Stellantis NV (STLA) 2020 Q4 法說會逐字稿

Hello, and welcome to the full year results of Stellantis. I will now hand over to Andrea Bandinelli, responsible for Investor Relations of Stellantis.

您好，歡迎來到 Stellantis 的全年業績。我現在將交給負責 Stellantis 投資者關係的 Andrea Bandinelli。

Thank you, Jesse, and welcome to everyone joining us today. While we completed the merger of FCA and PSA in January, today, we will review FCA's fourth quarter and full year 2020 results and Groupe PSA's results for full year 2020.

謝謝你，傑西，歡迎大家今天加入我們。雖然我們在 1 月份完成了 FCA 和 PSA 的合併，但今天，我們將回顧 FCA 的 2020 年第四季度和全年業績以及 PSA 集團 2020 年全年的業績。

Earlier today, the presentation material used during this call, along with the related earnings press release, was posted in the Investors section of Stellantis Group website.

今天早些時候，本次電話會議中使用的演示材料以及相關的收益新聞稿發佈在 Stellantis Group 網站的投資者部分。

As we will be presenting results for both the FCA and PSA, our call today is hosted by Carlos Tavares and Philippe de Rovira concerning PSA and Mike Manley and Richard Palmer concerning FCA. After their presentation, Mr. Tavares will also have a short presentation related to Stellantis. All of these gentlemen will then be available to answer questions.

由於我們將展示 FCA 和 PSA 的結果，因此我們今天的電話會議由 Carlos Tavares 和 Philippe de Rovira 主持，討論 PSA 以及 Mike Manley 和 Richard Palmer 討論 FCA。演講結束後，Tavares 先生還將進行與 Stellantis 相關的簡短演講。然後，所有這些先生都可以回答問題。

Before we begin, I want to point out that any forward-looking statements we might make during today's call are subject to the risks and uncertainties mentioned in the safe harbor statement included on Page 2 of today's presentation. And as customary, the call will be governed by that language. Now I would like to turn the call over to Carlos Tavares, CEO of Stellantis.

在開始之前，我想指出，我們在今天的電話會議中可能做出的任何前瞻性陳述都受到今天演示文稿第 2 頁中安全港聲明中提到的風險和不確定性的影響。按照慣例，呼叫將由該語言管理。現在我想把電話轉給 Stellantis 的首席執行官 Carlos Tavares。

Thank you, Andrea. Ladies and gentlemen, good morning and good afternoon. I am delighted to be here with you today, and welcome you to this 2020 FCA, PSA Financial Results Announcement Session. And of course, a dedicated part to Stellantis that will give me the opportunity to share a few thoughts and answer your questions.

謝謝你，安德里亞。女士們，先生們，早上好，下午好。我很高興今天與您在一起，並歡迎您參加本次 2020 FCA，PSA 財務業績公告會議。當然，還有專門針對 Stellantis 的部分，這將使我有機會分享一些想法並回答您的問題。

It is for me a moving moment today, and I'm sure for Mike, as we are presenting the last financial results of FCA and the PSA. But we are happy, and we are so glad to be both of us today with you to kick start the Stellantis new chapter, which is going to be an exciting one with a very important value creation factor. It is my great privilege today to welcome you. I know that you are all very busy people. And therefore, we value your time, and I would like to thank you warmly for your interest in our corporations and your interest in Stellantis. Hopefully, we'll be able to answer all of your questions.

今天對我來說是一個感人的時刻，我相信邁克，因為我們正在展示 FCA 和 PSA 的最新財務業績。但我們很高興，我們很高興今天能和你們一起開啟 Stellantis 的新篇章，這將是一個激動人心的篇章，具有非常重要的價值創造因素。今天很榮幸歡迎您。我知道你們都是非常忙碌的人。因此，我們珍惜您的時間，我要熱烈感謝您對我們公司的關注以及對 Stellantis 的關注。希望我們能夠回答您的所有問題。

And without further ado, I would like to hand over to Mike Manley, the CEO of FCA; and Richard Palmer, the CFO of FCA. They are going to present to you the 2020 results of FCA.

事不宜遲，我想交給 FCA 首席執行官 Mike Manley；和 FCA 首席財務官 Richard Palmer。他們將向您展示 FCA 的 2020 年結果。

Mike, the floor is yours.

邁克，地板是你的。

Well, thank you, Carlos, and I'd just add my welcome to everybody on the call and good morning and good afternoon.

嗯，謝謝你，卡洛斯，我想對所有來電的人表示歡迎，早上好，下午好。

So in our normal tradition, I'm going to take you briefly through our operational highlights, and then Richard will walk you through the financials in much more detail. Obviously, given the unusual nature of the year with COVID-19 having such a significant impact on FCA's results, especially due to the disruption in demand and production shutdowns that we experienced during the first half of 2020, Richard and I will both focus our comments today on FCA's fourth quarter results, which we believe are a better reflection of the group's operating performance in a more normalized environment and then, therefore, I think, more indicative of where many people believe the future environment will be.

因此，按照我們的正常傳統，我將向您簡要介紹我們的運營亮點，然後理查德將更詳細地向您介紹財務狀況。顯然，鑑於 COVID-19 對 FCA 的業績產生如此重大的影響，特別是由於我們在 2020 年上半年經歷的需求中斷和停產，理查德和我都將重點關注我們的評論。今天關於 FCA 第四季度的業績，我們認為這更好地反映了該集團在更加正常化的環境中的經營業績，因此，我認為，這更能說明許多人認為未來環境會怎樣。

I'm not trying to minimize FCA's full year results, which was still strong, given the impacts that the group faced and continues to face as a result of COVID-19, but I believe that by focusing on the quarter, is the best way to fully comprehend the capability, strength and solid foundation of FCA as it transitioned into Stellantis, which, as you all know, happened in mid-January.

鑑於該集團因 COVID-19 而面臨並繼續面臨的影響，我並沒有試圖最小化 FCA 的全年業績，該業績仍然強勁，但我相信專注於季度是最好的方式全面了解 FCA 在過渡到 Stellantis 時的能力、實力和堅實基礎，眾所周知，這發生在 1 月中旬。

So let me begin. Obviously, we're extremely pleased with FCA's fourth quarter results, and the group had a strong close to the year, delivering a record fourth quarter group adjusted EBIT of EUR 2.3 billion and a record margin of 8.2%. And all regions and Maserati contributed to these results with all segments profitable in the fourth quarter. Now this was the first time that this has occurred since the first quarter of 2019. So I think it is a great accomplishment for the entire group.

那麼讓我開始吧。顯然，我們對 FCA 第四季度的業績感到非常滿意，該集團在年底表現強勁，實現了創紀錄的第四季度集團調整後息稅前利潤 23 億歐元和創紀錄的 8.2% 的利潤率。所有地區和瑪莎拉蒂都為這些結果做出了貢獻，所有部門在第四季度都實現了盈利。現在這是自 2019 年第一季度以來第一次發生這種情況。所以我認為這對整個集團來說是一個了不起的成就。

As you will see, North America continued to be a standout, delivering a record fourth quarter adjusted EBIT of EUR 2.2 billion, which was up 8% and a record margin of 11.6%. And in addition to the tremendous performance in North America, FCA's Latin American operations improved for the second quarter in a row, while still managing through a very difficult environment. As you know, the pandemic is still having a measurable impact on the overall industry, and the Brazilian real and Argentine peso continue to weaken.

如您所見，北美地區繼續表現出色，第四季度調整後息稅前利潤達到創紀錄的 22 億歐元，增長 8%，利潤率達到創紀錄的 11.6%。除了在北美的出色表現外，FCA 的拉丁美洲業務連續第二個季度有所改善，同時仍然在非常困難的環境中進行管理。如您所知，大流行仍然對整個行業產生了可衡量的影響，巴西雷亞爾和阿根廷比索繼續走弱。

Another important accomplishment came from EMEA with the region returning to profitability in the quarter. I think that's a sign that the combination of actions taken in the past to improve commercial performance, restructure the business and remove significant cost is bearing fruit. Obviously, there's still much for us to do. But I think the fourth quarter recognized another step forward.

另一個重要成就來自歐洲、中東和非洲地區，該地區在本季度恢復盈利。我認為這是一個跡象，表明過去為提高商業業績、重組業務和消除大量成本所採取的行動正在取得成果。顯然，我們還有很多事情要做。但我認為第四季度又向前邁出了一步。

FCA also generated very strong industrial free cash flows of EUR 3.9 billion, which reflects the robust operating performance, coupled with continued positive working capital impacts, and this led to FCA ending the year with positive industrial free cash flows of EUR 600 million.

FCA 還產生了非常強勁的 39 億歐元的工業自由現金流，這反映了強勁的經營業績，加上持續的積極營運資本影響，這導致 FCA 在年底的工業自由現金流為 6 億歐元。

FCA's available liquidity remained very strong at EUR 31.4 billion at year-end, an increase of over EUR 4 billion from the end of September, and I'm pleased to report that during the fourth quarter, FCA fully repaid the EUR 6.25 billion revolving credit facility that was drawn down in the second quarter of 2020. And the strong liquidity is another element of the solid foundation FCA brought to Stellantis.

FCA 的可用流動性在年底仍然非常強勁，達到 314 億歐元，比 9 月底增加了 40 億歐元，我很高興地報告，在第四季度，FCA 全額償還了 62.5 億歐元的循環信貸2020 年第二季度提取的貸款。強勁的流動性是 FCA 為 Stellantis 帶來的堅實基礎的另一個要素。

Now in addition to FCA's strong operating results, the group also performed very well during the quarter from a commercial standpoint in its key markets despite the industry being down in each of those markets year-over-year.

現在，除了 FCA 強勁的經營業績外，從商業角度來看，該集團在本季度在其主要市場的表現也非常出色，儘管該行業在這些市場中的每一個都同比下降。

In Latin America, FCA maintained its market leadership, gaining 340 basis points of market share year-over-year to 17.8%. FCA also maintained its leadership position in Brazil, with share increasing by 530 basis points to 24.3%, driven by the success of the all-new Fiat Strada pickup as well as the Jeep Compass and Renegade. In fact, FCA sales in the region were up 16%, which clearly outpaced the industry, which was down 6%.

在拉丁美洲，FCA 保持其市場領先地位，市場份額同比增長 340 個基點，達到 17.8%。 FCA 在巴西也保持了領先地位，在全新菲亞特 Strada 皮卡以及 Jeep Compass 和 Renegade 的成功推動下，份額增加了 530 個基點至 24.3%。事實上，該地區的 FCA 銷售額增長了 16%，明顯超過了下降 6% 的行業。

In Europe, FCA was able to improve its market share year-over-year for the second straight quarter, with share growing by 40 basis points to 6.5% for the fourth quarter. And this was achieved with sales remaining substantially flat year-over-year, with the overall industry experiencing a 7% deterioration. And finally, as established under the terms of the merger agreement, the EUR 2.9 billion special cash distribution was paid at the end of January to former FCA shareholders.

在歐洲，FCA 的市場份額連續第二個季度同比增長，第四季度份額增長 40 個基點至 6.5%。這是在銷售額同比基本持平的情況下實現的，整個行業經歷了 7% 的惡化。最後，根據合併協議的條款，29 億歐元的特別現金分配於 1 月底支付給 FCA 前股東。

So let me turn to FCA's commercial performance during the quarter. With the exception of Asia Pacific, the industry in each region declined year-over-year due to the continued impact of COVID-19. While FCA sales in North America were down year-over-year, this was substantially driven by fleet sales, with retail sales increasing by 2% as production for dealer deliveries was prioritized to fulfill the continued strong level of retail demand. Also U.S. dealer inventories remained low, with dealer stock at the end of December at approximately 420,000 units, down almost 170,000 from the end of December 2019.

因此，讓我談談 FCA 在本季度的商業表現。除亞太地區外，由於 COVID-19 的持續影響，每個地區的行業都同比下降。雖然北美的 FCA 銷售額同比下降，但這在很大程度上是由車隊銷售推動的，零售額增長了 2%，因為經銷商交付的生產被優先考慮以滿足持續強勁的零售需求水平。此外，美國經銷商庫存仍然很低，12 月底經銷商庫存約為 420,000 輛，較 2019 年 12 月底減少近 170,000 輛。

In Europe, as I previously noted, FCA's performance outpaced the industry once again. And for the second quarter in a row, we gained market share, thanks to higher sales of the Fiat Tipo family, 500 and Panda.

正如我之前提到的，在歐洲，FCA 的表現再次超過了行業。由於菲亞特 Tipo 系列、500 和 Panda 的銷量增加，我們連續第二個季度獲得了市場份額。

And finally, in Latin America, FCA remained the overall market leader on the back of a significant share gain of over 340 basis points, while the industry was down 6%. FCA strengthened its market leadership in Brazil, gaining share in important segments such as SUVs, pickup trucks and LCVs.

最後，在拉丁美洲，FCA 憑藉超過 340 個基點的顯著份額增長仍然是整體市場領導者，而該行業則下降了 6%。 FCA 加強了其在巴西的市場領導地位，在 SUV、皮卡和 LCV 等重要領域獲得了份額。

Now as I mentioned in my opening, Richard will take you through the financials in detail, so I'm just going to give you a quick overview of FCA's results for the quarter, which I previously noted were a record for the group. The entire team did a phenomenal job with delivering on improved commercial performance, implementing strict cost containment actions and fully resuming our industrial machines to pre-pandemic levels, without experiencing any significant production disruptions due to COVID-19, and all of this while maintaining our first priority, which is to ensure the safety and well-being of our employees and our communities.

現在，正如我在開幕式中提到的那樣，理查德將詳細介紹財務狀況，因此我將簡要介紹 FCA 本季度的業績，我之前曾指出這是該集團的記錄。整個團隊在提高商業績效、實施嚴格的成本控制措施並將我們的工業機器完全恢復到大流行前的水平方面做得非常出色，沒有因 COVID-19 而出現任何重大的生產中斷，所有這一切同時保持了我們的首要任務是確保我們的員工和社區的安全和福祉。

Despite FCA's consolidated shipments being down slightly year-over-year, the group achieved record fourth quarter adjusted EBIT and margin while prioritizing dealer deliveries and continuing to maintain strict inventory management discipline. All segments ended the year with appropriate inventory levels, which were lower than at the end of December 2019. As I noted earlier, North America delivered a record fourth quarter adjusted EBIT margin despite consolidated shipments being down 8%, primarily due to the discontinuance of the Dodge Grand Caravan and lower planned shipments of around 1,500 classic in preparation for the much anticipated Grand Wagoneer launch. And as anticipated, FCA experienced strong industrial free cash flows, which amounted to EUR 3.9 billion for the quarter. This not only reflected the record operating performance, but also the continued rewind of working capital and change in provisions which totaled just over EUR 3 billion.

儘管 FCA 的綜合出貨量同比略有下降，但該集團在第四季度調整後 EBIT 和利潤率方面取得了創紀錄的成績，同時優先考慮經銷商交付並繼續保持嚴格的庫存管理紀律。年末所有細分市場的庫存水平都低於 2019 年 12 月末的水平。正如我之前指出的，儘管合併出貨量下降了 8%，但北美地區的第四季度調整後息稅前利潤率仍創歷史新高，這主要是由於道奇 Grand Caravan 和約 1,500 輛經典款的計劃發貨量減少，為備受期待的 Grand Wagoneer 發布做準備。正如預期的那樣，FCA 經歷了強勁的工業自由現金流，本季度達到 39 億歐元。這不僅反映了創紀錄的經營業績，還反映了營運資金的持續回流和撥備變化，總額略高於 30 億歐元。

And before I hand it over to Richard, I want to conclude by saying that 2020 tested the business and frankly, tested all of us in ways we had not experienced before. But I think it also brought out the very best of who we are: the resilience dedication, creativity of our teams. And I couldn't be more proud of how our people have responded and delivered in every aspect of the business.

在我把它交給理查德之前，我想總結一下，2020 年測試了業務，坦率地說，以我們以前從未經歷過的方式測試了我們所有人。但我認為這也展現了我們最好的一面：我們團隊的韌性奉獻精神和創造力。我為我們的員工在業務的各個方面做出的回應和交付感到無比自豪。

As I said before, FCA came into Stellantis with a very solid foundation. However, the strongest asset FCA contributed to Stellantis was its people.

正如我之前所說，FCA 以非常堅實的基礎進入 Stellantis。然而，FCA 為 Stellantis 貢獻的最強大的資產是它的員工。

And I just want to touch on something that Carlos said at the beginning, in terms of his view about the start of Stellantis and his comment that he's happy and glad to be here. I can echo that 100%. I think the work that was done to deliver Stellantis in line with the projections that both Carlos had given was tremendous. And given the year, we all know how tough that year was, I think it was a phenomenal achievement. So I echo his views, I'm happy and glad we're now here at the start of Stellantis.

我只想談談 Carlos 在開始時所說的話，就他對 Stellantis 開始的看法以及他對來到這裡感到高興和高興的評論而言。我可以 100% 回應。我認為按照 Carlos 給出的預測交付 Stellantis 所做的工作是巨大的。鑑於這一年，我們都知道那一年有多艱難，我認為這是一項了不起的成就。所以我贊同他的觀點，我很高興也很高興我們現在來到了 Stellantis 的起點。

And with that, Richard, if you wouldn't mind, taking everyone through the details of the financials. Thank you.

有了這個，理查德，如果你不介意的話，帶大家了解一下財務細節。謝謝你。

Thank you, Mike, and good day to everybody. I will continue on Page 6, focusing on Q4 performance. As mentioned, consolidated shipments were down 1% with the Fiat Professional and Jeep brands up, offsetting reductions in Dodge due to discontinued products and Ram due to reduced Warren Truck volume has launched preparations for the new Grand Wagoneer proceed.

謝謝你，邁克，祝大家有美好的一天。我將繼續第 6 頁，重點關注第四季度的表現。如前所述，Fiat Professional 和 Jeep 品牌的綜合出貨量下降了 1%，抵消了 Dodge 因停產產品而導致的下降，而 Ram 因 Warren Truck 的銷量減少而開始為新的 Grand Wagoneer 前進做準備。

Revenues were down 4%, but up 3% at constant FX due to positive mix in North America and positive price in North America, Lat Am and EMEA. Record adjusted EBIT reached EUR 2.3 billion, up 11% year-over-year, with a record margin of 8.2%, and all segments profitable. Adjusted net profit increased 20% to EUR 1.8 billion, and net profit was flat at EUR 1.6 billion due to increased unusual charges of EUR 330 million for asset impairments and adviser fees regarding the merger.

由於北美的積極組合以及北美、拉美和歐洲、中東和非洲的積極價格，收入下降了 4%，但按固定匯率計算增長了 3%。調整後息稅前利潤達到創紀錄的 23 億歐元，同比增長 11%，利潤率達到創紀錄的 8.2%，所有部門均實現盈利。調整後淨利潤增長 20% 至 18 億歐元，淨利潤持平於 16 億歐元，原因是與合併有關的資產減值和顧問費用增加了 3.3 億歐元的異常費用。

Finance charges were up EUR 22 million to EUR 243 million due to higher borrowing costs and cost of carry, offset by some positive FX translation and lower discount rates on pension liabilities.

由於較高的借貸成本和持有成本，財務費用增加了 2200 萬歐元至 2.43 億歐元，但被一些積極的外匯折算和較低的養老金負債貼現率所抵消。

The adjusted effective tax rate was 12% for Q4 due to some positive adjustments for prior year provision and favorable deferred tax loss adjustments -- deferred tax liability adjustments, sorry.

第四季度調整後的有效稅率為 12%，原因是對上一年撥備的一些積極調整和有利的遞延所得稅損失調整——遞延所得稅負債調整，抱歉。

Strong industrial free cash flows of EUR 3.9 billion benefited from the rewind of working capital and provisions were EUR 3.1 billion. Liquidity was boosted further by the completion of the drawdown of the Intesa facility for EUR 1.1 billion, partially offset by EUR 0.6 billion of negative FX translation, and overall liquidity increased by EUR 4.3 billion to EUR 31.4 billion.

39 億歐元的強勁工業自由現金流得益於營運資金的回流，撥備為 31 億歐元。由於完成了 11 億歐元的 Intesa 融資提款，部分被 6 億歐元的負外匯折算抵消，流動性進一步提高，整體流動性增加 43 億歐元至 314 億歐元。

We can now move to Page 7 and review the adjusted EBIT by driver. As mentioned, all segments are positive in Q4 Despite negative shipments impact for North America of 55,000 units all other segments showed positive volume year-over-year, and net volume was down just 14,000 units. North America drove positive mix, and overall, volume mix was positive for the group.

我們現在可以轉到第 7 頁並查看按驅動程序調整的 EBIT。如前所述，所有細分市場在第四季度都是積極的 儘管北美的出貨量為 55,000 輛，但所有其他細分市場的出貨量均同比增長，淨銷量僅下降了 14,000 輛。北美推動了積極的組合，總體而言，該集團的銷量組合是積極的。

Net price was also strong in North America, Lat Am and EMEA, showing a strong overall commercial performance for over EUR 900 million. Industrial costs were negative in North America due to [weaker] campaign, in EMEA due to product costs on newly launched electrified vehicles and in Lat Am due to inflation and negative FX impacts.

