Stellantis NV (STLA) 2021 Q4 法說會逐字稿

Hello, and welcome to Stellantis Full Year 2021 Results. I will now hand over to your host, Andrea Bandinelli, Head of Investor Relations to begin today's conference. Thank you.

您好，歡迎來到 Stellantis 2021 年全年業績。我現在將請您的主持人投資者關係主管 Andrea Bandinelli 開始今天的會議。謝謝你。

Thank you, Susan, and welcome to everyone joining us today as we review Stellantis' full year 2021 results.

謝謝你，蘇珊，歡迎大家今天加入我們，我們將回顧 Stellantis 的 2021 年全年業績。

Earlier today, the presentation material for this call as well as the related press release was posted under the Investors section of Stellantis group website.

今天早些時候，本次電話會議的演示材料以及相關新聞稿發佈在 Stellantis 集團網站的投資者部分。

Today, our call is hosted by Carlos Tavares, the company's Chief Executive Officer; and Richard Palmer, the company's Chief Financial Officer. After both, Mr. Tavares and Mr. Palmer present, they will be available to answer questions.

今天，我們的電話會議由公司首席執行官 Carlos Tavares 主持；和公司首席財務官 Richard Palmer。在Tavares 先生和Palmer 先生出席之後，他們將可以回答問題。

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 in Page 2 of today's presentation. And as customary, the call will be governed by that language.

在我們開始之前，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 頁中包含的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。

Now I would like to hand over to Carlos Tavares, CEO of Stellantis.

現在我想交給 Stellantis 的首席執行官 Carlos Tavares。

Thank you, Andrea, and good morning, good afternoon and good evening to you all. Welcome to this Stellantis 2021 financial results announcement session. Richard Palmer and myself, we are delighted to host you today. And it is our privilege to present to you some highlights and a few comments about this year's results, 2021 results.

謝謝你，安德里亞，大家早上好，下午好，晚上好。歡迎來到 Stellantis 2021 年財務業績公告會議。 Richard Palmer 和我本人，我們很高興今天接待您。我們很榮幸向您介紹今年的結果和 2021 年結果的一些亮點和一些評論。

Please be aware that we really appreciate your time. We know that your time is very valuable and I would like to thank you accordingly for your interest in Stellantis. So indeed, 2021 was a very heavy year, a year where we had to do 3 different kinds of things.

請注意，我們非常感謝您的寶貴時間。我們知道您的時間非常寶貴，因此我要感謝您對 Stellantis 的興趣。所以確實，2021 年是非常沉重的一年，我們必須做 3 種不同的事情。

First one, in January 2021, we created Stellantis. We had to set up a new business governance way with 9 dedicated committees. We set up the top leadership team of this company and we created new organizations up to CEO level (inaudible) with more than 2,500 new assignments in the company.

第一個，在 2021 年 1 月，我們創建了 Stellantis。我們必須通過 9 個專門的委員會建立一種新的業務治理方式。我們建立了這家公司的最高領導團隊，我們創建了新的組織，直到 CEO 級別（聽不清），公司有超過 2,500 個新任務。

So we started a very busy year in setting a brand-new company called Stellantis. That's point number 1.

因此，我們開始了非常忙碌的一年，成立了一家名為 Stellantis 的全新公司。這是第 1 點。

Point number 2, we had to fight all the headwinds that you know, mainly 3 the semiconductor supply shortage, the raw material cost inflation and more stringent CO2 regulations. Those were the headwinds that we had to face. And point number 3, we spent significant amount of time working with our cross-functional teams on the long-term initiatives that I will be presenting to you on March 1, meaning next week, to describe what our long-term strategic plan is and what are the initiatives that we are going to take over the next few years. So those 3 layers of activities represented for our teams and for our employees a very significant workload. And I would like to take this opportunity to thank them all very sincerely, very warmly I very much appreciate what they have done. I thank them enormously and I congratulate them for the results that you already know.

第 2 點，我們必須與你知道的所有不利因素作鬥爭，主要是 3 半導體供應短缺、原材料成本膨脹和更嚴格的二氧化碳法規。這些是我們必鬚麵對的逆風。第 3 點，我們花了大量時間與我們的跨職能團隊合作制定長期計劃，我將在 3 月 1 日（即下週）向您介紹我們的長期戰略計劃和未來幾年我們將採取哪些舉措。因此，這 3 層活動對我們的團隊和我們的員工來說代表著非常重要的工作量。我想藉此機會非常真誠、非常熱烈地感謝他們，我非常感謝他們所做的一切。我非常感謝他們，並祝賀他們取得了你們已經知道的結果。

As you know, the results for 2021 were very encouraging, with nearly the double of operating income amount, the triple of net income compared to last year. A record operating income margin of 11.8%, and also quite rewarding EUR 6.1 billion of positive free cash flow. Those are the results. You know them. You have seen them in the press release. What I would like now to do with the Richard is to comment some of those results so that you can understand how we could, as an organization, come up with those numbers.

如您所知，2021 年的業績非常令人鼓舞，營業收入幾乎是去年的兩倍，淨利潤是去年的三倍。營業利潤率達到創紀錄的 11.8%，同時也帶來了 61 億歐元的正自由現金流。這些就是結果。你知道他們。你已經在新聞稿中看到了它們。我現在想對理查德做的是評論其中一些結果，以便您了解我們作為一個組織如何才能得出這些數字。

So beyond the record 11.8% adjusted margin, it is fair to notice that on the second half of the year, we were even slightly better with 12.2% which says a lot about the initiatives that were taken in the company. Needless to say that we were able to finish this year with a breakeven point, which is below 50% which, as you know, is a very important guideline for the way we are managing the company.

因此，除了創紀錄的 11.8% 的調整後利潤率之外，公平地註意到，在今年下半年，我們甚至略好於 12.2%，這充分說明了公司採取的舉措。不用說，我們今年能夠以低於 50% 的盈虧平衡點結束，如您所知，這是我們管理公司方式的一個非常重要的指導方針。

It is also important to see that the EUR 6.1 billion of industrial free cash flow were significantly supported by a very significant level of cash synergies, no less than EUR 3.2 billion, which is aligned with what we have committed to the market, which is the fact that the merger will generate on a run rate EUR 5 billion per year, which represents a EUR 25 billion value creation as the result of this merger. And of course, this first result of EUR 3.2 billion just means that we are going to deliver on our commitments. I hope this is not going to surprise you because this is the pattern of our management.

同樣重要的是，61 億歐元的工業自由現金流得到了非常顯著的現金協同效應的大力支持，不低於 32 億歐元，這與我們對市場的承諾是一致的，即事實上，合併將產生每年 50 億歐元的運行速度，這意味著此次合併將創造 250 億歐元的價值。當然，這 32 億歐元的第一個結果僅僅意味著我們將兌現我們的承諾。我希望這不會讓您感到驚訝，因為這是我們的管理模式。

We also could demonstrate that our low emission vehicle sales are growing significantly by 160% year-over-year to reach 388,000 units in '21 and we can say that we are now moving and moving faster and faster on the LEV sales, which is, of course, good news when we anticipate what may happen very soon in the markets where we operate.

我們還可以證明，我們的低排放汽車銷量同比顯著增長 160%，在 21 年達到 388,000 輛，我們可以說我們現在在 LEV 銷售上的移動速度越來越快，也就是說，當然，當我們預計我們經營的市場可能很快會發生什麼時，這是個好消息。

We were still, and I would say, even more the leaders of the LCV market in Europe and South America, with, respectively, 33.7% and 30.9% market share. We are very solid leaders, and we have a very strong product plan, as you will see later on with a perfect coverage of the market, not only on vehicles themselves but also on powertrains.

我們仍然是，我會說，甚至更多是歐洲和南美 LCV 市場的領導者，分別擁有 33.7% 和 30.9% 的市場份額。我們是非常可靠的領導者，我們有一個非常強大的產品計劃，正如您稍後將看到的那樣，我們對市場進行了完美的覆蓋，不僅包括車輛本身，還包括動力系統。

Last but not least, as you already know, we were pleased and privileged to present to you in July our Electrification Day, electrification journey during the Capital Day and in December. We could present to you the software, the software Capital Day, our software plans to give you 2 of the most important pillars of what will be the framing of our long-term strategic plan.

最後但並非最不重要的一點是，如您所知，我們很高興並有幸在 7 月向您展示我們的電氣化日、首都日和 12 月的電氣化之旅。我們可以向您展示軟件，軟件資本日，我們的軟件計劃為您提供 2 個最重要的支柱，這些支柱將成為我們長期戰略計劃的框架。

Last but not least, we have made several deals in 2021 with some highly technological partners with whom we want to accelerate our transformation from a legacy carmaker to an automotive tech company, which is what we are doing right now.

最後但並非最不重要的一點是，我們在 2021 年與一些高科技合作夥伴達成了多項交易，我們希望與這些合作夥伴加速我們從傳統汽車製造商向汽車科技公司的轉型，這就是我們現在正在做的事情。

So those are some of the highlights. And again, I would like to express to our employees, to our management team, to our top leadership team to you, the investors, to the media and to the Board members, all the support we received from them over this quite critical here, the first year of Stellantis with record results. This is what I would like you to keep in mind.

所以這些是一些亮點。再次，我想向我們的員工、我們的管理團隊、我們的最高領導團隊、您、投資者、媒體和董事會成員表達，我們從他們那裡得到的所有支持在這裡非常關鍵， Stellantis 的第一年取得了創紀錄的成績。這是我希望你記住的。

You see on this slide also that we are going to bring Maserati back to racing. It is a significant opportunity for our company. It's the unique luxury brand of Stellantis. And we are going to make this brand, of course, electrified and bringing back Maserati to the world e-formula for the e-Championship is also meaningful of the strategic direction that we are taking for this luxury brand.

您還可以在這張幻燈片上看到，我們將讓瑪莎拉蒂重返賽場。這對我們公司來說是一個重大機遇。它是 Stellantis 獨有的奢侈品牌。當然，我們將讓這個品牌電氣化，並將瑪莎拉蒂帶回電子錦標賽的世界電子方程式，這對於我們為這個奢侈品牌採取的戰略方向也很有意義。

Let's move to the next one. And comment on the regions. Let's start, of course, with North America. Why? Because North America is right now the most profitable region of the company with a record 16.3% AOI margin, which says a lot about the way our North American team is mastering the business model of North America. It's important that they take the best out of the market conditions, and this is exactly what they have been doing. We can see it that we have been able to deliver the highest U.S. retail average transaction price among the Detroit 3 OEMs, with a significant improvement of 20% year-over-year to reach no less than $47,000 per car, significant result that also highlights the fact that our North American teams are mastering the business model.

讓我們進入下一個。並對地區發表評論。當然，讓我們從北美開始。為什麼？因為北美目前是公司利潤最高的地區，AOI 利潤率達到創紀錄的 16.3%，這充分說明了我們北美團隊掌握北美商業模式的方式。重要的是他們要充分利用市場條件，而這正是他們一直在做的事情。我們可以看到，我們已經能夠在底特律 3 OEM 中提供最高的美國零售平均交易價格，同比顯著提高 20%，達到每輛車不低於 47,000 美元，這一顯著結果也凸顯了事實上，我們的北美團隊正在掌握商業模式。

We have entered into at least 2 separate MOUs for battery joint ventures with the Korean partners to bring to the North American market the appropriate level of battery supply no less than 63 gigawatt hours by 2025. This is, as you may imagine, strategically important to secure the profitable growth of our electrified vehicles in the near future.

我們已經與韓國合作夥伴簽署了至少 2 份獨立的電池合資諒解備忘錄，以在 2025 年之前為北美市場帶來不少於 63 吉瓦時的適當電池供應水平。正如您可能想像的那樣，這在戰略上很重要確保我們的電動汽車在不久的將來實現盈利增長。

We can also demonstrate that we have been launching very successful products, starting with 2 white space products like the Jeep Grand Cherokee, long version and also the Wagoneer and brand Wagoneer. Those are white space products that are very profitable. We have launched those products, and we expect that to be a significant profit contributor for our North American operations.

我們還可以證明我們已經推出了非常成功的產品，從 2 款白色空間產品開始，如吉普大切諾基、加長版以及 Wagoneer 和品牌 Wagoneer。這些是非常有利可圖的空白產品。我們已經推出了這些產品，我們預計這將成為我們北美業務的重要利潤貢獻者。

Our all-new Jeep Wrangler 4xe is now the #1 selling PHEV in U.S. retail, which means that the brand -- the Jeep brand has been able to make the appropriate and the right decisions on the right timing to be demonstrating our competitiveness in the market right now with the #1 selling position on the PHEV for the U.S. retail. It is important to see that the jeep brand is absolutely on the right tempo to serve on the successful electrified technology of our company. We can also see that in terms of the highly profitable pickup truck market, we have been delivering the best-ever U.S. commercial fleet market share at 18.7%, which represents an improvement of 340 basis points year-over-year.

我們全新的 Jeep Wrangler 4xe 現在是美國零售業銷量第一的 PHEV，這意味著該品牌 - Jeep 品牌能夠在正確的時機做出適當和正確的決定，以展示我們在目前在美國零售 PHEV 上的銷量排名第一。重要的是要看到，吉普品牌絕對是為我們公司成功的電氣化技術服務的正確節奏。我們還可以看到，在高利潤的皮卡市場方面，我們一直以 18.7% 的比例提供有史以來最好的美國商業車隊市場份額，同比增長 340 個基點。

So as you can see, North America, it's record profitability with some significant sales and successes. Good strategic agreements to support electrification in the near future and the best average transaction pricing against the Detroit 3 in the marketplace.

如您所見，北美地區的盈利能力創歷史新高，並取得了一些顯著的銷售和成功。在不久的將來支持電氣化的良好戰略協議以及市場上針對底特律 3 的最佳平均交易定價。

If we move now to the next region, which is in large Europe, we can say that Europe has demonstrated a very strong profitability with no less than 9.1% AOI margin for the full year, but also in the second half, an improvement to 9.4%. So some of the initiatives that we're taking to improve the efficiency of the business model are now visible. We see that we are now in Europe totally compliant in terms of CO2 on a stand-alone basis, meaning that Stellantis is now able to embrace the full scope of our iconic brand portfolio while being fully compliant and we are delivering a good result at 110.6 grams per kilometer, which is a little bit better than what we expected and that's good. It means that most probably, we are in the leading pack, if not the leader, in terms of CO2 emission reduction in the European market, which is some of our DNAs.

如果我們現在轉移到下一個區域，即大歐洲，我們可以說歐洲表現出了非常強大的盈利能力，全年 AOI 利潤率不低於 9.1%，但下半年也提高到 9.4 %。因此，我們為提高商業模式效率而採取的一些舉措現在是可見的。我們看到，我們現在在歐洲完全符合獨立的二氧化碳排放標準，這意味著 Stellantis 現在能夠在完全符合標準的同時涵蓋我們標誌性品牌組合的全部範圍，我們在 110.6 上取得了不錯的成績每公里克數，這比我們預期的要好一點，這很好。這意味著，在歐洲市場的二氧化碳減排方面，我們很可能處於領先地位，即使不是領先者，這是我們的一些 DNA。

In Eurasia, we are growing. We grew to 1.6% market share. 50 basis points year-over-year. And I'm sure that you have some questions about that later on. So I will skip here.

在歐亞大陸，我們正在成長。我們的市場份額增長到 1.6%。同比增長 50 個基點。我相信你稍後會有一些問題。所以我會跳過這裡。

On the European market, our market share was stable at 22.1%. we see that some of our Western competitors have lost market share. Some of our Asian competitors were able to gain market share as it regards Stellantis, we were stable at 22.1% market share, which represents the #2 position in the European market. We also see that we have been making very significant improvements and progress on our LEV sales mix in Europe. And we moved in 1 year from 9% sales mix to 18.1% sales mix, which means that we are moving fast and strong in our ability to sell fewer LEVs which is good because, of course, the market 1 day will turn totally to the LEV technology, which means that we are now ramping up fast and strong in Europe from 9% to 18% LEV sales mix over the year.

