortized over the life of the amended RCF. The covenants of the RCF include financial covenants as well as negative pledge, pari passu , cross-default and change of control clauses. Failure to comply with these covenants, and in certain cases if not suitably remedied, can lead to the requirement of early repayment of any outstanding amounts. As of December 31, 2020, FCA was in compliance with the covenants of the RCF. At December 31, 2020, undrawn committed credit lines totaling €7.3 billion, including the €6.25 billion RCF and approximately €1.1 billion of other revolving lines of credit. At December 31, 2019, undrawn committed credit lines totaling €7.6 billion included the €6.25 billion RCF and approximately €1.3 billion of other revolving credit facilities. Mexico Bank Loan FCA Mexico, S.A. de C.V. (“FCA Mexico”), FCA’s principal operating subsidiary in Mexico, had a non-revolving loan agreement (“Mexico Bank Loan”) maturing on March 20, 2022 and bears interest at one-month LIBOR plus 3.35 percent per annum. At December 31, 2020, the Mexico Bank Loan had an outstanding balance of €0.2 billion (€0.2 billion at December 31, 2019). As of December 31, 2020, FCA could prepay all or any portion of the loan without premium or penalty. The Mexico Bank Loan requires FCA Mexico to maintain certain fixed assets as collateral and comply with certain covenants, including, but not limited to, financial maintenance covenants, limitations on liens, incurrence of debt and asset sales. As of December 31, 2020, FCA Mexico was in compliance with the covenants under the Mexico Bank Loan. Asset-backed financing Asset-backed financing represented the amount of financing received through factoring transactions which do not meet the IFRS 9 derecognition requirements and are recognized with assets of the same amount of €41 million at December 31, 2020 (€151 million at December 31, 2019) within Trade and other receivables in the Consolidated Statement of Financial Position (Note 15, Trade, other receivables and tax receivables ). Other debt Other debt also includes funds raised from financial services companies, primarily in Latin America, and deposits from dealers in Brazil and China. Lease liabilities The following table summarizes the FCA Group's current and non-current lease liabilities: Lease liabilities included in the Statement of Financial Position At December 31, 2020 2019 (€ million) Long-term debt (non-current) € 1,338 € 1,280 Short-term debt and current portion of long-term debt (current) € 355 € 360 Maturity analysis - contractual undiscounted cash flows At December 31, 2020 (€ million) Due within one year € 419 Due between one and five years 868 Due beyond five years 993 Total undiscounted lease liabilities € 2,280 In addition, FCA entered into commitments relating to leases not yet commenced of €171 million, of which the most significant related to the investments in manufacturing facilities in Michigan, USA. In addition to the above, FCA entered into non-cancellable short term leases, which have not been classified as lease liabilities, of €18 million which is expected to be settled within the next 12 months. Debt secured by assets At December 31, 2020, debt secured by assets of the FCA Group amounted to €464 million (€674 million at December 31, 2019), excluding the Lease liabilities as described above, mainly related to subsidized financing in Latin America, Mexico and India. The total carrying amount of assets acting as security for loans for the FCA Group amounted to €1,108 million, excluding the Right-of-use assets as described in Note 11, Property, plant and equipment , at December 31, 2020 (€1,637 million at December 31, 2019). |
Other liabilities and tax payab
Other liabilities and tax payable | 12 Months Ended |
Dec. 31, 2020 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Other liabilities and Tax payable | Other liabilities consisted of the following: At December 31, 2020 2019 Current Non-current Total Current Non-current Total (€ million) Payables for GDP and buy-back agreements € 1,181 € — € 1,181 € 2,210 € — € 2,210 Accrued expenses and deferred income 569 535 1,104 769 674 1,443 Indirect tax payables 701 92 793 501 14 515 Payables to personnel 898 1 899 1,008 15 1,023 Social security payables 279 6 285 258 4 262 Construction contract liabilities 35 — 35 83 — 83 Service contract liability 603 1,400 2,003 621 1,530 2,151 Other 1,483 95 1,578 1,338 189 1,527 Total Other liabilities € 5,749 € 2,129 € 7,878 € 6,788 € 2,426 € 9,214 Other liabilities (excluding Accrued expenses, Deferred income and Service contract liability) by due date were as follows: At December 31, 2020 2019 Total due within one year (Current) Due between one and five years Due beyond five years Total due after one year (Non-Current) Total Total due within one year (Current) Due between one and five years Due beyond five years Total due after one year (Non-Current) Total (€ million) Other liabilities (excluding Accrued expenses, deferred income and service contract liability) € 4,577 € 179 € 15 € 194 € 4,771 € 5,398 € 201 € 21 € 222 € 5,620 Payables for GDP and buy-back agreements relate to buy-back agreements entered into by the FCA Group and includes the price received for the product, recognized as an advance at the date of the sale and, subsequently, the repurchase price and the remaining lease installments yet to be recognized. The decrease in the Payables for GDP and buy-back agreements during the year ended December 31, 2020 as compared to the year ended December 31, 2019 relates primarily to the decrease in vehicle sales. Accrued expenses and deferred income includes the remaining portion of government grants that will be recognized as income in the Consolidated Income Statement over the same periods as the related costs which they are intended to offset. On March 15, 2017, the Brazilian Supreme Court ruled that state value added tax should be excluded from the basis for calculating a federal tax on revenue. At June 30, 2017, the FCA Group determined that the likelihood of economic outflow related to such indirect taxes was no longer probable and the total liability of €895 million that FCA had accrued but not paid for such taxes for the period from 2007 to 2014 was reversed. Due to the materiality of this item and its effect on FCA’s results, the amount was presented separately in the line Reversal of a Brazilian indirect tax liability in the Consolidated Income Statement for the year ended December 31, 2017, and was composed of €547 million, originally recognized as a reduction to Net revenues, and €348 million, originally recognized within Net financial expenses. The Brazilian Supreme Court issued summary written minutes of its ruling on September 29, 2017 and Trial Minutes on October 2, 2017. On October 19, 2017, the Brazilian government filed its appeal against the PIS/COFINS over ICMS decision. At December 31, 2017, due to the uncertainty of scope of the application of the Supreme Court ruling taking into account the government’s appeal and request for modulation, and due to Brazil’s current heightened political and economic uncertainty, management believed a risk of economic outflow was still greater than remote. On August 18, 2018, the litigation concerning PIS over ICMS had its final and definitive favorable decision. At September 30, 2018, the FCA Group determined that the likelihood of economic outflow related to such indirect taxes was no longer probable and the total liability of €54 million accrued and paid would be recovered. In March 2019, a final and definitive favorable decision was made in respect of the COFINS over ICMS element of the litigation, relating to amounts previously paid but not recovered for the period between May 2004 to December 2014. During the year ended December 31, 2019, total credits and the related receivable of €164 million were recognized, which were excluded from Adjusted EBIT (refer to Note 28, Segment reporting ). On December 17, 2019, the Brazilian courts indicated that it would render a decision on the Brazilian government’s appeal regarding the 2017 Supreme Court’s decision with respect to the calculation of the state value added tax in the basis for federal tax on revenue on April 1, 2020, which has been subsequently postponed to an undetermined date. We continue to believe our position is supported by both the facts and the receipt of final and definitive rulings from the courts. However, due to the uncertainty of the Supreme Court’s application of the government’s appeal and request for modulation, and due to Brazil’s current heightened political and economic uncertainty, we continue to believe that the risk of economic outflow is greater than remote. Service contract liability The service contract liability was mainly comprised of maintenance plans and extended warranties. Changes in the FCA Group's service contract liability for the year ended December 31, 2020, were as follows: At January 1, 2020 Advances received from customers Amounts recognized within revenue Transfers to Assets/(Liabilities) held for sale Other Changes At December 31, 2020 (€ million) Service contract liability € 2,151 € 723 € (640) € — € (231) € 2,003 Of the total Service contract liability at December 31, 2020, the FCA Group expected to recognize approximately €545 million in 2021, €492 million in 2022, €382 million in 2023 and €584 million thereafter. Tax liabilities Tax liabilities by due date were as follows: At December 31, 2020 2019 Total due within one year (Current) Due between one and five years Due beyond five years Total due after one year (Non-Current) Total Total due within one year (Current) Due between one and five years Due beyond five years Total due after one year (Non-Current) Total (€ million) Tax liabilities € 228 € 246 € 2 € 248 € 476 € 122 € 276 € 2 € 278 € 400 |
Fair value measurements
Fair value measurements | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Measurement [Abstract] | |
Fair value measurements | Assets and liabilities that are measured at fair value on a recurring basis The following table shows the fair value hierarchy, based on observable and unobservable inputs, for financial assets and liabilities measured at fair value on a recurring basis: At December 31, 2020 2019 Note Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (€ million) Debt securities and equity instruments measured at FVOCI 13 € 66 € 16 € 13 € 95 € 3 € 21 € 13 € 37 Debt securities and equity instruments measured at FVPL 13 275 — 15 290 277 — 15 292 Derivative financial assets 16 — 629 — 629 — 98 — 98 Collateral deposits 13 32 — — 32 42 — — 42 Receivables from financing activities 15 — — 473 473 — — 580 580 Trade receivables 15 — 12 — 12 — 19 — 19 Other receivables 15 — — 63 63 — — 69 69 Money market securities 17 7,802 — — 7,802 2,293 — — 2,293 Total Assets € 8,175 € 657 € 564 € 9,396 € 2,615 € 138 € 677 € 3,430 Derivative financial liabilities 16 — 633 — 633 — 318 — 318 Total Liabilities € — € 633 € — € 633 € — € 318 € — € 318 During the year ended December 31, 2020, derivative financial assets increased €531 million primarily due to the decrease in U.S. dollar against Euro and to decrease in the Brazilian Real against the U.S dollar. During the year ended December 31, 2020, derivative financial liabilities increased €315 million primarily due to fair value losses for interest-rate swaps entered into to hedge interest rates on future bond issuances. During the year ended December 31, 2020, money market securities increased €5,509 million, reflecting higher overall cash and cash equivalents resulting from cash flows from operations during the second half of the 2020 and the draw down of borrowings. The fair value of derivative financial assets and liabilities was measured by taking into consideration market parameters at the balance sheet date and using valuation techniques widely accepted in the financial business environment, as described below: • the fair value of forward contracts, swaps and options hedging currency risk was determined by using valuation techniques common in the financial markets and taking market parameters at the balance sheet date (in particular, exchange rates, interest rates and volatility rates); • the fair value of interest rate swaps and forward rate agreements was determined by taking the prevailing interest rates at the balance sheet date and using the discounted expected cash flow method; • the fair value of combined interest rate and currency swaps was determined using the exchange and interest rates prevailing at the balance sheet date and the discounted expected cash flow method; and • the fair value of swaps and options hedging commodity price risk was determined by using valuation techniques common in the financial markets and taking market parameters at the balance sheet date (in particular, underlying prices, interest rates and volatility rates). The fair value of money market securities was also based on available market quotations. Where appropriate, the fair value of cash equivalents was determined with discounted expected cash flow techniques using observable market yields (categorized as Level 2). The fair value of Receivables from financing activities, which are classified in Level 3 of the fair value hierarchy, was estimated using discounted cash flow models. The most significant inputs used in this measurement were market discount rates that reflected conditions applied in various reference markets on receivables with similar characteristics, adjusted in order to take into account the credit risk of the counterparties. The fair value of Other receivables, which relates to the contingent consideration receivable from the sale of Magneti Marelli (refer to Note 3, Scope of consolidation ), is classified in Level 3 of the fair value hierarchy and was estimated using discounted cash flow models. The most significant inputs used in this measurement were market discount rates. For assets and liabilities recognized in the financial statements at fair value on a recurring basis, the FCA Group determined whether transfers occurred between levels in the hierarchy by re-assessing categorization at the end of each reporting period. In 2020, there were no transfers between levels in the fair value hierarchy. The following table provides a reconciliation of the changes in items measured at fair value and categorized within Level 3: Receivables from financing activities Debt securities and equity instruments Derivative Other receivables (€ million) At January 1, 2020 € 580 € 28 € — € 69 Gains/(Losses) recognized in Consolidated Income Statement — — — (6) Losses recognized in Other comprehensive income/(loss) — — — — Issues/Settlements (107) — — — Purchases/Sales — — — — Transfers from Level 3 — — — — At December 31, 2020 € 473 € 28 € — € 63 Receivables from financing activities Debt securities and equity instruments Derivative Other receivables (€ million) At January 1, 2019 € 973 € 16 € 39 € — Gains/(Losses) recognized in Consolidated Income Statement — 1 56 (1) Gains recognized in Other comprehensive income/(loss) — — (15) — Issues/Settlements (393) — (66) 70 Purchases/Sales — 11 — — Transfers from Level 3 — — (14) — At December 31, 2019 € 580 € 28 € — € 69 The gains/(losses) included in the Consolidated Income Statements were recognized within Cost of revenues. Of the total gains/(losses) recognized in Other comprehensive income, no amounts were recognized within Cash flow reserves and no amounts were recognized within Currency translation differences. Assets and liabilities not measured at fair value on recurring basis The carrying value of debt securities measured at amortized cost, financial receivables, current receivables and payables was a reasonable approximation of fair value as the present value of future cash flows did not differ significantly from the carrying amount. The carrying value of Cash at banks and Other cash equivalents usually approximated fair value due to the short maturity of these instruments (refer to Note 17, Cash and cash equivalents ). The following table provides the carrying amount and fair value of financial assets and liabilities not measured at fair value on a recurring basis: At December 31, 2020 2019 Note Carrying Fair Carrying Fair (€ million) Dealer financing € 1,065 € 1,065 € 1,737 € 1,736 Retail financing 512 504 613 608 Finance lease 6 6 3 3 Other receivables from financing activities 360 360 222 222 Total Receivables from financing activities (1) 15 € 1,943 € 1,935 € 2,575 € 2,569 Asset backed financing € 41 € 41 € 151 € 151 Notes 8,454 9,314 6,392 6,900 Borrowings from banks & Other debt 10,929 11,194 4,718 4,724 Total Debt, excluding Lease liabilities (2) 21 € 19,424 € 20,549 € 11,261 € 11,775 ______________________________________________________________________________________________________________________________ (1) Amount excludes receivables measured at FVPL (2) Total Debt as at December 31, 2020 and 2019 included Lease liabilities with a carrying value of €1,693 million and €1,640 million , respectively. Disclosure of fair value for lease liabilities is not required by IFRS 7. The fair value of Receivables from financing activities, which are categorized within Level 3 of the fair value hierarchy, was estimated with discounted cash flows models. The most significant inputs used in this measurement were market discount rates that reflected conditions applied in various reference markets on receivables with similar characteristics, adjusted in order to take into account the credit risk of the counterparties. Notes that were traded in active markets for which close or last trade pricing was available are classified within Level 1 of the fair value hierarchy. Notes for which such prices were not available were valued at the last available price or based on quotes received from independent pricing services or from dealers who trade in such securities and are categorized as Level 2. At December 31, 2020, €9,307 million and €7 million of notes were classified within Level 1 and Level 2, respectively. At December 31, 2019, €6,893 million and €7 million of notes were classified within Level 1 and Level 2, respectively. |
Related party transactions
Related party transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related Party [Abstract] | |
Related party transactions | In accordance with IAS 24 - Related Party Disclosures , the related parties of the FCA Group were determined as those entities and individuals capable of exercising control, joint control or significant influence over the FCA Group and its subsidiaries. Related parties included companies belonging to Exor N.V. (“Exor”, the largest shareholder of FCA through its 28.54 percent common shares shareholding interest and 44.40 percent voting power at December 31, 2020), which included Ferrari N.V. and CNH Industrial N.V. (“CNHI”). Related parties also included associates, joint ventures and unconsolidated subsidiaries of the FCA Group, members of the FCA Board of Directors, executives with strategic responsibilities and certain members of their families. Transactions carried out by the FCA Group with its related parties are on commercial terms that are normal in the respective markets, considering the characteristics of the goods or services involved, and primarily relate to: • the purchase of engines and engine components for Maserati vehicles from Ferrari N.V.; • the purchase of powertrain systems for light commercial vehicles from CNHI; • the sale of powertrain and other components to the companies of CNHI; • the provision of services (accounting, payroll, tax administration, information technology and security) to the companies of CNHI; • the sale of vehicles to the leasing and renting subsidiaries of the joint ventures FCA Bank and Koç Fiat Kredi; • the sale of engines, other components and production systems to and the purchase of light commercial vehicles from Sevel S.p.A., a 50 percent owned joint operation with Groupe PSA, based in Atessa, Italy; • the purchase of light commercial vehicles and passenger cars from the joint venture Tofas; • the provision of services and the sale of goods to the GAC FCA JV; • the purchase of vehicles from, the provision of services and the sale of goods to the joint operation Fiat India Automobiles Private Limited; • the Jeep brand sponsorship of Juventus Football Club (a subsidiary of Exor); and • the sale of automotive lighting and automotive components, which was included within discontinued operations, to Ferrari N.V. The most significant financial transactions with related parties generated Receivables from financing activities of the FCA Group’s financial services companies from joint ventures and Asset-backed financing relating to amounts due to FCA Bank for the sale of receivables, which did not qualify for derecognition under IFRS 9 – Financial Instruments . The amounts for significant transactions with related parties recognized in the Consolidated Income Statements were as follows: Years ended December 31, 2020 2019 2018 Net Cost of Selling, Net Financial Net Cost of Selling, Net Financial Net Cost of Selling, Net Financial (€ million) Tofas € 938 € 1,326 € 6 € — € 728 € 2,086 € 9 € — € 926 € 2,572 € 7 € — Sevel S.p.A. 196 1 5 — 205 1 5 — 402 1 4 — FCA Bank 1,375 22 (8) 32 1,686 23 (19) 52 1,611 28 (21) 56 GAC FCA JV 97 — (17) (1) 151 — (36) — 419 11 (49) — Fiat India Automobiles 2 — — — 2 — — — 2 — — — Other 1 — — — 2 — — (1) 27 6 (4) 1 Total joint arrangements 2,609 1,349 (14) 31 2,774 2,110 (41) 51 3,387 2,618 (63) 57 Total associates 2 123 1 (1) 17 186 (1) — 30 229 (2) (1) CNHI 284 269 — — 357 332 11 — 501 326 6 — Ferrari N.V. 22 98 — — 30 144 1 — 64 218 4 — Directors and Key Management — — 100 — — — 82 — — — 77 — Other — — 48 — 5 — 37 — 2 — 26 — Total CNHI, Ferrari, Directors and other 306 367 148 — 392 476 131 — 567 544 113 — Total unconsolidated 7 3 2 (1) 6 7 4 — 7 8 4 1 Total transactions with related parties € 2,924 € 1,842 € 137 € 29 € 3,189 € 2,779 € 93 € 51 € 3,991 € 3,399 € 52 € 57 Total for the FCA Group € 86,676 € 75,962 € 5,501 € 988 € 108,187 € 93,164 € 6,455 € 1,005 € 110,412 € 95,011 € 7,318 € 1,056 Assets and liabilities from significant transactions with related parties were as follows: At December 31, 2020 2019 Trade and other Trade Other Asset- Debt (1) Trade Trade Other Asset- Debt (1) (€ million) Tofas € 73 € 347 € 35 € — € — € 18 € 171 € 39 € — € — Sevel S.p.A. 15 — 1 — 7 28 — 1 — 13 FCA Bank 264 88 37 29 61 278 139 151 141 181 GAC FCA JV 123 2 — — — 62 11 — — — Fiat India Automobiles Limited 1 — 6 — — 1 — 8 — — Other — — — — — 0 — — — — Total joint arrangements 476 437 79 29 68 387 321 199 141 194 Total associates 43 32 6 — — 45 41 8 — — CNHI 44 75 2 — — 49 87 11 — — Ferrari N.V. 8 38 — — — 12 49 — — — Other 1 2 1 — — 4 13 — — — Total CNHI, Ferrari N.V. and other 53 115 3 — — 65 149 11 — — Total unconsolidated subsidiaries 25 15 1 — 26 16 9 1 — 22 Total originating from related parties € 597 € 599 € 89 € 29 € 94 € 513 € 520 € 219 € 141 € 216 Total for the FCA Group € 7,266 € 20,576 € 7,878 € 41 € 21,076 € 9,004 € 21,616 € 9,214 € 151 € 12,750 ______________________________________________________________________________________________________________________________ (1) Relating to Debt excluding Asset-backed financing, refer to Note, 21 Debt . Commitments and Guarantees As of December 31, 2020, the FCA Group had a take-or-pay commitment with Tofas with future minimum expected obligations as follows: (€ million) 2021 € 217 2022 € 177 2023 € 94 2024 € 94 FCA provided guarantees to FCA Bank related to certain dealer financing arrangements FCA Bank had with dealers. The amount of the guarantees outstanding at December 31, 2020 was approximately €5 million. The fair value of these guarantees was immaterial due to the value of vehicles in the dealers' stock pledged to FCA. Compensation to Directors and Key Management The fees of the Directors of the FCA Group for carrying out their respective functions, including those in other consolidated companies, were as follows: Years ended December 31, 2020 2019 2018 (€ thousand) Directors (1) € 19,097 € 23,050 € 18,830 Total Compensation € 19,097 € 23,050 € 18,830 ______________________________________________________________________________________________________________________________ (1) Including the notional compensation cost arising from long-term share-based compensation granted to the Chairman, the Chief Executive Officer and the Chief Financial Officer. Refer to Note 18, Share-based compensation , for information related to the PSU and RSU awards granted to certain key employees. The aggregate compensation expense for remaining executives with strategic responsibilities was approximately €81 million for 2020 (€59 million in 2019 and €58 million in 2018), which, in addition to base compensation, included: • €62 million in 2020 (€30 million in 2019 and €28 million in 2018) for share-based compensation expense; • €6 million in 2020 (€6 million in 2019 and €7 million in 2018) for short-term employee benefits; and • €4 million in 2020 (€7 million in 2019 and €10 million in 2018) for pension and similar benefits. |
Guarantees granted, commitments
Guarantees granted, commitments and contingent liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract] | |
Guarantees granted, commitments and contingent liabilities | Guarantees granted At December 31, 2020, the FCA Group had pledged guarantees on the debt or commitments of third parties totaling €12 million (€8 million at December 31, 2019), as well as guarantees of €1 million on related party debt (€3 million at December 31, 2019). SCUSA Private-label financing agreement In February 2013, FCA US entered into a private-label financing agreement (the “SCUSA Agreement”) with Santander Consumer USA Inc. (“SCUSA”), an affiliate of Banco Santander, which launched on May 1, 2013. Under the SCUSA Agreement, SCUSA provides a wide range of wholesale and retail financing services to FCA US's dealers and consumers in accordance with its usual and customary lending standards, under the Chrysler Capital brand name. The SCUSA Agreement has a ten ten On June 28, 2019, FCA US entered into an amendment (the “Amendment”) to the SCUSA Agreement. The Amendment modified certain terms of the agreement, with the remaining term unchanged through to April 2023, and in connection with its execution, SCUSA made a one-time, nonrefundable, non-contingent, cash payment of U.S.$60 million (€53 million) to FCA US as part of a negotiated resolution of open matters. The amount was recognized within Selling, general and other costs in the Consolidated Income Statement for the year ended December 31, 2019. The duration of the agreement remained unchanged. From time to time, FCA US worked with certain lenders to subsidize interest rates or cash payments at the inception of a financing arrangement to incentivize customers to purchase its vehicles, a practice known as “subvention”. FCA US has provided SCUSA with limited exclusivity rights to participate in specified minimum percentages of certain of its retail financing rate subvention programs. SCUSA has committed to certain revenue sharing arrangements, as well as to consider future revenue sharing opportunities. SCUSA bears the risk of loss on loans contemplated by the SCUSA Agreement. The parties share in any residual gains and losses in respect of consumer leases, subject to specific provisions in the SCUSA Agreement, including limitations on FCA US participation in gains and losses. Other repurchase obligations In accordance with the terms of other wholesale financing arrangements in Mexico, FCA Mexico was required to repurchase dealer inventory financed under these arrangements, upon certain triggering events and with certain exceptions, including in the event of an actual or constructive termination of a dealer’s franchise agreement. These obligations exclude certain vehicles including, but not limited to, vehicles that have been damaged or altered, that are missing equipment or that have excessive mileage or an original invoice date that is more than one ten At December 31, 2020, the maximum potential amount of future payments required to be made in accordance with these wholesale financing arrangements was approximately €121 million (U.S.$149 million) and was based on the aggregate repurchase value of eligible vehicles financed through such arrangements in the respective dealer's stock. If vehicles are required to be repurchased through such arrangements, the total exposure would be reduced to the extent the vehicles can be resold to another dealer. The fair value of the guarantee was nil at December 31, 2020. Arrangements with key suppliers From time to time and in the ordinary course of business, the FCA Group entered into various arrangements with key third party suppliers in order to establish strategic and technological advantages. A limited number of these arrangements contained unconditional purchase obligations to purchase a fixed or minimum quantity of goods and/or services with fixed and determinable price provisions. Future minimum purchase obligations under these arrangements at December 31, 2020 were as follows for the FCA Group's continuing operations: (€ million) 2021 € 562 2022 € 243 2023 € 135 2024 € 152 2025 € 16 2026 and thereafter € 27 Other commitments, arrangements and contractual rights Regulatory emission credits During the year ended December 31, 2019, FCA entered into multi-year non-cancellable agreements for purchases of regulatory emissions credits in various jurisdictions. At December 31, 2020, these agreements represent total commitments of €0.4 billion after fulfillment of commitments during the years ended December 31, 2020 and 2019, as well as the reduction in the commitments due to the CAFE civil fine rate recorded during the year ended December 31, 2019 (refer to Note 20, Provisions ). The purchased credits are expected to be used for compliance years through 2023. FCA Bank joint venture agreement On July 19, 2019, FCA and Crédit Agricole Consumer Finance agreed to extend their 50:50 joint venture, FCA Bank, until December 31, 2024. The agreement will be automatically renewed unless notice of non-renewal is provided no later than three years before end of the term. A notice of non-renewal would trigger certain put and call rights. UAW Labor Agreement In December 2019, the UAW-represented workforce ratified a new four Italian labor agreement In March 2019, the FCA Group renewed its labor agreement with Italian trade unions for Italian employees, which had previously expired on December 31, 2018. The agreement is valid for the period 2019-2022 and applies to the FCA Group's 66,000 employees in Italy, primarily providing for a 2 percent annual increase in contractual compensation and an enhancement of the annual performance-based bonus linked to the achievement of productivity and efficiency targets forming part of the World Class Manufacturing (“WCM”) program. In April 2015, the previous four The compensation arrangement was effective retrospectively from January 1, 2015 through December 31, 2018 and incentivized all employees toward achievement of the productivity, quality and profitability targets established in the 2015-2018 period of the 2014-2018 business plan developed in May 2014 by adding two variable additional elements to base pay: • an annual bonus, calculated on the basis of production efficiencies achieved and the plant’s World Class Manufacturing audit status; and • a component linked to achievement of the financial targets established in the 2015-2018 period of the 2014-2018 business plan for the EMEA region, including the activities of the premium brands Alfa Romeo and Maserati. A total of €93 million, €75 million and €72 million related to the additional variable elements above was recorded as an expense included within Net profit from continuing operations for the years ended December 31, 2020, 2019 and 2018, respectively. Canada labor agreement In September 2020, the four-year collective bargaining agreement that was entered into in September 2016 with Unifor in Canada expired. FCA entered into a three-year labor agreement with Unifor in Canada that was ratified on October 19, 2020. The terms of this agreement provides a $7,250 Canadian dollars (“CAD$”) lump sum payment for all active employees, CAD$500 for all eligible temporary part-time employees, up-front lump sum payments of CAD$7,250 to all employees on indefinite layoff and lump sum retirement allowance of CAD$3,625 for employees who retired during 2020. The total ratification bonus of approximately CAD$59 million (€38 million) was paid on November 20, 2020. The agreement covers more than 9,200 employees and expires October 2023. The lump sum payments, which were made in lieu of future wage increases, are being amortized ratably over three-year contract period Contingent liabilities In connection with significant asset divestitures carried out in prior years, the FCA Group provided indemnities to purchasers with the maximum amount of potential liability under these contracts generally capped at a percentage of the purchase price. These liabilities refer principally to potential liabilities arising from possible breaches of representations and warranties provided in the contracts and, in certain instances, environmental or tax matters, generally for a limited period of time. Potential obligations with respect to these indemnities were approximately €5 million and a total of €5 million has been recognized within Provisions related to these obligations as of December 31, 2020 (€5 million and €3 million as of December 31, 2019, respectively). The FCA Group provided certain other indemnifications that do not limit potential payment and as such, it was not possible to estimate the maximum amount of potential future payments that could result from claims made under these indemnities. Takata airbag inflators Putative class action lawsuits were filed in March 2018 against FCA US in the U.S. District Courts for the Southern District of Florida and the Eastern District of Michigan, asserting claims under federal and state laws alleging economic loss due to Takata airbag inflators installed in certain of our vehicles. We are vigorously defending against this action and at this stage of the proceedings, we are unable to reliably evaluate the likelihood that a loss will be incurred or estimate a range of possible loss. Emissions Matters On January 10, 2019, we announced that FCA US had reached final settlements on civil environmental and consumer claims with the U.S. Environmental Protection Agency (“EPA”), the Civil Division of the U.S. Department of Justice (“DoJ”), the California Air Resources Board, the State of California, 49 other States and U.S. Customs and Border Protection, for which we accrued €748 million during the year ended December 31, 2018. Approximately €350 million of the accrual was related to civil penalties to resolve differences over diesel emissions requirements. A portion of the accrual was attributable to settlement of a putative class action on behalf of consumers in connection with which FCA US agreed to pay an average of $2,800 per vehicle to eligible customers affected by the recall. That settlement received final court approval on May 3, 2019. Nevertheless, we continue to defend individual claims from approximately 3,200 consumers that have exercised their right to opt out of the class action settlement and pursue their own individual claims against us (the “Opt-Out Litigation”). We have engaged in further discovery in the Opt-Out Litigation and participated in court-sponsored settlement conferences, but have reached settlement agreements with less than 100 of these remaining plaintiffs. As of December 31, 2020, our best estimate of a probable loss is reflected in the amount previously accrued. In the U.S., we remain subject to a diesel emissions-related investigation by the DoJ, Criminal Division. In September 2019, the DoJ filed criminal charges against an employee of FCA US for, among other things, fraud, conspiracy, false statements and violations of the Clean Air Act primarily in connection with efforts to obtain regulatory approval of the vehicles that were the subject of the civil settlements described above. We have continued discussions with the DoJ, Criminal Division to determine whether we can reach an appropriate resolution of their investigation as it relates to FCA US, which may involve the payment of penalties and other non-financial sanctions. At this time, we estimate a range of probable loss. While the outcome of these discussions is uncertain and we cannot predict whether or when any settlement may be reached with the DoJ, Criminal Division, or the ultimate outcome of its investigation, we accrued approximately €200 million during the three months ended September 30, 2020 as our best estimate of probable loss with regard to matters under discussion. We also remain subject to a number of related private lawsuits (the “Non Opt-Out Litigation”). In September 2020, we settled the diesel emissions-related investigation with the U.S. Securities and Exchange Commission (the “SEC”) for an amount that is not material to the Group and which had been accrued during the three months ended June 30, 2020. We have also received inquiries from other regulatory authorities in a number of jurisdictions as they examine the on-road tailpipe emissions of several automakers’ vehicles and, when jurisdictionally appropriate, we continue to cooperate with these governmental agencies and authorities In Europe, we are working with the Italian Ministry of Transport (“MIT”) and the Dutch Vehicle Regulator (“RDW”), the authorities that certified FCA diesel vehicles for sale in the European Union, and the UK Driver and Vehicle Standards Agency in connection with their review of several of our vehicles. We also initially responded to inquiries from the German authority, the Kraftfahrt-Bundesamt (“KBA”), regarding emissions test results for our vehicles, and we discussed the KBA reported test results, our emission control calibrations and the features of the vehicles in question. After these initial discussions, the MIT, which has sole authority for regulatory compliance of the vehicles it has certified, asserted its exclusive jurisdiction over the matters raised by the KBA, tested the vehicles, determined that the vehicles complied with applicable European regulations and informed the KBA of its determination. Thereafter, mediations have been held under European Commission (“EC”) rules, between the MIT and the German Ministry of Transport and Digital Infrastructure, which oversees the KBA, in an effort to resolve their differences. The mediation was concluded with no action being taken with respect to FCA. In May 2017, the EC announced its intention to open an infringement procedure against Italy regarding Italy's alleged failure to respond to EC's concerns regarding certain FCA emission control calibrations. The MIT has responded to the EC's allegations by confirming that the vehicles' approval process was properly performed. In December 2019, the MIT notified us that the Dutch Ministry of Infrastructure and Water Management (“I&W”) had been communicating with the MIT regarding certain irregularities allegedly found by the RDW and the Dutch Center of Research TNO in the emission levels of certain Jeep Grand Cherokee Euro 5 models and a vehicle model of another OEM that contains a Euro 6 diesel engine supplied by us. In January 2020, the Dutch Parliament published a letter from the I&W summarizing the conclusions of the RDW regarding those vehicles and engines and indicating an intention to order a recall and report their findings to the Public Prosecutor, the EC and other Member States. We have engaged with the RDW to present our positions and cooperate to reach an appropriate resolution of this matter. We have proposed certain updates to the relevant vehicles that have been tested and approved by the RDW and are now being implemented. Nevertheless, this matter is still pending. In addition, at the request of the French Consumer Protection Agency, the Juge d’Instruction du Tribunal de Grande Instance of Paris is investigating diesel vehicles of a number of automakers including FCA, regarding whether the sale of those vehicles violated French consumer protection laws. In July 2020, unannounced inspections took place at several of our sites in Germany, Italy and the UK at the initiative of the Public Prosecutors of Frankfurt am Main and of Turin, as part of their investigations of potential violations of diesel emissions regulations and consumer protection laws. We are cooperating with the investigations. Several FCA companies and our Dutch dealers were recently served with a purported class action filed in the Netherlands by a Dutch foundation seeking monetary damages and vehicle buybacks in connection with alleged emissions non-compliance of certain FCA E5 and E6 diesel vehicles. A similar claim has been announced in the UK but not yet served on the Company. We are also defending a number of individual consumer claims alleging emissions non-compliance of certain of our vehicles in Germany. In December 2018, the Korean Ministry of Environment (“MOE”) announced its determination that approximately 2,400 FCA vehicles imported into Korea during 2015, 2016 and 2017 were not emissions compliant and that the vehicles with a subsequent update of the emission control calibrations voluntarily performed by FCA, although compliant, would have required re-homologation of the vehicles concerned. In May 2019, the MOE revoked certification of the above-referenced vehicles and announced an administrative fine for an amount not material to the Group. We have appealed the MOE’s decision. Our subsidiary in Seoul, Korea is also cooperating with local criminal authorities in connection with their review of this matter, with the Korean Fair Trade Commission regarding a purported breach of the Act on Fair Labeling and Advertisement in connection with the subject vehicles and with the MOE in connection with their review of other FCA vehicles. The results of the unresolved governmental inquiries and private litigation cannot be predicted at this time and these inquiries and litigation may lead to further enforcement actions, penalties or damage awards, any of which may have a material adverse effect on our business, financial condition and results of operations. It is also possible that these matters and their ultimate resolution may adversely affect our reputation with consumers, which may negatively impact demand for our vehicles and consequently could have a material adverse effect on our business, financial condition and results of operations. At this stage, we are unable to evaluate the likelihood that a loss will be incurred with regard to the unresolved inquiries and Non Opt-Out Litigation or estimate a range of possible loss. U.S. Sales Reporting Investigations On September 27, 2019, the SEC announced the resolution of its investigation into our reporting of vehicle sales to end customers in the U.S. which included our agreement to pay an amount that is not material to the Group. We have also cooperated with a DoJ investigation into the same issues, the outcome of which remains uncertain. Any resolution of that matter may involve the payment of penalties and other sanctions. At this time, we are unable to reliably evaluate the likelihood that a loss will be incurred or estimate a range of possible loss in connection with that investigation. As previously reported, two putative securities class action lawsuits were filed against us in the U.S. District Court for the Eastern District of Michigan making allegations with regard to our reporting of vehicle unit sales to end consumers in the U.S. These lawsuits were consolidated into a single action and on October 4, 2018, we entered into an agreement in principle to settle the consolidated litigation, subject to court approval, for an amount that is not material to the Group. On June 5, 2019, the Court granted final approval to this settlement. National Training Center On January 27, 2021, FCA US announced that it reached an agreement with the U.S. Attorney’s Office for the Eastern District of Michigan to resolve its investigation into past misconduct of certain former FCA US employees involving the UAW-Chrysler National Training Center (“NTC”). Pursuant to the agreement, which remains subject to court approval, FCA US agreed to plead guilty to a single count of conspiracy to violate the Labor Management Relations Act and the payment of a fine in an amount that is not material to the financial statements and which had previously been accrued during the quarter ended September 30, 2020. FCA US also agreed to implement an independent compliance monitor for three years with respect to the dissolution of the NTC and internal controls as they relate to the trusts being implemented to replace the NTC. Several putative class action lawsuits have been filed against FCA US in U.S. federal court alleging harm to UAW workers as a result of these acts. Those actions have been dismissed both at the trial court stage and on appeal. Three plaintiffs in these lawsuits also filed charges alleging unfair labor practices with the U.S. National Labor Relations Board (the “Board”). The Board issued a complaint regarding these allegations and is seeking a cease and desist order as well as the posting of a notification with respect to the alleged practices. On July 20, 2020, a group of employees in our Toledo, Ohio Jeep plant filed a lawsuit in U.S. District Court for the Northern District of Ohio against FCA US, the UAW and certain individuals claiming violations of the Racketeer Influenced and Corrupt Organizations (RICO) Act and civil conspiracy. On October 20, 2020, FCA US filed a motion to dismiss and the plaintiffs filed a motion for leave to file a second amended complaint on December 13, 2020. At this stage, we are unable to reliably evaluate the likelihood that a loss will be incurred or estimate a range of possible loss. On October 16, 2020, a group of current and former employees in our Trenton Engine Complex filed a lawsuit in U.S. District Court for the Eastern District of Michigan, making similar claims. At this stage, we are unable to reliably evaluate the likelihood that a loss will be incurred or estimate a range of possible loss. General Motors Litigation On November 20, 2019, General Motors LLC and General Motors Company (collectively, “GM”) filed a lawsuit in the U.S. District Court for the Eastern District of Michigan against FCA US, FCA NV and certain individuals, claiming violations of the RICO Act, unfair competition and civil conspiracy in connection with allegations that FCA US paid bribes to UAW officials that corrupted the bargaining process with the UAW and as a result FCA US enjoyed unfair labor costs and operational advantages that caused harm to GM. GM also claimed that FCA US had made concessions to the UAW in collective bargaining that the UAW was then able to extract from GM through pattern bargaining which increased costs to GM and that this was done by FCA US in an effort to force a merger between GM and FCA NV. On July 8, 2020, the court dismissed GM’s lawsuit with prejudice. On August 3, 2020, GM filed a motion requesting that the court amend or alter its judgement, which the court denied. GM has appealed the dismissal to the U.S. Court of Appeals for the Sixth Circuit and oral argument on that appeal is scheduled for March 4, 2021. Following dismissal of its Federal court case, GM also filed an action against FCA US and FCA NV in Michigan state court, making substantially the same claims as it made in the federal litigation. On November 24, 2020, FCA US and FCA NV filed a motion for summary disposition in the state court case and GM filed a motion to compel discovery on December 16, 2020. Oral arguments on FCA’s motion for summary disposition and GM’s motion for expedited discovery were held on February 26, 2021 and were adjourned to be continued on March 5, 2021. At this stage, we are unable to reliably evaluate the likelihood that a loss will be incurred or estimate a range of possible loss. Tigershark Engine - EPA Matter In connection with internal testing, we determined that approximately 935,000 vehicles equipped with the 2.4L Tigershark engine may have excess tailpipe emissions. We have discussed this issue and reviewed our proposed solution with the EPA. We intend to initiate a recall campaign to implement this solution, and as a result we have increased our warranty campaign provision by approximately €200 million. Tigershark Engine - Litigation In addition, putative class action lawsuits have been filed against FCA US and consolidated into a single action in U.S. District court in Michigan asserting claims under federal and state laws claiming manufacturing and design defects in certain vehicles equipped with the 2.4L Tigershark engine, which has been installed in approximately 1.6 million vehicles sold in the U.S. The claims allege excessive oil consumption and related excess emissions. We are evaluating and defending against these actions while we work to assess the claims and, if appropriate, any mitigating action we could take. At this early stage, we are unable to reliably evaluate the likelihood that a loss will be incurred or estimate a range of possible loss. Other matters Corporate Average Fuel Economy (“CAFE”) standards On August 31, 2020, the U.S. Court of Appeals for the Second Circuit vacated a final rule published by the National Highway Traffic Safety Administration (“NHTSA”) in July 2019 that had reversed NHTSA’s 2016 increase to the base rate of the CAFE penalty from $5.50 to $14.00. The base rate applies to each tenth of a mile per gallon (“MPG”) that a manufacturer’s fleet-wide average MPG is below the CAFE standard, and is multiplied by the number of vehicles in the manufacturer’s fleet to arrive at an aggregate penalty. On January 14, 2021, NHTSA published an interim final rule with immediate effect, the result of which would be to apply the increased fine rate that resulted from the Second Circuit’s ruling to future model years. In particular, NHTSA’s new rule imposes a CAFE penalty base rate of $5.50 through 2021 Model Year and increases the CAFE penalty base rate to $14.00 prospectively from the 2022 Model Year. We have accrued estimated amounts for any probable CAFE penalty based on the $5.50 rate for Model Years 2021 and earlier. Several non-governmental organizations and state attorneys general have initiated litigation to overturn NHTSA’s interim final rule. If the litigation is successful in overturning the interim final rule, we may need to accrue additional amounts due to increased CAFE penalties and additional amounts we may owe under certain agreements for the purchase of regulatory emissions credits. The amounts that we may accrue could be up to €550 million depending on, among other things, our ability to implement future product actions or other actions to modify the utilization of credits. U.S. Import Duties Historically, we have paid a 2.5 percent duty on Ram ProMaster City vehicles imported into the U.S. as passenger vehicles rather than the 25 percent duty applicable to vehicles that are imported into the U.S. as cargo vans. The vast majority of these vehicles are converted into cargo vans after importation. In litigation between a competitor and U.S. Customs and Border Protection (“CBP”) involving similar vehicles, the U.S. Court of Appeals for the Federal Circuit ruled in June 2019 that vehicles previously imported by the competitor are subject to the 25 percent duty. The competitor sought to appeal the matter to the U.S. Supreme Court, but in June 2020, the U.S. Supreme Court declined to hear the competitor’s case. We believe there are facts that distinguish our case from that of the competitor. However, CBP may seek to recover increased duties for our prior imports, plus interest, and may assert a claim for penalties. At this stage, we are unable to reliably evaluate the likelihood that a loss will be incurred or estimate a range of possible loss. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2020 | |
Share Capital, Reserves And Other Equity Interest [Abstract] | |
Equity | Share capital At December 31, 2020, the authorized share capital of FCA was forty million Euro (€40,000,000), divided into two billion (2,000,000,000) FCA common shares, nominal value of one Euro cent (€0.01) per share and two billion (2,000,000,000) special voting shares, nominal value of one Euro cent (€0.01) per share. At December 31, 2020, fully paid-up share capital of FCA amounted to €20 million (€20 million at December 31, 2019) and consisted of 1,574,714,499 common shares and of 449,618,514 special voting shares, all with a par value of €0.01 each (1,567,519,274 common shares and 408,941,767 special voting shares, all with a par value of €0.01 each at December 31, 2019). On March 2, 2020 a total of 73,606,222 FCA Special Voting Shares were delivered to Exor N.V. as a result of an equivalent number of Common Shares being registered in the Loyalty Register for an uninterrupted period of three years in accordance with clause 5.1 of the Special Voting Shares Terms and Conditions. The related Common Shares became Qualifying Common Shares. Of the shares delivered, 32,937,489 were Special Voting Shares held by the Company and 40,668,733 were additional Special Voting Shares issued. On November 13, 2020, an additional 8,014 special voting shares were issued as a result of an equivalent number of Common Shares being registered in the Loyalty Register for an uninterrupted period of three years in accordance with clause 5.1 of the Special Voting Shares Terms and Conditions. The following table summarizes the changes in the number of outstanding common shares and special voting shares of FCA during the year ended December 31, 2020: Common Shares Special Voting Shares Total Balance at January 1, 2020 1,567,519,274 408,941,767 1,976,461,041 Shares issued to Key management 7,195,225 — 7,195,225 Shares registered in the Loyalty Register — 40,676,747 40,676,747 Balance at December 31, 2020 1,574,714,499 449,618,514 2,024,333,013 Long Term Incentive Plans On October 29, 2014, the Board of Directors of FCA (“Board of Directors”) resolved to authorize the issuance of up to a maximum of 90 million common shares under the equity incentive plan and the long-term incentive program which had been adopted before the closing of the 2014 Merger and under which equity awards can be granted to eligible individuals. Any issuance of shares during the period from 2014 to 2018 are subject to the satisfaction of certain performance/retention requirements and any issuances to directors are subject to FCA shareholders' approval (refer to Note 18, Share-based compensation ). On December 19, 2018, the Board of Directors resolved to allocate up to a maximum of 50 million common shares under the 2019 - 2021 LTIP (refer to Note 18, Share-based compensation ), under which equity awards can be granted to eligible individuals. Any issuance of shares during the period from 2019 to 2021 is subject to the satisfaction of certain performance and retention requirements and any issuances to directors are subject to FCA shareholders' approval (refer to Note 18, Share-based compensation ). Pursuant to the Articles of Association, the Board of Directors is irrevocably authorized to issue shares (common and special voting shares) and to grant rights to subscribe for shares in the capital of the Company. This authorization is up to a maximum aggregate amount of shares as set out in the Articles of Association, as amended from time to time, and limits or excludes the right of pre-emption with respect to common shares. The Board of Directors' authorization was for a period of five years from October 12, 2014 and expired on October 11, 2019. On April 12, 2019, the FCA Annual General Meeting of Shareholders (“AGM”) resolved to authorize, under certain conditions, the Board of Directors to issue common and special voting shares, to grant rights to subscribe for common and special voting shares, and to limit or exclude pre-emptive rights for common shares. This authorization is for a period of eighteen months up to and including October 11, 2020, starting from the date on which the current authorization expired, October 12, 2019. Furthermore, the AGM renewed the existing authorization of the Board of Directors, for a period of eighteen months from the date of the AGM, to repurchase up to a maximum of 10 percent of the Company’s common shares issued as of the date of the AGM. Pursuant to the authorization, which does not entail any obligation for the Company but is designed to provide additional flexibility, the Board of Directors may repurchase common shares in compliance with applicable regulations, subject to certain maximum and minimum price thresholds. Other reserves: Other reserves comprised the following: • legal reserves of €13,598 million at December 31, 2020 (€14,206 million at December 31, 2019) determined in accordance with Dutch law and primarily relating to development expenditures capitalized by subsidiaries and their earnings, subject to certain restrictions on distributions to FCA; • capital reserves of €6,094 million at December 31, 2020 (€6,034 million at December 31, 2019); • retained earnings, after the separation of the legal reserve, of positive €8,051 million (positive €2,286 million at December 31, 2019); and • profit attributable to owners of the parent of €29 million for the year ended December 31, 2020 (€6,622 million for the year ended December 31, 2019). Other comprehensive income Other comprehensive income was as follows: Years ended December 31, 2020 2019 2018 (€ million) Items that will not be reclassified to the Consolidated Income Statement in subsequent periods: (Losses)/gains on remeasurement of defined benefit plans € (110) € (63) € 317 Losses on debt instruments measured at FVOCI (1) — — Share of gains/(losses) on remeasurement of defined benefit plans for equity method investees — (5) — Gains/(losses) on equity instruments measured at fair value through other comprehensive income (5) 6 (4) Items relating to discontinued operations — (9) 1 Total Items that will not be reclassified to the Consolidated Income Statement (B1) (116) (71) 314 Items that may be reclassified to the Consolidated Income Statement in subsequent periods: Gains/(Losses) on net investment hedging instruments — — — Gains/(losses) on cash flow hedging instruments arising during the period 121 (269) 99 Gains/(losses) on cash flow hedging instruments reclassified to the Consolidated Income Statement (143) 78 (108) Total Gains/(losses) on cash flow hedging instruments (22) (191) (9) Foreign exchange gains/(losses) (2,696) 268 126 Share of Other comprehensive income/(loss) for equity method investees arising during the period (81) (16) (77) Share of Other comprehensive income/(loss) for equity method investees reclassified to the Consolidated Income Statement (23) 1 (26) Total Share of Other comprehensive (loss)/income for equity method investees (104) (15) (103) Items relating to discontinued operations — 9 (91) Total Items that may be reclassified to the Consolidated Income Statement (B2) (2,822) 71 (77) Total Other comprehensive income (B1)+(B2)=(B) (2,938) — 237 Tax effect 28 57 (82) Tax effect - discontinued operations — — 1 Total Other comprehensive income, net of tax € (2,910) € 57 € 156 Gains and losses arising from the remeasurement of defined benefit plans primarily include actuarial gains and losses arising during the period, the return on plan assets (net of interest income recognized in the Consolidated Income Statement) and any changes in the effect of the asset ceiling. These gains and losses are offset against the related defined benefit plan's net liabilities or assets (Note 19, Employee benefits liabilities ). The following table summarizes the tax effect relating to Other comprehensive income: Years ended December 31, 2020 2019 2018 Pre-tax Tax Net Pre-tax Tax Net Pre-tax Tax Net (€ million) (Losses)/gains on remeasurement of defined benefit plans € (110) € 21 € (89) € (63) € 7 € (56) € 317 € (76) € 241 Losses on debt instruments measured at FVOCI (1) — (1) — — — — — — Gains/(Losses) on cash flow hedging instruments (22) 7 (15) (191) 50 (141) (9) (6) (15) Gains/(losses) on equity instruments measured at fair value through other comprehensive income (5) — (5) 6 — 6 (4) — (4) Foreign exchange (losses)/gains (2,696) — (2,696) 268 — 268 126 — 126 Share of Other comprehensive income/(loss) for equity method investees (104) — (104) (20) — (20) (103) — (103) Items relating to discontinued operations — — — — — — (90) 1 (89) Total Other comprehensive income € (2,938) € 28 € (2,910) € — € 57 € 57 € 237 € (81) € 156 Policies and processes for managing capital The objectives identified by the FCA Group for managing capital were to create value for shareholders as a whole, safeguard business continuity and support the growth of the FCA Group. As a result, the FCA Group endeavored to maintain an adequate level of capital that, at the same time, enables it to obtain a satisfactory economic return for its shareholders and guarantee economic access to external sources of funds, including by means of achieving an adequate credit rating. The FCA Group constantly monitored the ratio between debt and equity, particularly the level of net debt and the generation of cash from its industrial activities. In order to reach these objectives, the FCA Group continued to aim for improvement in the profitability of its operations. Furthermore, the FCA Group could sell part of its assets to reduce the level of its debt, while the Board of Directors may make proposals to FCA shareholders at a general meeting of FCA shareholders to reduce or increase share capital or, where permitted by law, to distribute reserves. The FCA Group may also make purchases of treasury shares, without exceeding the limits authorized at a general meeting of FCA shareholders, under the same logic of creating value, compatible with the objectives of achieving financial equilibrium and an improvement in the FCA Group's rating. Dividends proposed, declared and paid In accordance with the combination agreement, on January 4, 2021, FCA declared a conditional special cash distribution of €1.84 per common share corresponding to a total distribution of approximately €2.9 billion, payable to holders of FCA common shares of record as of the close of business on Friday, January 15, 2021. The cash distribution was paid on January 29, 2021. In addition, the combination agreement contemplated that the Board of Directors would review a potential cash distribution of €1 billion following completion of the merger. On March 2, 2021, the Board of Directors resolved to propose to the AGM the approval of a special cash distribution of €0.32 per common share corresponding to a total distribution of approximately €1 billion. The distribution will be subject to approval by the AGM, which is scheduled to be held on April 15, 2021. The FCA Board of Directors intended to recommend to the Annual General Meeting of Shareholders an annual ordinary dividend distribution to holders of FCA common shares of €0.70 per common share. On May 13, 2020, the board of directors of Fiat Chrysler Automobiles N.V. announced the decision to not distribute an ordinary dividend in 2020 related to financial year 2019, in light of the impact from the COVID-19 crisis. The FCA loyalty voting structure The purpose of the loyalty voting structure is to reward long-term ownership of FCA common shares and to promote stability of the FCA shareholder base by granting long-term FCA shareholders with special voting shares to which one voting right is attached in addition to the one granted by each FCA common share that they hold. In connection with the 2014 Merger, FCA issued 449,618,514 special voting shares with a nominal value of €0.01 each to those eligible shareholders of Fiat S.p.A. who had elected to participate in the loyalty voting structure upon completion of the 2014 Merger in addition to FCA common shares. In addition, an FCA shareholder may, at any time, elect to participate in the loyalty voting structure by requesting that FCA register all or some of the number of FCA common shares held by such an FCA shareholder in the Loyalty Register. Only a minimal dividend accrues to the special voting shares, which is allocated to a separate special dividend reserve, and they shall not carry any entitlement to any other reserve of FCA. Having only immaterial economic entitlements, the special voting shares do not impact earnings per share. |
Earnings per share
Earnings per share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings per share [abstract] | |
Earnings per share | Basic earnings per share Basic earnings per share for the years ended December 31, 2020, 2019 and 2018 was determined by dividing the Net profit attributable to the equity holders of the parent by the weighted average number of shares outstanding during each period. The following tables provide the amounts used in the calculation of basic earnings per share: Years ended December 31, 2020 2019 2018 Net profit attributable to owners of the parent million € 29 € 6,622 € 3,608 Weighted average number of shares outstanding thousand 1,572,020 1,564,114 1,548,439 Basic earnings per share € € 0.02 € 4.23 € 2.33 Years ended December 31, 2020 2019 2018 Net profit from continuing operations attributable to owners of the parent million € 29 € 2,694 € 3,323 Weighted average number of shares outstanding thousand 1,572,020 1,564,114 1,548,439 Basic earnings per share from continuing operations € € 0.02 € 1.72 € 2.15 Years ended December 31, 2020 2019 2018 Net profit from discontinued operations attributable to owners of the parent million € — € 3,928 € 285 Weighted average number of shares outstanding thousand 1,572,020 1,564,114 1,548,439 Basic earnings per share from discontinued operations € € — € 2.51 € 0.18 Diluted earnings per share In order to calculate the diluted earnings per share, the weighted average number of shares outstanding was increased to take into consideration the theoretical effect of potential common shares that would be issued for the restricted and performance share units outstanding and unvested at December 31, 2020, 2019 and 2018 (Note 18, Share-based compensation ), as determined using the treasury stock method. For the year ended December 31, 2020, the theoretical effect that would arise if some of the PSU TSR awards granted in 2018 and some of the PSU Adjusted EBIT awards granted in 2019 (refer to Note 18, Share-based compensation ) were exercised was not taken into consideration in the calculation of diluted earnings per share as this would have had an anti-dilutive effect. For the year ended December 31, 2019, the theoretical effect that would arise if some of the RSU awards granted in 2018 and some of the PSU TSR awards granted in 2019 (refer to Note 18, Share-based compensation ) were exercised was not taken into consideration in the calculation of diluted earnings per share as this would have had an anti-dilutive effect. There were no instruments excluded from the calculation of diluted earnings per share because of an anti-dilutive impact for the year ended December 31, 2018. The following tables provide the amounts used in the calculation of diluted earnings per share: Years ended December 31, 2020 2019 2018 Net profit attributable to owners of the parent million € 29 € 6,622 € 3,608 Weighted average number of shares outstanding thousand 1,572,020 1,564,114 1,548,439 Number of shares deployable for share-based compensation thousand 5,293 6,736 19,400 Weighted average number of shares outstanding for diluted earnings per share thousand 1,577,313 1,570,850 1,567,839 Diluted earnings per share € € 0.02 € 4.22 € 2.30 Years ended December 31, 2020 2019 2018 Net profit from continuing operations attributable to owners of the parent million € 29 € 2,694 € 3,323 Weighted average number of shares outstanding for diluted earnings per share thousand 1,577,313 1,570,850 1,567,839 Diluted earnings per share from continuing operations € € 0.02 € 1.71 € 2.12 Years ended December 31, 2020 2019 2018 Net profit from discontinued operations attributable to owners of the parent million € — € 3,928 € 285 Weighted average number of shares outstanding for diluted earnings per share thousand 1,577,313 1,570,850 1,567,839 Diluted earnings per share from discontinued operations € € — € 2.50 € 0.18 |
Segment reporting
Segment reporting | 12 Months Ended |
Dec. 31, 2020 | |
Operating segments [Abstract] | |