北美、拉美和歐洲、中東和非洲的淨價格也很強勁，整體商業表現強勁，超過 9 億歐元。北美的工業成本為負值，原因是[較弱] 運動，歐洲、中東和非洲地區的工業成本為負值，原因是新推出的電動汽車的產品成本，拉美地區的工業成本為通脹和負面外匯影響。

The group continued to benefit from SG&A reduction actions across all segments nearly EUR 300 million in the quarter.

該集團繼續受益於本季度所有部門近 3 億歐元的 SG&A 削減行動。

On Page 8, we show the industrial free cash flow for the quarter, which increased from EUR 1.5 billion last year to EUR 3.9 billion and took the full year number to positive EUR 0.6 billion. Adjusted industrial EBITDA margin was up 90 basis points to 12.4%. CapEx was EUR 2.4 billion below prior year by EUR 0.5 billion, but up sequentially by EUR 0.2 billion as we continued investments in key product launches for 2021. Full year CapEx reached EUR 8.6 billion, up EUR 0.2 billion compared to 2019.

在第 8 頁，我們展示了本季度的工業自由現金流，從去年的 15 億歐元增加到 39 億歐元，全年數字為正 6 億歐元。調整後的工業 EBITDA 利潤率上升 90 個基點至 12.4%。資本支出比上年減少 5 億歐元 24 億歐元，但由於我們繼續投資於 2021 年的關鍵產品發布，因此比上年增加 2 億歐元。全年資本支出達到 86 億歐元，比 2019 年增加 2 億歐元。

Working capital contributed EUR 2.1 billion due to sequential increases in production, payables and seasonal reduction in inventories in EMEA and North America. Finance charges were up EUR 45 million to EUR 190 million due to higher gross debt levels. And cash taxes were EUR 130 million, mainly for U.S. taxes due. The net industrial cash position at year-end was EUR 4.6 billion, up from EUR 1.3 billion at end September due to the industrial free cash flow, offset partially by negative FX translation.

由於歐洲、中東和非洲和北美的產量、應付賬款和季節性庫存減少，營運資金貢獻了 21 億歐元。由於總債務水平較高，財務費用增加了 4500 萬歐元至 1.9 億歐元。現金稅為 1.3 億歐元，主要用於美國應繳稅款。由於工業自由現金流，年底工業現金淨頭寸為 46 億歐元，高於 9 月底的 13 億歐元，但部分被負外匯折算抵消。

Moving to Page 9, we show the adjusted EBIT by segment. As mentioned, all segments were positive for the first time since Q1 2018. North America had a record Q4 result and margin. We also see sequential improvements in Lat Am with strong commercial performance despite the continued market downturn and negative FX impact.

轉到第 9 頁，我們按細分市場顯示調整後的 EBIT。如前所述，所有細分市場自 2018 年第一季度以來首次出現正增長。北美的第四季度業績和利潤率均創歷史新高。儘管市場持續低迷和負面的外匯影響，我們還看到拉美的商業表現連續改善。

Now we move to the regions, starting on Page 10 with North America's record Q4. As mentioned, our sales were down 7%, driven by fleet sales down 40% as we allocated vehicles to fulfill demand in the retail channel, where demand was up 3% and our share was down slightly by 20 basis points. Our fleet sales were 15% of total U.S. market sales as a result, down from 23% last year. North America shipments were 594,000 units, down 8%, primarily due to the discontinued Dodge Grand Caravan and lower Ram 1500 Classic due to planned downtime at Warren Truck.

現在我們轉向地區，從第 10 頁開始，北美創紀錄的第四季度。如前所述，我們的銷售額下降了 7%，原因是車隊銷售下降了 40%，因為我們分配車輛以滿足零售渠道的需求，零售渠道的需求增長了 3%，我們的份額小幅下降了 20 個基點。因此，我們的車隊銷售額占美國市場總銷售額的 15%，低於去年的 23%。北美出貨量為 594,000 輛，下降 8%，主要是由於 Warren Truck 計劃停機導致道奇 Grand Caravan 停產和 Ram 1500 Classic 降低。

U.S. dealer inventories were up 34,000 units in Q4, but year-end levels were still 165,000 lower than prior year. Revenues at EUR 19.1 billion were down 7% or 2% at constant exchange, with strong positive mix and pricing.

美國經銷商庫存在第四季度增加了 34,000 輛，但年底水平仍比去年同期低 165,000 輛。收入為 191 億歐元，按固定匯率計算下降 7% 或 2%，具有強勁的積極組合和定價。

Adjusted EBIT increased 8% despite negative FX translation impacts of EUR 140 million. The lower shipments of 55,000 units were more than offset quite positive mix from retail, up 8%, while fleet was down 6% and the car lines due to less Grand Caravans, 1500 Classics (inaudible). Price was positive around 2 percentage points, mainly on the Jeep and Ram brands.

儘管產生了 1.4 億歐元的負面外匯折算影響，但調整後的息稅前利潤增長了 8%。 55,000 輛的低出貨量抵消了零售增長 8% 的積極組合，而車隊下降了 6%，並且由於 Grand Caravans 和 1500 Classics（聽不清）減少了汽車生產線。價格上漲約 2 個百分點，主要是 Jeep 和 Ram 品牌。

Industrial costs were negative due to weaker campaign costs as well as lower year-over-year supplier recoveries and other warranty adjustments. SG&A benefited from reduced advertising spend and reduced G&A costs.

由於活動成本下降以及供應商回收率和其他保修調整同比下降，工業成本為負數。 SG&A 受益於廣告支出的減少和 G&A 成本的降低。

Next, on Page 11, we have Asia Pacific's results. Consolidated shipments were up to 23,000 units from 20,000 last year due to higher CBU volumes for China and Japan markets. The China JV shipments were down 39% or 8,000 units to 13,000 units. As a result, combined shipments were down 10% to 36,000.

接下來，在第 11 頁，我們有亞太地區的結果。由於中國和日本市場的 CBU 銷量增加，綜合出貨量從去年的 20,000 台增加到 23,000 台。中國合資企業的出貨量下降了 39% 或 8,000 輛至 13,000 輛。結果，總出貨量下降了 10% 至 36,000 台。

Net revenues were up 19% to EUR 0.9 billion, driven by the 15% increase in consolidated shipments. And the improvement in revenues, together with cost reduction in SG&A, put the region into a profit for the quarter of EUR 34 million.

受綜合出貨量增長 15% 的推動，淨收入增長 19% 至 9 億歐元。收入的提高以及 SG&A 成本的降低，使該地區在本季度實現了 3400 萬歐元的利潤。

On Page 12, we see the EMEA results. Combined shipments were up 13%, primarily due to a very strong performance in the JV in Turkey, although consolidated volumes were also up 6%, driven by the Fiat 500 BEV and the Jeep [the ATV] launched recently. Dealer inventory levels were substantially flat against end of Q3 at 162,000 units, down from 239,000 units last year.

在第 12 頁，我們看到了 EMEA 結果。總出貨量增長了 13%，主要是由於土耳其合資企業的強勁表現，儘管在最近推出的 Fiat 500 BEV 和 Jeep [ATV] 的推動下，綜合銷量也增長了 6%。經銷商庫存水平與第三季度末基本持平，為 162,000 輛，低於去年的 239,000 輛。

Net revenues were up 8% to EUR 5.7 billion, including price improvements due to the electrified models. Adjusted EBIT was EUR 66 million, with positive volume mix and price recovery of the electrified vehicles offsetting their increased product costs. Year-over-year raw materials inflation as well as the cost of compliance drove negative industrial costs. SG&A cost reductions continue to be a key focus for the region.

淨收入增長 8% 至 57 億歐元，其中包括電動車型帶來的價格提升。調整後的息稅前利潤為 6600 萬歐元，電動汽車的積極銷量組合和價格回升抵消了產品成本的增加。同比原材料通脹以及合規成本推動了負工業成本。降低 SG&A 成本仍然是該地區的重點。

Page 13 shows the Lat Am results. As mentioned, the commercial performance was very strong with full year market share up 340 basis points to 17.8%, driven by Brazil, up 530 basis points. As a result, sales were up 16% for Q4, driving shipments up 11%, with strong demand for the new Fiat Strada pickup. Dealer stock levels for the region were 28,000 units, down nearly 50% from prior year.

第 13 頁顯示了拉丁美洲的結果。如前所述，商業表現非常強勁，全年市場份額上升 340 個基點至 17.8%，在巴西的推動下上升 530 個基點。因此，第四季度的銷售額增長了 16%，推動出貨量增長了 11%，對新款菲亞特 Strada 皮卡的需求強勁。該地區的經銷商庫存水平為 28,000 輛，比去年下降了近 50%。

Revenues were down 14% year-over-year due to FX weakening of the Brazilian real of over 40%. At constant FX, revenues were up 17%. Adjusted EBIT was also impacted heavily by FX impacts for imported components and purchasing inflation on local components, both driving the negative industrial costs shown here. The region acted to offset these impacts by continuing to improve pricing in Brazil, especially up around 10% year-over-year.

由於巴西雷亞爾匯率貶值超過 40%，收入同比下降 14%。按固定匯率計算，收入增長了 17%。調整後的息稅前利潤也受到進口零部件的外匯影響和本地零部件的採購通脹的嚴重影響，兩者都推動了此處顯示的負工業成本。該地區通過繼續提高巴西的定價來抵消這些影響，尤其是同比增長約 10%。

On Page 14, we finished the FCA results with Maserati. Sales were down 26% in the quarter, with all main markets down, except for China and Italy. Shipments were up 38% as we launched the MCA versions of all the nameplates with model year '21. Dealer inventories increased as a result from September levels, but were still below prior year.

在第 14 頁，我們完成了瑪莎拉蒂的 FCA 結果。本季度銷售額下降 26%，除中國和意大利外，所有主要市場均出現下滑。由於我們推出了所有型號為 '21 的銘牌的 MCA 版本，出貨量增長了 38%。由於 9 月份的水平，經銷商庫存有所增加，但仍低於去年同期。

Net revenues increased in line with shipments, and this also drove the improvement in adjusted EBIT to a EUR 12 million profit from a EUR 40 million loss last year.

淨收入與出貨量同步增長，這也推動調整後息稅前利潤從去年的 4,000 萬歐元虧損改善至 1,200 萬歐元。

Now I will hand over to Carlos and Philippe. Thank you very much.

現在我將交給卡洛斯和菲利普。非常感謝。

Thank you. Thank you, Richard. Thank you, Mike. Before I move on with the PSA results, I would like just to express to all of you my very sincere and warm thanks to Mike for his leadership. The outstanding 2020 results and the stellar performance demonstrated in Q4 at the FCA family level has contributed immensely to the robust financial position at the birth of Stellantis. It is very important that we start -- we kick off Stellantis in a sound position. And it is the case. It is a sound position as a starting point for this new company. And it has been so because Mike and Richard have led FCA to this outstanding and robust results in 2020 with a stellar performance in Q4.

謝謝你。謝謝你，理查德。謝謝你，邁克。在繼續討論 PSA 結果之前，我想向大家表達我非常真誠和熱烈的感謝 Mike 的領導。出色的 2020 年業績和第四季度在 FCA 家族層面展示的出色表現為 Stellantis 誕生時穩健的財務狀況做出了巨大貢獻。我們開始非常重要——我們以良好的姿勢啟動 Stellantis。事實就是如此。作為這家新公司的起點，這是一個良好的位置。之所以如此，是因為邁克和理查德帶領 FCA 在 2020 年取得了出色而強勁的業績，並在第四季度取得了出色的表現。

I would like to recognize that, to thank warmly Mike, to thank warmly Richard and to tell you that since we have signed a binding agreement back in December 2019, I have been personally impressed and inspired by the maturity, by the consistency, by the open mind that Mike has demonstrated in helping us to converge towards the closing in January 16, 2021.

我要承認，熱烈感謝邁克，熱烈感謝理查德，並告訴你，自從我們在 2019 年 12 月簽署了具有約束力的協議以來，我個人對成熟、一致性、邁克在幫助我們在 2021 年 1 月 16 日結束時表現出的開放心態。

We have filed more than 12,500 documents, 12,500 documents. We have discussed with the whole world we have solved many, many issues, many these negotiations, many discussions. All of this was possible within the time window that we have set for ourselves because of the maturity, because of the quality of our relationship, because of the fact that we only had one goal, which was to create this great company called Stellantis in order to open a new chapter in the history of our companies.

我們已經提交了超過 12,500 份文件，12,500 份文件。我們已經和全世界討論過，我們已經解決了很多很多問題，很多這樣的談判，很多討論。所有這一切都在我們為自己設定的時間窗口內成為可能，因為成熟，因為我們的關係質量，因為我們只有一個目標，那就是創建一家名為 Stellantis 的偉大公司開啟我們公司歷史的新篇章。

I would like to recognize that. I know how important egos are in our industry. I would like to testify in front of you, the maturity, the focus, the consistency, the open mind, the business sense that Mike has always demonstrated. I am absolutely delighted to have him with me to support the birth of Stellantis and moving our business forward.

我想承認這一點。我知道自負在我們的行業中有多麼重要。我想在你面前作證，邁克一直表現出的成熟、專注、一致性、開放的心態和商業意識。我非常高興有他與我一起支持 Stellantis 的誕生並推動我們的業務向前發展。

This is very important for me to testify this in front of you. And this being said, please enjoy the nice brand-new DS 4 crossover that is going to be launched this year for the DS Premium brand that you have on this slide.

這對我在你們面前作證很重要。話雖如此，請享受今年將為您在這張幻燈片上擁有的 DS Premium 品牌推出的全新 DS 4 跨界車。

So if you look at the results from the PSA family, you can see that PSA was able to achieve a very robust, what we would call all-weather result for this all-weather corporation.

因此，如果您查看 PSA 家族的結果，您會發現 PSA 能夠實現非常穩健的結果，我們稱之為這家全天候公司的全天候結果。

Despite the COVID, we were able to deliver 7.1% automotive adjusted operating margin. And this is a result that has been combined with the H2 record operating margin of 9.4%. So the 9.4% H2 operating margin demonstrates that we were on our way to continue to grow our efficiency and effectiveness when the COVID appeared, unfortunately, for all of us. This is coming from a very robust performance from the Peugeot, Citroën and DS brands at 7.3% and from -- and also a very robust performance from Opel Vauxhall at 4.1% that demonstrates that the turnaround of Opel Vauxhall was structural, that even COVID could not bring us back in the red in the Opel Vauxhall operations. And I think it is important that we highlight that. And with these 2 results, we were able to deliver a 7.1% automotive adjusted operating margin for 2020.

儘管發生了新冠疫情，我們仍然能夠實現 7.1% 的汽車調整後營業利潤率。這是與 H2 創紀錄的 9.4% 營業利潤率相結合的結果。因此，9.4% 的 H2 營業利潤率表明，不幸的是，當 COVID 出現在我們所有人身上時，我們正在繼續提高效率和效力。這來自標致、雪鐵龍和 DS 品牌的 7.3% 和歐寶沃克斯豪爾非常強勁的表現，這表明歐寶沃克斯豪爾的轉變是結構性的，即使是 COVID 也可能不要讓我們在歐寶沃克斯豪爾的運營中陷入虧損。我認為我們強調這一點很重要。有了這兩個結果，我們能夠在 2020 年實現 7.1% 的汽車調整後營業利潤率。

This is demonstrating: number one, that our guidance was respected; number two, that we are all-weather company. And you have just seen that FCA is also an all-weather company, which is that we are demonstrating that our companies are resilient. And our teams are able to demonstrate a great deal of focus and agility when we are facing these headwinds.

這表明：第一，我們的指導得到尊重；第二，我們是全天候公司。您剛剛看到 FCA 也是一家全天候公司，這就是我們正在證明我們的公司具有彈性。當我們面對這些逆風時，我們的團隊能夠表現出極大的專注力和敏捷性。

Some impressive numbers. Beyond the 9.4% of operating margin in H2, we could deliver EUR 2.2 billion net result group share, EUR 2.7 billion automotive free cash flow and the EUR 13.2 billion automotive net financial position, which is a very sound position that, as I was saying for FCA, contributes from the PSA side to a sound net financial position of Stellantis at birth.

一些令人印象深刻的數字。除了下半年 9.4% 的營業利潤率外，我們還可以實現 22 億歐元的淨業績集團份額、27 億歐元的汽車自由現金流和 132 億歐元的汽車淨財務狀況，正如我所說，這是一個非常穩健的狀況對於 FCA，PSA 方面為 Stellantis 出生時的穩健淨財務狀況做出了貢獻。

I would like, as always, to express to all the employees of PSA my sincere and warm thanks for what has been achieved, not only for 2020, which, as you may imagine, was a very painful year for everybody, but for what we have been doing all together over the last 7 years since I took the helm of PSA.

我想一如既往地向 PSA 的所有員工表達我對所取得的成就的真誠和熱烈的感謝，不僅是為了 2020 年，正如你所想像的那樣，這對每個人來說都是非常痛苦的一年，也是為了我們所取得的成就。自從我執掌 PSA 以來，在過去 7 年裡一直在一起做所有事情。

It has been a rewarding experience. It has been thrilling to work with these teams. It has been absolutely something that we will keep in our minds, and we are happy now to turn the page and open the chapter of Stellantis.

這是一次有益的經歷。與這些團隊合作令人興奮。這絕對是我們牢記在心的事情，現在我們很高興翻頁並打開 Stellantis 的篇章。

If we look at another important aspect of our activities is our contribution to tackling the climate change. We have selected only third-party accolades so that this judgment is not biased. Only using third-party accolades, we see that all the targets that have been validated by SBTi are aligned with the 2-degree maximum warming coming out of the Paris agreement for the COP 21. And everything we do is aligned with this 2% maximum warming level that has been set as a ceiling from this COP 21 agreement. It is important that we recognize that. From the Carbon Disclosure Project, Groupe PSA was recognized as the leader of low-carbon transition. And from a global CSR performance, we have received 7 awards, of which 3 have been sector leader awards for PSA.

如果我們看看我們活動的另一個重要方面是我們對應對氣候變化的貢獻。我們只選擇了第三方的讚譽，因此這個判斷沒有偏見。僅使用第三方的讚譽，我們看到 SBTi 驗證的所有目標都與 COP 21 巴黎協議中的 2 度最大升溫一致。我們所做的一切都與這 2% 的最大值一致該 COP 21 協議已將升溫水平設定為上限。我們認識到這一點很重要。在碳披露項目中，PSA 集團被公認為低碳轉型的領導者。從全球企業社會責任表現來看，我們獲得了 7 個獎項，其中 3 個是 PSA 的行業領導者獎項。

As you can see, we have also been able to reduce significantly our real estate footprint to contribute to reducing the CO2 emissions. And this is, of course, paramount, as it is the fact that we have created a way of working and working processes that are completely consistent with remote working, which is also a very significant contribution to the quality of life of our people as much as it is a contribution to the environment by reducing the CO2 emissions of all the travels and the mobilities on this case.

如您所見，我們還能夠顯著減少我們的房地產足跡，為減少二氧化碳排放做出貢獻。這當然是最重要的，因為我們創造了一種與遠程工作完全一致的工作方式和工作流程，這同樣對我們人民的生活質量做出了非常重要的貢獻因為它通過減少所有旅行和移動的二氧化碳排放量來為環境做出貢獻。

From here, I would like to, therefore, recognize the resilience of the PSA family, recognize that H2 operating margin was a new record for this 7-year journey, recognizing that this could be achieved, thanks to our people. And I would like to thank them all and each of them for their contribution.

因此，從這裡開始，我想認識到 PSA 家族的韌性，認識到 H2 營業利潤率是這 7 年旅程的新記錄，並認識到這可以實現，這要歸功於我們的員工。我要感謝他們所有人以及他們每個人的貢獻。

I would like also to recognize the quality of our co-construction processes with our unions, our union leaders. They are always very demanding. They are more and more diverse across the world as we become a global company. But I do recognize that the quality of this dialogue is also supportive of the performance of the company. And I want also to thank them warmly for our interactions for their demanding stance, but also their ability to contribute and their ability to discuss in a constructive manner with the management of the company. It is also a big part of these results.

我還想承認我們與工會、工會領導人共同建設過程的質量。他們總是要求很高。隨著我們成為一家全球性公司，它們在全球範圍內變得越來越多樣化。但我確實承認，這種對話的質量也支持公司的業績。我還要熱烈感謝他們的互動，感謝他們的苛刻立場，以及他們做出貢獻的能力以及以建設性方式與公司管理層討論的能力。這也是這些結果的重要組成部分。

I would like also to recognize that we have been blessed by the quality of the top leaders of PSA, the members of the Executive Committee team of PSA. It is not easy to be permanently challenged with the results that you have seen. But you see that despite the COVID, despite the improvement of those results across the first 6 years of this journey, this top executive team is always ready to face the challenge, always ready to push the limits, always ready to recognize that we can do better.

我還想承認，PSA 的高層領導，PSA 的執行委員會團隊成員的素質使我們受益匪淺。對你所看到的結果提出永久的挑戰並不容易。但是您會看到，儘管發生了 COVID，儘管在此旅程的前 6 年中這些結果有所改善，但這個高管團隊始終準備好迎接挑戰，隨時準備挑戰極限，隨時準備認識到我們可以做到更好的。

In terms of mindset, in terms of mental strength, this says a lot about your management team. This says a lot about their ability to be resilient, their ability to face headwinds, their ability to find innovative solutions. And I would like to thank them warmly for accepting me as their CEO that is continuously challenging them on their performance. It's not easy, but it is something that we are doing together. And I would like to thank them warmly and to send them all a very strong digital hug.