在歐洲市場，我們的市場份額穩定在 22.1%。我們看到我們的一些西方競爭對手已經失去了市場份額。我們的一些亞洲競爭對手在 Stellantis 方面獲得了市場份額，我們穩定在 22.1% 的市場份額，這代表了歐洲市場的第二位。我們還看到，我們在歐洲的 LEV 銷售組合方面取得了非常顯著的改進和進步。我們在 1 年內從 9% 的銷售組合提高到 18.1% 的銷售組合，這意味著我們的銷售量正在快速和強大地銷售更少的 LEV，這很好，因為當然，市場 1 天將完全轉向LEV 技術，這意味著我們現在在歐洲快速而強勁地從 9% 增加到 18% 的 LEV 銷售組合。

Last but not least, we completely reengineered our distribution model. In fact, we are currently discussing with our dealer, network dealer associations in a highly constructive and I would say encouraging way to adapt our distribution model to a higher level of quality in the way we make the customer enjoy its journey with our company and with our brands and at the same time, reduce the cost of distribution as we need to fund the electrification of our portfolio. So this is for Europe.

最後但同樣重要的是，我們完全重新設計了我們的分銷模式。事實上，我們目前正在以極具建設性的方式與我們的經銷商、網絡經銷商協會進行討論，我想說的是鼓勵我們的分銷模式適應更高質量水平的方式，讓客戶享受與我們公司的旅程，並與我們的品牌，同時降低分銷成本，因為我們需要為我們的產品組合的電氣化提供資金。所以這是給歐洲的。

If we move now to the other regions, starting with South America, South America is a strong winner. It's #1 in Latin America for our Stellantis. It's #1 in Brazil for Stellantis. It's #1 in Argentina for Stellantis with respectively, 22.9%, 32.0% and 29.1% of market share. So we are the clear leader in Latin American markets. It is good because at the same time, where we are leading the market and increasing our market share against last year. We have also significantly improved the profitability. As we have now multiplied by 5 the amount of profit that we could extract from the Latin American markets with an AOI margin of 8.3%, which is much, much better than what we could experience in the past.

如果我們現在轉移到其他地區，從南美開始，南美是一個強大的贏家。我們的 Stellantis 在拉丁美洲排名第一。 Stellantis 在巴西排名第一。 Stellantis 在阿根廷排名第一，市場份額分別為 22.9%、32.0% 和 29.1%。因此，我們顯然是拉丁美洲市場的領導者。這很好，因為與此同時，我們在市場上處於領先地位，並且與去年相比增加了我們的市場份額。我們還顯著提高了盈利能力。由於我們現在已經將我們可以從拉丁美洲市場以 8.3% 的 AOI 利潤率提取的利潤量乘以 5，這比我們過去所經歷的要好得多。

While this was happening, Fiat was the #1 selling brand in South America and in Brazil, enjoying namely the success of Strada as a top-selling vehicle.

在這種情況下，菲亞特是南美和巴西銷量第一的品牌，享受著 Strada 作為最暢銷汽車的成功。

So South America, a leader more share, more profitability and #1 selling brand with Fiat a big success.

所以南美，一個領導者更多的份額，更多的盈利能力和第一銷售品牌與菲亞特取得了巨大的成功。

Let's move now to Middle East and Africa. Here, we have also a very rewarding double-digit AOI margin of 10.5%, which nearly doubled against the previous year. We have the potential to grow market share in some markets, major markets. We had some headwinds in Egypt and Turkey. But for the other markets, we could increase the market share significantly. And we are now introducing out of Morocco the Opel Rocks-e, which is a downtown mobility device that has been facing big success under the Citroën brand and the Citroën Ami and the Citroën Ami Cargo, which is the LCV variation of the Citroën Ami. We see that the production is growing. We see that this is profitable and that we have a good potential to continue to grow profitably on this downtown mobility devices.

現在讓我們搬到中東和非洲。在這裡，我們還獲得了 10.5% 的兩位數 AOI 利潤率，這是非常值得的，與上一年相比幾乎翻了一番。我們有潛力在一些市場、主要市場增加市場份額。我們在埃及和土耳其遇到了一些不利因素。但對於其他市場，我們可以顯著增加市場份額。我們現在正在摩洛哥推出歐寶 Rocks-e，這是一款市中心移動設備，在 Citroën 品牌和 Citroën Ami 和 Citroën Ami Cargo（雪鐵龍 Ami 的 LCV 變體）下取得了巨大成功。我們看到產量在增長。我們看到這是有利可圖的，並且我們有很大的潛力繼續在這種市中心的移動設備上實現盈利增長。

Last but not least, China and India and Asia Pacific, so the Asian regions. We see that the AOI margin is also quite rewarding with north of 11% AOI margin, which combines with the net revenue that is up by 24%, which is good. We see that we are now clear on the agreement we have with GAC to create Stellantis Jeep JV that we will control in China to add to the very profitable Jeep CBU business, some CKD complement from this JV and despite some bumps in terms of communication the deal is inked and we expect now that the Chinese authorities will approve the deal so that we can go live.

最後但同樣重要的是，中國、印度和亞太地區，以及亞洲地區。我們看到 AOI 利潤率也相當可觀，超過 11% 的 AOI 利潤率，加上淨收入增長了 24%，這很好。我們看到，我們現在很清楚我們與 GAC 達成的創建 Stellantis Jeep 合資企業的協議，我們將在中國控制該合資企業，以增加非常有利可圖的 Jeep CBU 業務，該合資企業的一些 CKD 補充，儘管在溝通方面存在一些障礙交易已經簽署，我們現在預計中國當局將批准該交易，以便我們能夠上線。

And last but not least, in India, we have the all new Citroën C3, which has been developed from India to India and to other parts of the world. It is a very cost competitive project with a very modern and attractive design as you can see on this photo. We expect to launch this program from H1 2022. And that will give the company a significant capability to bring high value and affordable products for the overseas markets and not only, of course, but mainly for those markets.

最後但同樣重要的是，在印度，我們擁有全新的 Citroën C3，它已從印度發展到印度和世界其他地區。正如您在這張照片中看到的那樣，這是一個非常具有成本競爭力的項目，具有非常現代和有吸引力的設計。我們預計從 2022 年上半年開始啟動該計劃。這將使公司有能力為海外市場帶來高價值和負擔得起的產品，當然，不僅是這些市場，而且主要是這些市場。

Now we have this very important tool to grow profitably on some overseas markets moving forward. So that was for the regions.

現在，我們擁有了這個非常重要的工具，可以在未來的一些海外市場上實現盈利增長。所以這是針對地區的。

Let me now move for the brands and, of course, start with Jeep, our global SUV brand. A lot of great things in terms of achievements for this brand. First of all, let's keep in mind that Jeep means freedom. It's all about a very sharp positioning on the marketplace all over the world. The pricing power is fine, either better than the benchmark or very close to the benchmark. We see that in '21, we could launch the Compass, the Renegade and the Wrangler 4xe variations in 4 regions, which means that the electrification of the Jeep brand is now a reality. It's not a plan. It's a reality and you can see it because -- if I take the example of the European market, we have a 25% LEV mix in Europe, whereas the total sales of LEVs in Europe represent as I said 18% LEV mix. So Jeep is pulling the LEV mix of Stellantis in Europe up, which is a great thing. We see that this is a trend that we will reinforce in the near future as it is exactly what the customers are expecting from us.

現在讓我談談品牌，當然，從我們的全球 SUV 品牌 Jeep 開始。就這個品牌的成就而言，有很多很棒的事情。首先，讓我們記住，吉普意味著自由。這一切都與在全球市場上的非常明確的定位有關。定價能力很好，要么優於基準，要么非常接近基準。我們看到，在 21 年，我們可以在 4 個地區推出 Compass、Renegade 和 Wrangler 4xe 變體，這意味著 Jeep 品牌的電氣化現在已成為現實。這不是一個計劃。這是一個現實，你可以看到它，因為——如果我以歐洲市場為例，我們在歐洲有 25% 的 LEV 組合，而歐洲的 LEV 總銷量代表著我所說的 18% 的 LEV 組合。因此，Jeep 正在提升歐洲 Stellantis 的 LEV 組合，這是一件好事。我們看到這是我們將在不久的將來加強的趨勢，因為這正是客戶對我們的期望。

We also can notice that the Grand Cherokee has delivered the best U.S. sales since 2000, that we are with the Jeep brand, the SUV market leader in South America with 14.1% segment share in 2021 and that we could also enjoy the highest ever Wrangler, Jeep Wrangler sales in Middle East in '21. So you see a lot of great achievements in terms of sales and marketing, in terms of electrification. Needless to say that this is a very profitable brand. Needless to say that the positioning of Jeep is the same all over the world including in China and it has demonstrated a high potential for profitable growth in our company.

我們還可以注意到，自 2000 年以來，大切諾基在美國的銷量最好，我們與 Jeep 品牌合作，該品牌是南美 SUV 市場的領導者，2021 年的細分市場份額為 14.1%，我們還可以享受有史以來最高的牧馬人， 21 年吉普牧馬人在中東的銷售。因此，您在電氣化方面看到了銷售和營銷方面的許多偉大成就。不用說，這是一個非常賺錢的品牌。毋庸置疑，Jeep 的定位在包括中國在內的全球範圍內都是相同的，它已顯示出我們公司盈利增長的巨大潛力。

If we move to the next brands, which are the American brands, while we are preparing the rebound of Chrysler with some exciting products that we have been discussing design studios. We noticed that the brand from Chrysler has announced that the brand will be 100% BEV from 2028. The pricing power is fine and the Pacifica is achieving the best U.S. sales on record for this brand with a PHEV variation, which means that with the PHEV electrified variation, we are doing fine in terms of sales.

如果我們轉向下一個品牌，那就是美國品牌，而我們正在準備克萊斯勒的反彈，我們一直在討論設計工作室的一些令人興奮的產品。我們注意到，克萊斯勒的品牌宣布從 2028 年起，該品牌將成為 100% 純電動汽車。定價能力很好，Pacifica 憑藉 PHEV 變體實現了該品牌有史以來最好的美國銷量，這意味著使用 PHEV電氣化的變化，我們在銷售方面做得很好。

Ram is a success story, a significant success story with the best full-size pickup share ever in the United States with an impressive 26.2% share in 2021. So it's a growing share. It's a growing profit. The products are extremely appealing, and the customers are very excited about all the variations that we have been bringing to the marketplace. Pricing power is ahead of the benchmark. And we have with the Ram 1500, the highest U.S. average transaction price with a $51,000 per unit number in 2021, which means that we are taking the best out of the market given the appeal and the market conditions that we have right now.

Ram 是一個成功的故事，一個重要的成功故事，它在美國擁有有史以來最好的全尺寸皮卡市場份額，到 2021 年將達到令人印象深刻的 26.2% 的份額。所以它的份額正在增長。這是一個不斷增長的利潤。這些產品極具吸引力，客戶對我們為市場帶來的所有變化感到非常興奮。定價能力領先於基準。我們擁有 Ram 1500，這是美國最高的平均交易價格，2021 年每單位數量為 51,000 美元，這意味著鑑於我們目前的吸引力和市場條件，我們正在從市場中獲得最好的。

Last but not least, the Dodge brand very high satisfaction with the fact that the challenger was the #1 selling muscle car in the U.S., which means (inaudible) with 54,000 units sold in 2021, a very nice pricing power, 7 points ahead of the benchmark. And for Charger and Challenger, the highest ever market share with more than 50% market share in the full size sedan segment in 2021.

最後但同樣重要的是，道奇品牌對挑戰者是美國銷量第一的肌肉車這一事實非常滿意，這意味著（聽不清）2021 年售出 54,000 輛，這是一個非常好的定價能力，領先 7 個百分點基準。而對於 Charger 和 Challenger 來說，2021 年全尺寸轎車細分市場的市場份額將超過 50%，是有史以來最高的市場份額。

Not only those numbers are extremely rewarding, but we are very, very excited about the electrification of the Dodge brand, which is coming up very, very nicely. And I can tell the fans of this brand that they will enjoy even more excitement and thrilling experiences with the electrification of the Dodge that will bring the American e-muscle car to the market.

不僅這些數字非常有價值，而且我們對道奇品牌的電氣化感到非常非常興奮，它的出現非常非常好。我可以告訴這個品牌的粉絲，他們將享受道奇電動化帶來的更多興奮和激動人心的體驗，這將把美國電動肌肉車推向市場。

If we move now to the upper mainstream brands with 2 European brands, our German brand Opel delivered market share that was up in Europe and Germany with respectively 4.3% and 6.2% market share. It's good that we have an improving market share in the home country of the brand, which is Germany that demonstrates that we are properly rooted in that market.

如果我們現在轉向擁有 2 個歐洲品牌的高端主流品牌，我們的德國品牌歐寶在歐洲和德國的市場份額分別上升了 4.3% 和 6.2% 的市場份額。很高興我們在品牌的母國德國擁有不斷提高的市場份額，這表明我們已正確紮根於該市場。

The Mokka-e model was awarded Golden Steering Wheel in 2021. best car under $25,000, which is attributed to the very attractive design and the performance of this car, which I believe is a great success. Pricing power is at the benchmark level and we have also to mention that in their respective segments, Corsa was #1 sales in Germany and in the U.K. with 16.5% and 15.1% segment share, which means that the Corsa, which is as you know well, a derivative of another car from our company has been delivering a very high level of appeal, great quality and great performance to our customers. And you can see it as the #1 selling car in Germany and U.K. in its own segment, beating of course, the equivalence of other brands including the German brands.

Mokka-e 車型在 2021 年獲得了金方向盤獎。25,000 美元以下的最佳車型，這歸功於這款車極具吸引力的設計和性能，我相信這是一個巨大的成功。定價能力處於基準水平，我們還必須提到，在各自的細分市場中，Corsa 在德國和英國的銷量排名第一，分別佔 16.5% 和 15.1% 的細分市場份額，這意味著 Corsa，如您所知好吧，我們公司另一款汽車的衍生產品一直為我們的客戶提供非常高的吸引力、卓越的品質和卓越的性能。您可以將其視為德國和英國在其自己的細分市場中銷量第一的汽車，當然，它擊敗了包括德國品牌在內的其他品牌。

If we look at Peugeot, Peugeot is also a big success with 208 being the #1 selling vehicle in Europe and the 2008, the #1 selling B-SUV in Europe, which means that they are demonstrating a very nice overall package design, appeal, performance, reliability and quality. We also see that Peugeot has now become the #1 brand in France, which didn't happen for many, many years. So Peugeot is now #1 in France for this important market, for this home market.

如果我們看看標致，標致也取得了巨大的成功，208 是歐洲銷量第一的車型，2008 是歐洲銷量第一的 B-SUV，這意味著它們展示了非常好的整體包裝設計、吸引力、性能、可靠性和質量。我們還看到，標致現在已經成為法國的第一品牌，這已經很多年沒有發生了。因此，對於這個重要市場，對於這個本土市場，標致現在在法國排名第一。

Globally worldwide the sales were up 5%. The pricing power is above the benchmark. And we see that the Euro 30 LEV order is increasing. This means that Peugeot very soon will have a total market share of LEV in the LEV market, which will be above the total market share of this brand in Europe, which is rewarding we moved from 9% order mix to 25% order mix on LEV for this year of 2021. So moving fast and strong on the electrification without, of course, forgetting the very nice start of the Peugeot 308 brand new Peugeot, that is attracting a lot of customers, thanks to a very attractive and aggressive design.