Segment reporting | Reportable segments reflect the operating segments of the FCA Group that are regularly reviewed by the Chief Executive Officer (the “chief operating decision maker” as defined under IFRS 8 – Operating Segments) for making strategic decisions, allocating resources and assessing performance and that exceed the quantitative thresholds provided in IFRS 8 , or whose information is considered useful for the users of the financial statements. The FCA Group's reportable segments include the four regional mass-market vehicle operating segments (North America, LATAM, APAC and EMEA) and the Maserati global luxury brand operating segment, which are described as follows: • North America designed, engineered, developed, manufactured and distributes vehicles. North America mainly earned its revenues from the sale of vehicles under the Chrysler, Jeep, Dodge, Ram, Fiat and Alfa Romeo brand names and from sales of the related parts and accessories in the United States, Canada, Mexico and Caribbean islands. • LATAM designed, engineered, developed, manufactured and distributed vehicles. LATAM mainly earned its revenues from the sale of passenger cars and light commercial vehicles and related spare parts under the Fiat and Jeep brand names in South and Central America as well as from the distribution of the Chrysler, Dodge and Ram brand cars in the same region. In addition, the segment provides financial services to the dealer network in Brazil and to the dealer network and retail customers in Argentina. • APAC mainly earned its revenues from the distribution and sale of cars and related spare parts under the Abarth, Alfa Romeo, Chrysler, Dodge, Fiat and Jeep brands mostly in China, Japan, Australia, South Korea and India. These activities were carried out through both subsidiaries and joint ventures. In addition, the segment provided financial services to the dealer network and retail customers in China. • EMEA designed, engineered, developed, manufactured and distributed vehicles. EMEA mainly earned its revenues from the sale of passenger cars and light commercial vehicles under the Fiat, Alfa Romeo, Lancia, Abarth, Jeep and Fiat Professional brand names, the sale of the related spare parts in Europe, Middle East and Africa, and from the distribution of the Chrysler, Dodge and Ram brand vehicles in these areas. In addition, the segment provided financial services related to the sale of cars and light commercial vehicles in Europe, primarily through the FCA Bank joint venture and Fidis S.p.A., a fully owned captive finance company that was mainly involved in the factoring business. • Maserati designed, engineered, developed, manufactured and distributed vehicles. Maserati earned its revenues from the sale of luxury vehicles under the Maserati brand. Transactions among the mass-market vehicle segments generally were presented on a “where-sold” basis, which reflected the profit/(loss) on the ultimate sale to third party customer within the segment. This presentation generally eliminated the effect of the legal entity transfer price within the segments. Revenues of the other segments, aside from the mass-market vehicle segments, were those directly generated by or attributable to the segment as the result of its usual business activities and included revenues from transactions with third parties as well as those arising from transactions with segments, recognized at normal market prices. The results of the Magneti Marelli business were previously reported within the Components segment along with FCA’s industrial automation systems design and production business and its cast iron and aluminum components business. Following the classification of Magneti Marelli as a discontinued operation (refer to Note 3, Scope of consolidation ), during 2018 the remaining activities within Components segment were no longer considered a separate reportable segment as defined by IFRS 8 and were reported within “Other activities” below. Other activities included the results of FCA’s industrial automation systems design and production business and cast iron and aluminum components business, as well as the activities and businesses that were not operating segments under IFRS 8 – Operating Segments. Refer to Note 3, Scope of consolidation for detail on the announced sale of Teksid's cast iron automotive components business). In addition, Unallocated items and eliminations included consolidation adjustments, eliminations, as well as costs related to the launch of the Alfa Romeo Giulia platform which were not allocated to the mass-market vehicle segments due to the limited number of shipments. Financial income and expenses and income taxes were not attributable to the performance of the segments as they did not fall under the scope of their operational responsibilities. Adjusted Earnings Before Interest and Taxes (“Adjusted EBIT”) was the measure used by the chief operating decision maker to assess performance, allocate resources to the FCA Group's operating segments and to view operating trends, perform analytical comparisons and benchmark performance between periods and among the segments. Adjusted EBIT excluded certain adjustments from Net profit from continuing operations including gains/(losses) on the disposal of investments, restructuring, impairments, asset write-offs and unusual income/(expenses) that are considered rare or discrete events that are infrequent in nature, and also excludes Net financial expenses and Tax expense/(benefit). See below for a reconciliation of Net profit from continuing operations, which was the most directly comparable measure included in the Consolidated Income Statement, to Adjusted EBIT. Operating assets were not included in the data reviewed by the chief operating decision maker, and as a result and as permitted by IFRS 8 – Operating Segments , the related information is not provided. The following tables summarize selected financial information by segment for the years ended December 31, 2020, 2019 and 2018: Mass-Market Vehicles 2020 North America LATAM APAC EMEA Maserati Other activities Unallocated items & eliminations FCA (€ million) Revenues € 60,322 € 5,305 € 2,381 € 16,284 € 1,384 € 2,188 € (1,188) € 86,676 Revenues from transactions with other segments (15) (8) (64) (93) (2) (1,006) 1,188 — Revenues from third party customers € 60,307 € 5,297 € 2,317 € 16,191 € 1,382 € 1,182 € — € 86,676 Net profit from continuing operations € 24 Tax expense € 1,332 Net financial expenses € 988 Adjustments: Impairment expense and supplier obligations (1) € 154 € 161 € — € 266 € 297 € 5 € 44 € 927 Provision for U.S. investigation matters (2) € — € — € — € — € — € — € 222 € 222 Restructuring costs, net of reversals € 32 € 18 € — € 6 € 3 € 14 € — € 73 Gains on disposal of investments € — € — € — € — € — € (4) € — € (4) Other (3) € 10 € — € — € (28) € 4 € 130 € 64 € 180 Adjusted EBIT € 5,351 € 6 € (116) € (918) € (232) € (283) € (66) € 3,742 Share of profit of equity method investees € — € — € (160) € 333 € — € 10 € 1 € 184 ______________________________________________________________________________________________________________________________ (1) Impairment expense and supplier obligations in Maserati, EMEA, LATAM and North America (refer to Note 2, Use of estimates - Recoverability of non-current assets with definite useful lives). (2) Provision recognized for estimated probable loss to settle matters under investigation by the U.S. Department of Justice, primarily related to criminal investigations associated with U.S. diesel emissions matters (refer to Note 25 - Guarantees granted, commitments and contingent liabilities). (3) Other costs, primarily including costs incurred for the FCA-PSA merger and for litigation proceedings (refer to Note 25, Guarantees granted,commitments and contingent liabilities, for further details). Mass-Market Vehicles 2019 North America LATAM APAC EMEA Maserati Other activities Unallocated items & eliminations FCA (€ million) Revenues € 73,357 € 8,461 € 2,814 € 20,571 € 1,603 € 3,009 € (1,628) € 108,187 Revenues from transactions with other segments (20) (12) (52) (105) (11) (1,428) 1,628 — Revenues from third party customers € 73,337 € 8,449 € 2,762 € 20,466 € 1,592 € 1,581 € — € 108,187 Net profit from continuing operations € 2,700 Tax expense € 1,321 Net financial expenses € 1,005 Adjustments: Impairment expense and supplier obligations (1)(5) € 98 € — € — € 441 € 210 € — € 793 € 1,542 Restructuring costs, net of reversal (2)(5) € 23 € 127 € — € (9) € 3 € — € 10 € 154 Gains on disposal of investments € — € — € — € — € — € (15) € — € (15) Brazilian indirect tax – reversal of liability/recognition of credits (3) € — € (164) € — € — € — € — € — € (164) Other (4)(5) € 45 € 4 € (4) € (7) € 8 € 7 € 72 € 125 Adjusted EBIT € 6,690 € 501 € (36) € (6) € (199) € (173) € (109) € 6,668 Share of profit of equity method investees € — € — € (126) € 318 € — € 15 € 1 € 208 ______________________________________________________________________________________________________________________________ (1) Impairment expense recognized in the year ended December 31, 2019 for EMEA, Maserati and also not allocated to a specific region. Additionally, impairment expense recognized in previous quarters in North America and Maserati, as well as supplier obligations of €6 million in EMEA. (2) Restructuring costs, mainly related to LATAM, EMEA and North America, primarily includes €76 million of write-down of Property, plant and equipment and €118 million related to the recognition of provisions for restructuring, partially offset by the reversal of previously recorded provisions, primarily €46 million in EMEA. (3) Gains in relation to the recognition of credits for amounts paid in prior years in relation to indirect taxes in Brazil (refer to Note 15, Trade and other receivables in the Consolidated Financial Statements). (4) Other costs, primarily relating to litigation proceedings (refer to Note 25, Guarantees granted, commitments and contingent liabilities in the Consolidated Financial Statements). (5) During the year ended December 31, 2019 impairment charges of €1,589 million were recorded, classified within Impairment expense and supplier obligations, Restructuring costs, net of reversals and Other above. These comprised €636 million of Property, plant and equipment (refer to Note 11, Property, plant and equipment in the Consolidated Financial Statements included elsewhere in this report) and €953 million of Other intangible assets (refer to Note 10, Other intangible assets in the Consolidated Financial Statements included elsewhere in this report). Mass-Market Vehicles 2018 North America LATAM APAC EMEA Maserati Other activities Unallocated items & eliminations FCA (€ million) Revenues € 72,384 € 8,152 € 2,703 € 22,815 € 2,663 € 2,888 € (1,193) € 110,412 Revenues from transactions with other segments (31) (10) (57) (101) (18) (976) 1,193 — Revenues from third party customers € 72,353 € 8,142 € 2,646 € 22,714 € 2,645 € 1,912 € — € 110,412 Net profit from continuing operations € 3,330 Tax expense € 778 Net financial expenses € 1,056 Adjustments: Charge recognized for U.S. diesel emission matters (1) € — € — € — € — € — € — € 748 € 748 Impairment expense (2) € 16 € 8 € 11 € 307 € — € — € 11 € 353 China inventory impairment (3) € — € — € 129 € — € — € — € — € 129 Costs for recall, net of recovery - airbag inflators (4) € 114 € — € — € — € — € — € — € 114 U.S. special bonus payment (5) € 109 € — € — € — € — € 2 € — € 111 Restructuring costs, net of reversal (6) € — € (28) € — € 123 € — € 8 € — € 103 Employee benefits settlement losses (7) € 92 € — € — € — € — € — € — € 92 Port of Savona (Italy) fire and flood (8) € — € — € — € 2 € 11 € 30 € — € 43 (Recovery of)/costs for recall - contested with supplier (9) € (50) € — € — € — € — € — € — € (50) North America Capacity realignment (10) € (60) € — € — € — € — € — € — € (60) Brazilian indirect tax – reversal of liability/recognition of credits (11) € — € (54) € — € — € — € (18) € — € (72) Other € 1 € — € — € 30 € — € 12 € 20 € 63 Adjusted EBIT € 6,230 € 359 € (296) € 406 € 151 € (40) € (72) € 6,738 Share of profit of equity method investees € — € — € (67) € 284 € — € 22 € 1 € 240 ______________________________________________________________________________________________________________________________ (1) A provision of €748 million was recognized for costs related to final settlements reached on civil, environmental and consumer claims related to U.S. diesel emissions matters. Refer to Note 25, Guarantees granted, commitments and contingent liabilities. (2) Impairment expense of €297 million and supplier obligations of €56 million, primarily in EMEA, resulting from changes in product plans in connection with the 2018-2022 business plan. (3) Impairment of inventory in connection with acceleration of new emissions standards in China and slower than expected sales. (4) Accrual in relation to costs for recall campaigns related to Takata airbag inflators, net of recovery. (5) Special bonus payment of $2,000 to approximately 60,000 employees in North America as a result of the U.S. Tax Cuts and Jobs Act. (6) Restructuring costs primarily consisting of €123 million in EMEA, partially offset by the reversal of €28 million of previously recorded restructuring costs in LATAM. (7) Charges arising on settlement of a portion of a supplemental retirement plan and an annuity buyout in North America. Refer to Note 19, Employee benefits liabilities. (8) Costs in relation to the Port of Savona (Italy) flood and fire. (9) Recovery of amounts accrued in 2016 in relation to costs for recall contested with a supplier. (10) Reduction of costs in relation to the North America capacity realignment which were accrued in 2015. (11) Credits recognized related to indirect taxes in Brazil. Information about geographical area The following table summarizes the non-current assets (other than financial instruments, deferred tax assets and post-employment benefits assets) attributed to certain geographic areas: At December 31, 2020 2019 (€ million) North America (1) € 39,240 € 40,097 Italy 11,287 10,711 Brazil 2,811 4,064 Poland 531 684 Serbia 409 495 Other countries 1,007 1,320 Total Non-current assets (other than financial instruments, deferred tax assets and post-employment benefits assets) € 55,285 € 57,371 ______________________________________________________________________________________________________________________________ (1) Refers to the geographical area and not FCA’s North America reporting segment. |
Explanatory notes to the consol
Explanatory notes to the consolidated statements of cash flows | 12 Months Ended |
Dec. 31, 2020 | |
Statement of cash flows [abstract] | |
Explanatory notes to the Consolidated Statement of Cash Flows | Non-cash items For the year ended December 31, 2020, Other non-cash items of €1,192 million primarily included €914 million impairment expense (refer to Note 2, Basis of preparation - Use of estimates ) and €293 million costs recognized upon the utilization of regulatory credits, partially offset by €179 million related to the revaluation of investments accounted for by using the equity method and other amounts that were not individually material. For the year ended December 31, 2019, Other non-cash items of €1,541 million primarily included €1,589 million impairment expense (refer to Note 2, Basis of preparation - Use of estimates ). For the year ended December 31, 2018, Other non-cash items of €129 million primarily included €297 million of impairments, partially offset by €240 million related to the revaluation of investments accounted for by using the equity method and other amounts that were not individually material. Operating activities For the year ended December 31, 2020, net cash from operating activities of €9,183 million was primarily the result of: (i) net profit from continuing operations of €24 million adjusted to: (1) add back €5,143 million for depreciation and amortization expense, (2) €914 million of impairments (refer to Note 2, Basis of preparation - Use of estimates ), (3) a €894 million change in deferred taxes (refer to Note 7, Tax Expense ), (4) a €434 million net decrease in provisions, primarily as a result of lower sales incentive due to the decrease in dealers stock in North America, (5) the positive effect of the change in working capital of €2,559 million, which was primarily driven by (i) a decrease of €983 million in inventories primarily in EMEA, North America and Maserati, (ii) an increase of €565 million in trade payables, primarily due to increased payables for production in LATAM and capital expenditures in North America, (iii) a decrease of €366 million in trade receivables, primarily in EMEA and (iv) an increase of €645 million in other payables net of other receivables, reflecting primarily higher indirect and payroll taxes in North America and EMEA as well as higher advances from customers in LATAM. For the year ended December 31, 2019, net cash from operating activities of €10,462 million was primarily the result of: (i) net profit from continuing operations of €2,700 million adjusted to: (1) to add back €5,445 million for depreciation and amortization expense, (2) €1,589 million of impairments (refer to Note 2, Basis of preparation - Use of estimates ), (3) a €864 million change in deferred taxes, (4) a €1,744 million net decrease in provisions, including €0.5 billion of payments for civil, environmental and consumer claims related to U.S. diesel emissions matters accrued in 2018, and warranty and incentive payments which exceeded the related accruals in North America, (5) €308 million of cash used by operating activities of discontinued operations and (6) for the positive effect of the change in working capital of €1,869 million, which was primarily driven by (i) an increase of €2,020 million in trade payables primarily in North America, largely due to capital expenditures, (ii) a decrease of €1,017 million in inventories primarily in EMEA and LATAM, which were partially offset by (iii) an increase of €1,268 million in other receivables net of other liabilities and payables, reflecting primarily higher indirect tax receivables in LATAM and lump sum payments of €446 million (U.S.$499 million) made in relation to the ratification of the UAW four-year collective bargaining agreement (refer to Note 25, Guarantees granted, commitments and contingent liabilities ). For the year ended December 31, 2018, net cash from operating activities of €9,948 million was primarily the result of: (i) net profit from continuing operations of €3,330 million adjusted to add back €5,507 million for depreciation and amortization expense; in addition to (ii) a net increase of €842 million in provisions primarily due to a provision of €748 million recognized for costs related to final settlements reached on civil, environmental and consumer claims related to U.S. diesel emissions matters; (iii) an increase of €457 million in net deferred tax assets, mainly due to increased deferred tax liabilities in North America; and (iv) cash flow from operating activities of discontinued operations for €484 million. These positive impacts were partially offset by negative effect of the change in working capital of €1,035 million primarily driven by (a) decrease in trade payables of €1,240 million related to lower production volumes in EMEA in December 2018 compared to the same month in 2017 in addition to lower capital expenditure, (b) decrease in other liabilities and payables net of receivables of €1,213 million mainly as a result of higher indirect tax receivable in LATAM, decreased income tax payable in North America and lower advances from customers in LATAM and EMEA, and (c) decrease in inventories of €1,399 million due to inventory management actions across all the regions. Investing activities For the year ended December 31, 2020, net cash used in investing activities of €7,915 million was primarily the result of (i) €8,600 million of capital expenditures, including €2,640 million of capitalized development expenditures, partially offset by (ii) a decrease in receivables from financing activities of €396 million reflecting lower volumes in LATAM and EMEA and (iii) a decrease of €207 million in securities primarily held by FCA’s captive insurance company in North America. For the year ended December 31, 2019, net cash used in investing activities of €2,985 million was primarily the result of (i) €8,385 million of capital expenditures, including €2,889 million of capitalized development expenditures, and (ii) €155 million of cash flows used by discontinued operations. These were partially offset by (iii) €5,774 million proceeds from the disposal of Magneti Marelli, net of €426 million in cash and cash equivalents held by Magneti Marelli at the time of the disposal, and (iv) a decrease in receivables from financing activities of €336 million, mainly attributable to lower volumes of financing in EMEA partially offset by an increase in LATAM. For the year ended December 31, 2018, net cash used in investing activities of €6,738 million was primarily the result of (i) €5,392 million of capital expenditures, including €2,079 million of capitalized development expenditures primarily related to North America and EMEA, that supported investments in existing and future products, including investments in electrification and autonomous driving, and (ii) a €676 million net increase in receivables from financing activities primarily related to the increase in the lending portfolio of the financial services activities in LATAM, EMEA and in APAC. Financing activities For the year ended December 31, 2020 , net cash from financing activities of €9,087 million resulted primarily from the draw down of the €6.3 billion Intesa Sanpaolo Credit Facility, the issuance of €3.5 billion notes under Medium Term Note programme and the €0.8 billion of loans with the European Investment Bank announced on March 18, 2020 and September 18, 2020. These were partially offset by the repayment of notes at maturity as well as other long-term and short-term debt. During the first half of 2020 the Revolving Credit Facilities of €6.25 billion and bilateral credit facilities of €1.2 billion were fully drawn dawn and then repaid by December 31, 2020, the related amounts are reflected within Proceeds and Repayments of other long-term debt in the Cash Flows Statement. Refer to Note 21, Debt for further information. For the year ended December 31, 2019 , net cash used in financing activities of €5,827 million resulted primarily from dividends paid of €3,056 million, including the extraordinary dividend of €2,038 million related to the disposal of Magneti Marelli, the repayment of debt in Brazil of €684 million, and the repayment of notes at maturity with a principal amount of €1,480 million that were issued through the MTN Programme. For the year ended December 31, 2018, net cash used in financing activities of €2,785 million was primarily the result of; (i) the voluntary prepayment in November 2018 of the outstanding principal and accrued interest of U.S.$1,009 million (€893 million) of FCA US's tranche B term loan maturing December 31, 2018 (the “Tranche B Term Loan due 2018”); and (ii) the repayment at maturity of two notes under the Medium Term Note Programme, one with a principal amount of €1,250 million and one with a principal amount of €600 million. The following is a reconciliation of liabilities arising from financing activities for the year ended December 31, 2020 and 2019: Years ended December 31, 2020 2019 (€ million) Total Debt at January 1 (1) € 12,901 € 15,597 Add: Derivative (assets)/liabilities and collateral at January 1 178 (151) Total Liabilities from financing activities at January 1 € 13,079 € 15,446 Cash flows 9,087 (3,096) Foreign exchange effects (962) 9 Fair value changes (48) 327 Changes in scope of consolidation — 43 Transfer to (Assets)/Liabilities held for sale — (82) Other changes (2) (67) 432 Total Liabilities from financing activities at December 31 € 21,089 € 13,079 Less: Derivative (assets)/liabilities and collateral at December 31 (28) 178 Total Debt at December 31 € 21,117 € 12,901 ______________________________________________________________________________________________________________________________ (1) Total debt at January 1, 2019 has been adjusted to include Lease liabilities of €1,069 million from the adoption of IFRS 16. (2) Other changes above includes €622 million of non-cash movements relating to the recognition of additional lease liabilities in accordance with IFRS during the year ended December 31, 2019. Interest expense and taxes paid During the years ended December 31, 2020, 2019 and 2018, the FCA Group paid interest of €722 million and received interest of €178 million, €860 million and €325 million, and €1,024 million and €308 million, respectively. Amounts indicated are also inclusive of interest rate differentials paid or received on interest rate derivatives. During the years ended December 31, 2020, 2019 and 2018, the FCA Group made income tax payments, net of refunds, totaling €120 million, €341 million and €750 million, respectively. Amounts relating to IFRS 16 recognized in Consolidated Statement of Cash Flows During the year ended December 31, 2020 and 2019, the total cash outflow for leases recognized in accordance with IFRS 16 was €496 million and €381 million, respectively, of which €389 million and €299 million, respectively, related to cash payments for the principal portion of lease liabilities (recognized within Cash flows from financing activities in the Consolidated Statement of cash flows) and €107 million and €82 million, respectively, related to cash payments for interest expense related to lease liabilities (recognized within Cash flows from operating activities in the Consolidated Statement of cash flows). |
Qualitative and quantitative in
Qualitative and quantitative information on financial risk | 12 Months Ended |
Dec. 31, 2020 | |
Financial Instruments [Abstract] | |
Qualitative and quantitative information on financial risks | The FCA Group was historically exposed to the following financial risks connected with its operations: • credit risk, principally arising from its normal commercial relations with final customers and dealers, and its financing activities; • liquidity risk, with particular reference to the availability of funds and access to the credit market and to financial instruments in general; • financial market risk (principally relating to exchange rates, interest rates and commodity prices), since the FCA Group operated at an international level in different currencies and used financial instruments which generated interest. FCA was also exposed to the risk of changes in the price of certain commodities and of certain listed shares. These risks could significantly affect the FCA Group’s financial position and results and for this reason, the FCA Group systematically identified and monitored these risks in order to detect potential negative effects in advance and take the necessary action to mitigate them, primarily through its operating and financing activities and if required, through the use of derivative financial instruments in accordance with established risk management policies. Financial instruments held by the funds that managed FCA’s pension plan assets are not included in this analysis (refer to Note 19, Employee benefits liabilities ). The following section provides qualitative and quantitative disclosures on the effect that these risks could have upon the FCA Group. The quantitative data reported in the following does not have any predictive value, in particular the sensitivity analysis on finance market risks does not reflect the complexity of the market or the reaction which may result from any changes that were assumed to take place. Credit risk Overall, the credit risk regarding the FCA Group’s trade receivables and receivables from financing activities was concentrated mainly in North America, EMEA and LATAM. The maximum credit risk to which the FCA Group was potentially exposed at December 31, 2020 is represented by the carrying amounts of financial assets in the financial statements discussed in Note 15, Trade, other receivables and Tax receivables and the nominal value of the guarantees provided on liabilities and commitments to third parties discussed in Note 25, Guarantees granted, commitments and contingent liabilities . The FCA Group’s exposure to credit risk was influenced mainly by the individual characteristics of each counterparty. FCA monitored these exposures and established credit lines with single or homogeneous categories of counterparties. Dealers and final customers for which the FCA Group provided financing were subject to specific assessments of their creditworthiness under a detailed scoring system. To mitigate this risk, the FCA Group could obtain financial and non-financial guarantees. These guarantees were further strengthened where possible by reserve of title clauses on financed vehicle sales to the sales network made by FCA Group financial service companies and on vehicles assigned under finance and operating lease agreements. For further information regarding the exposure to credit risk and ECLs of Trade receivables, other receivables and financial receivables at December 31, 2020 and 2019, refer to Note 15, Trade, other receivables and tax receivables . Even though FCA’s current securities and Cash and cash equivalents consisted of balances spread across various primary national and international banking institutions and money market funds that were measured at fair value, there was no exposure to sovereign debt securities at December 31, 2020 and 2019 which could lead to significant risk of repayment. Liquidity risk Liquidity risk represented the risk the FCA Group was unable to obtain the funds needed to carry out its operations and meet its obligations. Any actual or perceived limitations on FCA’s liquidity could affect the ability of counterparties to do business with the FCA Group or may require additional amounts of cash and cash equivalents to be allocated as collateral for outstanding obligations. The continuation of challenging economic conditions in the markets in which the FCA Group operated and the uncertainties that characterize the financial markets, necessitated special attention to the management of liquidity risk. In that sense, measures taken to generate funds through operations and to maintain a conservative level of available liquidity were important factors for ensuring operational flexibility and addressing strategic challenges over the next few years. The main factors that determined the FCA Group’s liquidity situation were the funds generated by or used in operating and investing activities, the debt lending period and its renewal features or the liquidity of the funds employed and market terms and conditions. The FCA Group adopted a series of policies and procedures whose purpose was to optimize the management of funds and to reduce liquidity risk as follows: • centralizing the management of receipts and payments where it may be economical in the context of the local civil, currency and fiscal regulations of the countries in which the FCA Group was present; • maintaining a conservative level of available liquidity; • diversifying the means by which funds were obtained and maintaining a continuous and active presence in the capital markets; • obtaining adequate credit lines; and • monitoring future liquidity on the basis of business planning. The FCA Group managed liquidity risk by monitoring cash flows and keeping an adequate level of funds at its disposal. The operating cash management and liquidity investment of the group were centrally coordinated in FCA’s treasury companies, with the objective of ensuring effective and efficient management of the FCA Group’s funds. These companies obtained funds in the financial markets from various funding sources. Certain notes issued by FCA and its treasury subsidiaries included covenants which could be affected by circumstances related to certain subsidiaries; in particular, there were cross-default clauses which could accelerate repayments in the event that such subsidiaries failed to pay certain of their debt obligations. Details of the repayment structure of the FCA Group’s financial assets and liabilities are provided in Note 15, Trade, other receivables and Tax receivables , Note 22, Other liabilities and Tax liabilities and in Note 21, Debt . Details of the repayment structure of derivative financial instruments are provided in Note 16 , Derivative financial assets and liabilities. We believe that FCA’s total available liquidity, in addition to the funds that will be generated from operating and financing activities, will enable us to satisfy the requirements of its investing activities and working capital needs, fulfill its obligations to repay its debt at the natural due dates and ensure an appropriate level of operating and strategic flexibility. Financial market risks Due to the nature of FCA’s business, the group was exposed to a variety of market risks, including foreign currency exchange rate risk, interest rate risk and commodity price risk. The FCA Group’s exposure to foreign currency exchange rate risk arose both in connection with the geographical distribution of FCA’s industrial activities compared to the markets in which it sells its products, and in relation to the use of external borrowing denominated in foreign currencies. The FCA Group’s exposure to interest rate risk arose from the need to fund industrial and financial operating activities and the necessity to deploy surplus funds. Changes in market interest rates could have the effect of either increasing or decreasing the FCA Group’s Net profit , thereby indirectly affecting the costs and returns of financing and investing transactions. FCA’s exposure to commodity price risk arose from the risk of changes in the price of certain raw materials and energy used in production. Changes in the price of raw materials could have a significant effect on the FCA Group’s results by indirectly affecting costs and product margins. These risks could significantly affect the FCA Group’s financial position and results and for this reason, these risks were systematically identified and monitored, in order to detect potential negative effects in advance and take the necessary actions to mitigate them, primarily through its operating and financing activities and if required, through the use of derivative financial instruments in accordance with its established risk management policies. The FCA Group’s policy permitted derivatives to be used only for managing the exposure to fluctuations in foreign currency exchange rates and interest rates as well as commodities prices connected with future cash flows and assets and liabilities, and not for speculative purposes. The FCA Group utilized derivative financial instruments designated as fair value hedges mainly to hedge: • the foreign currency exchange rate risk on financial instruments denominated in foreign currency; and • the interest rate risk on fixed rate loans and borrowings. The instruments used for these hedges are mainly foreign currency forward contracts, interest rate swaps and combined interest rate and foreign currency financial instruments. The FCA Group used derivative financial instruments as cash flow hedges for the purpose of pre-determining: • the exchange rate at which forecasted transactions denominated in foreign currencies would be accounted for; • the interest paid on borrowings, both to match the fixed interest received on loans (customer financing activity), and to achieve a targeted mix of floating versus fixed rate funding structured loans; and • the price of certain commodities. The foreign currency exchange rate exposure on forecasted commercial flows was hedged by foreign currency swaps and forward contracts. Interest rate exposures were usually hedged by interest rate swaps and, in limited cases, by forward rate agreements. Exposure to changes in the price of commodities was generally hedged by using commodity swaps and commodity options. In addition, in order to manage the FCA Group’s foreign currency risk related to its investments in foreign operation, FCA entered into net investment hedges, in particular foreign currency swaps and forward contracts. Counterparties to these agreements were major financial institutions. Information on the fair value of derivative financial instruments held at the balance sheet date is provided in Note 16, Derivative financial assets and liabilities. Quantitative information on foreign currency exchange rate risk The FCA Group was exposed to risk resulting from changes in foreign currency exchange rates, which could affect its earnings and equity. In particular: • where an FCA Group company incurred costs in a currency different from that of its revenues, any change in exchange rates could affect the operating results of that company. • the principal exchange rates to which the FCA Group was exposed are: ◦ EUR/U.S.$, relating to sales and purchases in U.S.$ made by Italian companies (primarily for Maserati and Alfa Romeo vehicles) and to sales and purchases in Euro made by FCA US; ◦ U.S.$/CAD, primarily relating to FCA Canada's sales of U.S. produced vehicles, net of FCA US sales of Canadian produced vehicles; ◦ CNY, in relation to sales in China originating from FCA US and from Italian companies (primarily for Maserati and Alfa Romeo vehicles); ◦ GBP, AUD, MXN, CHF, and ARS in relation to sales in the UK, Australian, Mexican, Swiss and Argentinian markets; ◦ PLN and TRY, relating to manufacturing costs incurred in Poland and Turkey; ◦ JPY mainly in relation to purchase of parts from Japanese suppliers and sales of vehicles in Japan; and ◦ U.S.$/BRL, EUR/BRL, relating to Brazilian manufacturing operations and the related import and export flows. The FCA Group’s policy was to use derivative financial instruments to hedge a percentage of certain exposures subject to foreign currency exchange rate risk for the upcoming 12 months (including such risk before or beyond that date where it is deemed appropriate in relation to the characteristics of the business) and to hedge the exposure resulting from firm commitments unless not deemed appropriate. FCA Group companies could have trade receivables or payables denominated in a currency different from their respective functional currency. In addition, in a limited number of cases, it could be convenient from an economic point of view, or it could be required under local market conditions, for FCA Group companies to obtain financing or use funds in a currency different from their respective functional currency. Changes in exchange rates could result in exchange gains or losses arising from these situations. The FCA Group’s policy was to hedge, whenever deemed appropriate, the exposure resulting from receivables, payables and securities denominated in foreign currencies different from the respective FCA Group companies' functional currency. Certain of the FCA Group’s companies were located in countries which are outside of the Eurozone, in particular the U.S., Brazil, Canada, Poland, Serbia, Turkey, Mexico, Argentina, the Czech Republic, India, China, Australia and South Africa. As the FCA Group's reporting currency was the Euro, the income statements of those entities that had a reporting currency other than the Euro were translated into Euro using the average exchange rate for the period. In addition, the assets and liabilities of those consolidated companies were translated into Euro at the period-end foreign exchange rate. The effects of these changes in foreign exchange rates were recognized directly in the Cumulative translation adjustments reserve included in Other comprehensive income. Changes in exchange rates could lead to effects on the translated balances of revenues, costs and assets and liabilities reported in Euro, even when corresponding items were unchanged in the respective local currency of these companies. The FCA Group monitored its principal exposure to conversion exchange risk and, in certain circumstances, entered into derivatives for the purpose of hedging the specific risk. There were no substantial changes in 2020 in the nature or structure of exposure to foreign currency exchange rate risk or in the FCA Group’s hedging policies. The potential loss in fair value of derivative financial instruments held for foreign currency exchange rate risk management (currency swaps/forwards) at December 31, 2020 resulting from a 10 percent change in the exchange rates would have been approximately €1,557 million (€991 million at December 31, 2019). This analysis assumes that a hypothetical, unfavorable 10 percent change in exchange rates as at year-end is applied in the measurement of the fair value of derivative financial instruments. Receivables, payables and future trade flows whose hedging transactions have been analyzed were not included in this analysis. It is reasonable to assume that changes in market exchange rates would produce the opposite effect, of an equal or greater amount, on the underlying transactions that have been hedged. Quantitative information on interest rate risk The manufacturing companies and treasuries of the FCA Group made use of external borrowings and invested in monetary and financial market instruments. In addition, FCA Group companies sold receivables resulting from their trading activities on a continuing basis. Changes in market interest rates could affect the cost of the various forms of financing, including the sale of receivables, or the return on investments and the employment of funds, thus negatively impacting the net financial expenses incurred by the FCA Group. In addition, the financial services companies provided loans (mainly to customers and dealers), financing themselves using various forms of direct debt or asset-backed financing (e.g. factoring of receivables). Where the characteristics of the variability of the interest rate applied to loans granted differed from those of the variability of the cost of the financing obtained, changes in the current level of interest rates could affect the operating result of those companies and the FCA Group as a whole. In order to manage these risks, the FCA Group used interest rate derivative financial instruments, mainly interest rate swaps and forward rate agreements, when available in the market, with the objective of mitigating, under economically acceptable conditions, the potential variability of interest rates on the FCA Group's Net profit . In assessing the potential impact of changes in interest rates, the FCA Group segregated fixed rate financial instruments (for which the impact was assessed in terms of fair value) from floating rate financial instruments (for which the impact was assessed in terms of cash flows). The fixed rate financial instruments used by the FCA Group consisted principally of part of the portfolio of the financial services companies (principally customer financing and financial leases) and part of debt (including subsidized loans and notes). The potential loss in fair value of fixed rate financial instruments (including the effect of interest rate derivative financial instruments) held at December 31, 2020, resulting from a hypothetical 10 percent change in market interest rates, would have been approximately €29 million (approximately €68 million at December 31, 2019). Floating rate financial instruments consisted principally of cash and cash equivalents, loans provided by the financial services companies to the sales network and part of debt. The effect of the sale of receivables was also considered in the sensitivity analysis as well as the effect of hedging derivative instruments. A hypothetical 10 percent change in short-term interest rates at December 31, 2020, applied to floating rate financial assets and liabilities, operations for the sale of receivables and derivative financial instruments, would have resulted in increased net financial expenses before taxes, on an annual basis, of approximately €12 million (€23 million at December 31, 2019). This analysis is based on the assumption that there is an unfavorable change of 10 percent proportionate to interest rate levels across homogeneous categories. A homogeneous category is defined on the basis of the currency in which the financial assets and liabilities are denominated. In addition, the sensitivity analysis applied to floating rate financial instruments assumes that cash and cash equivalents and other short-term financial assets and liabilities which expire during the projected 12-month period will be renewed or reinvested in similar instruments, bearing the hypothetical short-term interest rates. Quantitative information on commodity price risk The FCA Group entered into derivative contracts for certain commodities to hedge its exposure to commodity price risk associated with buying raw materials and energy used in its normal operations. In connection with the commodity price derivative contracts outstanding at December 31, 2020, a hypothetical 10 percent change in the price of the commodities at that date would have caused a fair value loss of €122 million (€55 million at December 31, 2019). Future trade flows whose hedging transactions have been analyzed were not considered in this analysis. It is reasonable to assume that changes in commodity prices would produce the opposite effect, of an equal or greater amount, on the underlying transactions that have been hedged. |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2020 | |
Subequent events [Abstract] | |
Subsequent events | The Group has evaluated subsequent events through March 4, 2021, which is the date the financial statements were authorized for issuance. Merger of Groupe PSA and FCA Timeline of the merger and business combination date On December 17, 2019, FCA and PSA entered into a combination agreement providing for the combination of FCA and PSA through a cross-border merger, with FCA as the surviving legal entity in the merger (“Stellantis”). On September 14, 2020, FCA and PSA agreed to amend the combination agreement. According to the combination agreement amendment, the FCA Extraordinary Dividend, to be paid to former FCA shareholders was reduced to €2.9 billion, with PSA’s 46 percent stake in Faurecia planned to be distributed to all Stellantis shareholders promptly after closing following approval of the Stellantis board and shareholders. On January 4, 2021, PSA and FCA held their respective extraordinary general shareholder meetings in order to, among other matters, approve the merger transaction. The respective shareholder meetings approved the merger. Following the respective shareholder approvals and receipt of the final regulatory clearances, FCA and PSA completed the legal merger. The conditions agreed to as part of the regulatory clearance do not have a material impact on the cash flows or financial positions for PSA. On January 17, 2021, the combined company was renamed Stellantis, the board of directors was appointed and the Stellantis articles of association became effective. On this date, the Stellantis management and board of directors collectively obtained the power and the ability to control the assets, liabilities and operations of both FCA and PSA. As such, under IFRS 3, January 17, 2021 is the acquisition date for the business combination. On January 29, 2021, the approximately €2.9 billion extraordinary dividend was paid to holders of FCA common shares of record as of the close of business on Friday, January 15, 2021. Identification of the accounting acquirer In 2021, the merger will be accounted for by Stellantis using the acquisition method of accounting in accordance with IFRS 3, which requires the identification of the acquirer and the acquiree for accounting purposes. Based on the assessment of the indicators under IFRS 3 and consideration of all pertinent facts and circumstances, FCA and PSA’s management determined that PSA is the acquirer for accounting purposes and as such, the merger will be accounted for as a reverse acquisition. In identifying PSA as the acquiring entity, notwithstanding that the merger was effected through an issuance of FCA shares, the most significant indicators were (i) the composition of the combined group’s board, which is composed of eleven directors, six of whom are to be nominated by PSA, PSA shareholders or PSA employees, or are current PSA executives, (ii) the combined group’s first CEO, who is vested with the full authority to individually represent the combined group, and was the president of the PSA Managing Board prior to the merger, and (iii) the payment of a premium by pre-merger shareholders of PSA. Computation of the consideration transferred PSA shareholders received 1.742 FCA common shares for each PSA ordinary share held immediately prior to the merger as consideration in connection with the merger, which represented 1,545,220,196 shares. However, as required by IFRS 3, the consideration transferred is calculated as if PSA, as the accounting acquirer, issued shares to the shareholders of the accounting acquiree, FCA. The value of the consideration transferred has been measured based on the closing price of PSA’s shares of €21.85 per share on January 15, 2021, which was the final share price of PSA prior to the acquisition date. The number of PSA shares that PSA is deemed to issue to FCA shareholders under reverse acquisition accounting provides the former FCA shareholders with the same ownership in the combined group as obtained in the merger. Based on the number of shares of FCA and PSA that are issued and outstanding as of January 16, 2021, the respective percentages of ownership of PSA and the former FCA shareholders are as follows: Number of shares issued and outstanding as of January 16, 2021 Exchange ratio Adjusted number of shares on completion (i.e. Stellantis shares) Exchange ratio Deemed number of shares for consideration transferred calculation (a) (b) (c) = (a)*(b) (d) (e) = (c)/(d) PSA 887,038,000 (1) 1.742 1,545,220,196 49.53 % 1.742 887,038,000 49.53 % FCA 1,574,714,499 (2) 1 1,574,714,499 50.47 % 1.742 903,969,288 50.47 % Total 3,119,934,695 1,791,007,288 ________________________________________________________________________________________________________________________________________________ (1) Number of shares as of January 16, 2021, net of 7,790,213 treasury shares. (2) The number of shares as of January 16, 2021 includes 7,195,225 shares that vested during 2020 in connection with FCA’s Equity Incentive Plan In addition to the above, in line with the guidance in IFRS 2 - Share-based payment and IFRS 3 - Business combinations , included within consideration transferred is a portion of the fair value of the share-based awards to former FCA employees. As a result of the merger, each outstanding FCA PSU award and each outstanding FCA RSU award has been replaced by Stellantis RSU awards, which will continue to be governed by the same terms and conditions, including service-based vesting terms. Both the FCA PSU Adjusted EBIT and PSU TSR awards were deemed to be satisfied at target upon conversion to Stellantis RSU awards. The portion of the fair value of the share-based payment awards that is included in the consideration transferred has been determined by multiplying the fair value of the original FCA awards as of January 16, 2021 by the portion of the requisite service period that elapsed prior to the merger divided by the total service period. The computation of the consideration transferred under reverse acquisition accounting is summarized as follows: Number of shares of PSA deemed to be issued to FCA shareholders under reverse acquisition accounting Number of shares 903,969,288 Market price of PSA shares as of January 15, 2021 € € 21.85 Fair value of common shares deemed to be issued to FCA shareholders as of January 15, 2021 € million 19,752 Additional consideration for share-based compensation € million 85 Consideration transferred € million € 19,837 Purchase Accounting The IFRS 3 acquisition method of accounting applies the fair value concepts defined in IFRS 13 - Fair Value Measurement (“IFRS 13”) and requires, among other things, most of the assets acquired and the liabilities assumed in a business combination to be recognized by the acquirer at their fair values as of the acquisition date. As a result, the acquisition method of accounting will be applied and the assets and liabilities of FCA will be recorded at their respective fair values, with limited exceptions as permitted by IFRS 3. Any excess of the consideration transferred over the fair value of FCA’s assets acquired and liabilities assumed will be recorded as goodwill. PSA’s assets and liabilities together with PSA’s operations will continue to be recorded at their pre-merger historical carrying values for all periods presented in the consolidated financial statements of Stellantis. Following the completion of the merger, the earnings of the combined group will reflect the impacts of purchase accounting adjustments, including any changes in amortization and depreciation expense for acquired assets. The purchase price allocation process is still at a preliminary stage due to the proximity of the acquisition date to the date of the issuance of the financial statements, and as such, certain valuations and other studies have yet to commence or progress to a stage where there is sufficient information for these measurements to be made. The fair values, with limited exceptions as provided under IFRS 3, assigned to the assets acquired and liabilities assumed will be finalized during the one-year measurement period provided for by IFRS 3. Faurecia distribution Following agreement between FCA and PSA, PSA announced on October 29, 2020 the sale of approximately 9.7 million ordinary shares of Faurecia, representing approximately 7 percent of Faurecia’s outstanding share capital, with proceeds of approximately €308 million. This sale was recorded as an equity transaction. According to the combination agreement amendment, PSA’s 39.34 percent stake in Faurecia as well as the proceeds from the 7 percent sale are intended to be distributed to all Stellantis shareholders promptly after the closing of the merger. At December 31, 2020, Faurecia continues to be consolidated within continuing operations of PSA’s consolidated financial statements, as PSA concluded that Faurecia was not readily available for distribution until the merger was approved by PSA and FCA shareholders. On January 12, 2021, PSA (i) converted the manner in which it holds its remaining Faurecia ordinary shares resulting in the loss of the double voting rights attached to such Faurecia ordinary shares and (ii) caused its representatives on the board of directors of Faurecia to resign effective January 11, 2021. As a result of its loss of control over Faurecia on January 12, 2021, PSA will discontinue the consolidation of Faurecia, will recognize a gain of approximately €0.5 billion before tax and Faurecia will be reported retrospectively as a discontinued operation in 2021 until Faurecia is distributed by Stellantis. The remaining 39.34 percent investment in Faurecia will be accounted for as an investment in a non-consolidated entity measured at fair value under IFRS 9. On January 25, 2021, the extraordinary general meeting of shareholders (“EGM”) was convened, in order to approve the distribution by Stellantis to the holders of its common shares of up to 54,297,006 ordinary shares of Faurecia and up to €308 million which are the proceeds received by PSA from the sale of ordinary shares of Faurecia in November 2020. The EGM will be held on March 8, 2021. Anti-dilution adjustments - PSU awards and RSU awards In December 2020, the FCA Compensation Committee approved the methodology to calculate the conversion factor of 1.144605 that was applied to outstanding awards under the Long Term Incentive Plan to make equity award holders whole for the resulting diminution in the value of an FCA common share as a result of the payment of an extraordinary cash distribution to holders of FCA common shares on January 29, 2021 (January 14, 2021 ex-dividend date). There was no change to the total cost of these awards to be amortized over the remaining vesting period as a result of these adjustments. |
FCA/PSA Merger | Merger of Groupe PSA and FCA Timeline of the merger and business combination date On December 17, 2019, FCA and PSA entered into a combination agreement providing for the combination of FCA and PSA through a cross-border merger, with FCA as the surviving legal entity in the merger (“Stellantis”). On September 14, 2020, FCA and PSA agreed to amend the combination agreement. According to the combination agreement amendment, the FCA Extraordinary Dividend, to be paid to former FCA shareholders was reduced to €2.9 billion, with PSA’s 46 percent stake in Faurecia planned to be distributed to all Stellantis shareholders promptly after closing following approval of the Stellantis board and shareholders. On January 4, 2021, PSA and FCA held their respective extraordinary general shareholder meetings in order to, among other matters, approve the merger transaction. The respective shareholder meetings approved the merger. Following the respective shareholder approvals and receipt of the final regulatory clearances, FCA and PSA completed the legal merger. The conditions agreed to as part of the regulatory clearance do not have a material impact on the cash flows or financial positions for PSA. On January 17, 2021, the combined company was renamed Stellantis, the board of directors was appointed and the Stellantis articles of association became effective. On this date, the Stellantis management and board of directors collectively obtained the power and the ability to control the assets, liabilities and operations of both FCA and PSA. As such, under IFRS 3, January 17, 2021 is the acquisition date for the business combination. On January 29, 2021, the approximately €2.9 billion extraordinary dividend was paid to holders of FCA common shares of record as of the close of business on Friday, January 15, 2021. Identification of the accounting acquirer In 2021, the merger will be accounted for by Stellantis using the acquisition method of accounting in accordance with IFRS 3, which requires the identification of the acquirer and the acquiree for accounting purposes. Based on the assessment of the indicators under IFRS 3 and consideration of all pertinent facts and circumstances, FCA and PSA’s management determined that PSA is the acquirer for accounting purposes and as such, the merger will be accounted for as a reverse acquisition. In identifying PSA as the acquiring entity, notwithstanding that the merger was effected through an issuance of FCA shares, the most significant indicators were (i) the composition of the combined group’s board, which is composed of eleven directors, six of whom are to be nominated by PSA, PSA shareholders or PSA employees, or are current PSA executives, (ii) the combined group’s first CEO, who is vested with the full authority to individually represent the combined group, and was the president of the PSA Managing Board prior to the merger, and (iii) the payment of a premium by pre-merger shareholders of PSA. Computation of the consideration transferred PSA shareholders received 1.742 FCA common shares for each PSA ordinary share held immediately prior to the merger as consideration in connection with the merger, which represented 1,545,220,196 shares. However, as required by IFRS 3, the consideration transferred is calculated as if PSA, as the accounting acquirer, issued shares to the shareholders of the accounting acquiree, FCA. The value of the consideration transferred has been measured based on the closing price of PSA’s shares of €21.85 per share on January 15, 2021, which was the final share price of PSA prior to the acquisition date. The number of PSA shares that PSA is deemed to issue to FCA shareholders under reverse acquisition accounting provides the former FCA shareholders with the same ownership in the combined group as obtained in the merger. Based on the number of shares of FCA and PSA that are issued and outstanding as of January 16, 2021, the respective percentages of ownership of PSA and the former FCA shareholders are as follows: Number of shares issued and outstanding as of January 16, 2021 Exchange ratio Adjusted number of shares on completion (i.e. Stellantis shares) Exchange ratio Deemed number of shares for consideration transferred calculation (a) (b) (c) = (a)*(b) (d) (e) = (c)/(d) PSA 887,038,000 (1) 1.742 1,545,220,196 49.53 % 1.742 887,038,000 49.53 % FCA 1,574,714,499 (2) 1 1,574,714,499 50.47 % 1.742 903,969,288 50.47 % Total 3,119,934,695 1,791,007,288 ________________________________________________________________________________________________________________________________________________ (1) Number of shares as of January 16, 2021, net of 7,790,213 treasury shares. (2) The number of shares as of January 16, 2021 includes 7,195,225 shares that vested during 2020 in connection with FCA’s Equity Incentive Plan In addition to the above, in line with the guidance in IFRS 2 - Share-based payment and IFRS 3 - Business combinations , included within consideration transferred is a portion of the fair value of the share-based awards to former FCA employees. As a result of the merger, each outstanding FCA PSU award and each outstanding FCA RSU award has been replaced by Stellantis RSU awards, which will continue to be governed by the same terms and conditions, including service-based vesting terms. Both the FCA PSU Adjusted EBIT and PSU TSR awards were deemed to be satisfied at target upon conversion to Stellantis RSU awards. The portion of the fair value of the share-based payment awards that is included in the consideration transferred has been determined by multiplying the fair value of the original FCA awards as of January 16, 2021 by the portion of the requisite service period that elapsed prior to the merger divided by the total service period. The computation of the consideration transferred under reverse acquisition accounting is summarized as follows: Number of shares of PSA deemed to be issued to FCA shareholders under reverse acquisition accounting Number of shares 903,969,288 Market price of PSA shares as of January 15, 2021 € € 21.85 Fair value of common shares deemed to be issued to FCA shareholders as of January 15, 2021 € million 19,752 Additional consideration for share-based compensation € million 85 Consideration transferred € million € 19,837 Purchase Accounting The IFRS 3 acquisition method of accounting applies the fair value concepts defined in IFRS 13 - Fair Value Measurement (“IFRS 13”) and requires, among other things, most of the assets acquired and the liabilities assumed in a business combination to be recognized by the acquirer at their fair values as of the acquisition date. As a result, the acquisition method of accounting will be applied and the assets and liabilities of FCA will be recorded at their respective fair values, with limited exceptions as permitted by IFRS 3. Any excess of the consideration transferred over the fair value of FCA’s assets acquired and liabilities assumed will be recorded as goodwill. PSA’s assets and liabilities together with PSA’s operations will continue to be recorded at their pre-merger historical carrying values for all periods presented in the consolidated financial statements of Stellantis. Following the completion of the merger, the earnings of the combined group will reflect the impacts of purchase accounting adjustments, including any changes in amortization and depreciation expense for acquired assets. The purchase price allocation process is still at a preliminary stage due to the proximity of the acquisition date to the date of the issuance of the financial statements, and as such, certain valuations and other studies have yet to commence or progress to a stage where there is sufficient information for these measurements to be made. The fair values, with limited exceptions as provided under IFRS 3, assigned to the assets acquired and liabilities assumed will be finalized during the one-year measurement period provided for by IFRS 3. Faurecia distribution Following agreement between FCA and PSA, PSA announced on October 29, 2020 the sale of approximately 9.7 million ordinary shares of Faurecia, representing approximately 7 percent of Faurecia’s outstanding share capital, with proceeds of approximately €308 million. This sale was recorded as an equity transaction. According to the combination agreement amendment, PSA’s 39.34 percent stake in Faurecia as well as the proceeds from the 7 percent sale are intended to be distributed to all Stellantis shareholders promptly after the closing of the merger. At December 31, 2020, Faurecia continues to be consolidated within continuing operations of PSA’s consolidated financial statements, as PSA concluded that Faurecia was not readily available for distribution until the merger was approved by PSA and FCA shareholders. On January 12, 2021, PSA (i) converted the manner in which it holds its remaining Faurecia ordinary shares resulting in the loss of the double voting rights attached to such Faurecia ordinary shares and (ii) caused its representatives on the board of directors of Faurecia to resign effective January 11, 2021. As a result of its loss of control over Faurecia on January 12, 2021, PSA will discontinue the consolidation of Faurecia, will recognize a gain of approximately €0.5 billion before tax and Faurecia will be reported retrospectively as a discontinued operation in 2021 until Faurecia is distributed by Stellantis. The remaining 39.34 percent investment in Faurecia will be accounted for as an investment in a non-consolidated entity measured at fair value under IFRS 9. On January 25, 2021, the extraordinary general meeting of shareholders (“EGM”) was convened, in order to approve the distribution by Stellantis to the holders of its common shares of up to 54,297,006 ordinary shares of Faurecia and up to €308 million which are the proceeds received by PSA from the sale of ordinary shares of Faurecia in November 2020. The EGM will be held on March 8, 2021. |
Additional information about share-based payment arrangements [text block] | Anti-dilution adjustments - PSU awards and RSU awards In December 2020, the FCA Compensation Committee approved the methodology to calculate the conversion factor of 1.144605 that was applied to outstanding awards under the Long Term Incentive Plan to make equity award holders whole for the resulting diminution in the value of an FCA common share as a result of the payment of an extraordinary cash distribution to holders of FCA common shares on January 29, 2021 (January 14, 2021 ex-dividend date). There was no change to the total cost of these awards to be amortized over the remaining vesting period as a result of these adjustments. |
Basis of presentation (Policies
Basis of presentation (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Statement of IFRS compliance | The Consolidated Financial Statements, together with the notes thereto, of FCA as of and for the year ended December 31, 2020 (“The Consolidated Financial Statements”) were authorized for issuance by the Stellantis Board of Directors on March 4, 2021 and have been prepared in accordance with the International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”), as well as IFRS as adopted by the European Union. There is no effect on these consolidated financial statements resulting from differences between IFRS as issued by the IASB and IFRS as adopted by the European Union. The designation “IFRS” includes International Accounting Standards (“IAS”) as well as all interpretations of the IFRS Interpretations Committee (“IFRIC”). |
Basis of presentation | Basis of preparation The Consolidated Financial Statements were prepared under the historical cost method, modified for the measurement of certain financial instruments as required, as well as on a going concern basis. In this respect, the Group’s assessment is that no material uncertainties (as defined in IAS 1 - Presentation of Financial Statements ) exist about its ability to continue as a going concern. For the presentation of the Consolidated Income Statement, FCA used a classification based on the function of expenses rather than based on their nature as it was considered more representative of the format historically used for internal reporting and management purposes and is consistent with international practice in the automotive sector. |