就心態而言，就精神力量而言，這對你的管理團隊有很大的影響。這充分說明了他們的應變能力、面對逆風的能力以及尋找創新解決方案的能力。我要熱烈感謝他們接受我作為他們的首席執行官，這不斷挑戰他們的表現。這並不容易，但這是我們一起做的事情。我要熱烈感謝他們，並給他們一個非常強烈的數字擁抱。

Last but not least, I would like to thank the Supervisory Board. The Supervisory Board of PSA has been stellar in the way they have been supporting the merger, in the way they have been supporting the management, in the way they have been respecting the dual governance of PSA with the management both from one side and the Supervisory Board from the other side.

最後但同樣重要的是，我要感謝監事會。 PSA 監事會在支持合併、支持管理層、尊重 PSA 的雙重治理方面表現出色從另一邊登機。

I would like to express to them also our sincere appreciation for the very proper, the very rigorous governance that we could benefit from over the last 7 years. It has also contributed to the stability and to the ability that was given to the management to do the right things right over these years. And the results are demonstrating that it was the right attitude. It was the right governance. It is very important that we recognize that also given the past history of this company.

我還想向他們表達我們對過去 7 年中我們可以從中受益的非常恰當、非常嚴格的治理的誠摯感謝。它還有助於穩定和賦予管理層這些年來正確做正確事情的能力。結果表明這是正確的態度。這是正確的治理。考慮到這家公司過去的歷史，我們認識到這一點非常重要。

So from there, I would like to hand over to our PSA CFO, Philippe de Rovira, who is going to give you the details of our results. Philippe, please, the floor is yours.

因此，從那裡，我想交給我們的 PSA 首席財務官菲利普·德·羅維拉 (Philippe de Rovira)，他將為您提供我們結果的詳細信息。菲利普，請，地板是你的。

Thank you, Carlos. Good afternoon, and good morning. It's a great pleasure to present to you Groupe PSA financial results for 2020. Despite the headwinds created by COVID-19 pandemic, the group delivered EUR 3.7 billion adjusted operating income in 2020, resulting in a 6.1% adjusted operating margin. This good result goes down to the bottom line with a net income group share at EUR 2.2 billion.

謝謝你，卡洛斯。下午好，早上好。很高興向您介紹 PSA 集團 2020 年的財務業績。儘管受到 COVID-19 大流行的不利影響，該集團在 2020 年實現了 37 億歐元的調整後營業收入，調整後的營業利潤率為 6.1%。這一良好結果歸結為淨收入集團份額為 22 億歐元。

Below the adjusted operating income, restructuring costs amount to EUR 696 million, a 3-digit number as announced last year, with a sharp decrease of EUR 835 million versus 2019.

在調整後的營業收入之下，重組成本為 6.96 億歐元，這是去年公佈的 3 位數，與 2019 年相比大幅減少了 8.35 億歐元。

Other operating income and expenses amounted to a positive EUR 65 million, resulting mainly from the disposal of the CAPSA joint venture in China for EUR 204 million, partially offset by the impairments in China and Eurasia for a global amount of EUR 154 million. Net financial expenses amount to EUR 370 million, stable versus last year. Income taxes stand at EUR 628 million, down EUR 88 million versus 2019. The effective tax rate has been limited to 23% as we continue to use our deferred tax assets.

其他營業收入和支出為正數 6,500 萬歐元，主要來自以 2.04 億歐元出售在中國的 CAPSA 合資企業，部分被中國和歐亞大陸的全球 1.54 億歐元減值抵消。淨財務費用為 3.7 億歐元，與去年持平。所得稅為 6.28 億歐元，與 2019 年相比減少了 8800 萬歐元。由於我們繼續使用遞延所得稅資產，有效稅率被限制在 23%。

Regarding total tax loss carryforward, the roll forward of EUR 8.6 billion to French permanent establishment of Stellantis N.V. is temporarily agreed by the French tax authority. Final valuation will take place in 2021 based on the full year 2020 tax declaration. The line, share net earnings of companies at equity, was a negative result of EUR 87 million is down EUR 63 million versus 2019. The negative results linked with our joint venture DPCA for minus EUR 430 million is partially offset by the very solid performance of our [fincos] in partnership with Santander and with BNP Paribas, which stand at EUR 339 million.

關於總稅收虧損結轉，法國稅務機關暫時同意向法國常設機構 Stellantis N.V. 轉期 86 億歐元。最終估值將於 2021 年根據 2020 年全年納稅申報表進行。與 2019 年相比，公司的股本淨收益為 8,700 萬歐元的負數下降了 6,300 萬歐元。與我們的合資企業神龍汽車相關的負數為負 4.3 億歐元，部分被非常穩健的業績所抵消。我們的 [fincos] 與桑坦德銀行和法國巴黎銀行合作，價值 3.39 億歐元。

Moving to Page 20, we present the P&L statement for the group, excluding Faurecia, which corresponds to all activities that will continue within Stellantis once Faurecia shares are distributed.

轉到第 20 頁，我們介紹了該集團的損益表，不包括佛吉亞，它對應於一旦佛吉亞股票分配後將在 Stellantis 內繼續進行的所有活動。

In the following pages, I will comment the automotive division that constitutes the essential of these activities transferred to Stellantis.

在接下來的幾頁中，我將評論汽車部門，它構成了轉移到 Stellantis 的這些活動的核心。

Restructuring costs amount to EUR 416 million, which is a reduction of EUR 921 million versus 2019. Net financial expenses are divided by 3 in comparison to the group parameter, with an amount of only EUR 94 million. And net profit stands at more than EUR 2.3 billion in a price difficult year.

重組成本為 4.16 億歐元，比 2019 年減少 9.21 億歐元。與集團參數相比，淨財務費用除以 3，金額僅為 0.94 億歐元。在價格困難的一年，淨利潤超過 23 億歐元。

Moving to Page 21. We present the automotive division review bridge. So of course, the decrease in auto revenue was driven by the volume drop in our main markets, especially in Europe, and the volume effect impacted the revenues negatively by 24%. Product mix continues to be a strong positive, driven by the success of the last launches of the group, in particular, the new Peugeot 208 and 208, the new Opel Corsa and also the favorable impact of the electrified (inaudible).

轉到第 21 頁。我們介紹汽車部門審查橋樑。因此，汽車收入的下降當然是由我們主要市場的銷量下降推動的，尤其是在歐洲，銷量效應對收入產生了 24% 的負面影響。產品組合繼續保持強勁的積極勢頭，這得益於該集團最近一次發布的成功，特別是新標致 208 和 208、新歐寶 Corsa 以及電氣化（聽不清）的有利影響。

The other positive effects come from the bucket also on the right-hand side, which is linked to the reduction of the [buyback] sales compared to last year. And as planned, the bucket sales to partner is close to 0.

其他積極影響也來自右側的桶，這與去年相比 [回購] 銷售額的減少有關。按照計劃，對合作夥伴的銷售量接近 0。

We move to Page 22. Worldwide sales were down 28% at 2.5 million units sold, with a strong hit of COVID-19 in Europe, Latin America and China. In this bleached market landscape, Middle East and Africa, which has posted a 20% increase despite the crisis, confirms itself as a powerful growth driver for the group now for the future. Peugeot, Citroën and Opel have increased their market share in the region, enjoying a strong legitimacy.

我們移至第 22 頁。全球銷量下降 28%，至 250 萬台，其中 COVID-19 在歐洲、拉丁美洲和中國受到重創。在這種白化的市場格局中，儘管發生了危機，但中東和非洲仍實現了 20% 的增長，這證實了自己現在是該集團未來的強大增長動力。標致、雪鐵龍和歐寶在該地區增加了市場份額，享有強大的合法性。

Kenitra plant, which will gradually ramp at close to 150 some vehicles in the course of 2021 will also continue to be a strong lever.

Kenitra 工廠將在 2021 年逐步增加接近 150 輛汽車，也將繼續成為強大的槓桿。

In Europe, in addition to the pandemic, the group sales have been negatively impacted by the 5 models discontinued by Opel Vauxhall in mid-2019, but this will obviously change in 2021 with the new Vauxhall commercialization.

在歐洲，除了大流行之外，歐寶沃克斯豪爾在 2019 年年中停產的 5 款車型也對集團銷售產生了負面影響，但隨著沃克斯豪爾新的商業化，這種情況將在 2021 年明顯改變。

Let's move now to Page 23. Automotive adjusted operating income amounts to more than EUR 2.6 billion in 2020 H2, posting a record automotive adjusted operating margin at 9.4% versus 8.3% in 2019 H2. In a very contracted year, this H2 reflects the general level of performance delivered by Groupe PSA.

現在讓我們轉到第 23 頁。汽車調整後的營業收入在 2020 年下半年超過 26 億歐元，汽車調整後的營業利潤率達到創紀錄的 9.4%，而 2019 年下半年為 8.3%。在非常緊縮的一年中，這個 H2 反映了 Groupe PSA 的總體業績水平。

And now let's move to Page 24 to go deeper into the analysis of auto division adjusted operating income.

現在讓我們轉到第 24 頁，深入分析汽車部門調整後的營業收入。

So on Page 24, this automotive adjusted income stands at EUR 3.4 billion, the significant performance delivered plus EUR 2.2 billion, mostly driven by product mix and cost savings, has partially offset the adverse operating environment. The worsening operating environment is massively driven by the fall of market demand for EUR 3 billion and to a lesser extent, by FX for EUR 600 million, including a significant hit of Turkish lira on a more limited [one] on the Argentinian peso.

因此，在第 24 頁，該汽車調整後收入為 34 億歐元，所交付的顯著業績加上 22 億歐元，主要由產品組合和成本節約驅動，部分抵消了不利的經營環境。經營環境惡化的主要原因是市場需求下降 30 億歐元，其次是 6 億歐元的外匯需求下降，其中包括土耳其里拉對更有限的 [one] 阿根廷比索的重大打擊。

On the right-hand side, on the performance side, a continuously robust product mix at more than EUR 700 million, reflecting the success of our last launches, in particular, the renewal of the B segment in the BSB segment. And let me remind that Groupe PSA has been enjoying an ongoing strong positive product mix effect over the last 6 years in a row.

在右側，在性能方面，持續強勁的產品組合超過 7 億歐元，反映了我們上次發布的成功，特別是 BSB 細分市場中 B 細分市場的更新。讓我提醒一下，在過去 6 年中，PSA 集團一直在享受持續強勁的積極產品組合效應。

We also have a positive pricing effect at EUR 137 million, showing our permanent focus on price and channel mix discipline. New gains of efficiencies evidenced by cost savings on production and procurement were EUR 565 million on SG&A for EUR 913 million and R&D for EUR 335 million. Regardless of the savings made, R&D CapEx expenses remain in 2020 in the range of 8% to 9% that we've maintained over the 5 last years.

我們還產生了 1.37 億歐元的正定價效應，表明我們始終關注價格和渠道組合紀律。生產和採購成本節約證明效率的新收益為 5.65 億歐元，SG&A 為 9.13 億歐元，研發為 3.35 億歐元。無論節省多少，研發資本支出在 2020 年仍保持在我們過去 5 年保持的 8% 至 9% 的範圍內。

Last, the other bucket is mainly related to strong destocking of our network, as you will see in more detail in the later page.

最後，另一個桶主要與我們網絡的強力去庫存有關，您將在後面的頁面中看到更詳細的信息。

Moving to Page 25. Adjusting operating income of Banque PSA Finance at 100% stands at EUR 965 million, which is slightly below 2019, a record year. This shows a strong resilience of our partnership business model through the crisis. The penetration rate is up at 32.1% at a record level, thanks to the continuous progress made by Opel Bank on a strong commercial dynamism on the Santander partnership with historical compensation in France, Italy and Germany.

轉至第 25 頁。按 100% 調整 Banque PSA Finance 的營業收入為 9.65 億歐元，略低於創紀錄的 2019 年。這表明我們的合作夥伴業務模式在危機中具有強大的彈性。由於歐寶銀行在法國、意大利和德國的桑坦德合作夥伴關係的強大商業活力方面取得了持續進展，滲透率達到了創紀錄的水平，達到了 32.1%。

There is clearly room for improvement, especially on Opel Bank. Logically, the cost of risk has increased, as you can see on the right-hand side of the chart, but remains at a sound level.

顯然還有改進的餘地，尤其是歐寶銀行。從邏輯上講，風險成本已經增加，正如您在圖表右側看到的那樣，但仍處於合理水平。

Moving to Page 26. The automotive net cash position stands at EUR 13.2 billion at the end of 2020 compared to EUR 10.6 billion at the end of '19. Groupe PSA, excluding Faurecia has generated EUR 6.3 billion of free cash flow in H2 to reach another free cash flow of EUR 2.7 billion in 2020 full year. This EUR 2.7 billion free cash flow results from EUR 4.7 billion cash flow from operations on an improvement of the working capital of EUR 1.1 billion, mainly due to lower inventories. Bank PSA's Finance has distributed a dividend to the group of EUR 111 million. And finally, the sale in Q4 2020 of shares representing approximately 7% of Faurecia share of capital for EUR 308 million will be proposed to distribution by Stellantis N.V. during the next AGM to be held on March 8, 2021.

轉到第 26 頁。截至 2020 年底，汽車淨現金頭寸為 132 億歐元，而 19 年底為 106 億歐元。 PSA 集團（不包括佛吉亞）在下半年產生了 63 億歐元的自由現金流，到 2020 年全年將達到 27 億歐元的自由現金流。這 27 億歐元的自由現金流來自 47 億歐元的運營現金流，營運資金增加 11 億歐元，主要是由於庫存減少。 PSA 銀行的財務部已向該集團派發了 1.11 億歐元的股息。最後，Stellantis N.V. 將在 2021 年 3 月 8 日舉行的下一屆年度股東大會上提議在 2020 年第四季度以 3.08 億歐元的價格出售佔佛吉亞股本約 7% 的股份。

Moving to Page 27. We can see that inventories have been driven down by 19% at the end of 2020 versus end of 2019. Both group inventory and dealers inventory have been reduced and having less than 500,000 vehicle in stock gives us good opportunities for 2021.

轉到第 27 頁。我們可以看到，與 2019 年底相比，到 2020 年底，庫存已下降 19%。集團庫存和經銷商庫存均已減少，庫存不足 500,000 輛為我們提供了 2021 年的好機會.

Thank you for your attention. And now I give back the floor to Carlos.

感謝您的關注。現在我將發言權交還給卡洛斯。

Well, thank you. Thank you very much, Philippe, for this clear presentation. As always, at this stage, I would like to share with you that Philippe has been playing a critical role in all the great results that we have achieved at PSA over the last 7 years. Let's not forget that he was the CFO of Opel Vauxhall during the turnaround of Opel Vauxhall, supporting Michael Lohscheller. Over the last few years, he has been supporting the efficiency gains at PSA. And I would like also to highlight that Richard Palmer and Philippe were at the core of the merger process. They were the ones that solved many of the traps that we had to overcome. They were the ones that discuss the most sensitive and emotional topics. They did this with a high level of common understanding, respect, a lot of understanding of the emotions that could exist from both sides. And they, to a certain extent, protected Mike and myself, from all of those discussions. I would like here to express to both of them, everything they have done to make Stellantis a reality. I would like to thank Philippe specifically for his role as a great CFO of PSA and supporting me in this process.

嗯，謝謝。非常感謝 Philippe 的清晰介紹。與往常一樣，在這個階段，我想與大家分享，菲利普在過去 7 年中我們在 PSA 取得的所有偉大成果中一直發揮著關鍵作用。我們不要忘記，在歐寶沃克斯豪爾轉型期間，他是歐寶沃克斯豪爾的首席財務官，支持 Michael Lohscheller。在過去的幾年裡，他一直在支持 PSA 提高效率。我還想強調理查德·帕爾默和菲利普是合併過程的核心。他們解決了我們必須克服的許多陷阱。他們是討論最敏感和最情緒化的話題的人。他們以高度的共同理解、尊重和對雙方可能存在的情緒的高度理解來做到這一點。他們在一定程度上保護了邁克和我自己免受所有這些討論的影響。我想在這裡向他們倆表達他們為使 Stellantis 成為現實所做的一切。我要特別感謝 Philippe 作為 PSA 的出色 CFO 並在此過程中為我提供的支持。

And I'm so happy to tell you that Philippe will now be heading a big part of the Stellantis business, which is related to a significant number of business units that in terms of overall profit account for more than EUR 5 billion of operating income. That means that we are safe on the fact that this significant amount of our Stellantis business is now in good hands. And I would like to thank Philippe for supporting Stellantis on this matter and thank him for everything he has done so far to support us.

我很高興地告訴你，Philippe 現在將領導 Stellantis 業務的一大部分，這與大量業務部門有關，這些業務部門的整體利潤佔營業收入超過 50 億歐元。這意味著我們可以放心，我們的大量 Stellantis 業務現在都掌握在良好的手中。我要感謝 Philippe 在這件事上支持 Stellantis，並感謝他迄今為止為支持我們所做的一切。

Moving forward, in terms of Push to Pass highlights, I would like to start with the carmaker part of our business, telling you that we could improve over the last year significantly our customer satisfaction in terms of sales and aftersales.

展望未來，就 Push to Pass 亮點而言，我想從我們業務中的汽車製造商部分開始，告訴您我們可以在去年顯著提高我們在銷售和售後方面的客戶滿意度。

In terms of sales, the recommendation rate moved from 92% in 2019 to 93% in 2020. It was 88% in 2018. And the after sales, we moved from 86% to 89%. It was 80% in 2018. So as you see against 2018, a very significant step of progress to make our customers happy. And I would like to thank warmly all the national sales company that made this possible. It's hard work with the dealer network to make sure that we respect our quality standards. And as you can see, the results are now visible, and we are getting closer and closer to the benchmark in terms of customer satisfaction.

在銷售方面，推薦率從 2019 年的 92% 上升到 2020 年的 93%。2018 年是 88%。而售後，我們從 86% 上升到 89%。 2018 年是 80%。因此，與 2018 年相比，這是讓我們的客戶滿意的非常重要的一步。我要熱烈感謝所有使這成為可能的全國銷售公司。與經銷商網絡一起努力確保我們尊重我們的質量標準。正如您所看到的，結果現在是可見的，我們在客戶滿意度方面越來越接近基準。

In terms of product quality, we had a strong reduction in terms of 3 months in service failure rate worldwide as we were able to reduce by 33% the number of failures against 2015, which is also a good improvement, even though there is more work to be done. We still are not number one. We need to continue to work strongly as this is one of our major objectives of Push to Pass, as you know well.

在產品質量方面，我們在全球範圍內大幅降低了 3 個月的服務故障率，因為與 2015 年相比，我們能夠減少 33% 的故障數量，這也是一個很好的改進，儘管還有更多的工作要完成。我們仍然不是第一。我們需要繼續大力工作，因為這是我們一鍵通的主要目標之一，正如你所知道的。

We also need to recognize that the COVID-19 stop and goes in terms of manufacturing was not helpful to give us what we needed to move closer to the benchmark in the direct run rate of our plants. So we still have work to do, but we can recognize that by the end of 2020, the situation was getting better and better. And I think we are now back in a continuous improvement process on the direct run rate of our manufacturing operations now that we can have reasonable conditions to operate regularly.

我們還需要認識到，COVID-19 在製造方面的停停並沒有有助於為我們提供更接近工廠直接運行率基準所需的東西。所以我們還有工作要做，但我們可以認識到，到 2020 年底，情況越來越好。而且我認為，既然我們可以有合理的條件進行定期運營，那麼我們現在又回到了製造業務直接運行率的持續改進過程中。

From here, I would like also to share with you the fact that we have now 8 car lines, which are in the top 3 in overall satisfaction, and that means that step-by-step, with a strong focus, a strong persistent pressure on everything we do in terms of quality. We are getting closer and closer to the top, and we will not stop until we reach the top on this matter.

從這裡，我也想和大家分享一個事實，我們現在有8條汽車線，總體滿意度排在前3，這意味著一步一步，有很強的專注力，有很強的持續壓力我們在質量方面所做的一切。我們離頂峰越來越近了，在這件事情上，我們到達頂峰是不會停下腳步的。

If we look at the e-mobility and the clean mobility, our vertical integration strategy is now on the move. And you know that we have made a certain number of strategic moves to make sure that we control engineering, manufacturing and, therefore, cost, quality and performance for the major components of an electric powertrain. So this is something that our company considers strategically important to control in terms of engineering, manufacturing and, of course, quality performance and cost.

如果我們看一下電動汽車和清潔汽車，我們的垂直整合戰略現在正在進行中。您知道，我們已經採取了一些戰略舉措，以確保我們控制電動動力系統主要部件的工程、製造以及成本、質量和性能。因此，這是我們公司認為在工程、製造，當然還有質量性能和成本方面控制的具有戰略意義的事情。

We have this JV with Nidec on the e-motors, where we are now on the move. And by the end of '22, we will have the first electric motors coming out of the JV. We are benefiting also from our motor racing experience as the DS performance team has been awarded twice world champion on the Formula E championship. We also have the eDCT dual clutch transmission electrified products that we are developing in engineering and in manufacturing with Punch Powertrain. We are also on the move, and we'll be ready by the end of '23.