在全球範圍內，銷售額增長了 5%。定價能力高於基準。我們看到 30 歐元的 LEV 訂單正在增加。這意味著標致很快將在 LEV 市場擁有 LEV 的總市場份額，這將高於該品牌在歐洲的總市場份額，這是我們從 9% 的訂單組合轉移到 25% 的 LEV 訂單組合的回報2021 年。因此，在電氣化方面快速而強勁地前進，當然，不要忘記標致 308 全新標致的良好開端，這要歸功於非常有吸引力和激進的設計，它吸引了很多客戶。

If we move to the next one, and let's talk about the core brands, namely Citroën and Fiat. Citroën has been enjoying a great success with the C segment C4 Hatchback top-selling C Hatch in France and Spain for '21, but also a very nice performance on the BEV variations, which were multiplied by 4 year-over-year with EC4 at 8.7% of its segment in terms of BEV competition.

如果我們進入下一個，讓我們談談核心品牌，即雪鐵龍和菲亞特。 Citroën 憑藉 C 級 C4 Hatchback 在 21 年在法國和西班牙最暢銷的 C Hatch 取得了巨大成功，但在 BEV 變體上的表現也非常出色，EC4 在就 BEV 競爭而言，佔其細分市場的 8.7%。

So the EC4 is receiving a very good support from the market and from the customers. The share in South America is up and the pricing power is above benchmark. So more to come on the Citroën brand, but already with the C4 a big success right now.

所以EC4得到了市場和客戶很好的支持。南美市場份額上升，定價能力高於基準。雪鐵龍品牌還有更多，但現在 C4 已經取得了巨大的成功。

Fiat has demonstrated a strong leadership with the 3 remarkable results, market leader in Brazil as a brand, market leader in Italy as a brand and market leader in Turkey as a brand.

菲亞特憑藉 3 項顯著成果展示了強大的領導力，巴西市場領導者品牌、意大利市場領導者品牌和土耳其市場領導者品牌。

Overall, #1 brand in South America with 13.9% share in 2021. So great achievement from our teams in terms of leadership for those markets.

總體而言，2021 年南美第一品牌佔有 13.9% 的份額。我們的團隊在這些市場的領導地位方面取得了巨大成就。

The 500e is now the #1 selling BEV in 12 countries for the A segment, so perfectly in the leading seat for the electrification of Fiat, pricing power ahead of the benchmark and the commitment from the brand CEO that we would be 100% BEV portfolio by 2027 in Europe, which means that we have now in the pipe, all the pure EV products that we need to be having a strong position in the different markets in which the Fiat brand is operating.

500e 現在是 A 級車在 12 個國家/地區銷量第一的 BEV，因此完美地處於 Fiat 電氣化的領先地位，定價能力領先於基準以及品牌 CEO 承諾我們將成為 100% BEV 產品組合到 2027 年在歐洲，這意味著我們現在擁有所有純電動汽車產品，我們需要在菲亞特品牌運營的不同市場中佔據強勢地位。

If we move to the next one, we can now address the light commercial vehicle business, highly profitable, where we are perfectly leading Europe with a 33.7% market share and South America with a 30.9 % market share. We have sold 1.9 million cars globally, which means this is a big, big business for our company.

如果我們轉向下一個，我們現在可以解決高利潤的輕型商用車業務，我們以 33.7% 的市場份額完全領先於歐洲，以 30.9% 的市場份額領先於南美。我們在全球銷售了 190 萬輛汽車，這對我們公司來說是一項非常大的業務。

We are also now preparing the all new Pro Master BEV RAM van, which will be launched in 2023 with Amazon as our first commercial customer, which means that we were able to convince Amazon that we had the best van with the best features perfectly suited for the logistic expertise that exists in our customers and we are meeting those needs with a very fine tuned and very sharp van in this process. Starting, of course, with the EV powertrain that we will bring to the United States in 2023.

我們現在還在準備全新的 Pro Master BEV RAM 貨車，該貨車將於 2023 年推出，亞馬遜是我們的第一個商業客戶，這意味著我們能夠說服亞馬遜，我們擁有最好的貨車，具有最適合的功能我們客戶的物流專業知識，我們在這個過程中用一輛經過微調和非常鋒利的貨車來滿足這些需求。當然，從我們將於 2023 年引入美國的 EV 動力總成開始。

We have also, in Europe, the #1 BEV sales position on vans which just demonstrates that by having the EV variation on the 3 vans, compact, midsize and full size, we are now leading the market not only on total share, but also on the BEV sales for electrified vans in Europe.

在歐洲，我們在麵包車上的 BEV 銷量排名第一，這表明通過 3 款麵包車的 EV 變體，緊湊型、中型和全尺寸，我們現在不僅在總份額上處於領先地位，而且在關於歐洲電動貨車的 BEV 銷售情況。

We could also deliver the best ever performance in terms of sales for the pickup sales with more than 1 million vehicles sold in 2021, which demonstrates that not only our vans are extremely successful, mostly in Europe. Our pickup trucks are now demonstrating on compact again, midsize and full-size pickups that we are extremely competitive. And by adding the vans to the pickups, we will be soon competing for the #1 position in the world. It is also clear that one of the good things that was brought by the merger is the fact that we are now launching and as you can see, very fast, the all new Fiat Scudo and Fiat Ulysse as a derivative of the other vans of our company. It has been launched. It will bring even more competitiveness and surely more profit to Stellantis.

我們還可以在皮卡銷售方面提供有史以來最好的業績，2021 年售出超過 100 萬輛汽車，這表明我們的貨車不僅非常成功，主要是在歐洲。我們的皮卡車現在再次展示了我們極具競爭力的緊湊型、中型和全尺寸皮卡。通過將貨車添加到皮卡中，我們將很快爭奪世界第一的位置。同樣清楚的是，合併帶來的好處之一是我們現在正在推出，正如您所見，全新的 Fiat Scudo 和 Fiat Ulysse 作為我們其他貨車的衍生產品，速度非常快公司。它已經啟動。它將為 Stellantis 帶來更大的競爭力和更多的利潤。

Last but not least, in December 2021, we delivered to our first customers, our midsized van with a hydrogen fuel cell technology. It was delivered in December. We are now moving up, both in the orders and the manufacturing capacity. And next week, I will tell you more about this, but I just want here to put a stake in the ground by saying that in December 2021, we start selling mid-sized vans, hydrogen powered in the Stellantis brand portfolio. Here, we have the picture the Opel, but it also exists for other brands in Europe. It's a significant technological leadership that we are focusing on the LCVs. And I'm so glad that our teams could deliver those first vans in December 2021.

最後但同樣重要的是，在 2021 年 12 月，我們向第一批客戶交付了我們採用氫燃料電池技術的中型貨車。它是在 12 月交付的。我們現在在訂單和製造能力上都在上升。下週，我會告訴你更多關於這方面的信息，但我只想在這裡打下賭注，說 2021 年 12 月，我們開始銷售 Stellantis 品牌組合中的氫動力中型貨車。在這裡，我們有歐寶的圖片，但它也存在於歐洲的其他品牌中。我們專注於 LCV，這是一個重要的技術領先地位。我很高興我們的團隊能夠在 2021 年 12 月交付第一批貨車。

If we move ahead, we can now talk about the premium brands, saying that the Alfa Romeo brand CEO has committed that he will be 100% BEV portfolio from 2027and that he is now not only fixing the business model as it was able to bring the Alfa Romeo brand to profitability in 2021, moving from red ink to black ink with the pricing at the benchmark level. And it's clear that the turnaround is on track and we are now gaining a new momentum with the launch of the Alfa Romeo Tonale that will happen in 2022 with its first electrified vehicle, which means that the electrification journey of Alfa Romeo is just starting, which means that we have a significant potential to grow profitably with this brand now that the business model has been fixed.

如果我們繼續前進，我們現在可以談論高端品牌，說阿爾法羅密歐品牌首席執行官已承諾從 2027 年起他將成為 100% 的 BEV 產品組合，他現在不僅在修復商業模式，因為它能夠帶來阿爾法羅密歐品牌在 2021 年實現盈利，從紅色墨水轉向黑色墨水，定價處於基準水平。很明顯，轉機正在走上正軌，隨著阿爾法羅密歐 Tonale 的推出，我們正在獲得新的動力，該車型將於 2022 年推出首款電動汽車，這意味著阿爾法羅密歐的電動化之旅才剛剛開始，這意味著由於商業模式已經確定，我們有很大的潛力通過這個品牌實現盈利增長。

For the Lancia brand that we are now preparing for the rebound, we can say that we'll be 100% electrified in 2024. And that from 2026, all the launches will be purely BEV. The pricing power is minus 20%. And against the benchmark, which is a way to say that there is a significant potential to improve moving forward, which is great news. And this is exactly what we are going to do and that means that the Lancia brand will represent a significant profit driver for the company moving forward.

對於我們現在正在為反彈做準備的藍旗亞品牌，我們可以說我們將在 2024 年實現 100% 的電氣化。從 2026 年開始，所有的發布都將是純 BEV。定價權為-20%。與基準相比，這是一種說法，有很大的改進潛力，這是一個好消息。這正是我們要做的，這意味著藍旗亞品牌將代表公司向前發展的重要利潤驅動力。

While we are preparing for this rebound, I think we need to congratulate the Lancia teams for the fact that the Lancia Ypsilon is still the #1 selling car in Italy in the B segment, which is a very significant sales and marketing performance with a 6.3% share in 2021.

在我們為這次反彈做準備的同時，我認為我們需要祝賀藍旗亞團隊，因為藍旗亞 Ypsilon 仍然是意大利 B 級銷量第一的汽車，這是一個非常重要的銷售和營銷業績，6.3 2021 年的份額。

Last but not least, the DS brand, the DS Automobile, the unique French premium brand. We will make 100% BEV launches from 2024. It's better than the benchmark in pricing power. And as the second best LEV sales mix of the premium industry with no less than 37% mix for 2021. So here is one other brand that is bringing the LEV sales mix of Stellantis up with a quite impressive 37% sales mix.

最後但同樣重要的是，DS 品牌，DS 汽車，獨特的法國高檔品牌。我們將從 2024 年開始 100% 推出純電動汽車。這比定價能力的基準要好。作為高端行業中第二好的 LEV 銷售組合，2021 年的銷售組合不低於 37%。因此，這是另一個品牌，它使 Stellantis 的 LEV 銷售組合達到了令人印象深刻的 37% 的銷售組合。

To finalize this part, I think we are going to comment now the Maserati brand, the unique luxury brand of Stellantis. The first great news is that we were able to bring the brand back to the black with a 5% AOI margin in '21. Needless to say that our goal is to bring the profitability of Maserati in the midterm, above 15% of AOI margin so a significant potential to improve. It's clear that the Maserati team has been doing a great, great job because they were able to grow the sales by 41%, to grow the market share globally in North America and in China and at the same time improve the profitability, which is the perfect demonstration that they are creating value for the company.

為了完成這一部分，我想我們現在要評論瑪莎拉蒂品牌，Stellantis 的獨特奢侈品牌。第一個好消息是，我們能夠在 21 年以 5% 的 AOI 利潤率將品牌帶回黑色。不用說，我們的目標是在中期使瑪莎拉蒂的盈利能力超過 15% 的 AOI 利潤率，因此有很大的提升潛力。很明顯，瑪莎拉蒂團隊一直做得非常出色，因為他們能夠將銷售額增長 41%，擴大北美和中國的全球市場份額，同時提高盈利能力，這是完美證明他們正在為公司創造價值。

While we are doing this, we are putting the level of demand on quality at a very high level. We are demonstrating that we are absolutely stiff in quality, making sure that any new model that we are going to launch in any brand of Stellantis and specifically on Maserati, we'll be meeting all the very demanding standards, quality standards that we have in the company. This is the reason why we decided to delay a few months the old new Grecale. We want the car to be perfect. We have tested the car many times and now the car is ready, and it will be unveiled in March '22, and the deliveries will begin by mid-2022.

在我們這樣做的同時，我們將對質量的要求水平提高到一個非常高的水平。我們正在證明我們在質量上絕對嚴格，確保我們將在任何 Stellantis 品牌，特別是在瑪莎拉蒂上推出的任何新車型，我們都將滿足我們擁有的所有非常苛刻的標準和質量標準公司。這就是為什麼我們決定將舊的新 Grecale 推遲幾個月的原因。我們希望汽車是完美的。我們對這輛車進行了多次測試，現在這輛車已經準備就緒，它將在 22 年 3 月亮相，並於 2022 年年中開始交付。

So the all-new Grecale is, of course, a turning point, a cornerstone for the Maserati brand. As I already mentioned on the opening, we'll bring Maserati to the world formula E championship in 2023 as a testimony of our electrification and the fact that we love to compete on this brand, which is positioned as the Gran Turismo brand of Stellantis.

因此，全新的 Grecale 當然是一個轉折點，是瑪莎拉蒂品牌的基石。正如我在開幕式上已經提到的，我們將把瑪莎拉蒂帶到 2023 年的世界電動方程式錦標賽，以證明我們的電氣化以及我們喜歡在這個品牌上競爭的事實，這個品牌被定位為 Stellantis 的 Gran Turismo 品牌。

In 2023, we will also bring the all-new Gran Turismo, which is right now on track. The car is gorgeous and you will see that you will be surprised when it will come up to the market at the moment where we will consider that the quality is top-notch, meeting all the standards and therefore, at the right level to be enjoyed by our customers. So Maserati is the starting point of a great story, more sales, more market share, more profit, more quality and more competition. This is what we are now doing and I'm quite confident this is going to be a success story for the future.

2023 年，我們還將帶來全新的 Gran Turismo，它現在正步入正軌。這輛車很漂亮，您會發現當它上市時您會感到驚訝由我們的客戶。所以瑪莎拉蒂是一個偉大故事的起點，更多的銷售、更多的市場份額、更多的利潤、更多的質量和更多的競爭。這就是我們現在正在做的事情，我非常有信心這將成為未來的成功故事。

So those were the brands for the cars and the products. Let's now talk about the services. The mobility business is now expanding. The good news is that the growth is there and the numbers are black. It is important in the way we think that we grow our performance while we keep things in the black, which is quite rare among our competitors in this kind of services. As you can see, free to move is now growing by 38%, while we keep the business in the black, thanks to the fact that we are introducing more and more cities, namely in the United States that can enjoy this mobility service. We see that the long-term rental originations are growing up 15%. It is also the case on the leases side with an even more impressive number of 45% driven by B2C growth. We see that the growth is there, both in free to move and leases. In both cases, we are in the black, and we will keep it in the black.

所以這些是汽車和產品的品牌。現在讓我們談談服務。移動業務現在正在擴大。好消息是增長是存在的，而且數字是黑色的。我們認為在保持盈利的同時提高業績的方式很重要，這在此類服務的競爭對手中非常罕見。如您所見，自由移動現在增長了 38%，而我們的業務保持盈利，這要歸功於我們正在引入越來越多的城市，即在美國可以享受這種移動服務。我們看到，長期租賃來源正在增長 15%。租賃方面的情況也是如此，在 B2C 增長的推動下，這一數字甚至達到了令人印象深刻的 45%。我們看到增長是存在的，無論是自由移動還是租賃。在這兩種情況下，我們都是黑色的，我們將保持黑色。

There is some acceleration to come in terms of electric mobility. As you can see, the mix of LEV is growing by the day, not only on lease sales but also in short and midterm rental. It is also the case on the lease side. But on top of that, on the less side, we have made some acquisitions as we can see here, (inaudible) to expand our mobility ecosystem. The reason why we are aggressive on these areas because we believe with some humility that we have found the way to keep the business profitable and at the same time grow our presence, which is from my perspective the right way to go.