COVID-19 Impacts | COVID-19 impacts During the first half of 2020, the COVID-19 virus spread worldwide and was declared a pandemic by the World Health Organization on March 11, 2020. In response, many governments in affected jurisdictions imposed travel bans, quarantines and other emergency public safety measures. For example, governments imposed restrictions on travel and the movement and gathering of people, as well as restrictions on economic activity. At March 4, 2021, many of these measures are still in place as certain regions have experienced secondary waves of the pandemic, with increased cases in recent months. As the severity of the COVID-19 pandemic became apparent, FCA leadership took actions to protect its employees and communities, as well as strengthen FCA’s financial position and limit the impact on FCA’s financial performance. FCA implemented a temporary suspension of production across its facilities: in APAC starting with China on January 23, 2020; in EMEA, starting with Italy from March 11, 2020; in Maserati beginning March 12, 2020; in North America starting progressively from March 18, 2020; and in LATAM on March 23, 2020. The FCA Group also implemented remote working arrangements, where feasible, across all regions at various stages during the first quarter, and has restricted both domestic and international business travel since late February 2020. These arrangements were structured to ensure continuation of critical activities, including, but not limited to, appropriate functioning of FCA’s internal controls and financial reporting systems and processes. FCA worked closely with all relevant stakeholders, including unions and dealer representatives, to develop and implement plans to restart production and vehicle sales once governments in various jurisdictions permitted, including the development of enhanced sanitizing and health and safety procedures. On February 19 and February 24, 2020, production restarted at the GAC Fiat Chrysler Automobiles Co. joint venture plants in Guangzhou and Changsha, China, respectively. Production restarted in all North American plants by June 1, 2020; in India on May 18, 2020; Latin America by May 20, 2020; on April 27, 2020 production restarted at the Sevel joint operation in Atessa, Italy, increasing progressively at other plants in the EMEA region and achieving pre-COVID shift patterns during the third quarter. Return to work procedures for offices and other facilities were also phased in with continued widespread use of remote working practices. On April 3, 2020, FCA announced that the Annual General Meeting of the Company’s shareholders (“AGM”) scheduled for April 16, 2020 would be postponed to late June 2020, including the postponement of the resolution on the proposed 2019 €1.1 billion ordinary dividend. Further to the planned 50/50 merger of their businesses announced in December 2019, on May 13, 2020, the board of directors of Fiat Chrysler Automobiles N.V. and the managing board of Peugeot S.A. announced the decision by each company to not distribute an ordinary dividend in 2020 related to financial year 2019, in light of the impact from the COVID-19 crisis. The postponed AGM was held on June 26, 2020. Amendment to the FCA PSA combination agreement On September 14, 2020, FCA and PSA announced an amendment to the combination agreement entered into in December 2019 in order to address the liquidity impact on the automotive industry of the COVID-19 pandemic while preserving the economic value and fundamental balance of the original agreement. Specifically, the special dividend to be paid to FCA’s shareholders was set at €2.9 billion (previously €5.5 billion) with PSA's 46% stake in Faurecia to be distributed to all Stellantis shareholders promptly after closing following approval by the Stellantis Board and shareholders. As announced on October 28, 2020, FCA and PSA agreed to permit PSA to dispose of, prior to closing, a portion of its interest in Faurecia not to exceed 7 percent of Faurecia's outstanding share capital with the proceeds of this disposal, along with the remainder of PSA’s current 46% stake in Faurecia, to be distributed to all Stellantis shareholders. The amendment was unanimously approved by the Boards of both companies with the strong support of their reference shareholders. Additionally, it was also agreed that the Boards of both PSA and FCA would consider a potential distribution of €500 million to the shareholders of each company before closing or, alternatively, a distribution of €1 billion to be paid following the closing to all Stellantis shareholders. Refer to Note 26, Equity within the Consolidated Financial Statements included elsewhere in this report for additional detail on the proposed special cash distribution to holders of Stellantis common shares. The COVID-19 pandemic had significant negative impacts on FCA's results for the year ended December 31, 2020. The contraction of global demand, temporary suspensions of production in all regions and closures of a majority of dealerships during the first and second quarter significantly contributed to reduced consolidated shipments. Refer to the following disclosures for further information regarding the impacts to the consolidated financial statements: • Note 7, Tax expense for detail on the write-down of deferred tax assets in Italy and Brazil; • Note 9, Goodwill and intangible assets with indefinite useful lives for detail on assessment of, and impairment testing on, goodwill allocated to the EMEA and LATAM operating segments; • Note 10, Other intangible asset s and Note 11, Property, plant and equipment for detail on assessment of cash generating units (“CGUs”) in North America, EMEA, LATAM and Maserati operating segments and impairments recognized for CGUs in EMEA, LATAM and Maserati operating segments; and • Note 21, Debt for detail on changes in the FCA Group's liquidity and financial position |
Subsidiaries | Subsidiaries Subsidiaries are entities over which the FCA Group had control. Control was achieved when the FCA Group had power over the investee, when it was exposed to, or had rights to, variable returns from its involvement with the investee and had the ability to use its power over the investee to affect the amount of the investor’s returns. Subsidiaries were consolidated on a line by line basis from the date which control was achieved by the FCA Group. The FCA Group reassessed whether or not it controlled an investee if facts and circumstances indicated that there were changes to one or more of the three elements of control listed above. The FCA Group recognized a non-controlling interest in the acquiree on a transaction-by-transaction basis, either at fair value or at the non-controlling interest’s share of the recognized amounts of the acquiree’s identifiable net assets. Net profit or loss and each component of Other comprehensive income/(loss) were attributed to Equity attributable to owners of the parent and to Non-controlling interests. Total comprehensive income/(loss) of subsidiaries was attributed to Equity attributable to the owners of the parent and to the non-controlling interest even if this resulted in a deficit balance in Non-controlling interests. Changes in the FCA Group’s ownership interests in a subsidiary that did not result in the FCA Group losing control over the subsidiary were accounted for as equity transactions. The carrying amounts of Equity attributable to owners of the parent and Non-controlling interests were adjusted to reflect the changes in their relative interests in the subsidiary. Any difference between the carrying amount of the non-controlling interests and the fair value of the consideration paid or received in the transaction was recognized directly in Equity attributable to the owners of the parent. Subsidiaries were deconsolidated from the date on which control ceased. When the FCA Group ceased to have control over a subsidiary, it derecognized the assets (including any goodwill) and liabilities of the subsidiary at their carrying amounts, derecognized the carrying amount of non-controlling interests in the former subsidiary and recognized the fair value of any consideration received from the transaction. Any retained interest in the former subsidiary was then remeasured to its fair value. All intra-group balances and transactions, and any unrealized gains and losses arising from intra-group transactions, were eliminated in preparing the Consolidated Financial Statements. |
Interest in joint ventures and associates | Interests in Joint Ventures and Associates A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. An associate is an entity over which the FCA Group had significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but does not have control or joint control over those policies. Joint ventures and associates were accounted for using the equity method of accounting from the date joint control or significant influence was obtained. On acquisition, any excess of the investment over the share of the net fair value of the investee's identifiable assets and liabilities was recognized as goodwill and was included in the carrying amount of the investment. Any excess of the FCA Group’s share of the net fair value of the investee’s identifiable assets and liabilities over the cost of the investment was included as income in the determination of the FCA Group’s share of the investee’s profit/(loss) in the acquisition period. Under the equity method, investments were initially recognized at cost and adjusted thereafter to recognize the FCA Group’s share of the profit/(loss) and other comprehensive income/(loss) of the investee. The FCA Group’s share of the investee’s profit/(loss) was recognized in the Consolidated Income Statement. Distributions received from an investee reduced the carrying amount of the investment. Post-acquisition movements in Other comprehensive income/(loss) were recognized in Other comprehensive income/(loss) with a corresponding adjustment to the carrying amount of the investment. Unrealized gains arising on transactions between the FCA Group and its joint ventures and associates were eliminated to the extent of the FCA Group’s interest in the joint venture or associate. Unrealized losses were also eliminated unless the transaction provided evidence of an impairment of the asset transferred. When the FCA Group’s share of the losses of a joint venture or associate exceeded its interest in that joint venture or associate, the FCA Group discontinued recognizing its share of further losses. Additional losses were provided for and a liability was recognized only to the extent that the FCA Group had incurred legal or constructive obligations or made payments on behalf of the joint venture or associate. The FCA Group discontinued the use of the equity method from the date the investment ceased to be an associate or a joint venture, or when it was classified as available-for-sale. |
Interests in joint operations | Interests in Joint Operations A joint operation is a type of joint arrangement whereby the parties that have joint control have rights to the assets and obligations for the liabilities relating to the arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. When the FCA Group undertook its activities under joint operations, it recognized its related interest in the joint operation including: (i) its assets, including its share of any assets held jointly, (ii) its liabilities, including its share of any liabilities incurred jointl y, (iii) its revenue from the sale of its share of the output arising from the joint operation, (iv) its share of the revenue from the sale of the output by the joint operation and (v) its expenses, including its share of any expenses incurred jointly. |
Assets held for sale, Assets held for distribution and Discontinued Operations | Assets held for sale, Assets held for distribution and Discontinued Operations Pursuant to IFRS 5 - Non-current Assets Held for Sale and Discontinued Operations , non-current assets and disposal groups are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use. This condition is regarded as met only when the asset or disposal group is available for immediate sale in its present condition, subject only to terms that are usual and customary for sales of such an asset or disposal group, and the sale is highly probable, with the sale expected to be completed within one year from the date of classification. Non-current assets and disposal groups classified as held for sale were measured at the lower of their carrying amount and fair value less costs to sell and were presented separately in the Consolidated Statement of Financial Position. Non-current assets and disposal groups were not classified as held for sale within the comparative period presented for the Consolidated Statement of Financial Position. A discontinued operation was a component of the FCA Group that either had been disposed of or was classified as held for sale and (i) represented either a separate major line of business or a geographical area of operations, (ii) was part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations, or (iii) was a subsidiary acquired exclusively with a view to resell and the disposal involves loss of control. Classification as a discontinued operation occurred upon disposal or, if earlier, when the asset or disposal group met the criteria to be classified as held for sale. When the asset or disposal group was classified as a discontinued operation, the comparative information was reclassified within the Consolidated Income Statement and the Consolidated Statement of Cash Flows as if the asset or disposal group had been discontinued from the start of the earliest comparative period presented. In addition, when an asset or disposal group was classified as held for sale, depreciation and amortization ceased. The classification, presentation and measurement requirements of IFRS 5 - Non-current Assets Held for Sale and Discontinued Operations |
Functional currency | Foreign currency The functional currency of the FCA Group’s entities was the currency used in their respective primary economic environments. In individual companies, transactions in foreign currencies were recorded at the exchange rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies were translated at the exchange rate prevailing at the date of the Consolidated Statement of Financial Position. Exchange differences arising on the settlement of monetary items or on reporting monetary items at rates different from those initially recorded, were recognized in the Consolidated Income Statement. |
Foreign currency translation | Foreign currency The functional currency of the FCA Group’s entities was the currency used in their respective primary economic environments. In individual companies, transactions in foreign currencies were recorded at the exchange rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies were translated at the exchange rate prevailing at the date of the Consolidated Statement of Financial Position. Exchange differences arising on the settlement of monetary items or on reporting monetary items at rates different from those initially recorded, were recognized in the Consolidated Income Statement. All assets and liabilities of foreign consolidated companies with a functional currency other than the Euro are translated using the closing rates as at the date of the Consolidated Statement of Financial Position. Income and expenses were translated into Euro at the average exchange rate for the period. Translation differences arising from the application of this method were classified within Other comprehensive income/(loss) until the disposal of the subsidiary. Average exchange rates for the period were used in preparing the Consolidated Statement of Cash Flows to translate the cash flows of foreign subsidiaries. The principal exchange rates used to translate other currencies into Euro were as follows: 2020 2019 2018 Average At December 31 Average At December 31 Average At December 31 U.S. Dollar (U.S.$) 1.142 1.227 1.119 1.123 1.181 1.145 Brazilian Real (BRL) 5.894 6.374 4.413 4.516 4.308 4.444 Chinese Renminbi (CNY) 7.875 8.023 7.735 7.821 7.808 7.875 Canadian Dollar (CAD) 1.530 1.563 1.485 1.460 1.529 1.561 Mexican Peso (MXN) 24.519 24.416 21.557 21.220 22.705 22.492 Polish Zloty (PLN) 4.443 4.560 4.298 4.257 4.261 4.301 Argentine Peso (ARS) (1) 103.043 103.043 67.258 67.258 43.074 43.074 Pound Sterling (GBP) 0.890 0.899 0.878 0.851 0.885 0.895 Swiss Franc (CHF) 1.071 1.080 1.112 1.085 1.155 1.127 ______________________________________________________________________________________________________________________________ (1) From July 1, 2018 onwards, Argentina’s economy was considered to be hyperinflationary. Transactions after July 1, 2018 for entities with the Argentinian Peso as the functional currency were translated using the spot rate at the end of the period. |
Intangible assets | Intangible assets Goodwill Goodwill represents the excess of the fair value of consideration paid in a business combination over the fair value of net tangible and identifiable intangible assets acquired. Goodwill was not amortized but was tested for impairment annually or more frequently if events or changes in circumstances indicated that it might be impaired. After initial recognition, goodwill was measured at cost less any accumulated impairment losses. Intangible assets with indefinite useful lives Intangible assets with indefinite useful lives consisted principally of brands which have no legal, contractual, competitive, economic or other factors that limit their useful lives. Intangible assets with indefinite useful lives were not amortized but were tested for impairment annually, or more frequently if events or changes in circumstances indicated that the asset may be impaired. Development expenditures Development expenditures for vehicle production and related components, engines and production systems were recognized as an asset if both of the following conditions within IAS 38 – Intangible assets were met: (i) that development expenditure can be measured reliably and (ii) that the technical feasibility of the product, projected volumes and pricing supported the view that the development expenditure would generate future economic benefits. Capitalized development expenditures included all direct and indirect costs that could be directly attributed to the development process. All other development expenditures were expensed as incurred. |
Property, plant and equipment | Property, plant and equipment Cost Property, plant and equipment was initially recognized at cost and included the purchase price, any costs directly attributable to bringing the assets to the location and condition necessary to be capable of operating in the manner intended by management and any initial estimate of the costs of dismantling and removing the asset and restoring the site on which it is located. Self-constructed assets were initially recognized at production cost. Subsequent expenditures and the cost of replacing parts of an asset were capitalized only if they increased the future economic benefits embodied in that asset. All other expenditures were expensed as incurred. When such replacement costs were capitalized, the carrying amount of the parts that were replaced was expensed to the Consolidated Income Statement. Depreciation During the years ended December 31, 2020, 2019 and 2018, assets depreciated on a straight-line basis over their estimated useful lives used the following depreciation rates: Depreciation rates Buildings 3% - 10% Plant, machinery and equipment 3% - 33% Other assets 5% - 33% |
Borrowing costs | Borrowing Costs Borrowing costs that were directly attributable to the acquisition, construction or production of property, plant or equipment or an intangible asset that was deemed to be a qualifying asset as defined in IAS 23 - Borrowing Costs were capitalized. The amount of borrowing costs eligible for capitalization corresponded to the actual borrowing costs incurred during the period, less any investment income on the temporary investment of any borrowed funds not yet used. The amount of borrowing costs capitalized in the year ended December 31, 2020 and 2019 was €320 million and €213 million, respectively. |
Leases | Leases As a Lessee At the inception of a contract, the FCA Group assessed whether the contract was, or contained, a lease. A contract was, or contained a lease if the contract conveyed the right to control the use of an identified asset for a period of time in exchange for consideration. This policy was applied to contracts entered into, or modified, on or after January 1, 2019. At inception or on reassessment of a contract that contained a lease component, the FCA Group allocated the consideration in the contract to each lease component on the basis of their relative stand-alone prices. Except for real estate properties, the FCA Group elected not to separate non-lease components and would account for the lease and non-lease components as a single lease component. Right-of-use asset The FCA Group recognized a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset was initially measured at cost, which comprised the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset was subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful life of the right-to-use asset was determined based on the nature of the asset, taking into consideration the lease term. In addition, the right-of-use asset was periodically reduced by impairment losses, if any, and adjusted for certain corresponding remeasurements of the lease liability. Lease liability The lease liability was initially measured at the present value of the lease payments that had not been paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate could not be readily determined, the FCA Group's incremental borrowing rate. The incremental borrowing rate was determined considering macro-economic factors such as the risk free rate based on the relevant currency and term, as well as FCA specific factors contributing to FCA’s credit spread, including the impact of security. The FCA Group primarily used the incremental borrowing rate as the discount rate for its lease liabilities. Lease payments used to measure the lease liability included the following, if appropriate: • fixed payments, including in-substance fixed payments; • variable lease payments that depended on an index or a rate, initially measured using the index or rate applicable as at the commencement date; • amounts expected to be payable under a residual value guarantee; • if reasonably certain to exercise, the exercise price under a purchase option, or lease payments in an optional renewal period; and • penalties for early termination of a lease unless the FCA Group was reasonably certain not to terminate early. The lease liability was subsequently measured at amortized cost using the effective interest method. It was remeasured when there was a change in future lease payments arising from a change in an index or rate, if there was a change in the FCA Group's estimate of the amount expected to be payable under a residual value guarantee, or if the FCA Group changed its assessment of whether it would exercise a purchase, extension or termination option. When the lease liability was remeasured in this way, a corresponding adjustment was made to the carrying amount of the right-of-use asset, or was recorded in profit or loss if the carrying amount of the right-of-use asset had been reduced to zero. The FCA Group presented right-of-use assets that did not meet the definition of investment property in Property, plant and equipment and lease liabilities in Long-term debt and Short-term debt and current portion of long-term debt in the Consolidated Statement of Financial Position. The FCA Group elected to not recognize right-of-use assets and lease liabilities for short-term leases and low-value leases for all classes of leased assets. The FCA Group recognized the lease payments associated with these leases as an expense on a straight-line basis over the lease term. As a Lessor When the FCA Group acted as a lessor, it determined at lease inception whether each lease was a finance lease or an operating lease. To classify each lease, the FCA Group made an overall assessment of whether the lease transferred substantially all the risks and rewards incidental to ownership of the underlying asset. If the risks and rewards were substantially transferred, then the lease was a finance lease; if not, then it was an operating lease. As part of this assessment, the FCA Group considered certain indicators such as whether the lease was for the major part of the economic life of the asset. |
Impairment of long-lived assets | Impairment of long-lived assets Annually, or more frequently if facts or circumstances indicated otherwise, the FCA Group assessed whether there was any indication that its finite-lived intangible assets (including capitalized development expenditures) and its property, plant and equipment may have been impaired. If indications of impairment were present, the carrying amount of the asset was reduced to its recoverable amount which was the higher of fair value less costs of disposal and its value in use, if the carrying amount exceeded the recoverable amount. The recoverable amount was determined for the individual asset, unless the asset did not generate cash inflows that were largely independent of those from other assets or groups of assets, in which case the asset was tested as part of the cash-generating unit (“CGU”) to which the asset belonged. A CGU was the smallest identifiable group of assets that generated cash inflows that were largely independent of the cash inflows from other assets or groups of assets. In assessing the value in use of an asset or CGU, the estimated future cash flows were discounted to their present value using a discount rate that reflected current market assessments of the time value of money and the risks specific to the asset or CGU. When an impairment loss for assets no longer existed or had decreased, the carrying amount of the asset or CGU was increased to the revised estimate of its recoverable amount but not in excess of the carrying amount that would have been recorded had no impairment loss been recognized. The reversal of an impairment loss was recognized in the Consolidated Income Statement. Refer to the section Use of estimates |
Financial assets and liabilities | Financial assets and liabilities Financial assets primarily included trade receivables, receivables from financing activities, investments in other companies, derivative financial instruments, cash and cash equivalents, and debt securities that represented temporary investments of available funds and did not satisfy the requirements for being classified as cash equivalents. Financial liabilities primarily consisted of debt, derivative financial instruments, trade payables and other liabilities. Receivables from dealer financing activities were typically generated by sales of vehicles and were generally managed under dealer network financing programs as a component of the portfolio of the FCA Group's financial services companies. These receivables were interest bearing with the exception of an initial, limited, non-interest bearing period. The contractual terms governing the relationships with the dealer networks varied according to market and payment terms, which ranged from two to twelve months. Classification and measurement The classification of a financial asset was dependent on the FCA Group’s business model for managing such financial assets and their contractual cash flows. The FCA Group considered whether the contractual cash flows represented solely payments of principal and interest that were consistent with a basic lending arrangement. Where the contractual terms introduced exposure to risk or volatility that was inconsistent with a basic lending arrangement, the related financial assets were classified and measured at fair value through profit or loss (“FVPL”). Financial asset cash flow business model Initial measurement (1) Measurement category (3) Solely to collect the contractual cash flows (Held to Collect) Fair Value including transaction costs Amortized Cost (2) Collect both the contractual cash flows and generate cash flows arising from the sale of assets (Held to Collect and Sell) Fair Value including transaction costs Fair value through other comprehensive income (“FVOCI”) Generate cash flows primarily from the sale of assets (Held to Sell) Fair Value FVPL ______________________________________________________________________________________________________________________________ (1) A trade receivable without a significant financing component, as defined by IFRS 15, was initially measured at the transaction price. (2) Receivables with maturities of over one year, which bear no interest or have an interest rate significantly lower than market rates were discounted using market rates. (3) On initial recognition, the FCA Group could irrevocably designate a financial asset at FVPL that otherwise met the requirements to be measured at amortized cost or at FVOCI if doing so eliminated or significantly reduced an accounting mismatch that would otherwise arise. Factors considered by the FCA Group in determining the business model for a group of financial assets included: • past experience on how the cash flows for these assets were collected; • the frequency, volume and timing of sales of financial assets in prior periods, the reasons for such sales and future sales activity expectations; • how the asset’s performance was evaluated and reported to key management personnel; and • how risks were assessed and managed and how management was compensated. Financial assets were not reclassified subsequent to their initial recognition unless the FCA Group changed its business model for managing financial assets, in which case all affected financial assets were reclassified on the first day of the first reporting period following the change in the business model. Cash and cash equivalents included cash at banks, units in money market funds and other money market securities, commercial paper and certificate of deposits that were readily convertible into cash, with original maturities of three months or less at the date of purchase. Cash and cash equivalents were subject to an insignificant risk of changes in value and consisted of balances across various primary national and international money market instruments. Money market funds consisted of investments in high quality, short-term, diversified financial instruments that could generally be liquidated on demand and were measured at FVPL. Cash at banks and Other cash equivalents were measured at amortized cost. Investments in other companies were measured at fair value. Equity investments for which there was no quoted market price in an active market and there was insufficient financial information in order to determine fair value could be measured at cost as an estimate of fair value, as permitted by IFRS 9 - Financial Instruments (“IFRS 9”). The FCA Group could irrevocably elect to present subsequent changes in the investment’s fair value in Other comprehensive income (“OCI”) upon the initial recognition of an equity investment that was not held to sell. This election was made on an investment-by-investment basis. Generally, any dividends from these investments were recognized in Other income from investments within Result from investments when the FCA Group’s right to receive payment was established. Other net gains and losses were recognized in OCI and would not be reclassified to the Consolidated Income Statement in subsequent periods. Impairment losses (and the reversal of impairment losses) on equity investments measured at FVOCI were not reported separately from other changes in fair value in OCI. Impairment of financial assets The FCA Group’s credit risk differed in relation to the type of activity. In particular, receivables from financing activities, such as dealer and retail financing that were carried out through the FCA Group’s financial services companies, were exposed both to the direct risk of default and the deterioration of the creditworthiness of the counterparty, whereas trade receivables arising from the sale of vehicles and spare parts, were mostly exposed to the direct risk of counterparty default. These risks were mitigated by different kinds of securities received and the fact that collection exposure was spread across a large number of counterparties. The IFRS 9 impairment requirements are based on a forward-looking expected credit loss (“ECL”) model. ECL is a probability-weighted estimate of the present value of cash shortfalls. The calculation of the amount of ECL was based on the risk of default by the counterparty, which was determined by taking into account the information available at the end of each reporting period as to the counterparty’s solvency, the fair value of any guarantees and the FCA Group’s historical experience. The FCA Group considered a financial asset to be in default when: (i) the borrower was unlikely to pay its obligations in full and without consideration of compensating guarantees or collateral (if any exist); or (ii) the financial asset was more than 90 days past due. The FCA Group applied two impairment models for financial assets as set out in IFRS 9: the simplified approach and the general approach. The table below indicates the impairment model used for each of FCA’s financial asset categories. Impairment losses on financial assets were recognized in the Consolidated Income Statement within the corresponding line items, based on the classification of the counterparty. Financial asset IFRS 9 impairment model Trade receivables Simplified approach Receivables from financing activities General approach Other receivables General approach In order to test for impairment, individually significant receivables and receivables for which collectability was at risk were assessed individually, while all other receivables were grouped into homogeneous risk categories based on shared risk characteristics such as instrument type, industry or geographical location of the counterparty. The simplified approach for determining the lifetime ECL allowance was performed in two steps: • All trade receivables that were in default, as defined above, were individually assessed for impairment; and • A general reserve was recognized for all other trade receivables (including those not past due) based on historical loss rates. The FCA Group applied the general approach as determined by IFRS 9 by assessing at each reporting date whether there was a significant increase in credit risk on the financial instrument since initial recognition. The FCA Group considered receivables to have experienced a significant increase in credit risk when certain quantitative or qualitative indicators were met or the borrower was more than 30 days past due on its contractual payments. The “three-stages” for determining and measuring the impairment based on changes in credit quality since initial recognition are summarized below: Stage Description Time period for measurement of ECL Stage 1 A financial instrument that is not credit-impaired on initial recognition 12-month ECL Stage 2 A financial instrument with a significant increase in credit risk since initial recognition Lifetime ECL Stage 3 A financial instrument that is credit-impaired or has defaulted Lifetime ECL Considering forward-looking economic information, ECL was determined by projecting the probability of default, exposure at default and loss given default for each future contractual period and for each individual exposure or collective portfolio. The discount rate used in the ECL calculation was the stated effective interest rate or an approximation thereof. Each reporting period, the assumptions underlying the ECL calculation were reviewed and updated as necessary. Since adoption, there were no significant changes in estimation techniques or significant assumptions that led to material changes in the ECL allowance. The gross carrying amount of a financial asset was written-off to the extent that there was no realistic prospect of recovery. This was generally the case when the FCA Group determined that a debtor did not have assets or sources of income that could generate sufficient cash flows to repay the amounts subject to the write-off. However, financial assets that were written off could still be subject to enforcement activities. Derivative financial instruments Derivative financial instruments were used for economic hedging purposes in order to reduce currency, interest rate and market price risks (primarily related to commodities). In accordance with IFRS 9 , derivative financial instruments were recognized on the basis of the settlement date and, upon initial recognition, were measured at fair value less (in case a financial asset is not measured at FVPL) transaction costs that were directly attributable to the acquisition of the financial assets. Subsequent to initial recognition, all derivative financial instruments were measured at fair value. Furthermore, derivative financial instruments qualified for hedge accounting when (i) there was formal designation and documentation of the hedging relationship and the FCA Group’s risk management objective and strategy for undertaking the hedge at inception of the hedge and (ii) the hedge was expected to be effective. When derivative financial instruments qualified for hedge accounting, the following accounting treatments applied: • Fair value hedges - where a derivative financial instrument was designated as a hedge of the exposure to changes in fair value of a recognized asset or liability attributable to a particular risk that could affect the Consolidated Income Statement, the gain or loss from remeasuring the hedging instrument at fair value was recognized in the Consolidated Income Statement. The gain or loss on the hedged item attributable to the hedged risk adjusted the carrying amount of the hedged item and was recognized in the Consolidated Income Statement. • Cash flow hedges - where a derivative financial instrument was designated as a hedge of the exposure to variability in future cash flows of a recognized asset or liability or a highly probable forecasted transaction and could affect the Consolidated Income Statement, the effective portion of any gain or loss on the derivative financial instrument was recognized directly in Other comprehensive income/(loss). When the hedged forecasted transaction results in the recognition of a non-financial asset, the gains and losses previously deferred in Other comprehensive income/(loss) were reclassified and included in the initial measurement of the cost of the non-financial asset. The effective portion of any gain or loss was recognized in the Consolidated Income Statement at the same time as the economic effect arising from the hedged item that affected the Consolidated Income Statement. The gain or loss associated with a hedge or part of a hedge that became ineffective was recognized in the Consolidated Income Statement immediately. When a hedging instrument or hedge relationship was terminated but the hedged transaction was still expected to occur, the cumulative gain or loss realized to the point of termination remains and was recognized in the Consolidated Income Statement at the same time as the underlying transaction occurred. If the hedged transaction was no longer probable, the cumulative unrealized gain or loss held in Other comprehensive income/(loss) was recognized in the Consolidated Income Statement immediately. • Hedges of a net investment - if a derivative financial instrument was designated as a hedging instrument for a net investment in a foreign operation, the effective portion of the gain or loss on the derivative financial instrument was recognized in Other comprehensive income/(loss). The cumulative gain or loss was reclassified from Other comprehensive income/(loss) to the Consolidated Income Statement upon disposal of the foreign operation. Hedge effectiveness was determined at the inception of the hedge relationship and through periodic prospective effectiveness assessments to ensure the hedge relationships met the effectiveness requirements (including the existence of an economic relationship between the hedged item and hedging instrument). The FCA Group entered into hedge relationships where the critical terms of the hedging instrument matched closely or exactly with the terms of the hedged item, and so a qualitative assessment of effectiveness was performed. In the event there was a hedge relationship where the critical terms of the hedged item did not match closely or perfectly with the critical terms of the hedging instrument, the FCA Group would perform a quantitative assessment to assess effectiveness. Ineffectiveness was measured by comparing the cumulative changes in fair value of the hedging instrument and cumulative change in fair value of the hedged item arising from the designated risk. The primary potential sources of hedge ineffectiveness were mismatches in timing or the critical terms of the hedged item and the hedging instrument. The hedge ratio was the relationship between the quantity of the derivative and the hedged item. The FCA Group’s derivatives had the same underlying quantity as the hedged items, therefore the hedge ratio was expected to be one for one. If hedge accounting could not be applied, the gains or losses from the fair value measurement of derivative financial instruments were recognized immediately in the Consolidated Income Statement. Refer to Note 16, Derivative financial assets and liabilities |
Transfers of financial assets | Transfers of financial assets The FCA Group derecognized financial assets when the contractual rights to the cash flows arising from the asset were no longer held or if it transferred substantially all the risks and rewards of ownership of the financial asset. On derecognition of financial assets, the difference between the carrying amount of the asset and the consideration received or receivable for the transfer of the asset was recognized in the Consolidated Income Statement. The FCA Group transferred certain of its financial, trade and tax receivables, mainly through factoring transactions. Factoring transactions could be either with recourse or without recourse. Certain transfers included deferred payment clauses requiring first loss cover (for example, when the payment by the factor of a minor part of the purchase price was dependent on the total amount collected from the receivables), whereby the transferor had priority participation in the losses, or required a significant exposure to the variability of cash flows arising from the transferred receivables to be retained. These types of transactions did not meet the requirements of IFRS 9 for the derecognition of the assets since the risks and rewards connected with ownership of the financial asset were not substantially transferred, and accordingly the FCA Group continued to recognize these receivables within the Consolidated Statement of Financial Position and recognized a financial liability for the same amount under Asset-backed financing, which is included within Debt. These types of receivables were classified as held-to-collect, since the business model is consistent with the FCA Group’s continued recognition of the receivables. |
Inventories | Inventories Raw materials, semi-finished products and finished goods inventories were stated at the lower of cost and net realizable value, with cost being determined on a first-in, first-out (“FIFO”) basis. The measurement of Inventories included the direct cost of materials and labor as well as indirect costs (variable and fixed). A provision was made for obsolete and slow-moving raw materials, finished goods, spare parts and other supplies based on their expected future use and realizable value. Net realizable value was the estimated selling price in the ordinary course of business, less the estimated costs of completion and the estimated costs for sale and distribution. |
Employee benefits | Employee benefits Defined contribution plans Costs arising from defined contribution plans were expensed as incurred. Defined benefit plans The FCA Group’s net obligations were determined separately for each defined benefit plan by estimating the present value of future benefits that employees had earned and deducting the fair value of any plan assets. The present value of defined benefit obligations was measured using actuarial techniques and actuarial assumptions that were unbiased, mutually compatible and attribute benefits to periods in which the obligation to provide post-employment benefits arose by using the Projected Unit Credit Method. Plan assets were recognized and measured at fair value. When the net obligation was a potential asset, the recognized amount was limited to the present value of any economic benefits available in the form of future refunds or reductions in future contributions to the plan (asset ceiling). The components of defined benefit cost were recognized as follows: • Service cost was recognized in the Consolidated Income Statement by function and was presented within the relevant line items (Cost of revenues, Selling, general and other costs, and Research and development costs); • Net interest expense on the defined benefit liability/(asset) was recognized in the Consolidated Income Statement within Net financial expenses and was determined by multiplying the net liability/(asset) by the discount rate used to discount obligations taking into account the effect of contributions and benefit payments made during the year; and • Remeasurement components of the net obligation, which comprise actuarial gains and losses, the return on plan assets (excluding interest income recognized in the Consolidated Income Statement) and any change in the effect of the asset ceiling were recognized immediately in Other comprehensive income/(loss). These remeasurement components were not reclassified to the Consolidated Income Statement in a subsequent period. Past service costs arising from plan amendments and curtailments and gains and losses on the settlement of a plan were recognized immediately in the Consolidated Income Statement. Other long term employee benefits |
Share-based compensation | Share-based compensation The FCA Group has several compensation plans that provided for the granting of share-based compensation to certain employees and directors. Share-based compensation plans were accounted for in accordance with IFRS 2 - Share-based Payment , which required the recognition of share-based compensation expense based on fair value. For equity-settled transactions, the cost was determined by the fair value at the date when the grant was determined with reference to the grant-date share price and, where applicable, using a Monte Carlo simulation model. Refer to Note 18 - Share-based compensation for further information. Share-based compensation expense was recognized within Selling, general and other costs within the Consolidated Income Statement, together with a corresponding increase in equity, over the period in which the service and, where applicable, the performance conditions were fulfilled (“vesting period”). The cumulative expense was recognized for equity-settled transactions at each reporting date using the graded vesting method and reflected the FCA Group’s best estimate of the number of equity instruments that would ultimately vest. The expense, or credit, in the Consolidated Income Statement for a period represented the movement in cumulative expense recognized as at the beginning and end of that period. Service and non-market performance conditions were not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met was assessed as part of the FCA Group’s best estimate of the number of equity instruments that would ultimately vest. Market performance conditions were reflected within the grant date fair value. Any other conditions attached to an award, but without an associated service requirement, were considered to be non-vesting conditions. Non-vesting conditions were reflected in the fair value of an award and lead to an immediate expensing of an award unless there were also service and/or performance conditions. No expense was recognized for awards that do not ultimately vest because non-market performance and/or service conditions had not been met. Where awards included a market or non-vesting condition, the transactions were treated as vested irrespective of whether the market or non-vesting condition was satisfied, provided that all other performance and/or service conditions were satisfied. When the terms of an equity-settled award were modified, the minimum expense recognized was the grant date fair value of the unmodified award, provided the original vesting terms of the award were met. Any incremental expense between the original grant and the modified grant, measured at the date of modification, was recognized over the modified vesting terms. Where an award was cancelled by the entity or by the counterparty, any unrecognized element of the fair value of the award was expensed immediately through the Consolidated Income Statement. |
Revenue recognition | Revenue recognition Revenue was recognized when control of FCA’s vehicles, services or parts had been transferred and the FCA Group’s performance obligations to its customers had been satisfied. Revenue was measured as the amount of consideration the FCA Group expected to receive in exchange for transferring goods or providing services. The timing of when the FCA Group transferred the goods or services to the customer could differ from the timing of the customer’s payment. The FCA Group recognized a contract liability when it invoiced an amount to a customer prior to the transfer of the goods or services provided. When the FCA Group gave its customers the right to return eligible goods, the FCA Group estimated the expected returns based on an analysis of historical experiences. Sales, value added and other taxes that the FCA Group collected on behalf of others concurrently with revenue generating activities were excluded from revenue and were recognized within the Other liabilities and the Tax liabilities line items in the Consolidated Statement of Financial Position. Incidental items that were immaterial in the context of the contract were recognized as expense. The FCA Group also entered into contracts with multiple performance obligations. For these contracts, the FCA Group allocated revenue from the transaction price to the distinct goods and services in the contract on a relative standalone selling price basis. To the extent that the FCA Group sold the good or service separately in the same market, the standalone selling price was the observable price at which the FCA Group sold the good or service separately. For all other goods or services, the FCA Group estimated the standalone selling price using a cost-plus-margin approach. Sales of goods The FCA Group had determined that FCA customers from the sale of vehicles and service parts were generally dealers, distributors or fleet customers. Transfer of control, and therefore revenue recognition, generally corresponded to the date when the vehicles or service parts were made available to the customer, or when the vehicles or service parts were released to the carrier responsible for transporting them to the customer. This was also the point at which invoices were issued, with payment for vehicles typically historically due immediately and payment for service parts typically historically due in the following month. For component part sales, revenue recognition was consistent with that of service parts. The FCA Group also sold tooling, with control transferring at the point in time when the customer accepted the tooling. The cost of incentives, if any, was estimated at the inception of a contract at the expected amount that would ultimately be paid and was recognized as a reduction to revenue at the time of the sale. If a vehicle contract transaction had multiple performance obligations, the cost of incentives was allocated entirely to the vehicle as the intent of the incentives was to encourage sales of vehicles. If the estimate of the incentive changed following the sale to the customer, the change in estimate was recognized as an adjustment to revenue in the period of the change. Refer to the Use of estimates - Sales incentives for more information on these programs. New vehicle sold through Guaranteed Depreciation Program (“GDP”) were recognized as revenue when control of the vehicle transferred to the fleet customer, except in situations where the FCA Group issued a put option for which there was a significant economic incentive to exercise, as discussed below. Upon recognition of the vehicle revenue, the FCA Group established a liability equal to the estimated amount of any residual value guarantee. The FCA Group also sold vehicles where, in addition to guaranteeing the residual value, the contract included a put option whereby the fleet customer could require the FCA Group to repurchase the vehicles. For these types of arrangements, the FCA Group assessed whether a significant economic incentive existed for the customer to exercise its put option. If the FCA Group determined that a significant economic incentive did not exist for the customer to exercise its put option, then revenue was recognized when control of the vehicle transferred to the fleet customer and a liability was recognized equal to the estimated amount of the residual value guarantee. If the FCA Group determined that a significant economic incentive existed, then the arrangement was accounted for similarly to a repurchase obligation, as described in Lease installments from assets sold with buy-back commitments . Services provided When control of a good transferred to the customer prior to the completion of shipping activities for which the FCA Group was responsible, this represented a separate performance obligation for which the shipping revenue was recognized when the shipping service was complete. Other revenues from services provided were primarily comprised of maintenance plans and extended warranties, and also included connectivity services, and were recognized over the contract period in proportion to the costs expected to be incurred based on FCA’s historical experience. These services were either included in the selling price of the vehicle or separately priced. Revenue for services was allocated based on the estimated stand-alone selling price. Costs associated with the sale of contracts were deferred and were subsequently amortized to expense consistent with how the related revenue was recognized. The FCA Group had €204 million of deferred service contract costs at December 31, 2020 (€224 million at December 31, 2019) and recognized €96 million of amortization expense during the year ended December 31, 2020 (€68 million during the year ended December 31, 2019). Contract revenues Revenue from construction contracts, which was comprised of industrial automation systems, included within “Other activities”, was recognized as revenue over the contract period in proportion to the costs expected to be incurred based on FCA’s historical experience. A loss was recognized if the sum of the expected costs for services under the contract exceeded the transaction price. Lease installments from assets sold with buy-back commitments Vehicle sold to fleet customers could include a repurchase obligation, whereby the FCA Group was required to repurchase the vehicles at a given point in time. The FCA Group accounted for such sales as an operating lease. Upon the transfer of vehicles to the fleet customer, the FCA Group recorded a liability equal to the proceeds received within Other liabilities in the Consolidated Statement of Financial Position. The difference between the proceeds received and the guaranteed repurchase amount was recognized as revenue over the contractual term on a straight-line basis. The cost of the vehicle was recorded within Assets sold with a buy-back commitment in the Consolidated Statement of Financial Position and the difference between the cost of the vehicle and the estimated residual value was recognized within Cost of revenues in the Consolidated Income Statement over the contractual term. Interest income of financial services activities Interest income, which was primarily generated from the FCA Group by providing dealer and retail financing, was recognized using the effective interest method. |
Cost of revenues | Cost of revenues Cost of revenues comprised expenses incurred in the manufacturing and distribution of vehicles and parts. Historically the most significant element was the cost of materials and components and the remaining costs included labor (consisting of direct and indirect wages), transportation costs, depreciation of property, plant and equipment and amortization of other intangible assets relating to production. In addition, expenses which were directly attributable to the financial services companies, including interest expense related to their financing as a whole and provisions for risks and write-downs of assets, were recorded within Cost of revenues (€25 million, €48 million and €75 million for the years ended December 31, 2020, 2019 and 2018, respectively). Cost of revenues also included €124 million, €195 million and €293 million related to the decrease in value for assets sold with buy-back commitments for the years ended December 31, 2020, 2019 and 2018, respectively. In addition, estimated costs related to product warranty and recall campaigns were recorded within Cost of revenues (refer to the section Use of estimates |
Government grants | Government Grants Government grants were recognized in the Consolidated Financial Statements when there was reasonable assurance of the FCA Group's compliance with the conditions for receiving such grants and that the grants would be received. Government grants were recognized as income over the same periods as the related costs which they are intended to offset. |
Taxes | Taxes Income taxes included all taxes which were based on the taxable profits of the FCA Group. Current and deferred taxes were recognized as a benefit or expense and were included in the Consolidated Income Statement for the period, except for tax arising from (i) a transaction or event which was recognized, in the same or a different period, either in Other comprehensive income/(loss) or directly in Equity, or (ii) a business combination. Deferred taxes were accounted for under the full liability method. Deferred tax liabilities were recognized for all taxable temporary differences between the carrying amounts of assets or liabilities and their tax base, except to the extent that the deferred tax liabilities arose from the initial recognition of goodwill or the initial recognition of an asset or liability in a transaction which was not a business combination and at the time of the transaction, affected neither accounting profit nor taxable profit. Deferred tax assets were recognized for all deductible temporary differences to the extent that it was probable that taxable profit would be available against which the deductible temporary differences could be utilized, unless the deferred tax assets arose from the initial recognition of an asset or liability in a transaction that was not a business combination and at the time of the transaction, affected neither accounting profit nor taxable profit. Deferred tax assets and liabilities were measured at the substantively enacted tax rates in the respective jurisdictions in which the FCA Group operates that were expected to apply to the period when the asset was realized or liability was settled. The FCA Group recognized deferred tax liabilities associated with the existence of a subsidiary’s undistributed profits when it was probable that this temporary difference would not reverse in the foreseeable future, except when it was able to control the timing of the reversal of the temporary difference. The FCA Group recognized deferred tax assets associated with the deductible temporary differences on investments in subsidiaries only to the extent that it was probable that the temporary differences would reverse in the foreseeable future and taxable profit would be available against which the temporary difference could be utilized. Deferred tax assets relating to the carry-forward of unused tax losses and tax credits, as well as those arising from deductible temporary differences, were recognized to the extent that it was probable that future profits would be available against which they could be utilized. The FCA Group monitored unrecognized deferred tax assets at each reporting date and recognized a previously unrecognized deferred tax asset to the extent that it had become probable that future taxable profit would allow the deferred tax asset to be recovered. Refer to Use of estimates - Recoverability of deferred tax assets for additional detail. Current income taxes and deferred taxes were offset when they relate to the same taxation jurisdiction and there was a legally enforceable right of offset. Other taxes not based on income, such as property taxes and capital taxes, were included within Selling, general and other costs. Refer to Note 7 , Tax expense |
Fair Value Measurement | Fair Value Measurement Fair value for measurement and disclosure purposes was determined as the consideration that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using a valuation technique. Fair value measurement was based on the presumption that the transaction to sell the asset or transfer the liability takes place either: • in the principal market for the asset or liability; or • in the absence of a principal market, in the most advantageous market for the asset or liability. The fair value of an asset or a liability was measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their own economic best interest. A fair value measurement of a non-financial asset took into account a market participant's ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. In estimating fair value, FCA used market-observable data to the extent it was available. When market-observable data was not available, FCA used valuation techniques that maximize the use of relevant observable inputs and minimize the use of unobservable inputs. IFRS 13 - Fair Value Measurement establishes a hierarchy which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets and liabilities (Level 1 inputs) and the lowest priority to unobservable inputs (level 3 inputs). In some cases, the inputs used to measure the fair value of an asset or a liability might be categorized within different levels of the fair value hierarchy. In those cases, the fair value measurement was categorized in its entirety in the same level of the fair value hierarchy at the lowest level input that is significant to the entire measurement. Levels used in the hierarchy are as follows: • Level 1 inputs included quoted prices (unadjusted) in active markets for identical assets and liabilities that the FCA Group could access at the measurement date. Level 1 primarily consisted of financial instruments such as cash and cash equivalents and certain available-for-sale and held-for-trading securities. • Level 2 inputs included those which were directly or indirectly observable as of the measurement date. Level 2 instruments included commercial paper and non-exchange-traded derivatives such as over-the-counter currency and commodity forwards, swaps and option contracts, which were valued using models or other valuation methodologies. These models were primarily industry-standard models that considered various assumptions, including quoted forward prices for similar instruments in active markets, quoted prices for identical or similar inputs not in active markets, and observable inputs. • Level 3 inputs were unobservable from objective sources in the market and reflected management judgment about the assumptions market participants would use in pricing the instruments. Instruments in this category included non-exchange-traded derivatives such as certain over-the-counter commodity option and swap contracts. Refer to Note 23, Fair value measurement |