我們在電動馬達方面與 Nidec 建立了這家合資企業，我們現在正在推進中。到 22 年底，我們將擁有來自合資企業的第一批電動機。我們也受益於我們的賽車經驗，因為 DS 性能團隊曾兩次獲得電動方程式錦標賽的世界冠軍。我們還擁有 eDCT 雙離合變速器電氣化產品，我們正在使用 Punch Powertrain 在工程和製造中開發這些產品。我們也在前進，我們將在 23 年底前做好準備。

Last but not least, we have, of course, the battery and the battery cells, with a specific dedicated JV that we have created with the Total and Saft Group that will deliver also by the end of '23, the first battery cells. All of this demonstrates that we were able to make the right decisions on the right timing. And this is going to be combined with 2 specific BEV dedicated platforms, which are the eVMP and the eCMP. All of this is going to give us a competitive set of technology that we are going to be able to use across Stellantis worldwide. And this is, of course, a big opportunity for Stellantis moving forward.

最後但並非最不重要的一點是，我們當然擁有電池和電池，以及我們與道達爾和帥福得集團創建的特定專用合資企業，該合資企業也將在 23 年底交付第一批電池。所有這些都表明我們能夠在正確的時機做出正確的決定。這將與 2 個特定的 BEV 專用平台相結合，即 eVMP 和 eCMP。所有這一切都將為我們提供一套具有競爭力的技術，我們將能夠在全球的 Stellantis 中使用這些技術。當然，這對 Stellantis 來說是一個大好機會。

And as you know, PSA has been leading the pack in Europe in terms of CO2 emission reductions. PSA is the leader. We may not be the guys who create the biggest headlines. But the fact is that we are leading the pack in terms of reducing the CO2 emissions of our fleet. And this is the tribute to this work done by our engineers, done by our manufacturing engineers, done by our strategists in terms of making those deals happen. And I would like here to express to them all my sincere appreciation. This is extremely important for the future of Stellantis right now.

如您所知，PSA 在二氧化碳減排方面一直處於歐洲領先地位。 PSA是領導者。我們可能不是創造最大頭條新聞的人。但事實是，我們在減少我們車隊的二氧化碳排放方面處於領先地位。這是對我們的工程師所做的工作的致敬，我們的製造工程師所做的工作，我們的戰略家在促成這些交易方面所做的工作。我想在此向他們表達我誠摯的謝意。這對現在 Stellantis 的未來極為重要。

If we keep moving in terms of cost, of course, the year of 2020 was very painful because of the shutdown for 2 months of our plants. That was a significant headwind, of course. Despite that, we still have EUR 119 of cost reductions. All in, everything included, it's still EUR 119 million cost reductions. And this EUR 119 million cost reduction includes a headwind of EUR 400 related to the volume effect. Had we not had this volume effect headwind, then you see that the performance would have been stellar. But we have the reality and we face the reality, which means that we have now a significant task in 2021 that we can achieve if we have some stabilized conditions in terms of markets. And that, as you know well, depends mostly on the reduction of the lockdowns and curfews to ease the visibility of the consumers that will lead to more decisions to purchase cars.

如果我們在成本方面繼續前進，那麼 2020 年當然是非常痛苦的，因為我們的工廠停工了 2 個月。當然，這是一個重大的逆風。儘管如此，我們仍有 119 歐元的成本降低。總而言之，包括所有的一切，它仍然減少了 1.19 億歐元的成本。而這 1.19 億歐元的成本削減包括與銷量效應相關的 400 歐元的逆風。如果我們沒有遇到這種音量效應逆風，那麼您會看到性能會非常出色。但是我們有現實，我們面對現實，這意味著我們現在在 2021 年有一項重大任務，如果我們在市場方面有一些穩定的條件，我們可以完成這項任務。眾所周知，這主要取決於減少封鎖和宵禁，以減輕消費者的知名度，這將導致更多購買汽車的決定。

This is what we have now ahead of us. So let's keep in mind that despite a EUR 400 adverse headwind, we could protect EUR 119 of cost reduction.

這就是我們現在所面臨的。所以請記住，儘管有 400 歐元的不利逆風，我們可以保護 119 歐元的成本降低。

The wages to revenue ratio were also affected by the revenue, of course. Despite that, the resilience of the company is visible through the fact that we were able to achieve a quite competitive 11.4% ratio, and we will continue to target 1-digit number for 2021. We have also taken the opportunity to work rigorously on everything that relates to diversity complexity and commercial complexity that is creating a certain number of inefficiencies. Inefficiencies in the showroom, where what we offer to the customer is so complex that even our own salespeople may be facing difficulties to express the diversity of the offer, so it has an impact on the quality of our sales, but also a big impact in terms of complexity in the plants, a big impact in terms of reducing the volume per part. That, of course, is going to somewhere reduce our procurement efficiency at the end of the day.

當然，工資收入比也受到收入的影響。儘管如此，通過我們能夠實現極具競爭力的 11.4% 比率這一事實可以看出公司的韌性，我們將繼續以 2021 年的 1 位數為目標。我們也藉此機會在每件事上都進行了嚴格的工作這與多樣性複雜性和商業複雜性相關，導致一定數量的低效率。陳列室效率低下，我們向客戶提供的產品非常複雜，甚至我們自己的銷售人員也可能難以表達產品的多樣性，因此這對我們的銷售質量產生了影響，同時也對就工廠的複雜性而言，對減少每個零件的體積有很大的影響。當然，這最終會降低我們的採購效率。

So we have been working on this matter. And with a reference in 2019, this year, we could reduce by 50%, the diversity complexity. And we aim by 2022 to reduce by 85% this diversity complexity.

所以我們一直在研究這個問題。以 2019 年為參考，今年，我們可以將多樣性複雜性降低 50%。我們的目標是到 2022 年將這種多樣性複雜性降低 85%。

And this is something that makes total sense. If we look at the diversity that we have commercially speaking, we can easily say that with 20% of the specs, 20% of that diversity, we are delivering more than 80% of the volumes, which means that there is huge potential to move in the right direction with this initiative that is driven through a specific cross-functional team led by one of our top executives.

這是完全有道理的。如果我們從商業角度來看我們的多樣性，我們可以很容易地說，憑藉 20% 的規格、20% 的多樣性，我們交付了超過 80% 的產量，這意味著有巨大的移動潛力通過由我們的一位高級管理人員領導的特定跨職能團隊推動的這項計劃朝著正確的方向發展。

So moving to the brands. Peugeot has done a stellar job with a very sound pricing power. Peugeot is now the reference brand in European market in terms of pricing power. You can see that it has been improving since the beginning since 2015. And that has contributed, of course, to the improvement of the margins that we have seen before. While we are improving the pricing power of the brand, we were able to improve the market share. In 6 -- in 5 regions out of 6, including Europe, we had an improvement of our market share with the Peugeot brand. So from my perspective, a great job done. And I'm happy for Jean-Philippe Imparato, who was the former head of the Peugeot brand, the former Peugeot brand CEO is now, as you know, the Alfa Romeo brand CEO. And I think he's enjoying the challenge to improve our performance over there, which is great news.

所以轉向品牌。標致以非常穩健的定價能力完成了出色的工作。就定價能力而言，標致現在是歐洲市場的參考品牌。你可以看到它自 2015 年以來一直在改善。當然，這有助於提高我們之前看到的利潤率。在提高品牌定價能力的同時，我們也能夠提高市場份額。在包括歐洲在內的 6 個地區中，我們在 6 個地區中的 5 個地區使用標致品牌提高了市場份額。所以從我的角度來看，做得很好。我很高興讓-菲利普·因帕拉托（Jean-Philippe Imparato），他是標致品牌的前任負責人，前標致品牌首席執行官現在，如你所知，阿爾法羅密歐品牌首席執行官。而且我認為他正在享受提高我們在那裡表現的挑戰，這是個好消息。

If we move to Citroë, Citroën has been a stellar in terms of maintaining their pricing power and facing, of course, a lot of competition from other brands, which are discounting significantly what they can discount. At the end of the day, Peugeot of course, but also Citroën have been able to protect very robust margins despite the headwinds. And of course, now Citroën is enjoying a much larger electrified portfolio, with the Citroën Ami, which is a downtown urban mobility device, the E variation of the new C4, the C5 Aircross hybrid, the ë-Jumpy, the ë-Spacetourer and the ë-Jumper. This means that progressively, Citroën is now enjoying a full electrified portfolio, which, of course, is going to be paramount for the future.

如果我們搬到雪鐵龍，雪鐵龍在保持定價能力方面一直是一流的，當然，它還面臨來自其他品牌的大量競爭，這些品牌大幅打折他們可以打折的東西。歸根結底，標致當然是雪鐵龍，儘管有逆風，雪鐵龍也能夠保持非常強勁的利潤率。當然，現在雪鐵龍正在享受更大的電氣化產品組合，雪鐵龍 Ami 是市中心的城市移動設備，新 C4 的 E 變體，C5 Aircross 混合動力車，ë-Jumpy，ë-Spacetourer 和ë-跳線。這意味著雪鐵龍現在正在逐步享受完整的電氣化產品組合，這當然對未來至關重要。

Last but not least, I would like to highlight the fact that the Citroën Ami is bringing to our citizens downtown urban mobility device, which is meeting exactly what we want, which is a safe mobility device, a clean mobility device as it is fully electric and an affordable mobility device as any of you can rent the Citroën Ami for less than EUR 20 per month, which is, I think, a very competitive pricing. And I can tell you, we are still making money out of this project.

最後但並非最不重要的一點是，我想強調 Citroën Ami 正在為我們的市民帶來市中心的城市移動設備，這正是我們想要的，它是一種安全的移動設備，一種清潔的移動設備，因為它是全電動的以及負擔得起的移動設備，因為你們中的任何人都可以以每月不到 20 歐元的價格租用 Citroën Ami，我認為這是一個非常有競爭力的價格。我可以告訴你，我們仍然從這個項目中賺錢。

In terms of premium brand for PSA, DS is our electric haute couture brand. You see that pricing power has also been quite stellar. Coming from a minus near 8% in 2015. We are now plus 3%. And we are managing this brand by the per unit margins. We don't care so much about the volumes. We just care about having a sound, high-quality business model with good products and only [new] service to give consideration to these premium customers.

就 PSA 的高端品牌而言，DS 是我們的電動高級定製品牌。您會看到定價能力也非常出色。來自 2015 年接近 8% 的負值。我們現在是正值 3%。我們正在按單位利潤率管理這個品牌。我們不太關心數量。我們只關心有一個健全的、高質量的商業模式、好的產品和只有[新]服務來考慮這些優質客戶。

So pricing is great. The market share has been growing by 9%. 1/3 of our sales are now made with electrified vehicles. And if we compare all the premium brands, which are multi-energy, then you will see that DS is the best in terms of CO2 emissions across all of those competitors who are multi-energy competitors.

所以定價很棒。市場份額增長了 9%。我們現在有 1/3 的銷售額來自電動汽車。如果我們比較所有多能源的高端品牌，那麼您會發現 DS 在所有多能源競爭對手中的二氧化碳排放量方面是最好的。

Moving to Opel. In Opel, what is also remarkable is the fact that the pricing power has been improving. As you see, we have been improving better than our road map. Starting with minus 6% against the benchmark, we are now at minus 0.9. And most probably in 2021, we'll be meeting the benchmark and being at the level of the benchmark, which is, of course, very important to improve the margins of the Opel brand, which are indeed improving, which is, of course, a tribute to the PACE! turnaround plan that was led by Michael Lohscheller and by his CFO, named Philippe de Rovira, at that point in time.

搬到歐寶。在歐寶，同樣值得注意的是定價能力一直在提高。如您所見，我們的改進比我們的路線圖要好。從相對於基準的負 6% 開始，我們現在處於負 0.9。最有可能在 2021 年，我們將達到基準並處於基準水平，這當然對於提高歐寶品牌的利潤率非常重要，這確實在提高，當然，向 PACE 致敬！由 Michael Lohscheller 和他的首席財務官 Philippe de Rovira 領導的周轉計劃。

I would like to tell you that what is demonstrating the quality of the job done is the H2 performance of Opel. The H2 2020 performance of Opel was no less than 5.6% of adjusted operating margin, which demonstrates that the turnaround of Opel is structural, and that is good news for the future as we are now bringing a brand-new pipeline of products that started with the Opel Corsa. And I would like to tell you that the Opel Corsa is now the segment leader in Germany and the #3 in the segment in the European market. This is very important, demonstrates that as a sister car from another car of our brand portfolio, Opel Corsa is demonstrating a great deal of competitiveness and appeal. And we are now launching, as we speak, the new Opel Mokka that you can see on the left-hand side of this slide. And from the order book we have, we believe it's going to be a big success. And that's good news because after this Opel Mokka, we have a very regular pipeline with one new product every year. And I can tell you, the pipeline that was created for Opel by Mark Adams is stellar. And I'm very, very happy with what I have seen, and I would like to thank them warmly for their skills and for their talent in bringing back Opel to the forefront of our markets.

我想告訴你，證明工作質量的是歐寶的 H2 性能。歐寶 2020 年下半年的業績不低於調整後營業利潤率的 5.6%，這表明歐寶的扭虧為盈是結構性的，這對未來來說是個好消息，因為我們現在帶來了一個全新的產品線歐寶Corsa。我想告訴你，歐寶 Corsa 現在是德國細分市場的領導者，也是歐洲市場細分市場的第三名。這一點非常重要，表明作為我們品牌組合中另一款車型的姊妹車，歐寶 Corsa 展示了極大的競爭力和吸引力。我們現在正在推出新的歐寶 Mokka，您可以在這張幻燈片的左側看到。從我們的訂單簿來看，我們相信這將取得巨大成功。這是個好消息，因為在這款歐寶 Mokka 之後，我們每年都會推出一款新產品，非常有規律。我可以告訴你，馬克亞當斯為歐寶創建的管道非常出色。我對我所看到的感到非常非常滿意，我要熱烈感謝他們的技能和將歐寶帶回我們市場前沿的才能。

In terms of regions, I would like to tell you that in Europe, we were able to continue to improve our CO2 and our CAFE for the sales in Europe through a very rigorous process. We want to continue to improve our market share in the LEV market, which we are currently improving. And we want to continue to improve the LEV mix of sales, which is now above 9%. And this is exactly what you see here. We see that the CAFE is improving as we are increasing the LEV mix of sales. We are doing that in a profitable manner. We are doing that in an ethical manner where we try to bring better and better products, including on the ICE sales, which means that our contribution to fixing the global warming issue is sincere and concrete.

就地區而言，我想告訴你，在歐洲，我們能夠通過非常嚴格的流程繼續改善我們的 CO2 和我們的 CAFE 以在歐洲銷售。我們希望繼續提高我們目前正在改進的 LEV 市場的市場份額。我們希望繼續改善 LEV 的銷售組合，目前已超過 9%。這正是您在這裡看到的。隨著我們增加 LEV 銷售組合，我們看到 CAFE 正在改善。我們正在以一種有利可圖的方式做到這一點。我們以合乎道德的方式這樣做，我們試圖帶來越來越好的產品，包括在 ICE 銷售上，這意味著我們對解決全球變暖問題的貢獻是真誠而具體的。

And I think this is very important for all of us. I believe it is very important for us to tell our kids and our grandkids that we are working a car company that is bringing its fair contribution, its fair share contribution to fixing the global warming issue.

我認為這對我們所有人都非常重要。我相信告訴我們的孩子和孫子們，我們正在為一家汽車公司工作，該公司正在為解決全球變暖問題做出公平貢獻，這是非常重要的。

And as you saw from my introduction, everything we do is consistent with the Paris agreement on COP 21, limiting the global warming to 2 degrees. This is the fair share that the societies in which we operate are expecting from us, and we are proud and happy to do this as a contribution to this global warming fix.

正如你從我的介紹中看到的，我們所做的一切都符合 COP 21 的巴黎協議，將全球變暖限制在 2 度以內。這是我們經營所在的社會對我們的公平期望，我們很自豪也很高興能夠為解決全球變暖問題做出貢獻。

If we look at the other regions and overseas, we have to highlight here the stellar performance of Middle East and Africa as we could grow the share by 2 points from 5.1 to 7.2. And while we grew the share by 2 points, we could deliver in 2020 the same amount of profit as 2019 despite the COVID.

如果我們看看其他地區和海外，我們必須在這裡強調中東和非洲的出色表現，因為我們可以將份額從 5.1 提高 2 個百分點至 7.2。儘管我們的份額增長了 2 個百分點，但儘管有新冠疫情，我們仍可以在 2020 年實現與 2019 年相同的利潤。

This is an outstanding performance. I would like to thank warmly the regional team and the leadership team for this success. I think it says a lot about the potential of development of Stellantis in Africa and Middle East. And of course, we are supporting this with all the appropriate products and sourcings as much as we need to.

這是一個出色的表現。我要熱烈感謝區域團隊和領導團隊取得的成功。我認為這充分說明了 Stellantis 在非洲和中東的發展潛力。當然，我們會根據需要提供所有適當的產品和採購來支持這一點。

On all the other regions, you see that the situation was either flat or almost flat in terms of share. We still have our Chinese problem that we are now fixing or preparing to fix with a very dedicated strategic test team led by one of our top executives, to bring back to the Executive Committee and the Board, the different possible scenarios to fix this in a meaningful way.

在所有其他地區，你會看到份額的情況要么持平，要么幾乎持平。我們仍然有我們的中國問題，我們現在正在解決或準備解決由我們的一位高級管理人員領導的非常敬業的戰略測試團隊，以便將不同的可能方案帶回執行委員會和董事會，以解決這個問題有意義的方式。

I just want to state here that it is the intention to stay in China and fix it. That's a very clear position from our management team on this matter.

我只想在這裡聲明，我打算留在中國並解決它。我們的管理團隊在這件事上的立場非常明確。

Let me move to the LCV. LCV was, again, a success story. Our leadership in PSA was reinforced to 25.3%, as you can see here. And we could grow market share, not only in Europe, but also in Eurasia and Middle East and Africa. We see that Opel Vauxhall could improve the market share by 0.4 points in Europe and that we have now a full e-LCV range to be offered to the market. And by the end of 2021, we will have a mid-sized van with a fuel cell powertrain, which will be an important milestone in the clean mobility and the clean utility of our LCV products. This is underway.

讓我搬到 LCV。 LCV 再次成為一個成功的故事。正如您在此處看到的，我們在 PSA 中的領先地位提高到 25.3%。我們可以擴大市場份額，不僅在歐洲，而且在歐亞大陸、中東和非洲。我們看到歐寶沃克斯豪爾可以將歐洲的市場份額提高 0.4 個百分點，並且我們現在可以向市場提供完整的 e-LCV 系列。到 2021 年底，我們將擁有一輛配備燃料電池動力總成的中型貨車，這將是我們 LCV 產品的清潔出行和清潔效用方面的一個重要里程碑。這正在進行中。

We have also launched this year our brand-new Peugeot Landtrek pickup, one-time pickup. That will be a powerful tool to continue our offensive in Africa, Middle East, but also in Latin America.

今年我們還推出了全新的 Peugeot Landtrek 皮卡，一次性皮卡。這將是我們在非洲、中東以及拉丁美洲繼續進攻的有力工具。

If I move now to the mobility part of our results, I would like to use one synthesis slide to show that our Free2Move mobility services continue to grow. We could grow 23% in 2020, which is important. But what is even more important is that in H2, the Free2Move mobility services were profitable. And this is a very important milestone. The fact that our teams under Brigitte Courtehoux' leadership have now understood what is the business model that makes mobility services profitable is, of course, paramount for the future of this kind of mobility services. This is something that we could achieve in H2. It was not a walk in the park. We tried many times. We failed many times, but now we understand. And that's important, of course, for our Free2Move as much as it is for Stellantis. Free2Move is a tech company from PSA, and it becomes a tech company of Stellantis, as you know well.

如果我現在轉到我們結果的移動部分，我想使用一張合成幻燈片來展示我們的 Free2Move 移動服務繼續增長。我們可以在 2020 年增長 23%，這很重要。但更重要的是，在下半年，Free2Move 移動服務實現了盈利。這是一個非常重要的里程碑。事實上，我們在 Brigitte Courtehoux 領導下的團隊現在已經了解了使移動服務盈利的商業模式，這當然對於這種移動服務的未來至關重要。這是我們可以在 H2 中實現的。這不是在公園裡散步。我們嘗試了很多次。我們失敗了很多次，但現在我們明白了。當然，這對於我們的 Free2Move 和 Stellantis 一樣重要。 Free2Move 是一家來自 PSA 的科技公司，它成為了 Stellantis 的一家科技公司，正如你所知道的。

In terms of used cars, we have a very strong online growth through our affiliate Aramis. And our profitability was also up, which is good news. We know that the used car market was strong during this very volatile period, and we could capture those opportunities, as you can see here.

在二手車方面，我們通過我們的附屬機構 Aramis 實現了非常強勁的在線增長。我們的盈利能力也上升了，這是個好消息。我們知道二手車市場在這個非常動蕩的時期非常強勁，我們可以抓住這些機會，正如您在此處看到的那樣。

In terms of aftermarket, the independent aftermarket was -- business was growing with the Euro Repar brand and the Euro Repar Car Service network. All of this is moving. And as you can see, the revenue growth was 11% on this specific value parts that we are now selling to many of our customers.