電動汽車方面將會出現一些加速。如您所見，LEV 的組合與日俱增，不僅在租賃銷售方面，而且在短期和中期租賃方面。租賃方面也是如此。但除此之外，我們還進行了一些收購，正如我們在這裡看到的那樣（聽不清），以擴展我們的移動生態系統。我們之所以在這些領域積極進取，是因為我們謙虛地相信，我們已經找到了保持業務盈利並同時擴大我們的影響力的方法，從我的角度來看，這是正確的方法。

And I'm very pleased with this direction and let's continue to do more of the same so that we can enjoy a better business from this mobility service activities.

我對這個方向感到非常滿意，讓我們繼續做更多相同的事情，以便我們可以從這項移動服務活動中獲得更好的業務。

If we move now to the affiliates, 3 major businesses. One is the financial services. We were blessed to create the Stellantis U.S. Financial Services from the acquisition of an existing entity. And this captive is now formed and we are moving ahead. And I think that we will start seeing the first benefits of this strategic move from next year. So Stellantis has now a financial service in the U.S. to support sales, which is going to be a great tool for our sales and marketing people. We are also creating a fully dedicated multi-brand leasing company in Europe, which will go live in the beginning of 2023. There is enormous potential here compared to our peers. And this is something that we are very excited about trying to move as fast as we can. And we will do this in partnership with Crédit Agricole.

如果我們現在轉移到附屬公司，3 大業務。一是金融服務。我們有幸通過收購現有實體創建了 Stellantis U.S. Financial Services。現在這個俘虜已經形成，我們正在前進。我認為我們將從明年開始看到這一戰略舉措的第一個好處。所以 Stellantis 現在在美國有一項金融服務來支持銷售，這對於我們的銷售和營銷人員來說將是一個很好的工具。我們還在歐洲創建了一家完全專注的多品牌租賃公司，該公司將於 2023 年初上線。與我們的同行相比，這裡有巨大的潛力。這是我們對盡可能快地採取行動感到非常興奮的事情。我們將與法國農業信貸銀行合作開展這項工作。

We have achieved -- while we were completely reengineering our strategy in terms of sales finance. We are achieving a record profitability with no less than EUR 662 million in '21, which is attributed to the expertise and the focus of our financial teams and congratulations to them.

我們已經實現了——同時我們在銷售融資方面完全重新設計了我們的戰略。我們在 21 年實現了不低於 6.62 億歐元的創紀錄盈利能力，這歸功於我們財務團隊的專業知識和專注力，並向他們表示祝賀。

If we look at the pre-owned vehicle business, of course, the business model has been improving given the market conditions. It's good that we do it. We didn't do it only on the top line. We did it also on the costs because we could reduce the logistic cost by 40% by executing a certain number of synergies coming out of the merger. We had a very successful IPO of the Aramis group, with the valuation of the company at EUR 1.9 billion, knowing that our initial investment was a 2-digit number, so a limited investments that triggered a lot of value creation over the years. So a successful IPO of Aramis. And we will continue to expand our preowned car brand called Spoticar across the different countries. And here, we are now starting the operations in Turkey, which is a significant market for us.

如果我們看二手車業務，當然，鑑於市場情況，商業模式一直在改善。我們這樣做很好。我們不僅在頂線上這樣做。我們也在成本方面這樣做，因為我們可以通過執行一定數量的合併產生的協同效應將物流成本降低 40%。我們對 Aramis 集團進行了非常成功的首次公開募股，公司估值為 19 億歐元，因為我們知道我們的初始投資是 2 位數，因此有限的投資引發了多年來的大量價值創造。因此，Aramis 成功 IPO。我們將繼續在不同國家擴展我們名為 Spoticar 的二手汽車品牌。在這裡，我們現在開始在土耳其開展業務，這對我們來說是一個重要市場。

In the parts and service business, we could enjoy double-digit sales growth, which is not very common, significantly fueled by the independent aftermarket business, which was up by 25%. And by the circular economy business, which was up 40%. We could create through the merger of 3 entities that we have acquired in the past. The fourth largest IAM distributor in China with a sales growth of 30%. And the global business is in the black, even though it's not a big number, it's still in the black and we are growing as a distributor in China, which is a success of Stellantis in China right now. And we selected Mopar as the brand to sell the OEM parts when needed to some of our partners. So this is a significant profit provider for Stellantis. And as you can see through the different columns here, everything was growing profitably, which is, of course contributing to the excellent results that you could see this morning.

在零部件和服務業務方面，我們可以享受到兩位數的銷售增長，這並不常見，這在很大程度上受到獨立售後市場業務的推動，增長了 25%。而循環經濟業務則增長了40%。我們可以通過合併過去收購的 3 個實體來創建。 IAM中國第四大經銷商，銷售額增長30%。全球業務是盈利的，雖然不是一個大數字，但它仍然是盈利的，我們正在成長為中國的經銷商，這是 Stellantis 目前在中國的成功。我們選擇 Mopar 作為品牌，在需要時向我們的一些合作夥伴銷售 OEM 零件。因此，這對 Stellantis 來說是一個重要的利潤提供者。正如您通過此處的不同欄目看到的那樣，一切都在盈利增長，這當然有助於您今天早上看到的出色結果。

Let's move to the next one, which is about electrification. I know that this is a topic that is very important for you and I wanted to give you more transparency and more details about what is going to happen in the next couple of years.

讓我們轉到下一個，這是關於電氣化的。我知道這對你來說是一個非常重要的話題，我想給你更多的透明度和更多關於未來幾年將會發生的事情的細節。

First, let's just recognize that as we speak, we are selling 34 LEVs in the markets where we operate. which include 19 BEVs.

首先，讓我們認識到，在我們說話的時候，我們正在我們經營的市場上銷售 34 輛 LEV。其中包括 19 輛 BEV。

So as we speak, we are selling 19 BEVs all over the world, 19 BEVs, included in 34 LEVs. As you know, for us, LEVs mean BEVs plus PHEVs. So 19 BEV are actually and right now on sale for the different Stellantis brands.

因此，正如我們所說，我們在全球銷售 19 款 BEV，19 款 BEV，包括在 34 款 LEV 中。如您所知，對我們來說，LEV 意味著 BEV 和 PHEV。因此，不同的 Stellantis 品牌實際上和現在正在銷售 19 款 BEV。

If we look at what is going to happen this year and next year, within '22 and '23, we are going to add to those 19 BEVs, 13 additional BEVs, which means that by the end of '23, we will have 32 BEVs on sales, which means roughly 1/3 of the total model portfolio of Stellantis, which is, I believe a significant achievement from our engineering, purchasing and manufacturing teams. And I would like to thank them and congratulate them for that. So please keep in mind, right now 19 BEVs on sales. And for the next couple of '22 and '23, we will add 13 more and we'll, therefore, have by the end of '23, 32 BEVs on sale. This is what we have in our pipe.

如果我們看看今年和明年會發生什麼，在 22 和 23 年內，我們將在這 19 輛 BEV 的基礎上增加 13 輛 BEV，這意味著到 23 年底，我們將擁有 32 BEV 的銷售量，約佔 Stellantis 總車型組合的 1/3，我相信這是我們工程、採購和製造團隊的一項重大成就。我要感謝他們並為此向他們表示祝賀。所以請記住，目前有 19 輛 BEV 正在銷售。在接下來的 22 年和 23 年，我們將再增加 13 輛，因此，到 23 年底，我們將有 32 輛 BEV 發售。這就是我們管道中的內容。

You can see through this slide, the power of Stellantis with our 14 iconic house of brands. We have a very powerful capability to launch new technologies and cover the profit pool of our markets. So please keep in mind the 32 BEVs that will be soon on sale and right now 19, no less than 19.

通過這張幻燈片，您可以看到 Stellantis 與我們 14 個標誌性品牌的力量。我們擁有非常強大的能力來推出新技術並覆蓋我們市場的利潤池。因此，請記住即將上市的 32 款 BEV，目前有 19 款，不少於 19 款。

This is to clarify one of the questions I got from you after the EV Capital Day. We got the feedback that you wanted more visibility and more transparency on the pure BEV launches. This is the answer. Hopefully, it is clear enough for all of you.

這是為了澄清我在 EV 資本日之後從您那裡得到的一個問題。我們收到的反饋是，您希望在純 BEV 發佈時獲得更多可見性和更高透明度。這就是答案。希望對大家來說已經足夠清楚了。

Let's move on. Let's now move to the numbers and for the numbers that needs a lot of rigor and focus and now we'll be happily handing over to our CFO, Richard Palmer. Richard, please?

讓我們繼續前進。現在讓我們轉向數字以及需要大量嚴謹和專注的數字，現在我們很高興將其移交給我們的首席財務官 Richard Palmer。理查德，好嗎？

Thank you very much, Carlos. So just quickly to remind everybody, given the merger, the numbers we'll be focused on today are the pro forma numbers for 2021 and for 2020, which effectively means that they're prepared as if the merger had occurred on January 1, 2020, including FCA's numbers in the 2020 comparatives and including the first 16 days of 2021 for FCA in the 2021 numbers, all adjusted for PPA, Purchase Price Accounting exercise.

非常感謝，卡洛斯。所以很快提醒大家，鑑於合併，我們今天關注的數字是 2021 年和 2020 年的備考數字，這實際上意味著他們已經做好準備，就好像合併發生在 2020 年 1 月 1 日一樣，包括 FCA 在 2020 年比較數據中的數字，以及在 2021 年數字中包括 FCA 2021 年頭 16 天的數據，均已針對 PPA、採購價格會計活動進行了調整。

So we can move to the next page. So here we show the main financial metrics. As we mentioned, consolidated data shipments increased 4% to 5.9 million units with the impact of unfilled semiconductor orders largely offsetting the reduced impact of COVID-19 compared to 2020. North America and extended Europe regions were down 2% and 3%, respectively, with strong growth in South America, China and Indonesia Pacific, Maserati and Middle East and Africa. All brands were up except for Dodge due to discontinued Grand Caravan and Journey Alpha due to brand repositioning and discontinued (inaudible) and Opel Vauxhall.

所以我們可以轉到下一頁。所以在這裡我們展示了主要的財務指標。正如我們所提到的，綜合數據出貨量增長 4% 至 590 萬台，與 2020 年相比，未完成的半導體訂單的影響在很大程度上抵消了 COVID-19 減少的影響。北美和歐洲擴展地區分別下降了 2% 和 3%，在南美、中國和印度尼西亞太平洋地區、瑪莎拉蒂以及中東和非洲都有強勁增長。除因 Grand Caravan 停產的 Dodge 和因品牌重新定位和停產（聽不清）而停產的 Journey Alpha 和 Opel Vauxhall 外，所有品牌均上漲。

Revenues were up 14% to EUR 152 billion due to strong commercial performance on pricing and product mix. This strong commercial performance drove AOI to nearly double year-over-year to EUR 18 billion with margins at a record level compared to prior PSA or FCA performance at 11.8%.

由於定價和產品組合的強勁商業表現，收入增長 14% 至 1520 億歐元。這種強勁的商業業績推動 AOI 同比增長近一倍，達到 180 億歐元，與之前的 PSA 或 FCA 業績 11.8% 相比，利潤率達到創紀錄水平。

Industrial free cash flows reached EUR 6.1 billion, up 85% year-over-year due to the strong AOI margins and to synergies and industrial net financial position therefore improved to EUR 19.1 billion of net cash. Industrial liquidity at year-end reached nearly EUR 63 billion of which EUR 12.7 billion related to the undrawn RCF and committed credit lines.

工業自由現金流達到 61 億歐元，同比增長 85%，這得益於強勁的 AOI 利潤率和協同效應，工業淨財務狀況因此改善至 191 億歐元的淨現金。年底的工業流動性達到近 630 億歐元，其中 127 億歐元與未提取的 RCF 和承諾的信貸額度有關。

On Page 20, we show the rest of the P&L. H1 2021 included unusual charges of EUR 1.1 billion due to the inventory fair value adjustments for PPA of EUR 0.5 billion, restructuring of EUR 0.7 billion and gains for resolution of tax matters in South America of EUR 0.2 billion.

在第 20 頁，我們顯示了損益表的其餘部分。 2021 年上半年包括 11 億歐元的異常費用，原因是 PPA 的庫存公允價值調整 5 億歐元、重組 7 億歐元以及解決南美稅務問題的收益 2 億歐元。

In the full year, the unusual charges totaled EUR 2.7 billion with an additional EUR 1.6 billion in H2 due to further restructuring of EUR 0.3 billion, a change in accounting estimates for certain types of warranties of EUR 0.7 billion and asset impairments of EUR 0.3 billion.

全年異常費用總額為 27 億歐元，下半年因進一步重組 3 億歐元、某些類型擔保的會計估計變更 7 億歐元和資產減值 3 億歐元而增加 16 億歐元.

Financial charges for the year were EUR 746 million, up 11% versus 2020, mainly due to lower levels of interest capitalization on investments in progress and lower yields on cash balances.

該年度的財務費用為 7.46 億歐元，比 2020 年增長 11%，主要是由於在建投資的利息資本化水平較低和現金餘額收益率較低。

Full year tax expense was EUR 1.9 billion with an effective tax rate of 13% and included the deferred tax assets recognized for tax loss carryforwards of around EUR 1.4 billion. Excluding this one-off DTA amount and some other smaller tax adjustments, the ETR normalized would have been around 23%.

全年稅收支出為 19 億歐元，有效稅率為 13%，其中包括為約 14 億歐元的稅收虧損結轉確認的遞延所得稅資產。排除這一一次性 DTA 金額和其他一些較小的稅收調整，ETR 正常化將在 23% 左右。

As a result, the net profit for the year, as Carlos mentioned, nearly tripled to EUR 13.4 billion.

因此，正如 Carlos 所說，當年的淨利潤幾乎翻了三倍，達到 134 億歐元。

Turning to Page 21. We show the drivers of revenue growth for the year, which drove a 14% increase or 16% ex-negative FX impacts, mainly due to the U.S. dollar versus the euro, the real versus the euro and the Turkish lira.

轉到第 21 頁。我們展示了今年收入增長的驅動因素，這推動了 14% 的增長或 16% 的負面外匯影響，主要是由於美元兌歐元、雷亞爾兌歐元和土耳其里拉.

Full year volumes were up 207,000 units driven by South America, plus 270,000 units with China and India Asia Pacific, MEA and Maserati all positive, offsetting North America down 32,000 and extended Europe down 80,000.

在南美的推動下，全年銷量增加了 207,000 輛，加上中國和印度、亞太地區、MEA 和瑪莎拉蒂的銷量均增長了 270,000 輛，抵消了北美下降 32,000 輛和歐洲下降 80,000 輛的影響。

Net pricing was strong throughout the year with all segments positive and North America, South America and EMEA, the standout performers. Vehicle line mix was also strong and driven at 65% by North America and 30% by extended Europe.

全年淨定價強勁，所有細分市場都表現良好，北美、南美和歐洲、中東和非洲地區表現突出。車輛線組合也很強勁，北美佔 65%，擴展歐洲佔 30%。

Moving to Page 22. We focus on the AOI development. As we said, volumes were up around 200,000 units or 4% with significant production losses throughout the year due to chip shortages.

轉到第 22 頁。我們專注於 AOI 開發。正如我們所說，由於芯片短缺，全年產量增加了約 200,000 台或 4%，但產量大幅下降。

In this context, we focused on margin maximization. The commercial teams did a great job with a net price up of around 6.5% for the group and all regions positive. Vehicle line mix was also very strong, particularly in North America, where we had key new products with the Grand Cherokee and Grand Wagoneer and also focused production through the year on higher margin vehicles in particular Ram. These top line actions offset raw material inflation for the year of around EUR 2.25 billion and industrial and efficiencies due to the stop-go nature of 2021 due to chip shortages, inflationary pressure and FX impacts, particularly in South America.