Use of estimates | Use of estimates The Consolidated Financial Statements were prepared in accordance with IFRS which required the use of estimates, judgments and assumptions that affect the carrying amount of assets and liabilities, the disclosure of contingent assets and liabilities and the amounts of income and expenses recognized. The estimates and associated assumptions were based on management's best judgment of elements that were known when the financial statements are prepared, on historical experience and on any other factors that are considered to be relevant. Estimates and underlying assumptions were historically reviewed by the FCA Group periodically and when circumstances required. Actual results could differ from the estimates, which required adjustment accordingly. The effects of any changes in estimates were recognized in the Consolidated Income Statement in the period in which the adjustment was made, or in future periods. Items requiring estimates for which there was a risk that a material difference could arise in the future in respect of the carrying amounts of assets and liabilities were discussed below. Employee Benefits The FCA Group historically provided post-employment benefits for certain of its active employees and retirees, which varied according to the legal, fiscal and economic conditions of each country in which the FCA Group operated and changed periodically. The plans were classified by the FCA Group on the basis of the type of benefit provided as follows: pension benefits, health care and life insurance plans and other post-employment benefits. The FCA Group companies provided certain post-employment benefits, such as pension or health care benefits, to their employees under defined contribution plans whereby the group paid contributions to public or private plans on a legally mandatory, contractual, or voluntary basis. The FCA Group recognized the cost for defined contribution plans as incurred and classified this by function within Cost of revenues, Selling, general and other costs, and Research and development costs in the Consolidated Income Statement. Pension plans The FCA Group sponsored both non-contributory and contributory defined benefit pension plans primarily in the U.S. and Canada, the majority of which were funded. Non-contributory pension plans covered certain hourly and salaried employees and the benefits were based on a fixed rate for each year of service. Additionally, contributory benefits were provided to certain salaried employees under the salaried employees’ retirement plans. The FCA Group’s defined benefit pension plans were accounted for on an actuarial basis, which required the use of estimates and assumptions to determine the net liability or net asset. The FCA Group estimated the present value of the projected future payments to all participants by taking into consideration parameters of a financial nature such as discount rates, the rate of salary increases and the likelihood of potential future events estimated by using demographic assumptions, which could have an effect on the amount and timing of future payments, such as mortality, dismissal and retirement rates, which were developed to reflect actual and projected plan experience. Mortality rates were developed using FCA plan-specific populations, recent mortality information published by recognized experts in this field, primarily the U.S. Society of Actuaries and the Canadian Institute of Actuaries, and other data where appropriate to reflect actual and projected plan experience. The expected amount and timing of contributions was based on an assessment of minimum funding requirements. From time to time, contributions were made beyond those that are legally required. Plan obligations and costs were based on existing retirement plan provisions. Assumptions regarding any potential future changes to benefit provisions beyond those to which the FCA Group was presently committed were not made. Significant differences in actual experience or significant changes in the following key assumption could affect the pension obligations and pension expense: • Discount rates . FCA’s discount rates were based on yields of high-quality (AA-rated) fixed income investments for which the timing and amounts of maturities match the timing and amounts of the projected benefit payments. The effects of actual results differing from assumptions and of amended assumptions were included in Other comprehensive income/(loss). The weighted average discount rates used to determine the defined benefit obligation for the defined benefit plans were 2.6 percent and 3.3 percent at December 31, 2020 and 2019, respectively. At December 31, 2020, the effect on the defined benefit obligation of a decrease or increase in the discount rate, holding all other assumptions constant, is as follows: Effect on pension benefit ( € million) 10 basis point decrease in discount rate 301 10 basis point increase in discount rate (294) Refer to Note 19, Employee benefits liabilities, for additional information on the FCA Group’s pension plans. Other post-employment benefits The FCA Group historically provided health care, legal, severance, indemnity life insurance benefits and other post-retirement benefits to certain hourly and salaried employees. Upon retirement, these employees could become eligible for a continuation of certain benefits. Benefits and eligibility rules could be modified periodically. These other post-employment benefits (“OPEB”) were accounted for on an actuarial basis, which required the selection of various assumptions. The estimation of the FCA Group’s obligations, costs and liabilities associated with OPEB required the use of estimates of the present value of the projected future payments to all participants, taking into consideration the likelihood of potential future events estimated by using demographic assumptions, which could have an effect on the amount and timing of future payments, such as mortality, dismissal and retirement rates, which were developed to reflect actual and projected plan experience, as well as legal requirements for retirement in respective countries. Mortality rates were developed using plan-specific populations, recent mortality information published by recognized experts in this field and other data where appropriate to reflect actual and projected plan experience. Plan obligations and costs were based on existing plan provisions. Assumptions regarding any potential future changes to benefit provisions beyond those to which the FCA Group were presently committed were not made. Significant differences in actual experience or significant changes in the following key assumptions could affect the OPEB obligation and expense: • Discount rates . FCA’s discount rates were based on yields of high-quality (AA-rated) fixed income investments for which the timing and amounts of maturities matched the timing and amounts of the projected benefit payments. • Health care cost trends . The FCA Group’s health care cost trend assumptions were developed based on historical cost data, the near-term outlook and an assessment of likely long-term trends. At December 31, 2020, the effect of a decrease or increase in the key assumptions affecting the health care, life insurance plans and Italian severance indemnity ( trattamento di fine rapporto or “TFR”), holding all other assumptions constant, is shown below: Effect on health Effect on the TFR (€ million) 10 basis point / (100 basis point for TFR) decrease in discount rate 30 40 10 basis point / (100 basis point for TFR) increase in discount rate (30) (35) 100 basis point decrease in health care cost trend rate (36) — 100 basis point increase in health care cost trend rate 44 — Refer to Note 19, Employee benefits liabilities, for additional information on the FCA Group’s OPEB liabilities. Recoverability of non-current assets with definite useful lives Non-current assets with definite useful lives included property, plant and equipment, intangible assets and assets held for sale. Intangible assets with definite useful lives mainly consist of capitalized development expenditures primarily related to the North America and EMEA segments. The FCA Group periodically reviewed the carrying amount of non-current assets with definite useful lives when events or circumstances indicated that an asset may be impaired. The recoverability of non-current assets with definite useful lives was based on the estimated future cash flows, using the FCA Group’s current business plan, of the CGUs to which the assets related. The global automotive industry had historically experienced significant change as a result of evolving regulatory requirements for fuel efficiency, greenhouse gas emissions and other tailpipe emissions as well as emerging technology changes, such as electrification and autonomous driving. FCA’s business plan could change in response to these evolving requirements and emerging technologies or in relation to any future business plans or strategies developed as part of partnerships and collaborations. As FCA continued to assess the potential impacts of these evolving requirements, emerging technologies or future plans and strategies, and of operationalizing and implementing the strategic targets set out in the business plan, including reallocation of our resources, the recoverability of certain of FCA’s assets or CGUs could be impacted in future periods. For example, product development strategies could be affected by regulatory changes as well as changes in the expected costs of implementing electrification, including the cost of batteries. As relevant circumstances change, FCA expects to adjust its product plans which could result in changes to the expected use of certain of the FCA Group’s vehicle platforms. These uncertainties could result in either impairments of, or reductions to the expected useful lives of, these platforms, or both. Any change in recoverability would be accounted for at the time such change to the business plan occurs. For the years ended December 31, 2020, 2019 and 2018, the impairment tests performed compared the carrying amount of the assets included in the respective CGUs to their value-in-use. The value-in-use of the CGUs was determined using a discounted cash flow methodology based on estimated pre-tax future cash flows attributable to the CGUs and a pre-tax discount rate reflecting a current market assessment of the time value of money and the risks specific to the CGUs. During the year ended December 31, 2020, impairment losses and supplier obligations of €927 million were recognized. Of this, €13 million of supplier obligations were recognized within Cost of revenues in the Consolidated income statement and impairments totaling €914 million were recognized, primarily in relation to: • For the three months ended March 31, 2020, the FCA Group reviewed its business and operations to take into consideration the estimated impacts and effects of the COVID-19 pandemic, including the estimated impact on the macroeconomic environment, the market outlook and the FCA Group’s operations. Using the updated information, FCA performed an assessment of the recoverability of certain of its assets as of March 31, 2020. Specifically, FCA reviewed FCA’s cash generating units (“CGUs”) and goodwill and intangible assets with indefinite useful lives for indicators of impairment. Certain CGUs, primarily those that were expected to be more sensitive to the current market outlook, in North America, EMEA, LATAM and Maserati segments, as well as goodwill allocated to EMEA and LATAM segments, were found to have indicators of impairment, and were therefore subject to impairment testing. As a result of this impairment testing, impairment charges totaling €450 million, primarily as a result of reduced volume expectations, were recognized on CGUs within the EMEA, LATAM and Maserati segments composed of €247 million of Property, plant and equipment recognized within Cost of revenues and €203 million of previously capitalized development costs recognized within Research and development costs . Of these charges, €178 million relates to the EMEA segment, €161 million relates to the LATAM segment, and €111 million relates to the Maserati segment, which is incremental to the impairment recognized in the Maserati segment discussed below. • In addition to the impairments discussed above, during the three months ended March 31, 2020, certain assets within the Maserati segment were impaired in connection with decisions that were made regarding the planned utilization of certain assembly assets to more efficiently utilize the FCA Group's manufacturing capacity as part of the implementation of the previously announced Maserati product renewal activities. As a result of these decisions, impairment charges were recognized totaling €177 million, composed of €85 million of Property, plant and equipment recognized within Cost of revenues and €92 million of previously capitalized development expenditures recognized within Research and development costs . Impairment expense of €16 million was also recognized in North America for property, plant and equipment relating to idled assets. • During the three months ended September 30, 2020, the FCA Group changed FCA’s strategy for the future B-Segment platform in EMEA, which was under development. As a result of the change in strategy, assets totaling €74 million were impaired within the EMEA segment, composed of €4 million of Property, plant and equipment and €70 million of previously capitalized research and development expenditures, which were recognized within Cost of revenues and Research and development costs , respectively, as well as €13 million of supplier obligations. • During the three months ended December 31, 2020, impairment losses totaling €197 million were recognized, of which €120 million related to vehicle platform impairments in the North America segment as a result of the increase in the CAFE fine rate applicable starting with model year 2022 vehicles, composed of €37 million of Property, plant and equipment recognized within Cost of revenues and €83 million of previously capitalized development expenditures recognized within Research and development costs . In addition, impairment expense of €56 million was recognized in relation to capitalized development costs which were no longer planned to be used by the FCA Group. Of these, €44 million was not allocated to a specific region as the impaired assets were used to produce vehicles sold in several of FCA’s regions, while €9 million relates to the Maserati segment and €3 million relates to the EMEA segment. Furthermore, impairment expense of €18 million was also recognized in North America for property, plant and equipment for idled assets. During the year ended December 31, 2019, impairment losses totaling €1,589 million were recognized. Of the total impairment charges, €1,376 million was recognized in relation to the rationalization of product portfolio plans, primarily for Europe in the A-segment as well as for Alfa Romeo resulted in the recognition of asset impairment charges for certain platforms, composed of €563 million of Property, plant and equipment recognized within Cost of revenues and €813 million of previously capitalized development costs recognized within Research and development costs and excluded from Adjusted EBIT. Of these charges, €435 million relates to the EMEA segment, €148 million relates to the Maserati segment and the remaining €793 million was not allocated to a specific region as the impaired assets were used to produce vehicles sold in several of FCA’s regions. During the year ended December 31, 2018, impairment losses totaling €297 million were recognized. The most significant component of this impairment loss was in EMEA, primarily resulting from changes in product plans in connection with the 2018-2022 business plan. It was determined that the carrying amount of the CGUs exceeded their value-in-use and accordingly, an impairment charge of €262 million was recognized in EMEA, €16 million in North America, €11 million in APAC and €8 million in LATAM. Recoverability of Goodwill and Intangible assets with indefinite useful lives In accordance with IAS 36 - Impairment of Assets , goodwill and intangible assets with indefinite useful lives were not amortized and were tested for impairment annually or more frequently if facts or circumstances indicate that the asset may be impaired. Goodwill and intangible assets with indefinite useful lives were allocated to operating segments or to CGUs within the operating segments. The impairment test was performed by comparing the carrying amount (which mainly comprises property, plant and equipment, goodwill, brands and capitalized development expenditures) and the recoverable amount of each cash generating unit (“CGU”) or group of CGUs to which Goodwill has been allocated. The recoverable amount of a CGU was the higher of its fair value less costs of disposal and its value-in-use. The balance of Goodwill and intangible assets with indefinite useful lives recognized by the FCA Group primarily related to the acquisition of FCA US. Goodwill from the acquisition of FCA US was allocated to the North America, EMEA, APAC and LATAM operating segments. Due to the identification of indicators of impairment, primarily as the FCA Group reviewed its business and operations to take into consideration the potential impacts and effects of the COVID-19 pandemic, including the estimated impact on the macro economic environment, the market outlook and the FCA Group’s operations, the goodwill allocated to the EMEA and LATAM operating segments were tested for impairment at March, 31 2020. Of total Goodwill and intangible assets with indefinite useful lives of €14,614 million at March 31, 2020, €275 million and €577 million (€269 million and €563 million at December 31, 2019) of goodwill was allocated to the EMEA and LATAM segments, respectively. No intangible assets with indefinite useful lives, other than goodwill, were recognized within the EMEA and LATAM segments. The assumptions used in the goodwill impairment test for the EMEA and LATAM segments as of March 31, 2020, represented management’s best estimate for the period under consideration. • The estimate of the recoverable amount for purposes of performing the EMEA and LATAM goodwill impairment test was determined using value-in-use at March 31, 2020 and was based on the following assumptions: ▪ The expected future cash flows covering the period from 2020 through 2024. These expected cash flows reflected the current expectations regarding economic conditions and market trends as well as the segment specific initiatives for the period 2020 to 2024. These cash flows related to the operating segments in their current condition when preparing the financial statements and excluded the estimated cash flows that might arise from future restructuring plans or other structural changes. Key assumptions used in estimating the future cash flows were those related to volumes, sales mix, profit margins, expected conditions regarding market trends and segment, brand and model market share for the respective operating segment over the period considered. ▪ The expected future cash flows included a normalized terminal period to estimate the future result beyond the time period explicitly considered which incorporated a long-term growth rate assumption of 2 percent. The long-term EBIT margins were set considering historical margins, the margins incorporated into the plan, and other market data, as adjusted for the stage in the economic cycle of the regions and any specific circumstances (for example, in LATAM, the long-term EBIT margin was adjusted to assume no extension of the Brazilian tax benefits beyond 2025). ▪ Pre-tax cash flows were discounted using a pre-tax discount rate which reflects the current market assessment of the time value of money for the period being considered, and the risks specific to those cash flows under consideration. The pre-tax Weighted Average Cost of Capital (“WACC”) applied ranged from 9.5 percent to 16 percent. • Expected future cash flows are sensitive to changes in the WACC, such that an increase of 25 basis points and 40 basis points in the WACC for the EMEA and LATAM segments respectively, would reduce the recoverable value down to its carrying amount. The pre-tax WACC was calculated using the Capital Asset Pricing Model technique. The recoverable amounts for EMEA and LATAM operating segments estimated using the assumptions described above were determined to be in excess of the carrying amount of goodwill allocated to the EMEA and LATAM operating segments, respectively. As such, no impairment charges were recognized for goodwill for the three months ended March 31, 2020. The FCA Group’s goodwill and intangible assets with indefinite useful lives were tested for impairment on October 1, 2020, which is the date the group annually tests goodwill for impairment. • The estimate of the recoverable amount for purposes of performing the annual impairment test for each of the operating segments was determined using value-in-use and was based on the following assumptions: ◦ The expected future cash flows covering the period from 2020 through 2024. These expected cash flows reflect the current expectations regarding economic conditions and market trends as well as the FCA Group’s initiatives for the period 2020 to 2024. These cash flows relate to the respective CGUs in their current condition when preparing the financial statements and exclude the estimated cash flows that might arise from restructuring plans or other structural changes. Volumes and sales mix used for estimating the future cash flow were based on assumptions that were considered reasonable and sustainable and represent the best estimate of expected conditions regarding market trends and segment, brand and model share for the respective operating segment over the period considered. With regards to: ◦ The expected future cash flows included a normalized terminal period to estimate the future result beyond the time period explicitly considered which incorporated a long-term growth rate assumption of 2 percent. The long-term EBIT margins were set considering historical margins, the margins incorporated into the business plan, and other market data, as adjusted for the stage in the economic cycle of the regions and any specific circumstances (for example, in LATAM, the long-term EBIT margin has been adjusted to assume no extension of the Brazilian tax benefits beyond 2025). With regards to: ▪ The APAC operating segment, expected future cash flows have historically been sensitive to certain assumptions, primarily the expected margins for the terminal period. While the assumptions used were considered reasonable and achievable and represented the best estimate of expected conditions in the operating segment, management had been and continued to be actively implementing measures to improve operating results by addressing commercial performance and cost structure to allow the achievement of the expected margins and cash flow in APAC. From 2019, the APAC region had become less sensitive to changes in the terminal period EBIT Margin as a result of ongoing actions FCA is taking to improve the competitiveness of its business in China. However, the recoverability of the assets within the APAC region were dependent upon achieving profitable results, which had not been achieved in recent periods. ▪ The LATAM operating segment, for the year ended December 31, 2019, expected future cash flows had become sensitive to the expected margins for the terminal period taking into consideration the expectations for the region as well as the economic uncertainties in Argentina, such that a reduction of 90 basis points in the margin for the terminal period would reduce the recoverable value down to its carrying amount. During 2020, the LATAM region had become less sensitive to changes in terminal period EBIT margin, as a result of improved performance outlook in the region. • For the year ended December 31, 2020, pre-tax cash flows were discounted using a pre-tax discount rate which reflected the current market assessment of the time value of money for the period being considered and the risks specific to the operating segment and cash flows under consideration. The pre-tax discount rate ranged from 9.5 percent to 16.8 percent. The pre-tax discount rates were determined using the WACC which were calculated using the Capital Asset Pricing Model technique. The values estimated as described above were determined to be in excess of the carrying amount for each operating segment to which Goodwill was allocated. As such, no impairment charges were recognized for Goodwill and Intangible assets with indefinite useful lives for the year ended December 31, 2020. There were no impairment charges resulting from the impairment tests performed for the years ended December 31, 2019 and 2018. Recoverability of deferred tax assets Deferred tax assets were recognized to the extent that it is probable that sufficient taxable profit would be available to allow the benefit of part or all of the deferred tax assets to be utilized. The recoverability of deferred tax assets was dependent on the FCA Group’s ability to generate sufficient future taxable income in the period in which it is assumed that the deductible temporary differences reverse and tax losses carried forward could be utilized. In making this assessment, the FCA Group considered future taxable income arising based on the most recent business plan. Moreover, the FCA Group estimated the impact of the reversal of taxable temporary differences on earnings and it also considered the period over which these deferred tax assets could be recovered. The estimates and assumptions used in the assessment were subject to uncertainty especially related to the FCA Group’s future performance as compared to the business plan, particularly in LATAM and EMEA. Therefore, changes in current estimates due to unanticipated events could have a significant impact on the Consolidated Financial Statements. Refer to Note 7, Tax expense for additional detail. For the three months ended March 31, 2020, the FCA Group reviewed its business and operations to take into consideration the estimated impacts and effects of the COVID-19 pandemic, including the estimated impact on the macroeconomic environment, the market outlook and the FCA Group’s operations. As such, the FCA Group assessed its ability to generate sufficient taxable income in the future that would allow realization of net deferred tax assets in Italy and Brazil, primarily in relation to tax loss carry-forwards in each respective country. As a result of this assessment, a write-down of €549 million of deferred tax assets was recorded for the year ended December 31, 2020. Of this write-down, €446 million primarily related to Italian tax loss carry-forwards and €103 million related to Brazilian tax loss carry-forwards. Sales incentives The FCA Group recorded the estimated cost of sales incentive programs offered to dealers and consumers as a reduction to revenue at the time of sale to the dealer. This estimated cost represented the incentive programs offered to dealers and consumers, as well as the expected modifications to these programs in order to facilitate sales of the dealer inventory. Subsequent adjustments to sales incentive programs related to vehicles previously sold to dealers were recognized as an adjustment to Net revenues in the period the adjustment was determinable. The FCA Group used price discounts to adjust vehicle pricing in response to a number of market and product factors, including pricing actions and incentives offered by competitors, economic conditions, the amount of excess industry production capacity, the intensity of market competition, consumer demand for the product and the desire to support promotional campaigns. The FCA Group offered a variety of sales incentive programs at any given point in time, including cash offers to dealers and consumers and subvention programs offered to customers, or lease subsidies, which reduced the retail customer’s monthly lease payment or cash due at the inception of the financing arrangement, or both. Sales incentive programs were generally brand, model and region specific for a defined period of time. Multiple factors were used in estimating the future incentive expense by vehicle line, including the current incentive programs in the market, planned promotional programs and the normal incentive escalation incurred as the model year ages. The estimated incentive rates were reviewed monthly and changes to planned rates were adjusted accordingly, thereby impacting revenues. As there were a multitude of inputs affecting the calculation of the estimate for sales incentives, an increase or decrease of any of these variables could have a significant effect on Net revenues. Product warranties, recall campaigns and product liabilities The FCA Group established reserves for product warranties at the time the related sale was recognized. FCA issued various types of product warranties under which the performance of products delivered was generally guaranteed for a certain period or term. The accrual for product warranties included the expected costs of warranty obligations imposed by law or contract, as well as the expected costs for policy coverage, recall actions and buyback commitments. The estimated future costs of these actions were principally based on assumptions regarding the lifetime warranty costs of each vehicle line and each model year of that vehicle line, as well as historical claims experience for the FCA Group’s vehicles. In addition, the number and magnitude of additional service actions expected to be approved and policies related to additional service actions were taken into consideration. Due to the uncertainty and potential volatility of these estimated factors, changes in the assumptions used could materially affect the results of operations. The FCA Group periodically initiated voluntary service and recall actions to address various customer satisfaction as well as safety and emissions issues related to vehicles sold. Included in the reserve was the estimated cost of these service and recall actions. In North America, FCA accrued estimated costs for recalls at the time of sale, which were based on historical claims experience as well as an additional actuarial analysis that gave greater weight to the more recent calendar year trends in recall campaign activity. In other regions and sectors, however, there generally was not sufficient historical data to support the application of an actuarial-based estimation technique. As a result, estimated recall costs for the other regions and sectors were accrued at the time when they were probable and reasonably estimable, which typically occurred once a specific recall campaign was approved and announced. Estimates of the future costs of these actions were subject to numerous uncertainties, including the enactment of new laws and regulations, the number of vehicles affected by a service or recall action and the nature of the corrective action. It was reasonably possible that the ultimate cost of these service and recall actions could have required the FCA Group to make expenditures in excess of (or less than) established reserves over an extended period of time and in a range of amounts that could not be reasonably estimated. The estimate of warranty and additional service and recall action obligations was periodically reviewed during the year. Experience showed that initial data for any given model year could be volatile; therefore, FCA’s process relied upon long-term historical averages until sufficient data was available. As actual experience became available, it was used to modify the historical averages to ensure that the forecast was within the range of likely outcomes. Resulting accruals were then compared with current spending rates to ensure that the balances were adequate to meet expected future obligations. In addition, the FCA Group made provisions for estimated product liability costs arising from property damage and personal injuries including wrongful death, and potential exemplary or punitive damages alleged to be the result of product defects. By nature, these costs could be infrequent, difficult to predict and have the potential to vary significantly in amount. The valuation of the reserve was actuarially determined on an annual basis based on, among other factors, the |
New standards and amendments effective from January 1, 2020 and June 1, 2020 | New standards and amendments effective January 1, 2020 Other new standards and amendments The following amendments and interpretations, which were effective from January 1, 2020, were adopted by the FCA Group. The adoption of these amendments did not have a material impact on the Consolidated Financial Statements. • In October 2018, the IASB issued amendments to IFRS 3 - Business Combinations which change the definition of a business to enable entities to determine whether an acquisition is a business combination or an asset acquisition. • In October 2018, the IASB issued amendments to its definition of material in IAS 1, Presentation of Financial Statements and IAS 8, Accounting Policies, Changes in Accounting Estimates clarifying the definition of materiality to aid in application. • In September 2019, the IASB issued Interest Rate Benchmark Reform (Amendments to IFRS 9, IAS 39 and IFRS 7), which modifies specific hedge accounting requirements to provide relief from the potential effects of uncertainty caused by IBOR reform. In addition, the amendments require companies to provide additional information to investors about hedging relationships directly affected by these uncertainties. New standards and amendments effective from June 1, 2020 • In May 2020, the IASB issued an amendment to IFRS 16 - Leases to make it easier for lessees to account for COVID-19 related rent concessions such as rent holidays and temporary rent reductions. The amendment exempts lessees from having to consider individual lease contracts to determine whether rent concessions occurring as a direct consequence of the COVID-19 pandemic are lease modifications and allows lessees to account for such rent concessions as if they were not lease modifications. It applies to COVID-19-related rent concessions that reduce lease payments due on or before June 30, 2021. The amendment does not affect lessors. The amendment is effective June 1, 2020 but can be applied immediately to any financial statements—interim or annual—not yet authorized for issue. The amendment is voluntary and was endorsed by the EU on October 9, 2020. We are currently evaluating the impact of adoption. |
New standards, amendments and interpretations not yet effective | New standards and amendments not yet effective The following new standards and amendments were issued by the IASB. We will comply with the relevant guidance no later than their respective effective dates: • In January 2020, the IASB issued Classification of Liabilities as Current or Non-current (Amendments to IAS 1), which affects the requirements in IAS 1 for the presentation of liabilities, including clarifying one of the criteria for classifying a liability as non-current. The amendments are effective for annual reporting periods beginning on or after January 1, 2022, with earlier adoption permitted. In July 2020, the IASB deferred the effective date of this amendment to January 1, 2023. We are currently evaluating the impact of adoption. • In May 2020, the IASB issued Annual Improvements to IFRSs 2018-2020, which includes amendments to the following standards: updating a reference in IFRS 3 - Business Combinations to the Conceptual Framework for Financial Reporting; in IAS 16 - Property, Plant and Equipment, prohibiting the deduction of amounts received from selling items produced whilst preparing the asset for its intended use from the cost of property, plant and equipment; in IAS 37 - Provisions, Contingent Liabilities and Contingent Assets, specifying what costs are to be included when assessing whether a contract will be loss-making; and minor amendments to IFRS 1 - First-time Adoption of International Financial Reporting Standards, IFRS 9 - Financial Instruments, IAS 41 - Agriculture and the Illustrative Examples accompanying IFRS 16 - Leases. The amendments are effective January 1, 2022. We are currently evaluating the impact of adoption. • In June 2020, the IASB issued amendments to IFRS 17 - Insurance Contracts aimed at helping companies implement the standard and making it easier for them to explain their financial performance. The fundamental principles introduced when the Board first issued IFRS 17 in May 2017 remain unaffected. The amendments, which respond to feedback from stakeholders, are designed to: reduce costs by simplifying some requirements in the Standard; make financial performance easier to explain; and ease transition by deferring the effective date of the Standard to 2023 and by providing additional relief to reduce the effort required when applying IFRS 17 for the first time. We are currently evaluating the impact of adoption. • In August 2020, the IASB issued Interest Rate Benchmark Reform - Phase 2 (Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16), which is complementary to Interest Rate Benchmark Reform, as issued in September 2019. The amendments address issues that arise as a result of implementation of the reforms, including the effects of changes in the contractual cash flows or hedging relationships arising from the replacement of an interest rate benchmark with an alternative benchmark. The amendments are effective January 1, 2021. We do not expect a material impact to our Consolidated Financial Statements or disclosures upon adoption of the amendments. • In February 2021, the IASB issued amendments to IAS 1 - Presentation of Financial Statements and IAS 8 - Accounting Policies, Change in Accounting Estimates and Errors. The amendments to IAS 1 require companies to disclose their material accounting policies rather than their significant accounting policies, including providing guidance on how to apply the concept of materiality to accounting policy disclosures. The amendments to IAS 8 clarify how companies should distinguish change in accounting policies from changes in accounting estimates. The amendments are effective for annual reporting periods beginning on or after January 1, 2023, with earlier application permitted. We are currently evaluating the impact of adoption. As noted in Note 1, Principal activities , the financial statements of Stellantis N.V. in subsequent filings will represent the historical financial statements of PSA. |
Basis of presentation (Tables)
Basis of presentation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Disclosure of principal exchange rates used to translate other currencies | The principal exchange rates used to translate other currencies into Euro were as follows: 2020 2019 2018 Average At December 31 Average At December 31 Average At December 31 U.S. Dollar (U.S.$) 1.142 1.227 1.119 1.123 1.181 1.145 Brazilian Real (BRL) 5.894 6.374 4.413 4.516 4.308 4.444 Chinese Renminbi (CNY) 7.875 8.023 7.735 7.821 7.808 7.875 Canadian Dollar (CAD) 1.530 1.563 1.485 1.460 1.529 1.561 Mexican Peso (MXN) 24.519 24.416 21.557 21.220 22.705 22.492 Polish Zloty (PLN) 4.443 4.560 4.298 4.257 4.261 4.301 Argentine Peso (ARS) (1) 103.043 103.043 67.258 67.258 43.074 43.074 Pound Sterling (GBP) 0.890 0.899 0.878 0.851 0.885 0.895 Swiss Franc (CHF) 1.071 1.080 1.112 1.085 1.155 1.127 ______________________________________________________________________________________________________________________________ (1) From July 1, 2018 onwards, Argentina’s economy was considered to be hyperinflationary. Transactions after July 1, 2018 for entities with the Argentinian Peso as the functional currency were translated using the spot rate at the end of the period. |
Disclosure of depreciation rates for property, plant and equipment | During the years ended December 31, 2020, 2019 and 2018, assets depreciated on a straight-line basis over their estimated useful lives used the following depreciation rates: Depreciation rates Buildings 3% - 10% Plant, machinery and equipment 3% - 33% Other assets 5% - 33% |
Disclosure of sensitivity analysis for actuarial assumptions | At December 31, 2020, the effect on the defined benefit obligation of a decrease or increase in the discount rate, holding all other assumptions constant, is as follows: Effect on pension benefit ( € million) 10 basis point decrease in discount rate 301 10 basis point increase in discount rate (294) At December 31, 2020, the effect of a decrease or increase in the key assumptions affecting the health care, life insurance plans and Italian severance indemnity ( trattamento di fine rapporto or “TFR”), holding all other assumptions constant, is shown below: Effect on health Effect on the TFR (€ million) 10 basis point / (100 basis point for TFR) decrease in discount rate 30 40 10 basis point / (100 basis point for TFR) increase in discount rate (30) (35) 100 basis point decrease in health care cost trend rate (36) — 100 basis point increase in health care cost trend rate 44 — |
Scope of consolidation (Tables)
Scope of consolidation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Interests In Other Entities [Abstract] | |
Disclosure of interests in principle subsidiaries | The following table sets forth a list of the principal subsidiaries of FCA, which are grouped by its reportable segments, as well as holding and other companies: Name Country Percentage North America FCA US LLC USA (Delaware) 100.00 FCA Canada Inc. Canada 100.00 FCA Mexico, S.A. de C.V. Mexico 100.00 LATAM FCA Fiat Chrysler Automoveis Brasil LTDA. Brazil 100.00 FCA Automobiles Argentina S.A. Argentina 100.00 Banco Fidis S.A. Brazil 100.00 APAC Chrysler Group (China) Sales Limited People’s Republic of China 100.00 FCA Japan Ltd. Japan 100.00 FCA Australia Pty Ltd. Australia 100.00 FCA Automotive Finance Co. Ltd. People’s Republic of China 100.00 Alfa Romeo (Shanghai) Automobiles Sales Co. Ltd. People’s Republic of China 100.00 EMEA FCA Italy S.p.A. Italy 100.00 FCA Poland Spólka Akcyjna Poland 100.00 FCA Powertrain Poland Sp. z o.o. Poland 100.00 FCA Serbia d.o.o. Kragujevac Serbia 66.67 FCA Germany AG Germany 100.00 FCA France S.A.S. France 100.00 Fiat Chrysler Automobiles UK Ltd. United Kingdom 100.00 Fiat Chrysler Automobiles Spain S.A. Spain 100.00 Fidis S.p.A. Italy 100.00 Maserati Maserati S.p.A. Italy 100.00 Maserati (China) Cars Trading Co. Ltd. People's Republic of China 100.00 Maserati North America Inc. USA (Delaware) 100.00 Holding Companies and Other Companies FCA North America Holdings LLC USA (Delaware) 100.00 Fiat Chrysler Finance S.p.A. Italy 100.00 Fiat Chrysler Finance Europe SENC Luxembourg 100.00 |
Assets and Liabilities included within Disposal Group | The following table shows the calculation of the gain on sale on the Magneti Marelli transaction: At May 2, 2019 (€ million) Intangible assets € 788 Property, plant and equipment 2,146 Financial receivables 10 Cash and cash equivalents 426 Other assets 2,055 Debt (782) Trade and other payables (1,942) Other liabilities (791) Net assets sold € 1,910 Consideration 5,772 Reclassification of amounts in OCI relating to Magneti Marelli (1) (91) Gain on sale attributable to FCA € 3,771 ______________________________________________________________________________________________________________________________ (1) Excluding amounts related to remeasurement of defined benefit plans. |
Disclosure of operating results of discontinued operations | The following table summarizes the operating results of Magneti Marelli up to the completion of the sale transaction on May 2, 2019, that were excluded from the Consolidated Income Statement for the years ended December 31, 2019 and 2018: Years ended December 31, 2019 (1) 2018 (1) (€ million) Net revenues € 1,657 € 4,998 Expenses 1,447 4,493 Net financial expenses 5 85 Profit before taxes from discontinued operations 205 420 Tax expense 44 118 Profit after taxes from discontinued operations 161 302 Add: Gain on sale attributable to FCA 3,771 — Less: Tax expense on gain on sale 2 — Profit from discontinued operations, net of taxes € 3,930 € 302 ______________________________________________________________________________________________________________________________ (1) Amounts presented are not representative of the income statement of Magneti Marelli on a stand-alone basis; amounts are net of transactions between Magneti Marelli and other companies of the FCA Group. |
Net revenues (Tables)
Net revenues (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Analysis of income and expense [abstract] | |
Schedule of Revenue by Type | Net revenues were as follows: Years ended December 31, 2020 2019 2018 (€ million) Revenues from: Sales of goods € 82,510 € 103,019 € 104,990 Services provided 3,297 3,961 3,871 Contract revenues 547 672 958 Lease installments from assets sold with a buy-back commitment 193 362 394 Interest income of financial services activities 129 173 199 Total Net revenues € 86,676 € 108,187 € 110,412 |
Schedule of Revenue by Geographical Location | Net revenues by geographical area were as follows: Years ended December 31, 2020 2019 2018 (€ million) Net revenues in: North America (1) € 60,783 € 73,848 € 73,405 Brazil 4,518 7,423 6,452 Italy 5,454 7,259 8,815 France 2,420 3,021 3,204 Germany 2,325 2,519 2,755 China 1,412 1,753 1,974 Spain 789 1,200 1,397 United Kingdom 696 995 1,136 Argentina 772 861 1,384 Japan 752 839 718 Turkey 947 739 896 Australia 322 320 418 Other countries 5,486 7,410 7,858 Total Net revenues € 86,676 € 108,187 € 110,412 The following table summarizes the non-current assets (other than financial instruments, deferred tax assets and post-employment benefits assets) attributed to certain geographic areas: At December 31, 2020 2019 (€ million) North America (1) € 39,240 € 40,097 Italy 11,287 10,711 Brazil 2,811 4,064 Poland 531 684 Serbia 409 495 Other countries 1,007 1,320 Total Non-current assets (other than financial instruments, deferred tax assets and post-employment benefits assets) € 55,285 € 57,371 |
Schedule Of Revenue By Segment And Type | Net revenues attributed by segment for the years ended December 31, 2020, 2019 and 2018 were as follows: Mass-Market Vehicles 2020 North America LATAM APAC EMEA Maserati Other activities Total (€ million) Revenues from: Sales of goods € 58,198 € 5,031 € 2,250 € 15,284 € 1,323 € 424 € 82,510 Services provided 2,045 206 17 765 53 211 3,297 Construction contract revenues — — — — — 547 547 Revenues from goods and services 60,243 5,237 2,267 16,049 1,376 1,182 86,354 Lease installments from assets sold with a buy-back commitment 64 — — 129 — — 193 Interest income from financial services activities — 60 50 13 6 — 129 Total Net revenues € 60,307 € 5,297 € 2,317 € 16,191 € 1,382 € 1,182 € 86,676 Mass-Market Vehicles 2019 North America LATAM APAC EMEA Maserati Other activities Total (€ million) Revenues from: Sales of goods € 70,809 € 8,059 € 2,674 € 19,275 € 1,563 € 639 € 103,019 Services provided 2,388 297 27 950 29 270 3,961 Construction contract revenues — — — — — 672 672 Revenues from goods and services 73,197 8,356 2,701 20,225 1,592 1,581 107,652 Lease installments from assets sold with a buy-back commitment 140 — — 222 — — 362 Interest income from financial services activities — 93 61 19 — — 173 Total Net revenues € 73,337 € 8,449 € 2,762 € 20,466 € 1,592 € 1,581 € 108,187 Mass-Market Vehicles 2018 North America LATAM APAC EMEA Maserati Other activities Total (€ million) Revenues from: Sales of goods € 69,908 € 7,756 € 2,560 € 21,516 € 2,606 € 644 € 104,990 Services provided 2,287 270 21 945 39 309 3,871 Construction contract revenues — — — — — 958 958 Revenues from goods and services 72,195 8,026 2,581 22,461 2,645 1,911 109,819 Lease installments from assets sold with a buy-back commitment 158 — — 235 — 1 394 Interest income from financial services activities — 116 65 18 — — 199 Total Net revenues € 72,353 € 8,142 € 2,646 € 22,714 € 2,645 € 1,912 € 110,412 |
Research and development costs
Research and development costs (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Analysis of income and expense [abstract] | |
Disclosure of research and development costs | Research and development costs were as follows: Years ended December 31, 2020 2019 2018 (€ million) Research and development expenditures expensed € 1,226 € 1,305 € 1,448 Amortization of capitalized development expenditures 1,250 1,358 1,456 Impairment and write-off of capitalized development expenditures 503 949 147 Total Research and development costs € 2,979 € 3,612 € 3,051 |
Net financial expenses (Tables)
Net financial expenses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Analysis of income and expense [abstract] | |
Disclosure of detailed information about finance income / (cost) | The following table summarizes the FCA Group’s financial income and expenses, included within Net financial expenses: Years ended December 31, 2020 2019 2018 (€ million) Interest income and other financial income € 117 € 261 € 249 Financial expenses: Interest expense and other financial expenses: 596 784 929 Interest expense on notes 321 370 422 Interest expense on borrowings from bank 209 181 259 Other interest cost and financial expenses 66 233 248 Interest on lease liabilities (1) 94 88 — Write-down of financial assets 10 21 6 Losses on disposal of securities — 2 6 Net interest expense on employee benefits provisions 218 298 276 Total Financial expenses 918 1,193 1,217 Net expenses from derivative financial instruments and exchange rate differences 187 73 88 Total Financial expenses and Net expenses from derivative financial instruments and exchange rate differences 1,105 1,266 1,305 Net Financial expenses € 988 € 1,005 € 1,056 |
Tax expense (Tables)
Tax expense (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Taxes [Abstract] | |
Summary of tax expense | The following table summarizes Tax expense: Years ended December 31, 2020 2019 2018 (€ million) Current tax expense € 239 € 435 € 592 Deferred tax expense 1,231 872 520 Tax (benefit)/expense relating to prior periods (1) (138) 14 (334) Total Tax expense € 1,332 € 1,321 € 778 |
Reconciliation between theoretical income taxes and income taxes recognized | Years ended December 31, 2020 2019 2018 (€ million) Theoretical income taxes € 259 € 766 € 781 Tax effect on: Recognition and utilization of previously unrecognized deferred tax assets — (159) — Permanent differences (148) (411) (416) Tax credits (119) (112) (135) Deferred tax assets not recognized and write-downs 1,417 976 633 Differences between foreign tax rates and the theoretical applicable tax rate and tax holidays 27 171 207 Taxes relating to prior years (138) 14 (334) Tax rate changes (25) 9 — Withholding tax 27 41 41 Other differences 15 20 (15) Total Tax expense, excluding IRAP (1) 1,315 1,315 762 Effective tax rate 97.0% 32.7% 18.5% IRAP (current and deferred) 17 6 16 Total Tax expense € 1,332 € 1,321 € 778 |
Significant components of deferred tax assets and liabilities and their changes | The FCA Group historically recognized the amount of Deferred tax assets less the Deferred tax liabilities of the individual companies within Deferred tax assets, where these may be offset. Amounts recognized were as follows: At December 31, 2020 2019 (€ million) Deferred tax assets € 1,096 € 1,689 Deferred tax liabilities (1,845) (1,628) Total Net deferred tax (liabilities) assets € (749) € 61 The significant components of Deferred tax assets and liabilities and their changes during the years ended December 31, 2020 and 2019 were as follows: At January 1, 2020 Recognized in Consolidated Income Statement Recognized in Equity Translation At December 31, 2020 (€ million) Deferred tax assets arising on: Provisions € 3,673 € (100) € — € (254) € 3,319 Provision for employee benefits 1,470 51 (10) (118) 1,393 Lease liabilities 369 (20) — 2 351 Intangible assets 151 7 — (25) 133 Impairment of financial assets 166 (18) — (7) 141 Inventories 188 43 — (30) 201 Allowances for doubtful accounts 105 (6) — (35) 64 Other 702 328 (1) (3) 1,026 Total Deferred tax assets € 6,824 € 285 € (11) € (470) € 6,628 Deferred tax liabilities arising on: Accelerated depreciation € (2,330) € (164) € — € 197 € (2,297) Capitalized development assets (2,601) (554) — 157 (2,998) Other Intangible assets and Intangible assets with indefinite useful lives (948) (17) — 82 (883) Right-of-use assets (365) 27 — 32 (306) Provision for employee benefits (77) (3) 31 (8) (57) Other (247) (147) 5 18 (371) Total Deferred tax liabilities € (6,568) € (858) € 36 € 478 € (6,912) Deferred tax asset arising on tax loss carry-forwards € 4,861 € 1,017 € — € (516) € 5,362 Unrecognized deferred tax assets (5,056) (1,350) 3 576 (5,827) Total Net deferred tax assets (liabilities) € 61 € (906) € 28 € 68 € (749) At January 1, 2019 Recognized in Recognized in Equity Transferred to Assets/(Liabilities) Held for Sale Translation At December 31, 2019 (€ million) Deferred tax assets arising on: Provisions € 4,127 € (470) € — € 10 € 6 € 3,673 Provision for employee benefits 1,487 (41) 1 1 22 1,470 Lease liabilities 260 106 — (1) 4 369 Intangible assets 166 (15) — — — 151 Impairment of financial assets 155 (1) — — 12 166 Inventories 246 (56) — — (2) 188 Allowances for doubtful accounts 96 13 — — (4) 105 Other 685 (22) (4) 1 42 702 Total Deferred tax assets € 7,222 € (486) € (3) € 11 € 80 € 6,824 Deferred tax liabilities arising on: Accelerated depreciation € (2,296) € (33) € — € (1) € — € (2,330) Capitalized development expenditures (2,440) (129) — — (32) (2,601) Other Intangible assets and Intangible assets with indefinite useful lives (912) 36 — — (72) (948) Right-of-use assets (260) (101) — — (4) (365) Provision for employee benefits (91) (9) 22 — 1 (77) Other (424) 156 38 — (17) (247) Total Deferred tax liabilities € (6,423) € (80) € 60 € (1) € (124) € (6,568) Deferred tax asset arising on tax loss carry-forwards € 4,963 € 106 € — € 12 € (220) € 4,861 Unrecognized deferred tax assets (4,885) (407) — (20) 256 (5,056) Total Net deferred tax assets € 877 € (867) € 57 € 2 € (8) € 61 Total gross deductible and taxable temporary differences and accumulated tax losses at December 31, 2020, together with the amounts for which deferred tax assets have not been recognized, analyzed by year of expiration, were as follows: Year of expiration At December 31, 2020 2021 2022 2023 2024 Beyond 2024 Unlimited/ (€ million) Temporary differences and tax losses relating to corporate taxation: Deductible temporary differences € 26,844 € 3,449 € 2,618 € 2,514 € 3,282 € 14,596 € 385 Taxable temporary differences (28,641) (2,871) (2,707) (2,729) (2,787) (14,594) (2,953) Tax losses 20,343 115 60 45 101 1,576 18,446 Amounts for which deferred tax assets were not recognized (21,440) (344) (103) (75) (839) (3,008) (17,071) Temporary differences and tax losses relating to corporate taxation € (2,894) € 349 € (132) € (245) € (243) € (1,430) € (1,193) Temporary differences and tax losses relating to local taxation (i.e. IRAP in Italy): Deductible temporary differences € 10,736 € 1,088 € 588 € 551 € 1,141 € 7,241 € 127 Taxable temporary differences (9,572) (896) (713) (713) (764) (6,346) (140) Tax losses 4,819 29 31 32 54 103 4,570 Amounts for which deferred tax assets (6,065) (188) (38) (11) (582) (600) (4,646) Temporary differences and tax losses relating to local taxation € (82) € 33 € (132) € (141) € (151) € 398 € (89) |
Goodwill and intangible asset_2
Goodwill and intangible assets with indefinite useful lives (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Intangible Assets [Abstract] | |
Summary of goodwill and intangible assets with indefinite useful lives | Goodwill and intangible assets with indefinite useful lives at December 31, 2020 and 2019 are summarized below: Goodwill Gross amount Accumulated impairment losses Total Goodwill Brands Total Goodwill and intangible assets with indefinite useful lives (€ million) At January 1, 2019 € 11,254 € (420) € 10,834 € 3,136 € 13,970 Additions 34 — 34 — 34 Transfers to Assets held for sale (11) — (11) — (11) Translation differences and Other 162 46 208 56 264 At December 31, 2019 11,439 (374) 11,065 3,192 14,257 Translation differences and Other (1,190) 256 (934) (268) (1,202) At December 31, 2020 € 10,249 € (118) € 10,131 € 2,924 € 13,055 |
Summary of allocation of goodwill | The following table summarizes the allocation of Goodwill between FCA's reportable segments: At December 31, 2020 2019 (€ million) North America € 8,294 € 9,059 APAC 1,074 1,174 LATAM 515 563 EMEA 248 269 Other activities — — Total Goodwill € 10,131 € 11,065 |
Other intangible assets (Tables
Other intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Intangible Assets [Abstract] | |
Detailed Information About Other Intangible Assets | Capitalized development expenditures Patents, concessions, licenses and credits Other Total (€ million) Gross carrying amount at January 1, 2019 € 20,228 € 3,999 € 636 € 24,863 Additions 2,889 600 67 3,556 Divestitures (338) (127) (82) (547) Transfer to Assets held for sale — (3) (16) (19) Translation differences and other changes 147 103 (5) 245 At December 31, 2019 22,926 4,572 600 28,098 Additions 2,640 745 177 3,562 Divestitures (81) (134) (173) (388) Transfer to Assets held for sale — — — — Translation differences and other changes (1,327) (333) (50) (1,710) At December 31, 2020 24,158 4,850 554 29,562 Accumulated amortization and impairment losses at January 1, 2019 10,403 2,362 349 13,114 Amortization 1,358 426 48 1,832 Impairment losses and asset write-offs 949 — 4 953 Divestitures (337) (2) (8) (347) Transfer to Assets held for sale — (3) (13) (16) Translation differences and other changes 46 72 (3) 115 At December 31, 2019 12,419 2,855 377 15,651 Amortization 1,250 408 32 1,690 Impairment losses and asset write-offs 503 — 1 504 Divestitures (53) — (15) (68) Transfer to Assets held for sale — — — — Translation differences and other changes (519) (194) (21) (734) At December 31, 2020 13,600 3,069 374 17,043 Carrying amount at December 31, 2019 € 10,507 € 1,717 € 223 € 12,447 Carrying amount at December 31, 2020 € 10,558 € 1,781 € 180 € 12,519 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, plant and equipment [abstract] | |
Disclosure of detailed information about property, plant and equipment | Land Industrial Plant, machinery and equipment Other Advances and Total (€ million) Gross carrying amount at January 1, 2019 € 877 € 9,227 € 50,094 € 2,944 € 1,528 € 64,670 Additions 33 274 1,587 222 3,287 5,403 Divestitures (40) (46) (1,135) (124) (3) (1,348) Change in the scope of consolidation — — 63 — 1 64 Translation differences 8 96 507 45 19 675 Transfer to Assets held for sale (15) (149) (502) (17) (23) (706) Other changes 36 25 857 (4) (886) 28 At December 31, 2019 899 9,427 51,471 3,066 3,923 68,786 Additions 16 928 2,793 258 1,605 5,600 Divestitures (2) (54) (884) (245) (4) (1,189) Change in the scope of consolidation — (8) — — — (8) Translation differences (87) (849) (3,682) (246) (376) (5,240) Transfer to Assets held for sale — (14) (2) — — (16) Other changes 45 (86) 523 (7) (546) (71) At December 31, 2020 871 9,344 50,219 2,826 4,602 67,862 Accumulated depreciation and impairment losses at January 1, 2019 32 3,365 32,032 1,855 10 37,294 Depreciation 3 411 2,876 323 — 3,613 Divestitures (2) (32) (1,098) (115) — (1,247) Impairment losses and asset write-offs — 2 618 16 — 636 Change in the scope of consolidation — — 11 — — 11 Translation differences — 29 305 25 — 359 Transfer to Assets held for sale (3) (107) (384) (17) (1) (512) Other changes — 9 19 (4) — 24 At December 31, 2019 30 3,677 34,379 2,083 9 40,178 Depreciation 1 427 2,695 330 — 3,453 Divestitures — (8) (845) (234) (2) (1,089) Impairment losses and asset write-offs — 3 402 5 — 410 Change in the scope of consolidation — — — — — — Translation differences — (253) (2,160) (170) — (2,583) Transfer to Assets held for sale — (9) (2) — — (11) Other changes (1) (53) (17) (8) 1 (78) At December 31, 2020 30 3,784 34,452 2,006 8 40,280 Carrying amount at December 31, 2019 € 869 € 5,750 € 17,092 € 983 € 3,914 € 28,608 Carrying amount at December 31, 2020 € 841 € 5,560 € 15,767 € 820 € 4,594 € 27,582 |
Disclosure of quantitative information about right-of-use assets | Changes in Right-of-use assets are as follows: Land Industrial buildings Plant, machinery and equipment Other assets Total (€ million) Balance at January 1, 2019 26 1,085 206 78 1,395 Depreciation (3) (150) (100) (93) (346) Additions 11 167 236 163 577 Change in the scope of consolidation — 18 26 — 44 Translation differences 1 24 2 1 28 Other (28) (24) (21) (4) (77) Balance at December 31, 2019 7 1,120 349 145 1,621 Depreciation (1) (159) (102) (141) (403) Additions 11 284 80 199 574 Translation differences (1) (90) (27) (14) (132) Other — (25) (7) (4) (36) Balance at December 31, 2020 € 16 € 1,130 € 293 € 185 € 1,624 |
Disclosure of property, plant, and equipment pledged as security | The carrying amounts of Property, plant and equipment of the FCA Group (excluding the Right-of-Use assets described above) reported as pledged as security for debt and other commitments, primarily relating to FCA operations in Brazil, are summarized as follows: At December 31, 2020 2019 (€ million) Land and industrial buildings pledged as security for debt € 535 € 777 Plant and machinery pledged as security for debt and other commitments 571 855 Other assets pledged as security for debt and other commitments 2 5 Total Property, plant and equipment pledged as security for debt and other commitments € 1,108 € 1,637 |
Investments accounted for usi_2
Investments accounted for using the equity method (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Interests In Other Entities [Abstract] | |
Disclosure of interests in associates | The following table summarizes Investments accounted for using the equity method: At December 31, 2020 2019 (€ million) Joint ventures € 1,965 € 1,871 Associates 75 94 Other 46 44 Total Investments accounted for using the equity method € 2,086 € 2,009 Result from investments : Years ended December 31, 2020 2019 2018 (€ million) Joint Ventures € 185 € 200 € 221 Associates (8) (2) 6 Other 7 10 13 Total Share of the profit of equity method investees € 184 € 208 € 240 The aggregate amounts recognized for the FCA Group’s share in all individually immaterial joint ventures and associates accounted for using the equity method were as follows: Years ended December 31, 2020 2019 2018 (€ million) Joint ventures: (Loss)/profit from continuing operations € (62) € (28) € 27 Net (loss)/profit (62) (28) 27 Other comprehensive loss (80) (19) (91) Total Other comprehensive (loss)/income € (142) € (47) € (64) Associates: (Loss)/income from continuing operations € (8) € (2) € 6 Net (loss)/income (8) (2) 6 Other comprehensive loss (9) — (3) Total Other comprehensive (loss)/income € (17) € (2) € 3 |
Disclosure of interests in joint ventures | The following table summarizes Investments accounted for using the equity method: At December 31, 2020 2019 (€ million) Joint ventures € 1,965 € 1,871 Associates 75 94 Other 46 44 Total Investments accounted for using the equity method € 2,086 € 2,009 FCA's ownership percentages and the carrying value of investments in joint ventures accounted for under the equity method were as follows: Ownership percentage Investment balance At December 31, At December 31, 2020 2019 2020 2019 Joint ventures Ownership percentage (€ million) FCA Bank S.p.A. 50.0% 50.0% € 1,738 € 1,501 Tofas-Turk Otomobil Fabrikasi A.S. 37.9% 37.9% 181 240 GAC Fiat Chrysler Automobiles Co. 50.0% 50.0% 18 107 Others 28 23 Total € 1,965 € 1,871 Result from investments : Years ended December 31, 2020 2019 2018 (€ million) Joint Ventures € 185 € 200 € 221 Associates (8) (2) 6 Other 7 10 13 Total Share of the profit of equity method investees € 184 € 208 € 240 The aggregate amounts recognized for the FCA Group’s share in all individually immaterial joint ventures and associates accounted for using the equity method were as follows: Years ended December 31, 2020 2019 2018 (€ million) Joint ventures: (Loss)/profit from continuing operations € (62) € (28) € 27 Net (loss)/profit (62) (28) 27 Other comprehensive loss (80) (19) (91) Total Other comprehensive (loss)/income € (142) € (47) € (64) Associates: (Loss)/income from continuing operations € (8) € (2) € 6 Net (loss)/income (8) (2) 6 Other comprehensive loss (9) — (3) Total Other comprehensive (loss)/income € (17) € (2) € 3 |
Disclosure of reconciliation of summarised financial information of joint venture accounted for using equity method to carrying amount of interest in joint venture | The following tables include summarized financial information relating to FCA Bank: At June 30, 2020 At December 31, 2019 (€ million) Financial assets € 24,721 € 26,583 Of which: Cash and cash equivalents 620 585 Other assets 5,253 5,123 Financial liabilities 25,145 27,029 Other liabilities 1,454 1,506 Equity (100%) 3,375 3,171 Net assets attributable to owners of the parent 3,317 3,116 Carrying amount of interest in FCA Bank Group's share of net assets 1,659 1,558 Elimination of unrealized profits and other adjustments 79 (57) Carrying amount of interest in FCA Bank (1) € 1,738 € 1,501 ______________________________________________________________________________________________________________________________ (1) Amounts as at December 31, 2020 and 2019 respectively. Six months ended June 30 Years ended December 31, 2020 2019 2018 (€ million) Interest and similar income € 441 € 930 € 903 Interest and similar expenses 116 237 (242) Income tax expense 75 171 (159) Profit from continuing operations 225 467 388 Net profit 225 467 388 Net profit attributable to owners of the parent (A) 222 460 383 Other comprehensive income/(loss) attributable to owners of the parent (B) (21) 7 (5) Total Comprehensive income attributable to owners of the parent (A+B) € 201 € 467 € 378 Group’s share of net profit (1) € 247 € 229 € 192 ______________________________________________________________________________________________________________________________ (1) Amounts for the years ended December 31, 2020, 2019 and 2018 respectively |
Other financial assets (Tables)
Other financial assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of financial assets [abstract] | |
Disclosure of other financial assets | Other financial assets consisted of the following: At December 31, 2020 2019 Note Current Non-current Total Current Non-current Total (€ million) Derivative financial assets 16 € 501 € 128 € 629 € 93 € 5 € 98 Debt securities measured at fair value through other comprehensive income 23 64 — 64 — — — Debt securities measured at fair value through profit or loss 23 226 — 226 233 — 233 Debt securities measured at amortized cost 8 — 8 297 2 299 Equity instruments measured at fair value through other comprehensive income 23 — 31 31 — 37 37 Equity instruments mandatorily designated at fair value through profit and loss 23 52 12 64 47 12 59 Financial receivables — 128 128 — 242 242 Collateral deposits (1) 23 — 32 32 — 42 42 Total Other financial assets € 851 € 331 € 1,182 € 670 € 340 € 1,010 ______________________________________________________________________________________________________________________________ |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Inventories [Abstract] | |
Disclosure of inventory | At December 31, 2020 2019 (€ million) Finished goods and goods for resale € 3,962 € 5,600 Work-in-progress, raw materials and manufacturing supplies 3,912 3,928 Amount due from customers for contract work 220 194 Total Inventories € 8,094 € 9,722 |
Amounts due from customers for contract work | The Construction contracts, net asset/(liability) related to the design and production of industrial automation systems and related products and is summarized as follows: At December 31, 2020 2019 (€ million) Aggregate amount of costs incurred and recognized profits (less recognized losses) to date € 543 € 826 Less: Progress billings 358 715 Construction contracts, net asset/(liability) 185 111 Construction contract assets 220 194 Less: Construction contract liabilities (Note 22) 35 83 Construction contracts, net asset/(liability) € 185 € 111 |
Explanation of significant changes in contract assets and contract liabilities | Changes in the FCA Group's construction contracts, net asset/(liability) for the year ended December 31, 2020, were as follows: At January 1, 2020 Advances received from customers Amounts recognized within revenue At December 31, 2020 (€ million) Construction contracts, net asset/(liability) € 111 € (473) € 547 € 185 At January 1, 2020 Advances received from customers Amounts recognized within revenue Transfers to Assets/(Liabilities) held for sale Other Changes At December 31, 2020 (€ million) Service contract liability € 2,151 € 723 € (640) € — € (231) € 2,003 |
Trade, other receivables and _2
Trade, other receivables and tax receivables (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Trade and other receivables [abstract] | |
Schedule of receivables by due date | The following table summarizes Trade, other receivables and Tax receivables by due date: At December 31, 2020 2019 Total due within one year (current) Due between one and five years Due beyond five years Total due after one year (non-current) Total Total due within one year (current) Due between one and five years Due beyond five years Total due after one year (non-current) Total (€ million) Trade receivables € 1,581 € — € — € — € 1,581 € 2,064 € — € — € — € 2,064 Receivables from financing activities 2,159 249 8 257 2,416 2,855 294 6 300 3,155 Other receivables 1,805 1,378 86 1,464 3,269 1,709 695 1,381 2,076 3,785 Total Trade and other receivables € 5,545 € 1,627 € 94 € 1,721 € 7,266 € 6,628 € 989 € 1,387 € 2,376 € 9,004 Tax receivables € 89 € 78 € 17 € 95 € 184 € 372 € 51 € 43 € 94 € 466 |
Schedule of receivables from financing activities | Receivables from financing activities mainly relate to the business of financial services companies fully consolidated by the FCA Group and are summarized as follows: At December 31, 2020 2019 (€ million) Dealer financing € 1,538 € 2,317 Retail financing 512 613 Finance leases 6 3 Other 360 222 Total Receivables from financing activities € 2,416 € 3,155 |
Disclosure of allowance for credit losses | Trade receivables are shown net of an ECL allowance, calculated using the simplified approach. Changes in the allowance for trade receivables were as follows: At January 1, 2020 Provision Use and Transferred to Assets held for sale At December 31, 2020 (€ million) ECL allowance - Trade receivables € 237 € 31 € (43) € — € 225 Receivables from financing activities are shown net of an ECL allowance. Changes in the allowance for receivables from financing activities were as follows: At January 1, 2020 Provision Use and Transferred to Assets held for sale At December 31, 2020 (€ million) ECL allowance - Receivables from financing activities € 23 € 40 € (46) € — € 17 |
Disclosure of credit risk exposure | The following table provides information about the exposure to credit risk and ECLs for trade receivables: At December 31, 2020 2019 Current and less than 90 days past due 90 days or more past due Total Current and less than 90 days past due 90 days or more past due Total (€ million) Gross amount € 1,551 € 243 € 1,794 € 1,989 € 293 € 2,282 ECL allowance (42) (183) (225) (53) (184) (237) Carrying amount € 1,509 € 60 € 1,569 € 1,936 € 109 € 2,045 The following table provides information about the exposure to credit risk and ECLs for receivables from financing activities: At December 31, 2020 2019 Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total (€ million) Gross amount € 1,878 € 53 € 29 € 1,960 € 2,369 € 194 € 35 € 2,598 ECL allowance (8) (1) (8) (17) (10) (2) (11) (23) Carrying amount € 1,870 € 52 € 21 € 1,943 € 2,359 € 192 € 24 € 2,575 |
Disclosure of transferred financial assets that are not derecognised in their entirety | At December 31, 2020 and 2019, the carrying amount of transferred financial assets not derecognized and the related liabilities were as follows: At December 31, 2020 2019 Trade receivables Receivables Total Trade Receivables Total (€ million) Carrying amount of assets transferred and not derecognized € 6 € 35 € 41 € 11 € 140 € 151 Carrying amount of the related liabilities (Note 21) € 6 € 35 € 41 € 11 € 140 € 151 |
Derivative financial assets a_2
Derivative financial assets and liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Financial Instruments [Abstract] | |
Summary of derivative financial assets and liabilities | The following table summarizes the fair value of the FCA Group's derivative financial assets and liabilities: At December 31, 2020 2019 Positive fair Negative fair Positive fair Negative fair (€ million) Fair value hedges: Interest rate risk - interest rate swaps € — € — € — € — Total Fair value hedges — — — — Cash flow hedges: Currency risks - forward contracts, currency swaps and currency options 149 (139) 34 (81) Interest rate risk - interest rate swaps — (228) — (180) Interest rate and currency risk - combined interest rate and currency swaps 138 (26) — — Commodity price risk – commodity swaps and commodity options 97 (9) 21 (6) Total Cash flow hedges 384 (402) 55 (267) Net investment hedges: Currency risks - forward contracts, currency swaps and currency options — — — — Total Net investment hedges — — — — Derivatives for trading 245 (231) 43 (51) Total Fair value of derivative financial assets/(liabilities) € 629 € (633) € 98 € (318) Financial derivative assets/(liabilities) - current € 501 € (353) € 93 € (194) Financial derivative assets/(liabilities) - non-current € 128 € (280) € 5 € (124) |
Summary of outstanding notional amounts by due date | The following table summarizes the outstanding notional amounts of the FCA Group's derivative financial instruments by due date: At December 31, 2020 2019 Due within one year Due between one and Due beyond Total Due within one year Due between Due Total (€ million) Currency risk management € 15,151 € 317 € — € 15,468 € 11,259 € 30 € — € 11,289 Interest rate risk management 701 889 1,956 3,546 1,105 1,700 — 2,805 Interest rate and currency risk management 6 16 978 1,000 9 22 — 31 Commodity price risk management 1,133 86 — 1,219 523 27 — 550 Other derivative financial instruments 14 — — 14 — 14 — 14 Total Notional amount € 17,005 € 1,308 € 2,934 € 21,247 € 12,896 € 1,793 € — € 14,689 |
Summary of fair value hedges | Years ended December 31, 2020 2019 2018 (€ million) Currency risk Net gains/(losses) on qualifying hedges € — € — € — Fair value changes in hedged items — — — Interest rate risk Net (losses) on qualifying hedges — — (2) Fair value changes in hedged items — — 2 Net gains/(losses) € — € — € — |
Summary of reclassification adjustments from Other comprehensive income to Consolidated Income Statement | Years ended December 31, 2020 2019 2018 (€ million) Currency risk Increase/(decrease) in Net revenues € 28 € (27) € 100 Decrease/(increase) in Cost of revenues 135 (29) (17) Net financial income/(expenses) 98 4 2 Result from investments 21 1 24 Interest rate risk Result from investments 2 (2) 1 Net financial expenses (11) — — Commodity price risk (Increase)/decrease in Cost of revenues (86) 7 29 Ineffectiveness and discontinued hedges (21) (33) (5) Tax expense/(benefit) 1 (3) (36) Items relating to discontinued operations, net of tax — 2 9 Total recognized in the Consolidated Income Statement € 167 € (80) € 107 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Cash and cash equivalents | Cash and cash equivalents consisted of the following: At December 31, 2020 2019 (€ million) Cash at banks € 8,749 € 5,166 Money market securities 7,802 2,293 Other cash equivalents 7,295 7,555 Total Cash and cash equivalents € 23,846 € 15,014 |
Share-based compensation (Table
Share-based compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-Based Payment Arrangements [Abstract] | |
Disclosure of number and weighted average exercise prices of other equity instruments | Changes during 2020, 2019 and 2018 for the PSU NI awards under the framework equity incentive plan were as follows: 2020 2019 2018 PSU NI Weighted PSU NI Weighted PSU NI Weighted Outstanding shares unvested at January 1 262,384 € 4.91 4,568,830 € 6.14 8,803,826 € 5.89 Anti-dilution adjustment — — 25,516 4.91 32,855 5.87 Granted — — — — 71,136 9.73 Vested (236,868) 4.90 (4,295,593) 6.24 (3,857,502) 5.58 Canceled — — — — — — Forfeited (25,516) 4.90 (36,369) 6.62 (481,485) 6.27 Outstanding shares unvested at December 31 — € — 262,384 € 4.91 4,568,830 € 6.14 Changes during 2020 and 2019 for the PSU Adjusted EBIT awards under the framework equity incentive plan were as follows: 2020 2019 PSU Adjusted EBIT Weighted PSU Adjusted EBIT Weighted Outstanding shares unvested at January 1 5,560,639 € 10.19 € — € — Anti-dilution adjustment — — 524,308 10.18 Granted 3,629,656 6.40 5,182,071 11.26 Vested (1,189,222) 10.18 — — Canceled — — — — Forfeited (827,001) 9.86 (145,740) 11.28 Outstanding shares unvested at December 31 7,174,072 € 8.32 5,560,639 € 10.19 Changes during 2020, 2019 and 2018 for the PSU TSR awards under the framework equity incentive plan were as follows: 2020 2019 2018 PSU TSR Weighted PSU TSR Weighted PSU TSR Weighted Outstanding shares unvested at January 1 6,797,491 € 10.61 6,926,413 € 11.42 8,803,827 € 10.58 Anti-dilution adjustment — — 644,588 10.60 32,855 10.54 Granted 3,629,656 3.92 5,189,237 11.58 2,473,637 13.15 Vested (2,421,734) 10.83 (4,295,594) 10.67 (3,857,502) 10.51 Canceled — — (1,385,046) 12.99 — — Forfeited (831,326) 9.91 (282,107) 11.94 (526,404) 11.50 Outstanding shares unvested at December 31 7,174,087 € 7.23 6,797,491 € 10.61 6,926,413 € 11.42 Changes during 2020, 2019 and 2018 for the RSU awards under the framework equity incentive plan were as follows: 2020 2019 2018 RSUs Weighted RSUs Weighted RSUs Weighted Outstanding shares unvested at January 1 8,153,039 € 10.51 4,290,986 € 10.47 7,600,313 € 9.17 Anti-dilution adjustment — — 761,529 10.49 28,299 9.12 Granted 5,654,588 6.59 7,160,764 11.35 627,081 18.54 Vested (3,228,967) 10.24 (3,347,345) 9.93 (3,690,050) 9.09 Canceled — — — — — — Forfeited (715,489) 9.12 (712,895) 10.05 (274,657) 10.28 Outstanding shares unvested at December 31 9,863,171 € 8.46 8,153,039 € 10.51 4,290,986 € 10.47 |