在售後市場方面，獨立售後市場隨著 Euro Repar 品牌和 Euro Repar 汽車服務網絡的發展而增長。所有這一切都在移動。正如您所看到的，我們現在向許多客戶銷售的這種特定價值部件的收入增長了 11%。

Last but not least, PSA Bank demonstrated a very strong and resilient performance with 70% of loyalty on loyalty products on European new car sales and 80% of B2C penetration on BEV in H2 2020. So we see that our PSA Bank is really supporting the business in a very profitable way.

最後但並非最不重要的一點是，PSA 銀行表現出非常強勁和有彈性的表現，2020 年下半年歐洲新車銷售忠誠度產品的忠誠度為 70%，BEV 的 B2C 滲透率為 80%。因此，我們看到我們的 PSA 銀行確實支持以非常有利可圖的方式開展業務。

This is what I wanted to share with you in terms of PSA 2020 financial results. I think they speak for themselves. What I believe is the most important is now that we understand through what has been presented by Mike Manley and Richard Palmer, and through what has been presented by Philippe de Rovira and myself, how did this contribute to a strong kickoff of the Stellantis company. And I would like to start and share with you a few comments on the third part of today's session, which is about Stellantis.

這就是我想與您分享的關於 PSA 2020 財務結果的內容。我認為他們為自己說話。我認為最重要的是，現在我們通過 Mike Manley 和 Richard Palmer 的介紹，以及 Philippe de Rovira 和我自己介紹的了解，這對 Stellantis 公司的強勢啟動有何貢獻。我想開始並與大家分享關於今天會議第三部分的一些評論，即關於 Stellantis。

Stellantis is a new company, a new mindset, a company on the move to make radical choices. Stellantis represents an open window, a breath of fresh air in a shrinking, fast-moving world. And I can tell you that the Stellantis employees perfectly understand this from all the interactions I have had with them over the last few weeks, and I have spent significant amount of my time with our ex-FCA teammates to make sure that everybody understands where we are going and what is the sense of this new company creation.

Stellantis 是一家新公司，一種新思維方式，一家正在做出激進選擇的公司。 Stellantis 代表一扇敞開的窗戶，在一個不斷縮小、快速發展的世界中呼吸新鮮空氣。我可以告訴你，Stellantis 的員工從我過去幾週與他們的所有互動中完全理解這一點，我花了很多時間與我們的前 FCA 隊友一起確保每個人都了解我們在哪裡正在發展，這家新公司創建的意義是什麼。

I think everybody gets it. Everybody understands that it's a fantastic opportunity, a breath of fresh air in a shrinking world.

我想每個人都明白。每個人都明白這是一個絕妙的機會，在一個不斷縮小的世界中呼吸新鮮空氣。

So we will focus on the quality of our business model. First of all, it's all about doing the right things right, in a proper way, which is the opposite of quick and dirty. So we have to do things properly. We have to improve the efficiency and effectiveness of everything we do. But it's not only about leveraging a clear governance, leveraging the fantastic diversity of our company, making sure that we create a framing where our talents can unleash their full potential. It is also about making sure that we will be making disruptive decisions as many as necessary to make sure that nobody is going to corner Stellantis as a legacy car company.

因此，我們將專注於我們商業模式的質量。首先，一切都是以正確的方式正確地做正確的事情，這與快速和骯髒相反。所以我們必須正確地做事。我們必須提高我們所做的每一件事的效率和有效性。但這不僅僅是利用清晰的治理，利用我們公司出色的多樣性，確保我們創造一個框架，讓我們的人才可以充分發揮他們的潛力。這也是為了確保我們將做出盡可能多的破壞性決定，以確保沒有人將 Stellantis 視為一家傳統汽車公司。

It is important that we state that. It's important that you understand that. There is no way we are going to accept to be a legacy company. No way. So what we are going to do is not only about demonstrating to you that we can be very efficient and effective in everything we do, but also that we are able to make disruptive decisions when need be to be on the forefront of the new mobility that the citizens of this planet expect from us.

重要的是我們要說明這一點。你明白這一點很重要。我們無法接受成為一家傳統公司。沒門。因此，我們要做的不僅是向您展示我們可以在我們所做的每件事上都非常高效和有效，而且我們能夠在需要時做出顛覆性的決定，以站在新的移動性的最前沿這個星球的公民對我們寄予厚望。

So if you look at the major numbers coming from the 2 companies, by combining the 2 companies, you can see that in 2020, we were short of 6 million shipments overall, slightly above EUR 134 billion of revenues and adjusted operating income of EUR 7.1 billion and adjusted operating income margin of 5.3% coming from the combination of 4.3 on FCA and 7.1 on PSA and adjusted free cash flow and automotive free cash flow of EUR 3.3 billion . And what is, of course, the most important number of this slide is the EUR 17.8 billion of net financial position, with EUR 57.4 billion of available liquidity.

因此，如果您查看來自 2 家公司的主要數據，通過合併 2 家公司，您可以看到 2020 年我們的總出貨量不足 600 萬，略高於 1340 億歐元的收入和 7.1 歐元的調整後營業收入FCA 為 4.3，PSA 為 7.1，調整後的營業利潤率為 5.3%，調整後的自由現金流和汽車自由現金流為 33 億歐元。當然，這張幻燈片中最重要的數字是 178 億歐元的淨財務狀況，以及 574 億歐元的可用流動性。

What does this mean? This means that FCA, PSA did their homeworks by completely leveraging the power of their H2 results to create a sound financial foundation for the birth of Stellantis. And this is, of course, very important for all of us. We are starting with the right foot, with a strong financial situation that was very much higher, much higher than what I had set as a floor, and this is good news, which means that the teams perfectly understood that great news.

這是什麼意思？這意味著 FCA、PSA 通過充分利用其 H2 業績的力量做了他們的功課，為 Stellantis 的誕生奠定了良好的財務基礎。當然，這對我們所有人都非常重要。我們從右腳開始，財務狀況強勁，比我設定的底線高得多，高得多，這是個好消息，這意味著球隊完全理解這個好消息。

So we are starting Stellantis with a sound foundation, very sound, as you can see through those numbers. And this is, of course, a great way to look at the potential of this group. If you look at the H2 results, revenues over EUR 80 billion, margin of nearly 9% and a very strong auto free cash flow.

因此，我們以良好的基礎開始 Stellantis，非常健全，正如您可以通過這些數字看到的那樣。當然，這是了解這個群體潛力的好方法。如果你看一下下半年的業績，收入超過 800 億歐元，利潤率接近 9%，汽車自由現金流非常強勁。

We can just consider here looking at these numbers that, therefore, anticipating on some of the questions that are continuously raised that this is not a crisis merger. This is much more than that. This is a merger that is going to open new opportunities for a company that is sound, with talented people, people who want to compete and people who do not want to be cornered in a legacy position or a dinosaur position. It's very important that we all understand this moving forward.

我們可以在這裡考慮查看這些數字，因此，可以預測一些不斷提出的問題，即這不是危機合併。這遠不止於此。此次合併將為一家穩健的公司帶來新的機遇，該公司擁有才華橫溢的人才、想要競爭的人以及不想陷入傳統職位或恐龍職位的人。我們都了解這一點非常重要。

So from here, I would like just to highlight the fact that we are going to present here the financial reporting to all of you. I'm sure that this is important for you on your understanding of what we are doing. We will present full financial results twice a year, H1 and full year. And we will present sales and revenues only in Q1 and Q3 so that we can focus on the operations. And I think that, that will lead to good transparency on everything that you need to know. And I think that what you have seen from the PSA experience will support that, would support that.

因此，從這裡開始，我想強調一個事實，我們將在這裡向大家展示財務報告。我相信這對您了解我們正在做的事情很重要。我們將每年兩次展示完整的財務業績，上半年和全年。我們將僅在第一季度和第三季度展示銷售和收入，以便我們可以專注於運營。而且我認為，這將導致您需要了解的所有內容具有良好的透明度。我認為你從 PSA 經歷中看到的將支持這一點，將支持這一點。

In terms of regional breakdown, we will show you the details on 4 regions: North America, South America, Europe, Middle East and Africa, which represent the biggest profits of our company. We will group the 2 Asian regions as -- for the time being, our business is very small in that area. And we will give you visibility on the unique luxury brand and the business unit dedicated to the luxury brand of Maserati. This is what we intend to do. And of course, we hope that this will meet your expectations in terms of details and frequency of reporting.

在區域細分方面，我們將向您展示4個區域的詳細信息：北美、南美、歐洲、中東和非洲，這些區域代表了我們公司的最大利潤。我們將把這兩個亞洲地區歸為一類——目前，我們在該地區的業務非常小。我們將讓您了解獨特的豪華品牌和致力於瑪莎拉蒂豪華品牌的業務部門。這是我們打算做的。當然，我們希望這將在詳細信息和報告頻率方面滿足您的期望。

If we move forward, you have here the outlook that we have come up with for the 2021 year. You see that we see a growth in North America, South America and Europe, which is good news because that's where we have the biggest business and the most profitable business. We see also growth in Middle East and Africa, where we have also a strong profitability and more limited growth in Asia.

如果我們繼續前進，您就會看到我們對 2021 年提出的展望。您會看到我們在北美、南美和歐洲看到了增長，這是個好消息，因為這是我們擁有最大業務和最有利可圖的業務的地方。我們還看到了中東和非洲的增長，我們在這些地區的盈利能力也很強，而亞洲的增長則較為有限。

If we move to our 2021 priorities, I'm sure that many of you are wondering what we are going to prioritize in 2021. And I would like to spend a few minutes explaining this slide. First, we want to establish a very proper governance. I already presented to you the governance, the business governance way with the 9 committees that are going to be used to make all the decisions of the company. This has started a few days after the closing. It is moving very well with a very good understanding from our teams that we need a very sound way of preparing the proposals and then using the valuable time of our top executives for the listening mode, the discussion and the decision mode on those topics. So we have already, I think, organized half a dozen of those committees. They went very well so far with a very good level of synthesis, a very good level of business sense, a very good level of proposals, even though some of them were challenged and there were improvements coming out of those challenges, which is great news. So that's what we are now doing.

如果我們轉向 2021 年的優先事項，我相信你們中的許多人都想知道我們將在 2021 年優先考慮什麼。我想花幾分鐘時間解釋這張幻燈片。首先，我們要建立一個非常適當的治理。我已經向您介紹了治理，以及將用於製定公司所有決策的 9 個委員會的業務治理方式。這已經在關閉後幾天開始了。進展非常順利，我們的團隊非常了解，我們需要一種非常健全的方式來準備提案，然後利用我們高層管理人員的寶貴時間就這些主題進行傾聽、討論和決策模式。因此，我認為，我們已經組織了六個這樣的委員會。到目前為止，他們進行得非常好，具有非常好的綜合水平、非常好的商業意識、非常好的提案水平，儘管其中一些受到了挑戰並且從這些挑戰中得到了改進，這是個好消息.這就是我們現在正在做的事情。

We have 100 days from the closing to set up the new governance. We are ahead of this. And of course, any meeting I would share is only related to this new governance way. And I think it's moving fast and strong.

我們有 100 天的時間來建立新的治理。我們領先於此。當然，我要分享的任何會議都只與這種新的治理方式有關。而且我認為它正在快速而強勁地發展。

And I would like here to express my sincere personal appreciation to Mike. Mike is helping me a lot in moving in this direction fast and in a very professional and rigorous way.

我想在此向邁克表達我由衷的個人感謝。邁克以非常專業和嚴謹的方式幫助我快速朝著這個方向前進。

We will keep our eyes on the ball by making sure that we deliver our business plans for 2021. There was a business plan by PSA, another by FCA for 2021. We have kept those business plans. Of course, we'll try to improve each time we can, but we want our people to stay focused on the business, to keep their eyes on the ball and not be distracted by anything else than just moving forward and getting things done in a proper way. So that's one of the major priorities. We want to have a good result in 2021.

我們將通過確保交付 2021 年的業務計劃來密切關注球。PSA 制定了一項業務計劃，FCA 制定了 2021 年的另一項業務計劃。我們保留了這些業務計劃。當然，我們會盡力改進，但我們希望我們的員工能夠專注於業務，時刻關注球，而不是被其他任何事情分散注意力，而不僅僅是向前邁進並在短時間內完成工作合適的方式。所以這是主要優先事項之一。我們希望在 2021 年取得好成績。

We have also put a strong focus and a strong monitoring on the synergy plan. This is our commitment to you. We created this merger because it represents north of EUR 25 billion of value creation through the implementation of the synergies that were presented, which represents on a run rate 5 billion per year. So we have a very detailed plan that we follow up with a specific dedicated team that we call the Synergy Implementation Office. So every decision we make is facing the synergy that is expected from that decision, and we are continuously trying to improve and make sure that we deliver on our commitments, and we will. That's the third priority.

我們還對協同計劃給予了高度關注和強有力的監控。這是我們對您的承諾。我們之所以創建這次合併，是因為它通過實施所提出的協同效應創造了超過 250 億歐元的價值，即每年 50 億歐元。因此，我們有一個非常詳細的計劃，我們會與一個我們稱之為協同實施辦公室的專門團隊進行跟進。因此，我們做出的每一個決定都面臨著該決定所期望的協同作用，我們正在不斷努力改進並確保我們兌現我們的承諾，我們會的。這是第三個優先事項。

The fourth priority is to make sure that we come up with a winning strategy for China. As I said, we will stay in China. We recognize that we have not been successful so far. And we are spending significant amount of time with Mike and a few other executives trying to understand where were the things we couldn't understand and what are the things we need to change to become successful in this market, even though we recognize that we come late after many other people, but that's life. That means that we have an upside there if we do it properly this time. And this is one of the priorities for 2021 is to come up with a winning strategy for China.

第四個優先事項是確保我們為中國製定一個制勝戰略。正如我所說，我們將留在中國。我們承認到目前為止我們還沒有成功。我們花費大量時間與邁克和其他幾位高管一起努力了解我們無法理解的地方以及我們需要改變哪些事情才能在這個市場上取得成功，即使我們認識到我們來了在許多其他人之後遲到，但這就是生活。這意味著如果我們這次做得好，我們會有一個好處。 2021年的首要任務之一是為中國製定制勝戰略。

Last but not least, we are now working on the strategic plan for Stellantis. We have started to set the process by which we are going to create this plan. It has to be a strong bottom-up plan, which will contribute to setting the foundation of this enlarged family, which means that each strategic task team will be staffed with people, with the best people coming from both families so that we can use the building process of this plan as a strong contributor to setting up a sound foundation for the future of Stellantis. We do not forget what happened in the past with the Chrysler Daimler. We do not forget. So we will keep our eyes very wide open to make sure that we create in terms of management, all the appropriate conditions, all the appropriate behaviors to make sure that the building process of this plan is contributing to making a sound foundation for this enlarged family.

最後但同樣重要的是，我們現在正在製定 Stellantis 的戰略計劃。我們已經開始設置我們將要創建這個計劃的過程。它必須是一個強大的自下而上的計劃，這將有助於為這個擴大的家庭奠定基礎，這意味著每個戰略任務團隊都將配備人員，最好的人來自兩個家庭，這樣我們就可以使用該計劃的構建過程為為 Stellantis 的未來奠定良好的基礎做出了重要貢獻。我們不會忘記克萊斯勒戴姆勒過去發生的事情。我們不會忘記。所以我們會睜大眼睛，確保我們在管理、所有適當的條件、所有適當的行為方面創造，以確保這個計劃的建設過程有助於為這個擴大的家庭打下良好的基礎.

We will, of course, expect significant bottom-up contribution for our young managers and our young executives. This is going to be a very important listening mode from all of us. And then possibly after the summer break, we'll start converging to what would be finally the decisions of the Executive Committee. And I expect that I will be able to present this plan to you, which will be a long-term strategic plan up to 2030 by the end of this year or early next year.

當然，我們期望為我們的年輕經理和年輕高管做出自下而上的重大貢獻。這將是我們所有人非常重要的聆聽模式。然後可能在暑假之後，我們將開始匯合執行委員會的最終決定。而且我希望我能夠向大家介紹這個計劃，這將是一個到今年年底或明年年初到2030年的長期戰略計劃。

Please understand that Stellantis is not born from a crisis. Stellantis is born from the understanding that the 2 former companies will be stronger together than on a standing-alone basis. And therefore, it is important that we do the right things in a proper way to create this sound foundation. It is also important that we all understand that this is not about creating a defensive plan. This is not only about implementing synergies. It will be also an offensive plan. It will be also a disruptive plan in a certain number of dimensions, and we want this plan to be very strong. And we do not accept -- I repeat, we do not accept to be cornered as a legacy carmaker. And we will have to demonstrate to you that we have this capability to be innovative, to be disruptive in a certain number of dimensions of this plan. But while we do this, we will protect what is best. In what some would call a legacy carmaker, which is our enormous expertise in terms of manufacturing, engineering, development, sales. Many, many things are extremely experts like in our companies, and we will protect and enhance that, while we are going to develop a more aggressive, offensive part of the plan moving forward.

請理解，Stellantis 不是從危機中誕生的。 Stellantis 的誕生是基於這樣的理解，即這兩家前公司聯合起來會比單打獨鬥更強大。因此，重要的是我們以正確的方式做正確的事情來建立這個良好的基礎。同樣重要的是，我們都明白這不是製定防禦計劃。這不僅僅是實現協同效應。這也將是一個進攻計劃。這也將是一個在一定數量維度上的顛覆性計劃，我們希望這個計劃非常強大。而且我們不接受——我再說一遍，我們不接受作為傳統汽車製造商被逼入絕境。我們必須向你們證明，我們有這種創新能力，在這個計劃的某些方面具有顛覆性。但是，在我們這樣做的同時，我們將保護最好的東西。在一些人所說的傳統汽車製造商中，這是我們在製造、工程、開發和銷售方面的巨大專業知識。很多很多事情都像我們公司的專家一樣，我們將保護和加強這一點，同時我們將在計劃中製定一個更具侵略性、更具攻擊性的部分。

This is what we intend to do. From here, what are the actions, the first actions that we are going to implement to deliver on the synergies? I will just like to give you a few examples. Of course, everything which is about sharing assets, engineering assets, platforms, modules, powertrains, will need a certain lead time even though some of those actions are already on their way.

這是我們打算做的。從這裡開始，我們將採取哪些行動來實現協同效應？我只想舉幾個例子。當然，關於共享資產、工程資產、平台、模塊、動力系統的一切都需要一定的準備時間，即使其中一些行動已經在進行中。

But what is more short-term-driven for 2021 is well about best supplier price alignment when we compare the prices of the 2 companies, former companies, and we select the best, and we align on the best. It's about leveraging our scale for everything which is related to commodity buy, making sure that we bundle all of our needs in terms of media buy, make sure that we make more integration in logistics, make sure that we align on commercial policies and reduce the distribution cost.

但是，當我們比較兩家公司（前公司）的價格時，2021 年更受短期驅動的是，最好的供應商價格一致，我們選擇最好的，然後調整最好的。這是關於利用我們的規模處理與商品購買相關的一切，確保我們在媒體購買方面捆綁我們所有的需求，確保我們在物流方面進行更多整合，確保我們與商業政策保持一致並減少分銷成本。

Overall, given the size of our company, given the way we are selecting the most profitable projects, the highest value creation projects, we believe that we will be able to stay below 8% of R&D CapEx against revenue rate, which, from what I have seen is what we need to enhance the efficiency and the effectiveness of Stellantis against what was done in the former mother companies.

總體而言，考慮到我們公司的規模，考慮到我們選擇最有利可圖的項目、最高價值創造項目的方式，我們相信我們將能夠將研發資本支出與收入比率保持在 8% 以下，從我我們已經看到，我們需要提高 Stellantis 的效率和有效性，以對抗前母公司所做的事情。

If I move forward, what will be then the guidance that we want to give you today for 2021? The guidance is that we expect to be between 5.5% and 7.5% of adjusted operating income margin, with, of course, a strong caveat, which is related to the COVID-19. We cannot anticipate what are going to be the lockdowns, if any. We cannot anticipate what would be the restrictions on business, if any. So of course, that's a factor that we cannot control and that we put aside of this guidance. Everything else, you can see it on this slide, we have some tailwinds, which come mostly from North America, great new products, mostly on Jeep coming in. Strong pricing and mix environment are positive in North America.

如果我繼續前進，那麼我們今天想給你的 2021 年指導是什麼？指導意見是，我們預計調整後的營業利潤率將在 5.5% 至 7.5% 之間，當然還有一個與 COVID-19 相關的強烈警告。如果有的話，我們無法預料會發生什麼封鎖。我們無法預測對業務的限制（如果有的話）。因此，當然，這是我們無法控制的一個因素，我們將這一指導放在一邊。其他一切，你可以在這張幻燈片上看到，我們有一些順風，主要來自北美，很棒的新產品，主要是在吉普車上。北美強勁的定價和混合環境是積極的。

We expect that there will be a non-repeat of disruptions from COVID-19, if that was to be the case, because of the improvement in the vaccination process. If the vaccination process moves ahead as it is moving, for instance, in North America, then we expect things to go in a better direction. We started with a very low inventory level at the beginning of this year, and that is going to support the business moving forward. We are keeping a certain number of cost-saving initiatives from the COVID period on -- in 2021, and we will start benefiting from a certain number of synergies, and we have already seen that on the first decisions we have made.