在這種情況下，我們專注於利潤最大化。商業團隊做得很好，集團和所有地區的淨價格上漲了約 6.5%。車輛產品線組合也非常強勁，特別是在北美，我們擁有大切諾基和 Grand Wagoneer 的關鍵新產品，並且全年將生產重點放在利潤率更高的車輛上，特別是 Ram。由於芯片短缺、通脹壓力和外匯影響，特別是在南美，2021 年的停停性質，這些頂線行動抵消了全年約 22.5 億歐元的原材料通脹以及工業和效率。

SG&A was flat also due to synergies from indirect purchasing and media buying. R&D increased mainly due to the launch of new products in North America increasing the depreciation and amortization and increased spend for new products compared to prior year. The resulting AOI margin at 11.8% was up 70% year-over-year.

由於間接採購和媒體採購的協同效應，SG&A 也持平。研發增加主要是由於在北美推出的新產品增加了折舊和攤銷以及與去年相比增加了新產品的支出。由此產生的 11.8% 的 AOI 利潤率同比增長 70%。

Now we move to the regional performance, starting on Page 23 with North America, which had a record performance for the year with margins at 16.3% and H2 at 16.4%. Industry volumes reached 18 million vehicles, up 4% and our sales were down 3% at 2 million units, mainly due to U.S. fleet down 13% and Canadian fleet down 40%, impacted by supply constraints and the discontinuation of the Dodge Journey and Grand Caravan.

現在我們轉向區域業績，從第 23 頁開始，北美地區今年的業績創歷史新高，利潤率為 16.3%，下半年為 16.4%。行業銷量達到 1800 萬輛，增長 4%，我們的銷量下降 3% 至 200 萬輛，主要是由於供應限制以及道奇旅程和 Grand 停產的影響，美國車隊下降 13% 和加拿大車隊下降 40%大篷車。

Our North America share was down from 11.8% to 11.1%. And shipments reached 1.8 million units down 2% year-over-year, with Dodge, down 30%; Jeep, down 5%; and Ram, up 16%.-- revenues increased 15% to nearly EUR 70 billion with a strong increase in ATPs as mentioned earlier driven by net price and strong product mix from Ram volume and increase Grand Cherokee and New and Gran Wagoneer volumes.

我們在北美的份額從 11.8% 下降到 11.1%。出貨量達到 180 萬台，同比下降 2%，道奇下降 30%；吉普車，下跌 5%；和 Ram，增長 16%。--收入增長 15%，達到近 700 億歐元，正如前面提到的，由於 Ram 銷量的淨價格和強勁的產品組合以及大切諾基和新和 Gran Wagoneer 銷量的增加，ATP 的強勁增長。

Industrial costs were negative due to raw material inflation and logistics and other industrial efficiencies due to the stop of chip shortages, increased (inaudible) product launches and increased labor costs for variable pay due to the strong results. R&D increase relates to amortization of program costs for the new model launches.

工業成本為負數，原因是原材料通脹和物流以及其他工業效率因芯片短缺停止、產品發布增加（聽不清）以及由於業績強勁而導致可變薪酬的勞動力成本增加。研發增加與新車型推出的計劃成本攤銷有關。

On Page 24, we show our South America performance where in an industry up 14%, our sales reached 812,000 vehicles with share up 3.8 percentage points to 22.9%.

在第 24 頁，我們展示了我們在南美的表現，在一個增長 14% 的行業中，我們的銷量達到 812,000 輛，份額增長 3.8 個百分點至 22.9%。

In Brazil our share reached 32%, in Argentina, 29%. With our overall sales up 37%, Fiat brand was up 34%; Jeep, 35%, Peugeot, up 56%; and Citroën, up 40%. So all brands performing very positively.

在巴西，我們的份額達到 32%，在阿根廷達到 29%。我們的整體銷售額增長了 37%，菲亞特品牌增長了 34%；吉普，35%，標致，上漲 56%；和雪鐵龍，上漲 40%。所以所有品牌的表現都非常積極。

Shipments increased 48% to 830,000 units with our South America business less impacted than North America and Europe by chip shortages.

出貨量增長 48% 至 830,000 台，我們的南美業務受芯片短缺的影響低於北美和歐洲。

Revenues increased 71% to over EUR 10 billion with very strong net price performance offsetting negative inflation in industrial costs and G&A. This strong performance resulted in an AOI increasing by fivefold to EUR 882 million with margins at 8.3% for the year.

收入增長 71%，超過 100 億歐元，強勁的淨價格表現抵消了工業成本和 G&A 的負通脹。這種強勁的表現導致 AOI 增長了五倍，達到 8.82 億歐元，全年利潤率為 8.3%。

In large Europe results are shown on Page 25. In a flat 2021 industry, Stellantis EU (inaudible) remained at 22.1%, #2 in the industry. H2 share was down compared to H1 due to continued focus on improving price/mix and reduction in total stock levels through the year of around 40%. In fact, AOI was up 76% to EUR 5.4 billion,and margins were 9.7% from 2.4% in the prior year. Shipments for the year were down 3% with semiconductor availability impacting the 4 highest volume brands at similar levels and newly launched Open Mokka, Citroën C4 and Fiat 500d performing well.

在大型歐洲，結果顯示在第 25 頁。在 2021 年持平的行業中，Stellantis 歐盟（聽不清）保持在 22.1%，在行業中排名第二。與 H1 相比，H2 份額有所下降，原因是繼續關注價格/組合的改善以及全年總庫存水平下降約 40%。事實上，AOI 增長了 76%，達到 54 億歐元，利潤率從去年的 2.4% 增長了 9.7%。今年的出貨量下降了 3%，半導體可用性影響了 4 個銷量最高的品牌處於相似水平，新推出的 Open Mokka、雪鐵龍 C4 和菲亞特 500d 表現良好。

Despite shipments being down, revenues were up 5% with positive price and mix driven in particular by increased lead volumes, which more than doubled in the year and by the Peugeot brand portfolio and new model launches as mentioned for Citroën, Opel and Fiat.

儘管出貨量下降，但收入增長了 5%，尤其是由於鉛銷量的增加（這一年增長了一倍多）以及標致品牌組合和雪鐵龍、歐寶和菲亞特所提到的新車型的推出，收入增長了 5%。

Costs were well managed with raw material inflation, offset by purchasing savings and inefficiencies due to stop-go of chip supply offset by manufacturing actions and by reduced compliance costs. FX was marginally positive due to sterling strengthening and other impacts included the improvements to parts and service and used car profitability.

成本得到了很好的控制，原材料通脹被採購節省和由於製造行動和合規成本降低所抵消的芯片供應停止所導致的低效率所抵消。由於英鎊走強以及其他影響包括零件和服務的改善以及二手車盈利能力，外匯匯率略微上漲。

Turning to Page 26, where we review Middle East and Africa, where the region achieved double-digit margins and AOI increased over 80% to EUR 545 million for the year. The industry was up 19%, with all major markets up strongly with the exception of Turkey, down 5%. Our regional market share was down to 11.9% from 13.6% in the prior year as vehicle shortages and strong pricing actions in Turkey impacted sales performance, which was still up 4% to 412,000 units.

轉到第 26 頁，我們回顧了中東和非洲，該地區實現了兩位數的利潤率，年度 AOI 增長了 80% 以上，達到 5.45 億歐元。該行業增長 19%，除土耳其外，所有主要市場均強勁增長，下降 5%。我們的區域市場份額從去年的 13.6% 下降到 11.9%，原因是土耳其的車輛短缺和強勁的定價行動影響了銷售業績，銷售業績仍增長 4%，達到 412,000 輛。

Consolidated shipments were up 6% and positive pricing offset significant negative FX impacts due to the Turkish lira, resulting in revenues up 9%.

綜合出貨量增長 6%，正定價抵消了土耳其里拉帶來的重大負面外匯影響，導致收入增長 9%。

On Page 27, we move to China and India and Asia Pacific, where consolidated shipments increased by 26%, with China up 17% and India and Asia Pacific, up 28%. Jeep brand increased 30% and represents around 50% of the 120,000 shipments. Peugeot was up also 30% to 30,000 units.

在第 27 頁，我們移至中國、印度和亞太地區，這些地區的綜合出貨量增長了 26%，其中中國增長了 17%，印度和亞太地區增長了 28%。 Jeep 品牌增長了 30%，約佔 120,000 輛出貨量的 50%。標致也上漲了 30% 至 30,000 輛。

Revenues increased in line with shipments to nearly EUR 4 billion for the year and actions on mix improvement and pricing offset negative FX to improve margins to 11.1% and nearly double AOI to EUR 442 million.

全年收入與出貨量增長一致，達到近 40 億歐元，組合改進和定價行動抵消了負匯率，將利潤率提高到 11.1%，AOI 幾乎翻了一番，達到 4.42 億歐元。

Moving to Maserati on the right, Maserati sales increased 41%, as mentioned, to 24,000 units with sales up 20% in Europe and over 40% in China and U.S. Improved pricing and residual values due to the refreshed versions in market as well as the improvement in volumes, allowed our Maserati to close with AOI at EUR 103 million and 5.1% margins.

如前所述，瑪莎拉蒂銷量增長 41%，達到 24,000 輛，其中歐洲銷量增長 20%，中國和美國銷量增長超過 40% 由於市場上的更新版本以及銷量的提高使我們的瑪莎拉蒂以 1.03 億歐元和 5.1% 的利潤率與 AOI 達成交易。

On Page 28, we show the industrial free cash flow, which reached EUR 6.1 billion for the year, despite the slow start in H1 due to net working capital and provisions, which closed the year negative EUR 2.9 billion, an improvement of EUR 2.8 billion compared to H1. This resulted in H2 in industrial free cash flow of EUR 7.2 billion.

在第 28 頁，我們展示了工業自由現金流，全年達到 61 億歐元，儘管由於淨營運資本和準備金在上半年開局緩慢，年底為負 29 億歐元，改善了 28 億歐元與 H1 相比。這導致下半年工業自由現金流為 72 億歐元。

Looking at the elements of the cash flow, AOI, before D&A reached 15.7% margin, a further improvement from a strong H1 of 15.3%. CapEx and R&D capitalized totaled EUR 10.2 billion of the EUR 10.9 billion in investments which also includes the acquisition of the U.S. Finco and other equity injections into joint ventures.

從現金流的要素來看，AOI 在 D&A 之前的利潤率達到 15.7%，比上半年 15.3% 的強勁水平進一步提高。在 109 億歐元的投資中，資本支出和研發資本化總額為 102 億歐元，其中還包括收購美國 Finco 和其他對合資企業的股權注入。

Total CapEx and R&D spend was EUR 13 billion or 8.6% of revenues. The negative working capital was driven by lower year-over-year payables with November, December production of 1.04 million cars, down over 100,000 units year-over-year, partly offset by improved inventory levels.

總資本支出和研發支出為 130 億歐元，佔收入的 8.6%。負營運資金是由於同比減少，11 月和 12 月生產了 104 萬輛汽車，同比減少超過 100,000 輛，部分被庫存水平的改善所抵消。

Changes in provisions were driven down by the reduction in dealer inventories through the year of 390,000 units.

撥備的變化是由於經銷商庫存減少了 390,000 輛。

And on Page 29, you can see that reduction in inventory, we continue to operate at historic low levels of inventory with total inventory down 37% in the year and dealer inventory in line with that reduction. This has allowed us to sustain sales performance by increasing turn rates and offsetting some of the chip shortage impacts. The reduction is at similar percentages in North America and extended Europe and does show some increase since the low point in September, which was due both to summer shutdown seasonality and particularly bad chip shortages in the June through September period.

在第 29 頁，您可以看到庫存減少，我們繼續以歷史最低水平運營，全年總庫存下降 37%，經銷商庫存與減少一致。這使我們能夠通過提高周轉率和抵消一些芯片短缺的影響來維持銷售業績。北美和歐洲其他地區的降幅相似，並且自 9 月的低點以來確實顯示出一些增長，這是由於夏季停工的季節性以及 6 月至 9 月期間特別嚴重的芯片短缺造成的。

The last page of the financial section shows our outlook for the industry, where we see moderate growth in our key regions, also heavily dependent on supply volatility.

財務部分的最後一頁展示了我們對該行業的展望，我們認為關鍵地區的增長溫和，也嚴重依賴於供應波動。

As regards AOI margins, we expect to continue to operate with double-digit margins and to offset headwinds in 2022, which include continued semiconductor scarcity, supply chain constraints due to labor costs and absenteeism, particularly in North America, and raw material inflation of around EUR 4 billion year-over-year, up from the EUR 2.25 billion in 2021.

關於 AOI 利潤率，我們預計 2022 年將繼續以兩位數的利潤率運營並抵消不利因素，其中包括持續的半導體稀缺性、勞動力成本和曠工導致的供應鏈限制，尤其是在北美，以及原材料通脹率約為同比增長 40 億歐元，高於 2021 年的 22.5 億歐元。

Industrial free cash flow will be positive and allow us to continue to invest 8% to 9% of revenues in CapEx and R&D to execute on the numerous LEV and BEV launches that we mentioned earlier.

工業自由現金流將是正數，使我們能夠繼續將收入的 8% 至 9% 投資於資本支出和研發，以執行我們之前提到的眾多 LEV 和 BEV 發布。

Thank you for listening, and I will turn the call back to Carlos.

感謝您的收聽，我會將電話轉回給 Carlos。

Well, thank you -- thank you, Richard, for this very focused explanations.

嗯，謝謝你——謝謝你，理查德，非常集中的解釋。

To wrap up on this first part before we go to your questions, I just would like to highlight a couple of things. First, in 2021, we were blessed by the fact that our company is enjoying very thrilling diversity. Our company is very diverse. As you know, historically, our company has built out of many other car companies with different brands, different home countries. And therefore, diversity for our Stellantis is a differentiator.

在我們回答您的問題之前，要結束第一部分，我只想強調幾件事。首先，在 2021 年，我們很幸運，因為我們公司正享受著令人興奮的多樣性。我們公司非常多元化。如您所知，從歷史上看，我們公司已經建立了許多其他不同品牌、不同國家的汽車公司。因此，我們 Stellantis 的多樣性是一個差異化因素。

But more than that, diversity at Stellantis is a way to enjoy a very exciting journey for all of us. We see it through the immense number of resumes that we receive. We received enormous amount of resumes of people who want to join this journey. Very surprisingly, many of those resumes are people currently working in tech companies, and they see a breathing space, they see opportunity to change, they see opportunity to build, and they see the opportunity to enjoy an exciting journey as a team. This diversity has been really a very important factor of our good results in 2021.

但更重要的是，Stellantis 的多元化是一種讓我們所有人享受非常激動人心的旅程的方式。我們從收到的大量簡歷中看到了這一點。我們收到了大量想要加入這一旅程的人的簡歷。非常令人驚訝的是，其中許多簡歷都是目前在科技公司工作的人，他們看到了喘息的空間，看到了改變的機會，看到了建設的機會，看到了作為團隊享受激動人心的旅程的機會。這種多樣性確實是我們在 2021 年取得好成績的一個非常重要的因素。

We also see that, of course, the challenges that we have ahead, which are most of them external challenges can be overcome in a more efficient way. If we understand the world in which we operate, more focused way and a more sharp way. And of course, diversity is also very helpful to understand the world in which we are operating. That's point number one.

當然，我們也看到，我們面臨的挑戰，其中大部分是外部挑戰，可以以更有效的方式克服。如果我們了解我們所處的世界，更專注的方式和更敏銳的方式。當然，多樣性對於了解我們所處的世界也非常有幫助。這是第一點。

Point number two, we are blessed by the fact that we have a strong bottom-up support from our people. Our people understand why we did this merger. They understand that Stellantis makes total sense from a scale perspective, from a diversity perspective. And you can see that the very high level of synergies that we could deliver in 2021, no less than EUR 3.2 billion is the result of a significant bottom-up trend.