Disclosure of indirect measurement of fair value of goods or services received, other equity instruments granted during period | The key assumptions utilized to calculate the grant-date fair values for the PSU NI awards are summarized below: Key assumptions 2017 PSU NI Awards Range 2015 PSU NI Awards Range Grant date stock price €9.74 - €10.39 €13.44 - €15.21 Expected volatility 40 % 40 % Risk-free rate (0.8) % 0.7 % The key assumptions utilized to calculate the grant date fair values for the PSU TSR awards issued are summarized below: Key assumptions 2020 PSU TSR Awards Range 2019 PSU TSR Awards Range 2018 PSU TSR Awards Range 2017 PSU TSR Awards Range 2015 PSU TSR Awards Range Grant date stock price € 7.38 € 13.10 € 18.79 €9.74 - €10.39 €13.44 - €15.21 Expected volatility 40 % 39 % 41 % 44 % 37% - 39% Dividend yield 5 % 5 % — % — % — % Risk-free rate (0.7) % (0.7) % (0.3) % (0.8) % 0.7% - 0.8% |
Disclosure of anti-dilutive securities | The following table reflects the changes resulting from the anti-dilution adjustments: 2019 Anti-dilution adjustment 2018 Anti-dilution adjustment 2017 Anti-dilution adjustment 2016 Anti-dilution adjustment PSU Awards: Number of awards - as adjusted 12,620,514 17,673,363 22,890,392 22,717,024 Key assumptions - as adjusted: €8.79 - €16.96 €5.71 - €10.35 €8.66 - €9.79 €8.71 - €9.85 RSU Awards: Number of awards - as adjusted 8,153,039 7,628,612 8,015,812 8,023,472 |
Employee benefits liabilities (
Employee benefits liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Employee Benefits [Abstract] | |
Employee benefits liabilities | Employee benefits liabilities consisted of the following: At December 31, 2020 2019 Current Non-current Total Current Non-current Total (€ million) Pension benefits € 35 € 4,838 € 4,873 € 38 € 5,024 € 5,062 Health care and life insurance plans 119 2,114 2,233 132 2,157 2,289 Other post-employment benefits 61 702 763 63 730 793 Other provisions for employees 377 674 1,051 311 596 907 Total Employee benefits liabilities € 592 € 8,328 € 8,920 € 544 € 8,507 € 9,051 |
Defined benefit obligations | The following table summarizes the fair value of defined benefit obligations and the fair value of related plan assets: At December 31, 2020 2019 (€ million) Present value of defined benefit obligations: Pension benefits € 24,361 € 25,024 Health care and life insurance plans 2,233 2,289 Other post-employment benefits 763 793 Total present value of defined benefit obligations (a) 27,357 28,106 Fair value of plan assets (b) 20,258 20,729 Asset ceiling (c) 17 18 Total net defined benefit plans (a - b + c) 7,116 7,395 of which: Net defined benefit liability (d) 7,869 8,144 Defined benefit plan asset (753) (749) Other provisions for employees (e) 1,051 907 Total Employee benefits liabilities (d + e) € 8,920 € 9,051 The following table summarizes changes in the pension plans: 2020 2019 Obligation Fair value of plan assets Asset ceiling Liability/ (Asset) Obligation Fair value of plan assets Asset ceiling Liability/ (€ million) At January 1 € 25,024 € (20,729) € 18 € 4,313 € 22,767 € (18,819) € 13 € 3,961 Included in the Consolidated Income Statement 954 (566) — 388 1,111 (713) — 398 Included in Other comprehensive income: Actuarial (gains)/losses from: Demographic and other assumptions (10) — — (10) (359) — — (359) Financial assumptions 1,868 — — 1,868 2,773 — — 2,773 Return on assets — (1,923) — (1,923) — (2,454) — (2,454) Changes in the effect of limiting net assets — — — — — — 3 3 Changes in exchange rates (1,992) 1,603 (1) (390) 618 (564) 2 56 Other: Employer contributions — (113) — (113) — (48) — (48) Plan participant contributions 2 (2) — — 2 (2) — — Benefits paid (1,485) 1,472 — (13) (1,520) 1,506 — (14) Settlements paid — — — — (394) 394 — — Transfer to Liabilities held for sale — — — — — — — — Other changes — — — — 26 (29) — (3) At December 31 € 24,361 € (20,258) € 17 € 4,120 € 25,024 € (20,729) € 18 € 4,313 Changes in net defined benefit obligations for healthcare and life insurance plans were as follows: 2020 2019 (€ million) Present value of obligations at January 1 € 2,289 € 2,216 Included in the Consolidated Income Statement 94 115 Included in Other comprehensive income: Actuarial (gains)/losses from: - Demographic and other assumptions (24) (215) - Financial assumptions 179 251 Effect of movements in exchange rates (186) 57 Other: Benefits paid (119) (135) Transfer to Liabilities held for sale — — December 31 € 2,233 € 2,289 Changes in defined benefit obligations for other post-employment benefits were as follows: 2020 2019 (€ million) Present value of obligations at January 1 € 793 € 819 Included in the Consolidated Income Statement 14 20 Included in Other comprehensive income: Actuarial (gains)/losses from: - Demographic and other assumptions (18) 11 - Financial assumptions 13 41 Effect of movements in exchange rates (7) 3 Other: Benefits paid (32) (90) Transfer to Liabilities held for sale — (20) Other changes — 9 Present value of obligations at December 31 € 763 € 793 |
Disclosure of information about maturity profile of defined benefit obligation | The expected benefit payments for pension plans are as follows: Expected benefit (€ million) 2021 € 1,383 2022 € 1,364 2023 € 1,351 2024 € 1,353 2025 € 1,345 2026-2030 € 6,665 Expected benefit payments (€ million) 2021 € 119 2022 € 118 2023 € 117 2024 € 117 2025 € 117 2026-2030 € 572 |
Amounts recognized in the consolidated income statement | Amounts recognized in the Consolidated Income Statement were as follows: Years ended December 31, 2020 2019 2018 (€ million) Current service cost € 175 € 156 € 172 Interest expense 771 969 925 Interest income (646) (795) (759) Other administration costs 80 82 79 Past service costs/(credits) and (gains)/losses arising from settlements/curtailments 8 (14) 92 Items relating to discontinued operations — — — Total recognized in the Consolidated Income Statement € 388 € 398 € 509 Amounts recognized in the Consolidated Income Statement were as follows: Years ended December 31, 2020 2019 2018 (€ million) Current service cost € 21 € 20 € 22 Interest expense 73 96 88 Past service costs/(credits) and losses/(gains) arising from settlements — (1) — Total recognized in the Consolidated Income Statement € 94 € 115 € 110 Amounts recognized in the Consolidated Income Statement were as follows: Years ended December 31, 2020 2019 2018 (€ million) Current service cost € 7 € 6 € 9 Interest expense 7 12 14 Past service costs/(credits) and losses/(gains) arising from settlements — 1 — Items relating to discontinued operations — 1 — Total recognized in the Consolidated Income Statement € 14 € 20 € 23 |
Fair value of plan assets by class | The fair value of plan assets by class was as follows: At December 31, 2020 2019 Amount of which have a Amount of which have a (€ million) Cash and cash equivalents € 846 € 799 € 699 € 681 U.S. equity securities 1,220 1,219 1,407 1,405 Non-U.S. equity securities 670 670 781 781 Commingled funds 1,480 506 1,596 422 Equity instruments 3,370 2,395 3,784 2,608 Government securities 2,823 833 3,179 1,191 Corporate bonds (including convertible and high yield bonds) 5,797 — 5,553 — Other fixed income 1,487 185 1,536 174 Fixed income securities 10,107 1,018 10,268 1,365 Private equity funds 2,332 — 2,297 — Commingled funds 70 66 65 62 Real estate funds 1,173 3 1,349 3 Hedge funds 2,199 62 2,072 38 Investment funds 5,774 131 5,783 103 Insurance contracts and other 161 66 195 66 Total fair value of plan assets € 20,258 € 4,409 € 20,729 € 4,823 |
Weighted average assumptions | The weighted average assumptions used to determine defined benefit obligations were as follows: At December 31, 2020 2019 U.S. Canada UK U.S. Canada UK Discount rate 2.6% 2.5% 1.6% 3.3% 3.1% 2.0% Future salary increase rate —% 3.5% 2.7% —% 3.5% 2.7% The weighted average assumptions used to determine the defined benefit obligations were as follows: At December 31, 2020 2019 U.S. Canada U.S. Canada Discount rate 2.7% 2.7% 3.4% 3.1% Salary growth 1.5% 1.3% 1.5 % 1.0% Weighted average ultimate healthcare cost trend rate 4.0% 4.0% 4.4% 4.0% |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract] | |
Disclosure of changes in other provisions | Provisions consisted of the following: At December 31, 2020 2019 (1) Current Non-current Total Current Non-current Total (€ million) Product warranty and recall campaigns € 2,045 € 3,671 € 5,716 € 2,406 € 3,900 € 6,306 Sales incentives 4,078 — 4,078 5,479 — 5,479 Legal proceedings and disputes 397 183 580 303 222 525 Commercial risks 410 301 711 441 120 561 Restructuring 64 24 88 72 34 106 Other risks 261 787 1,048 277 751 1,028 Total Provisions € 7,255 € 4,966 € 12,221 € 8,978 € 5,027 € 14,005 |
Disclosure of other provisions | Changes in Provisions were as follows: At January 1, 2020 Additional Settlements Unused Translation differences Transfer to Liabilities held for sale Other At December 31, 2020 (€ million) Product warranty and recall campaigns € 6,306 € 2,777 € (2,897) € — € (488) € — € 18 € 5,716 Sales incentives 5,479 10,524 (11,636) (11) (324) — 46 4,078 Legal proceedings and disputes 525 286 (165) (11) (56) — 1 580 Commercial risks 561 338 (125) (4) (55) — (4) 711 Restructuring costs 106 66 (64) (12) (6) — (2) 88 Other risks 1,028 317 (198) (29) (38) — (32) 1,048 Total Provisions € 14,005 € 14,308 € (15,085) € (67) € (967) € — € 27 € 12,221 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Financial Instruments [Abstract] | |
Disclosure of detailed information about borrowings | The following table summarizes the FCA Group's current and non-current Debt by maturity date (amounts include accrued interest): At December 31, 2020 2019 Due Due Due Total (non-current) Total Debt Due within Due Due Total (non-current) Total Debt (€ million) Notes € 1,131 € 5,073 € 2,250 € 7,323 € 8,454 € 1,450 € 4,942 — € 4,942 € 6,392 Borrowings from banks 1,842 8,288 40 8,328 10,170 2,097 1,511 88 1,599 3,696 Asset-backed financing (Note 15) 41 — — — 41 151 — — — 151 Lease liabilities 355 664 674 1,338 1,693 360 705 575 1,280 1,640 Other debt (1) 712 46 1 47 759 818 204 — 204 1,022 Total Debt € 4,081 € 14,071 € 2,965 € 17,036 € 21,117 € 4,876 € 7,362 € 663 € 8,025 € 12,901 ________________________________________________________________________________________________________________________________________________ (1) Debt at December 31, 2020, excludes €74 million of debt included within Liabilities held for sale. Refer to Note 3, Scope of consolidation. Notes The following table summarizes the notes outstanding at December 31, 2020 and 2019: At December 31, Currency Face value of Coupon % Maturity 2020 2019 Medium Term Note Programme: (€ million) Fiat Chrysler Finance Europe SENC (1) EUR 1,000 4.750 March 22, 2021 1,000 1,000 Fiat Chrysler Finance Europe SENC (1) EUR 1,350 4.750 July 15, 2022 1,350 1,350 FCA NV (1) EUR 1,250 3.375 July 7, 2023 1,250 — FCA NV (1) EUR 1,250 3.750 March 29, 2024 1,250 1,250 FCA NV (1) EUR 1,250 3.875 January 5, 2026 1,250 — FCA NV (1) EUR 1,000 4.500 July 7, 2028 1,000 — Other (2) EUR 7 7 7 Total Medium Term Note Programme 7,107 3,607 Other Notes: FCA NV (1) U.S.$ 1,500 4.500 April 15, 2020 — 1,335 FCA NV (1) U.S.$ 1,500 5.250 April 15, 2023 1,223 1,335 Total Other Notes 1,223 2,670 Hedging effect, accrued interest and amortized cost valuation 124 115 Total Notes € 8,454 € 6,392 ______________________________________________________________________________________________________________________________ (1) Listing on the Irish Stock Exchange was obtained. (2) Medium Term Notes with amounts outstanding equal to or less than the equivalent of €50 million. |
Disclosure of finance lease and operating lease by lessee | Lease liabilities The following table summarizes the FCA Group's current and non-current lease liabilities: Lease liabilities included in the Statement of Financial Position At December 31, 2020 2019 (€ million) Long-term debt (non-current) € 1,338 € 1,280 Short-term debt and current portion of long-term debt (current) € 355 € 360 Maturity analysis - contractual undiscounted cash flows At December 31, 2020 (€ million) Due within one year € 419 Due between one and five years 868 Due beyond five years 993 Total undiscounted lease liabilities € 2,280 In addition, FCA entered into commitments relating to leases not yet commenced of €171 million, of which the most significant related to the investments in manufacturing facilities in Michigan, USA. In addition to the above, FCA entered into non-cancellable short term leases, which have not been classified as lease liabilities, of €18 million which is expected to be settled within the next 12 months. |
Other liabilities and tax pay_2
Other liabilities and tax payable (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of details about other liabilities | Other liabilities consisted of the following: At December 31, 2020 2019 Current Non-current Total Current Non-current Total (€ million) Payables for GDP and buy-back agreements € 1,181 € — € 1,181 € 2,210 € — € 2,210 Accrued expenses and deferred income 569 535 1,104 769 674 1,443 Indirect tax payables 701 92 793 501 14 515 Payables to personnel 898 1 899 1,008 15 1,023 Social security payables 279 6 285 258 4 262 Construction contract liabilities 35 — 35 83 — 83 Service contract liability 603 1,400 2,003 621 1,530 2,151 Other 1,483 95 1,578 1,338 189 1,527 Total Other liabilities € 5,749 € 2,129 € 7,878 € 6,788 € 2,426 € 9,214 |
Disclosure of analysis of other liabilities by due date | Other liabilities (excluding Accrued expenses, Deferred income and Service contract liability) by due date were as follows: At December 31, 2020 2019 Total due within one year (Current) Due between one and five years Due beyond five years Total due after one year (Non-Current) Total Total due within one year (Current) Due between one and five years Due beyond five years Total due after one year (Non-Current) Total (€ million) Other liabilities (excluding Accrued expenses, deferred income and service contract liability) € 4,577 € 179 € 15 € 194 € 4,771 € 5,398 € 201 € 21 € 222 € 5,620 |
Explanation of significant changes in contract assets and contract liabilities | Changes in the FCA Group's construction contracts, net asset/(liability) for the year ended December 31, 2020, were as follows: At January 1, 2020 Advances received from customers Amounts recognized within revenue At December 31, 2020 (€ million) Construction contracts, net asset/(liability) € 111 € (473) € 547 € 185 At January 1, 2020 Advances received from customers Amounts recognized within revenue Transfers to Assets/(Liabilities) held for sale Other Changes At December 31, 2020 (€ million) Service contract liability € 2,151 € 723 € (640) € — € (231) € 2,003 |
Disclosure of analysis of tax payables by due date | Tax liabilities by due date were as follows: At December 31, 2020 2019 Total due within one year (Current) Due between one and five years Due beyond five years Total due after one year (Non-Current) Total Total due within one year (Current) Due between one and five years Due beyond five years Total due after one year (Non-Current) Total (€ million) Tax liabilities € 228 € 246 € 2 € 248 € 476 € 122 € 276 € 2 € 278 € 400 |
Fair value measurements (Tables
Fair value measurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Measurement [Abstract] | |
Assets that are measured at fair value | At December 31, 2020 2019 Note Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (€ million) Debt securities and equity instruments measured at FVOCI 13 € 66 € 16 € 13 € 95 € 3 € 21 € 13 € 37 Debt securities and equity instruments measured at FVPL 13 275 — 15 290 277 — 15 292 Derivative financial assets 16 — 629 — 629 — 98 — 98 Collateral deposits 13 32 — — 32 42 — — 42 Receivables from financing activities 15 — — 473 473 — — 580 580 Trade receivables 15 — 12 — 12 — 19 — 19 Other receivables 15 — — 63 63 — — 69 69 Money market securities 17 7,802 — — 7,802 2,293 — — 2,293 Total Assets € 8,175 € 657 € 564 € 9,396 € 2,615 € 138 € 677 € 3,430 Derivative financial liabilities 16 — 633 — 633 — 318 — 318 Total Liabilities € — € 633 € — € 633 € — € 318 € — € 318 The following table provides the carrying amount and fair value of financial assets and liabilities not measured at fair value on a recurring basis: At December 31, 2020 2019 Note Carrying Fair Carrying Fair (€ million) Dealer financing € 1,065 € 1,065 € 1,737 € 1,736 Retail financing 512 504 613 608 Finance lease 6 6 3 3 Other receivables from financing activities 360 360 222 222 Total Receivables from financing activities (1) 15 € 1,943 € 1,935 € 2,575 € 2,569 Asset backed financing € 41 € 41 € 151 € 151 Notes 8,454 9,314 6,392 6,900 Borrowings from banks & Other debt 10,929 11,194 4,718 4,724 Total Debt, excluding Lease liabilities (2) 21 € 19,424 € 20,549 € 11,261 € 11,775 |
Liabilities that are measured at fair value | At December 31, 2020 2019 Note Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (€ million) Debt securities and equity instruments measured at FVOCI 13 € 66 € 16 € 13 € 95 € 3 € 21 € 13 € 37 Debt securities and equity instruments measured at FVPL 13 275 — 15 290 277 — 15 292 Derivative financial assets 16 — 629 — 629 — 98 — 98 Collateral deposits 13 32 — — 32 42 — — 42 Receivables from financing activities 15 — — 473 473 — — 580 580 Trade receivables 15 — 12 — 12 — 19 — 19 Other receivables 15 — — 63 63 — — 69 69 Money market securities 17 7,802 — — 7,802 2,293 — — 2,293 Total Assets € 8,175 € 657 € 564 € 9,396 € 2,615 € 138 € 677 € 3,430 Derivative financial liabilities 16 — 633 — 633 — 318 — 318 Total Liabilities € — € 633 € — € 633 € — € 318 € — € 318 The following table provides the carrying amount and fair value of financial assets and liabilities not measured at fair value on a recurring basis: At December 31, 2020 2019 Note Carrying Fair Carrying Fair (€ million) Dealer financing € 1,065 € 1,065 € 1,737 € 1,736 Retail financing 512 504 613 608 Finance lease 6 6 3 3 Other receivables from financing activities 360 360 222 222 Total Receivables from financing activities (1) 15 € 1,943 € 1,935 € 2,575 € 2,569 Asset backed financing € 41 € 41 € 151 € 151 Notes 8,454 9,314 6,392 6,900 Borrowings from banks & Other debt 10,929 11,194 4,718 4,724 Total Debt, excluding Lease liabilities (2) 21 € 19,424 € 20,549 € 11,261 € 11,775 |
Disclosure of significant unobservable inputs used in fair value measurement of assets | The following table provides a reconciliation of the changes in items measured at fair value and categorized within Level 3: Receivables from financing activities Debt securities and equity instruments Derivative Other receivables (€ million) At January 1, 2020 € 580 € 28 € — € 69 Gains/(Losses) recognized in Consolidated Income Statement — — — (6) Losses recognized in Other comprehensive income/(loss) — — — — Issues/Settlements (107) — — — Purchases/Sales — — — — Transfers from Level 3 — — — — At December 31, 2020 € 473 € 28 € — € 63 Receivables from financing activities Debt securities and equity instruments Derivative Other receivables (€ million) At January 1, 2019 € 973 € 16 € 39 € — Gains/(Losses) recognized in Consolidated Income Statement — 1 56 (1) Gains recognized in Other comprehensive income/(loss) — — (15) — Issues/Settlements (393) — (66) 70 Purchases/Sales — 11 — — Transfers from Level 3 — — (14) — At December 31, 2019 € 580 € 28 € — € 69 |
Disclosure of significant unobservable inputs used in fair value measurement of liabilities | The following table provides a reconciliation of the changes in items measured at fair value and categorized within Level 3: Receivables from financing activities Debt securities and equity instruments Derivative Other receivables (€ million) At January 1, 2020 € 580 € 28 € — € 69 Gains/(Losses) recognized in Consolidated Income Statement — — — (6) Losses recognized in Other comprehensive income/(loss) — — — — Issues/Settlements (107) — — — Purchases/Sales — — — — Transfers from Level 3 — — — — At December 31, 2020 € 473 € 28 € — € 63 Receivables from financing activities Debt securities and equity instruments Derivative Other receivables (€ million) At January 1, 2019 € 973 € 16 € 39 € — Gains/(Losses) recognized in Consolidated Income Statement — 1 56 (1) Gains recognized in Other comprehensive income/(loss) — — (15) — Issues/Settlements (393) — (66) 70 Purchases/Sales — 11 — — Transfers from Level 3 — — (14) — At December 31, 2019 € 580 € 28 € — € 69 |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Related Party [Abstract] | |
Disclosure of transactions between related parties | The amounts for significant transactions with related parties recognized in the Consolidated Income Statements were as follows: Years ended December 31, 2020 2019 2018 Net Cost of Selling, Net Financial Net Cost of Selling, Net Financial Net Cost of Selling, Net Financial (€ million) Tofas € 938 € 1,326 € 6 € — € 728 € 2,086 € 9 € — € 926 € 2,572 € 7 € — Sevel S.p.A. 196 1 5 — 205 1 5 — 402 1 4 — FCA Bank 1,375 22 (8) 32 1,686 23 (19) 52 1,611 28 (21) 56 GAC FCA JV 97 — (17) (1) 151 — (36) — 419 11 (49) — Fiat India Automobiles 2 — — — 2 — — — 2 — — — Other 1 — — — 2 — — (1) 27 6 (4) 1 Total joint arrangements 2,609 1,349 (14) 31 2,774 2,110 (41) 51 3,387 2,618 (63) 57 Total associates 2 123 1 (1) 17 186 (1) — 30 229 (2) (1) CNHI 284 269 — — 357 332 11 — 501 326 6 — Ferrari N.V. 22 98 — — 30 144 1 — 64 218 4 — Directors and Key Management — — 100 — — — 82 — — — 77 — Other — — 48 — 5 — 37 — 2 — 26 — Total CNHI, Ferrari, Directors and other 306 367 148 — 392 476 131 — 567 544 113 — Total unconsolidated 7 3 2 (1) 6 7 4 — 7 8 4 1 Total transactions with related parties € 2,924 € 1,842 € 137 € 29 € 3,189 € 2,779 € 93 € 51 € 3,991 € 3,399 € 52 € 57 Total for the FCA Group € 86,676 € 75,962 € 5,501 € 988 € 108,187 € 93,164 € 6,455 € 1,005 € 110,412 € 95,011 € 7,318 € 1,056 Assets and liabilities from significant transactions with related parties were as follows: At December 31, 2020 2019 Trade and other Trade Other Asset- Debt (1) Trade Trade Other Asset- Debt (1) (€ million) Tofas € 73 € 347 € 35 € — € — € 18 € 171 € 39 € — € — Sevel S.p.A. 15 — 1 — 7 28 — 1 — 13 FCA Bank 264 88 37 29 61 278 139 151 141 181 GAC FCA JV 123 2 — — — 62 11 — — — Fiat India Automobiles Limited 1 — 6 — — 1 — 8 — — Other — — — — — 0 — — — — Total joint arrangements 476 437 79 29 68 387 321 199 141 194 Total associates 43 32 6 — — 45 41 8 — — CNHI 44 75 2 — — 49 87 11 — — Ferrari N.V. 8 38 — — — 12 49 — — — Other 1 2 1 — — 4 13 — — — Total CNHI, Ferrari N.V. and other 53 115 3 — — 65 149 11 — — Total unconsolidated subsidiaries 25 15 1 — 26 16 9 1 — 22 Total originating from related parties € 597 € 599 € 89 € 29 € 94 € 513 € 520 € 219 € 141 € 216 Total for the FCA Group € 7,266 € 20,576 € 7,878 € 41 € 21,076 € 9,004 € 21,616 € 9,214 € 151 € 12,750 ______________________________________________________________________________________________________________________________ (1) Relating to Debt excluding Asset-backed financing, refer to Note, 21 Debt . As of December 31, 2020, the FCA Group had a take-or-pay commitment with Tofas with future minimum expected obligations as follows: (€ million) 2021 € 217 2022 € 177 2023 € 94 2024 € 94 FCA provided guarantees to FCA Bank related to certain dealer financing arrangements FCA Bank had with dealers. The amount of the guarantees outstanding at December 31, 2020 was approximately €5 million. The fair value of these guarantees was immaterial due to the value of vehicles in the dealers' stock pledged to FCA. Compensation to Directors and Key Management The fees of the Directors of the FCA Group for carrying out their respective functions, including those in other consolidated companies, were as follows: Years ended December 31, 2020 2019 2018 (€ thousand) Directors (1) € 19,097 € 23,050 € 18,830 Total Compensation € 19,097 € 23,050 € 18,830 ______________________________________________________________________________________________________________________________ (1) Including the notional compensation cost arising from long-term share-based compensation granted to the Chairman, the Chief Executive Officer and the Chief Financial Officer. |
Guarantees granted, commitmen_2
Guarantees granted, commitments and contingent liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract] | |
Disclosure of maturity analysis of purchase obligations | Future minimum purchase obligations under these arrangements at December 31, 2020 were as follows for the FCA Group's continuing operations: (€ million) 2021 € 562 2022 € 243 2023 € 135 2024 € 152 2025 € 16 2026 and thereafter € 27 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share Capital, Reserves And Other [Abstract] | |
Disclosure of number of shares outstanding | The following table summarizes the changes in the number of outstanding common shares and special voting shares of FCA during the year ended December 31, 2020: Common Shares Special Voting Shares Total Balance at January 1, 2020 1,567,519,274 408,941,767 1,976,461,041 Shares issued to Key management 7,195,225 — 7,195,225 Shares registered in the Loyalty Register — 40,676,747 40,676,747 Balance at December 31, 2020 1,574,714,499 449,618,514 2,024,333,013 |
Disclosure of analysis of other comprehensive income by item | Other comprehensive income was as follows: Years ended December 31, 2020 2019 2018 (€ million) Items that will not be reclassified to the Consolidated Income Statement in subsequent periods: (Losses)/gains on remeasurement of defined benefit plans € (110) € (63) € 317 Losses on debt instruments measured at FVOCI (1) — — Share of gains/(losses) on remeasurement of defined benefit plans for equity method investees — (5) — Gains/(losses) on equity instruments measured at fair value through other comprehensive income (5) 6 (4) Items relating to discontinued operations — (9) 1 Total Items that will not be reclassified to the Consolidated Income Statement (B1) (116) (71) 314 Items that may be reclassified to the Consolidated Income Statement in subsequent periods: Gains/(Losses) on net investment hedging instruments — — — Gains/(losses) on cash flow hedging instruments arising during the period 121 (269) 99 Gains/(losses) on cash flow hedging instruments reclassified to the Consolidated Income Statement (143) 78 (108) Total Gains/(losses) on cash flow hedging instruments (22) (191) (9) Foreign exchange gains/(losses) (2,696) 268 126 Share of Other comprehensive income/(loss) for equity method investees arising during the period (81) (16) (77) Share of Other comprehensive income/(loss) for equity method investees reclassified to the Consolidated Income Statement (23) 1 (26) Total Share of Other comprehensive (loss)/income for equity method investees (104) (15) (103) Items relating to discontinued operations — 9 (91) Total Items that may be reclassified to the Consolidated Income Statement (B2) (2,822) 71 (77) Total Other comprehensive income (B1)+(B2)=(B) (2,938) — 237 Tax effect 28 57 (82) Tax effect - discontinued operations — — 1 Total Other comprehensive income, net of tax € (2,910) € 57 € 156 The following table summarizes the tax effect relating to Other comprehensive income: Years ended December 31, 2020 2019 2018 Pre-tax Tax Net Pre-tax Tax Net Pre-tax Tax Net (€ million) (Losses)/gains on remeasurement of defined benefit plans € (110) € 21 € (89) € (63) € 7 € (56) € 317 € (76) € 241 Losses on debt instruments measured at FVOCI (1) — (1) — — — — — — Gains/(Losses) on cash flow hedging instruments (22) 7 (15) (191) 50 (141) (9) (6) (15) Gains/(losses) on equity instruments measured at fair value through other comprehensive income (5) — (5) 6 — 6 (4) — (4) Foreign exchange (losses)/gains (2,696) — (2,696) 268 — 268 126 — 126 Share of Other comprehensive income/(loss) for equity method investees (104) — (104) (20) — (20) (103) — (103) Items relating to discontinued operations — — — — — — (90) 1 (89) Total Other comprehensive income € (2,938) € 28 € (2,910) € — € 57 € 57 € 237 € (81) € 156 |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings per share [abstract] | |
Earnings per share | The following tables provide the amounts used in the calculation of basic earnings per share: Years ended December 31, 2020 2019 2018 Net profit attributable to owners of the parent million € 29 € 6,622 € 3,608 Weighted average number of shares outstanding thousand 1,572,020 1,564,114 1,548,439 Basic earnings per share € € 0.02 € 4.23 € 2.33 Years ended December 31, 2020 2019 2018 Net profit from continuing operations attributable to owners of the parent million € 29 € 2,694 € 3,323 Weighted average number of shares outstanding thousand 1,572,020 1,564,114 1,548,439 Basic earnings per share from continuing operations € € 0.02 € 1.72 € 2.15 Years ended December 31, 2020 2019 2018 Net profit from discontinued operations attributable to owners of the parent million € — € 3,928 € 285 Weighted average number of shares outstanding thousand 1,572,020 1,564,114 1,548,439 Basic earnings per share from discontinued operations € € — € 2.51 € 0.18 The following tables provide the amounts used in the calculation of diluted earnings per share: Years ended December 31, 2020 2019 2018 Net profit attributable to owners of the parent million € 29 € 6,622 € 3,608 Weighted average number of shares outstanding thousand 1,572,020 1,564,114 1,548,439 Number of shares deployable for share-based compensation thousand 5,293 6,736 19,400 Weighted average number of shares outstanding for diluted earnings per share thousand 1,577,313 1,570,850 1,567,839 Diluted earnings per share € € 0.02 € 4.22 € 2.30 Years ended December 31, 2020 2019 2018 Net profit from continuing operations attributable to owners of the parent million € 29 € 2,694 € 3,323 Weighted average number of shares outstanding for diluted earnings per share thousand 1,577,313 1,570,850 1,567,839 Diluted earnings per share from continuing operations € € 0.02 € 1.71 € 2.12 Years ended December 31, 2020 2019 2018 Net profit from discontinued operations attributable to owners of the parent million € — € 3,928 € 285 Weighted average number of shares outstanding for diluted earnings per share thousand 1,577,313 1,570,850 1,567,839 Diluted earnings per share from discontinued operations € € — € 2.50 € 0.18 |
Segment reporting (Tables)
Segment reporting (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Operating segments [Abstract] | |
Disclosure of operating segments | The following tables summarize selected financial information by segment for the years ended December 31, 2020, 2019 and 2018: Mass-Market Vehicles 2020 North America LATAM APAC EMEA Maserati Other activities Unallocated items & eliminations FCA (€ million) Revenues € 60,322 € 5,305 € 2,381 € 16,284 € 1,384 € 2,188 € (1,188) € 86,676 Revenues from transactions with other segments (15) (8) (64) (93) (2) (1,006) 1,188 — Revenues from third party customers € 60,307 € 5,297 € 2,317 € 16,191 € 1,382 € 1,182 € — € 86,676 Net profit from continuing operations € 24 Tax expense € 1,332 Net financial expenses € 988 Adjustments: Impairment expense and supplier obligations (1) € 154 € 161 € — € 266 € 297 € 5 € 44 € 927 Provision for U.S. investigation matters (2) € — € — € — € — € — € — € 222 € 222 Restructuring costs, net of reversals € 32 € 18 € — € 6 € 3 € 14 € — € 73 Gains on disposal of investments € — € — € — € — € — € (4) € — € (4) Other (3) € 10 € — € — € (28) € 4 € 130 € 64 € 180 Adjusted EBIT € 5,351 € 6 € (116) € (918) € (232) € (283) € (66) € 3,742 Share of profit of equity method investees € — € — € (160) € 333 € — € 10 € 1 € 184 ______________________________________________________________________________________________________________________________ (1) Impairment expense and supplier obligations in Maserati, EMEA, LATAM and North America (refer to Note 2, Use of estimates - Recoverability of non-current assets with definite useful lives). (2) Provision recognized for estimated probable loss to settle matters under investigation by the U.S. Department of Justice, primarily related to criminal investigations associated with U.S. diesel emissions matters (refer to Note 25 - Guarantees granted, commitments and contingent liabilities). (3) Other costs, primarily including costs incurred for the FCA-PSA merger and for litigation proceedings (refer to Note 25, Guarantees granted,commitments and contingent liabilities, for further details). Mass-Market Vehicles 2019 North America LATAM APAC EMEA Maserati Other activities Unallocated items & eliminations FCA (€ million) Revenues € 73,357 € 8,461 € 2,814 € 20,571 € 1,603 € 3,009 € (1,628) € 108,187 Revenues from transactions with other segments (20) (12) (52) (105) (11) (1,428) 1,628 — Revenues from third party customers € 73,337 € 8,449 € 2,762 € 20,466 € 1,592 € 1,581 € — € 108,187 Net profit from continuing operations € 2,700 Tax expense € 1,321 Net financial expenses € 1,005 Adjustments: Impairment expense and supplier obligations (1)(5) € 98 € — € — € 441 € 210 € — € 793 € 1,542 Restructuring costs, net of reversal (2)(5) € 23 € 127 € — € (9) € 3 € — € 10 € 154 Gains on disposal of investments € — € — € — € — € — € (15) € — € (15) Brazilian indirect tax – reversal of liability/recognition of credits (3) € — € (164) € — € — € — € — € — € (164) Other (4)(5) € 45 € 4 € (4) € (7) € 8 € 7 € 72 € 125 Adjusted EBIT € 6,690 € 501 € (36) € (6) € (199) € (173) € (109) € 6,668 Share of profit of equity method investees € — € — € (126) € 318 € — € 15 € 1 € 208 ______________________________________________________________________________________________________________________________ (1) Impairment expense recognized in the year ended December 31, 2019 for EMEA, Maserati and also not allocated to a specific region. Additionally, impairment expense recognized in previous quarters in North America and Maserati, as well as supplier obligations of €6 million in EMEA. (2) Restructuring costs, mainly related to LATAM, EMEA and North America, primarily includes €76 million of write-down of Property, plant and equipment and €118 million related to the recognition of provisions for restructuring, partially offset by the reversal of previously recorded provisions, primarily €46 million in EMEA. (3) Gains in relation to the recognition of credits for amounts paid in prior years in relation to indirect taxes in Brazil (refer to Note 15, Trade and other receivables in the Consolidated Financial Statements). (4) Other costs, primarily relating to litigation proceedings (refer to Note 25, Guarantees granted, commitments and contingent liabilities in the Consolidated Financial Statements). (5) During the year ended December 31, 2019 impairment charges of €1,589 million were recorded, classified within Impairment expense and supplier obligations, Restructuring costs, net of reversals and Other above. These comprised €636 million of Property, plant and equipment (refer to Note 11, Property, plant and equipment in the Consolidated Financial Statements included elsewhere in this report) and €953 million of Other intangible assets (refer to Note 10, Other intangible assets in the Consolidated Financial Statements included elsewhere in this report). Mass-Market Vehicles 2018 North America LATAM APAC EMEA Maserati Other activities Unallocated items & eliminations FCA (€ million) Revenues € 72,384 € 8,152 € 2,703 € 22,815 € 2,663 € 2,888 € (1,193) € 110,412 Revenues from transactions with other segments (31) (10) (57) (101) (18) (976) 1,193 — Revenues from third party customers € 72,353 € 8,142 € 2,646 € 22,714 € 2,645 € 1,912 € — € 110,412 Net profit from continuing operations € 3,330 Tax expense € 778 Net financial expenses € 1,056 Adjustments: Charge recognized for U.S. diesel emission matters (1) € — € — € — € — € — € — € 748 € 748 Impairment expense (2) € 16 € 8 € 11 € 307 € — € — € 11 € 353 China inventory impairment (3) € — € — € 129 € — € — € — € — € 129 Costs for recall, net of recovery - airbag inflators (4) € 114 € — € — € — € — € — € — € 114 U.S. special bonus payment (5) € 109 € — € — € — € — € 2 € — € 111 Restructuring costs, net of reversal (6) € — € (28) € — € 123 € — € 8 € — € 103 Employee benefits settlement losses (7) € 92 € — € — € — € — € — € — € 92 Port of Savona (Italy) fire and flood (8) € — € — € — € 2 € 11 € 30 € — € 43 (Recovery of)/costs for recall - contested with supplier (9) € (50) € — € — € — € — € — € — € (50) North America Capacity realignment (10) € (60) € — € — € — € — € — € — € (60) Brazilian indirect tax – reversal of liability/recognition of credits (11) € — € (54) € — € — € — € (18) € — € (72) Other € 1 € — € — € 30 € — € 12 € 20 € 63 Adjusted EBIT € 6,230 € 359 € (296) € 406 € 151 € (40) € (72) € 6,738 Share of profit of equity method investees € — € — € (67) € 284 € — € 22 € 1 € 240 ______________________________________________________________________________________________________________________________ |
Disclosure of geographical areas | Net revenues by geographical area were as follows: Years ended December 31, 2020 2019 2018 (€ million) Net revenues in: North America (1) € 60,783 € 73,848 € 73,405 Brazil 4,518 7,423 6,452 Italy 5,454 7,259 8,815 France 2,420 3,021 3,204 Germany 2,325 2,519 2,755 China 1,412 1,753 1,974 Spain 789 1,200 1,397 United Kingdom 696 995 1,136 Argentina 772 861 1,384 Japan 752 839 718 Turkey 947 739 896 Australia 322 320 418 Other countries 5,486 7,410 7,858 Total Net revenues € 86,676 € 108,187 € 110,412 The following table summarizes the non-current assets (other than financial instruments, deferred tax assets and post-employment benefits assets) attributed to certain geographic areas: At December 31, 2020 2019 (€ million) North America (1) € 39,240 € 40,097 Italy 11,287 10,711 Brazil 2,811 4,064 Poland 531 684 Serbia 409 495 Other countries 1,007 1,320 Total Non-current assets (other than financial instruments, deferred tax assets and post-employment benefits assets) € 55,285 € 57,371 |
Explanatory notes to the cons_2
Explanatory notes to the consolidated statements of cash flows (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement of cash flows [abstract] | |
Disclosure of reconciliation of liabilities arising from financing activities | The following is a reconciliation of liabilities arising from financing activities for the year ended December 31, 2020 and 2019: Years ended December 31, 2020 2019 (€ million) Total Debt at January 1 (1) € 12,901 € 15,597 Add: Derivative (assets)/liabilities and collateral at January 1 178 (151) Total Liabilities from financing activities at January 1 € 13,079 € 15,446 Cash flows 9,087 (3,096) Foreign exchange effects (962) 9 Fair value changes (48) 327 Changes in scope of consolidation — 43 Transfer to (Assets)/Liabilities held for sale — (82) Other changes (2) (67) 432 Total Liabilities from financing activities at December 31 € 21,089 € 13,079 Less: Derivative (assets)/liabilities and collateral at December 31 (28) 178 Total Debt at December 31 € 21,117 € 12,901 ______________________________________________________________________________________________________________________________ (1) Total debt at January 1, 2019 has been adjusted to include Lease liabilities of €1,069 million from the adoption of IFRS 16. (2) Other changes above includes €622 million of non-cash movements relating to the recognition of additional lease liabilities in accordance with IFRS during the year ended December 31, 2019. |
Subsequent events (Tables)
Subsequent events (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Subequent events [Abstract] | |
Disclosure of deemed number of shares for consideration transferred calculation | Based on the number of shares of FCA and PSA that are issued and outstanding as of January 16, 2021, the respective percentages of ownership of PSA and the former FCA shareholders are as follows: Number of shares issued and outstanding as of January 16, 2021 Exchange ratio Adjusted number of shares on completion (i.e. Stellantis shares) Exchange ratio Deemed number of shares for consideration transferred calculation (a) (b) (c) = (a)*(b) (d) (e) = (c)/(d) PSA 887,038,000 (1) 1.742 1,545,220,196 49.53 % 1.742 887,038,000 49.53 % FCA 1,574,714,499 (2) 1 1,574,714,499 50.47 % 1.742 903,969,288 50.47 % Total 3,119,934,695 1,791,007,288 ________________________________________________________________________________________________________________________________________________ (1) Number of shares as of January 16, 2021, net of 7,790,213 treasury shares. (2) The number of shares as of January 16, 2021 includes 7,195,225 shares that vested during 2020 in connection with FCA’s Equity Incentive Plan |
DIsclosure of consideration transferred calculation | The computation of the consideration transferred under reverse acquisition accounting is summarized as follows: Number of shares of PSA deemed to be issued to FCA shareholders under reverse acquisition accounting Number of shares 903,969,288 Market price of PSA shares as of January 15, 2021 € € 21.85 Fair value of common shares deemed to be issued to FCA shareholders as of January 15, 2021 € million 19,752 Additional consideration for share-based compensation € million 85 Consideration transferred € million € 19,837 |
Principal activities (Details)
Principal activities (Details) | Oct. 12, 2014 |
Fiat Investments N.V. | Fiat Chrysler Automobiles N.V. | |
Disclosure of detailed information about financial instruments [line items] | |
Proportion of ownership interest in subsidiary | 100.00% |
Basis of presentation - COVID-1
Basis of presentation - COVID-19 Impacts (Details) - EUR (€) € in Millions | Mar. 02, 2021 | Jan. 04, 2021 | Sep. 14, 2020 | May 13, 2020 | Dec. 17, 2019 |
Disclosure of significant event in current year [Abstract] | |||||
Dividends proposed or declared before financial statements authorised for issue but not recognised as distribution to owners | € 1,000 | € 2,900 | € 2,900 | € 1,100 | € 5,500 |
Potential dividend distribution per entity | 500 | ||||
Potential dividend distribution total | € 1,000 |
Basis of presentation - princip
Basis of presentation - principal exchange rates (Details) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2020$ / € | Dec. 31, 2020$ / €R$ / € | Dec. 31, 2020$ / €¥ / € | Dec. 31, 2020$ / €$ / € | Dec. 31, 2020$ / €$ / € | Dec. 31, 2020$ / €zł / € | Dec. 31, 2020$ / €$ / € | Dec. 31, 2020$ / €£ / € | Dec. 31, 2020$ / €SFr / € | Dec. 31, 2019$ / € | Dec. 31, 2019R$ / €$ / € | Dec. 31, 2019¥ / €$ / € | Dec. 31, 2019$ / €$ / € | Dec. 31, 2019$ / €$ / € | Dec. 31, 2019zł / €$ / € | Dec. 31, 2019$ / €$ / € | Dec. 31, 2019$ / €£ / € | Dec. 31, 2019$ / €SFr / € | Dec. 31, 2018$ / € | Dec. 31, 2018R$ / €$ / € | Dec. 31, 2018¥ / €$ / € | Dec. 31, 2018$ / €$ / € | Dec. 31, 2018$ / €$ / € | Dec. 31, 2018$ / €zł / € | Dec. 31, 2018$ / €$ / € | Dec. 31, 2018£ / €$ / € | Dec. 31, 2018SFr / €$ / € | Dec. 31, 2020R$ / € | Dec. 31, 2020¥ / € | Dec. 31, 2020$ / € | Dec. 31, 2020$ / € | Dec. 31, 2020zł / € | Dec. 31, 2020$ / € | Dec. 31, 2020£ / € | Dec. 31, 2020SFr / € | Dec. 31, 2019R$ / € | Dec. 31, 2019¥ / € | Dec. 31, 2019$ / € | Dec. 31, 2019$ / € | Dec. 31, 2019zł / € | Dec. 31, 2019$ / € | Dec. 31, 2019£ / € | Dec. 31, 2019SFr / € | Dec. 31, 2018R$ / € | Dec. 31, 2018¥ / € | Dec. 31, 2018$ / € | Dec. 31, 2018$ / € | Dec. 31, 2018zł / € | Dec. 31, 2018$ / € | Dec. 31, 2018£ / € | Dec. 31, 2018SFr / € | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Average foreign exchange rate | 1.142 | 5.894 | 7.875 | 1.530 | 24.519 | 4.443 | 103.043 | 0.890 | 1.071 | 1.119 | 4.413 | 7.735 | 1.485 | 21.557 | 4.298 | 67.258 | 0.878 | 1.112 | 1.181 | 4.308 | 7.808 | 1.529 | 22.705 | 4.261 | 43.074 | 0.885 | 1.155 | ||||||||||||||||||||||||
Closing foreign exchange rate | 1.227 | 1.227 | 1.227 | 1.227 | 1.227 | 1.227 | 1.227 | 1.227 | 1.227 | 1.123 | 1.123 | 1.123 | 1.123 | 1.123 | 1.123 | 1.123 | 1.123 | 1.123 | 1.145 | 1.145 | 1.145 | 1.145 | 1.145 | 1.145 | 1.145 | 1.145 | 1.145 | 6.374 | 8.023 | 1.563 | 24.416 | 4.560 | 103.043 | 0.899 | 1.080 | 4.516 | 7.821 | 1.460 | 21.220 | 4.257 | 67.258 | 0.851 | 1.085 | 4.444 | 7.875 | 1.561 | 22.492 | 4.301 | 43.074 | 0.895 | 1.127 |
Basis of presentation - intangi
Basis of presentation - intangible assets (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Models | Bottom of range | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible assets useful life | 5 years |
Models | Top of range | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible assets useful life | 6 years |
Powertrains | Bottom of range | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible assets useful life | 10 years |
Powertrains | Top of range | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible assets useful life | 12 years |
Basis of presentation - propert
Basis of presentation - property, plant and equipment (Details) | Dec. 31, 2020 |
Industrial buildings | Bottom of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation percentage | 3.00% |
Industrial buildings | Top of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation percentage | 10.00% |
Plant, machinery and equipment | Bottom of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation percentage | 3.00% |
Plant, machinery and equipment | Top of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation percentage | 33.00% |
Other assets | Bottom of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation percentage | 5.00% |
Other assets | Top of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation percentage | 33.00% |
Basis of presentation - borrowi
Basis of presentation - borrowing costs (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | ||
Borrowing Costs | € 320 | € 213 |
Basis of presentation - deferre
Basis of presentation - deferred service contracts (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Deferred Service Contracts [Abstract] | ||
Deferred income | € 204 | € 224 |
Amortization of Deferred Income | € 96 | € 68 |
Basis of presentation - cost of
Basis of presentation - cost of revenues (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |||
Interest expense from financial services and write-downs of assets included in cost of revenue | € 25 | € 48 | € 75 |
Decrease In assets sold with buy-back commitment related in cost of revenue | € 124 | € 195 | € 293 |
Basis of presentation - effect
Basis of presentation - effect on pension obligation (Details) - EUR (€) € in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Pension benefits | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Discount rate | 2.60% | 3.30% |
Pension benefits | Actuarial assumption of discount rates | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Percentage of reasonably possible decrease in actuarial assumption | 10.00% | |
Percentage of reasonably possible increase in actuarial assumption | 10.00% | |
Decrease in actuarial assumption, effect on pension benefit obligation | € 301 | |
Increase in actuarial assumption, effect on pension benefit obligation | € (294) | |
Health care and life insurance plans | Actuarial assumption of discount rates | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Percentage of reasonably possible decrease in actuarial assumption | 0.01% | |
Percentage of reasonably possible increase in actuarial assumption | 0.01% | |
Decrease in actuarial assumption, effect on pension benefit obligation | € 30 | |
Increase in actuarial assumption, effect on pension benefit obligation | € (30) | |
Health care and life insurance plans | Actuarial assumption of health care cost trend rate | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Percentage of reasonably possible decrease in actuarial assumption | 1.00% | |
Percentage of reasonably possible increase in actuarial assumption | 1.00% | |
Decrease in actuarial assumption, effect on pension benefit obligation | € (36) | |
Increase in actuarial assumption, effect on pension benefit obligation | € 44 | |
Other post-employment benefits | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Discount rate | 0.50% | 0.60% |
Other post-employment benefits | Actuarial assumption of discount rates | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Percentage of reasonably possible decrease in actuarial assumption | 1.00% | |
Percentage of reasonably possible increase in actuarial assumption | 1.00% | |
Decrease in actuarial assumption, effect on pension benefit obligation | € 40 | |
Increase in actuarial assumption, effect on pension benefit obligation | € (35) | |
Other post-employment benefits | Actuarial assumption of health care cost trend rate | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Percentage of reasonably possible decrease in actuarial assumption | 1.00% | |
Percentage of reasonably possible increase in actuarial assumption | 1.00% | |
Decrease in actuarial assumption, effect on pension benefit obligation | € 0 | |
Increase in actuarial assumption, effect on pension benefit obligation | € 0 |
Basis of presentation - impairm
Basis of presentation - impairment (Details) - EUR (€) | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2020 | Sep. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of information for cash-generating units [line items] | ||||||
Impairment loss (reversal of impairment loss) recognised in profit or loss | € 197,000,000 | € 914,000,000 | € 1,589,000,000 | € 297,000,000 | ||
Supplier obligations | 13,000,000 | 56,000,000 | ||||
Impairment expense and supplier obligations | € 927,000,000 | 1,542,000,000 | 353,000,000 | |||
COVID-19 and Macroeconomic Environment [Member] | ||||||
Disclosure of information for cash-generating units [line items] | ||||||
Impairment loss (reversal of impairment loss) recognised in profit or loss | € 450,000,000 | |||||
Maserati segment impairment [Member] | ||||||
Disclosure of information for cash-generating units [line items] | ||||||
Impairment loss (reversal of impairment loss) recognised in profit or loss | 177,000,000 | |||||
Idle assets [Member] | ||||||
Disclosure of information for cash-generating units [line items] | ||||||
Impairment loss (reversal of impairment loss) recognised in profit or loss | 18,000,000 | 16,000,000 | ||||
B-segment impairment [Member] | ||||||
Disclosure of information for cash-generating units [line items] | ||||||
Impairment loss (reversal of impairment loss) recognised in profit or loss | € 74,000,000 | |||||
Change in CAFE rate [Member] | ||||||
Disclosure of information for cash-generating units [line items] | ||||||
Impairment loss (reversal of impairment loss) recognised in profit or loss | 120,000,000 | |||||
Change in expected use [Member] | ||||||
Disclosure of information for cash-generating units [line items] | ||||||
Impairment loss (reversal of impairment loss) recognised in profit or loss | 56,000,000 | |||||
Rationalization of product portfolio plans | ||||||
Disclosure of information for cash-generating units [line items] | ||||||
Impairment loss (reversal of impairment loss) recognised in profit or loss | 1,376,000,000 | |||||
Property, plant and equipment | COVID-19 and Macroeconomic Environment [Member] | ||||||
Disclosure of information for cash-generating units [line items] | ||||||
Impairment loss (reversal of impairment loss) recognised in profit or loss | 247,000,000 | |||||
Property, plant and equipment | Maserati segment impairment [Member] | ||||||
Disclosure of information for cash-generating units [line items] | ||||||
Impairment loss (reversal of impairment loss) recognised in profit or loss | 85,000,000 | |||||
Property, plant and equipment | B-segment impairment [Member] | ||||||
Disclosure of information for cash-generating units [line items] | ||||||
Impairment loss (reversal of impairment loss) recognised in profit or loss | 4,000,000 | |||||
Property, plant and equipment | Change in CAFE rate [Member] | ||||||
Disclosure of information for cash-generating units [line items] | ||||||
Impairment loss (reversal of impairment loss) recognised in profit or loss | 37,000,000 | |||||
Property, plant and equipment | Rationalization of product portfolio plans | ||||||
Disclosure of information for cash-generating units [line items] | ||||||
Impairment loss (reversal of impairment loss) recognised in profit or loss | 563,000,000 | |||||
Other intangible assets | COVID-19 and Macroeconomic Environment [Member] | ||||||
Disclosure of information for cash-generating units [line items] | ||||||
Impairment loss (reversal of impairment loss) recognised in profit or loss | 203,000,000 | |||||
Other intangible assets | Maserati segment impairment [Member] | ||||||
Disclosure of information for cash-generating units [line items] | ||||||
Impairment loss (reversal of impairment loss) recognised in profit or loss | € 92,000,000 | |||||
Other intangible assets | B-segment impairment [Member] | ||||||
Disclosure of information for cash-generating units [line items] | ||||||
Impairment loss (reversal of impairment loss) recognised in profit or loss | € 70,000,000 | |||||
Other intangible assets | Change in CAFE rate [Member] | ||||||
Disclosure of information for cash-generating units [line items] | ||||||
Impairment loss (reversal of impairment loss) recognised in profit or loss | € 83,000,000 | |||||
Other intangible assets | Rationalization of product portfolio plans | ||||||
Disclosure of information for cash-generating units [line items] | ||||||
Impairment loss (reversal of impairment loss) recognised in profit or loss | 813,000,000 | |||||
LATAM | ||||||
Disclosure of information for cash-generating units [line items] | ||||||
Impairment loss (reversal of impairment loss) recognised in profit or loss | 8,000,000 | |||||
Sensitivity of WACC assumption | 90.00% | 40.00% | 90.00% | |||
LATAM | COVID-19 and Macroeconomic Environment [Member] | ||||||
Disclosure of information for cash-generating units [line items] | ||||||
Impairment loss (reversal of impairment loss) recognised in profit or loss | € 161,000,000 | |||||
Maserati | COVID-19 and Macroeconomic Environment [Member] | ||||||
Disclosure of information for cash-generating units [line items] | ||||||
Impairment loss (reversal of impairment loss) recognised in profit or loss | € 111,000,000 | |||||
Maserati | Change in expected use [Member] | ||||||
Disclosure of information for cash-generating units [line items] | ||||||
Impairment loss (reversal of impairment loss) recognised in profit or loss | € 9,000,000 | |||||
Maserati | Rationalization of product portfolio plans | ||||||
Disclosure of information for cash-generating units [line items] | ||||||
Impairment loss (reversal of impairment loss) recognised in profit or loss | 148,000,000 | |||||
EMEA | ||||||
Disclosure of information for cash-generating units [line items] | ||||||
Impairment loss (reversal of impairment loss) recognised in profit or loss | 262,000,000 | |||||
Sensitivity of WACC assumption | 25.00% | |||||
EMEA | COVID-19 and Macroeconomic Environment [Member] | ||||||
Disclosure of information for cash-generating units [line items] | ||||||
Impairment loss (reversal of impairment loss) recognised in profit or loss | € 178,000,000 | |||||
EMEA | Change in expected use [Member] | ||||||
Disclosure of information for cash-generating units [line items] | ||||||
Impairment loss (reversal of impairment loss) recognised in profit or loss | 3,000,000 | |||||
EMEA | Rationalization of product portfolio plans | ||||||
Disclosure of information for cash-generating units [line items] | ||||||
Impairment loss (reversal of impairment loss) recognised in profit or loss | 435,000,000 | |||||
North America(1) | ||||||
Disclosure of information for cash-generating units [line items] | ||||||
Impairment loss (reversal of impairment loss) recognised in profit or loss | 16,000,000 | |||||
APAC | ||||||
Disclosure of information for cash-generating units [line items] | ||||||
Impairment loss (reversal of impairment loss) recognised in profit or loss | 11,000,000 | |||||
Unallocated items & eliminations | ||||||
Disclosure of information for cash-generating units [line items] | ||||||
Impairment expense and supplier obligations | € 44,000,000 | 793,000,000 | 11,000,000 | |||
Unallocated items & eliminations | Change in expected use [Member] | ||||||
Disclosure of information for cash-generating units [line items] | ||||||
Impairment loss (reversal of impairment loss) recognised in profit or loss | 44,000,000 | |||||
Unallocated items & eliminations | Rationalization of product portfolio plans | ||||||
Disclosure of information for cash-generating units [line items] | ||||||
Impairment loss (reversal of impairment loss) recognised in profit or loss | 793,000,000 | |||||
Goodwill and intangible assets with indefinite useful lives | ||||||
Disclosure of information for cash-generating units [line items] | ||||||
Intangible assets | € 13,055,000,000 | 14,614,000,000 | 13,055,000,000 | 14,257,000,000 | 13,970,000,000 | |
Impairment loss recognised in profit or loss, intangible assets and goodwill | € 0 | 0 | € 0 | |||
Goodwill and intangible assets with indefinite useful lives | LATAM | ||||||
Disclosure of information for cash-generating units [line items] | ||||||
Intangible assets | 577,000,000 | 563,000,000 | ||||
Goodwill and intangible assets with indefinite useful lives | EMEA | ||||||
Disclosure of information for cash-generating units [line items] | ||||||
Intangible assets | € 275,000,000 | € 269,000,000 | ||||
Cash-generating units | ||||||
Disclosure of information for cash-generating units [line items] | ||||||
Growth rate used to extrapolate cash flow projections | 2.00% | 2.00% | 2.00% | |||
Cash-generating units | Goodwill and intangible assets with indefinite useful lives | ||||||
Disclosure of information for cash-generating units [line items] | ||||||
Impairment loss recognised in profit or loss, intangible assets and goodwill | € 0 | |||||
Top of range | Cash-generating units | ||||||
Disclosure of information for cash-generating units [line items] | ||||||
Discount rate applied to cash flow projections | 16.80% | 16.00% | 16.80% | |||
Bottom of range | Cash-generating units | ||||||
Disclosure of information for cash-generating units [line items] | ||||||
Discount rate applied to cash flow projections | 9.50% | 9.50% | 9.50% |
Basis of presentation - recover
Basis of presentation - recoverability of deferred tax assets (Details) € in Millions | 12 Months Ended |
Dec. 31, 2020EUR (€) | |
Deferred tax assets write-down [Table] | |
Deferred tax expense arising from write-down or reversal of write-down of deferred tax asset | € 549 |
Italian tax jurisdiction [Member] | |
Deferred tax assets write-down [Table] | |
Deferred tax expense arising from write-down or reversal of write-down of deferred tax asset | 446 |
Brazilian tax jurisdiction [Member] | |
Deferred tax assets write-down [Table] | |
Deferred tax expense arising from write-down or reversal of write-down of deferred tax asset | € 103 |
Scope of consolidation - list o
Scope of consolidation - list of principal subsidiaries (Details) | 12 Months Ended |
Dec. 31, 2020 | |
FCA US LLC | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100.00% |
FCA Canada Inc. | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100.00% |
FCA Mexico, S.A. de C.V. | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100.00% |
FCA Fiat Chrysler Automoveis Brasil LTDA. | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100.00% |
FCA Automobiles Argentina S.A. | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100.00% |
Banco Fidis S.A. | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100.00% |
Chrysler Group (China) Sales Limited | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100.00% |
FCA Japan Ltd. | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100.00% |
FCA Australia Pty Ltd. | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100.00% |
FCA Automotive Finance Co. Ltd. | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100.00% |
Alfa Romeo (Shanghai) Automobiles Sales Co. Ltd. [Member] | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100.00% |
FCA Italy S.p.A. | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100.00% |
FCA Poland Spólka Akcyjna | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100.00% |
FCA Powertrain Poland Sp. z o.o. | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100.00% |
FCA Serbia d.o.o. Kragujevac | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 66.67% |
FCA Germany AG | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100.00% |
FCA France S.A.S. | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100.00% |
Fiat Chrysler Automobiles UK Ltd. | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100.00% |
Fiat Chrysler Automobiles Spain S.A. | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100.00% |
Fidis S.p.A. | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100.00% |
Maserati S.p.A. | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100.00% |
Maserati (China) Cars Trading Co. Ltd. | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100.00% |
Maserati North America Inc. | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100.00% |
FCA North America Holdings LLC | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100.00% |
Fiat Chrysler Finance S.p.A. | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100.00% |
Fiat Chrysler Finance Europe SENC | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100.00% |
Scope of consolidation - Magnet
Scope of consolidation - Magneti Marelli - consideration received (Details) € in Millions | 4 Months Ended |
May 02, 2019EUR (€) | |
Disclosure of non-current assets held for sale and discontinued operations [Abstract] | |
Consideration paid (received) | € (5,772) |
Portion of consideration paid (received) consisting of cash and cash equivalents | (5,774) |
Portion of consideration paid (received) contingent on future events | 70 |
Portion of consideration (paid) received contingent on future events, payable by FCA | (16) |
Transaction costs related to disposal of subsidiary | 16 |
Preliminary purchase price adjustment | € 40 |
Scope of consolidation - Magn_2
Scope of consolidation - Magneti Marelli - disposal (Details) - EUR (€) € in Millions | 4 Months Ended | |||
May 02, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Assets And Liabilities Classified As Held For Sale [Line Items] | ||||
Property, plant and equipment | € 27,582 | € 28,608 | ||
Loans and receivables | 128 | 242 | ||
Cash and cash equivalents | 23,846 | 15,014 | ||
Borrowings | € (21,117) | € (12,901) | € (15,597) | |
Consideration paid (received) | € 5,772 | |||
Assets and liabilities classified as held for sale [member] | ||||
Assets And Liabilities Classified As Held For Sale [Line Items] | ||||
Intangible assets | 788 | |||
Property, plant and equipment | 2,146 | |||
Loans and receivables | 10 | |||
Cash and cash equivalents | 426 | |||
Other assets | 2,055 | |||
Borrowings | (782) | |||
Trade and other payables | (1,942) | |||
Other liabilities | (791) | |||
Assets (liabilities) | 1,910 | |||
Amount recognised in other comprehensive income and accumulated in equity relating to non-current assets or disposal groups held for sale | (91) | |||
Gain on sale attributable to FCA | € 3,771 |
Scope of consolidation - Magn_3
Scope of consolidation - Magneti Marelli - held for sale (Details) - EUR (€) € in Millions | Dec. 31, 2020 | Dec. 31, 2019 | May 02, 2019 | Dec. 31, 2018 |
Assets classified as held for sale | ||||
Property, plant and equipment | € 27,582 | € 28,608 | ||
Deferred tax assets | 1,096 | 1,689 | ||
Trade receivables | 1,581 | 2,064 | ||
Cash and cash equivalents | 23,846 | 15,014 | ||
Total Assets held for sale | 99,730 | 98,044 | ||
Current assets [abstract] | ||||
Inventories | 8,094 | 9,722 | ||
Current trade and other receivables | 5,545 | 6,628 | ||
Non-current assets [abstract] | ||||
Non-current trade and other receivables | 1,721 | 2,376 | ||
Liabilities classified as held for sale | ||||
Debt and Other | 21,117 | 12,901 | € 15,597 | |
Employee benefit liability | 8,920 | 9,051 | ||
Deferred tax liabilities | 1,845 | 1,628 | ||
Current liabilities [abstract] | ||||
Short-term debt and current portion of long-term debt | 4,081 | 4,876 | ||
Current employee benefit liability | 592 | 544 | ||
Non-current liabilities [abstract] | ||||
Long-term debt | 17,036 | 8,025 | ||
Non-current employee benefit liability | € 8,328 | € 8,507 | ||
Assets and liabilities classified as held for sale [member] | ||||
Assets classified as held for sale | ||||
Intangible assets | € 788 | |||
Property, plant and equipment | 2,146 | |||
Cash and cash equivalents | 426 | |||
Other | 2,055 | |||
Liabilities classified as held for sale | ||||
Debt and Other | 782 | |||
Other liabilities | € 791 |
Scope of consolidation - Magn_4
Scope of consolidation - Magneti Marelli - discontinued operations (Details) - EUR (€) € in Millions | 3 Months Ended | 4 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | May 02, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of analysis of single amount of discontinued operations [line items] | |||||
Net revenues | € 86,676 | € 108,187 | € 110,412 | ||
Net financial expenses | 988 | 1,005 | 1,056 | ||
Profit before taxes | 1,356 | 4,021 | 4,108 | ||
Tax expense | 1,332 | 1,321 | 778 | ||
Profit from discontinued operations, net of tax | 0 | 3,930 | 302 | ||
Interest expense on lease liabilities | € 94 | 88 | € 0 | ||
Discontinued operations [member] | |||||
Disclosure of analysis of single amount of discontinued operations [line items] | |||||
Net revenues | € 1,657 | 4,998 | |||
Expense | 1,447 | 4,493 | |||
Net financial expenses | 5 | 85 | |||
Profit before taxes | 205 | 420 | |||
Tax expense | 44 | 118 | |||
Profit (loss) after tax | 161 | 302 | |||
Gain (loss) recognised on measurement to fair value less costs to sell or on disposal of assets or disposal groups constituting discontinued operation | 3,771 | 0 | |||
Tax expense (income) relating to gain (loss) on discontinuance | 2 | 0 | |||
Profit from discontinued operations, net of tax | 3,930 | € 302 | |||
Lease expense for low-value assets | 2 | ||||
Tax participation exemption utilized | 55 | ||||
Impact of ceasing amortization and depreciation for discontinued operations, net of tax | € 96 | 134 | |||
Impact of ceasing amortization and depreciation for discontinued operations, tax effect | € 20 | 27 | |||
Interest expense on lease liabilities | 5 | ||||
Expense relating to short-term leases for which recognition exemption has been used | € 6 |
Scope of consolidation - Vari-F
Scope of consolidation - Vari-Form Inc. - acquisition details (Details) - Dec. 31, 2019 € in Millions, $ in Millions | USD ($) | EUR (€) |
Disclosure of detailed information about business combination [abstract] | ||
Cash transferred | $ 62 | € 55 |
Scope of consolidation - Held f
Scope of consolidation - Held for sale businesses (Details) - EUR (€) € in Millions | Jan. 31, 2020 | May 02, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Assets And Liabilities Classified As Held For Sale [Line Items] | |||||
Consideration paid (received) | € (5,772) | ||||
Value of Teksid Cast Iron business | € 210 | ||||
Assets | 99,730 | € 98,044 | |||
Gains on disposal of investments | 4 | € 15 | € 0 | ||
Plastic components and Automotive Modules Business [Member] | |||||
Assets And Liabilities Classified As Held For Sale [Line Items] | |||||
Consideration paid (received) | € (47.5) | ||||
Gains on disposal of investments | 5 | ||||
Teksid S.p.A. | Disposal groups classified as held for sale | |||||
Assets And Liabilities Classified As Held For Sale [Line Items] | |||||
Assets | 312 | ||||
Liabilities | € 204 |
Net revenues - summary of reven
Net revenues - summary of revenue (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Analysis of income and expense [abstract] | |||
Sales of goods | € 82,510 | € 103,019 | € 104,990 |
Services provided | 3,297 | 3,961 | 3,871 |
Contract revenues | 547 | 672 | 958 |
Lease installments from assets sold with a buy-back commitment | 193 | 362 | 394 |
Interest income of financial services activities | 129 | 173 | 199 |
Total Net revenues | € 86,676 | € 108,187 | € 110,412 |
Net revenues - summary of rev_2
Net revenues - summary of revenue by geographical area (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of geographical areas [line items] | |||
Net revenues | € 86,676 | € 108,187 | € 110,412 |
Net revenues | 86,676 | 108,187 | 110,412 |
North America(1) | |||
Disclosure of geographical areas [line items] | |||
Net revenues | 60,783 | 73,848 | 73,405 |
Net revenues | 60,783 | 73,848 | 73,405 |
Italy | |||
Disclosure of geographical areas [line items] | |||
Net revenues | 5,454 | 7,259 | 8,815 |
Net revenues | 5,454 | 7,259 | 8,815 |
Brazil | |||
Disclosure of geographical areas [line items] | |||
Net revenues | 4,518 | 7,423 | 6,452 |
Net revenues | 4,518 | 7,423 | 6,452 |
France | |||
Disclosure of geographical areas [line items] | |||
Net revenues | 2,420 | 3,021 | 3,204 |