我們預計，由於疫苗接種過程的改進，如果出現這種情況，COVID-19 將不會再次造成乾擾。例如，如果疫苗接種進程在北美進行，那麼我們預計事情會朝著更好的方向發展。今年年初，我們的庫存水平非常低，這將支持業務向前發展。從 2021 年的 COVID 時期開始，我們將保留一定數量的成本節約舉措，我們將開始從一定數量的協同效應中受益，我們已經在做出的第一個決定中看到了這一點。

On the headwinds, we have basically, as you know well, 3 big gorillas. The #1 is the raw material cost inflation, which is extremely powerful, extremely impactful. And we are fighting very hard on this matter, and I would like to express my sincere appreciation to all the functions in the company that are fighting against this raw material cost inflation, which, of course, is penalizing the margins of our products.

在逆風中，眾所周知，我們基本上有 3 隻大猩猩。 ＃1是原材料成本膨脹，它非常強大，非常有影響力。我們在這個問題上非常努力，我想對公司所有與原材料成本膨脹作鬥爭的職能部門表示衷心的感謝，這當然會損害我們產品的利潤。

We are also facing a significant shortage of semiconductors, as you know well. From everything we have seen so far, the number of plant closures is for Stellantis quite competitive against what I have seen from other car companies. So so far, I would say, we have been able to push back and to fight on this matter. Hopefully, this will continue, and we are now working hard and as fast as we can while respecting all the quality standards on finding alternatives for the semiconductors that are in short supply, but this is also a very big hit to our business plan, as we all know, right now. And of course, we see that the increase in the LEV sales mix is putting pressure on the margins because, as you know, the cost of electrification is very high.

如您所知，我們還面臨著半導體的嚴重短缺。從目前我們所看到的一切來看，Stellantis 的工廠關閉數量與我從其他汽車公司看到的相比相當具有競爭力。到目前為止，我想說，我們已經能夠在這個問題上進行反擊和戰鬥。希望這種情況會繼續下去，我們現在正在努力並儘可能快地工作，同時尊重所有質量標準，為供不應求的半導體尋找替代品，但這對我們的業務計劃來說也是一個很大的打擊，因為我們都知道，現在。當然，我們看到 LEV 銷售組合的增加正在給利潤率帶來壓力，因為如您所知，電氣化成本非常高。

From here, I would like just to say that this band that we are guiding you on is something that we believe we can deliver. But of course, there is something we do not control is to which extent things will improve in terms of health conditions in terms of COVID-19-related business disruptors. This is something we do not control. And of course, we are facing the other headwinds that we have here.

從這裡開始，我只想說，我們正在指導你的這個樂隊是我們相信我們可以提供的。但是，當然，我們無法控制的是，就與 COVID-19 相關的業務破壞者而言，健康狀況會在多大程度上得到改善。這是我們無法控制的。當然，我們還面臨著其他不利因素。

So that's the guidance I wanted to share with you. Then moving to electrification, this is to represent all the pictures of the electrified products that we have now on sale. The least we could say at Stellantis is that we are not missing electrified products. This is very representative. And on this slide, you don't have the LCVs, so you have even more than what you see here. We expect to be fully compliant in Europe as Stellantis, and we continue to work aggressively to improve our CAFE in the U.S., understanding that with the new administration, things will be most probably more demanding in the near future, and we are preparing for that, as you may expect. And of course, we have all the technologies that we need for that from the presentations that were made before.

這就是我想與您分享的指導。然後轉向電氣化，這是代表我們現在在售的電氣化產品的所有圖片。在 Stellantis，我們至少可以說我們並沒有錯過電氣化產品。這個很有代表性。在這張幻燈片上，您沒有 LCV，因此您擁有的比您在此處看到的更多。我們希望像 Stellantis 一樣在歐洲完全合規，並且我們將繼續積極努力改善我們在美國的 CAFE，並了解隨著新政府的到來，在不久的將來，事情很可能會變得更加苛刻，我們正在為此做準備，如您所料。當然，我們從之前的演示中獲得了我們需要的所有技術。

Last but not least, I would like to talk to you a little bit about software. When I was telling you that we do not accept to be cornered, we do not accept to be a legacy carmaker, we do not accept to be a dinosaur, we are now preparing for a very strong initiative in terms of software. We understand that software is core. We have counted the number of lines of coding that we have in one of our premium PHEV C segment products. It's around 80 million lines of code. So needless to say that this is a fantastic sophistication of our products. By the way, it's roughly 3x more than a midsized airplane, which tells a lot about the complexity of the car industry.

最後但同樣重要的是，我想和你談談軟件。當我告訴你我們不接受被逼入絕境時，我們不接受成為傳統汽車製造商，我們不接受成為恐龍，我們現在正在為軟件方面的一項非常強大的計劃做準備。我們知道軟件是核心。我們已經計算了我們的一款優質 PHEV C 細分產品中的編碼行數。大約有 8000 萬行代碼。不用說，這是我們產品的一種奇妙的複雜性。順便說一句，它大約是中型飛機的 3 倍，這充分說明了汽車行業的複雜性。

It's, of course, important that we address the key goals that you have on the right-hand side of this slide, which is, of course, attractive and fluid customer experiences of our products. It's about making sure that our products are continuously up-to-date through the over-the-air capability, which is already a reality for the infotainment of our cars. It's about making sure that we scale up in the way we use the data and the way we use artificial intelligence. It's about mostly decoupling completely the software developments from the lead times of the hardware, which are completely different, and that need that we gain control over the software in the value chain.

當然，重要的是我們要解決您在本幻燈片右側的關鍵目標，當然，這就是我們產品的有吸引力和流暢的客戶體驗。這是為了確保我們的產品通過無線功能不斷更新，這已經成為我們汽車信息娛樂系統的現實。這是為了確保我們在使用數據的方式和使用人工智能的方式上擴大規模。它主要是將軟件開發與硬件的交付週期完全脫鉤，這是完全不同的，需要我們控制價值鏈中的軟件。

This is what we are preparing for. And of course, to do this, we want to attract the best talents in terms of software. That means that this open window to the world called Stellantis to have a breath of fresh air will be a strong attractive point for many people because we are a highly diverse company. We are open minded. We want to change things. We want to do it faster. And of course, people want to achieve something in their professional life. People want to unleash their potential. They will be attracted by Stellantis, which is an open company, an open-minded company.

這就是我們正在準備的。當然，要做到這一點，我們希望吸引軟件方面最優秀的人才。這意味著，這個名為 Stellantis 的敞開的世界之窗讓人們呼吸到新鮮空氣，這對許多人來說將是一個強大的吸引力點，因為我們是一家高度多元化的公司。我們思想開放。我們想改變一些事情。我們想更快地做到這一點。當然，人們希望在他們的職業生涯中有所成就。人們想要釋放他們的潛力。他們會被 Stellantis 所吸引，這是一家開放的公司，一家思想開放的公司。

This is what we are preparing for and within a few weeks or limited number of months. We'll be able to explain to you a strong initiative on this matter, and this is the reason why we have assigned a top executive that will report to the CEO directly called (inaudible), who is in charge of preparing this strategic, innovative and disruptive initiative.

這是我們正在準備的，在幾週或有限的幾個月內。我們將能夠就此事向您解釋一個強有力的倡議，這就是為什麼我們指定了一名高級管理人員，他將直接向首席執行官報告（聽不清），他負責準備這項戰略性的、創新的和破壞性的主動性。

This is what I wanted to share with you. And from here, I would like to hand over to you for the Q&A. Thank you for your attention.

這就是我想和你分享的。從這裡開始，我想把問答交給你。感謝您的關注。

(Operator Instructions) And the first question comes from the line of José Asumendi from JPMorgan.

（操作員說明）第一個問題來自摩根大通的 José Asumendi。

It's Jose from JPMorgan. Carlos and management team, just 3 topics, please. The first one, can you talk a little bit about the synergies and the synergies on 2 fronts?

是摩根大通的何塞。 Carlos 和管理團隊，請只討論 3 個主題。第一個，你能談談協同效應和兩條戰線的協同效應嗎？

As I think about FCA's R&D bill and how much of that is exposed to Europe, and how much can you reduce that R&D expenditure that is exposed to Europe as you leverage on the Peugeot architecture, what is the opportunity, please? And how much of that R&D build is exposed to Europe?

當我想到 FCA 的研發費用以及其中有多少暴露於歐洲，以及當您利用標致架構時，您可以減少多少暴露於歐洲的研發支出，請問機會是什麼？有多少研發設施暴露在歐洲？

Second topic on the synergies, please, the engine on the powertrain opportunity, how quickly can you share powertrain across the Peugeot on the FCA architecture in Europe? And how quickly can you merge those 2 engine families?

關於協同效應的第二個話題，關於動力總成機會的發動機，你能多快在歐洲 FCA 架構上跨標致共享動力總成？你能多快合併這兩個引擎系列？

And then Carlos, please, 2 topics as well. One software as you just mentioned and the second one on the electric vehicle platform. On software, can you talk a little bit more around who are going to be your key software partners to develop the autonomous driving toolkit on Level 2, Level 3 in the short term, maybe in the next 2 years?

然後請 Carlos 提供 2 個主題。您剛才提到的一個軟件，以及電動汽車平台上的第二個軟件。在軟件方面，您能否多談談誰將成為您的主要軟件合作夥伴，以在短期內（可能在未來 2 年內）開發 Level 2、Level 3 的自動駕駛工具包？

And then on the EV architecture, you have, I think, a very successful or very solid toolkit with the combination of Nidec staff Punch Powertrain on the different components of EV toolkit. Can you move this toolkit over into North America and replicate the same strategy in Europe as in the U.S.? Or do you need a different strategy for the U.S. market?

然後在 EV 架構上，我認為您擁有一個非常成功或非常可靠的工具包，它結合了 Nidec 員工 Punch Powertrain 在 EV 工具包的不同組件上的組合。您能否將此工具包轉移到北美並在歐洲複製與美國相同的策略？還是您需要針對美國市場採取不同的策略？

Well, thank you, José. That's a lot of questions that, of course, need a lot of development. So I'll try to make it as focused as I can. And thank you for raising so many very important and interesting questions, I'm sure for you as much as for your peers.

好吧，謝謝你，何塞。這是很多問題，當然，需要大量的發展。所以我會盡量讓它集中註意力。感謝您提出這麼多非常重要和有趣的問題，我相信您和您的同行一樣多。

First of all, we see with our Italian teams enormous potential to improve fast because, of course, everything that we are already doing to deliver the 9.4% operating margin by H2 of 2020 is available to our FCA teammates in Europe. So there is many, many things that can be used in a very efficient way very quickly. And we have a lot of references, a lot of internal benchmarks on everything that we have been doing between Peugeot, Citroën, DS, but also with Opel Vauxhall. So all of this is on the table.

首先，我們看到我們的意大利團隊有巨大的快速改進潛力，因為當然，我們已經為在 2020 年下半年實現 9.4% 的營業利潤率所做的一切都可供我們在歐洲的 FCA 隊友使用。所以有很多很多東西可以非常快速地以非常有效的方式使用。我們有很多參考資料，我們在標致、雪鐵龍、DS 以及歐寶沃克斯豪爾之間所做的一切方面都有很多內部基準。所以這一切都擺在桌面上。

I see from our Italian teams a lot of interest. I would say they are really eager to jump and see what can be done. I know that they are doing this. And by the way, I would like to thank them for being so open-minded in terms of grasping those opportunities.

我從我們的意大利團隊中看到了很多興趣。我會說他們真的很想跳，看看能做些什麼。我知道他們正在這樣做。順便說一句，我要感謝他們在抓住這些機會方面如此開放。

So yes, it is true that FCA Europe has a big opportunity to be using many of the assets, which are available in Europe coming from the PSA world. But not only, there will be also some of the assets coming from FCA that will be used also by PSA because this is exactly what a synergy means. Synergy means that you can do things that you would not be able to do on a stand-alone basis. And this is going to be both ways. This is something that I can tell you. And I think it's going to move reasonably fast.

所以是的，FCA Europe 確實有很大的機會使用許多來自 PSA 世界的資產，這些資產在歐洲可用。但不僅如此，還有一些來自 FCA 的資產也將被 PSA 使用，因為這正是協同效應的含義。協同作用意味著您可以做您在獨立基礎上無法做到的事情。這將是雙向的。這是我可以告訴你的。而且我認為它將以相當快的速度發展。

Of course, you have the lead time of new projects, which generally speaking, is between 2 and 3 years on existing platforms and existing powertrains. But that may represent a very significant part of the synergies.

當然，您有新項目的提前期，一般來說，在現有平台和現有動力系統上為 2 到 3 年。但這可能代表了協同效應的一個非常重要的部分。

What I can tell you is that all of those topics are coming to the governance bodies that I am sharing. And I have already -- we have already decided on many of those over the last couple of weeks. And we do not forget, you and me, that the closing was on January 16. And we are on March 3. So many of those decisions are already in execution mode, which is good news, and it is also the big demonstration that our teams are eager to use those assets and use those opportunities.

我可以告訴你的是，所有這些主題都將提交給我正在分享的治理機構。我已經 - 在過去的幾周里，我們已經決定了其中的許多。我們不會忘記，你和我，關閉是在 1 月 16 日。而我們是在 3 月 3 日。其中許多決定已經處於執行模式，這是個好消息，這也是我們的重大證明團隊渴望使用這些資產並利用這些機會。

It's going to be the same thing in powertrain. Of course, in terms of ICE, we do not intend to invest more. We are going to use the existing assets from both companies and trying to leverage everything we can and use the existing capacity as much as we can with the existing ICEs.

在動力總成中也是如此。當然，在ICE方面，我們不打算加大投入。我們將利用兩家公司的現有資產，並嘗試利用我們所能做的一切，並儘可能多地利用現有 ICE 的現有產能。

We have very good proposals from both families. I would say, smaller engines more from PSA, bigger engines more from FCA. And we see that those opportunities are going to allow us not to invest more despite the needs and despite the new norms, et cetera, which is great news in terms of synergies. And on the powertrain, I see a lot of cross sharing between the 2 families.

我們有來自兩個家庭的非常好的建議。我想說的是，PSA 的小型發動機更多，FCA 的大型發動機更多。我們看到，儘管有需求和新規範等，這些機會將使我們不會進行更多投資，這在協同效應方面是個好消息。在動力總成上，我看到兩個家族之間有很多交叉共享。

I also see that in terms of electrification, everything we have invested in Europe is a blessing for Stellantis, the electric motors, the dual class transmission electrified, the battery packs, the battery cells. All of this is going to be available for FCA Europe, which is, I think, very good news to improve very quickly the performance of our sales.

我還看到，在電氣化方面，我們在歐洲投資的一切都是對 Stellantis 的祝福，電動機、電氣化雙級變速器、電池組、電池。所有這些都將適用於 FCA Europe，我認為這是一個非常好的消息，可以很快提高我們的銷售業績。

And the only thing I can anticipate is that by 2025 -- and please remember this, we'll be very happy by 2025 to be in control of the full value chain of the electric powertrains. We will be very, very happy in 2025. And by the way, that's a decision that we have made a couple -- most of those decisions were made in 2014, 2015. And the battery cell company was decided last year, as you know well.

我唯一能預料到的是，到 2025 年——請記住這一點，到 2025 年，我們將非常高興能夠控制電動動力系統的整個價值鏈。 2025 年我們會非常非常高興。順便說一句，這是我們做出的幾個決定——其中大部分決定是在 2014 年和 2015 年做出的。電池公司是去年決定的，如你所知好吧。

In terms of software and autonomous vehicles, well, we have a great deal, a great deal that was crafted and negotiated by Mike with Waymo. It is a great partnership between -- it was a great partnership between FCA and Waymo. And now it's a great partnership between Stellantis and Waymo. So now we are going to execute this strategic partnership and make those autonomous vehicles with the Waymo software technology, which is the best way, of course, to learn, is to do things and of course, to come up with the appropriate projects that will be announced shortly.

在軟件和自動駕駛汽車方面，我們有很多，很多都是由 Mike 與 Waymo 精心設計和談判的。這是 FCA 和 Waymo 之間的良好合作夥伴關係。現在，這是 Stellantis 和 Waymo 之間的良好合作夥伴關係。因此，現在我們將執行這種戰略合作夥伴關係，並使用 Waymo 軟件技術製造那些自動駕駛汽車，當然，這是最好的學習方式，就是做事，當然，提出合適的項目不久將公佈。

But you see, it's very simple. To a certain extent, PSA was coming with a lot of good things, good assets in terms of CO2 emission reduction, and FCA was coming with great things in terms of autonomous vehicles. And now all of this is part of the assets that the family can enjoy.

但是你看，這很簡單。在一定程度上，PSA 在二氧化碳減排方面帶來了很多好東西、好資產，而 FCA 在自動駕駛汽車方面帶來了很多好東西。而現在這一切都是家庭可以享受的資產的一部分。

For the EV architecture, we are still working on the architectures. You have seen from the PSA presentation that we have 2 platforms, which are very much B and C segment dedicated platforms, the eCMP and the eVMP. The eVMP platform is going to give us a very strong improvement in terms of range, in terms of, I'm sure, satisfaction for the customers, given the range that will be offered because the packaging of the battery pack is absolutely efficient in the way it is sought out in the platform layout.

對於 EV 架構，我們仍在研究架構。您從 PSA 演示文稿中看到，我們有 2 個平台，它們是非常 B 和 C 細分市場的專用平台，即 eCMP 和 eVMP。 eVMP 平台將在範圍方面給我們帶來非常強大的改進，我敢肯定，考慮到將提供的範圍，因為電池組的包裝在在平台佈局中尋找它的方式。

Are those assets usable in U.S. with the caveat that they need to be federalized in some of their dimensions? The answer is yes. Will we do it? We'll see. So far, it's too soon to say. We still have a lot of work to do.

這些資產是否可以在美國使用，但需要注意的是它們需要在某些方面被聯邦化？答案是肯定的。我們會這樣做嗎？走著瞧。到目前為止，現在說還為時過早。我們還有很多工作要做。

We are now preparing for the product strategy for the next 10 years for the 14 brands of Stellantis. So I think you can imagine 10 years' time window, 14 brands, product planning strategy, technology strategy. All of this needs to be combined. We are working very hard on that core model strategy, of course. It's moving very well and very fast. It's still a little bit premature for me to give you the details. But of course, one of the major drivers of this global initiative is to make sure that they are shared assets because those shared assets are the best levers we have to be more competitive than our peers. And at the end of the day, through our efficiency, continue to invest in our future. This is where we are today. So could we use those assets in the U.S.? The answer is yes, as long as we federalize what we need to federalize based on the U.S. regulations.

我們現在正在為 Stellantis 的 14 個品牌制定未來 10 年的產品戰略。所以我想你可以想像10年的時間窗口，14個品牌，產品規劃策略，技術策略。所有這些都需要結合起來。當然，我們正在努力製定核心模型戰略。它的移動非常好而且非常快。我現在告訴你細節還為時過早。但當然，這項全球倡議的主要推動力之一是確保它們是共享資產，因為這些共享資產是我們必須比同行更具競爭力的最佳槓桿。歸根結底，通過我們的效率，繼續投資於我們的未來。這就是我們今天的位置。那麼我們可以在美國使用這些資產嗎？答案是肯定的，只要我們根據美國法規將我們需要聯邦化的東西聯邦化。

That's my answers to your questions, José. Thank you.

這就是我對你問題的回答，何塞。謝謝你。

(Operator Instructions) And the next question comes from the line of Martino de Ambroggi from Equita.

（操作員說明）下一個問題來自 Equita 的 Martino de Ambroggi。

Okay. I would try to ask just 2 questions. The first is on the guidance for 2021. Could you elaborate a bit more on your top line in the sense you presented some indication coming from independent sources concerning market volumes. Just to have a quick comment on the ability to outperform mix and ForEx, just to have an idea. So the end of the question is 150 roughly billion is a reasonable number on what to build your adjusted EBIT guidance.

好的。我會試著問兩個問題。第一個是關於 2021 年的指導。您能否詳細說明一下您的收入，因為您提出了一些來自獨立來源的有關市場數量的跡象。只是為了快速評論一下超越混合和外彙的能力，只是為了有個想法。所以問題的結尾是 150 大約十億是建立調整後 EBIT 指導的合理數字。

And the second is more general. In your comments, you said we are prepared for disruptive decisions. Is there any example you could provide, you could share with us?

第二個更籠統。在您的評論中，您說我們已準備好應對破壞性決定。有沒有你可以提供的例子，你可以與我們分享？

Well, those are 2 great questions. Thank you. I will answer the second one and then give a few minutes to Richard to answer the first one about the top line that is supportive of the guidance that I presented.

嗯，這是兩個很好的問題。謝謝你。我將回答第二個問題，然後給 Richard 幾分鐘時間回答第一個問題，即支持我提出的指導的頂線。

On the disruption, one example I can give you is the recent investment we have made in the Archer Aviation company to develop vertical flying devices for urban mobility, which is a very different kind of mobility that we are now here facing. This is one example.