第二點，我們很幸運，我們得到了人民自下而上的強大支持。我們的員工明白我們為什麼要進行這次合併。他們了解 Stellantis 從規模的角度和多樣性的角度來看是完全有意義的。您可以看到，我們可以在 2021 年實現不低於 32 億歐元的高水平協同效應是自下而上的顯著趨勢的結果。

Our people understand why we do this. And our people are rewarding us with many, many synergies, even though those that we couldn't think of during the discussion that was done prior to the deal of the merger. So this accelerated pace of synergies is demonstrating that we have a significant bottom-up support which, of course, is also a very important driver for the profitability -- the record profitability that could deliver in 2021.

我們的員工理解我們為什麼這樣做。我們的員工正在獎勵我們許多、許多協同作用，即使是在合併交易之前進行的討論中我們無法想到的那些。因此，這種協同效應的加速步伐表明，我們擁有自下而上的重要支持，當然，這也是盈利能力的一個非常重要的驅動因素——2021 年可能實現創紀錄的盈利能力。

Last but not least, as we are steering the company fast and strong towards an automotive tech company, we need to recognize that some of the key strategic partnerships with the tech companies are going to be boosting the transformation of this company, not only on electrification, but also on software. And I will be pleased to explain to you all the details of this shift during our long-term strategic plan presentation next week, so it will come very soon on March 1.

最後但並非最不重要的一點是，隨著我們將公司快速而強大地轉向一家汽車科技公司，我們需要認識到，與科技公司的一些關鍵戰略夥伴關係將推動這家公司的轉型，而不僅僅是在電氣化方面，而且在軟件上。我將很高興在下週的長期戰略計劃演示中向您解釋這一轉變的所有細節，因此很快就會在 3 月 1 日到來。

Thank you for your attention. Greatly appreciate it. And let's now go for the Q&A, please.

感謝您的關注。非常感謝。現在讓我們進行問答吧。

(Operator Instructions) 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。

José from JPMorgan. A couple of questions, please. I'm trying to understand the opportunity to maintain the margins in North America at the current elevated levels. So Carlos, can you comment a little bit around the opportunity to maybe sell another 50,000 vans in North America and continue to take market share there.

來自摩根大通的何塞。有幾個問題，請。我試圖了解將北美的利潤率保持在當前較高水平的機會。那麼卡洛斯，您能否就可能在北美再銷售 50,000 輛貨車並繼續在那裡佔據市場份額的機會發表一些評論。

And Richard, can you split, please, the industrial costs in North America between raw material, depreciation and stop and go roughly how much was that across the 3 buckets.

理查德，請您將北美的工業成本在原材料、折舊和停工之間分開，這三個桶的成本大致是多少。

And then the second question, Carlos, I'd love to get some insight, please. As you think about the business in Europe, clearly, there are 2 big opportunities. One, to reduce the R&D expenditure of Fiat -- the old Fiat brand. And second, to capitalize on the launch of the Doblo on -- in Europe as you launched it on Peugeot platform. Can you comment, please, on those 2 opportunities? And how can that basically help your earnings development in 2022?

然後是第二個問題，卡洛斯，我很想了解一下。當您考慮歐洲的業務時，顯然有兩個大機會。一、減少菲亞特——菲亞特老品牌的研發支出。其次，利用 Doblo 在歐洲推出的機會，就像你在標致平台上推出它一樣。請您對這兩個機會發表評論嗎？這如何從根本上幫助您在 2022 年的收入發展？

Well, thank you, José. Thank you for your thoughtful questions, as always. Let me answer first on the U.S. situation. What we have seen in 2021 is that we are operating in the U.S. under what we would call a pull model instead of a push model as a consequence of the semiconductor supply shortage as you surely understand.

好吧，謝謝你，何塞。一如既往地感謝您的深思熟慮的問題。我先回答一下美國的情況。我們在 2021 年看到的是，由於半導體供應短缺，我們在美國採用所謂的拉動模式而不是推動模式運營，正如你所了解的那樣。

So we could leverage this situation in a very efficient way in terms of pricing power, while we were fighting against the costs and the inflation on the costs, namely the raw materials. This is what we have been doing, which means somewhere, the operating point of the U.S. is moving upwards, better transaction pricing, and I gave you some numbers compared to the other 2 Detroit competitors, and with, of course, a big fight on the cost side to try to compensate for the raw material cost increase.

因此，我們可以在定價權方面以非常有效的方式利用這種情況，同時我們正在與成本和成本（即原材料）的通貨膨脹作鬥爭。這就是我們一直在做的，這意味著在某個地方，美國的運營點正在向上移動，更好的交易定價，我給了你一些與底特律其他兩個競爭對手相比的數字，當然，還有一場大戰成本方面試圖彌補原材料成本的增加。

So we are operating at a point which is quite profitable because we prioritize the most profitable sales and the most profitable channels. And while we are doing this, we are operating at a higher transaction price with some kind of cost reduction that could compensate some of the inflations that we are victims of.

因此，我們的運營非常有利可圖，因為我們優先考慮最有利可圖的銷售和最有利可圖的渠道。在我們這樣做的同時，我們以更高的交易價格運營，並降低了某種成本，這可以補償我們所遭受的一些通貨膨脹。

When we combine the 2 factors, at the end of the day, we could deliver a record profitability because we were quite fast at enjoying a better pricing while pushing back on some of the costs and compensating with additional cost reductions. So it's a very specific situation, which we are in right now, as you can understand from your deep experience of this market. We are enjoying a pull market rather than a push market.

當我們將這兩個因素結合起來時，最終，我們可以實現創紀錄的盈利能力，因為我們很快就享受到了更好的定價，同時降低了一些成本並以額外的成本降低作為補償。所以這是一個非常具體的情況，我們現在處於這種情況，你可以從你對這個市場的深刻經驗中理解。我們正在享受拉動市場而不是推動市場。

The core reason of this are 2. The first one is that there is an imbalance between the offer and on demand. And the second one is very simply the expertise and the skills and the agility of our North American team, which has been doing a fantastic job in terms of taking the best out of the market. That's what I can right now tell you.

其核心原因是2。第一個是offer和on demand的不平衡。第二個很簡單，就是我們北美團隊的專業知識、技能和敏捷性，他們在從市場中脫穎而出方面做得非常出色。這就是我現在可以告訴你的。

On your final question on the LCV before I give the floor to Richard, I would say that not only we intend to keep our leadership in LCVs in Europe and grow our performance in the U.S., and the deal with Amazon is very representative of how focused we are to make some of our major customers happy with the features that we can imagine an engineer, but of course, we have also a global ambition because we are growing at a good pace, and we believe that we can do much more on connectivity, much more on some of the features that make the logistic companies improve their own efficiency.

關於在我向 Richard 發言之前關於 LCV 的最後一個問題，我想說的是，我們不僅打算保持我們在歐洲 LCV 的領導地位並提高我們在美國的表現，而且與亞馬遜的交易非常具有代表性。我們要讓我們的一些主要客戶對我們可以想像的工程師的功能感到滿意，但當然，我們也有一個全球雄心，因為我們正在以良好的速度增長，我們相信我們可以在連接方面做得更多，更多關於使物流公司提高自身效率的一些功能。

We can bring the 0-emission mobility to those fleet and the good example next year is the ProMaster EV, which, by the way, is leveraging the electrification that already exists on the same van in Europe, and therefore, we can go reasonably fast. So we will continue to work hard for our LCV business to grow not only on the van sector in Europe, but adding the vans and the pickups all over the world. And for that purpose, we intend to give to our LCV business more breathing space so that they can go faster.

我們可以為這些車隊帶來零排放機動性，明年的一個很好的例子是 ProMaster EV，順便說一下，它正在利用歐洲同一輛貨車上已經存在的電氣化，因此，我們可以相當快.因此，我們將繼續努力使我們的 LCV 業務不僅在歐洲的廂式貨車領域發展，而且在全球範圍內增加廂式貨車和皮卡。為此，我們打算為我們的 LCV 業務提供更多喘息空間，以便他們能夠更快地發展。

And I don't want to forget a very important point which is the fact that we are now cutting-edge efficiency on the hydrogen version of our vans. We are, I believe, the only one that on the same van can offer to the market diesel versions, EV versions and fuel cell versions, which says a lot about the way we are implementing the technology on those vans.

而且我不想忘記一個非常重要的事實，那就是我們現在在我們的貨車的氫版本上擁有尖端的效率。我相信，我們是唯一可以在同一輛貨車上向市場提供柴油版本、電動汽車版本和燃料電池版本的公司，這充分說明了我們在這些貨車上實施技術的方式。

All of this is going to be available for all the brands of Stellantis regardless of the family where they are coming from. And of course, the efficiency that you can find in one specific brand you can expect that, that efficiency will be expanded and made available for all the brands of our iconic house of brands, including the model that you commented. Richard?

所有這些都將適用於 Stellantis 的所有品牌，無論他們來自哪個家庭。當然，您可以在一個特定品牌中找到您可以期待的效率，該效率將得到擴展，並適用於我們標誌性品牌之家的所有品牌，包括您評論的模型。理查德?

Thanks, Carlos. So on the industrial cost bucket, José, I would say that the 3 biggest effects. Obviously, there were other sort of offset, but the 3 biggest are the inflation effect, which is about EUR 1.1 billion of the EUR 1.7 billion, the inefficiencies on stop-go was about EUR 0.4 billion and then extra D&A was about EUR 0.2 million for the EUR 1.7 billion of impact.

謝謝，卡洛斯。所以在工業成本桶上，何塞，我想說的是三個最大的影響。顯然，還有其他形式的抵消，但最大的 3 個是通貨膨脹效應，大約是 17 億歐元中的 11 億歐元，停頓時的低效率大約是 4 億歐元，然後額外的 D&A 大約是 20 萬歐元17 億歐元的影響。

So I think clearly, there's some opportunity to continue to work on the industrial cost base in North America. So you see we effectively offset similar issues in Europe to 0. And think that the team is very focused on trying to improve that net performance in North America as we go forward.

所以我清楚地認為，有一些機會可以繼續在北美的工業成本基礎上工作。因此，您會看到我們有效地將歐洲的類似問題抵消為 0。並且認為團隊非常專注於在我們前進的過程中努力改善北美的淨績效。

I think the other point on the profitability is we launched the Grand Cherokee, the new one in H2, basically. So in 2022, we have a full year. And we launched the Grand Wagoneer and the Wagoneer basically in Q4. So we have a full year in 2022. So there is, I think, still some important product news related to those launches and also the second version of the Grand Cherokee coming in 2022 as well with the 2 rows. So we have, I think, some good product, news to continue to manage our mix and our margin in 2022 as we capitalize on those new cars.

我認為關於盈利能力的另一點是我們推出了大切諾基，基本上是下半年的新車型。所以在2022年，我們有一整年。我們基本上在第四季度推出了 Grand Wagoneer 和 Wagoneer。所以我們在 2022 年度過了整整一年。所以，我認為仍然有一些與這些發布相關的重要產品新聞，以及 2022 年推出的第二版大切諾基以及 2 排。因此，我認為，隨著我們利用這些新車，我們有一些好的產品和消息可以在 2022 年繼續管理我們的組合和利潤。

The next question comes from the line of Michael Foundoukidis from ODDO.

下一個問題來自 ODDO 的 Michael Foundoukidis。

Michael Foundoukidis from ODDO. Two questions on my side. First one on synergies. Could you give us maybe more color on what you achieved in 2021 and what were the main buckets. And it was an excellent start in this context, any idea what we should expect for this year before new platforms kick in? That's the first one.

來自 ODDO 的 Michael Foundoukidis。我這邊有兩個問題。第一個關於協同效應。您能否就您在 2021 年取得的成就以及主要目標是什麼給我們提供更多信息。在這種情況下，這是一個很好的開端，知道在新平台出現之前我們應該對今年有什麼期待嗎？那是第一個。

And second question maybe regarding Europe profitability. It was strong, of course, much stronger than what we expect. This was partly thanks to mix and price, but also efficiency gains. Could you maybe help us understand how we should look at these efficiency gains, maybe between Opel, which is probably still bringing some new synergies, FCA portfolio cleanup and maybe the cost measures you took at FCA level and maybe also the old PCD scope, if possible?

第二個問題可能與歐洲的盈利能力有關。當然，它很強大，比我們預期的要強大得多。這部分歸功於混合和價格，但也歸功於效率提升。您能否幫助我們了解我們應該如何看待這些效率提升，也許是在歐寶之間，這可能仍在帶來一些新的協同效應、FCA 投資組合清理以及您在 FCA 級別採取的成本措施以及舊的 PCD 範圍，如果可能的？

Two great questions. Thank you. First of all, on the synergies, I would like, as always, that we keep it very transparent with ourselves and with our investors. It is fair to say that EUR 3.2 billion is a very nice number for the first year. At the same time, I think it's important that we highlight the fact that those were the low-hanging fruits. And therefore by definition, the low-hanging fruits can be captured fast and strong.

兩個很好的問題。謝謝你。首先，關於協同效應，我希望一如既往地對自己和投資者保持透明。公平地說，32 億歐元對於第一年來說是一個非常好的數字。同時，我認為重要的是我們要強調這些是唾手可得的成果。因此，根據定義，可以快速而有力地捕獲低垂的果實。

I expect the pace of progress to slow down for a very simple reason is that the execution of the synergies is the cement of Stellantis. We want the synergies to be a bottom-up dynamic that translates the fact that our teams understand the sense of what we are doing with this merger. And for me, the most important thing is to make sure that the foundation of Stellantis is sound and it's built bottom up. And that's the reason why not only I can congratulate our teams for the excellent number for 2021, but I want them to continue to run the show, and I want them to continue to demonstrate that there is a bottom-up dynamic that demonstrates their complete support of this merger.

我預計進展速度會放緩，原因很簡單，協同效應的執行是 Stellantis 的水泥。我們希望協同效應是一種自下而上的動態，這意味著我們的團隊理解我們在這次合併中所做的事情的意義。對我來說，最重要的是確保 Stellantis 的基礎是健全的，並且是自下而上構建的。這就是為什麼我不僅可以祝賀我們的團隊在 2021 年取得優異成績，而且我希望他們繼續主持節目，我希望他們繼續展示自下而上的動態，證明他們的完整支持此次合併。

So I can expect that it's going to be good. I think it is fair for all of us to consider that the pace may slow down so that we keep it bottom up, and we make sure that we have a very strong foundation for our company. I think it is in your best interest and my best interest cities and our best interest that the foundation of Stellantis is as sound as possible. And for this foundation to be sound, it has to be driven bottom up as much as possible, not only, of course, but it needs to be significantly bottom-up driven.

所以我可以期待它會很好。我認為我們所有人都可以公平地考慮到步伐可能會放慢，以便我們保持自下而上，並且我們確保我們的公司擁有非常堅實的基礎。我認為 Stellantis 的基礎盡可能健全符合您的最大利益，我最感興趣的城市和我們的最大利益。要使這個基礎穩固，就必須盡可能地自下而上驅動，當然不僅如此，而且還需要顯著地自下而上驅動。

So do we have more potential? Yes. I will tell you more next week on this matter. I just want to be very clear on the fact that in this year, we were blessed by the low-hanging fruits that we could capture in a very strong and dynamic way. It is also somewhere the consequence of the excellent collaboration that happened prior to the merger and prior to the closing within the teams. The human relationships could be built.

那麼我們有更多的潛力嗎？是的。下週我會告訴你更多關於這個問題的信息。我只想明確一點，在這一年中，我們很幸運能夠以非常強大和充滿活力的方式捕捉到低垂的果實。這也是在合併之前和團隊內部關閉之前發生的出色協作的結果。可以建立人際關係。

Again, as I said during the presentation, enjoying the diversity as a way to have an even more exciting and rewarding and enriching activity in the company by working with very different people. That's what we are seeing. And I think that's great for the company, and that's great for you. So I expect it to continue even though the pace may slow down a little bit so that we continue to build on a strong foundation for the company.