Net revenues | 2,420 | 3,021 | 3,204 |
Germany | |||
Disclosure of geographical areas [line items] | |||
Net revenues | 2,325 | 2,519 | 2,755 |
Net revenues | 2,325 | 2,519 | 2,755 |
China | |||
Disclosure of geographical areas [line items] | |||
Net revenues | 1,412 | 1,753 | 1,974 |
Net revenues | 1,412 | 1,753 | 1,974 |
Spain | |||
Disclosure of geographical areas [line items] | |||
Net revenues | 789 | 1,200 | 1,397 |
Net revenues | 789 | 1,200 | 1,397 |
United Kingdom | |||
Disclosure of geographical areas [line items] | |||
Net revenues | 696 | 995 | 1,136 |
Net revenues | 696 | 995 | 1,136 |
Argentina | |||
Disclosure of geographical areas [line items] | |||
Net revenues | 772 | 861 | 1,384 |
Net revenues | 772 | 861 | 1,384 |
Turkey | |||
Disclosure of geographical areas [line items] | |||
Net revenues | 947 | 739 | 896 |
Net revenues | 947 | 739 | 896 |
Japan | |||
Disclosure of geographical areas [line items] | |||
Net revenues | 752 | 839 | 718 |
Net revenues | 752 | 839 | 718 |
Australia | |||
Disclosure of geographical areas [line items] | |||
Net revenues | 322 | 320 | 418 |
Net revenues | 322 | 320 | 418 |
Other countries | |||
Disclosure of geographical areas [line items] | |||
Net revenues | 5,486 | 7,410 | 7,858 |
Net revenues | € 5,486 | € 7,410 | € 7,858 |
Net revenues - summary of rev_3
Net revenues - summary of revenue by segment and type (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
summary of revenue by type and segment [Line Items] | |||
Sales of goods | € 82,510 | € 103,019 | € 104,990 |
Services provided | 3,297 | 3,961 | 3,871 |
Contract revenues | 547 | 672 | 958 |
Revenues from goods and services | 86,354 | 107,652 | 109,819 |
Lease installments from assets sold with a buy-back commitment | 193 | 362 | 394 |
Interest income of financial services activities | 129 | 173 | 199 |
Total Net revenues | 86,676 | 108,187 | 110,412 |
North America | |||
summary of revenue by type and segment [Line Items] | |||
Total Net revenues | 60,307 | 73,337 | 72,353 |
LATAM | |||
summary of revenue by type and segment [Line Items] | |||
Total Net revenues | 5,297 | 8,449 | 8,142 |
APAC | |||
summary of revenue by type and segment [Line Items] | |||
Total Net revenues | 2,317 | 2,762 | 2,646 |
EMEA | |||
summary of revenue by type and segment [Line Items] | |||
Total Net revenues | 16,191 | 20,466 | 22,714 |
Maserati | |||
summary of revenue by type and segment [Line Items] | |||
Total Net revenues | 1,382 | 1,592 | 2,645 |
Other activities | |||
summary of revenue by type and segment [Line Items] | |||
Total Net revenues | 1,182 | 1,581 | 1,912 |
Operating segments [member] | North America | |||
summary of revenue by type and segment [Line Items] | |||
Sales of goods | 58,198 | 70,809 | 69,908 |
Services provided | 2,045 | 2,388 | 2,287 |
Contract revenues | 0 | 0 | 0 |
Revenues from goods and services | 60,243 | 73,197 | 72,195 |
Lease installments from assets sold with a buy-back commitment | 64 | 140 | 158 |
Interest income of financial services activities | 0 | 0 | 0 |
Total Net revenues | 60,322 | 73,357 | 72,384 |
Operating segments [member] | LATAM | |||
summary of revenue by type and segment [Line Items] | |||
Sales of goods | 5,031 | 8,059 | 7,756 |
Services provided | 206 | 297 | 270 |
Contract revenues | 0 | 0 | 0 |
Revenues from goods and services | 5,237 | 8,356 | 8,026 |
Lease installments from assets sold with a buy-back commitment | 0 | 0 | 0 |
Interest income of financial services activities | 60 | 93 | 116 |
Total Net revenues | 5,305 | 8,461 | 8,152 |
Operating segments [member] | APAC | |||
summary of revenue by type and segment [Line Items] | |||
Sales of goods | 2,250 | 2,674 | 2,560 |
Services provided | 17 | 27 | 21 |
Contract revenues | 0 | 0 | 0 |
Revenues from goods and services | 2,267 | 2,701 | 2,581 |
Lease installments from assets sold with a buy-back commitment | 0 | 0 | 0 |
Interest income of financial services activities | 50 | 61 | 65 |
Total Net revenues | 2,381 | 2,814 | 2,703 |
Operating segments [member] | EMEA | |||
summary of revenue by type and segment [Line Items] | |||
Sales of goods | 15,284 | 19,275 | 21,516 |
Services provided | 765 | 950 | 945 |
Contract revenues | 0 | 0 | 0 |
Revenues from goods and services | 16,049 | 20,225 | 22,461 |
Lease installments from assets sold with a buy-back commitment | 129 | 222 | 235 |
Interest income of financial services activities | 13 | 19 | 18 |
Total Net revenues | 16,284 | 20,571 | 22,815 |
Operating segments [member] | Maserati | |||
summary of revenue by type and segment [Line Items] | |||
Sales of goods | 1,323 | 1,563 | 2,606 |
Services provided | 53 | 29 | 39 |
Contract revenues | 0 | 0 | 0 |
Revenues from goods and services | 1,376 | 1,592 | 2,645 |
Lease installments from assets sold with a buy-back commitment | 0 | 0 | 0 |
Interest income of financial services activities | 6 | 0 | 0 |
Total Net revenues | 1,384 | 1,603 | 2,663 |
Operating segments [member] | Other activities | |||
summary of revenue by type and segment [Line Items] | |||
Sales of goods | 424 | 639 | 644 |
Services provided | 211 | 270 | 309 |
Contract revenues | 547 | 672 | 958 |
Revenues from goods and services | 1,182 | 1,581 | 1,911 |
Lease installments from assets sold with a buy-back commitment | 0 | 0 | 1 |
Interest income of financial services activities | 0 | 0 | 0 |
Total Net revenues | € 2,188 | € 3,009 | € 2,888 |
Net revenues - narrative (Detai
Net revenues - narrative (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of revenue from contracts with customers [Abstract] | |||
Revenue from performance obligations satisfied or partially satisfied in previous periods | € (130) | € (4) | € (14) |
Research and development cost_2
Research and development costs (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about intangible assets [line items] | |||
Research and development expenditures expensed | € 1,226 | € 1,305 | € 1,448 |
Total Research and development costs | 2,979 | 3,612 | 3,051 |
Capitalised development expenditure | |||
Disclosure of detailed information about intangible assets [line items] | |||
Amortization of capitalized development expenditures | 1,250 | 1,358 | 1,456 |
Impairment and write-off of capitalized development expenditures | € 503 | € 949 | € 147 |
Net financial expenses (Details
Net financial expenses (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Analysis of income and expense [abstract] | |||
Interest income and other financial income | € 117 | € 261 | € 249 |
Financial expenses: | |||
Interest expense and other financial expenses: | 596 | 784 | 929 |
Interest expense on notes | 321 | 370 | 422 |
Interest expense on borrowings from bank | 209 | 181 | 259 |
Other interest cost and financial expenses | 66 | 233 | 248 |
Interest expense on lease liabilities | 94 | 88 | 0 |
Write-down of financial assets | 10 | 21 | 6 |
Losses on disposal of securities | 0 | 2 | 6 |
Net interest expense on employee benefits provisions | 218 | 298 | 276 |
Total Financial expenses | 918 | 1,193 | 1,217 |
Net expenses from derivative financial instruments and exchange rate differences | 187 | 73 | 88 |
Total Financial expenses and Net expenses from derivative financial instruments and exchange rate differences | 1,105 | 1,266 | 1,305 |
Net Financial expenses | € 988 | € 1,005 | € 1,056 |
Tax expense - tax expense summa
Tax expense - tax expense summary (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes [Abstract] | |||
Current tax expense | € 239 | € 435 | € 592 |
Deferred tax expense | 1,231 | 872 | 520 |
Tax (benefit)/expense relating to prior periods(1) | (138) | 14 | (334) |
Total Tax expense | € 1,332 | € 1,321 | € 778 |
Tax expense - theoretical and r
Tax expense - theoretical and recognized income tax reconciliation (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes [Abstract] | |||
Theoretical income taxes | € 259 | € 766 | € 781 |
Tax effect on: | |||
Recognition and utilization of previously unrecognized deferred tax assets | 0 | (159) | 0 |
Permanent differences | 148 | 411 | 416 |
Tax credits | (119) | (112) | (135) |
Deferred tax assets not recognized and write-downs | 1,417 | 976 | 633 |
Differences between foreign tax rates and the theoretical applicable tax rate and tax holidays | 27 | 171 | 207 |
Taxes relating to prior years | (138) | 14 | (334) |
Tax rate changes | (25) | 9 | 0 |
Withholding tax | 27 | 41 | 41 |
Other differences | 15 | 20 | (15) |
Total Tax expense, excluding IRAP(1) | € 1,315 | € 1,315 | € 762 |
Effective tax rate | 97.00% | 32.70% | 18.50% |
IRAP (current and deferred) | € 17 | € 6 | € 16 |
Total Tax expense | € 1,332 | € 1,321 | € 778 |
Tax expense - deferred tax asse
Tax expense - deferred tax assets and liabilities (Details) - EUR (€) € in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Income Taxes [Abstract] | |||
Deferred tax assets | € 1,096 | € 1,689 | |
Deferred tax liabilities | (1,845) | (1,628) | |
Deferred tax asset (liability) | € (749) | € 61 | € 877 |
Tax expense - deferred tax roll
Tax expense - deferred tax rollforward (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Deferred tax assets | € 1,689 | |
Deferred tax liabilities | 1,628 | |
Deferred tax liability (asset) | (61) | € (877) |
Recognized in Consolidated Income Statement | (906) | (867) |
Recognized in Equity | (28) | (57) |
Transferred to Assets/(Liabilities) Held for Sale | 2 | |
Translation differences and other changes | (68) | (8) |
Deferred tax assets | 1,096 | 1,689 |
Deferred tax liabilities | 1,845 | 1,628 |
Deferred tax liability (asset) at end of period | 749 | (61) |
Provisions | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Deferred tax assets | 3,673 | 4,127 |
Recognized in Consolidated Income Statement | 100 | 470 |
Recognized in Equity | 0 | 0 |
Transferred to Assets/(Liabilities) Held for Sale | (10) | |
Translation differences and other changes | (254) | 6 |
Deferred tax assets | 3,319 | 3,673 |
Provision for employee benefits | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Deferred tax assets | 1,470 | 1,487 |
Recognized in Consolidated Income Statement | (51) | 41 |
Recognized in Equity | 10 | (1) |
Transferred to Assets/(Liabilities) Held for Sale | (1) | |
Translation differences and other changes | (118) | 22 |
Deferred tax assets | 1,393 | 1,470 |
Lease Liabilities | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Deferred tax assets | 369 | 260 |
Recognized in Consolidated Income Statement | 20 | (106) |
Recognized in Equity | 0 | 0 |
Transferred to Assets/(Liabilities) Held for Sale | 1 | |
Translation differences and other changes | 2 | 4 |
Deferred tax assets | 351 | 369 |
Intangible assets | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Deferred tax assets | 151 | 166 |
Recognized in Consolidated Income Statement | (7) | 15 |
Recognized in Equity | 0 | 0 |
Transferred to Assets/(Liabilities) Held for Sale | 0 | |
Translation differences and other changes | (25) | 0 |
Deferred tax assets | 133 | 151 |
Impairment of financial assets | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Deferred tax assets | 166 | 155 |
Recognized in Consolidated Income Statement | 18 | 1 |
Recognized in Equity | 0 | 0 |
Transferred to Assets/(Liabilities) Held for Sale | 0 | |
Translation differences and other changes | (7) | 12 |
Deferred tax assets | 141 | 166 |
Inventories | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Deferred tax assets | 188 | 246 |
Recognized in Consolidated Income Statement | (43) | 56 |
Recognized in Equity | 0 | 0 |
Transferred to Assets/(Liabilities) Held for Sale | 0 | |
Translation differences and other changes | (30) | (2) |
Deferred tax assets | 201 | 188 |
Allowances for doubtful accounts | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Deferred tax assets | 105 | 96 |
Recognized in Consolidated Income Statement | 6 | (13) |
Recognized in Equity | 0 | 0 |
Transferred to Assets/(Liabilities) Held for Sale | 0 | |
Translation differences and other changes | (35) | (4) |
Deferred tax assets | 64 | 105 |
Other | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Deferred tax assets | 702 | 685 |
Recognized in Consolidated Income Statement | (328) | 22 |
Recognized in Equity | 1 | 4 |
Transferred to Assets/(Liabilities) Held for Sale | (1) | |
Translation differences and other changes | (3) | 42 |
Deferred tax assets | 1,026 | 702 |
Deferred tax assets | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Deferred tax assets | 6,824 | 7,222 |
Recognized in Consolidated Income Statement | (285) | 486 |
Recognized in Equity | 11 | 3 |
Transferred to Assets/(Liabilities) Held for Sale | (11) | |
Translation differences and other changes | (470) | 80 |
Deferred tax assets | 6,628 | 6,824 |
Accelerated depreciation | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Deferred tax liabilities | 2,330 | 2,296 |
Recognized in Consolidated Income Statement | 164 | 33 |
Recognized in Equity | 0 | 0 |
Transferred to Assets/(Liabilities) Held for Sale | 1 | |
Translation differences and other changes | 197 | 0 |
Deferred tax liabilities | 2,297 | 2,330 |
Capitalized development assets | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Deferred tax liabilities | 2,601 | 2,440 |
Recognized in Consolidated Income Statement | 554 | 129 |
Recognized in Equity | 0 | 0 |
Transferred to Assets/(Liabilities) Held for Sale | 0 | |
Translation differences and other changes | 157 | (32) |
Deferred tax liabilities | 2,998 | 2,601 |
Other Intangible assets and Intangible assets with indefinite useful lives | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Deferred tax liabilities | 948 | 912 |
Recognized in Consolidated Income Statement | 17 | (36) |
Recognized in Equity | 0 | 0 |
Transferred to Assets/(Liabilities) Held for Sale | 0 | |
Translation differences and other changes | 82 | (72) |
Deferred tax liabilities | 883 | 948 |
Right of Use Assets | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Deferred tax liabilities | 365 | 260 |
Recognized in Consolidated Income Statement | (27) | 101 |
Recognized in Equity | 0 | 0 |
Transferred to Assets/(Liabilities) Held for Sale | 0 | |
Translation differences and other changes | 32 | (4) |
Deferred tax liabilities | 306 | 365 |
Provision for employee benefits | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Deferred tax liabilities | 77 | 91 |
Recognized in Consolidated Income Statement | 3 | 9 |
Recognized in Equity | (31) | (22) |
Transferred to Assets/(Liabilities) Held for Sale | 0 | |
Translation differences and other changes | (8) | 1 |
Deferred tax liabilities | 57 | 77 |
Other | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Deferred tax liabilities | 247 | 424 |
Recognized in Consolidated Income Statement | 147 | (156) |
Recognized in Equity | (5) | (38) |
Transferred to Assets/(Liabilities) Held for Sale | 0 | |
Translation differences and other changes | 18 | (17) |
Deferred tax liabilities | 371 | 247 |
Deferred tax liabilities | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Deferred tax liabilities | 6,568 | 6,423 |
Recognized in Consolidated Income Statement | 858 | 80 |
Recognized in Equity | (36) | (60) |
Transferred to Assets/(Liabilities) Held for Sale | 1 | |
Translation differences and other changes | 478 | (124) |
Deferred tax liabilities | 6,912 | 6,568 |
Deferred tax asset arising on tax loss carry-forwards | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Deferred tax assets | 4,861 | 4,963 |
Recognized in Consolidated Income Statement | (1,017) | (106) |
Recognized in Equity | 0 | 0 |
Transferred to Assets/(Liabilities) Held for Sale | (12) | |
Translation differences and other changes | (516) | (220) |
Deferred tax assets | 5,362 | 4,861 |
Unrecognized deferred tax assets | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Deferred tax assets | 5,056 | 4,885 |
Recognized in Consolidated Income Statement | (1,350) | (407) |
Recognized in Equity | 3 | 0 |
Transferred to Assets/(Liabilities) Held for Sale | (20) | |
Translation differences and other changes | (576) | 256 |
Deferred tax assets | € 5,827 | € 5,056 |
Tax expense - temporary differe
Tax expense - temporary differences and tax loss maturity schedule (Details) € in Millions | Dec. 31, 2020EUR (€) |
Corporate taxation | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Amounts for which deferred tax assets were not recognized | € (21,440) |
Temporary differences and tax losses | (2,894) |
Corporate taxation | Deductible temporary differences | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | 26,844 |
Corporate taxation | Taxable temporary differences | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | (28,641) |
Corporate taxation | Tax losses | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | 20,343 |
Corporate taxation | 2021 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Amounts for which deferred tax assets were not recognized | (344) |
Temporary differences and tax losses | 349 |
Corporate taxation | 2021 | Deductible temporary differences | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | 3,449 |
Corporate taxation | 2021 | Taxable temporary differences | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | (2,871) |
Corporate taxation | 2021 | Tax losses | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | 115 |
Corporate taxation | 2022 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Amounts for which deferred tax assets were not recognized | (103) |
Temporary differences and tax losses | (132) |
Corporate taxation | 2022 | Deductible temporary differences | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | 2,618 |
Corporate taxation | 2022 | Taxable temporary differences | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | (2,707) |
Corporate taxation | 2022 | Tax losses | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | 60 |
Corporate taxation | 2023 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Amounts for which deferred tax assets were not recognized | (75) |
Temporary differences and tax losses | (245) |
Corporate taxation | 2023 | Deductible temporary differences | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | 2,514 |
Corporate taxation | 2023 | Taxable temporary differences | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | (2,729) |
Corporate taxation | 2023 | Tax losses | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | 45 |
Corporate taxation | 2024 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Amounts for which deferred tax assets were not recognized | (839) |
Temporary differences and tax losses | (243) |
Corporate taxation | 2024 | Deductible temporary differences | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | 3,282 |
Corporate taxation | 2024 | Taxable temporary differences | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | (2,787) |
Corporate taxation | 2024 | Tax losses | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | 101 |
Corporate taxation | Beyond 2024 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Amounts for which deferred tax assets were not recognized | (3,008) |
Temporary differences and tax losses | (1,430) |
Corporate taxation | Beyond 2024 | Deductible temporary differences | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | 14,596 |
Corporate taxation | Beyond 2024 | Taxable temporary differences | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | (14,594) |
Corporate taxation | Beyond 2024 | Tax losses | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | 1,576 |
Corporate taxation | Unlimited/ Indeterminable | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Amounts for which deferred tax assets were not recognized | (17,071) |
Temporary differences and tax losses | (1,193) |
Corporate taxation | Unlimited/ Indeterminable | Deductible temporary differences | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | 385 |
Corporate taxation | Unlimited/ Indeterminable | Taxable temporary differences | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | (2,953) |
Corporate taxation | Unlimited/ Indeterminable | Tax losses | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | 18,446 |
Local taxation | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Amounts for which deferred tax assets were not recognized | (6,065) |
Temporary differences and tax losses | (82) |
Local taxation | Deductible temporary differences | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | 10,736 |
Local taxation | Taxable temporary differences | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | (9,572) |
Local taxation | Tax losses | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | 4,819 |
Local taxation | 2021 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Amounts for which deferred tax assets were not recognized | (188) |
Temporary differences and tax losses | 33 |
Local taxation | 2021 | Deductible temporary differences | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | 1,088 |
Local taxation | 2021 | Taxable temporary differences | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | (896) |
Local taxation | 2021 | Tax losses | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | 29 |
Local taxation | 2022 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Amounts for which deferred tax assets were not recognized | (38) |
Temporary differences and tax losses | (132) |
Local taxation | 2022 | Deductible temporary differences | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | 588 |
Local taxation | 2022 | Taxable temporary differences | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | (713) |
Local taxation | 2022 | Tax losses | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | 31 |
Local taxation | 2023 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Amounts for which deferred tax assets were not recognized | (11) |
Temporary differences and tax losses | (141) |
Local taxation | 2023 | Deductible temporary differences | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | 551 |
Local taxation | 2023 | Taxable temporary differences | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | (713) |
Local taxation | 2023 | Tax losses | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | 32 |
Local taxation | 2024 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Amounts for which deferred tax assets were not recognized | (582) |
Temporary differences and tax losses | (151) |
Local taxation | 2024 | Deductible temporary differences | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | 1,141 |
Local taxation | 2024 | Taxable temporary differences | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | (764) |
Local taxation | 2024 | Tax losses | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | 54 |
Local taxation | Beyond 2024 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Amounts for which deferred tax assets were not recognized | (600) |
Temporary differences and tax losses | 398 |
Local taxation | Beyond 2024 | Deductible temporary differences | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | 7,241 |
Local taxation | Beyond 2024 | Taxable temporary differences | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | (6,346) |
Local taxation | Beyond 2024 | Tax losses | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | 103 |
Local taxation | Unlimited/ Indeterminable | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Amounts for which deferred tax assets were not recognized | (4,646) |
Temporary differences and tax losses | (89) |
Local taxation | Unlimited/ Indeterminable | Deductible temporary differences | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | 127 |
Local taxation | Unlimited/ Indeterminable | Taxable temporary differences | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | (140) |
Local taxation | Unlimited/ Indeterminable | Tax losses | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Temporary differences and unused tax losses | € 4,570 |
Tax expense - narrative (Detail
Tax expense - narrative (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Applicable tax rate | 19.00% | 19.00% | 19.00% |
Effective tax rate | 97.00% | 32.70% | 18.50% |
Impairment loss | € 914 | € 1,589 | € 297 |
Deferred tax assets | 1,096 | 1,689 | |
Deferred tax expense arising from write-down or reversal of write-down of deferred tax asset | 549 | ||
U.S. | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Adjustments for deferred tax of prior periods | 325 | ||
Deferred tax assets | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 6,628 | 6,824 | 7,222 |
Unrecognised deferred tax assets, deductible temporary differences | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 1,072 | 1,113 | |
Tax losses | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 5,362 | 4,861 | 4,963 |
Unrecognised deferred tax assets, unused tax losses | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 4,755 | 3,943 | |
Unrecognized deferred tax assets | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 5,827 | 5,056 | € 4,885 |
Brazil | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 1,692 | 1,888 | |
Brazil | Unrecognized deferred tax assets | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 1,692 | 1,757 | |
Italy | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 3,682 | 3,263 | |
Italy | Recognized deferred tax assets | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 253 | 705 | |
Italy | Unrecognized deferred tax assets | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 3,429 | 2,558 | |
United Kingdom | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 173 | 151 | |
United Kingdom | Recognized deferred tax assets | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | € 173 | € 151 |
Other information by nature (De
Other information by nature (Details) € in Billions | 12 Months Ended | ||
Dec. 31, 2020EUR (€)employee | Dec. 31, 2019EUR (€)employee | Dec. 31, 2018EUR (€)employee | |
Additional information [abstract] | |||
Personnel costs | € | € 10.3 | € 11.4 | € 11.7 |
Average number of employees | employee | 191,705 | 198,772 | 203,122 |
Other information by nature - i
Other information by nature - impact of leases on net profit before taxes (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of leases [Abstract] | |||
Depreciation, right-of-use assets | € 403 | € 346 | |
Interest expense on lease liabilities | 94 | 88 | € 0 |
Expense relating to variable lease payments not included in measurement of lease liabilities | 2 | 3 | |
Income from subleasing right-of-use assets | (88) | (85) | |
Expenses short-term leases and leases of low-value assets | 78 | 186 | |
Gains (losses) arising from sale and leaseback transactions | (94) | (91) | |
Impact of leases on profit before taxes | € 395 | € 447 |
Goodwill and intangible asset_3
Goodwill and intangible assets with indefinite useful lives - schedule of goodwill and intangible assets (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Brands | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets and goodwill | € 3,192 | € 3,136 |
Acquisitions through business combinations, intangible assets and goodwill | 0 | |
Transfers to Assets held for sale | 0 | |
Translation differences and Other | (268) | 56 |
Intangible assets and goodwill | 2,924 | 3,192 |
Acquisitions through business combinations, intangible assets and goodwill | 0 | |
Goodwill | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets and goodwill | 11,065 | 10,834 |
Acquisitions through business combinations, intangible assets and goodwill | 34 | |
Transfers to Assets held for sale | (11) | |
Translation differences and Other | (934) | 208 |
Intangible assets and goodwill | 10,131 | 11,065 |
Acquisitions through business combinations, intangible assets and goodwill | 34 | |
Goodwill | Gross amount | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets and goodwill | 11,439 | 11,254 |
Acquisitions through business combinations, intangible assets and goodwill | 34 | |
Transfers to Assets held for sale | (11) | |
Translation differences and Other | (1,190) | 162 |
Intangible assets and goodwill | 10,249 | 11,439 |
Acquisitions through business combinations, intangible assets and goodwill | 34 | |
Goodwill | Accumulated impairment losses | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets and goodwill | (374) | (420) |
Acquisitions through business combinations, intangible assets and goodwill | 0 | |
Transfers to Assets held for sale | 0 | |
Translation differences and Other | 256 | 46 |
Intangible assets and goodwill | (118) | (374) |
Acquisitions through business combinations, intangible assets and goodwill | 0 | |
Goodwill and intangible assets with indefinite useful lives | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets and goodwill | 14,257 | 13,970 |
Acquisitions through business combinations, intangible assets and goodwill | 34 | |
Transfers to Assets held for sale | (11) | |
Translation differences and Other | (1,202) | 264 |
Intangible assets and goodwill | € 13,055 | 14,257 |
Acquisitions through business combinations, intangible assets and goodwill | € 34 |
Goodwill and intangible asset_4
Goodwill and intangible assets with indefinite useful lives - narrative (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill and intangible assets with indefinite useful lives | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Acquisitions through business combinations, intangible assets and goodwill | € 34,000,000 | ||
Transfers to Assets held for sale | 11,000,000 | ||
Impairment charges, goodwill and intangible assets with indefinite lives | € 0 | 0 | € 0 |
Acquisitions through business combinations, intangible assets and goodwill | 34,000,000 | ||
FCA US LLC | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Acquisitions through business combinations, intangible assets and goodwill | € 10,078,000,000 | 11,008,000,000 | |
Name of acquiree | FCA US | ||
Acquisitions through business combinations, intangible assets and goodwill | € 10,078,000,000 | 11,008,000,000 | |
Vari-Form Inc. | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Acquisitions through business combinations, intangible assets and goodwill | 32,000,000 | € 34,000,000 | |
Name of acquiree | Vari-Form | ||
Acquisitions through business combinations, intangible assets and goodwill | € 32,000,000 | € 34,000,000 |
Goodwill and intangible asset_5
Goodwill and intangible assets with indefinite useful lives - allocation summary (Details) - Goodwill - EUR (€) € in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of operating segments [line items] | |||
Intangible assets and goodwill | € 10,131 | € 11,065 | € 10,834 |
North America | |||
Disclosure of operating segments [line items] | |||
Intangible assets and goodwill | 8,294 | 9,059 | |
APAC | |||
Disclosure of operating segments [line items] | |||
Intangible assets and goodwill | 1,074 | 1,174 | |
LATAM | |||
Disclosure of operating segments [line items] | |||
Intangible assets and goodwill | 515 | 563 | |
EMEA | |||
Disclosure of operating segments [line items] | |||
Intangible assets and goodwill | 248 | 269 | |
Other activities | |||
Disclosure of operating segments [line items] | |||
Intangible assets and goodwill | € 0 | € 0 |
Other intangible assets (Detail
Other intangible assets (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Intangible assets other than goodwill | € 12,447 | ||
Intangible assets other than goodwill | 12,519 | € 12,447 | |
Contractual commitments for acquisition of intangible assets | 624 | 1,419 | |
Development expenditures | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Intangible assets other than goodwill | 10,507 | ||
Additions | € 2,079 | ||
Amortization | 1,250 | 1,358 | 1,456 |
Impairment losses and asset write-offs | (503) | (949) | (147) |
Intangible assets other than goodwill | 10,558 | 10,507 | |
Additions other than through business combinations, intangible assets other than goodwill | 2,079 | ||
Development expenditures | Gross amount | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Intangible assets other than goodwill | 22,926 | 20,228 | |
Additions | 2,640 | 2,889 | |
Divestitures | 81 | 338 | |
Translation differences and other changes | (1,327) | 147 | |
Transfer to Assets held for sale | 0 | 0 | |
Intangible assets other than goodwill | 24,158 | 22,926 | 20,228 |
Additions other than through business combinations, intangible assets other than goodwill | 2,640 | 2,889 | |
Development expenditures | Accumulated amortization and impairment losses | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Intangible assets other than goodwill | (12,419) | (10,403) | |
Amortization | (1,250) | (1,358) | |
Impairment losses and asset write-offs | 503 | 949 | |
Divestitures | (53) | (337) | |
Translation differences and other changes | 519 | (46) | |
Transfer to Assets held for sale | 0 | 0 | |
Intangible assets other than goodwill | (13,600) | (12,419) | (10,403) |
Patents, concessions, licenses and credits | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Intangible assets other than goodwill | 1,717 | ||
Intangible assets other than goodwill | 1,781 | 1,717 | |
Patents, concessions, licenses and credits | Gross amount | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Intangible assets other than goodwill | 4,572 | 3,999 | |
Additions | 745 | 600 | |
Divestitures | 134 | 127 | |
Translation differences and other changes | (333) | 103 | |
Transfer to Assets held for sale | 0 | 3 | |
Intangible assets other than goodwill | 4,850 | 4,572 | 3,999 |
Additions other than through business combinations, intangible assets other than goodwill | 745 | 600 | |
Patents, concessions, licenses and credits | Accumulated amortization and impairment losses | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Intangible assets other than goodwill | (2,855) | (2,362) | |
Amortization | (408) | (426) | |
Impairment losses and asset write-offs | 0 | 0 | |
Divestitures | 0 | (2) | |
Translation differences and other changes | 194 | (72) | |
Transfer to Assets held for sale | 0 | (3) | |
Intangible assets other than goodwill | (3,069) | (2,855) | (2,362) |
Other intangible assets | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Intangible assets other than goodwill | 223 | ||
Intangible assets other than goodwill | 180 | 223 | |
Other intangible assets | Gross amount | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Intangible assets other than goodwill | 600 | 636 | |
Additions | 177 | 67 | |
Divestitures | 173 | 82 | |
Translation differences and other changes | (50) | (5) | |
Transfer to Assets held for sale | 0 | 16 | |
Intangible assets other than goodwill | 554 | 600 | 636 |
Additions other than through business combinations, intangible assets other than goodwill | 177 | 67 | |
Other intangible assets | Accumulated amortization and impairment losses | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Intangible assets other than goodwill | (377) | (349) | |
Amortization | (32) | (48) | |
Impairment losses and asset write-offs | 1 | 4 | |
Divestitures | (15) | (8) | |
Translation differences and other changes | 21 | 3 | |
Transfer to Assets held for sale | 0 | (13) | |
Intangible assets other than goodwill | (374) | (377) | (349) |
Finite-lived intangible assets | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Intangible assets other than goodwill | 12,447 | ||
Intangible assets other than goodwill | 12,519 | 12,447 | |
Finite-lived intangible assets | Gross amount | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Intangible assets other than goodwill | 28,098 | 24,863 | |
Additions | 3,562 | 3,556 | |
Divestitures | 388 | 547 | |
Translation differences and other changes | (1,710) | 245 | |
Transfer to Assets held for sale | 0 | 19 | |
Intangible assets other than goodwill | 29,562 | 28,098 | 24,863 |
Additions other than through business combinations, intangible assets other than goodwill | 3,562 | 3,556 | |
Finite-lived intangible assets | Accumulated amortization and impairment losses | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Intangible assets other than goodwill | (15,651) | (13,114) | |
Amortization | (1,690) | (1,832) | |
Impairment losses and asset write-offs | 504 | 953 | |
Divestitures | (68) | (347) | |
Translation differences and other changes | 734 | (115) | |
Transfer to Assets held for sale | 0 | (16) | |
Intangible assets other than goodwill | € (17,043) | (15,651) | € (13,114) |
Rationalization of product portfolio plans | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Impairment losses and asset write-offs | € (813) |
Property, plant and equipment -
Property, plant and equipment - summary of property, plant and equipment (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment | € 28,608 | |
Translation differences | (2,657) | € 316 |
Property, plant and equipment | 27,582 | 28,608 |
Gross carrying amount | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment | 68,786 | 64,670 |
Additions | 5,600 | 5,403 |
Divestitures | (1,189) | (1,348) |
Changes In Scope Of Consolidation | (8) | 64 |
Translation differences | (5,240) | 675 |
Transfer to Assets held for sale | 16 | 706 |
Other changes | (71) | 28 |
Property, plant and equipment | 67,862 | 68,786 |
Accumulated amortization and impairment losses | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment | (40,178) | (37,294) |
Divestitures | 1,089 | 1,247 |
Changes In Scope Of Consolidation | 0 | 11 |
Translation differences | 2,583 | (359) |
Transfer to Assets held for sale | (11) | (512) |
Other changes | 78 | (24) |
Depreciation | 3,453 | 3,613 |
Impairment losses and asset write-offs | (410) | (636) |
Property, plant and equipment | (40,280) | (40,178) |
Land | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment | 869 | |
Property, plant and equipment | 841 | 869 |
Land | Gross carrying amount | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment | 899 | 877 |
Additions | 16 | 33 |
Divestitures | (2) | (40) |
Changes In Scope Of Consolidation | 0 | 0 |
Translation differences | (87) | 8 |
Transfer to Assets held for sale | 0 | 15 |
Other changes | 45 | 36 |
Property, plant and equipment | 871 | 899 |
Land | Accumulated amortization and impairment losses | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment | (30) | (32) |
Divestitures | 0 | 2 |
Changes In Scope Of Consolidation | 0 | 0 |
Translation differences | 0 | 0 |
Transfer to Assets held for sale | 0 | (3) |
Other changes | 1 | 0 |
Depreciation | 1 | 3 |
Impairment losses and asset write-offs | 0 | 0 |
Property, plant and equipment | (30) | (30) |
Industrial buildings | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment | 5,750 | |
Property, plant and equipment | 5,560 | 5,750 |
Industrial buildings | Gross carrying amount | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment | 9,427 | 9,227 |
Additions | 928 | 274 |
Divestitures | (54) | (46) |
Changes In Scope Of Consolidation | (8) | 0 |
Translation differences | (849) | 96 |
Transfer to Assets held for sale | 14 | 149 |
Other changes | (86) | 25 |
Property, plant and equipment | 9,344 | 9,427 |
Industrial buildings | Accumulated amortization and impairment losses | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment | (3,677) | (3,365) |
Divestitures | 8 | 32 |
Changes In Scope Of Consolidation | 0 | 0 |
Translation differences | 253 | (29) |
Transfer to Assets held for sale | (9) | (107) |
Other changes | 53 | (9) |
Depreciation | 427 | 411 |
Impairment losses and asset write-offs | (3) | (2) |
Property, plant and equipment | (3,784) | (3,677) |
Plant, machinery and equipment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment | 17,092 | |
Property, plant and equipment | 15,767 | 17,092 |
Plant, machinery and equipment | Gross carrying amount | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment | 51,471 | 50,094 |
Additions | 2,793 | 1,587 |
Divestitures | (884) | (1,135) |
Changes In Scope Of Consolidation | 0 | 63 |
Translation differences | (3,682) | 507 |
Transfer to Assets held for sale | 2 | 502 |
Other changes | 523 | 857 |
Property, plant and equipment | 50,219 | 51,471 |
Plant, machinery and equipment | Accumulated amortization and impairment losses | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment | (34,379) | (32,032) |
Divestitures | 845 | 1,098 |
Changes In Scope Of Consolidation | 0 | 11 |
Translation differences | 2,160 | (305) |
Transfer to Assets held for sale | (2) | (384) |
Other changes | 17 | (19) |
Depreciation | 2,695 | 2,876 |
Impairment losses and asset write-offs | (402) | (618) |
Property, plant and equipment | (34,452) | (34,379) |
Other assets | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment | 983 | |
Property, plant and equipment | 820 | 983 |
Other assets | Gross carrying amount | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment | 3,066 | 2,944 |
Additions | 258 | 222 |
Divestitures | (245) | (124) |
Changes In Scope Of Consolidation | 0 | 0 |
Translation differences | (246) | 45 |
Transfer to Assets held for sale | 0 | 17 |
Other changes | (7) | (4) |
Property, plant and equipment | 2,826 | 3,066 |
Other assets | Accumulated amortization and impairment losses | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment | (2,083) | (1,855) |
Divestitures | 234 | 115 |
Changes In Scope Of Consolidation | 0 | 0 |
Translation differences | 170 | (25) |
Transfer to Assets held for sale | 0 | (17) |
Other changes | 8 | 4 |
Depreciation | 330 | 323 |
Impairment losses and asset write-offs | (5) | (16) |
Property, plant and equipment | (2,006) | (2,083) |
Advances and tangible assets in progress | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment | 3,914 | |
Property, plant and equipment | 4,594 | 3,914 |
Advances and tangible assets in progress | Gross carrying amount | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment | 3,923 | 1,528 |
Additions | 1,605 | 3,287 |
Divestitures | (4) | (3) |
Changes In Scope Of Consolidation | 0 | 1 |
Translation differences | (376) | 19 |
Transfer to Assets held for sale | 0 | 23 |
Other changes | (546) | (886) |
Property, plant and equipment | 4,602 | 3,923 |
Advances and tangible assets in progress | Accumulated amortization and impairment losses | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment | (9) | (10) |
Divestitures | 2 | 0 |
Changes In Scope Of Consolidation | 0 | 0 |
Translation differences | 0 | 0 |
Transfer to Assets held for sale | 0 | (1) |
Other changes | (1) | 0 |
Depreciation | 0 | 0 |
Impairment losses and asset write-offs | 0 | 0 |
Property, plant and equipment | € (8) | € (9) |
Property, plant and equipment_2
Property, plant and equipment - property, plant & equipment, owned and leased (Details) - EUR (€) € in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Property, plant and equipment | € 27,582 | € 28,608 | |
Right-of-use assets | 1,624 | 1,621 | € 1,395 |
Property, plant and equipment not subject to operating leases [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Property, plant and equipment | 25,958 | 26,987 | |
Right-of-use assets [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Property, plant and equipment | € 1,624 | € 1,621 |
Property, plant and equipment_3
Property, plant and equipment - right of use assets (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use assets | € 1,621 | € 1,395 |
Depreciation, right-of-use assets | 403 | 346 |
Additions to right-of-use assets | 574 | 577 |
Change in scope of consolidation, right-of-use assets | 44 | |
Translation differences, right-of-use assets | (132) | 28 |
Other changes, right-of-use assets | (36) | (77) |
Right-of-use assets | 1,624 | 1,621 |
Land | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use assets | 7 | 26 |
Depreciation, right-of-use assets | 1 | 3 |
Additions to right-of-use assets | 11 | 11 |
Change in scope of consolidation, right-of-use assets | 0 | |
Translation differences, right-of-use assets | (1) | 1 |
Other changes, right-of-use assets | 0 | (28) |
Right-of-use assets | 16 | 7 |
Industrial buildings | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use assets | 1,120 | 1,085 |
Depreciation, right-of-use assets | 159 | 150 |
Additions to right-of-use assets | 284 | 167 |
Change in scope of consolidation, right-of-use assets | 18 | |
Translation differences, right-of-use assets | (90) | 24 |
Other changes, right-of-use assets | (25) | (24) |
Right-of-use assets | 1,130 | 1,120 |
Plant, machinery and equipment | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use assets | 349 | 206 |
Depreciation, right-of-use assets | 102 | 100 |
Additions to right-of-use assets | 80 | 236 |
Change in scope of consolidation, right-of-use assets | 26 | |
Translation differences, right-of-use assets | (27) | 2 |
Other changes, right-of-use assets | (7) | (21) |
Right-of-use assets | 293 | 349 |
Other assets | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use assets | 145 | 78 |
Depreciation, right-of-use assets | 141 | 93 |
Additions to right-of-use assets | 199 | 163 |
Change in scope of consolidation, right-of-use assets | 0 | |
Translation differences, right-of-use assets | (14) | 1 |
Other changes, right-of-use assets | (4) | (4) |
Right-of-use assets | € 185 | € 145 |
Property, plant and equipment_4
Property, plant and equipment - pledged as security for debt (Details) - EUR (€) € in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, pledged as security | € 1,108 | € 1,637 |
Land and industrial buildings pledged as security for debt | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, pledged as security | 535 | 777 |
Plant, machinery and equipment | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, pledged as security | 571 | 855 |
Other assets | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, pledged as security | € 2 | € 5 |
Property, plant and equipment_5
Property, plant and equipment - narrative (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Contractual commitments for acquisition of property, plant and equipment | € 1,009 | € 1,255 |
Translation differences | (2,657) | 316 |
Accumulated amortization and impairment losses | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Impairment losses and asset write-offs | (410) | (636) |
Translation differences | € 2,583 | (359) |
Rationalization of product portfolio plans | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Impairment losses and asset write-offs | € 563 |
Investments accounted for usi_3
Investments accounted for using the equity method - summary of investments (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Joint Ventures And Associates [Line Items] | ||
Investments in joint ventures accounted for using equity method | € 1,965 | € 1,871 |
Investments in associates accounted for using equity method | 75 | 94 |
Investments in other entities accounted for using equity method | 46 | 44 |
Investments accounted for using the equity method | 2,086 | 2,009 |
FCA Bank S.p.A. | ||
Disclosure Of Joint Ventures And Associates [Line Items] | ||
Investments in joint ventures accounted for using equity method | € 1,738 | € 1,501 |
Ownership percentage | 50.00% | 50.00% |
Tofas-Turk Otomobil Fabrikasi A.S. | ||
Disclosure Of Joint Ventures And Associates [Line Items] | ||
Investments in joint ventures accounted for using equity method | € 181 | € 240 |
Ownership percentage | 37.90% | 37.90% |
GAC Fiat Chrysler Automobiles Co. | ||
Disclosure Of Joint Ventures And Associates [Line Items] | ||
Investments in joint ventures accounted for using equity method | € 18 | € 107 |
Ownership percentage | 50.00% | 50.00% |
Others | ||
Disclosure Of Joint Ventures And Associates [Line Items] | ||
Investments in joint ventures accounted for using equity method | € 28 | € 23 |
Investments accounted for usi_4
Investments accounted for using the equity method - financial information of FCA Bank (Details) - EUR (€) € in Millions | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Joint Ventures And Associates [Line Items] | |||||
Cash and cash equivalents | € 23,846 | € 15,014 | |||
Equity | 25,861 | 28,675 | € 24,903 | € 21,008 | |
Net assets attributable to owners of the parent | 25,737 | 28,537 | |||
Investments in joint ventures accounted for using equity method | 1,965 | 1,871 | |||
Interest and similar expenses | 596 | 784 | 929 | ||
Income tax expense | (1,332) | (1,321) | (778) | ||
Profit from continuing operations | 24 | 2,700 | 3,330 | ||
Profit (loss) | 24 | 6,630 | 3,632 | ||
Comprehensive income, attributable to owners of parent | (2,875) | 6,676 | 3,763 | ||
Group’s share of net profit | 185 | 200 | 221 | ||
FCA Bank S.p.A. | |||||
Disclosure Of Joint Ventures And Associates [Line Items] | |||||
Financial assets | € 24,721 | 26,583 | |||
Cash and cash equivalents | 620 | 585 | |||
Other assets | 5,253 | 5,123 | |||
Financial liabilities | 25,145 | 27,029 | |||
Other liabilities | 1,454 | 1,506 | |||
Equity | 3,375 | 3,171 | |||
Net assets attributable to owners of the parent | 3,317 | 3,116 | |||
Investments In Joint Ventures Accounted For Using Equity Method, Excluding Cumulative Unrealised Profits And Other Adjustments | 1,659 | 1,558 | |||
Investments in Joint Ventures Accounted For Using Equity Method, Cumulative Unrealised Profits And Other Adjustments | 79 | (57) | |||
Investments in joint ventures accounted for using equity method | 1,738 | 1,501 | |||
Interest and similar income | 441 | 930 | 903 | ||
Interest and similar expenses | 116 | 237 | 242 | ||
Income tax expense | 75 | 171 | (159) | ||
Profit from continuing operations | 225 | 467 | 388 | ||
Profit (loss) | 225 | 467 | 388 | ||
Net profit attributable to owners of the parent | 222 | 460 | 383 | ||
Other comprehensive income/(loss) attributable to owners of the parent | (21) | 7 | (5) | ||
Comprehensive income, attributable to owners of parent | € 201 | 467 | 378 | ||
Group’s share of net profit | € 247 | € 229 | € 192 |
Investments accounted for usi_5
Investments accounted for using the equity method - narrative (Details) - EUR (€) € in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Tofas-Turk Otomobil Fabrikasi A.S. | ||
Disclosure of joint ventures [line items] | ||
Fair value of investments in joint ventures for which there are quoted market prices | € 713 | € 764 |
Investments accounted for usi_6
Investments accounted for using the equity method - share of earnings of investments (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interests In Other Entities [Abstract] | |||
Joint Ventures | € 185 | € 200 | € 221 |
Associates | (8) | (2) | 6 |
Other | 7 | 10 | 13 |
Net profit (loss) | € 184 | € 208 | € 240 |
Investments accounted for usi_7
Investments accounted for using the equity method - aggregate amounts of individually immaterial joint ventures and associates (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Joint Ventures And Associates [Line Items] | |||
Net profit (loss) | € 184 | € 208 | € 240 |
Other comprehensive loss | (104) | (20) | (103) |
Aggregated individually immaterial associates | |||
Disclosure Of Joint Ventures And Associates [Line Items] | |||
(Loss)/income from continuing operations | (8) | (2) | 6 |
Net profit (loss) | (8) | (2) | 6 |
Other comprehensive loss | (9) | 0 | (3) |
Total Other comprehensive (loss)/income | (17) | (2) | 3 |
Aggregated individually immaterial joint ventures | |||
Disclosure Of Joint Ventures And Associates [Line Items] | |||
(Loss)/income from continuing operations | (62) | (28) | 27 |
Net profit (loss) | (62) | (28) | 27 |
Other comprehensive loss | (80) | (19) | (91) |
Total Other comprehensive (loss)/income | € (142) | € (47) | € (64) |
Other financial assets - financ
Other financial assets - financial assets (Details) - EUR (€) € in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of financial assets [abstract] | ||
Current derivative financial assets | € 501 | € 93 |
Non-current derivative financial assets | 128 | 5 |
Derivative financial assets | 629 | 98 |
Current debt securities measured at fair value through other comprehensive income | 64 | 0 |
Non-current debt securities measured at fair value through profit and loss | 0 | 0 |
Debt securities measured at fair value through other comprehensive income | 64 | 0 |
Current debt securities measured at fair value through profit or loss | 226 | 233 |
Non-current debt securities measured at fair value through profit or loss | 0 | 0 |
Debt securities measured at fair value through profit or loss | 226 | 233 |
Current equity instruments measured at fair value through other comprehensive income | 0 | 0 |
Non-current equity instruments measured at fair value through other comprehensive income | 31 | 37 |
Equity instruments measured at fair value through other comprehensive income | 31 | 37 |
Current equity instruments measured at fair value through profit or loss | 52 | 47 |
Non-current equity instruments measured at fair value through profit or loss | 12 | 12 |
Equity instruments measured at fair value through profit or loss | 64 | 59 |
Current financial receivables | 0 | 0 |
Non-current financial receivables | 128 | 242 |
Financial receivables | 128 | 242 |
Current collateral deposits | 0 | 0 |
Non-current collateral deposits | 32 | 42 |
Collateral deposits | 32 | 42 |
Current debt securities measured at amortized cost | 8 | 297 |
Non-current debt securities measured at amortized cost | 0 | 2 |
Debt securities measured at amortized cost | 8 | 299 |
Total current other financial assets | 851 | 670 |
Total non-current other financial assets | 331 | 340 |
Other financial assets | € 1,182 | € 1,010 |
Inventories - summary of invent
Inventories - summary of inventories (Details) - EUR (€) € in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Inventories [Abstract] | ||
Finished goods and goods for resale | € 3,962 | € 5,600 |
Work-in-progress, raw materials and manufacturing supplies | 3,912 | 3,928 |
Amount due from customers for contract work | 220 | 194 |
Total Inventories | € 8,094 | € 9,722 |
Inventories - narrative (Detail
Inventories - narrative (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Inventory Write-Down [Line Items] | |||
Inventory write-down | € 639 | € 647 | € 669 |
Expected recognition of construction contract net asset/(liability) | 12 months |
Inventories - details of amount
Inventories - details of amounts due from customers for contract work (Details) - EUR (€) € in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Inventories [Abstract] | ||
Aggregate amount of costs incurred and recognized profits (less recognized losses) to date | € 543 | € 826 |
Less: Progress billings | 358 | 715 |
Construction contracts, net asset/(liability) | 185 | 111 |
Construction contract assets | 220 | 194 |
Construction contract liabilities | € 35 | € 83 |
Inventories - changes in Group'
Inventories - changes in Group's construction contracts net asset/(liability) (Details) € in Millions | 12 Months Ended |
Dec. 31, 2020EUR (€) | |
Disclosure of changes in Summarized Recognized Revenue from Construction Contracts [Line Items] | |
Receivables from contracts with customers at beginning of period | € 111 |
Receivables from contracts with customers at end of period | 185 |
construction contract net asset (liability) [Domain] | |
Disclosure of changes in Summarized Recognized Revenue from Construction Contracts [Line Items] | |
Receivables from contracts with customers at beginning of period | 111 |
Revenue from construction contracts | 547 |
Advances received from customers | (473) |
Receivables from contracts with customers at end of period | € 185 |
Trade, other receivables and _3
Trade, other receivables and tax receivables - analysis by due date (Details) - EUR (€) € in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of financial assets [line items] | ||
Current trade receivables | € 1,581 | € 2,064 |
Non-current trade receivables | 0 | 0 |
Trade receivables | 1,581 | 2,064 |
Current receivables from financing activities | 2,159 | 2,855 |
Non-current receivables from financing activities | 257 | 300 |
Receivables from financing activities | 2,416 | 3,155 |
Current other receivables | 1,805 | 1,709 |
Non-current other receivables | 1,464 | 2,076 |
Other receivables | 3,269 | 3,785 |
Current trade and other receivables | 5,545 | 6,628 |
Non-current trade and other receivables | 1,721 | 2,376 |
Total Trade and other receivables | 7,266 | 9,004 |
Tax receivables | 89 | 372 |
Non-current tax receivables | 95 | 94 |
Tax receivables | 184 | 466 |
Due between one and five years | ||
Disclosure of financial assets [line items] | ||
Non-current trade receivables | 0 | 0 |
Non-current receivables from financing activities | 249 | 294 |
Non-current other receivables | 1,378 | 695 |
Non-current trade and other receivables | 1,627 | 989 |
Non-current tax receivables | 78 | 51 |
Due beyond five years | ||
Disclosure of financial assets [line items] | ||
Non-current trade receivables | 0 | 0 |
Non-current receivables from financing activities | 8 | 6 |
Non-current other receivables | 86 | 1,381 |
Non-current trade and other receivables | 94 | 1,387 |
Non-current tax receivables | € 17 | € 43 |
Trade, other receivables and _4
Trade, other receivables and tax receivables - allowance for trade receivables (Details) - Trade receivables € in Millions | 12 Months Ended |
Dec. 31, 2020EUR (€) | |
Reconciliation of changes in allowance account for credit losses of financial assets [abstract] | |
Allowance, beginning balance | € 237 |
Provision | 31 |
Use and other changes | (43) |
Decrease through classified as held for sale, trade receivables | 0 |
Allowance, ending balance | € 225 |
Trade, other receivables and _5
Trade, other receivables and tax receivables - exposure to credit risk and ECLs for trade receivables (Details) - EUR (€) € in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of credit risk exposure [line items] | ||
Trade receivables and other receivables | € 1,581 | € 2,064 |
Trade receivables | ||
Disclosure of credit risk exposure [line items] | ||
Trade receivables, gross | 1,794 | 2,282 |
Allowance account for credit losses of financial assets | (225) | (237) |
Trade receivables and other receivables | 1,569 | 2,045 |
Current and less than 90 days past due [Member] | Trade receivables | ||
Disclosure of credit risk exposure [line items] | ||
Trade receivables, gross | 1,551 | 1,989 |
Allowance account for credit losses of financial assets | (42) | (53) |
Trade receivables and other receivables | 1,509 | 1,936 |
90 days or more past due [Member] | Trade receivables | ||
Disclosure of credit risk exposure [line items] | ||
Trade receivables, gross | 243 | 293 |
Allowance account for credit losses of financial assets | (183) | (184) |
Trade receivables and other receivables | € 60 | € 109 |
Trade, other receivables and _6
Trade, other receivables and tax receivables - receivables from financing activities (Details) - EUR (€) € in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Trade and other receivables [abstract] | ||
Dealer financing | € 1,538 | € 2,317 |
Retail financing | 512 | 613 |
Finance leases | 6 | 3 |
Other | 360 | 222 |
Receivables from financing activities | € 2,416 | € 3,155 |
Trade, other receivables and _7
Trade, other receivables and tax receivables - allowance for financing receivables (Details) - Financing receivables € in Millions | 12 Months Ended |
Dec. 31, 2020EUR (€) | |
Reconciliation of changes in allowance account for credit losses of financial assets [abstract] | |
Allowance, beginning balance | € 23 |
Provision | 40 |
Use and other changes | (46) |
Allowance, ending balance | € 17 |
Trade, other receivables and _8
Trade, other receivables and tax receivables - exposure to credit risk and ECLs for receivables from financing (Details) - EUR (€) € in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of credit risk exposure [line items] | ||
Receivables from financing activities | € 2,416 | € 3,155 |
Receivables From Financing Activities | ||
Disclosure of credit risk exposure [line items] | ||
Receivables from financing, gross | 1,960 | 2,598 |
Allowance account for credit losses of financial assets | (17) | (23) |
Receivables from financing activities | 1,943 | 2,575 |
Receivables From Financing Activities | Stage 1 | ||
Disclosure of credit risk exposure [line items] | ||
Receivables from financing, gross | 1,878 | 2,369 |
Allowance account for credit losses of financial assets | (8) | (10) |
Receivables from financing activities | 1,870 | 2,359 |
Receivables From Financing Activities | Stage 2 | ||
Disclosure of credit risk exposure [line items] | ||
Receivables from financing, gross | 53 | 194 |
Allowance account for credit losses of financial assets | (1) | (2) |
Receivables from financing activities | 52 | 192 |
Receivables From Financing Activities | Stage 3 | ||
Disclosure of credit risk exposure [line items] | ||
Receivables from financing, gross | 29 | 35 |
Allowance account for credit losses of financial assets | (8) | (11) |
Receivables from financing activities | € 21 | € 24 |
Trade, other receivables and _9
Trade, other receivables and tax receivables - narrative (Details) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2020 | |
Disclosure of continuing involvement in derecognised financial assets [line items] | ||||
Value added and other indirect tax receivables | € 2,866 | € 2,296 | ||
Brazil indirect tax - reversal of liability/recognition of credits | 164 | € (72) | € 895 | |
Fair Value of Assets Representing Derecognised Financial Assets | 7,301 | 6,233 | ||
FCA Bank S.p.A. | ||||
Disclosure of continuing involvement in derecognised financial assets [line items] | ||||
Fair Value of Assets Representing Derecognised Financial Assets | 4,686 | 3,812 | ||
Financing receivables | ||||
Disclosure of continuing involvement in derecognised financial assets [line items] | ||||
Current financial assets at fair value through profit or loss | 580 | 473 | ||
Trade receivables | ||||
Disclosure of continuing involvement in derecognised financial assets [line items] | ||||
Current financial assets at fair value through profit or loss | € 19 | € 12 |
Trade, other receivables and_10
Trade, other receivables and tax receivables - carrying amount of assets not derecognised (Details) - EUR (€) € in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | ||
Fair Value of Assets Representing Derecognised Financial Assets | € 6,233 | € 7,301 |
Carrying amount of assets transferred and not derecognized | 41 | 151 |
Carrying amount of the related liabilities | 41 | 151 |
Trade receivables | ||
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | ||
Carrying amount of assets transferred and not derecognized | 6 | 11 |
Carrying amount of the related liabilities | 6 | 11 |
Financing receivables | ||
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | ||
Carrying amount of assets transferred and not derecognized | 35 | 140 |
Carrying amount of the related liabilities | 35 | 140 |
Financing receivables | ||
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | ||
Fair Value of Assets Representing Derecognised Financial Assets | 834 | 1,524 |
FCA Bank S.p.A. | ||
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | ||
Fair Value of Assets Representing Derecognised Financial Assets | € 3,812 | € 4,686 |
Derivative financial assets a_3
Derivative financial assets and liabilities - fair value of derivative assets and liabilities (Details) - EUR (€) € in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative financial assets | € 629 | € 98 |
Financial derivative assets - current | 501 | 93 |
Financial derivative assets - non-current | 128 | 5 |
Derivative financial liabilities | (633) | (318) |
Financial derivative liabilities - current | (353) | (194) |
Financial derivative liabilities - non-current | (280) | (124) |
Fair value hedges | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Hedging derivative assets | 0 | 0 |
Hedging derivative, liabilities | 0 | 0 |
Fair value hedges | Interest rate risk | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Hedging derivative assets | 0 | 0 |
Hedging derivative, liabilities | 0 | 0 |
Cash flow hedges | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Hedging derivative assets | 384 | 55 |
Hedging derivative, liabilities | (402) | (267) |
Cash flow hedges | Currency risk | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Hedging derivative assets | 149 | 34 |
Hedging derivative, liabilities | (139) | (81) |
Cash flow hedges | Interest rate risk | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Hedging derivative assets | 0 | 0 |
Hedging derivative, liabilities | (228) | (180) |
Cash flow hedges | Interest rate and currency risk | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Hedging derivative assets | 138 | 0 |
Hedging derivative, liabilities | (26) | 0 |
Cash flow hedges | Commodity price risk | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Hedging derivative assets | 97 | 21 |
Hedging derivative, liabilities | (9) | (6) |
Hedges of net investment in foreign operations | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Hedging derivative assets | 0 | 0 |
Hedging derivative, liabilities | 0 | 0 |
Hedges of net investment in foreign operations | Currency risk | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Hedging derivative assets | 0 | 0 |
Hedging derivative, liabilities | 0 | 0 |
Derivatives for trading | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivatives assets for trading | 245 | 43 |
Derivatives liabilities for trading | € (231) | € (51) |
Derivative financial assets a_4
Derivative financial assets and liabilities - summary of notional amounts of derivative financial instruments (Details) - EUR (€) € in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, notional amount | 21,247 | 14,689 |
Currency risk | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, notional amount | 15,468 | 11,289 |
Interest rate risk | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, notional amount | 3,546 | 2,805 |
Interest rate and currency risk | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, notional amount | 1,000 | 31 |
Commodity price risk | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, notional amount | 1,219 | 550 |
Other derivative financial instruments | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, notional amount | 14 | 14 |
2021 | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, notional amount | 17,005 | 12,896 |
2021 | Currency risk | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, notional amount | 15,151 | 11,259 |
2021 | Interest rate risk | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, notional amount | 701 | 1,105 |
2021 | Interest rate and currency risk | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, notional amount | 6 | 9 |
2021 | Commodity price risk | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, notional amount | 1,133 | 523 |
2021 | Other derivative financial instruments | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, notional amount | 14 | 0 |
Due between one and five years | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, notional amount | 1,308 | 1,793 |
Due between one and five years | Currency risk | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, notional amount | 317 | 30 |
Due between one and five years | Interest rate risk | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, notional amount | 889 | 1,700 |
Due between one and five years | Interest rate and currency risk | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, notional amount | 16 | 22 |
Due between one and five years | Commodity price risk | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, notional amount | 86 | 27 |
Due between one and five years | Other derivative financial instruments | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, notional amount | 0 | 14 |
Due beyond five years | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, notional amount | 2,934 | 0 |
Due beyond five years | Currency risk | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, notional amount | 0 | 0 |
Due beyond five years | Interest rate risk | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, notional amount | 1,956 | 0 |
Due beyond five years | Interest rate and currency risk | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, notional amount | 978 | 0 |
Due beyond five years | Commodity price risk | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, notional amount | 0 | 0 |
Due beyond five years | Other derivative financial instruments | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative, notional amount | 0 | 0 |
Derivative financial assets a_5
Derivative financial assets and liabilities - fair value hedges (Details) - Fair value hedges - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about hedges [line items] | |||
Net gains/(losses) | € 0 | € 0 | € 0 |
Currency risk | |||
Disclosure of detailed information about hedges [line items] | |||
Net gains/(losses) on qualifying hedges | 0 | 0 | 0 |
Fair value changes in hedged items | 0 | 0 | 0 |
Interest rate risk | |||
Disclosure of detailed information about hedges [line items] | |||
Net gains/(losses) on qualifying hedges | 0 | 0 | (2) |
Fair value changes in hedged items | € 0 | € 0 | € 2 |
Derivative financial assets a_6
Derivative financial assets and liabilities - cash flow hedges (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | |||
Gains (losses) on cash flow hedges | € (178) | € (167) | € (31) |
Cash flow hedges | |||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | |||
Ineffectiveness and discontinued hedges | (21) | (33) | (5) |
Tax expense/(benefit) | 1 | (3) | (36) |
Items relating to discontinued operations, net of tax | 0 | 2 | 9 |
Total recognized in the Consolidated Income Statement | 167 | (80) | 107 |
Gain (loss) on hedge ineffectiveness recognised in profit or loss | (20) | (17) | 5 |
Gain (loss) on hedge ineffectiveness recognised in profit or loss | (20) | (17) | 5 |
Cash flow hedges | Currency risk | Net revenues | |||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | |||
Reclassification adjustments | 28 | (27) | 100 |