關於中斷，我可以給你舉一個例子，我們最近對 Archer 航空公司進行了投資，以開髮用於城市交通的垂直飛行設備，這是我們現在面臨的一種非常不同的交通方式。這是一個例子。

We believe that this strategic investment in Archer Aviation is going to be highly convergent with the technology that we need for the automobile world in terms of energy management systems, in terms of lightweight batteries and in terms of fast charging of those batteries. So that's a very clear technology convergence between aerospace and automotive. And this is why we have done this investment in the Archer Aviation a few weeks ago because we believe there is value creation potential in terms of technology road map for the electrified components of our powertrains. That's an example.

我們相信，對 Archer Aviation 的這項戰略投資將與我們在能源管理系統、輕質電池和電池快速充電方面所需的汽車世界技術高度融合。所以這是航空航天和汽車之間非常明確的技術融合。這就是我們幾週前對 Archer Aviation 進行這項投資的原因，因為我們相信我們的動力總成電氣化組件的技術路線圖具有創造價值的潛力。這是一個例子。

I don't want to give you more examples right now with my apologies because as long as we have not decided them yet, it is, I think, respectful to you and to your peers that we not talk about things we have not decided to do. But what we have decided to do and that I can share with you is the fact that we are not going to let ourselves be cornered as a dinosaur. That's clear.

抱歉，我現在不想給你更多例子，因為只要我們還沒有決定，我認為，我們不談論我們尚未決定的事情是對你和你的同齡人的尊重做。但是我們決定要做的，我可以和你們分享的是，我們不會讓自己像恐龍一樣被逼到絕境。這很清楚。

You see that's something that I can easily capture from our people, from our executives. They understand that we can be much more efficient and effective in everything we do. And the internal benchmarking is showing that, which means that we have great potential to improve our results but for the purpose, for the purpose of making sure that in this fast-changing world, in this volatile world, in this chaotic world, we are not going to be cornered because we would not be bold enough, because we would not be fast enough, because we would not be innovative enough.

你看，我可以很容易地從我們的員工身上，從我們的高管身上捕捉到這一點。他們明白，我們可以在我們所做的每件事上更加高效和有效。內部基準測試表明，這意味著我們有很大的潛力來改善我們的結果，但目的是為了確保在這個瞬息萬變的世界中，在這個動蕩的世界中，在這個混亂的世界中，我們是不會因為我們不夠大膽、不夠快、不夠創新而走投無路。

This is something that is coming up strong from my top executive team, and I was talking to them 300 top executives just before the session. I think that they completely understand. And of course, there is a big question mark in the room, as you know well, which is the valuation of Tesla, which is always there somewhere. And we will make sure that we compete in a way or another.

這是我的高層管理團隊正在強烈提出的事情，就在會議之前，我正在與他們交談 300 位高層管理人員。我認為他們完全理解。當然，房間裡還有一個很大的問號，你很清楚，那就是特斯拉的估值，它總是存在於某個地方。我們將確保我們以某種方式競爭。

I don't know what the valuation will be, but I can tell you that we are not going to be a legacy carmaker cornered in legacy products. This is not the intention of our top leadership team. This is not the intention of the CEO of the company. This is something that we need to create and, of course, to present to you at the appropriate time.

我不知道估值會是多少，但我可以告訴你，我們不會成為一家陷入傳統產品困境的傳統汽車製造商。這不是我們最高領導團隊的意圖。這不是公司首席執行官的意圖。這是我們需要創造的東西，當然，在適當的時候呈現給你。

So that's where we are on that topic, I'm sorry for giving you only one example at this stage.

所以這就是我們在這個話題上的所在，很抱歉在這個階段只給你一個例子。

Richard, would you like to answer the question on the top line, please?

理查德，你願意回答上面的問題嗎？

Sure, Carlos. Thank you. Hi, Martino. So I think, as you saw in the second half of last year, our revenues combined were EUR 80 billion. Simple math would indicate that we should be a little bit higher than your [1 50].

當然，卡洛斯。謝謝你。嗨，馬蒂諾。所以我認為，正如你在去年下半年看到的那樣，我們的總收入為 800 億歐元。簡單的數學表明我們應該比你的 [1 50] 高一點。

The big unknown, clearly is the impact of the chips issue, particularly on the first half of the year. So I think a range of [1 50 to 1 60] is probably a reasonable assumption given the volatility that we're facing, both in some of our markets and particularly because of the availability of chips in the short term.

最大的未知數，顯然是芯片問題的影響，尤其是在今年上半年。因此，鑑於我們面臨的波動性，我認為 [1 50 到 1 60] 的範圍可能是一個合理的假設，無論是在我們的某些市場中，特別是因為短期內籌碼的可用性。

The next question comes from the line of Thomas Besson, Kepler Cheuvreux.

下一個問題來自 Thomas Besson，Kepler Cheuvreux。

it's Thomas from Kepler Cheuvreux. I have 2 questions as well, please.

是來自 Kepler Cheuvreux 的 Thomas。我也有2個問題，拜託。

The first is about capital allocation. Carlos, I think you mentioned EUR 17.8 billion is an important figure. It's effectively higher than what we had in mind on cash generation.

首先是關於資本配置。卡洛斯，我認為你提到 178 億歐元是一個重要數字。它實際上高於我們對現金產生的預期。

Could you give us an idea of how much net cash you think that Stellantis needs in absolute terms or as a proportion of group revenues and tell us eventually whether the EUR 1 billion dividend that you had considered after the change in terms of the merger in September is enough or maybe could be more given the prospects of free cash flow generation? And mention what you'd like to say on dividend policy from here. I mean you've said 8% CapEx and R&D. So lastly, there's a lot of room for free cash flow. So basically, an overall question on with the strong net cash position, how much do you think Stellantis could return from here?

您能否告訴我們您認為 Stellantis 需要多少淨現金，以絕對值或占集團收入的比例計算，並最終告訴我們您在 9 月合併條款發生變化後考慮的 10 億歐元股息是否考慮到自由現金流產生的前景，是否足夠或者可能更多？並從這裡提及您對股息政策的看法。我的意思是你說的是 8% 的資本支出和研發。最後，自由現金流有很大的空間。所以基本上，關於強勁的淨現金頭寸的整體問題，你認為 Stellantis 可以從這裡返回多少？

The second question is to come back on the synergies, please. We've seen in the press several reports suggesting that there could be first CMP vehicles from the FCA family coming as early as mid-2022. It would seem extremely quick compared with what you managed to achieve with Opel, but I'd like you to comment, if possible, on the timing of the first vehicles coming from Jeep or Fiat that could be shifted into the CMP vehicles in Europe to have a first idea of the sequence for synergies. And that's it.

第二個問題是關於協同效應的問題。我們在媒體上看到了幾篇報導，暗示最早可能在 2022 年年中推出 FCA 家族的第一批 CMP 車輛。與您在歐寶上取得的成就相比，這似乎非常快，但如果可能的話，我希望您評論一下來自 Jeep 或菲亞特的第一批車輛的時間安排，這些車輛可以轉移到歐洲的 CMP 車輛上對協同作用的順序有一個初步的了解。就是這樣。

Well, thank you, Thomas. As always, great questions, not easy ones. I would like to ask Richard to comment on the net cash position of Stellantis. I would like to say a few words about the R&D and CapEx and the dividend policy. The dividend policy will be presented to you later on. It's not the right timing for us to do that. The right timing right now is to close the loop on the deal that was concluded to create Stellantis. That's the sense of the dividend, the distribution that was announced, it's to close the deal-related to the merger. That's why we are proposing to the shareholders to make that decision in terms of distribution, close the deal of the merger.

好吧，謝謝你，托馬斯。一如既往，好問題，不容易的問題。我想請理查德對 Stellantis 的淨現金狀況發表評論。我想談談研發和資本支出以及股息政策。股息政策稍後會呈交您。現在不是我們這樣做的正確時機。現在正確的時機是結束創建 Stellantis 的交易。這就是股息的意義，宣布的分配，是完成與合併相關的交易。這就是為什麼我們建議股東在分配方面做出決定，完成合併交易。

In terms of R&D and CapEx, I have presented to you the fact that I believe that we can stay below 8%. Why? Because I can see the needs coming from the brands, including the brands that have been a little bit starved over the last few years. But I also can see the efficiencies and I believe that Stellantis can be one of the best players in the world for the efficiencies when we are doing the sister cars from leading cars, which means that we can be very efficient in the way we build the business plans that fly because our [inter] tickets and the way we have to engineer those sister cars is very competitive.

在研發和資本支出方面，我已經向你展示了一個事實，我相信我們可以保持在 8% 以下。為什麼？因為我可以看到來自品牌的需求，包括過去幾年有點挨餓的品牌。但我也能看到效率，我相信 Stellantis 可以成為世界上效率最高的玩家之一，當我們從領先汽車製造姐妹車時，這意味著我們可以非常高效地製造商業計劃之所以成功，是因為我們的 [inter] 門票以及我們設計這些姊妹車的方式非常具有競爭力。

So I believe that being below 8% will demonstrate that we can, from one side, be very efficient. From the other side, if we have to rank the projects, we will, of course, cancel the ones which have the lowest value creation ratio, which then means that it is going to improve the overall margin, income margin rate of the company, as you, of course, understand.

所以我相信低於 8% 將證明我們可以，從一方面來說，是非常有效的。另一方面，如果我們要對項目進行排名，我們當然會取消那些價值創造率最低的項目，這意味著它會提高公司的整體利潤率，收入利潤率，正如你，當然，理解。

So the 8% ceiling comes from the efficiencies that I see, both from PSA and FCA, and I will give you 2 examples. I think that PSA is coming with a very clear understanding that we can do a sister car for a very competitive inter ticket. And I think that the FCA is coming with a very clear development process that is faster than the PSA one.

所以 8% 的上限來自我所看到的 PSA 和 FCA 的效率，我將舉兩個例子。我認為 PSA 的到來有一個非常清晰的認識，即我們可以為非常有競爭力的國米門票製造一輛姊妹車。而且我認為 FCA 的開發過程非常清晰，比 PSA 更快。

So from one side, they have one family telling me that they can do the things at a faster pace. From the other side, I have another part of the family that is telling me that they can do it in a more efficient inter ticket. So if I combine both, I should go fast and I should be very efficient at the end of the day. That's the reason why we create Stellantis, by the way.

所以從一方面來說，他們有一個家庭告訴我，他們可以以更快的速度做事。另一方面，我的另一個家庭成員告訴我，他們可以通過更高效的國米球票來做到這一點。所以如果我把兩者結合起來，我應該走得很快，而且我應該在一天結束時非常有效率。順便說一句，這就是我們創建 Stellantis 的原因。

So I think you can easily, easily think that within 2 to 2.5 years, we can have some of those products on the market, which is something that is reasonable, given the fact that we will make top hats on existing platforms. That's something that you can understand.

所以我認為你可以很容易地認為，在 2 到 2.5 年內，我們可以將其中一些產品推向市場，這是合理的，因為我們將在現有平台上大放異彩。這是你可以理解的。

And regarding the dividend policy, we'll talk to you later in the year, most probably about this. At this stage is too soon for us. We have too many things on our plate. We need to set the direction, start creating the value, discuss with our Board, and then we'll come back to you, I'm sure, later in the year.

關於股息政策，我們將在今年晚些時候與您討論，很可能是關於這個。在這個階段對我們來說還為時過早。我們的盤子裡有太多的東西。我們需要確定方向，開始創造價值，與我們的董事會討論，然後我們會在今年晚些時候回复您，我敢肯定。

Richard, would you like to take the comments on the net cash position of Stellantis, please?

理查德，您願意對 Stellantis 的淨現金狀況發表評論嗎？

Sure. Thanks, Carlos. So Thomas, a couple of premises. Obviously, one, volatile markets and continued risks in some of the marketplaces we're operating in.

當然。謝謝，卡洛斯。所以托馬斯，幾個前提。顯然，我們經營的一些市場中的市場波動和持續存在的風險。

Secondly, we have about EUR 13 billion of maturities in the debt ladder, which we need to address in the next 3 years, half of which is in 2022. So clearly, we're investment grade. We have a very, I think, attractive set of (inaudible) refinancing the debt should not be an issue, but we will -- that's the first priority, I think, to do that as we look at our liquidity position.

其次，我們的債務階梯中大約有 130 億歐元到期，我們需要在未來 3 年內解決這些問題，其中一半是在 2022 年。很明顯，我們是投資級別的。我認為，我們有一套非常有吸引力的（聽不清的）債務再融資不應該成為問題，但我們會 - 我認為，當我們審視我們的流動性狀況時，這是首要任務。

And then secondly, if you think about percentages of revenues, I suppose, in terms of what sort of liquidity we should be holding, I think 25% to 30% of revenues is a number which people consider to be a reasonable range for a car company, currently with the volatility we're facing probably on the high end of that. So I think that's the sort of target we'll be looking at in the shorter term as we refinance the maturities. And then as markets stabilize, we'll continue to look at that number going forward.

其次，如果你考慮收入的百分比，我想，就我們應該持有什麼樣的流動性而言，我認為收入的 25% 到 30% 是人們認為汽車的合理範圍的數字公司，目前我們面臨的波動可能處於高端。因此，我認為這是我們在為到期日再融資時將在短期內關注的目標。然後隨著市場穩定，我們將繼續關注這個數字。

One fact on the EUR 57 billion, the EUR 57 billion of liquidity we show clearly sort of needs to be normalized for the EUR 2.9 billion extraordinary dividend we paid in January, the 0.3 that will go out with the Faurecia distribution, the EUR 1 billion of special dividend that will go out, if approved by the AGM. So the AGM. And we also have a EUR 3 billion RCF that expires in April. So the number is a little bit lower normalized for those factors, but it's clearly very strong, and we will keep it very strong. I think maybe for some people too strong until we have refinanced some of the maturities that come due.

關於 570 億歐元的一個事實，我們清楚地表明 570 億歐元的流動性需要標準化為我們在 1 月份支付的 29 億歐元特別股息，佛吉亞分配的 0.3 歐元，10 億歐元如果股東周年大會批准，將派發的特別股息。所以是年度股東大會。我們還有 30 億歐元的 RCF 將於 4 月到期。因此，這些因素標準化後的數字略低，但顯然非常強勁，我們將保持非常強勁。我認為，在我們為一些到期的債券再融資之前，可能對某些人來說太強大了。

The next question comes from the line of Horst Schneider from Bank of America.

下一個問題來自美國銀行的 Horst Schneider。

Yes. I'll try to keep it brief. Regarding the 2021 guidance on operating margin, Carlos, as we know from Peugeot, you have been always very cautious in setting guidance. So I want to understand now the guidance that we got today, is that now different from the guidance that we got in the past from you? So in other words, is that now really a realistic guidance or you would still call this guidance cautious?

是的。我會盡量保持簡短。關於 2021 年營業利潤率的指導，正如我們從標致了解到的，卡洛斯在製定指導時一直非常謹慎。所以我現在想了解我們今天得到的指導，現在與我們過去從你那裡得到的指導有什麼不同嗎？所以換句話說，現在真的是一個現實的指導，還是你仍然認為這個指導是謹慎的？

And in that context also, I want to understand what amount of synergies is already baked into this guidance? And what is the counter-effect from the semiconductor shortages and the raw material inflation?

在這種情況下，我也想了解該指南中已經包含了多少協同效應？半導體短缺和原材料通脹的反作用是什麼？

Apart from that, I want to understand a little bit structural on premium cars, for example, if you want to continue to have the DS brand next to Alfa Romeo and Maserati. It appears from the outside that you have got now many small premium brands but not one large premium brands. So maybe you can explain a little bit on that.

除此之外，我想了解一些高級汽車的結構，例如，如果您想繼續在阿爾法羅密歐和瑪莎拉蒂旁邊擁有 DS 品牌。從表面上看，您現在擁有許多小型高端品牌，但沒有一個大型高端品牌。所以也許你可以解釋一下。

And the last one is on financial services. You want to have that in the future, again, fully owned by your group or you will continue that in your JVs?

最後一個是關於金融服務的。您希望將來再次完全由您的團隊擁有它，或者您將在您的合資企業中繼續這樣做？

Well, those are great questions. Thank you for making those points.

嗯，這些都是很好的問題。謝謝你提出這些觀點。

Are we being too cautious in the 2021 guidance based on the -- your knowledge of your CEO? I would not make that assumption. First, because your CEO has to learn many things, and he may change. And secondly, because when you look at the headwinds, we need to be realistic on the power of those headwinds. And third, because some of our peers have been guiding on a lower number. So I would like just to tell you that please be cautious on that one.

基於您對 CEO 的了解，我們對 2021 年的指導是否過於謹慎？我不會做這個假設。首先，因為你的 CEO 必須學習很多東西，而且他可能會改變。其次，因為當你看到逆風時，我們需要對這些逆風的力量持現實態度。第三，因為我們的一些同行一直在指導較低的數字。所以我只想告訴你，請謹慎對待。

This guidance, I think, is a good guidance. I think it's representative of a balance between the risks and opportunities. As you know, one thing did not change with your CEO is that he's a competitor. He will remain so, and he will continue to compete and do his best with his team to deliver as much value as we can.

我認為這個指導是一個很好的指導。我認為它代表了風險和機遇之間的平衡。如您所知，您的 CEO 沒有改變的一件事是他是競爭對手。他將繼續如此，他將繼續與他的團隊競爭並儘最大努力為我們提供盡可能多的價值。

But I would not consider, certainly not this guidance, as being cautious. I would not say that because the power of the raw material cost inflation, what is to come in terms of semiconductors is very much the unknown.

但我不認為，當然不是這個指導，是謹慎的。我不會說，因為原材料成本膨脹的力量，半導體方面的未來是非常未知的。

We are told that things will go better in the second half. I'm not sure that, that will happen. Because the evidence that supports that, it's not so obvious. So at the end of the day, my answer to you, with all the respect, is don't consider that this is a cautious guidance. Consider that it is a centered guidance. I think that's the best way to look at it. And of course, you can count on your CEO and you can count on our CFO and the top management team to fight against the headwinds as strongly as we can. But of course, there are some other things we cannot always control.

我們被告知下半場情況會好轉。我不確定，那會發生。因為支持這一點的證據並不那麼明顯。因此，歸根結底，我對您的回答是，恕我直言，不要認為這是一個謹慎的指導。考慮到它是一個居中的指導。我認為這是看待它的最佳方式。當然，您可以指望您的首席執行官，也可以指望我們的首席財務官和高級管理團隊盡我們所能對抗逆風。但是，當然，還有一些其他的事情我們不能總是控制。

The second question was about the premium brands. Your point is valid. It's also about value creation. You see we have 3 premium brands: the DS brand, French sophistication; the Lancia brand, the Italian elegance; and the Alfa Romeo brand, which is an iconic brand, that needs to find a better fit with the potential target customers.

第二個問題是關於高端品牌的。你的觀點是有效的。這也與價值創造有關。你看我們有 3 個高端品牌：DS 品牌，法國精緻；藍旗亞品牌，意式優雅；以及標誌性品牌阿爾法·羅密歐（Alfa Romeo）品牌，需要找到與潛在目標客戶更好的契合度。

On those 3 brands, there is a huge amount of synergies that our brand CEOs are now working on. And this is the reason why you have seen that for each of those brand groups, there is one synergy reference. In this case, is the Alfa Romeo brand CEO, Jean-Philippe Imparato is in charge, of creating and executing those synergies within the brand group. So you can expect that those synergies between the Lancia, DS and Alfa Romeo are going to happen. And of course, that is going to, to a certain extent, allow a better market coverage at the end of the day, against another scenario, which is the one that you have mentioned, and it is fair to mention that, why don't you have only one premium brand, which could be eventually your strategic thinking.

在這三個品牌上，我們的品牌 CEO 現在正在努力實現大量協同效應。這就是為什麼您看到每個品牌組都有一個協同效應參考的原因。在這種情況下，阿爾法羅密歐品牌首席執行官 Jean-Philippe Imparato 負責在品牌集團內創造和執行這些協同效應。所以你可以期待藍旗亞、DS和阿爾法羅密歐之間的協同作用將會發生。當然，這將在一定程度上允許在一天結束時更好的市場覆蓋，而不是另一種情況，這就是你提到的那種情況，公平地說，為什麼不呢？您只有一個優質品牌，最終可能是您的戰略思維。

So far, we are not there. So far, we believe that if we are quite strong with DS in France and neighboring countries, if we see that the Lancia has a big potential in Italy and neighboring countries, if we see that Alfa Romeo can do a better job everywhere in the world, starting with Europe and the U.S., it's because we believe that we can leverage the already visible equity value of those brands.

到目前為止，我們還沒有。到目前為止，我們相信如果我們在法國和周邊國家擁有相當強大的DS，如果我們看到藍旗亞在意大利和周邊國家有很大的潛力，如果我們看到阿爾法羅密歐可以在世界各地做得更好，從歐洲和美國開始，因為我們相信我們可以利用這些品牌已經可見的資產價值。

But your question remains valid. But for the sake of being totally transparent and honest with you, I must say that our first direction is to give to each of those brands a car model strategy and a chance to build the future based on the great achievements of the past. And that's why we have assigned one brand CEO for each of those brands. And as you know, we have Béatrice Foucher taking care of DS. Jean-Philippe Imparato taking care of Alfa Romeo and Luca Napolitano taking care of Lancia.