同樣，正如我在演講中所說，享受多樣性是一種通過與非常不同的人合作在公司中進行更令人興奮、更有價值和更豐富的活動的方式。這就是我們所看到的。我認為這對公司很好，對你也很好。因此，我希望它會繼續下去，即使步伐可能會放緩一點，以便我們繼續為公司奠定堅實的基礎。

On the second topic, it is clear that in Europe, there is more potential. There is more potential in Europe in terms of overall efficiency and effectiveness, most probably in the area of the G&A. We see that on the pricing power, most of the brands have done their homework. You can see that most of the brands are at, if not above the benchmark in pricing power, which means that they are the new benchmark of the market.

關於第二個話題，很明顯在歐洲，潛力更大。歐洲在整體效率和有效性方面更有潛力，最有可能在 G&A 領域。我們看到，在定價能力上，大部分品牌都做足了功課。你可以看到，大多數品牌的定價能力都處於甚至高於基準，這意味著它們是市場的新基準。

But inside of the organization, as we have been historically piling up many different layers of different companies, different brands, it is quite clear when you look at the numbers and when you discuss with the top executives that there is more potential for simplification for diversity complexity reduction, for increasing the speed at which we go to market, focus more energy on quality and marketing and a little bit less in bureaucratic work. So there is potential in terms of G&A for Europe. There is potential to reduce diversity complexity and there is potential to increase speed.

但在組織內部，由於我們歷來積累了不同公司、不同品牌的許多不同層級，當您查看這些數字並與高層管理人員討論時，很明顯，簡化多元化的潛力更大降低複雜性，為了提高我們進入市場的速度，將更多的精力集中在質量和營銷上，而在官僚工作上少一些。因此，在歐洲的 G&A 方面存在潛力。有可能降低多樣性的複雜性，也有可能提高速度。

So all of this has been identified. We are going to execute our plans over the next couple of years. Hopefully, we'll see the results. For me, it's premature to tell you what are the magnitudes we are shooting for. But certainly, this is the direction in which we are currently working on this matter. Hopefully, this gives you some light on these 2 matters.

所以這一切都已經確定了。我們將在未來幾年內執行我們的計劃。希望我們能看到結果。對我來說，現在告訴你我們的目標是什麼還為時過早。但可以肯定的是，這是我們目前處理此事的方向。希望這能讓您對這兩個問題有所了解。

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

下一個問題來自高盛的 George Galliers。

The first question was really just on 2021. It obviously was an extraordinary performance. And I think people would have struggled to imagine 5 years ago, a scenario where you reached 16% margin in North America and 9% in Europe, particularly when we consider some of the assets in that base in addition to PSA. However, some investors do feel that 2021 from an industry perspective was as good as they get due to the price mix evolution from the shortage of vehicles despite the very low industry volume. Out of interest, would you classify 2021 as the year which was as good as it gets from an end market development perspective?

第一個問題真的只是在2021年，這顯然是一場非凡的表演。而且我認為人們在 5 年前很難想像，北美利潤率達到 16%，歐洲利潤率達到 9%，特別是當我們考慮除 PSA 之外的一些資產時。然而，儘管行業銷量非常低，但由於車輛短缺導致價格組合演變，一些投資者確實認為從行業角度來看，2021 年與他們一樣好。出於興趣，您是否會將 2021 年歸類為從終端市場發展的角度來看最好的一年？

And then the second question I had was just on your end-market prognosis for 2022. Obviously, you're seeing most of your main markets growing at a rate of around 3%. That seems a little conservative. Perhaps you could give some insight into why only 3% and what you think presents stronger growth? And as the company, do you expect to do a little better than 3% on your wholesale from an internal planning perspective?

然後我的第二個問題是關於你們對 2022 年終端市場的預測。顯然，你們看到你們的大部分主要市場都以 3% 左右的速度增長。這似乎有點保守。或許您可以深入了解為什麼只有 3% 以及您認為什麼會帶來更強勁的增長？作為公司，從內部規劃的角度來看，您是否期望在批發上做得比 3% 好一點？

Well, those are great questions. Let me try to answer. On the first one, on North America, I just would like to tell you that we are not shy of things we would like to improve, being cost, being marketing, being quality, we have identified with the North American management team, a lot of things we can improve. And it's a rewarding experience, a refreshing experience to see that there are things that we could do better and why? Because we have such a very large open book for internal benchmarking in Stellantis that there is always somebody in the company that is doing a better result than you are in any given part of your P&L.

嗯，這些都是很好的問題。讓我試著回答。關於第一個，關於北美，我只想告訴你，我們並不羞於改進我們想要改進的東西，成本、營銷、質量，我們已經與北美管理團隊確定了很多我們可以改進的事情。這是一種有益的體驗，一種令人耳目一新的體驗，看到有些事情我們可以做得更好，為什麼？因為我們在 Stellantis 中有一本非常大的內部基準測試開放書，以至於公司中總有人在損益表的任何給定部分做得比你更好。

So that is giving us a huge internal benchmarking lever that our top executives are aggressively embracing to improve things in their own region or in their own brand. This has been working very well because, fortunately, we have been able to keep an open-minded attitude inside of the top leadership team, which is only focused at improving the company and not being defensive on any kind of topic where we could find in the company a better performance.

因此，這為我們提供了一個巨大的內部基準槓桿，我們的高管正在積極採用它來改善他們自己地區或自己品牌的事情。這一直運作良好，因為幸運的是，我們能夠在最高領導團隊內部保持開放的態度，該團隊只專注於改善公司，而不是對我們可以找到的任何類型的話題進行防禦公司業績較好。

So we are not shy on the list of things we can do better in North America. At the same time, I think it is fair, and I think you hinted that to consider that the current conditions in North America are very positive for the margins because we have this significant imbalance between the offer and the demand, which then creates what we call a pool market instead of a push market. And we both know that those are very good conditions to improve the profitability margins in a given market. This is a situation in which we are now.

所以我們在北美可以做得更好的事情清單上並不害羞。同時，我認為這是公平的，我認為您暗示考慮到北美目前的情況對利潤率非常有利，因為我們在供需之間存在嚴重的不平衡，這會產生我們的稱為池市場而不是推動市場。我們都知道，這是提高特定市場利潤率的非常好的條件。這就是我們現在所處的情況。

But we are not the only ones. Our competitors are in the same -- enjoying the same position, and then you can compare you, the investor, who is doing the better job just looking at the margins. From the metrics that I have access to, the winner is obviously Stellantis in North America by far. That's good for them, and it's warm congratulations to our North American team. And of course, our strength is to be able, at the same time, where we congratulate them to be putting our energy, our time and our focus on the things that we can do better, thanks to the internal benchmarking. So that's what I would tell to you on the North American current situation. What was the other question, I forgot?

但我們不是唯一的。我們的競爭對手處於相同的位置 - 享有相同的位置，然後您可以比較您，投資者，誰做得更好，只看利潤。從我獲得的指標來看，到目前為止，贏家顯然是北美的 Stellantis。這對他們有好處，也熱烈祝賀我們的北美團隊。當然，我們的優勢在於能夠同時祝賀他們將我們的精力、時間和注意力集中在我們可以做得更好的事情上，這要歸功於內部基準。所以這就是我要告訴你的關於北美目前的情況。另一個問題是什麼，我忘了？

Growth of 3%...

增長3%...

The 3%, yes, the forecast. Well, I think we have to be very humble on the outlooks. We are not very good at making outlooks. Historically, we see that we are often wrong. Anyway, as you know well, right now, the size of the markets will be mostly managed by the supply of semiconductors.

3%，是的，預測。好吧，我認為我們必須對前景非常謙虛。我們不太擅長做出展望。從歷史上看，我們看到我們經常是錯誤的。無論如何，如您所知，目前市場的規模將主要由半導體供應來管理。

So the size of the market is going to be somewhere the consequence of that supply. So that expresses the fact that we believe that the situation is going to move in the right direction. But we also believe that it's going to be very (inaudible) is, yes, hopefully, things will get a little bit better. But we believe it's going to be very slow. It will take time. And 2022 is not going to be from that perspective, the year where we can say we are back to normal. We don't think that, that will happen.

因此，市場規模將在某個地方受到供應的影響。這表明我們相信情況將朝著正確的方向發展。但我們也相信這會非常（聽不清），是的，希望情況會好一些。但我們相信它會非常緩慢。需要花時間。從這個角度來看，2022 年不會是我們可以說我們恢復正常的一年。我們不認為那會發生。

On top of the pure semiconductor problem, we have, of course, the raw material cost inflation, which is going to create additional hurdles to be overcome. And of course, it's normal that we mentioned geopolitics of the world, which have not been very helpful in the last years and they don't seem to be coming better this year.

除了純粹的半導體問題之外，我們當然還有原材料成本膨脹，這將創造更多需要克服的障礙。當然，我們提到世界地緣政治是很正常的，這在過去幾年裡並沒有太大幫助，而且今年似乎也沒有好轉。

So we are not at all pessimistic because we have enough on our plate to improve the efficiency of the company. The way we have been working intensively on the long-term strategic plan, it's very helpful to see where are the areas in the pockets of things that we could and should be doing better. So we have tons of things that we can improve.

所以我們一點也不悲觀，因為我們有足夠的工作來提高公司的效率。我們一直在集中精力製定長期戰略計劃，這非常有助於了解我們可以而且應該做得更好的領域。所以我們有很多東西可以改進。

At the same time, we are facing the headwinds that you know. And if you seem to consider that we are quite cautious on the outlook, from our side, we would answer that is, probably, it's because we see an improvement on the semiconductor supply front, but still a very small and very low pace improvement. I think that's the best answer that we can give you on this matter.

與此同時，我們正面臨著眾所周知的逆風。如果您似乎認為我們對前景非常謹慎，從我們的角度來看，我們會回答說，可能是因為我們看到半導體供應方面有所改善，但仍然是非常小的和非常低的速度改善。我認為這是我們在這個問題上可以給你的最好的答案。

The next question comes from Thomas Besson from Kepler Cheuvreux.

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

It's Thomas Besson from Kepler Cheuvreux. I have 2 questions, please. The first one is about cash returns. I mean you've generated a much stronger amount of cash than initially anticipated in '21. We are proposing to return EUR 3.3 billion via dividend, a bit less than 25% of your earnings. Is it reasonable to think that a buyback may eventually complement dividend in the coming months if your share price remains depressed in terms of valuation? Or is it something you prefer to discuss next week?

是來自 Kepler Cheuvreux 的 Thomas Besson。我有2個問題，請。第一個是關於現金回報。我的意思是你產生的現金比 21 年最初預期的要多得多。我們提議通過股息返還 33 億歐元，略低於您收入的 25%。如果你的股價在估值方面仍然低迷，那麼認為回購最終可能會在未來幾個月補充股息是否合理？或者你喜歡下週討論什麼？

Second, you achieved extraordinary results for 2021. But still, you've decided to change your distribution agreements in Europe and try to get as well new agreements with suppliers at least in North America. Can you update us on this and explain us why you're still pushing so much for margin improvement, while you are way above competition. I know the times of performance is always there for you. But maybe you could explain us already what allowed Stellantis to improve in all regions in H2, while most of your direct competitors in North America or with Chinese exposure, in particular, had a deterioration of their operating performance. What do you see maybe coming that the others may not see as well as you do?

其次，您在 2021 年取得了非凡的成績。但是，您仍然決定更改您在歐洲的分銷協議，並嘗試與至少在北美的供應商達成新的協議。您能否向我們介紹這一點並解釋一下為什麼您仍然在努力提高利潤率，而您卻遠遠超過了競爭對手。我知道表演的時刻總是為你而存在。但也許您已經可以向我們解釋是什麼讓 Stellantis 在下半年的所有地區都有所改善，而您在北美或特別是在中國的大多數直接競爭對手的運營業績都在惡化。你看到了哪些其他人可能看不到你的東西？

Well, thank you, Thomas. Great questions indeed. A couple of comments. I will give the free cash flow question to Richard. He will give you more details as it relates to dividend policy. We will talk to you about this next week in more details. It is a sensitive matter that needs some explanations. I just want to tell you that we consider that the cash of the company is owned by the shareholders.

好吧，謝謝你，托馬斯。確實很棒的問題。一些評論。我將把自由現金流的問題交給理查德。他將為您提供與股息政策有關的更多詳細信息。我們將在下週更詳細地與您討論這個問題。這是一個敏感的問題，需要一些解釋。我只想告訴你，我們認為公司的現金歸股東所有。

So either we have a very strong projects to propose, and we have, as you will see next week. And if there is availability and a strong liquidity position, which is our case, there is no reason why we will not give the cash back to our shareholders, which I think is fair. They are the owners of the company. So that's how we think about things. And certainly next week, we are going to be talking about that. But for the free cash flow question, I will hand over to Richard.

所以要么我們有一個非常強大的項目要提議，而且我們有，正如你們將在下週看到的那樣。如果有可用性和強大的流動性頭寸，這就是我們的情況，我們沒有理由不將現金返還給我們的股東，我認為這是公平的。他們是公司的所有者。這就是我們思考事物的方式。當然，下週我們將討論這個問題。但對於自由現金流的問題，我將交給理查德。

On your second question, which is about why do we keep pushing as much as we are. I think the fair answer is that I have learned from my 40 years of automotive life that as soon as you stop pushing, you go backwards because as you know well, Thomas, this is a competitive game. It is all about being better than the other guys at the end of the day. And if you stop pushing, then you go backwards because the other guys are pushing. They may not be pushing as much as you are, you never know, but they are pushing anyway. So if you stop pushing then you go backwards.

關於你的第二個問題，這就是為什麼我們要繼續盡可能多地推動。我認為公平的答案是，我從我 40 年的汽車生活中學到了，一旦你停止推動，你就會倒退，因為你很清楚，托馬斯，這是一場競爭性的遊戲。這一切都是為了在一天結束時比其他人更好。如果你停止推動，那麼你就會倒退，因為其他人在推動。他們可能沒有你那麼努力，你永遠不知道，但他們無論如何都在推動。因此，如果您停止推動，那麼您就會倒退。

For us, the big gorilla in the room is the cost of electrification. That's the big, big gorilla in the room. We can expect electrification to represent an additional total production cost of around 40% to 50% against the conventional vehicle. There is no way we can transfer 40% to 50% additional total production cost to the customer because if we do so, we will lose the middle classes and our customer bases will shrink. So we cannot do that.

對我們來說，房間裡的大猩猩就是電氣化的成本。那是房間裡的大猩猩。我們可以預期電氣化將比傳統車輛增加約 40% 至 50% 的總生產成本。我們不可能將 40% 到 50% 的額外總生產成本轉移給客戶，因為如果我們這樣做，我們將失去中產階級，我們的客戶群將縮小。所以我們不能那樣做。

At the same time, we cannot keep the same pricing with that cost because, of course, we will go in the red, and we have to restructure the company. So the only way to move forward is to absorb those 50% of additional cost. If we say that we do it from now up to 2026 because we told you at the Capital Day that from 2026, we would be ready to commit on a double-digit AOI margin. If we have to do it over the next few years, then that means around 10% productivity per year for the next 5 years in an industry that is used to deliver, as you know, Thomas, between 2% to 3%.