Cash flow hedges | Currency risk | Cost of revenue | |||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | |||
Reclassification adjustments | 135 | (29) | (17) |
Cash flow hedges | Currency risk | Net financial income (expense) | |||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | |||
Reclassification adjustments | 98 | 4 | 2 |
Cash flow hedges | Currency risk | Results from investments | |||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | |||
Reclassification adjustments | 21 | 1 | 24 |
Cash flow hedges | Interest rate risk | Net financial income (expense) | |||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | |||
Reclassification adjustments | (11) | 0 | 0 |
Cash flow hedges | Interest rate risk | Results from investments | |||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | |||
Reclassification adjustments | 2 | (2) | 1 |
Cash flow hedges | Commodity price risk | Cost of revenue | |||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | |||
Reclassification adjustments | € (86) | € 7 | € 29 |
Derivative financial assets a_7
Derivative financial assets and liabilities - net investment hedges (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | |
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | |||
Gains (losses) on hedges of net investments in foreign operations, net of tax | € 50,000,000 | € 17,000,000 | |
Outstanding net investment hedges | 0 | € 0 | |
Hedges of net investment in foreign operations | |||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | |||
Ineffectiveness of net investment hedges | € 0 | € 0 |
Cash and cash equivalents (Deta
Cash and cash equivalents (Details) - EUR (€) € in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Cash and cash equivalents [abstract] | ||
Cash at banks | € 8,749 | € 5,166 |
Money market securities | 7,802 | 2,293 |
Other cash and cash equivalents | 7,295 | 7,555 |
Total Cash and cash equivalents | € 23,846 | € 15,014 |
Share-based compensation - addi
Share-based compensation - additional information (Details) € in Millions | 1 Months Ended | 2 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
Jan. 31, 2017 | Jul. 31, 2020shares | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2020EUR (€)shares | Dec. 31, 2019EUR (€)shares | Dec. 31, 2018EUR (€)shares | Dec. 31, 2017shares | Dec. 31, 2016shares | Dec. 31, 2015shares | Jan. 14, 2021 | Dec. 01, 2019 | Jan. 31, 2018 | Jan. 31, 2016 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||||
Liabilities from share-based payment transactions | € | € 51 | ||||||||||||||||||||||
RCS Media Group S.p.A. | |||||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||||
Ownership interest in investment sold | 16.70% | ||||||||||||||||||||||
Performance share units, net income | |||||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||||
Number of other equity instruments granted in share-based payment arrangement (in shares) | 0 | 0 | 71,136 | ||||||||||||||||||||
Requisite service period | 3 years | ||||||||||||||||||||||
Granted (in shares) | 0 | 0 | 71,136 | ||||||||||||||||||||
Requisite service period | 3 years | ||||||||||||||||||||||
Performance share units, adjusted ebit | |||||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||||
Number of other equity instruments granted in share-based payment arrangement (in shares) | 3,629,656 | 5,182,071 | |||||||||||||||||||||
Granted (in shares) | 3,629,656 | 5,182,071 | |||||||||||||||||||||
Performance share units, total shareholder return | |||||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||||
Number of other equity instruments granted in share-based payment arrangement (in shares) | 3,629,656 | 5,189,237 | 2,473,637 | ||||||||||||||||||||
Measurement term of expected volatility | 3 years | ||||||||||||||||||||||
Granted (in shares) | 3,629,656 | 5,189,237 | 2,473,637 | ||||||||||||||||||||
Performance share units, total shareholder return | Bottom of range | |||||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||||
Payout scale percent | 0.00% | ||||||||||||||||||||||
Payout scale percent | 0.00% | ||||||||||||||||||||||
Performance share units, total shareholder return | Top of range | |||||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||||
Payout scale percent | 150.00% | ||||||||||||||||||||||
Payout scale percent | 150.00% | ||||||||||||||||||||||
Restricted share units | |||||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||||
Number of other equity instruments granted in share-based payment arrangement (in shares) | 5,654,588 | 7,160,764 | 627,081 | ||||||||||||||||||||
Granted (in shares) | 5,654,588 | 7,160,764 | 627,081 | ||||||||||||||||||||
Restricted share units | Key employees | |||||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||||
Number of other equity instruments granted in share-based payment arrangement (in shares) | 1,000,000 | 800,000 | |||||||||||||||||||||
Granted (in shares) | 1,000,000 | 800,000 | |||||||||||||||||||||
Performance share units and restricted share units | |||||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||||
Convertible securities conversion ratio | 1.005865 | 1.144605 | 1.107723 | 1.003733 | 1.5440 | ||||||||||||||||||
Expense from share-based payment transactions with employees | € | € 98 | € 92 | € 54 | ||||||||||||||||||||
Unrecognized expense from share-based payment transactions with employees | € | € 58 | ||||||||||||||||||||||
Unrecognized expense from share-based payment transactions with employees, period of recognition | 1 year 7 months 28 days | ||||||||||||||||||||||
Expense from share-based payment transactions with employees | € | € 98 | € 92 | € 54 | ||||||||||||||||||||
2019-2021 LTIP | |||||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||||
Description of vesting requirements for share-based payment arrangement | 33 | 33 | 33 | ||||||||||||||||||||
Description of vesting requirements for share-based payment arrangement | 33 | 33 | 33 | ||||||||||||||||||||
2019-2021 LTIP | Performance share units | |||||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||||
Number of other equity instruments granted in share-based payment arrangement (in shares) | 9,500,000 | ||||||||||||||||||||||
Cumulative vesting percent | 100.00% | ||||||||||||||||||||||
Granted (in shares) | 9,500,000 | ||||||||||||||||||||||
2019-2021 LTIP | Performance share units, adjusted ebit | |||||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||||
Percent of units subject to certain criteria | 50.00% | ||||||||||||||||||||||
Requisite service period | 3 years | ||||||||||||||||||||||
Percent of units subject to certain criteria | 50.00% | ||||||||||||||||||||||
Requisite service period | 3 years | ||||||||||||||||||||||
2019-2021 LTIP | Performance share units, adjusted ebit | Bottom of range | |||||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||||
Payout scale percent | 0.00% | ||||||||||||||||||||||
Payout scale percent | 0.00% | ||||||||||||||||||||||
2019-2021 LTIP | Performance share units, adjusted ebit | Top of range | |||||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||||
Payout scale percent | 100.00% | 100.00% | |||||||||||||||||||||
Payout scale percent | 100.00% | 100.00% | |||||||||||||||||||||
2019-2021 LTIP | Performance share units, total shareholder return | |||||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||||
Requisite service period | 3 years | ||||||||||||||||||||||
Requisite service period | 3 years | ||||||||||||||||||||||
2019-2021 LTIP | Performance share units, total shareholder return | Bottom of range | |||||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||||
Payout scale percent | 0.00% | 0.00% | |||||||||||||||||||||
Payout scale percent | 0.00% | 0.00% | |||||||||||||||||||||
2019-2021 LTIP | Performance share units, total shareholder return | Top of range | |||||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||||
Payout scale percent | 225.00% | 225.00% | |||||||||||||||||||||
Payout scale percent | 225.00% | 225.00% | |||||||||||||||||||||
2019-2021 LTIP | Restricted share units | Key employees LTIP | |||||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||||
Number of other equity instruments granted in share-based payment arrangement (in shares) | 5,900,000 | ||||||||||||||||||||||
Granted (in shares) | 5,900,000 | ||||||||||||||||||||||
2019-2021 LTIP - Cliff Vest | |||||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||||
Description of vesting requirements for share-based payment arrangement | 100 | ||||||||||||||||||||||
Description of vesting requirements for share-based payment arrangement | 100 | ||||||||||||||||||||||
2019-2021 LTIP - Cliff Vest | Performance share units | |||||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||||
Number of other equity instruments granted in share-based payment arrangement (in shares) | 900,000 | ||||||||||||||||||||||
Granted (in shares) | 900,000 | ||||||||||||||||||||||
2019-2021 LTIP - Cliff Vest | Restricted share units | Key employees | |||||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||||
Number of other equity instruments granted in share-based payment arrangement (in shares) | 400,000 | ||||||||||||||||||||||
Granted (in shares) | 400,000 | ||||||||||||||||||||||
2017-2021 LTIP | Performance share units | |||||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||||
Description of vesting requirements for share-based payment arrangement | 33 | 33 | 33 | ||||||||||||||||||||
Number of other equity instruments granted in share-based payment arrangement (in shares) | 2,400,000 | ||||||||||||||||||||||
Cumulative vesting percent | 100.00% | ||||||||||||||||||||||
Granted (in shares) | 2,400,000 | ||||||||||||||||||||||
Description of vesting requirements for share-based payment arrangement | 33 | 33 | 33 | ||||||||||||||||||||
2017-2021 LTIP | Performance share units, total shareholder return | |||||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||||
Requisite service period | 5 years | ||||||||||||||||||||||
Requisite service period | 5 years | ||||||||||||||||||||||
2017-2021 LTIP | Restricted share units | |||||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||||
Description of vesting requirements for share-based payment arrangement | 33 | 33 | 33 | ||||||||||||||||||||
Number of other equity instruments granted in share-based payment arrangement (in shares) | 580,000 | ||||||||||||||||||||||
Granted (in shares) | 580,000 | ||||||||||||||||||||||
Description of vesting requirements for share-based payment arrangement | 33 | 33 | 33 | ||||||||||||||||||||
2016-2018 LTIP | Performance share units | |||||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||||
Description of vesting requirements for share-based payment arrangement | 50 | 50 | |||||||||||||||||||||
Number of other equity instruments granted in share-based payment arrangement (in shares) | 2,260,000 | ||||||||||||||||||||||
Granted (in shares) | 2,260,000 | ||||||||||||||||||||||
Description of vesting requirements for share-based payment arrangement | 50 | 50 | |||||||||||||||||||||
2016-2018 LTIP | Performance share units, net income | |||||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||||
Percent of units subject to certain criteria | 50.00% | ||||||||||||||||||||||
Percent of units subject to certain criteria | 50.00% | ||||||||||||||||||||||
2016-2018 LTIP | Performance share units, net income | Bottom of range | |||||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||||
Payout scale percent | 0.00% | ||||||||||||||||||||||
Payout scale percent | 0.00% | ||||||||||||||||||||||
2016-2018 LTIP | Performance share units, net income | Top of range | |||||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||||
Payout scale percent | 100.00% | ||||||||||||||||||||||
Payout scale percent | 100.00% | ||||||||||||||||||||||
2016-2018 LTIP | Performance share units, total shareholder return | |||||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||||
Requisite service period | 2 years | ||||||||||||||||||||||
Requisite service period | 2 years | ||||||||||||||||||||||
2016-2018 LTIP | Restricted share units | |||||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||||
Description of vesting requirements for share-based payment arrangement | 100 | ||||||||||||||||||||||
Number of other equity instruments granted in share-based payment arrangement (in shares) | 2,290,000 | ||||||||||||||||||||||
Granted (in shares) | 2,290,000 | ||||||||||||||||||||||
Description of vesting requirements for share-based payment arrangement | 100 | ||||||||||||||||||||||
2014-2018 LTIP | |||||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||||
Description of vesting requirements for share-based payment arrangement | 33 | 33 | 33 | ||||||||||||||||||||
Description of vesting requirements for share-based payment arrangement | 33 | 33 | 33 | ||||||||||||||||||||
2014-2018 LTIP | Key employees | |||||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||||
Description of vesting requirements for share-based payment arrangement | 100 | ||||||||||||||||||||||
Description of vesting requirements for share-based payment arrangement | 100 | ||||||||||||||||||||||
2014-2018 LTIP | Performance share units | |||||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||||
Number of other equity instruments granted in share-based payment arrangement (in shares) | 100,000 | 14,710,000 | |||||||||||||||||||||
Cumulative vesting percent | 100.00% | ||||||||||||||||||||||
Granted (in shares) | 100,000 | 14,710,000 | |||||||||||||||||||||
2014-2018 LTIP | Performance share units, net income | |||||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||||
Percent of units subject to certain criteria | 50.00% | ||||||||||||||||||||||
Performance measurement period | 5 years | ||||||||||||||||||||||
Percent of units subject to certain criteria | 50.00% | ||||||||||||||||||||||
2014-2018 LTIP | Performance share units, net income | Bottom of range | |||||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||||
Payout scale percent | 0.00% | ||||||||||||||||||||||
Payout scale percent | 0.00% | ||||||||||||||||||||||
2014-2018 LTIP | Performance share units, net income | Top of range | |||||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||||
Payout scale percent | 100.00% | ||||||||||||||||||||||
Payout scale percent | 100.00% | ||||||||||||||||||||||
2014-2018 LTIP | Performance share units, total shareholder return | Bottom of range | |||||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||||
Payout scale percent | 0.00% | ||||||||||||||||||||||
Payout scale percent | 0.00% | ||||||||||||||||||||||
2014-2018 LTIP | Performance share units, total shareholder return | Top of range | |||||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||||
Payout scale percent | 150.00% | ||||||||||||||||||||||
Payout scale percent | 150.00% | ||||||||||||||||||||||
2014-2018 LTIP | Restricted share units | |||||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||||
Number of other equity instruments granted in share-based payment arrangement (in shares) | 50,000 | 90,000 | 5,200,000 | ||||||||||||||||||||
Granted (in shares) | 50,000 | 90,000 | 5,200,000 | ||||||||||||||||||||
2020-2022 LTIP [Domain] | |||||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||||
Description of vesting requirements for share-based payment arrangement | 100 | ||||||||||||||||||||||
Description of vesting requirements for share-based payment arrangement | 100 | ||||||||||||||||||||||
2020-2022 LTIP [Domain] | Performance share units | |||||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||||
Number of other equity instruments granted in share-based payment arrangement (in shares) | 100,000 | 7,000,000 | |||||||||||||||||||||
Granted (in shares) | 100,000 | 7,000,000 | |||||||||||||||||||||
2020-2022 LTIP [Domain] | Performance share units, adjusted ebit | |||||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||||
Percent of units subject to certain criteria | 50.00% | ||||||||||||||||||||||
Requisite service period | 3 years | ||||||||||||||||||||||
Percent of units subject to certain criteria | 50.00% | ||||||||||||||||||||||
Requisite service period | 3 years | ||||||||||||||||||||||
2020-2022 LTIP [Domain] | Performance share units, total shareholder return | |||||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||||
Requisite service period | 3 years | ||||||||||||||||||||||
Requisite service period | 3 years | ||||||||||||||||||||||
2020-2022 LTIP [Domain] | Performance share units, total shareholder return | Bottom of range | |||||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||||
Payout scale percent | 0.00% | ||||||||||||||||||||||
Payout scale percent | 0.00% | ||||||||||||||||||||||
2020-2022 LTIP [Domain] | Restricted share units | Key employees LTIP | |||||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||||
Number of other equity instruments granted in share-based payment arrangement (in shares) | 100,000 | 4,500,000 | |||||||||||||||||||||
Granted (in shares) | 100,000 | 4,500,000 |
Share-based compensation - chan
Share-based compensation - change in PSUs and RSUs (Details) | 12 Months Ended | ||
Dec. 31, 2020EUR (€)shares | Dec. 31, 2019EUR (€)shares | Dec. 31, 2018EUR (€)shares | |
Performance share units, net income | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Outstanding shares unvested at the beginning of the period (in shares) | shares | 262,384 | 4,568,830 | 8,803,826 |
Outstanding shares unvested at the beginning of the period (in euros per share) | € | € 4.91 | € 6.14 | € 5.89 |
Anti-dilution adjustment (in shares) | shares | 0 | 25,516 | 32,855 |
Anti-dilution adjustment (in euros per share) | € | € 0 | € 4.91 | € 5.87 |
Granted (in shares) | shares | 0 | 0 | 71,136 |
Granted (in euros per share) | € | € 0 | € 0 | € 9.73 |
Vested (in shares) | shares | (236,868) | (4,295,593) | (3,857,502) |
Vested (in euros per share) | € | € (4.90) | € (6.24) | € (5.58) |
Canceled (in shares) | shares | 0 | 0 | 0 |
Canceled (in euros per share) | € | € 0 | € 0 | € 0 |
Forfeited (in shares) | shares | (25,516) | (36,369) | (481,485) |
Forfeited (in euros per share) | € | € (4.90) | € (6.62) | € (6.27) |
Outstanding shares unvested at the end of the period (in shares) | shares | 0 | 262,384 | 4,568,830 |
Outstanding shares unvested at the end of the period (in euros per share) | € | € 0 | € 4.91 | € 6.14 |
Performance share units, adjusted ebit | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Outstanding shares unvested at the beginning of the period (in shares) | shares | 5,560,639 | 0 | |
Outstanding shares unvested at the beginning of the period (in euros per share) | € | € 10.19 | € 0 | |
Anti-dilution adjustment (in shares) | shares | 0 | 524,308 | |
Anti-dilution adjustment (in euros per share) | € | € 0 | € 10.18 | |
Granted (in shares) | shares | 3,629,656 | 5,182,071 | |
Granted (in euros per share) | € | € 6.40 | € 11.26 | |
Vested (in shares) | shares | (1,189,222) | 0 | |
Vested (in euros per share) | € | € (10.18) | € 0 | |
Canceled (in shares) | shares | 0 | 0 | |
Canceled (in euros per share) | € | € 0 | € 0 | |
Forfeited (in shares) | shares | (827,001) | (145,740) | |
Forfeited (in euros per share) | € | € (9.86) | € (11.28) | |
Outstanding shares unvested at the end of the period (in shares) | shares | 7,174,072 | 5,560,639 | 0 |
Outstanding shares unvested at the end of the period (in euros per share) | € | € 8.32 | € 10.19 | € 0 |
Performance share units, total shareholder return | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Outstanding shares unvested at the beginning of the period (in shares) | shares | 6,797,491 | 6,926,413 | 8,803,827 |
Outstanding shares unvested at the beginning of the period (in euros per share) | € | € 10.61 | € 11.42 | € 10.58 |
Anti-dilution adjustment (in shares) | shares | 0 | 644,588 | 32,855 |
Anti-dilution adjustment (in euros per share) | € | € 0 | € 10.60 | € 10.54 |
Granted (in shares) | shares | 3,629,656 | 5,189,237 | 2,473,637 |
Granted (in euros per share) | € | € 3.92 | € 11.58 | € 13.15 |
Vested (in shares) | shares | (2,421,734) | (4,295,594) | (3,857,502) |
Vested (in euros per share) | € | € (10.83) | € (10.67) | € (10.51) |
Canceled (in shares) | shares | 0 | (1,385,046) | 0 |
Canceled (in euros per share) | € | € 0 | € (12.99) | € 0 |
Forfeited (in shares) | shares | (831,326) | (282,107) | (526,404) |
Forfeited (in euros per share) | € | € (9.91) | € (11.94) | € (11.50) |
Outstanding shares unvested at the end of the period (in shares) | shares | 7,174,087 | 6,797,491 | 6,926,413 |
Outstanding shares unvested at the end of the period (in euros per share) | € | € 7.23 | € 10.61 | € 11.42 |
Restricted share units | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Outstanding shares unvested at the beginning of the period (in shares) | shares | 8,153,039 | 4,290,986 | 7,600,313 |
Outstanding shares unvested at the beginning of the period (in euros per share) | € | € 10.51 | € 10.47 | € 9.17 |
Anti-dilution adjustment (in shares) | shares | 0 | 761,529 | 28,299 |
Anti-dilution adjustment (in euros per share) | € | € 0 | € 10.49 | € 9.12 |
Granted (in shares) | shares | 5,654,588 | 7,160,764 | 627,081 |
Granted (in euros per share) | € | € 6.59 | € 11.35 | € 18.54 |
Vested (in shares) | shares | (3,228,967) | (3,347,345) | (3,690,050) |
Vested (in euros per share) | € | € (10.24) | € (9.93) | € (9.09) |
Canceled (in shares) | shares | 0 | 0 | 0 |
Canceled (in euros per share) | € | € 0 | € 0 | € 0 |
Forfeited (in shares) | shares | (715,489) | (712,895) | (274,657) |
Forfeited (in euros per share) | € | € (9.12) | € (10.05) | € (10.28) |
Outstanding shares unvested at the end of the period (in shares) | shares | 9,863,171 | 8,153,039 | 4,290,986 |
Outstanding shares unvested at the end of the period (in euros per share) | € | € 8.46 | € 10.51 | € 10.47 |
Share-based compensation - anti
Share-based compensation - anti-dilutive securities (Details) - € / shares | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Performance share units | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Number of awards - as adjusted (in shares) | 12,620,514 | 17,673,363 | 22,890,392 | 22,717,024 |
Performance share units | Bottom of range | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Grant date stock price (in euros per share) | € 8.79 | € 5.71 | € 8.66 | € 8.71 |
Performance share units | Top of range | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Grant date stock price (in euros per share) | € 16.96 | € 10.35 | € 9.79 | € 9.85 |
Restricted share units | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Number of awards - as adjusted (in shares) | 8,153,039 | 7,628,612 | 8,015,812 | 8,023,472 |
Share-based compensation - key
Share-based compensation - key assumptions (Details) - € / shares | 12 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
2020-2022 LTIP [Domain] | Performance share units, total shareholder return | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Grant date stock price, non-options granted (in euros per share) | € 7.38 | |||||
Expected volatility, non-options granted | 40.00% | |||||
Dividend yield, non-options granted | 5.00% | |||||
Risk free interest rate, non-options granted | (0.70%) | |||||
2019-2021 LTIP | Performance share units, total shareholder return | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Grant date stock price, non-options granted (in euros per share) | € 13.10 | |||||
Expected volatility, non-options granted | 39.00% | |||||
Dividend yield, non-options granted | 5.00% | |||||
Risk free interest rate, non-options granted | (0.70%) | |||||
2017-2021 LTIP | Performance share units, total shareholder return | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Grant date stock price, non-options granted (in euros per share) | € 18.79 | |||||
Expected volatility, non-options granted | 41.00% | |||||
Dividend yield, non-options granted | 0.00% | |||||
Risk free interest rate, non-options granted | (0.30%) | |||||
2016-2018 LTIP | Performance share units, net income | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Expected volatility, non-options granted | 40.00% | |||||
Risk free interest rate, non-options granted | (0.80%) | |||||
2016-2018 LTIP | Performance share units, net income | Bottom of range | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Grant date stock price, non-options granted (in euros per share) | € 9.74 | |||||
2016-2018 LTIP | Performance share units, net income | Top of range | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Grant date stock price, non-options granted (in euros per share) | € 10.39 | |||||
2016-2018 LTIP | Performance share units, total shareholder return | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Expected volatility, non-options granted | 44.00% | |||||
Dividend yield, non-options granted | 0.00% | |||||
Risk free interest rate, non-options granted | (0.80%) | |||||
2016-2018 LTIP | Performance share units, total shareholder return | Bottom of range | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Grant date stock price, non-options granted (in euros per share) | € 9.74 | |||||
2016-2018 LTIP | Performance share units, total shareholder return | Top of range | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Grant date stock price, non-options granted (in euros per share) | € 10.39 | |||||
2014-2018 LTIP | Performance share units, net income | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Expected volatility, non-options granted | 40.00% | |||||
Risk free interest rate, non-options granted | 0.70% | |||||
2014-2018 LTIP | Performance share units, net income | Bottom of range | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Grant date stock price, non-options granted (in euros per share) | € 13.44 | |||||
2014-2018 LTIP | Performance share units, net income | Top of range | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Grant date stock price, non-options granted (in euros per share) | € 15.21 | |||||
2014-2018 LTIP | Performance share units, total shareholder return | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Dividend yield, non-options granted | 0.00% | |||||
2014-2018 LTIP | Performance share units, total shareholder return | Bottom of range | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Grant date stock price, non-options granted (in euros per share) | € 13.44 | |||||
Expected volatility, non-options granted | 37.00% | |||||
Risk free interest rate, non-options granted | 0.70% | |||||
2014-2018 LTIP | Performance share units, total shareholder return | Top of range | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Grant date stock price, non-options granted (in euros per share) | € 15.21 | |||||
Expected volatility, non-options granted | 39.00% | |||||
Risk free interest rate, non-options granted | 0.80% |
Employee benefits liabilities -
Employee benefits liabilities - employee benefit liabilities (Details) - EUR (€) € in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of defined benefit plans [line items] | ||
Current employee benefit liability | € 592 | € 544 |
Non-current employee benefit liability | 8,328 | 8,507 |
Employee benefit liability | 8,920 | 9,051 |
Other provisions for employees | ||
Disclosure of defined benefit plans [line items] | ||
Current employee benefit liability | 377 | 311 |
Non-current employee benefit liability | 674 | 596 |
Employee benefit liability | 1,051 | 907 |
Pension benefits | ||
Disclosure of defined benefit plans [line items] | ||
Current employee benefit liability | 35 | 38 |
Non-current employee benefit liability | 4,838 | 5,024 |
Employee benefit liability | 4,873 | 5,062 |
Health care and life insurance plans | ||
Disclosure of defined benefit plans [line items] | ||
Current employee benefit liability | 119 | 132 |
Non-current employee benefit liability | 2,114 | 2,157 |
Employee benefit liability | 2,233 | 2,289 |
Other post-employment benefits | ||
Disclosure of defined benefit plans [line items] | ||
Current employee benefit liability | 61 | 63 |
Non-current employee benefit liability | 702 | 730 |
Employee benefit liability | € 763 | € 793 |
Employee benefits liabilities_2
Employee benefits liabilities - summarized fair value of the defined benefit obligations and fair value of plan assets (Details) - EUR (€) € in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | € 7,116 | € 7,395 | |
Employee benefit liability | 8,920 | 9,051 | |
Other provisions for employees | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Employee benefit liability | 1,051 | 907 | |
Defined Benefit Plans1 [Member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Employee benefit liability | 7,869 | 8,144 | |
Net defined benefit asset | (753) | (749) | |
Pension benefits | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | 4,120 | 4,313 | € 3,961 |
Employee benefit liability | 4,873 | 5,062 | |
Health care and life insurance plans | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Employee benefit liability | 2,233 | 2,289 | |
Other post-employment benefits | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Employee benefit liability | 763 | 793 | |
Obligation | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | 27,357 | 28,106 | |
Obligation | Pension benefits | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | 24,361 | 25,024 | 22,767 |
Obligation | Health care and life insurance plans | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | 2,233 | 2,289 | 2,216 |
Obligation | Other post-employment benefits | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | 763 | 793 | 819 |
Fair value of plan assets | Pension benefits | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | (20,258) | (20,729) | (18,819) |
Asset ceiling | Pension benefits | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | € 17 | € 18 | € 13 |
Employee benefits liabilities_3
Employee benefits liabilities - schedule of future payments (Details) € in Millions | Dec. 31, 2020EUR (€) |
2021 | Pension benefits | |
Defined Benefit Plan, Estimated Future Benefit Payments1 [Abstract] | |
Expected benefit payments | € 1,383 |
2021 | Health care and life insurance plans | |
Defined Benefit Plan, Estimated Future Benefit Payments1 [Abstract] | |
Expected benefit payments | 119 |
2022 | Pension benefits | |
Defined Benefit Plan, Estimated Future Benefit Payments1 [Abstract] | |
Expected benefit payments | 1,364 |
2022 | Health care and life insurance plans | |
Defined Benefit Plan, Estimated Future Benefit Payments1 [Abstract] | |
Expected benefit payments | 118 |
2023 | Pension benefits | |
Defined Benefit Plan, Estimated Future Benefit Payments1 [Abstract] | |
Expected benefit payments | 1,351 |
2023 | Health care and life insurance plans | |
Defined Benefit Plan, Estimated Future Benefit Payments1 [Abstract] | |
Expected benefit payments | 117 |
2024 | Pension benefits | |
Defined Benefit Plan, Estimated Future Benefit Payments1 [Abstract] | |
Expected benefit payments | 1,353 |
2024 | Health care and life insurance plans | |
Defined Benefit Plan, Estimated Future Benefit Payments1 [Abstract] | |
Expected benefit payments | 117 |
2025 | Pension benefits | |
Defined Benefit Plan, Estimated Future Benefit Payments1 [Abstract] | |
Expected benefit payments | 1,345 |
2025 | Health care and life insurance plans | |
Defined Benefit Plan, Estimated Future Benefit Payments1 [Abstract] | |
Expected benefit payments | 117 |
2024-2028 | Pension benefits | |
Defined Benefit Plan, Estimated Future Benefit Payments1 [Abstract] | |
Expected benefit payments | 6,665 |
2024-2028 | Health care and life insurance plans | |
Defined Benefit Plan, Estimated Future Benefit Payments1 [Abstract] | |
Expected benefit payments | € 572 |
Employee benefits liabilities_4
Employee benefits liabilities - changes in the benefit obligations and fair value of plan assets (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset), beginning of period | € 7,395 | ||
Other: | |||
Net defined benefit liability (asset), end of period | 7,116 | € 7,395 | |
Obligation | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset), beginning of period | 28,106 | ||
Other: | |||
Net defined benefit liability (asset), end of period | 27,357 | 28,106 | |
Pension benefits | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset), beginning of period | 4,313 | 3,961 | |
Included in the Consolidated Income Statement | 388 | 398 | € 509 |
Actuarial (gains)/losses from: | |||
Demographic assumptions | (10) | (359) | |
Financial assumptions | 1,868 | 2,773 | |
Return on assets | (1,923) | (2,454) | |
Changes in the effect of limiting net assets | 0 | 3 | |
Changes in exchange rates | (390) | 56 | |
Other: | |||
Employer contributions | (113) | (48) | |
Plan participant contributions | 0 | 0 | |
Benefits paid | (13) | (14) | |
Settlements paid | 0 | 0 | |
Transfer to Liabilities held for sale | 0 | 0 | |
Other changes | 0 | (3) | |
Net defined benefit liability (asset), end of period | 4,120 | 4,313 | 3,961 |
Pension benefits | Obligation | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset), beginning of period | 25,024 | 22,767 | |
Included in the Consolidated Income Statement | 954 | 1,111 | |
Actuarial (gains)/losses from: | |||
Demographic assumptions | (10) | (359) | |
Financial assumptions | 1,868 | 2,773 | |
Return on assets | 0 | 0 | |
Changes in the effect of limiting net assets | 0 | 0 | |
Changes in exchange rates | (1,992) | 618 | |
Other: | |||
Employer contributions | 0 | 0 | |
Plan participant contributions | 2 | 2 | |
Benefits paid | (1,485) | (1,520) | |
Settlements paid | 0 | (394) | |
Transfer to Liabilities held for sale | 0 | 0 | |
Other changes | 0 | 26 | |
Net defined benefit liability (asset), end of period | 24,361 | 25,024 | 22,767 |
Pension benefits | Fair value of plan assets | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset), beginning of period | (20,729) | (18,819) | |
Included in the Consolidated Income Statement | (566) | (713) | |
Actuarial (gains)/losses from: | |||
Demographic assumptions | 0 | 0 | |
Financial assumptions | 0 | 0 | |
Return on assets | (1,923) | (2,454) | |
Changes in the effect of limiting net assets | 0 | 0 | |
Changes in exchange rates | 1,603 | (564) | |
Other: | |||
Employer contributions | (113) | (48) | |
Plan participant contributions | (2) | (2) | |
Benefits paid | 1,472 | 1,506 | |
Settlements paid | 0 | 394 | |
Transfer to Liabilities held for sale | 0 | 0 | |
Other changes | 0 | (29) | |
Net defined benefit liability (asset), end of period | (20,258) | (20,729) | (18,819) |
Pension benefits | Asset ceiling | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset), beginning of period | 18 | 13 | |
Included in the Consolidated Income Statement | 0 | 0 | |
Actuarial (gains)/losses from: | |||
Demographic assumptions | 0 | 0 | |
Financial assumptions | 0 | 0 | |
Return on assets | 0 | 0 | |
Changes in the effect of limiting net assets | 0 | 3 | |
Changes in exchange rates | (1) | 2 | |
Other: | |||
Employer contributions | 0 | 0 | |
Plan participant contributions | 0 | 0 | |
Benefits paid | 0 | 0 | |
Settlements paid | 0 | 0 | |
Transfer to Liabilities held for sale | 0 | 0 | |
Other changes | 0 | 0 | |
Net defined benefit liability (asset), end of period | 17 | 18 | 13 |
Health care and life insurance plans | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Included in the Consolidated Income Statement | 94 | 115 | 110 |
Health care and life insurance plans | Obligation | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset), beginning of period | 2,289 | 2,216 | |
Included in the Consolidated Income Statement | 94 | 115 | |
Actuarial (gains)/losses from: | |||
Demographic assumptions | (24) | (215) | |
Financial assumptions | 179 | 251 | |
Changes in exchange rates | (186) | 57 | |
Other: | |||
Benefits paid | (119) | (135) | |
Transfer to Liabilities held for sale | 0 | 0 | |
Net defined benefit liability (asset), end of period | 2,233 | 2,289 | 2,216 |
Other post-employment benefits | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Included in the Consolidated Income Statement | 14 | 20 | 23 |
Other post-employment benefits | Obligation | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset), beginning of period | 793 | 819 | |
Included in the Consolidated Income Statement | 14 | 20 | |
Actuarial (gains)/losses from: | |||
Demographic assumptions | (18) | 11 | |
Financial assumptions | 13 | 41 | |
Changes in exchange rates | (7) | 3 | |
Other: | |||
Benefits paid | (32) | (90) | |
Transfer to Liabilities held for sale | 0 | 20 | |
Other changes | 0 | 9 | |
Net defined benefit liability (asset), end of period | € 763 | € 793 | € 819 |
Employee benefits liabilities_5
Employee benefits liabilities - recognized In consolidated income statement (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Pension benefits | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service cost | € 175 | € 156 | € 172 |
Other administration costs | 80 | 82 | 79 |
Past service costs/(credits) and (gains)/losses arising from settlements/curtailments | 8 | (14) | 92 |
Items relating to discontinued operations, net defined liability | 0 | 0 | 0 |
Total recognized in the Consolidated Income Statement | 388 | 398 | 509 |
Pension benefits | Interest expense | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Interest (income) expense | 771 | 969 | 925 |
Total recognized in the Consolidated Income Statement | 954 | 1,111 | |
Pension benefits | Interest income | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Interest (income) expense | (646) | (795) | (759) |
Total recognized in the Consolidated Income Statement | (566) | (713) | |
Health care and life insurance plans | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service cost | 21 | 20 | 22 |
Interest (income) expense | 73 | 96 | 88 |
Past service costs/(credits) and (gains)/losses arising from settlements/curtailments | 0 | (1) | 0 |
Total recognized in the Consolidated Income Statement | 94 | 115 | 110 |
Health care and life insurance plans | Interest expense | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Total recognized in the Consolidated Income Statement | 94 | 115 | |
Other post-employment benefits | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service cost | 7 | 6 | 9 |
Interest (income) expense | 7 | 12 | 14 |
Past service costs/(credits) and (gains)/losses arising from settlements/curtailments | 0 | 1 | 0 |
Items relating to discontinued operations, net defined liability | 0 | 1 | 0 |
Total recognized in the Consolidated Income Statement | 14 | 20 | € 23 |
Other post-employment benefits | Interest expense | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Total recognized in the Consolidated Income Statement | € 14 | € 20 |
Employee benefits liabilities_6
Employee benefits liabilities - fair value of plan assets (Details) - Pension benefits - EUR (€) € in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of fair value of plan assets [line items] | ||
Cash and cash equivalents | € 846 | € 699 |
Equity instruments | 3,370 | 3,784 |
Fixed income securities | 10,107 | 10,268 |
Investment funds | 5,774 | 5,783 |
Insurance contracts and other | 161 | 195 |
Total fair value of plan assets | 20,258 | 20,729 |
U.S. equity securities | ||
Disclosure of fair value of plan assets [line items] | ||
Equity instruments | 1,220 | 1,407 |
Non-U.S. equity securities | ||
Disclosure of fair value of plan assets [line items] | ||
Equity instruments | 670 | 781 |
Commingled funds | ||
Disclosure of fair value of plan assets [line items] | ||
Equity instruments | 1,480 | 1,596 |
Investment funds | 70 | 65 |
Government securities | ||
Disclosure of fair value of plan assets [line items] | ||
Fixed income securities | 2,823 | 3,179 |
Corporate bonds (including convertible and high yield bonds) | ||
Disclosure of fair value of plan assets [line items] | ||
Fixed income securities | 5,797 | 5,553 |
Other fixed income | ||
Disclosure of fair value of plan assets [line items] | ||
Fixed income securities | 1,487 | 1,536 |
Private equity funds | ||
Disclosure of fair value of plan assets [line items] | ||
Investment funds | 2,332 | 2,297 |
Real estate funds | ||
Disclosure of fair value of plan assets [line items] | ||
Investment funds | 1,173 | 1,349 |
Hedge funds | ||
Disclosure of fair value of plan assets [line items] | ||
Investment funds | 2,199 | 2,072 |
Level 1 | ||
Disclosure of fair value of plan assets [line items] | ||
Cash and cash equivalents | 799 | 681 |
Equity instruments | 2,395 | 2,608 |
Fixed income securities | 1,018 | 1,365 |
Investment funds | 131 | 103 |
Insurance contracts and other | 66 | 66 |
Total fair value of plan assets | 4,409 | 4,823 |
Level 1 | U.S. equity securities | ||
Disclosure of fair value of plan assets [line items] | ||
Equity instruments | 1,219 | 1,405 |
Level 1 | Non-U.S. equity securities | ||
Disclosure of fair value of plan assets [line items] | ||
Equity instruments | 670 | 781 |
Level 1 | Commingled funds | ||
Disclosure of fair value of plan assets [line items] | ||
Equity instruments | 506 | 422 |
Investment funds | 66 | 62 |
Level 1 | Government securities | ||
Disclosure of fair value of plan assets [line items] | ||
Fixed income securities | 833 | 1,191 |
Level 1 | Corporate bonds (including convertible and high yield bonds) | ||
Disclosure of fair value of plan assets [line items] | ||
Fixed income securities | 0 | 0 |
Level 1 | Other fixed income | ||
Disclosure of fair value of plan assets [line items] | ||
Fixed income securities | 185 | 174 |
Level 1 | Private equity funds | ||
Disclosure of fair value of plan assets [line items] | ||
Investment funds | 0 | 0 |
Level 1 | Real estate funds | ||
Disclosure of fair value of plan assets [line items] | ||
Investment funds | 3 | 3 |
Level 1 | Hedge funds | ||
Disclosure of fair value of plan assets [line items] | ||
Investment funds | € 62 | € 38 |
Employee benefits liabilities_7
Employee benefits liabilities - weighted average assumptions (Details) | Dec. 31, 2020 | Dec. 31, 2019 |
Pension benefits | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate | 2.60% | 3.30% |
U.S. | Pension benefits | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate | 2.60% | 3.30% |
Future salary increase rate | 0.00% | 0.00% |
U.S. | Health care and life insurance plans | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate | 2.70% | 3.40% |
Future salary increase rate | 1.50% | 1.50% |
Weighted average ultimate healthcare cost trend rate | 4.00% | 4.40% |
Canada | Pension benefits | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate | 2.50% | 3.10% |
Future salary increase rate | 3.50% | 3.50% |
Canada | Health care and life insurance plans | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate | 2.70% | 3.10% |
Future salary increase rate | 1.30% | 1.00% |
Weighted average ultimate healthcare cost trend rate | 4.00% | 4.00% |
United Kingdom | Pension benefits | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate | 1.60% | 2.00% |
Future salary increase rate | 2.70% | 2.70% |
Employee benefits liabilities_8
Employee benefits liabilities - narrative (Details) € in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2021EUR (€) | Dec. 31, 2020EUR (€)year | Dec. 31, 2020USD ($)year | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | |
Disclosure of defined benefit plans [line items] | |||||
Defined benefit plan cost | € 1,308 | € 1,508 | € 1,518 | ||
Gains (losses) arising from settlements | 92 | ||||
Net defined benefit liability (asset) | 7,116 | 7,395 | |||
Obligation | |||||
Disclosure of defined benefit plans [line items] | |||||
Net defined benefit liability (asset) | 27,357 | 28,106 | |||
Pension benefits | |||||
Disclosure of defined benefit plans [line items] | |||||
Discretionary credit balance | 1,500 | ||||
Employer contributions | 113 | 48 | |||
Estimate of contributions expected to be paid to plan for next annual reporting period | € 1,087 | ||||
Payments in respect of settlements | 0 | 0 | |||
Gains (losses) arising from settlements | (12) | ||||
Payments from plan, net defined benefit liability (asset) | 13 | 14 | |||
Net defined benefit liability (asset) | € 4,120 | € 4,313 | 3,961 | ||
Discount rate | 2.60% | 3.30% | |||
Pension benefits | Obligation | |||||
Disclosure of defined benefit plans [line items] | |||||
Employer contributions | € 0 | € 0 | |||
Payments in respect of settlements | 0 | 394 | |||
Payments from plan, net defined benefit liability (asset) | 1,485 | 1,520 | |||
Net defined benefit liability (asset) | 24,361 | 25,024 | 22,767 | ||
Health care and life insurance plans | Obligation | |||||
Disclosure of defined benefit plans [line items] | |||||
Payments from plan, net defined benefit liability (asset) | 119 | 135 | |||
Net defined benefit liability (asset) | € 2,233 | € 2,289 | 2,216 | ||
Other post-employment benefits | |||||
Disclosure of defined benefit plans [line items] | |||||
Discount rate | 0.50% | 0.60% | |||
Other post-employment benefits | Obligation | |||||
Disclosure of defined benefit plans [line items] | |||||
Payments from plan, net defined benefit liability (asset) | € 32 | € 90 | |||
Net defined benefit liability (asset) | 763 | 793 | 819 | ||
United States And Canada | Pension benefits | |||||
Disclosure of defined benefit plans [line items] | |||||
Employer contributions | € 113 | € 48 | 724 | ||
Estimate of contributions expected to be paid to plan for next annual reporting period | 1,060 | ||||
Estimate of discretionary contributions expected to be paid to plan for next annual reporting period | 606 | ||||
Estimate of minimum funding contributions expected to be paid to plan in next annual reporting period | € 454 | ||||
Canada | Pension benefits | |||||
Disclosure of defined benefit plans [line items] | |||||
Weighted average duration of defined benefit obligation | year | 14 | 14 | |||
Discount rate | 2.50% | 3.10% | |||
Canada | Health care and life insurance plans | |||||
Disclosure of defined benefit plans [line items] | |||||
Weighted average duration of defined benefit obligation | year | 17 | 17 | |||
Health care cost trend rate assumed for next annual reporting period | 4.40% | 4.40% | |||
Weighted average ultimate healthcare cost trend rate | 4.00% | 4.00% | |||
Discount rate | 2.70% | 3.10% | |||
United Kingdom | Pension benefits | |||||
Disclosure of defined benefit plans [line items] | |||||
Weighted average duration of defined benefit obligation | year | 17 | 17 | |||
Discount rate | 1.60% | 2.00% | |||
U.S. | Pension benefits | |||||
Disclosure of defined benefit plans [line items] | |||||
Estimate of discretionary contributions expected to be paid to plan for next annual reporting period | € 670 | $ 800 | |||
Weighted average duration of defined benefit obligation | year | 12 | 12 | |||
Discount rate | 2.60% | 3.30% | |||
U.S. | Health care and life insurance plans | |||||
Disclosure of defined benefit plans [line items] | |||||
Weighted average duration of defined benefit obligation | year | 13 | 13 | |||
Health care cost trend rate assumed for next annual reporting period | 5.50% | 5.30% | |||
Defined Benefit Plan Health Car Cost Trend Rate Assumed, Future Years | 4.00% | ||||
Weighted average ultimate healthcare cost trend rate | 4.00% | 4.40% | |||
Discount rate | 2.70% | 3.40% | |||
Italy | Health care and life insurance plans | |||||
Disclosure of defined benefit plans [line items] | |||||
Weighted average duration of defined benefit obligation | year | 7 | 7 | |||
Italy | Other post-employment benefits | |||||
Disclosure of defined benefit plans [line items] | |||||
Net defined benefit liability (asset) | € 543 | ||||
Italy | Other post-employment benefits | Obligation | |||||
Disclosure of defined benefit plans [line items] | |||||
Net defined benefit liability (asset) | € 584 | ||||
North America | Obligation | |||||
Disclosure of defined benefit plans [line items] | |||||
Refund of excess assets from settlement of supplemental retirement benefit plan | 22 | ||||
North America | Pension benefits | |||||
Disclosure of defined benefit plans [line items] | |||||
Gains (losses) arising from settlements | (78) | ||||
Annuity buyout [Member] | Pension benefits | |||||
Disclosure of defined benefit plans [line items] | |||||
Gains (losses) arising from settlements | (6) | ||||
Annuity buyout [Member] | Pension benefits | Obligation | |||||
Disclosure of defined benefit plans [line items] | |||||
Payments in respect of settlements | 325 | € 841 | |||
Terminated vested [Member] | Pension benefits | |||||
Disclosure of defined benefit plans [line items] | |||||
Gains (losses) arising from settlements | 20 | ||||
Terminated vested [Member] | Pension benefits | Obligation | |||||
Disclosure of defined benefit plans [line items] | |||||
Payments in respect of settlements | € 69 |
Provisions - summary of provisi
Provisions - summary of provisions (Details) - EUR (€) € in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of other provisions [line items] | ||
Current provisions | € 7,255 | € 8,978 |
Non-current provisions | 4,966 | 5,027 |
Provisions | 12,221 | 14,005 |
Product warranty and recall campaigns | ||
Disclosure of other provisions [line items] | ||
Current provisions | 2,045 | 2,406 |
Non-current provisions | 3,671 | 3,900 |
Provisions | 5,716 | 6,306 |
Sales incentives | ||
Disclosure of other provisions [line items] | ||
Current provisions | 4,078 | 5,479 |
Non-current provisions | 0 | 0 |
Provisions | 4,078 | 5,479 |
Legal proceedings and disputes | ||
Disclosure of other provisions [line items] | ||
Current provisions | 397 | 303 |
Non-current provisions | 183 | 222 |
Provisions | 580 | 525 |
Commercial risks | ||
Disclosure of other provisions [line items] | ||
Current provisions | 410 | 441 |
Non-current provisions | 301 | 120 |
Provisions | 711 | 561 |
Restructuring | ||
Disclosure of other provisions [line items] | ||
Current provisions | 64 | 72 |
Non-current provisions | 24 | 34 |
Provisions | 88 | 106 |
Other risks | ||
Disclosure of other provisions [line items] | ||
Current provisions | 261 | 277 |
Non-current provisions | 787 | 751 |
Provisions | € 1,048 | € 1,028 |
Provisions - changes in provisi
Provisions - changes in provisions (Details) € in Millions | 12 Months Ended |
Dec. 31, 2020EUR (€) | |
Reconciliation of changes in other provisions [abstract] | |
Provisions, at beginning of period | € 14,005 |
Additional provisions | 14,308 |
Settlements | (15,085) |
Unused amounts | (67) |
Translation differences | (967) |
Decrease through transfer to liabilities included in disposal groups classified as held for sale, other provisions | 0 |
Other changes | 27 |
Provisions, at end of period | 12,221 |
Product warranty and recall campaigns | |
Reconciliation of changes in other provisions [abstract] | |
Provisions, at beginning of period | 6,306 |
Additional provisions | 2,777 |
Settlements | (2,897) |
Unused amounts | 0 |
Translation differences | (488) |
Decrease through transfer to liabilities included in disposal groups classified as held for sale, other provisions | 0 |
Other changes | 18 |
Provisions, at end of period | 5,716 |
Sales incentives | |
Reconciliation of changes in other provisions [abstract] | |
Provisions, at beginning of period | 5,479 |
Additional provisions | 10,524 |
Settlements | (11,636) |
Unused amounts | (11) |
Translation differences | (324) |
Decrease through transfer to liabilities included in disposal groups classified as held for sale, other provisions | 0 |
Other changes | 46 |
Provisions, at end of period | 4,078 |
Legal proceedings and disputes | |
Reconciliation of changes in other provisions [abstract] | |
Provisions, at beginning of period | 525 |
Additional provisions | 286 |
Settlements | (165) |
Unused amounts | (11) |
Translation differences | (56) |
Decrease through transfer to liabilities included in disposal groups classified as held for sale, other provisions | 0 |
Other changes | 1 |
Provisions, at end of period | 580 |
Commercial risks | |
Reconciliation of changes in other provisions [abstract] | |
Provisions, at beginning of period | 561 |
Additional provisions | 338 |
Settlements | (125) |
Unused amounts | (4) |
Translation differences | (55) |
Decrease through transfer to liabilities included in disposal groups classified as held for sale, other provisions | 0 |
Other changes | (4) |
Provisions, at end of period | 711 |
Restructuring costs | |
Reconciliation of changes in other provisions [abstract] | |
Provisions, at beginning of period | 106 |
Additional provisions | 66 |
Settlements | (64) |
Unused amounts | (12) |
Translation differences | (6) |
Decrease through transfer to liabilities included in disposal groups classified as held for sale, other provisions | 0 |
Other changes | (2) |
Provisions, at end of period | 88 |
Other risks | |
Reconciliation of changes in other provisions [abstract] | |
Provisions, at beginning of period | 1,028 |
Additional provisions | 317 |
Settlements | (198) |
Unused amounts | (29) |
Translation differences | (38) |
Decrease through transfer to liabilities included in disposal groups classified as held for sale, other provisions | 0 |
Other changes | (32) |
Provisions, at end of period | € 1,048 |
Provisions - narrative (Details
Provisions - narrative (Details) - EUR (€) € in Millions | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of other provisions [line items] | ||||
Charge recognized for U.S. diesel emission matters | € 200 | € 222 | € 748 | |
U.S. Diesel Emissions Provision [Domain] | ||||
Disclosure of other provisions [line items] | ||||
Settlement, other provisions | 100 | € 500 | ||
CAFE provision [Domain] | ||||
Disclosure of other provisions [line items] | ||||
Increase (decrease) in other provisions | 158 | |||
Restructuring costs | ||||
Disclosure of other provisions [line items] | ||||
Increase (decrease) in other provisions | (66) | € (118) | € (123) | |
North America | Restructuring costs | ||||
Disclosure of other provisions [line items] | ||||
Increase (decrease) in other provisions | (32) | |||
LATAM | Restructuring costs | ||||
Disclosure of other provisions [line items] | ||||
Increase (decrease) in other provisions | (18) | |||
EMEA | Restructuring costs | ||||
Disclosure of other provisions [line items] | ||||
Increase (decrease) in other provisions | € (6) |
Debt - summary of short-term an
Debt - summary of short-term and long-term debt (Details) - EUR (€) € in Millions | Dec. 31, 2020 | Dec. 31, 2019 | May 02, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about borrowings [line items] | ||||
Short-term debt and current portion of long-term debt | € 4,081 | € 4,876 | ||
Long-term debt | 17,036 | 8,025 | ||
Borrowings | 21,117 | 12,901 | € 15,597 | |
Assets and liabilities classified as held for sale [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | € 782 | |||
Due between one and five years | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long-term debt | 14,071 | 7,362 | ||
Due beyond five years | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long-term debt | 2,965 | 663 | ||
Notes | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Short-term debt and current portion of long-term debt | 1,131 | 1,450 | ||
Long-term debt | 7,323 | 4,942 | ||
Borrowings | 8,454 | 6,392 | ||
Notes | Due between one and five years | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long-term debt | 5,073 | 4,942 | ||
Notes | Due beyond five years | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long-term debt | 2,250 | 0 | ||
Borrowings from banks | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Short-term debt and current portion of long-term debt | 1,842 | 2,097 | ||
Long-term debt | 8,328 | 1,599 | ||
Borrowings | 10,170 | 3,696 | ||
Borrowings from banks | Due between one and five years | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long-term debt | 8,288 | 1,511 | ||
Borrowings from banks | Due beyond five years | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long-term debt | 40 | 88 | ||
Asset-backed financing | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Short-term debt and current portion of long-term debt | 41 | 151 | ||
Long-term debt | 0 | 0 | ||
Borrowings | 41 | 151 | ||
Asset-backed financing | Due between one and five years | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long-term debt | 0 | 0 | ||
Asset-backed financing | Due beyond five years | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long-term debt | 0 | 0 | ||
Lease liabilities | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Short-term debt and current portion of long-term debt | 355 | 360 | ||
Long-term debt | 1,338 | 1,280 | ||
Borrowings | 1,693 | 1,640 | ||
Lease liabilities | Due between one and five years | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long-term debt | 664 | 705 | ||
Lease liabilities | Due beyond five years | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long-term debt | 674 | 575 | ||
Other debt | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Short-term debt and current portion of long-term debt | 712 | 818 | ||
Long-term debt | 47 | 204 | ||
Borrowings | 759 | 1,022 | ||
Other debt | Assets and liabilities classified as held for sale [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 74 | |||
Other debt | Due between one and five years | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long-term debt | 46 | 204 | ||
Other debt | Due beyond five years | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long-term debt | € 1 | € 0 |
Debt - summary of outstanding n
Debt - summary of outstanding notes (Details) | Dec. 31, 2020EUR (€) | Dec. 31, 2020USD ($) | Jul. 01, 2020EUR (€) | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | Dec. 31, 2015EUR (€) | Dec. 31, 2015USD ($) |
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowings | € 21,117,000,000 | € 12,901,000,000 | € 15,597,000,000 | ||||
Notes | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowings | 8,454,000,000 | 6,392,000,000 | |||||
Medium Term Note Due March 22, 2021 | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Face value of outstanding notes (million) | € 1,000,000,000 | ||||||
Coupon % | 4.75% | 4.75% | |||||
Medium Term Note Due July 15, 2022 | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Face value of outstanding notes (million) | € 1,350,000,000 | ||||||
Coupon % | 4.75% | 4.75% | |||||
Medium Term Note Due July 7, 2023 | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Face value of outstanding notes (million) | € 1,250,000,000 | ||||||
Coupon % | 3.375% | 3.375% | 3.375% | ||||
Borrowings | € 1,250,000,000 | ||||||
Medium Term Note Due March 29, 2024 | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Face value of outstanding notes (million) | € 1,250,000,000 | ||||||
Coupon % | 3.75% | 3.75% | |||||
Medium Term Note Due January 5, 2026 | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Face value of outstanding notes (million) | € 1,250,000,000 | ||||||
Coupon % | 3.875% | 3.875% | 3.875% | ||||
Borrowings | € 1,250,000,000 | ||||||
Medium Term Note Due July 7, 2028 | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Face value of outstanding notes (million) | € 1,000,000,000 | ||||||
Coupon % | 4.50% | 4.50% | 4.50% | ||||
Borrowings | € 1,000,000,000 | ||||||
Medium Term Note, Others | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Face value of outstanding notes (million) | € 7,000,000 | ||||||
Medium Term Note, Others | Top of range | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Face value of outstanding notes (million) | € 50,000,000 | ||||||
Other Notes Due April 15, 2020 | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Face value of outstanding notes (million) | $ | $ 1,500,000,000 | ||||||
Coupon % | 4.50% | 4.50% | 4.50% | 4.50% | |||
Borrowings | € 1,400,000,000 | $ 1,500,000,000 | |||||
Other Notes Due April 15, 2023 | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Face value of outstanding notes (million) | $ | $ 1,500,000,000 | ||||||
Coupon % | 5.25% | 5.25% | 5.25% | 5.25% | |||
Borrowings | € 1,400,000,000 | $ 1,500,000,000 | |||||
Gross amount | Medium Term Notes | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowings | € 7,107,000,000 | 3,607,000,000 | |||||
Gross amount | Medium Term Note Due March 22, 2021 | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowings | 1,000,000,000 | 1,000,000,000 | |||||
Gross amount | Medium Term Note Due July 15, 2022 | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowings | 1,350,000,000 | 1,350,000,000 | |||||
Gross amount | Medium Term Note Due July 7, 2023 | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowings | 1,250,000,000 | 0 | |||||
Gross amount | Medium Term Note Due March 29, 2024 | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowings | 1,250,000,000 | 1,250,000,000 | |||||
Gross amount | Medium Term Note Due January 5, 2026 | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowings | 1,250,000,000 | 0 | |||||
Gross amount | Medium Term Note Due July 7, 2028 | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowings | 1,000,000,000 | 0 | |||||
Gross amount | Medium Term Note, Others | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowings | 7,000,000 | 7,000,000 | |||||
Gross amount | Other Notes | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowings | 1,223,000,000 | 2,670,000,000 | |||||
Gross amount | Other Notes Due April 15, 2020 | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowings | 0 | 1,335,000,000 | |||||
Gross amount | Other Notes Due April 15, 2023 | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowings | 1,223,000,000 | 1,335,000,000 | |||||
Hedging effect, accrued interest and amortized cost valuation | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowings | € 124,000,000 | € 115,000,000 |
Debt - notes issued through the
Debt - notes issued through the medium term note programme and other notes (Details) $ in Billions | Jul. 07, 2020EUR (€) | Apr. 15, 2020USD ($) | Oct. 31, 2019EUR (€) | Sep. 30, 2019CHF (SFr) | Dec. 31, 2018EUR (€) | Dec. 31, 2015EUR (€) | Dec. 31, 2020EUR (€) | Jul. 01, 2020EUR (€) | Dec. 31, 2019EUR (€) | Dec. 31, 2015USD ($) | May 31, 2011EUR (€) |
Disclosure of detailed information about borrowings [line items] | |||||||||||
Borrowings | € 15,597,000,000 | € 21,117,000,000 | € 12,901,000,000 | ||||||||
Notes Issued Through The Medium Term Note Programme [Member] | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Maximum that may be used under the program | 20,000,000,000 | ||||||||||
Borrowings | € 3,500,000,000 | ||||||||||
Medium Term Note Due September 30, 2019 | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Extinguishment of debt principal amount | SFr | SFr 250,000,000 | ||||||||||
Medium Term Note Due October 14, 2019 | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Extinguishment of debt principal amount | € 1,250,000,000 | ||||||||||
Medium Term Notes | Gross amount | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Borrowings | € 7,107,000,000 | 3,607,000,000 | |||||||||
Medium Term Note Due March 15, 2018 | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Extinguishment of debt principal amount | 1,250,000,000 | ||||||||||
Medium Term Note Due July 9, 2018 | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Extinguishment of debt principal amount | € 600,000,000 | ||||||||||
Medium Term Note Due March 29, 2024 | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Coupon % | 3.75% | ||||||||||
Medium Term Note Due March 29, 2024 | Gross amount | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Borrowings | € 1,250,000,000 | 1,250,000,000 | |||||||||
Other Notes Due April 15, 2020 | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Borrowings | € 1,400,000,000 | $ 1.5 | |||||||||
Extinguishment of debt principal amount | $ | $ 1.5 | ||||||||||
Coupon % | 4.50% | 4.50% | 4.50% | ||||||||
Other Notes Due April 15, 2020 | Gross amount | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Borrowings | € 0 | 1,335,000,000 | |||||||||
Other Notes Due April 15, 2023 | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Borrowings | € 1,400,000,000 | $ 1.5 | |||||||||
Coupon % | 5.25% | 5.25% | 5.25% | ||||||||
Proportion of ownership interest in subsidiary | 100.00% | ||||||||||
Other Notes Due April 15, 2023 | Gross amount | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Borrowings | € 1,223,000,000 | 1,335,000,000 | |||||||||
Medium Term Note Due July 7, 2023 | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Borrowings | € 1,250,000,000 | ||||||||||
Coupon % | 3.375% | 3.375% | |||||||||
Medium Term Note Due July 7, 2023 | Gross amount | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Borrowings | € 1,250,000,000 | 0 | |||||||||
Medium Term Note Due January 5, 2026 | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Borrowings | € 1,250,000,000 | ||||||||||
Coupon % | 3.875% | 3.875% | |||||||||
Medium Term Note Due January 5, 2026 | Gross amount | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Borrowings | € 1,250,000,000 | 0 | |||||||||
Medium Term Note Due July 7, 2028 | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Borrowings | € 1,000,000,000 | ||||||||||
Coupon % | 4.50% | 4.50% | |||||||||
Medium Term Note Due July 7, 2028 | Gross amount | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Borrowings | € 1,000,000,000 | € 0 | |||||||||
European Investment Bank Maturing, 500 Million Facility | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Borrowings | € 500,000,000 | ||||||||||
Bridge Credit Facility [Member] | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Extinguishment of debt principal amount | € 3,500,000,000 |
Debt - european investment bank
Debt - european investment bank borrowings (Details) - EUR (€) € in Millions | Dec. 31, 2020 | Sep. 18, 2020 | Mar. 18, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 29, 2018 | May 31, 2011 |
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowings | € 21,117 | € 12,901 | € 15,597 | ||||
European Investment Bank Borrowings | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowings | € 1,200 | € 400 | |||||
European Investment Bank Maturing, 500 Million Facility | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowings | € 500 | ||||||
European Investment Bank Maturing, 420 Million Facility [Member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowings | € 420 | ||||||
European Investment Bank Maturing, 300 Million Facility [Member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowings | € 300 | ||||||
European Investment Bank Maturity, 485 Million Facility [Member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowings | € 485 |
Debt - brazil (Details)
Debt - brazil (Details) € in Millions, R$ in Billions | Dec. 31, 2020EUR (€) | Dec. 31, 2020BRL (R$) | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) |
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | € 21,117 | € 12,901 | € 15,597 | |
Undrawn borrowing facilities | 7,300 | 7,600 | ||
Brazil Loans | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 1,300 | 1,800 | ||
Subsidized Brazil Loans | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 600 | 1,100 | ||
Subsidized Brazil Loans, Construction Of Plant In Pernambuco | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 400 | 800 | ||
Maximum amount available under credit facility | 1,500 | R$ 6.5 | ||
Undrawn borrowing facilities | € 100 | € 100 |
Debt - incremental bridge credi
Debt - incremental bridge credit facility (Details) € in Millions | Mar. 26, 2020EUR (€) |
Bridge Credit Facility [Member] | |
Disclosure of detailed information about borrowings [line items] | |
Maximum amount available under credit facility | € 3,500 |
Debt - Intesa Sanpaolo (Details
Debt - Intesa Sanpaolo (Details) - EUR (€) € in Millions | Dec. 31, 2020 | Jun. 24, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | € 21,117 | € 12,901 | € 15,597 | |
Intesa Sanpaolo Credit Facility [Member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Maximum amount available under credit facility | € 6,300 | |||
Guarantee received for line of credit | 80.00% | |||
Borrowings | € 6,300 |
Debt - revolving credit facilit
Debt - revolving credit facilities (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2018 | |
Disclosure of detailed information about borrowings [line items] | |||
Undrawn borrowing facilities | € 7,600,000,000 | € 7,300,000,000 | |
Revolving Credit Facilities | |||
Disclosure of detailed information about borrowings [line items] | |||
Maximum amount available under credit facility | 6,250,000,000 | € 5,000,000,000 | |
Undrawn borrowing facilities | 6,250,000,000 | 6,250,000,000 | |
Revolving Credit Facility, Tranche One | |||
Disclosure of detailed information about borrowings [line items] | |||
Maximum amount available under credit facility | € 3,125,000,000 | 3,125,000,000 | |
Borrowings maturity term | 37 months | ||
Revolving Credit Facility, Tranche One | Borrowings Extension Option 1 | |||
Disclosure of detailed information about borrowings [line items] | |||
Extension term | 1 year | ||
Revolving Credit Facility, Tranche One | Borrowings Extension Option 2 | |||
Disclosure of detailed information about borrowings [line items] | |||
Extension term | 11 months | ||
Revolving Credit Facility, Tranche Two | |||
Disclosure of detailed information about borrowings [line items] | |||
Maximum amount available under credit facility | € 3,125,000,000 | ||
Borrowings maturity term | 60 months | ||
Other Revolving Credit Facilities | |||
Disclosure of detailed information about borrowings [line items] | |||
Undrawn borrowing facilities | € 1,300,000,000 | € 1,100,000,000 |
Debt - mexico bank loan (Detail
Debt - mexico bank loan (Details) - EUR (€) € in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | € 21,117 | € 12,901 | € 15,597 |
Mexico Bank Loan | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | € 200 | € 200 | |
1-Month LIBOR | Mexico Bank Loan | |||
Disclosure of detailed information about borrowings [line items] | |||
Adjustment to interest rate basis | 3.35% |