但你的問題仍然有效。但是為了完全透明和坦誠，我必須說，我們的第一個方向是給每個品牌一個汽車模型戰略，並有機會在過去的偉大成就的基礎上建立未來。這就是為什麼我們為每個品牌指定了一位品牌首席執行官。如您所知，我們有 Béatrice Foucher 負責 DS。 Jean-Philippe Imparato 負責照顧 Alfa Romeo 和 Luca Napolitano 負責 Lancia。

So we are working on that. And I can assure you that against having one single brand, I would say that if we have a strong amount of synergies between the 3, perhaps we can enjoy the benefit of the synergies and at the same time, have a better market coverage. Perhaps this is where -- and now we are working on the brand strategies that we are going to be reviewing between now and the summer break. That's what we are doing right now.

所以我們正在努力。我可以向你保證，相對於單一品牌，我想說的是，如果我們在這三個品牌之間有很強的協同效應，也許我們可以享受協同效應的好處，同時擁有更好的市場覆蓋率。也許這就是 - 現在我們正在製定從現在到暑假期間我們將要審查的品牌戰略。這就是我們現在正在做的事情。

On the financials, what we are seeing is that we are enjoying. We are enjoying a significant collaboration, positive collaboration with our banking partners on PSA as much as on FCA. I think that we are going to leverage on those partnerships. I believe that we will simplify what we have today to make it more efficient and effective in each market we operate. But of course, this is still in the make. We are still discussing and appreciating the benefits of each scenario, but we will continue to enjoy strong partnerships with some of our current partners. That's clear. And we'll see how we can use the potential of our partners to be more aggressive and more impactful in some of the business areas of our global business, starting with the leasing activity, which is, I think, a very important one for the future of our business.

在財務方面，我們看到的是我們正在享受。我們正在與我們的銀行合作夥伴在 PSA 和 FCA 方面進行重要的合作和積極的合作。我認為我們將利用這些夥伴關係。我相信我們將簡化我們今天擁有的東西，使其在我們經營的每個市場中更加高效和有效。但當然，這仍在醞釀之中。我們仍在討論和欣賞每種方案的好處，但我們將繼續與我們現有的一些合作夥伴建立強有力的合作夥伴關係。這很清楚。我們將了解如何利用合作夥伴的潛力，在我們全球業務的某些業務領域中更具侵略性和影響力，從租賃活動開始，我認為這對我們業務的未來。

So this is right now in the making. We will be discussing these matters from the end of this month. And I think that by the summer, we'll have a clear direction on this matter. But so far, what is coming up is that we are happy with our partners and we will continue to leverage that moving forward.

所以現在正在製作中。我們將從本月底開始討論這些問題。我認為到夏天，我們將在這個問題上有一個明確的方向。但到目前為止，我們對合作夥伴感到滿意，我們將繼續利用這一點向前發展。

The next question comes from the line of George Gallierst from Goldman Sachs.

下一個問題來自高盛的 George Gallierst。

So the first question I had was just around electrification. You've been very clear in your remarks that you don't want to be seen as a legacy carmaker, but one question which frequently comes up in discussions with investors is your relative positioning on electrification, and specifically on battery electric vehicles.

所以我的第一個問題是關於電氣化。您在發言中已經非常清楚，您不想被視為傳統汽車製造商，但在與投資者討論中經常出現的一個問題是您在電氣化方面的相對定位，特別是在電池電動汽車方面。

And on Slide 51, you do lay out your plans for high-voltage variance, but you don't make any distinction between BEVs, PHEVs and range extenders. So when you consider Stellantis globally, how do you believe your positioning on battery electric vehicles specifically will compare to peers 5 years from today?

在幻燈片 51 上，您確實制定了高壓變化計劃，但您沒有區分 BEV、PHEV 和增程器。因此，當您在全球範圍內考慮 Stellantis 時，您認為您在電池電動汽車方面的定位將與 5 年後的同行相比如何？

And are there any segments or regions where you believe there is a competitive gap that needs to be addressed? And how quickly can you address that?

您認為在哪些細分市場或地區存在需要解決的競爭差距？你能多快解決這個問題？

This is a very fundamental question. Thank you for asking that. We believe that the mix of sales within the LEV world will move very fast to pure BEVs, which means that we believe that the societies and the markets in which we operate will have the tendency to ban ICEs. That's the reason why we have created eVMP. That's the reason why we are now working on a strong evolution of the current CMP to simply bring what the customers expect from us, which is range and affordability. This is where we are today, and the eVMP is a very good technical answer to that. We have already presented the range more than 600 kilometers, more than 100-kilowatt hours of energy storage with all the other attributes that you expect from a very comfortable product C&D segment.

這是一個非常基本的問題。謝謝你問這個。我們相信，LEV 世界中的銷售組合將非常迅速地轉向純 BEV，這意味著我們相信我們經營所在的社會和市場將有禁止 ICE 的趨勢。這就是我們創建 eVMP 的原因。這就是為什麼我們現在正在努力對當前的 CMP 進行強有力的發展，以簡單地帶來客戶對我們的期望，即範圍和可負擔性。這就是我們今天所處的位置，而 eVMP 是一個非常好的技術答案。我們已經展示了超過 600 公里的續航里程、超過 100 千瓦時的儲能以及您對非常舒適的產品 C&D 細分市場所期望的所有其他屬性。

So we are there, and we expect to compete in terms of platform capability. You know that this is a strength of our families. We do not expect to be anywhere in trouble on the platform architecture and the platform capability, being all the conventional dimensions or in energy storage. And we are working very hard, not only on the energy storage, but also on the energy efficiency ratio, which is all about the electric motors. This is all about the transmissions, which is all about the aerodynamics of our products. So it's not only one factor that is going to give you the energy efficiency in number of miles per kilowatt hour. It's a combination of aerodynamics, weight, efficiency ratios in electric motors, efficiency ratios in electrified transmissions, capability to store, capability to charge and capability to use the full energy that you have stored in the battery. All of this combined is what we are now working on to make sure that in terms of range and affordability, we are going to be meeting the expectations of our customers.

所以我們在那裡，我們希望在平台能力方面進行競爭。你知道這是我們家庭的力量。我們預計平台架構和平台能力不會有任何問題，無論是傳統尺寸還是能源存儲。我們正在非常努力地工作，不僅在儲能方面，而且在能效比方面，這都是關於電動機的。這一切都與變速箱有關，一切都與我們產品的空氣動力學有關。因此，以每千瓦時英里數為單位提供能源效率的不僅僅是一個因素。它是空氣動力學、重量、電動機效率比、電氣化變速器效率比、存儲能力、充電能力和使用電池中存儲的全部能量的能力的組合。所有這些結合起來就是我們現在正在努力確保在範圍和可負擔性方面，我們將滿足客戶的期望。

So I'm not worried about that. I'm challenging hard my engineers on this matter, and I'm pushing them hard because I know that this is where the battle will be. The battle will be within the 3 to 4 years on to which extent did we remove the range anxiety factor from the BEV world, to which extent are we able to make that affordable in an attractive packaging inside of a car.

所以我對此並不擔心。在這件事上我正在努力挑戰我的工程師，我正在努力推動他們，因為我知道這將是戰鬥的地方。這場戰鬥將在 3 到 4 年內進行，我們在多大程度上消除了 BEV 世界的里程焦慮因素，在多大程度上我們能夠在車內採用有吸引力的包裝使其負擔得起。

So in a nutshell, the message I would like to convey to you is that we are full throttle on the BEV. That's where we are. We are not thinking that we still have the PHEV or the MHEV. No, no. We just believe that, that is going to disappear because there will be a ban on ICEs.

簡而言之，我想向您傳達的信息是，我們對 BEV 全力以赴。這就是我們所在的地方。我們並不認為我們仍然擁有 PHEV 或 MHEV。不，不。我們只是相信，這將會消失，因為將會禁止 ICE。

At which speed, will that disappear in all the regions? I don't know. But for the regions that are leading the way in terms of zero-emission mobility, we are focused on the pure BEVs. That's where we put the focus. And that's where we put the most significant challenge and demand to our engineers. And I hope that we will be able to discuss that in a couple of years and check both of us that we have done a good job in that area. But of course, that's still in the making right now. That's my answer to your question.

以什麼速度，它會在所有地區消失？我不知道。但對於在零排放機動性方面處於領先地位的地區，我們專注於純 BEV。這就是我們關注的地方。這就是我們對工程師提出最大挑戰和要求的地方。我希望我們能夠在幾年內討論這個問題，並檢查我們雙方是否在該領域做得很好。但是，當然，這仍在醞釀之中。這就是我對你的問題的回答。

Next question comes from the line of Alan Tovey from The Daily Telegraph.

下一個問題來自《每日電訊報》的 Alan Tovey。

Mr. Tavares, on the 19th of January, you talked about -- it would be weeks before you made a decision on a new model for Ellesmere Port. We're now at March 2. And at the time, you also said the decision would depend on the U.K. government being willing to protect some sort of auto industry in the country. The U.K. government is talking about being intense discussions with the company. What are they offering? And what will it take to get Stellantis to put a new model or electrified models into the U.K.? Or is the plant's future decided already?

Tavares 先生，在 1 月 19 日，您談到過，您需要幾週時間才能決定為 Ellesmere Port 採用新型號。我們現在是 3 月 2 日。當時，你還說這個決定將取決於英國政府是否願意保護該國的某種汽車工業。英國政府正在談論與該公司進行激烈的討論。他們提供什麼？讓 Stellantis 將新車型或電動車型推向英國需要什麼？還是工廠的未來已經決定？

[Thank you] for making that question, I was expecting that question sooner in the session today, but I'm happy that you could raise it.

[謝謝] 提出這個問題，我期待在今天的會議上早點提出這個問題，但我很高興你能提出這個問題。

Let me go back to the different events and the sequence of events that happened on this topic. We were preparing after a very hard work that was done with our teams in Ellesmere Port and with the support of our local unions, we were preparing for a new investment in Ellesmere Port, and it was clear in our mind what we wanted to do precisely at the moment where the U.K. government announced that they would ban the ICE-powered cars by 2030. Of course, with that brutal announcement that immediately suspended the decision on that project, which were -- which was a multi-energy project.

讓我回到這個話題上發生的不同事件和事件順序。在與我們在埃爾斯米爾港的團隊一起完成了非常艱苦的工作之後，我們正在準備，在當地工會的支持下，我們正在為埃爾斯米爾港的新投資做準備，我們很清楚我們想要做什麼就在英國政府宣布他們將在 2030 年之前禁止使用 ICE 動力汽車的那一刻。當然，這一殘酷的宣布立即暫停了對該項目的決定，這是一個多能源項目。

We are not going to invest in the U.K. market, a product that is going to be banned from 2030 onwards. So that decision was suspended. So once we suspended the decision as a consequence of the U.K. government announcement of banning the ICE cars from 2030, then we went back and tried to find a solution.

我們不打算投資英國市場，這種產品將從 2030 年起被禁止。所以這個決定被擱置了。因此，一旦我們因英國政府宣布從 2030 年起禁止 ICE 汽車而暫停該決定，然後我們就回去嘗試尋找解決方案。

Why? Because we believe in the U.K. market. We have a stronger British brand called Vauxhall. We respect our people and we protect our people in Ellesmere Port because we have been doing difficult things with them, and we respect our union partners who have been supportive and collaborating with us in finding solutions.

為什麼？因為我們相信英國市場。我們有一個更強大的英國品牌，叫做沃克斯豪爾。我們尊重我們的員工並保護我們在埃爾斯米爾港的員工，因為我們一直在與他們一起做困難的事情，我們尊重一直支持並與我們合作尋找解決方案的工會夥伴。

So we figured out what was the need for those electrified products in the U.K. It happens that those products, they already exist somewhere else. They are already planned to exist somewhere else.

所以我們弄清楚了英國對這些電氣化產品的需求是什麼。碰巧這些產品，它們已經存在於其他地方。它們已經計劃在其他地方存在。

So why would we double the [succinct] in Europe for the same kind of products in this situation where we are able to meet all the requirements of the Brexit deal. Well, if there is an intention to protect in the U.K. this automotive industry, this zero-emission automotive industry, which I could understand because it's consistent with the decision to ban ICEs, then, of course, from a pure governance perspective, I can only double the succinct for those products and go to the U.K. if, from a governance perspective, I am supported in the investment by the U.K. government.

那麼，在我們能夠滿足英國脫歐協議的所有要求的情況下，為什麼我們要在歐洲將同類產品的 [簡潔] 翻倍。好吧，如果打算在英國保護這個汽車行業，這個零排放汽車行業，我可以理解，因為這與禁止 ICE 的決定是一致的，那麼，當然，從純粹的治理角度來看，我可以如果從治理的角度來看，如果我在英國政府的投資中得到支持，那麼只需將這些產品的簡潔性加倍並去英國。

And I can, therefore, confirm that we have good discussions with the U.K. government. They are collaborative. They are productive. They are open minded. But of course, this is a business, I have a very clear governance rules in my company. I can only make decisions based on facts and based on commitments.

因此，我可以確認我們與英國政府進行了良好的討論。他們是協作的。他們富有成效。他們思想開放。但當然，這是一項業務，我公司有非常明確的治理規則。我只能根據事實和承諾做出決定。

So at this stage, we have those good discussions. We need to make sure that we get from the U.K. government the commitments on the support that we have been discussing. If those commitments happen, then the good things will happen. If not, then we'll have to assess the situation. But please understand that this is a very specific sequence where we have clear Brexit deal rules in terms of local components that we can respect in any way with a single Continental Europe sourcing. And if we want to duplicate that, then we need support from the U.K. government, if there is intention from the U.K. government to protect a local automotive industry because those investments are, of course, significant. And there is a clear governance in our company where we should not spend R&D and CapEx if it doesn't make economical sense, which, of course, I'm sure you understand.

所以在這個階段，我們進行了很好的討論。我們需要確保我們從英國政府那裡得到我們一直在討論的關於支持的承諾。如果這些承諾發生，那麼好事就會發生。如果沒有，那麼我們將不得不評估情況。但請理解，這是一個非常具體的序列，我們在本地組件方面有明確的英國退歐交易規則，我們可以通過單一歐洲大陸採購以任何方式尊重這些規則。如果我們想複製這一點，那麼我們需要英國政府的支持，如果英國政府有意保護當地的汽車行業，因為這些投資當然意義重大。我們公司有明確的治理，如果沒有經濟意義，我們不應該花費研發和資本支出，當然，我相信你明白。

So at this stage, what I can confirm to you is that discussions are productive. Discussion are positive. They are ongoing. But to make a decision, we need a commitment. If there is no commitment in terms of governance of our company, we cannot decide. So when is the U.K. government are going to commit? And how is this going to happen? This is what we need to understand from now. But the discussions are productive, and let's see what comes up. And we have a deep respect not only for our people, but also for our union partners. And of course, we want to support our Vauxhall brand in the U.K. We believe this is also somewhere -- something that is part of the equity of Stellantis. This is my answer to your question.

所以在這個階段，我可以向你們確認的是，討論是富有成效的。討論是積極的。他們正在進行中。但要做出決定，我們需要承諾。如果沒有對我們公司治理的承諾，我們無法決定。那麼英國政府什麼時候會做出承諾呢？這將如何發生？這是我們從現在開始需要了解的。但討論是富有成效的，讓我們看看會發生什麼。我們不僅對我們的人民，而且對我們的工會夥伴深表敬意。當然，我們希望在英國支持我們的 Vauxhall 品牌。我們相信這也在某個地方——這是 Stellantis 股權的一部分。這是我對你的問題的回答。

The next question comes from the line of Charles Coldicott from Redburn.

下一個問題來自 Redburn 的 Charles Coldicott。

I've got 2. The first on China. So what are the things that you need to change in order to be successful in this market? And maybe you could sort of comment on what you think is the blue sky scenario for profitability in China. Has the target become as profitable as you are globally? Or could it even be a premium like it is for the German carmakers?

我有2個。第一個關於中國的。那麼，為了在這個市場上取得成功，您需要改變哪些事情？也許你可以評論一下你認為中國盈利的藍天情景。目標是否變得像您在全球範圍內一樣有利可圖？或者它甚至可以像德國汽車製造商那樣成為溢價？

And my second question was, I noticed that the FCA European CO2 pool with Tesla was formally confirmed last week for 2021. Can you confirm what you paid for CO2 credits in 2020? And maybe comment on what we should expect for 2021.

我的第二個問題是，我注意到上週與特斯拉的 FCA 歐洲 CO2 池已正式確認為 2021 年。您能否確認您在 2020 年為 CO2 信用支付的費用？或許可以評論一下我們對 2021 年的預期。

Thank you. Thank you for the 2 questions. I will let Richard answer the second question, as I'm not sure that we can unveil to you those numbers. So Richard will tell you because he knows this deal much better than I do.

謝謝你。謝謝你的2個問題。我會讓理查德回答第二個問題，因為我不確定我們能否向您公佈這些數字。所以理查德會告訴你，因為他比我更了解這筆交易。

But on the first question, what I can tell you, if you ask me, what do we need to change in China? Well, many, many things. Many, many things need to change because we see, obviously, that we have many problems related to the respect of our brands.

但是關於第一個問題，我可以告訴你，如果你問我，我們需要在中國改變什麼？嗯，很多很多東西。很多很多事情都需要改變，因為我們很明顯地看到，我們在尊重我們的品牌方面存在很多問題。

We believe that brands represent a strong equity of the company. They have to be respected. And the way to respect our brands is to make sure that we communicate properly on our brands that you -- that we respect the pricing power of our brands and that we do not commoditize our brands.

我們相信品牌代表了公司的強大資產。他們必須受到尊重。尊重我們品牌的方式是確保我們就我們的品牌與您正確溝通——我們尊重我們品牌的定價能力，並且我們不會將我們的品牌商品化。

That's obviously one of the things we need to change. We also need to make sure that the way any strategic collaboration would work is fluid, is focused, is purely business-oriented and make sure that when we do that, we are only looking at the market and not as something else. So we need to be focused on the market, focus on what the Chinese customers are expecting from us.

這顯然是我們需要改變的事情之一。我們還需要確保任何戰略合作的運作方式都是流暢的、集中的、純粹以業務為導向的，並確保當我們這樣做時，我們只著眼於市場，而不是其他東西。所以我們需要關注市場，關注中國客戶對我們的期望。

And of course, we need to have the right business framing in terms of regulatory framing, in terms of CO2 performance to make sure that we can bring the right technology in the right way.

當然，我們需要在監管框架和二氧化碳排放方面製定正確的業務框架，以確保我們能夠以正確的方式帶來正確的技術。

You see, so far, our performance is met by some of our competitors using only CBUs, not even localized, which clearly demonstrates that there is a lot of things that need to change.

你看，到目前為止，我們的一些競爭對手只使用 CBU，甚至沒有本地化，這清楚地表明有很多事情需要改變。

I would like to stop here on this matter because it is premature for me to comment on the different scenarios that we are now preparing for. Some of them are concepts, some of them are already under negotiation. But of course, we are not going to stay still because we have nothing to lose. As we are not happy with the results, it's only about upside. So if we want to capture the upside, we need to change many things. And that's why we have different scenarios. And that's why it's still premature. But as I presented to you, we can commit that this new strategy will be released within the year of 2021. This is what we can say today.

我想在這件事上停下來，因為我現在評論我們現在正在準備的不同情況還為時過早。其中一些是概念，其中一些已經在談判中。但當然，我們不會停滯不前，因為我們沒有什麼可失去的。由於我們對結果不滿意，這只是上行空間。因此，如果我們想抓住優勢，我們需要改變很多事情。這就是為什麼我們有不同的場景。這就是為什麼它仍然為時過早。但正如我向您介紹的那樣，我們可以承諾，這個新戰略將在 2021 年內發布。這就是我們今天可以說的。

And Richard, would you like to comment on the Tesla deal, please?

理查德，你想評論一下特斯拉的交易嗎？

Yes, Carlos. So Charles, we had costs of credits in 2020 of around 300 million for Europe, most of which were Tesla, and we have a similar number in 2021. It goes down, but not significantly.

是的，卡洛斯。所以查爾斯，我們在 2020 年歐洲的信用成本約為 3 億，其中大部分是特斯拉，我們在 2021 年也有類似的數字。它下降了，但並不顯著。

Thank you. Well, thank you, Richard. Thank you to all of you. I think we are over now.

謝謝你。好吧，謝謝你，理查德。謝謝大家。我想我們現在結束了。

I think we have dedicated, hopefully, enough time to your great questions. I still would like to tell you that I very much appreciate each of your questions. I think each of them is helping us to think in a better way. And I would like to take this opportunity to express to you all my sincere appreciation for the support that you have all given to FCA and to PSA up to now. And I would expect that we will meeting your expectations within the Stellantis world moving forward. I expect to see you very soon. Thank you very much. Have a great day. Bye-bye.

我認為我們有足夠的時間來解決您的重大問題。我仍然想告訴你，我非常感謝你提出的每一個問題。我認為他們每個人都在幫助我們以更好的方式思考。我想藉此機會向你們表達我對你們迄今為止對 FCA 和 PSA 的支持的衷心感謝。我希望我們將在 Stellantis 世界中滿足您的期望。我期待很快見到你。非常感謝。祝你有美好的一天。再見。