Debt - asset-backed financing (
Debt - asset-backed financing (Details) - EUR (€) € in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Trade and other receivables | € 7,266 | € 9,004 |
Asset-backed financing | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Trade and other receivables | € 41 | € 151 |
Debt - lease liabilities (Detai
Debt - lease liabilities (Details) - EUR (€) € in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of leases [Abstract] | ||
Non-current lease liabilities | € 1,338 | € 1,280 |
Current lease liabilities | 355 | € 360 |
Commitments for leases entered and not yet commenced | 171 | |
Lease commitments for short-term leases for which recognition exemption has been used | € 18 |
Debt - contractual maturities o
Debt - contractual maturities of lease liabilities (Details) € in Millions | Dec. 31, 2020EUR (€) |
Disclosure of maturity analysis of operating lease payments [line items] | |
Gross lease liabilities | € 2,280 |
Due within one year | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Gross lease liabilities | 419 |
Due between one and five years | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Gross lease liabilities | 868 |
Due beyond five years | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Gross lease liabilities | € 993 |
Debt - debt secured by assets (
Debt - debt secured by assets (Details) - EUR (€) € in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about borrowings [line items] | |||
Debt and Other | € 21,117 | € 12,901 | € 15,597 |
Property, plant and equipment, pledged as security | 1,108 | 1,637 | |
Secured Debt Excluding FCA US | |||
Disclosure of detailed information about borrowings [line items] | |||
Debt and Other | € 464 | € 674 |
Other liabilities and tax pay_3
Other liabilities and tax payable - other liabilities (Details) - EUR (€) € in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Current | ||
Payables for buy-back agreements, current | € 1,181 | € 2,210 |
Accrued expenses and deferred income, current | 569 | 769 |
Indirect tax payables, current | 701 | 501 |
Payables to personnel, current | 898 | 1,008 |
Social security payables, current | 279 | 258 |
Amounts due to customers for contract work, current | 35 | 83 |
Service contract liability, current | 603 | 621 |
Other, current | 1,483 | 1,338 |
Total Other liabilities, current | 5,749 | 6,788 |
Non-current | ||
Payables for buy-back agreements, non-current | 0 | 0 |
Accrued expenses and deferred income, non-current | 535 | 674 |
Indirect tax payables, non-current | 92 | 14 |
Payables to personnel, non-current | 1 | 15 |
Social security payables, non-current | 6 | 4 |
Amounts due to customers for contract work, non-current | 0 | 0 |
Service contract liability, non-current | 1,400 | 1,530 |
Other, non-current | 95 | 189 |
Total Other liabilities, non-current | 2,129 | 2,426 |
Total | ||
Payables for GDP and buy-back agreements | 1,181 | 2,210 |
Accrued expenses and deferred income | 1,104 | 1,443 |
Indirect tax payables | 793 | 515 |
Payables to personnel | 899 | 1,023 |
Social security payables | 285 | 262 |
Construction contract liabilities | 35 | 83 |
Service contract liability | 2,003 | 2,151 |
Other | 1,578 | 1,527 |
Total Other liabilities | € 7,878 | € 9,214 |
Other liabilities and tax pay_4
Other liabilities and tax payable - other liabilities by due date (Details) - EUR (€) € in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Other liabilities (excluding Accrued expenses, deferred income and service contract liability) | € 4,771 | € 5,620 |
Due within one year | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Other liabilities (excluding Accrued expenses, deferred income and service contract liability) | 4,577 | 5,398 |
Due between one and five years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Other liabilities (excluding Accrued expenses, deferred income and service contract liability) | 179 | 201 |
Due beyond five years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Other liabilities (excluding Accrued expenses, deferred income and service contract liability) | 15 | 21 |
Total due after one year (non-current) | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Other liabilities (excluding Accrued expenses, deferred income and service contract liability) | € 194 | € 222 |
Other liabilities and tax pay_5
Other liabilities and tax payable - narrative (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Brazil indirect tax - reversal of liability/recognition of credits | € (164) | € 72 | € (895) |
Net revenues | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Brazil indirect tax - reversal of liability/recognition of credits | (547) | ||
Net financial income (expense) | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Brazil indirect tax - reversal of liability/recognition of credits | (348) | ||
LATAM | Operating segments [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Brazil indirect tax - reversal of liability/recognition of credits | € (164) | € 54 |
Other liabilities and tax pay_6
Other liabilities and tax payable - changes in group service contract liability (Details) € in Millions | 12 Months Ended |
Dec. 31, 2020EUR (€) | |
Other liabilities [Line Items] | |
Service contract liability at start of period | € 2,151 |
Service contract liability at end of period | 2,003 |
service contract liability | |
Other liabilities [Line Items] | |
Service contract liability at start of period | 2,151 |
Advances received from customers | 723 |
Amounts recognized in revenue | (640) |
Decrease through transfer to liabilities held for sale, service contract liability | 0 |
Other changes to service contract liabilities | (231) |
Service contract liability at end of period | € 2,003 |
Other liabilities and tax pay_7
Other liabilities and tax payable - expected recognition of service contract liability (Details) € in Millions | Dec. 31, 2020EUR (€) |
2021 | |
Other liabilities [Line Items] | |
Expected recognition of Service Contract Liability | € 545 |
2022 | |
Other liabilities [Line Items] | |
Expected recognition of Service Contract Liability | 492 |
2023 | |
Other liabilities [Line Items] | |
Expected recognition of Service Contract Liability | 382 |
Thereafter | |
Other liabilities [Line Items] | |
Expected recognition of Service Contract Liability | € 584 |
Other liabilities and tax pay_8
Other liabilities and tax payable - taxes payable by due date (Details) - EUR (€) € in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Tax liabilities | € 228 | € 122 |
Tax liabilities | 248 | 278 |
Tax liabilities | 476 | 400 |
Due between one and five years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Tax liabilities | 246 | 276 |
Due beyond five years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Tax liabilities | € 2 | € 2 |
Fair value measurements - asset
Fair value measurements - assets and liabilities measured at fair value on recurring basis (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | € 99,730 | € 98,044 | |
Adjustments for decrease (increase) in derivative financial assets | 531 | ||
Adjustments for increase (decrease) in derivative financial liabilities | 315 | ||
Adjustments for increase (decrease) in money market securities | 5,509 | ||
Recurring fair value measurement | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | 9,396 | 3,430 | |
Liabilities | 633 | 318 | |
Recurring fair value measurement | Derivatives | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Liabilities | 633 | 318 | |
Recurring fair value measurement | Debt securities and equity instruments measured at FVOCI | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | 95 | 37 | |
Recurring fair value measurement | Debt securities and equity instruments measured at FVPL | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | 290 | 292 | |
Recurring fair value measurement | Derivatives | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | 629 | 98 | |
Recurring fair value measurement | Collateral deposits | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | 32 | 42 | |
Recurring fair value measurement | Receivables From Financing Activities | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | 473 | 580 | |
Recurring fair value measurement | Trade receivables | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | 12 | 19 | |
Recurring fair value measurement | Other receivables | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | 63 | 69 | |
Recurring fair value measurement | Money market securities | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | 7,802 | 2,293 | |
Recurring fair value measurement | Level 1 | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | 8,175 | 2,615 | |
Liabilities | 0 | 0 | |
Recurring fair value measurement | Level 1 | Derivatives | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Liabilities | 0 | 0 | |
Recurring fair value measurement | Level 1 | Debt securities and equity instruments measured at FVOCI | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | 66 | 3 | |
Recurring fair value measurement | Level 1 | Debt securities and equity instruments measured at FVPL | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | 275 | 277 | |
Recurring fair value measurement | Level 1 | Derivatives | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | 0 | 0 | |
Recurring fair value measurement | Level 1 | Collateral deposits | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | 32 | 42 | |
Recurring fair value measurement | Level 1 | Receivables From Financing Activities | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | 0 | 0 | |
Recurring fair value measurement | Level 1 | Trade receivables | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | 0 | 0 | |
Recurring fair value measurement | Level 1 | Other receivables | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | 0 | 0 | |
Recurring fair value measurement | Level 1 | Money market securities | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | 7,802 | 2,293 | |
Recurring fair value measurement | Level 2 | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | 657 | 138 | |
Liabilities | 633 | 318 | |
Recurring fair value measurement | Level 2 | Derivatives | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Liabilities | 633 | 318 | |
Recurring fair value measurement | Level 2 | Debt securities and equity instruments measured at FVOCI | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | 16 | 21 | |
Recurring fair value measurement | Level 2 | Debt securities and equity instruments measured at FVPL | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | 0 | 0 | |
Recurring fair value measurement | Level 2 | Derivatives | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | 629 | 98 | |
Recurring fair value measurement | Level 2 | Collateral deposits | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | 0 | 0 | |
Recurring fair value measurement | Level 2 | Receivables From Financing Activities | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | 0 | 0 | |
Recurring fair value measurement | Level 2 | Trade receivables | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | 12 | 19 | |
Recurring fair value measurement | Level 2 | Other receivables | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | 0 | 0 | |
Recurring fair value measurement | Level 2 | Money market securities | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | 0 | 0 | |
Recurring fair value measurement | Level 3 | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | 564 | 677 | |
Liabilities | 0 | 0 | |
Recurring fair value measurement | Level 3 | Derivatives | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Liabilities | 0 | 0 | |
Recurring fair value measurement | Level 3 | Debt securities and equity instruments measured at FVOCI | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | 13 | 13 | |
Recurring fair value measurement | Level 3 | Debt securities and equity instruments measured at FVPL | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | 15 | 15 | |
Recurring fair value measurement | Level 3 | Derivatives | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | 0 | 0 | |
Recurring fair value measurement | Level 3 | Collateral deposits | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | 0 | 0 | |
Recurring fair value measurement | Level 3 | Receivables From Financing Activities | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | 473 | 580 | € 973 |
Recurring fair value measurement | Level 3 | Trade receivables | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | 0 | 0 | |
Recurring fair value measurement | Level 3 | Other receivables | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | 63 | 69 | € 0 |
Recurring fair value measurement | Level 3 | Money market securities | |||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | |||
Assets | € 0 | € 0 |
Fair value measurements - recon
Fair value measurements - reconciliation of changes in items measured at fair value Level 3 (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value of Assets (Liabilities) | ||
Assets, beginning | € 98,044 | |
Assets, ending | 99,730 | € 98,044 |
Recurring fair value measurement | ||
Fair Value of Assets (Liabilities) | ||
Assets, beginning | 3,430 | |
Assets, ending | 9,396 | 3,430 |
Recurring fair value measurement | Receivables From Financing Activities | ||
Fair Value of Assets (Liabilities) | ||
Assets, beginning | 580 | |
Assets, ending | 473 | 580 |
Recurring fair value measurement | Derivatives | ||
Fair Value of Assets (Liabilities) | ||
Assets, beginning | 98 | |
Assets, ending | 629 | 98 |
Recurring fair value measurement | Other receivables | ||
Fair Value of Assets (Liabilities) | ||
Assets, beginning | 69 | |
Assets, ending | 63 | 69 |
Recurring fair value measurement | Level 3 | ||
Fair Value of Assets (Liabilities) | ||
Assets, beginning | 677 | |
Assets, ending | 564 | 677 |
Recurring fair value measurement | Level 3 | Receivables From Financing Activities | ||
Fair Value of Assets (Liabilities) | ||
Assets, beginning | 580 | 973 |
Gains/(Losses) recognized in Consolidated Income Statement | 0 | 0 |
Gains/(Losses) recognized in Other comprehensive income | 0 | 0 |
Issues/Settlements | (107) | (393) |
Net purchases and sales, fair value measurement, assets | 0 | 0 |
Transfers out of Level 3 of fair value hierarchy, assets | 0 | 0 |
Assets, ending | 473 | 580 |
Recurring fair value measurement | Level 3 | Available-for-sale securities | ||
Fair Value of Assets (Liabilities) | ||
Assets, beginning | 28 | 16 |
Gains/(Losses) recognized in Consolidated Income Statement | 0 | 1 |
Gains/(Losses) recognized in Other comprehensive income | 0 | 0 |
Issues/Settlements | 0 | 0 |
Net purchases and sales, fair value measurement, assets | 0 | 11 |
Transfers out of Level 3 of fair value hierarchy, assets | 0 | 0 |
Assets, ending | 28 | 28 |
Recurring fair value measurement | Level 3 | Derivatives | ||
Fair Value of Assets (Liabilities) | ||
Assets, beginning | 0 | |
Assets, ending | 0 | 0 |
Recurring fair value measurement | Level 3 | Derivatives | Derivatives | ||
Fair Value of Assets (Liabilities) | ||
Assets (liabilities), beginning | 0 | 39 |
Gains/(Losses) recognized in Consolidated Income Statement | 0 | 56 |
Gains/(Losses) recognized in Other comprehensive income | 0 | (15) |
Issues/Settlements | 0 | (66) |
Net purchases and sales, fair value measurement, assets | 0 | 0 |
Transfers out of Level 3 of fair value hierarchy, assets | 0 | (14) |
Assets (liabilities), ending | 0 | 0 |
Recurring fair value measurement | Level 3 | Other receivables | ||
Fair Value of Assets (Liabilities) | ||
Assets, beginning | 69 | 0 |
Gains/(Losses) recognized in Consolidated Income Statement | (6) | (1) |
Gains/(Losses) recognized in Other comprehensive income | 0 | 0 |
Issues/Settlements | 0 | 70 |
Net purchases and sales, fair value measurement, assets | 0 | 0 |
Transfers out of Level 3 of fair value hierarchy, assets | 0 | 0 |
Assets, ending | € 63 | € 69 |
Fair value measurements - finan
Fair value measurements - financial assets and liabilities not measured at fair value on a recurring basis (Details) - EUR (€) € in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Lease liabilities | ||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | ||
Financial liabilities | € 1,693 | € 1,640 |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Borrowings [Member] | ||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | ||
Financial liabilities | 19,424 | 11,261 |
Financial liabilities, at fair value | 20,549 | 11,775 |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Asset-backed financing | ||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | ||
Financial liabilities | 41 | 151 |
Financial liabilities, at fair value | 41 | 151 |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Notes | ||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | ||
Financial liabilities | 8,454 | 6,392 |
Financial liabilities, at fair value | 9,314 | 6,900 |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Notes | Level 1 | ||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | ||
Financial liabilities, at fair value | 9,307 | 6,893 |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Notes | Level 2 | ||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | ||
Financial liabilities, at fair value | 7 | 7 |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Other debt | ||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | ||
Financial liabilities | 10,929 | 4,718 |
Financial liabilities, at fair value | 11,194 | 4,724 |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Other debt | Level 2 | ||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | ||
Financial liabilities, at fair value | 10,597 | 3,865 |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Other debt | Level 3 | ||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | ||
Financial liabilities, at fair value | 597 | 859 |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Receivables From Financing Activities | ||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | ||
Financial assets | 1,943 | 2,575 |
Financial assets, at fair value | 1,935 | 2,569 |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Dealer financing | ||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | ||
Financial assets | 1,065 | 1,737 |
Financial assets, at fair value | 1,065 | 1,736 |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Retail financing | ||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | ||
Financial assets | 512 | 613 |
Financial assets, at fair value | 504 | 608 |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Finance lease | ||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | ||
Financial assets | 6 | 3 |
Financial assets, at fair value | 6 | 3 |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Other receivables from financing activities | ||
Disclosure Of Fair Value Measurement of Assets And Liabiltiies [Line Items] | ||
Financial assets | 360 | 222 |
Financial assets, at fair value | € 360 | € 222 |
Related party transactions - si
Related party transactions - significant transactions with related parties (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of transactions between related parties [line items] | |||
Net revenues | € 86,676 | € 108,187 | € 110,412 |
Cost of revenues | 75,962 | 93,164 | 95,011 |
Selling, general and other costs | 5,501 | 6,455 | 7,318 |
Net financial expenses | 988 | 1,005 | 1,056 |
Trade and other receivables | 7,266 | 9,004 | |
Trade payables | 20,576 | 21,616 | |
Debt | 21,076 | 12,750 | |
Joint ventures | |||
Disclosure of transactions between related parties [line items] | |||
Net revenues | 2,609 | 2,774 | 3,387 |
Cost of revenues | 1,349 | 2,110 | 2,618 |
Selling, general and other costs | (14) | (41) | (63) |
Net financial expenses | 31 | 51 | 57 |
Trade and other receivables | 476 | 387 | |
Trade payables | 437 | 321 | |
Other liabilities | 79 | 199 | |
Secured bank loans received | 29 | 141 | |
Debt | 68 | 194 | |
Associates | |||
Disclosure of transactions between related parties [line items] | |||
Net revenues | 2 | 17 | 30 |
Cost of revenues | 123 | 186 | 229 |
Selling, general and other costs | 1 | (1) | (2) |
Net financial expenses | (1) | 0 | 1 |
Trade and other receivables | 43 | 45 | |
Trade payables | 32 | 41 | |
Other liabilities | 6 | 8 | |
Secured bank loans received | 0 | 0 | |
Debt | 0 | 0 | |
Key management personnel of entity or parent | |||
Disclosure of transactions between related parties [line items] | |||
Net revenues | 306 | 392 | 567 |
Cost of revenues | 367 | 476 | 544 |
Selling, general and other costs | 148 | 131 | 113 |
Net financial expenses | 0 | 0 | 0 |
Trade and other receivables | 53 | 65 | |
Trade payables | 115 | 149 | |
Other liabilities | 3 | 11 | |
Secured bank loans received | 0 | 0 | |
Debt | 0 | 0 | |
Unconsolidated subsidiaries | |||
Disclosure of transactions between related parties [line items] | |||
Net revenues | 7 | 6 | 7 |
Cost of revenues | 3 | 7 | 8 |
Selling, general and other costs | 2 | 4 | 4 |
Net financial expenses | (1) | 0 | (1) |
Trade and other receivables | 25 | 16 | |
Trade payables | 15 | 9 | |
Other liabilities | 1 | 1 | |
Secured bank loans received | 0 | 0 | |
Debt | 26 | 22 | |
Related parties | |||
Disclosure of transactions between related parties [line items] | |||
Net revenues | 2,924 | 3,189 | 3,991 |
Cost of revenues | 1,842 | 2,779 | 3,399 |
Selling, general and other costs | 137 | 93 | 52 |
Net financial expenses | 29 | 51 | 57 |
Trade and other receivables | 597 | 513 | |
Trade payables | 599 | 520 | |
Other liabilities | 89 | 219 | |
Secured bank loans received | 29 | 141 | |
Debt | 94 | 216 | |
Tofas | Joint ventures | |||
Disclosure of transactions between related parties [line items] | |||
Net revenues | 938 | 728 | 926 |
Cost of revenues | 1,326 | 2,086 | 2,572 |
Selling, general and other costs | 6 | 9 | 7 |
Net financial expenses | 0 | 0 | 0 |
Trade and other receivables | 73 | 18 | |
Trade payables | 347 | 171 | |
Other liabilities | 35 | 39 | |
Secured bank loans received | 0 | 0 | |
Debt | 0 | 0 | |
Sevel S.p.A. | Joint ventures | |||
Disclosure of transactions between related parties [line items] | |||
Net revenues | 196 | 205 | 402 |
Cost of revenues | 1 | 1 | 1 |
Selling, general and other costs | 5 | 5 | 4 |
Net financial expenses | 0 | 0 | 0 |
Trade and other receivables | 15 | 28 | |
Trade payables | 0 | 0 | |
Other liabilities | 1 | 1 | |
Secured bank loans received | 0 | 0 | |
Debt | 7 | 13 | |
FCA Bank S.p.A. | Joint ventures | |||
Disclosure of transactions between related parties [line items] | |||
Net revenues | 1,375 | 1,686 | 1,611 |
Cost of revenues | 22 | 23 | 28 |
Selling, general and other costs | (8) | (19) | (21) |
Net financial expenses | 32 | 52 | 56 |
Trade and other receivables | 264 | 278 | |
Trade payables | 88 | 139 | |
Other liabilities | 37 | 151 | |
Secured bank loans received | 29 | 141 | |
Debt | 61 | 181 | |
GAC FCA JV | Joint ventures | |||
Disclosure of transactions between related parties [line items] | |||
Net revenues | 97 | 151 | 419 |
Cost of revenues | 0 | 0 | 11 |
Selling, general and other costs | (17) | (36) | (49) |
Net financial expenses | (1) | 0 | 0 |
Trade and other receivables | 123 | 62 | |
Trade payables | 2 | 11 | |
Other liabilities | 0 | 0 | |
Secured bank loans received | 0 | 0 | |
Debt | 0 | 0 | |
Fiat India Automobiles Limited | Joint ventures | |||
Disclosure of transactions between related parties [line items] | |||
Net revenues | 2 | 2 | 2 |
Cost of revenues | 0 | 0 | 0 |
Selling, general and other costs | 0 | 0 | 0 |
Net financial expenses | 0 | 0 | 0 |
Trade and other receivables | 1 | 1 | |
Trade payables | 0 | 0 | |
Other liabilities | 6 | 8 | |
Secured bank loans received | 0 | 0 | |
Debt | 0 | 0 | |
Other related parties | Joint ventures | |||
Disclosure of transactions between related parties [line items] | |||
Net revenues | 1 | 2 | 27 |
Cost of revenues | 0 | 0 | 6 |
Selling, general and other costs | 0 | 0 | (4) |
Net financial expenses | 0 | (1) | 1 |
Trade and other receivables | 0 | 0 | |
Trade payables | 0 | 0 | |
Other liabilities | 0 | 0 | |
Secured bank loans received | 0 | 0 | |
Debt | 0 | 0 | |
Other related parties | Key management personnel of entity or parent | |||
Disclosure of transactions between related parties [line items] | |||
Net revenues | 0 | 5 | 2 |
Cost of revenues | 0 | 0 | 0 |
Selling, general and other costs | 48 | 37 | 26 |
Net financial expenses | 0 | 0 | 0 |
Trade and other receivables | 1 | 4 | |
Trade payables | 2 | 13 | |
Other liabilities | 1 | 0 | |
Secured bank loans received | 0 | 0 | |
Debt | 0 | 0 | |
CNHI | Key management personnel of entity or parent | |||
Disclosure of transactions between related parties [line items] | |||
Net revenues | 284 | 357 | 501 |
Cost of revenues | 269 | 332 | 326 |
Selling, general and other costs | 0 | 11 | 6 |
Net financial expenses | 0 | 0 | 0 |
Trade and other receivables | 44 | 49 | |
Trade payables | 75 | 87 | |
Other liabilities | 2 | 11 | |
Secured bank loans received | 0 | 0 | |
Debt | 0 | 0 | |
Ferrari N.V. | Key management personnel of entity or parent | |||
Disclosure of transactions between related parties [line items] | |||
Net revenues | 22 | 30 | 64 |
Cost of revenues | 98 | 144 | 218 |
Selling, general and other costs | 0 | 1 | 4 |
Net financial expenses | 0 | 0 | 0 |
Trade and other receivables | 8 | 12 | |
Trade payables | 38 | 49 | |
Other liabilities | 0 | 0 | |
Secured bank loans received | 0 | 0 | |
Debt | 0 | 0 | |
Directors, Statutory Auditors and Key Management | Key management personnel of entity or parent | |||
Disclosure of transactions between related parties [line items] | |||
Net revenues | 0 | 0 | 0 |
Cost of revenues | 0 | 0 | 0 |
Selling, general and other costs | 100 | 82 | 77 |
Net financial expenses | € 0 | € 0 | € 0 |
Related party transactions - ad
Related party transactions - additional information (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of transactions between related parties [line items] | |||
Provision of guarantees or collateral by entity, related party transactions | € 1,000 | € 3,000 | |
Key management personnel compensation | € 19,097 | 23,050 | € 18,830 |
Sevel S.p.A. | |||
Disclosure of transactions between related parties [line items] | |||
Proportion of ownership interest in joint operation | 50.00% | ||
FCA Bank S.p.A. | |||
Disclosure of transactions between related parties [line items] | |||
Provision of guarantees or collateral by entity, related party transactions | € 5,000 | ||
Key employees | |||
Disclosure of transactions between related parties [line items] | |||
Key management personnel compensation | 81,000 | 59,000 | 58,000 |
Key management personnel compensation, share-based payment | 62,000 | 30,000 | 28,000 |
Short-term employee benefits expense | 6,000 | 6,000 | 7,000 |
Post-employment benefit expense, defined benefit plans | € 4,000 | € 7,000 | € 10,000 |
Exor N.V. | Largest shareholder | |||
Disclosure of transactions between related parties [line items] | |||
Shareholder ownership percentage | 28.54% | ||
Shareholder voting interest ownership | 44.40% |
Related party transactions - fu
Related party transactions - future minimum expected obligations (Details) - Joint ventures - Tofas-Turk Otomobil Fabrikasi A.S. € in Millions | Dec. 31, 2020EUR (€) |
2021 | |
Disclosure of transactions between related parties [line items] | |
Related party, future minimum expected obligation | € 217 |
2022 | |
Disclosure of transactions between related parties [line items] | |
Related party, future minimum expected obligation | 177 |
2023 | |
Disclosure of transactions between related parties [line items] | |
Related party, future minimum expected obligation | 94 |
2024 | |
Disclosure of transactions between related parties [line items] | |
Related party, future minimum expected obligation | € 94 |
Related party transactions - co
Related party transactions - compensation to directors (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of transactions between related parties [line items] | |||
Compensation | € 19,097 | € 23,050 | € 18,830 |
Director | |||
Disclosure of transactions between related parties [line items] | |||
Compensation | € 19,097 | € 23,050 | € 18,830 |
Guarantees granted, commitmen_3
Guarantees granted, commitments and contingent liabilities - additional information (Details) | Dec. 27, 2019EUR (€)employee | Dec. 27, 2019USD ($)employee | Jun. 28, 2019EUR (€) | Jun. 28, 2019USD ($) | Mar. 31, 2019employee | Dec. 31, 2015 | Apr. 30, 2015 | May 31, 2013EUR (€) | Feb. 28, 2013 | Sep. 30, 2020EUR (€) | Dec. 31, 2020EUR (€)numberOfEmployeesvehicle | Dec. 31, 2020USD ($)numberOfEmployeesvehicle | Dec. 31, 2020CAD ($)numberOfEmployeesvehicle | Dec. 31, 2019EUR (€) | Dec. 31, 2019USD ($) | Dec. 31, 2018EUR (€)numberOfVehiclesvehicle | Dec. 31, 2018USD ($)numberOfVehiclesvehicle | Dec. 31, 2020USD ($) | May 31, 2013USD ($) |
Disclosure of contingent liabilities [line items] | |||||||||||||||||||
Financial assets pledged as collateral for liabilities or contingent liabilities | € 12,000,000 | € 8,000,000 | |||||||||||||||||
Provision of guarantees or collateral by entity, related party transactions | 1,000,000 | 3,000,000 | |||||||||||||||||
Financing agreement, term (in years) | 10 years | ||||||||||||||||||
Deferred income | 204,000,000 | 224,000,000 | |||||||||||||||||
Amortization period | 10 years | ||||||||||||||||||
Ownership period limit for repurchase obligation (in years) | 1 year | ||||||||||||||||||
Repurchase obligation, term (in years) | 10 years | ||||||||||||||||||
Refunds provision | € 121,000,000 | $ 149,000,000 | |||||||||||||||||
Labor agreement, total lump sum payment to employees | 446,000,000 | $ 499,000,000 | |||||||||||||||||
Warranty and recall expense, number of units under analysis | vehicle | 935,000 | 935,000 | 935,000 | ||||||||||||||||
Warranty and recall expense, recall of airbag inflators | € 114,000,000 | ||||||||||||||||||
Charge recognized for U.S. diesel emission matters | € 200,000,000 | € 222,000,000 | 748,000,000 | ||||||||||||||||
Charge for U.S. diesel emission matters, civil claims accrual | € 350,000,000 | ||||||||||||||||||
Charge for U.S. diesel emission matters, average price per eligible vehicle | $ | $ 2,800 | ||||||||||||||||||
Charge for U.S. diesel emission matters, estimate number of eligible vehicles | vehicle | 3,200 | 3,200 | |||||||||||||||||
U.S. import duties, historic rate for Ram ProMaster City vehicles | 2.50% | 2.50% | 2.50% | ||||||||||||||||
U.S. import duties, rate for Cargo Vans | 25.00% | 25.00% | 25.00% | ||||||||||||||||
Labor agreement, lump sum payment to retirees | $ | $ 3,625 | ||||||||||||||||||
Charge for U.S. diesel emission matters, eligible vehicles for which settlement has been reached | numberOfVehicles | 100 | 100 | |||||||||||||||||
Potential accrual for change in CAFE rate | € 550,000,000 | ||||||||||||||||||
Tigershark emissions matter, number of vehicles impacted | vehicle | 1,600,000 | 1,600,000 | 1,600,000 | ||||||||||||||||
MOE emissions matter, number of vehicles impacted | vehicle | 2,400 | 2,400 | |||||||||||||||||
New Rate | |||||||||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||||||||
CAFE penalty fine rate | $ | $ 14 | ||||||||||||||||||
Old rate | |||||||||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||||||||
CAFE penalty fine rate | $ | $ 5.50 | ||||||||||||||||||
Product warranty and recall campaigns | |||||||||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||||||||
Increase (decrease) in other provisions | € 200,000,000 | ||||||||||||||||||
Contingent liabilities | |||||||||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||||||||
Estimated financial effect of contingent liabilities | 5,000,000 | 5,000,000 | |||||||||||||||||
Provisions | 5,000,000 | 3,000,000 | |||||||||||||||||
SCUSA - May 2013 | |||||||||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||||||||
Deferred income | € 109,000,000 | 29,000,000 | $ 35,000,000 | $ 150,000,000 | |||||||||||||||
SCUSA - June 2019 | |||||||||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||||||||
Other income | € 53,000,000 | $ 60,000,000 | |||||||||||||||||
Regulatory emission credits | |||||||||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||||||||
Contractual capital commitments | 400,000,000 | ||||||||||||||||||
UAW Labor Agreement | |||||||||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||||||||
Contractual capital commitments | € 9,000,000,000 | ||||||||||||||||||
Labor agreement, number of new or secured jobs committed | employee | 7,900 | 7,900 | |||||||||||||||||
Labor agreement, number of eligible employees | employee | 49,200 | 49,200 | |||||||||||||||||
Labor agreement, term of agreement (in years) | 4 years | 4 years | |||||||||||||||||
Labor agreement, lump sum payment per traditional employee | € 9,000 | ||||||||||||||||||
Labor agreement, lump sum payment per temporary employee | 3,500 | ||||||||||||||||||
Labor agreement, total lump sum payment to employees | € 446,000,000 | $ 499,000,000 | |||||||||||||||||
Italian Labor Agreement | |||||||||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||||||||
Labor agreement, number of eligible employees | employee | 66,000 | ||||||||||||||||||
Labor agreement, annual wage increase | 2.00% | ||||||||||||||||||
Labor agreement, term of agreement (in years) | 4 years | ||||||||||||||||||
Labor agreement, compensation expense | € 93,000,000 | € 75,000,000 | € 72,000,000 | ||||||||||||||||
Canada Labor Agreement | |||||||||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||||||||
Labor agreement, number of eligible employees | numberOfEmployees | 9,200 | 9,200 | 9,200 | ||||||||||||||||
Labor agreement, lump sum payment per traditional employee | $ | $ 7,250 | ||||||||||||||||||
Labor agreement, lump sum payment per temporary employee | $ | 500 | ||||||||||||||||||
Labor agreement, total lump sum payment to employees | € 38,000,000 | 59,000,000 | |||||||||||||||||
Labor agreement, lump sum payment to employees on indefinite layoff | $ | $ 7,250 |
Guarantees granted, commitmen_4
Guarantees granted, commitments and contingent liabilities - repurchase obligation (Details) € in Millions | Dec. 31, 2020EUR (€) |
2021 | |
Disclosure of finance lease and operating lease by lessee [line items] | |
Minimum purchase obligation payable | € 562 |
2022 | |
Disclosure of finance lease and operating lease by lessee [line items] | |
Minimum purchase obligation payable | 243 |
2023 | |
Disclosure of finance lease and operating lease by lessee [line items] | |
Minimum purchase obligation payable | 135 |
2024 | |
Disclosure of finance lease and operating lease by lessee [line items] | |
Minimum purchase obligation payable | 152 |
2025 | |
Disclosure of finance lease and operating lease by lessee [line items] | |
Minimum purchase obligation payable | 16 |
Due beyond five years | |
Disclosure of finance lease and operating lease by lessee [line items] | |
Minimum purchase obligation payable | € 27 |
Equity - additional information
Equity - additional information (Details) - EUR (€) | 12 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 18, 2018 | Dec. 31, 2017 | Oct. 29, 2014 | |
Disclosure of classes of share capital [line items] | ||||||
Value of shares authorised | € 40,000,000 | |||||
Number of shares reserved for issue under options and contracts for sale of shares | 50,000,000 | 90,000,000 | ||||
Par value per share (in euros per shares) | € 0.01 | € 0.01 | ||||
Equity | € 25,861,000,000 | € 28,675,000,000 | € 24,903,000,000 | € 21,008,000,000 | ||
Number of shares outstanding (in shares) | 2,024,333,013 | 1,976,461,041 | ||||
Statutory reserve | € 13,598,000,000 | € 14,206,000,000 | ||||
Capital reserve | 6,094,000,000 | 6,034,000,000 | ||||
Retained earnings (accumulated deficit) | 8,051,000,000 | 2,286,000,000 | ||||
Net profit attributable to owners of the parent | 29,000,000 | 6,622,000,000 | 3,608,000,000 | |||
Share capital | ||||||
Disclosure of classes of share capital [line items] | ||||||
Equity | € 20,000,000 | € 20,000,000 | € 19,000,000 | € 19,000,000 | ||
Common shares | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares authorised (in shares) | 2,000,000,000 | |||||
Par value per share (in euros per shares) | € 0.01 | |||||
Number of shares outstanding (in shares) | 1,574,714,499 | 1,567,519,274 | ||||
Special voting shares | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares authorised (in shares) | 2,000,000,000 | |||||
Par value per share (in euros per shares) | € 0.01 | |||||
Number of shares outstanding (in shares) | 449,618,514 | 408,941,767 |
Equity - summary of changes to
Equity - summary of changes to outstanding shares (Details) - shares | Nov. 13, 2020 | Mar. 02, 2020 | Dec. 31, 2020 |
Reconciliation of number of shares outstanding [abstract] | |||
Number of shares outstanding (in shares) | 1,976,461,041 | ||
Number of shares outstanding (in shares) | 2,024,333,013 | ||
Common shares | |||
Reconciliation of number of shares outstanding [abstract] | |||
Number of shares outstanding (in shares) | 1,567,519,274 | ||
Number of shares outstanding (in shares) | 1,574,714,499 | ||
Special voting shares | |||
Reconciliation of number of shares outstanding [abstract] | |||
Number of shares outstanding (in shares) | 408,941,767 | ||
Number of shares outstanding (in shares) | 449,618,514 | ||
Key employees | Common shares | |||
Reconciliation of number of shares outstanding [abstract] | |||
New shares issued (in shares) | 7,195,225 | ||
Key employees | Special voting shares | |||
Reconciliation of number of shares outstanding [abstract] | |||
New shares issued (in shares) | 40,676,747 | ||
Loyalty voting register shareholders | Common shares | |||
Reconciliation of number of shares outstanding [abstract] | |||
New shares issued (in shares) | 7,195,225 | ||
Loyalty voting register shareholders | Special voting shares | |||
Reconciliation of number of shares outstanding [abstract] | |||
New shares issued (in shares) | 8,014 | 73,606,222 |
Equity - other comprehensive in
Equity - other comprehensive income (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Items that will not be reclassified to the Consolidated Income Statement in subsequent periods: | |||
(Losses)/gains on remeasurement of defined benefit plans | € (110) | € (63) | € 317 |
Share of gains/(losses) on remeasurement of defined benefit plans for equity method investees | 0 | (5) | 0 |
Items relating to discontinued operations | 0 | (9) | 1 |
Total Items that will not be reclassified to the Consolidated Income Statement | (116) | (71) | 314 |
Items that may be reclassified to the Consolidated Income Statement in subsequent periods: | |||
Other comprehensive income, before tax, hedges of net investments in foreign operations | 0 | 0 | 0 |
Gains/(losses) on cash flow hedging instruments arising during the period | 121 | (269) | 99 |
Gains/(losses) on cash flow hedging instruments reclassified to the Consolidated Income Statement | (143) | 78 | (108) |
Total Gains/(losses) on cash flow hedging instruments | (22) | (191) | (9) |
Other comprehensive income, before tax, financial assets measured at fair value through other comprehensive income | (5) | 6 | (4) |
Exchange (losses)/gains on translating foreign operations | (2,696) | 268 | 126 |
Share of Other comprehensive income/(loss) for equity method investees arising during the period | (81) | (16) | (77) |
Share of Other comprehensive income/(loss) for equity method investees reclassified to the Consolidated Income Statement | (23) | 1 | (26) |
Total Share of Other comprehensive (loss)/income for equity method investees | (104) | (15) | (103) |
Items relating to discontinued operations | 0 | 9 | (91) |
Total Items that may be reclassified to the Consolidated Income Statement | (2,822) | 71 | (77) |
Total Other comprehensive income | (2,938) | 0 | 237 |
Tax effect | 28 | 57 | (82) |
Tax effect - discontinued operations | 0 | 0 | 1 |
Total Other comprehensive income/(loss), net of tax (B1)+(B2)=(B) | € (2,910) | € 57 | € 156 |
Equity - tax effect relating to
Equity - tax effect relating to other comprehensive income (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share Capital, Reserves And Other Equity Interest [Abstract] | |||
Gains/(Losses) on re-measurement of defined benefit plans, pre-tax balance | € (110) | € (63) | € 317 |
Gains/(Losses) on re-measurement of defined benefit plans, tax income/(expense) | 21 | 7 | (76) |
Gains/(Losses) on re-measurement of defined benefit plans, net balance | (89) | (56) | 241 |
Other comprehensive income, before tax, gains (losses) from investments in debt instruments | (1) | 0 | 0 |
Income tax relating to remeasurements of debt instruments included in other comprehensive income | 0 | 0 | 0 |
Other comprehensive income, net of tax, gains (losses) from investments in debt instruments | (1) | 0 | 0 |
Gains/(Losses) on cash flow hedging instruments, pre-tax balance | (22) | (191) | (9) |
Gains/(Losses) on cash flow hedging instruments, tax income/(expense) | 7 | 50 | (6) |
Gains/(Losses) on cash flow hedging instruments, net balance | (15) | (141) | (15) |
Other comprehensive income, before tax, financial assets measured at fair value through other comprehensive income | (5) | 6 | (4) |
Gains/(Losses) on available- for-sale financial assets, tax income/(expense) | 0 | 0 | 0 |
Other comprehensive income, net of tax, financial assets measured at fair value through other comprehensive income | (5) | 6 | (4) |
Exchange gains/(losses) on translating foreign operations, pre-tax balance | (2,696) | 268 | 126 |
Exchange gains/(losses) on translating foreign operations, tax income/(expense) | 0 | 0 | 0 |
Exchange gains/(losses) on translating foreign operations, net balance | (2,696) | 268 | 126 |
Share of Other comprehensive income/(loss) for equity method investees, pre-tax balance | (104) | (20) | (103) |
Share of Other comprehensive income/(loss) for equity method investees, tax income/(expense) | 0 | 0 | 0 |
Share of Other comprehensive income/(loss) for equity method investees, net balance | (104) | (20) | (103) |
Items relating to discontinued operations, pre-tax balance | 0 | 0 | (90) |
Items relating to discontinued operations, tax income/(expense) | 0 | 0 | 1 |
Items relating to discontinued operations, net balance | 0 | 0 | (89) |
Total Other comprehensive income | (2,938) | 0 | 237 |
Total Other comprehensive income, tax income/(expense) | 28 | 57 | (81) |
Total Other comprehensive income/(loss), net of tax (B1)+(B2)=(B) | € (2,910) | € 57 | € 156 |
Equity - dividends (Details)
Equity - dividends (Details) - EUR (€) € / shares in Units, € in Millions | Mar. 02, 2021 | Jan. 29, 2021 | Jan. 04, 2021 | Sep. 14, 2020 | May 13, 2020 | Dec. 17, 2019 |
Dividend type [Line Items] | ||||||
Dividends proposed or declared before financial statements authorised for issue but not recognised as distribution to owners per share | € 0.32 | € 1.84 | € 0.70 | |||
Dividends proposed or declared before financial statements authorised for issue but not recognised as distribution to owners | € 1,000 | € 2,900 | € 2,900 | € 1,100 | € 5,500 | |
Dividends paid, ordinary shares | € 2,900 |
Earnings per share - basic earn
Earnings per share - basic earnings per share (Details) - EUR (€) € / shares in Units, shares in Thousands, € in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings per share [abstract] | |||
Net profit attributable to owners of the parent | € 29 | € 6,622 | € 3,608 |
Weighted average number of shares outstanding (in shares) | 1,572,020 | 1,564,114 | 1,548,439 |
Basic earnings per share (in EUR per share) | € 0.02 | € 4.23 | € 2.33 |
Net profit from continuing operations attributable to owners of the parent | € 29 | € 2,694 | € 3,323 |
Basic earnings per share from continuing operations (in EUR per share) | € 0.02 | € 1.72 | € 2.15 |
Net profit from discontinued operations attributable to owners of the parent | € 0 | € 3,928 | € 285 |
Basic earnings per share from discontinued operations (in EUR per share) | € 0 | € 2.51 | € 0.18 |
Earnings per share - diluted ea
Earnings per share - diluted earnings per share (Details) - EUR (€) € / shares in Units, shares in Thousands, € in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings per share [abstract] | |||
Net profit attributable to owners of the parent | € 29 | € 6,622 | € 3,608 |
Weighted average number of shares outstanding (in shares) | 1,572,020 | 1,564,114 | 1,548,439 |
Number of shares deployable for share-based compensation (in shares) | 5,293 | 6,736 | 19,400 |
Weighted average number of shares outstanding for diluted earnings per share (in shares) | 1,577,313 | 1,570,850 | 1,567,839 |
Diluted earnings per share (in EUR per share) | € 0.02 | € 4.22 | € 2.30 |
Net profit from continuing operations attributable to owners of the parent | € 29 | € 2,694 | € 3,323 |
Diluted earnings per share from continuing operations (in EUR per share) | € 0.02 | € 1.71 | € 2.12 |
Net profit from discontinued operations attributable to owners of the parent | € 0 | € 3,928 | € 285 |
Diluted earnings per share from discontinued operations (in EUR per share) | € 0 | € 2.50 | € 0.18 |
Segment reporting - selected fi
Segment reporting - selected financial information by segment (Details) | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2020EUR (€) | Dec. 31, 2020EUR (€)segment | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€)numberOfEmployees | Dec. 31, 2017EUR (€) | |
Disclosure of operating segments [line items] | |||||
Number of reportable regional operating segments | segment | 4 | ||||
Revenue | € 86,676,000,000 | € 108,187,000,000 | € 110,412,000,000 | ||
Net profit from continuing operations | 24,000,000 | 2,700,000,000 | 3,330,000,000 | ||
Tax expense | 1,332,000,000 | 1,321,000,000 | 778,000,000 | ||
Net financial expenses | 988,000,000 | 1,005,000,000 | 1,056,000,000 | ||
Adjustments: | |||||
Impairment expense and supplier obligations | 927,000,000 | 1,542,000,000 | 353,000,000 | ||
Charge recognized for U.S. diesel emission matters | € 200,000,000 | 222,000,000 | 748,000,000 | ||
Restructuring costs, net of reversals | 73,000,000 | 154,000,000 | 103,000,000 | ||
Gains on disposal of investments | (4,000,000) | (15,000,000) | 0 | ||
Brazil indirect tax - reversal of liability/recognition of credits | (164,000,000) | 72,000,000 | € (895,000,000) | ||
China Inventory impairment | 129,000,000 | ||||
Warranty and recall expense, recall of airbag inflators | 114,000,000 | ||||
U.S. special bonus payment | 111,000,000 | ||||
Employee benefits settlement losses | 92,000,000 | ||||
Losses from catastrophes, net of insurance recoveries, port of Savona | 43,000,000 | ||||
Warranty And Recall Expense, Contested With Supplier | (50,000,000) | ||||
North America capacity realignment | (60,000,000) | ||||
Other | (180,000,000) | (125,000,000) | |||
Adjusted EBIT | 3,742,000,000 | 6,668,000,000 | 6,738,000,000 | ||
Share of the profit of equity method investees | 184,000,000 | 208,000,000 | 240,000,000 | ||
Impairment loss | 914,000,000 | 1,589,000,000 | 297,000,000 | ||
Supplier obligations | 13,000,000 | 56,000,000 | |||
Unused provision reversed, other provisions | 67,000,000 | ||||
Announced bonus amount per employee | € 2,000 | ||||
Number of employees eligible for bonus | numberOfEmployees | 60,000 | ||||
EMEA | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 16,191,000,000 | 20,466,000,000 | € 22,714,000,000 | ||
APAC | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 2,317,000,000 | 2,762,000,000 | 2,646,000,000 | ||
LATAM | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 5,297,000,000 | 8,449,000,000 | 8,142,000,000 | ||
North America | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 60,307,000,000 | 73,337,000,000 | 72,353,000,000 | ||
Maserati | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 1,382,000,000 | 1,592,000,000 | 2,645,000,000 | ||
Other activities | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 1,182,000,000 | 1,581,000,000 | 1,912,000,000 | ||
Operating segments | EMEA | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 16,284,000,000 | 20,571,000,000 | 22,815,000,000 | ||
Adjustments: | |||||
Impairment expense and supplier obligations | 266,000,000 | 441,000,000 | 307,000,000 | ||
Charge recognized for U.S. diesel emission matters | 0 | 0 | |||
Restructuring costs, net of reversals | 6,000,000 | (9,000,000) | 123,000,000 | ||
Gains on disposal of investments | 0 | 0 | |||
Brazil indirect tax - reversal of liability/recognition of credits | 0 | 0 | |||
China Inventory impairment | 0 | ||||
Warranty and recall expense, recall of airbag inflators | 0 | ||||
U.S. special bonus payment | 0 | ||||
Employee benefits settlement losses | 0 | ||||
Losses from catastrophes, net of insurance recoveries, port of Savona | 2,000,000 | ||||
Warranty And Recall Expense, Contested With Supplier | 0 | ||||
North America capacity realignment | 0 | ||||
Other | 28,000,000 | (7,000,000) | 30,000,000 | ||
Adjusted EBIT | (918,000,000) | (6,000,000) | 406,000,000 | ||
Share of the profit of equity method investees | 333,000,000 | 318,000,000 | 284,000,000 | ||
Supplier obligations | 6,000,000 | ||||
Operating segments | APAC | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 2,381,000,000 | 2,814,000,000 | 2,703,000,000 | ||
Adjustments: | |||||
Impairment expense and supplier obligations | 0 | 0 | 11,000,000 | ||
Charge recognized for U.S. diesel emission matters | 0 | 0 | |||
Restructuring costs, net of reversals | 0 | 0 | 0 | ||
Gains on disposal of investments | 0 | 0 | |||
Brazil indirect tax - reversal of liability/recognition of credits | 0 | 0 | |||
China Inventory impairment | 129,000,000 | ||||
Warranty and recall expense, recall of airbag inflators | 0 | ||||
U.S. special bonus payment | 0 | ||||
Employee benefits settlement losses | 0 | ||||
Losses from catastrophes, net of insurance recoveries, port of Savona | 0 | ||||
Warranty And Recall Expense, Contested With Supplier | 0 | ||||
North America capacity realignment | 0 | ||||
Other | 0 | (4,000,000) | 0 | ||
Adjusted EBIT | (116,000,000) | (36,000,000) | (296,000,000) | ||
Share of the profit of equity method investees | (160,000,000) | (126,000,000) | (67,000,000) | ||
Operating segments | LATAM | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 5,305,000,000 | 8,461,000,000 | 8,152,000,000 | ||
Adjustments: | |||||
Impairment expense and supplier obligations | 161,000,000 | 0 | 8,000,000 | ||
Charge recognized for U.S. diesel emission matters | 0 | 0 | |||
Restructuring costs, net of reversals | 18,000,000 | 127,000,000 | (28,000,000) | ||
Gains on disposal of investments | 0 | 0 | |||
Brazil indirect tax - reversal of liability/recognition of credits | (164,000,000) | 54,000,000 | |||
China Inventory impairment | 0 | ||||
Warranty and recall expense, recall of airbag inflators | 0 | ||||
U.S. special bonus payment | 0 | ||||
Employee benefits settlement losses | 0 | ||||
Losses from catastrophes, net of insurance recoveries, port of Savona | 0 | ||||
Warranty And Recall Expense, Contested With Supplier | 0 | ||||
North America capacity realignment | 0 | ||||
Other | 0 | 4,000,000 | 0 | ||
Adjusted EBIT | 6,000,000 | 501,000,000 | 359,000,000 | ||
Share of the profit of equity method investees | 0 | 0 | 0 | ||
Write-down of property, plant and equipment classified as restructuring costs | 76,000,000 | ||||
Operating segments | North America | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 60,322,000,000 | 73,357,000,000 | 72,384,000,000 | ||
Adjustments: | |||||
Impairment expense and supplier obligations | 154,000,000 | 98,000,000 | 16,000,000 | ||
Charge recognized for U.S. diesel emission matters | 0 | 0 | |||
Restructuring costs, net of reversals | 32,000,000 | 23,000,000 | 0 | ||
Gains on disposal of investments | 0 | 0 | |||
Brazil indirect tax - reversal of liability/recognition of credits | 0 | 0 | |||
China Inventory impairment | 0 | ||||
Warranty and recall expense, recall of airbag inflators | 114,000,000 | ||||
U.S. special bonus payment | 109,000,000 | ||||
Employee benefits settlement losses | 92,000,000 | ||||
Losses from catastrophes, net of insurance recoveries, port of Savona | 0 | ||||
Warranty And Recall Expense, Contested With Supplier | (50,000,000) | ||||
North America capacity realignment | (60,000,000) | ||||
Other | (10,000,000) | 45,000,000 | 1,000,000 | ||
Adjusted EBIT | 5,351,000,000 | 6,690,000,000 | 6,230,000,000 | ||
Share of the profit of equity method investees | 0 | 0 | 0 | ||
Operating segments | Maserati | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 1,384,000,000 | 1,603,000,000 | 2,663,000,000 | ||
Adjustments: | |||||
Impairment expense and supplier obligations | 297,000,000 | 210,000,000 | 0 | ||
Charge recognized for U.S. diesel emission matters | 0 | 0 | |||
Restructuring costs, net of reversals | 3,000,000 | 3,000,000 | 0 | ||
Gains on disposal of investments | 0 | 0 | |||
Brazil indirect tax - reversal of liability/recognition of credits | 0 | 0 | |||
China Inventory impairment | 0 | ||||
Warranty and recall expense, recall of airbag inflators | 0 | ||||
U.S. special bonus payment | 0 | ||||
Employee benefits settlement losses | 0 | ||||
Losses from catastrophes, net of insurance recoveries, port of Savona | 11,000,000 | ||||
Warranty And Recall Expense, Contested With Supplier | 0 | ||||
North America capacity realignment | 0 | ||||
Other | (4,000,000) | 8,000,000 | 0 | ||
Adjusted EBIT | (232,000,000) | (199,000,000) | 151,000,000 | ||
Share of the profit of equity method investees | 0 | 0 | 0 | ||
Operating segments | Other activities | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 2,188,000,000 | 3,009,000,000 | 2,888,000,000 | ||
Adjustments: | |||||
Impairment expense and supplier obligations | 5,000,000 | 0 | 0 | ||
Charge recognized for U.S. diesel emission matters | 0 | 0 | |||
Restructuring costs, net of reversals | 14,000,000 | 0 | 8,000,000 | ||
Gains on disposal of investments | (4,000,000) | (15,000,000) | |||
Brazil indirect tax - reversal of liability/recognition of credits | 0 | 18,000,000 | |||
China Inventory impairment | 0 | ||||
Warranty and recall expense, recall of airbag inflators | 0 | ||||
U.S. special bonus payment | 2,000,000 | ||||
Employee benefits settlement losses | 0 | ||||
Losses from catastrophes, net of insurance recoveries, port of Savona | 30,000,000 | ||||
Warranty And Recall Expense, Contested With Supplier | 0 | ||||
North America capacity realignment | 0 | ||||
Other | (130,000,000) | (7,000,000) | 12,000,000 | ||
Adjusted EBIT | (283,000,000) | (173,000,000) | (40,000,000) | ||
Share of the profit of equity method investees | 10,000,000 | 15,000,000 | 22,000,000 | ||
Unallocated items & eliminations | |||||
Disclosure of operating segments [line items] | |||||
Revenue | (1,188,000,000) | (1,628,000,000) | (1,193,000,000) | ||
Adjustments: | |||||
Impairment expense and supplier obligations | 44,000,000 | 793,000,000 | 11,000,000 | ||
Charge recognized for U.S. diesel emission matters | 222,000,000 | 748,000,000 | |||
Restructuring costs, net of reversals | 0 | 10,000,000 | 0 | ||
Gains on disposal of investments | 0 | 0 | |||
Brazil indirect tax - reversal of liability/recognition of credits | 0 | 0 | |||
China Inventory impairment | 0 | ||||
Warranty and recall expense, recall of airbag inflators | 0 | ||||
U.S. special bonus payment | 0 | ||||
Employee benefits settlement losses | 0 | ||||
Losses from catastrophes, net of insurance recoveries, port of Savona | 0 | ||||
Warranty And Recall Expense, Contested With Supplier | 0 | ||||
North America capacity realignment | 0 | ||||
Other | (64,000,000) | (72,000,000) | 20,000,000 | ||
Adjusted EBIT | (66,000,000) | (109,000,000) | (72,000,000) | ||
Share of the profit of equity method investees | 1,000,000 | 1,000,000 | 1,000,000 | ||
Elimination of intersegment amounts | EMEA | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 93,000,000 | 105,000,000 | 101,000,000 | ||
Elimination of intersegment amounts | APAC | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 64,000,000 | 52,000,000 | 57,000,000 | ||
Elimination of intersegment amounts | LATAM | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 8,000,000 | 12,000,000 | 10,000,000 | ||
Elimination of intersegment amounts | North America | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 15,000,000 | 20,000,000 | 31,000,000 | ||
Elimination of intersegment amounts | Maserati | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 2,000,000 | 11,000,000 | 18,000,000 | ||
Elimination of intersegment amounts | Other activities | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 1,006,000,000 | 1,428,000,000 | 976,000,000 | ||
Non-current assets with definite useful lives | |||||
Adjustments: | |||||
Other | 63,000,000 | ||||
Restructuring costs | |||||
Adjustments: | |||||
Increase (decrease) in other provisions | 66,000,000 | 118,000,000 | 123,000,000 | ||
Unused provision reversed, other provisions | 12,000,000 | ||||
Restructuring costs | EMEA | |||||
Adjustments: | |||||
Unused provision reversed, other provisions | € 46,000,000 | ||||
Restructuring costs | LATAM | |||||
Adjustments: | |||||
Increase (decrease) in other provisions | 18,000,000 | ||||
Unused provision reversed, other provisions | € 28,000,000 | ||||
Restructuring costs | North America | |||||
Adjustments: | |||||
Increase (decrease) in other provisions | € 32,000,000 |
Segment reporting - selected _2
Segment reporting - selected financial information by geographic region (Details) - EUR (€) € in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of geographical areas [line items] | ||
Total Non-current assets (other than financial instruments, deferred tax assets and post-employment benefits assets) | € 55,285 | € 57,371 |
North America(1) | ||
Disclosure of geographical areas [line items] | ||
Total Non-current assets (other than financial instruments, deferred tax assets and post-employment benefits assets) | 39,240 | 40,097 |
Italy | ||
Disclosure of geographical areas [line items] | ||
Total Non-current assets (other than financial instruments, deferred tax assets and post-employment benefits assets) | 11,287 | 10,711 |
Brazil | ||
Disclosure of geographical areas [line items] | ||
Total Non-current assets (other than financial instruments, deferred tax assets and post-employment benefits assets) | 2,811 | 4,064 |
Poland | ||
Disclosure of geographical areas [line items] | ||
Total Non-current assets (other than financial instruments, deferred tax assets and post-employment benefits assets) | 531 | 684 |
Serbia | ||
Disclosure of geographical areas [line items] | ||
Total Non-current assets (other than financial instruments, deferred tax assets and post-employment benefits assets) | 409 | 495 |
Other countries | ||
Disclosure of geographical areas [line items] | ||
Total Non-current assets (other than financial instruments, deferred tax assets and post-employment benefits assets) | € 1,007 | € 1,320 |
Explanatory notes to the cons_3
Explanatory notes to the consolidated statements of cash flows - additional information (Details) € in Millions, $ in Millions | 3 Months Ended | 4 Months Ended | 12 Months Ended | ||||
Sep. 30, 2020EUR (€) | May 02, 2019EUR (€) | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | Dec. 31, 2019USD ($) | Dec. 31, 2018EUR (€) | Dec. 31, 2018USD ($) | |
Cash flows from operating activities: | |||||||
Cash flows from (used in) operating activities | € 9,183 | € 10,462 | € 9,948 | ||||
Net profit from continuing operations | 24 | 2,700 | 3,330 | ||||
Amortization and depreciation | 5,143 | 5,445 | 5,507 | ||||
Impairment loss | 914 | 1,589 | 297 | ||||
Adjustments for deferred tax expense | 894 | 864 | 457 | ||||
Change in provisions | (434) | (1,744) | 842 | ||||
Charge recognized for U.S. diesel emission matters | € 200 | 222 | 748 | ||||
Cash flows (used in)/from operating activities - discontinued operations | 0 | (308) | 484 | ||||
Increase (decrease) in working capital | 2,559 | 1,869 | 1,035 | ||||
Change in trade payables | (565) | (2,020) | 1,240 | ||||
Change in inventories | (983) | (1,017) | (1,399) | ||||
Change in trade receivables | 366 | 100 | 19 | ||||
Net change in other receivables and payables | (645) | 1,268 | 1,213 | ||||
Other non-cash items | 1,192 | 1,541 | 129 | ||||
Interest paid | 722 | 860 | 1,024 | ||||
Interest received | 178 | 325 | 308 | ||||
Income taxes paid (refund) | 120 | 341 | 750 | ||||
Investments accounted for using equity method, revaluation | 179 | 240 | |||||
Labor agreement, total lump sum payment to employees | 446 | $ 499 | |||||
Cash outflow for leases | 496 | 381 | |||||
Other non-cash movements, utilization of regulatory credits | 293 | ||||||
Cash flows used in investing activities: | |||||||
Cash flows from (used in) investing activities | (7,915) | (2,985) | (6,738) | ||||
Purchase of property, plant and equipment, intangible assets other than goodwill, investment property and other non-current assets | 8,600 | 8,385 | 5,392 | ||||
Cash flows used in investing activities - discontinued operations | 0 | (155) | (632) | ||||
Portion of consideration paid (received) consisting of cash and cash equivalents | € (5,774) | ||||||
Cash and cash equivalents | 23,846 | 15,014 | |||||
Net change in receivables from financing activities | 396 | 336 | (676) | ||||
Change in securities | 207 | (235) | (75) | ||||
Cash flows from/(used) in financing activities: | |||||||
Cash flows from (used in) financing activities | (9,087) | 5,827 | 2,785 | ||||
Dividends paid, classified as financing activities | 0 | 3,056 | 1 | ||||
Brazil Loans | |||||||
Cash flows from/(used) in financing activities: | |||||||
Repayments of borrowings | 684 | ||||||
FCA US Tranche B Term Loan Due 2018 | |||||||
Cash flows from/(used) in financing activities: | |||||||
Extinguishment of debt principal amount | 893 | $ 1,009 | |||||
Medium Term Note Due March 15, 2018 | |||||||
Cash flows from/(used) in financing activities: | |||||||
Extinguishment of debt principal amount | 1,250 | ||||||
Medium Term Note Due July 9, 2018 | |||||||
Cash flows from/(used) in financing activities: | |||||||
Extinguishment of debt principal amount | 600 | ||||||
Two notes issued under MTN Programme | |||||||
Cash flows from/(used) in financing activities: | |||||||
Extinguishment of debt principal amount | 1,480 | ||||||
Intesa Sanpaolo Credit Facility [Member] | |||||||
Cash flows from/(used) in financing activities: | |||||||
Proceeds from borrowings | 6,300 | ||||||
Notes Issued Through The Medium Term Note Programme [Member] | |||||||
Cash flows from/(used) in financing activities: | |||||||
Proceeds from borrowings | 3,500 | ||||||
European Investment Bank Borrowings | |||||||
Cash flows from/(used) in financing activities: | |||||||
Proceeds from borrowings | 800 | ||||||
Revolving Credit Facilities | |||||||
Cash flows from/(used) in financing activities: | |||||||
Proceeds from borrowings | 6,250 | ||||||
Other Revolving Credit Facilities | |||||||
Cash flows from/(used) in financing activities: | |||||||
Proceeds from borrowings | 1,200 | ||||||
U.S. Diesel Emissions Provision [Domain] | |||||||
Cash flows from operating activities: | |||||||
Settlement, other provisions | 100 | 500 | |||||
Financing activities [Member] | |||||||
Cash flows from operating activities: | |||||||
Cash outflow for leases | 389 | 299 | |||||
Operating activities [Member] | |||||||
Cash flows from operating activities: | |||||||
Cash outflow for leases | € 107 | 82 | |||||
Extraordinary Dividend [Domain] | |||||||
Cash flows from/(used) in financing activities: | |||||||
Dividends paid, classified as financing activities | € 2,038 | ||||||
Capitalised development expenditure | |||||||
Cash flows used in investing activities: | |||||||
Additions other than through business combinations, intangible assets other than goodwill | € 2,079 |
Explanatory notes to the cons_4
Explanatory notes to the consolidated statements of cash flows - financing activities (Details) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |
Changes in liabilities arising from financing activities [abstract] | ||||
Borrowings | € 21,117 | € 12,901 | € 15,597 | |
Derivative Financial Assets (Liabilities) and Collateral | (28) | 178 | (151) | |
Liabilities arising from financing activities | 21,089 | 13,079 | € 15,446 | |
Present value of lease liabilities, excluding finance leases under IAS 17 | € 1,069 | |||
Cash flows | 9,087 | (3,096) | ||
Foreign exchange effects | (962) | 9 | ||
Fair value changes | (48) | 327 | ||
Changes in scope of consolidation | 0 | 43 | ||
Transfer to liabilities held for sale | 0 | (82) | ||
Other changes | € (67) | 432 | ||
Increase through new leases, liabilities arising from financing activities | € 622 |
Qualitative and quantitative _2
Qualitative and quantitative information on financial risk (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of credit risk exposure [line items] | ||
Receivables from financing activities | € 2,416 | € 3,155 |
Trade and other receivables | € 7,266 | 9,004 |
Currency risk | ||
Disclosure of credit risk exposure [line items] | ||
Reasonably possible change in risk variable percent | 10.00% | |
Potential loss from 10 percent change in exchange rates | € 1,557 | 991 |
Currency risk | Fixed interest rate | ||
Disclosure of credit risk exposure [line items] | ||
Reasonably possible change in risk variable percent | 10.00% | |
Currency risk | Floating interest rate | ||
Disclosure of credit risk exposure [line items] | ||
Reasonably possible change in risk variable percent | 10.00% | |
Interest rate risk | Fixed interest rate | ||
Disclosure of credit risk exposure [line items] | ||
Potential loss from 10 percent change in market interest rate | € 29 | 68 |
Interest rate risk | Floating interest rate | ||
Disclosure of credit risk exposure [line items] | ||
Potential loss from 10 percent change in exchange rates | € 12 | 23 |
Commodity price risk | ||
Disclosure of credit risk exposure [line items] | ||
Reasonably possible change in risk variable percent | 10.00% | |
Potential loss from 10 percent change in exchange rates | € 122 | € 55 |
Subsequent events (Details)
Subsequent events (Details) € / shares in Units, € in Millions | Jan. 29, 2021EUR (€) | Oct. 29, 2020EUR (€)shares | Feb. 12, 2021EUR (€) | Jan. 16, 2021EUR (€)Share_Award€ / sharesshares | Jan. 15, 2021shares | Dec. 31, 2020shares | Sep. 14, 2020 | Dec. 31, 2019shares |
Disclosure of detailed information about business combination [line items] | ||||||||
Dividends paid, ordinary shares | € | € 2,900 | |||||||
Number of shares outstanding (in shares) | 2,024,333,013 | 1,976,461,041 | ||||||
Gains (losses) recognised when control of subsidiary is lost | € | € 500 | |||||||
Faurecia S.E | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Number of instruments or interests issued or issuable | Share_Award | 54,297,006 | |||||||
Percentage of equity interest | 39.34% | 46.00% | ||||||
Other cash receipts from sales of equity or debt instruments of other entities | € | € 308 | |||||||
Sale of equity instruments, number of shares | 9,700,000 | |||||||
Sale of equity instruments, percentage sold | 7.00% | 7.00% | ||||||
Peugeot Société Anonyme | Treasury shares [member] | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Number of shares outstanding (in shares) | 7,790,213 | |||||||
FCA and PSA Merger | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Number of equity instruments or interests issued or issuable, per share | 1.742 | |||||||
Number of instruments or interests issued or issuable | Share_Award | 1,545,220,196 | |||||||
Acquisition-date fair value of equity interest in acquiree held by acquirer immediately before acquisition date, per share | € / shares | € 21.85 | |||||||
Number of shares outstanding (in shares) | 3,119,934,695 | |||||||
Deemed number of shares issued for business combination | 1,791,007,288 | |||||||
Consideration transferred, acquisition-date fair value | € | € 19,837 | |||||||
Number of equity instruments or interests issued or issuable, per share | 1.742 | |||||||
FCA and PSA Merger | Equity [member] | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Consideration transferred, acquisition-date fair value | € | € 19,752 | |||||||
FCA and PSA Merger | Share-based payment arrangements [member] | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Consideration transferred, acquisition-date fair value | € | € 85 | |||||||
FCA and PSA Merger | Peugeot Société Anonyme | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Number of shares outstanding (in shares) | 1,545,220,196 | 887,038,000 | ||||||
Deemed number of shares issued for business combination | 887,038,000 | |||||||
Percentage of equity interest | 49.53% | |||||||
FCA and PSA Merger | Fiat Chrysler Automobiles N.V. | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Number of shares outstanding (in shares) | 1,574,714,499 | 1,574,714,499 | ||||||
Deemed number of shares issued for business combination | 903,969,288 | |||||||
Percentage of equity interest | 50.47% |
Uncategorized Items - stellanti
Label | Element | Value |
Trade receivables [member] | ||
Fair Value of Assets Representing Derecognised Financial Assets | stellantis_FairValueofAssetsRepresentingDerecognisedFinancialAssets | € 5,777,000,000 |
Fair Value of Assets Representing Derecognised Financial Assets | stellantis_FairValueofAssetsRepresentingDerecognisedFinancialAssets | € 5,399,000,000 |
Loyalty voting register shareholders [Member] | New Issue [Member] | Special Voting Shares [Member] | ||
Increase (decrease) in number of shares outstanding | ifrs-full_IncreaseDecreaseInNumberOfSharesOutstanding | 40,668,733 |
Loyalty voting register shareholders [Member] | Treasury shares [member] | Special Voting Shares [Member] | ||
Increase (decrease) in number of shares outstanding | ifrs-full_IncreaseDecreaseInNumberOfSharesOutstanding | 32,937,489 |