同時，我們不能以相同的成本保持相同的定價，因為當然，我們會虧本，我們必須重組公司。因此，前進的唯一方法是吸收這 50% 的額外成本。如果我們說我們從現在到 2026 年這樣做，因為我們在資本日告訴你，從 2026 年開始，我們將準備好以兩位數的 AOI 保證金承諾。如果我們必須在未來幾年內這樣做，那麼這意味著未來 5 年這個行業的生產力每年大約為 10%，正如你所知，Thomas，這個行業的生產力在 2% 到 3% 之間。

So how do you go from 2% to 3% per year to 10% per year. There are not many, many different ways to go there. One of the ways is to reduce your distribution cost, improve the quality to the final customer, improve the fact that you can connect with the final customer. And at the same time, while you are improving the quality of the customer journey, you reduce the cost of distribution.

那麼如何從每年 2% 到 3% 再到每年 10%。去那裡的方式並不多，很多。其中一種方法是降低您的分銷成本，提高對最終客戶的質量，提高您與最終客戶的聯繫。同時，在您提高客戶旅程質量的同時，您也降低了分銷成本。

It's a strong contributor for the absorption of the electrification cost. It's not the only lever. We have others that we can comment next week. But this is to say that one of the reasons why we didn't stop discussing with our partners about how can we improve the quality of the customer journey while reducing the cost of distribution, we didn't stop, and we are now progressing very well in Europe.

它是吸收電氣化成本的重要因素。它不是唯一的槓桿。我們還有其他人可以在下週發表評論。但這就是說，我們沒有停止與合作夥伴討論如何在降低分銷成本的同時提高客戶旅程質量的原因之一，我們沒有停止，我們現在正在非常進步在歐洲很好。

And I believe that we will reach an agreement that we'll be supportive of achieving a double-digit AOI margin in a fully electrified world, while making sure that we do not lose the middle classes, which represent a significant part of our customer base. So that's what we are trying to do, and that's why we don't stop pushing. But you know our DNA, we are competitors, and we are here for the race. Thank you, Thomas.

而且我相信我們將達成協議，我們將支持在完全電氣化的世界中實現兩位數的 AOI 利潤率，同時確保我們不會失去代表我們客戶群重要組成部分的中產階級.所以這就是我們正在努力做的事情，這就是為什麼我們不會停止推動。但是你知道我們的 DNA，我們是競爭對手，我們是來參加比賽的。謝謝你，托馬斯。

Richard, on the free cash flow, please.

理查德，請談談自由現金流。

Thank you, Carlos. Well, I think you basically answered the question. I think on capital allocation, we'll be talking about it on March 1. I think on the payout of the dividend, I think we're very satisfied with being able to propose to the Board and the Board agreed.

謝謝你，卡洛斯。嗯，我想你基本上回答了這個問題。我認為關於資本分配，我們將在 3 月 1 日討論。我認為關於股息的支付，我認為我們對能夠向董事會提出建議非常滿意，董事會同意了。

So therefore, obviously, subject to the shareholder approval. We're pleased with the EUR 3.3 billion payout. We'll look at the rounding to see if it's a precise 25.0%, Thomas, but I think it's basically not far off. So I think we're at 25% as a first payout for Stellantis, which I think is very respectable. And hopefully, we'll be seen so by shareholders and investors, and then we'll move forward. But we'll give you more visibility on overall thoughts on capital allocation on March 1.

因此，顯然，須經股東批准。我們對 33 億歐元的支出感到滿意。我們將查看四捨五入，看看它是否是精確的 25.0%，Thomas，但我認為它基本上不遠了。因此，我認為我們將 25% 作為 Stellantis 的第一筆支出，我認為這是非常可觀的。希望我們會被股東和投資者看到，然後我們會繼續前進。但我們將在 3 月 1 日讓您更清楚地了解資本配置的總體思路。

The next question comes from the line of Philippe Houchois from Jefferies.

下一個問題來自 Jefferies 的 Philippe Houchois。

I've got 2 questions, please. One, maybe for Richard is. I'm looking at the size of your adjustments was EUR 1.7 billion last year or 2020; EUR 2.7 billion in 2021. What's the direction there because some of those adjustments, it's hard to know how much they're nonrecurring, how much they are things like the valuation warranties. So I think it'd be interesting to get your views on where we're going in terms of the size of adjustments and future visibility on this.

請問我有2個問題。一，也許對理查德來說是。我在看你們去年或 2020 年的調整規模是 17 億歐元； 2021 年為 27 億歐元。那裡的方向是什麼，因為其中一些調整，很難知道它們有多少是非經常性的，有多少是估值保證之類的東西。因此，我認為就調整的規模和未來的可見性而言，讓您對我們的發展方向發表看法會很有趣。

And the second one, thank you very much, Carlos. So I know you've been vocal about affordability. And -- but I'm still looking at the cost electrification is definitely one. But then this year and next, possibly, raw materials going up, so logically, nominal prices of cars have to go up if you want to maintain your margin. Interest rates going up real values aren't going to improve much. So they may be stable, but they may also come down. So that makes affordability with lots of multiple headwinds.

第二個，非常感謝卡洛斯。所以我知道你一直在談論可負擔性。而且 - 但我仍在考慮成本電氣化絕對是其中之一。但是今年和明年，原材料可能會上漲，所以從邏輯上講，如果你想保持利潤率，汽車的名義價格就必須上漲。實際價值上升的利率不會有太大改善。所以它們可能是穩定的，但它們也可能會下降。因此，這使得可負擔性具有許多多重不利因素。

So I'm just wondering what's your -- you talked about distribution, but that's going to be, I know it's going to take several years. And I'm curious about what you're doing with some of your suppliers where you seem to be very, very strict about requiring that it gives back to you any productivity gains. Are there any levers? Or are you taking the risk that you're going a bit far with your suppliers?

所以我只是想知道你是什麼——你談到了分發，但這將是，我知道這需要幾年時間。我很好奇你對一些供應商做了什麼，你似乎非常非常嚴格地要求它給你帶來任何生產力收益。有槓桿嗎？還是您冒著與供應商走得太遠的風險？

I think your understanding is absolutely perfect on the second topic, I will answer the second question, then leave the first one to Richard.

我認為您對第二個主題的理解絕對完美，我將回答第二個問題，然後將第一個問題留給 Richard。

On the second one, we have to come back to some basics that, of course, you know as good as I do, which is the fact that on the total production cost of an automobile today, just before you put the car on the trailer to ship it to the dealer, 85% of the total production car of automobile mobile is made out of both our parts. This is the situation that has been created over the last 30 years in the automotive industry. And of course, our suppliers could enjoy this activity for the last 30 years.

在第二個問題上，我們必須回到一些基礎知識，當然，你和我一樣清楚，這就是今天汽車的總生產成本，就在你把汽車放在拖車上之前運送給經銷商，汽車移動總產量的 85% 是由我們的兩個零件製成的。這是過去 30 年在汽車行業造成的局面。當然，我們的供應商可以享受過去 30 年的這項活動。

It happens that in such a cost structure, if you have 85% of the total production cost, which is made out of both our parts, there is no surprise that when you have to absorb 50% of additional costs coming out of electrification, your suppliers need to be a significant contributor for this additional productivity because they have been doing a significant business over the last 30 years with this kind of cost structure.

碰巧在這樣的成本結構中，如果您有 85% 的總生產成本（由我們的兩個零件組成），那麼當您必須承擔電氣化產生的 50% 的額外成本時，您的供應商需要成為這種額外生產力的重要貢獻者，因為他們在過去 30 年中一直在以這種成本結構開展重要業務。

So yes, they have to contribute. And some of them are doing. Some of them are contributing in a very efficient and partnership-oriented way. What does it mean? It means that in this transformation of the industry, it's not only about the OEMs, it's also about the supplier base. And as you know, there is a significant competition in the supplier base, and that is going to be also a very nice Darwinian transition period for our suppliers as much as it is for the OEMs. It means that we are in the same boat, we are in the same transformation. The speed is imposed on us by the regulations. And of course, it means that we are going to keep what I believe is a strong differentiator of Stellantis. And it has been formally for the 2 families that created Stellantis, which is keeping a very low breakeven point.

所以，是的，他們必須做出貢獻。他們中的一些人正在這樣做。他們中的一些人正在以非常有效和以合作夥伴為導向的方式做出貢獻。這是什麼意思？這意味著在這個行業的轉型中，不僅關乎原始設備製造商，還關乎供應商基礎。如您所知，供應商基礎競爭激烈，對於我們的供應商和原始設備製造商來說，這也是一個非常好的達爾文過渡期。這意味著我們在同一條船上，我們在同一個轉型中。速度是法規強加給我們的。當然，這意味著我們將保持我認為是 Stellantis 的強大差異化因素。並且已經正式為創建 Stellantis 的 2 個家庭保持了非常低的盈虧平衡點。

Because if at any point in time, we cannot generate enough productivity to absorb the additional cost of electrification and we cannot pass everything to the consumer, but we can pass something to the consumer, perhaps that the total markets will go slightly down.

因為如果在任何時候，我們都無法產生足夠的生產力來吸收電氣化的額外成本，我們也無法將一切都傳遞給消費者，但我們可以將一些東西傳遞給消費者，也許整個市場會略有下降。

And the guys who are going to be able to manage these are the guys who will have the lowest breakeven point. And we are those guys. We will keep a very low breakeven point because we have 30% more efficiency than our peers when we spend R&D and CapEx. So we are more efficient. We are sharper on costs, sharper on fixed cost. We try to enjoy a strong pricing power at benchmark level.

能夠管理這些的人是盈虧平衡點最低的人。而我們就是那些人。我們將保持非常低的盈虧平衡點，因為當我們花費研發和資本支出時，我們的效率比同行高 30%。所以我們更有效率。我們在成本方面更加敏銳，在固定成本方面更加敏銳。我們試圖在基準水平上享有強大的定價能力。

So we keep the breakeven point very low because in this process of absorbing 50% of additional cost, we can contribute and we will contribute significantly as the OEM. We need our suppliers to contribute. And at the end of the day, what is left is some part of it will be transferred to their customer, it may have an impact on the size of the market and the guys who are going to be able to digest that are the guys who have the lowest breakeven point.

因此，我們將盈虧平衡點保持在非常低的水平，因為在這個吸收 50% 額外成本的過程中，我們可以做出貢獻，而且我們將作為 OEM 做出巨大貢獻。我們需要我們的供應商做出貢獻。歸根結底，剩下的一部分將轉移給他們的客戶，這可能會影響市場規模以及能夠消化的人有最低的盈虧平衡點。

And from that perspective, 2021 is very good concrete example because we did 6 million cars. Our potential, as you know well, is above 8%, and we delivered 11.8% AOI margin, north of EUR 6 billion of positive free cash flow with 6 million cars in a car company that could do more than 8 million, which demonstrates to which extent our low breakeven point is protecting the company and protecting our investors. And that's why some of your teammates were talking about all-weather company. Yes, to a certain extent, Stellantis is all weather company.

從這個角度來看，2021 年是一個很好的具體例子，因為我們生產了 600 萬輛汽車。如您所知，我們的潛力超過 8%，我們實現了 11.8% 的 AOI 利潤率，超過了 60 億歐元的正自由現金流，在一家汽車公司擁有 600 萬輛汽車，可以做超過 800 萬輛汽車，這表明我們的低盈虧平衡點在多大程度上保護了公司和保護了我們的投資者。這就是為什麼你的一些隊友在談論全天候公司的原因。是的，在一定程度上，Stellantis 是全天候公司。

And one of the things that is, I think, a differentiator is that -- of course, we need to push. It's not always spontaneous. But to a certain extent, this company likes change. This company likes to put itself in a dynamic of change because we don't get board when things are changing, and it gives us more opportunities to grasp a different business and be even more competitive vis-a-vis RPS.

我認為，差異化因素之一是——當然，我們需要推動。它並不總是自發的。但在一定程度上，這家公司喜歡變化。這家公司喜歡讓自己處於變化之中，因為當事情發生變化時我們不會得到董事會，它給了我們更多機會去把握不同的業務，並在 RPS 方面更具競爭力。

So your point is valid. This is going to be mostly a cost reduction race over the next 5 years to protect affordability in terms of protecting the size of the market so that we can keep the middle classes on board on new car sales. I think it's very important, not only for the car companies, but also for the social stability of the Western societies in which we operate. I think that's very important that we protect freedom of mobility for the middle classes. This is what I can comment to your fair question, and I will give the floor to Richard for the other one.

所以你的觀點是有效的。這將主要是未來 5 年的成本削減競賽，以保護市場規模方面的可負擔性，以便我們能夠讓中產階級參與新車銷售。我認為這非常重要，不僅對汽車公司，而且對我們經營所在的西方社會的社會穩定。我認為保護中產階級的行動自由非常重要。這是我可以對你的公平問題發表的評論，我將請理查德發言。

Thanks, Carlos. Hi, Philippe. So well, so I think we're looking at 2 relatively unusual years, let's hope. So 2020, obviously, the charges we had on unusual were largely related to impairments due to COVID and issues related to some of the product that we looked at going forward in largely in FCA, frankly, in 2020.

謝謝，卡洛斯。嗨，菲利普。很好，所以我認為我們正在看到 2 個相對不尋常的年份，希望如此。因此，很明顯，2020 年，我們對不尋常的指控主要與 COVID 造成的損害以及與我們在 FCA 中主要關注的一些產品相關的問題，坦率地說，是在 2020 年。

In 2021, obviously, if I look at the EUR 2.7 billion, about EUR 1.5 billion are noncash items related to PPA, EUR 0.5 billion of inventory; warranty, policy alignment, EUR 0.7 billion, which, again, is a noncash item. We have 2 companies that had different practices, and from an accounting estimate point of view, we need to move forward in a consistent manner. And then EUR 0.3 billion of some impairments on some old vehicle lines frankly, mainly from the ex-opal side of the house as that product line up basically comes towards an end.

顯然，如果我看一下 27 億歐元，到 2021 年，大約 15 億歐元是與 PPA 相關的非現金項目，5 億歐元是庫存；保修，政策調整，7 億歐元，這又是一個非現金項目。我們有兩家公司有不同的做法，從會計估計的角度來看，我們需要以一致的方式前進。然後坦率地說，對一些舊車線進行了 3 億歐元的減值，主要來自房子的前蛋白石方面，因為該產品線基本上即將結束。

So EUR 1.5 billion is noncash charges, largely related to the merger. And then we have a remainder of about EUR 800 million, EUR 900 million, which is restructuring in a more traditional sense of the word and also related to these transactions that have occurred in the past for both ex-PSA and ex-FCA. So I would imagine that going forward, we are likely to continue to have some level of restructuring going through the restructuring line of EUR 0.5 billion to EUR 1 billion depending on the year in the short term, coming down over time. But I would not expect to have the same level of noncash charges that we had in 2020 for some of the events there in 2021 related to the merger.

因此 15 億歐元是非現金費用，主要與合併有關。然後我們還有大約 8 億歐元，9 億歐元的剩餘部分，這是更傳統意義上的重組，也與過去發生的前 PSA 和前 FCA 的交易有關。因此，我可以想像，展望未來，我們可能會繼續進行一定程度的重組，在短期內根據年份的不同，通過 5 億歐元至 10 億歐元的重組線，隨著時間的推移而下降。但我預計 2021 年與合併相關的一些事件的非現金費用水平不會與 2020 年相同。

Thank you, Richard. Let's take one more question as the time is flying, please?

謝謝你，理查德。時間過得真快，讓我們再問一個問題好嗎？

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

下一個問題來自美國銀行的 Horst Schneider。

The most important one that I have that relates to your market cap, I checked again this morning. So in 2021, you probably generated an adjusted EBIT similar to the one of the Volkswagen Group. Your market cap is just 40% of the Volkswagen Group. So we see at the moment that Volkswagen Group has embarked on -- or is likely to embark on financial engineering and going to dispose assets. I just want to understand how you think about valuation of Stellantis and would you also consider financial engineering measures, maybe to increase the valuation of the company.

我擁有的與您的市值有關的最重要的一項，我今天早上再次檢查了。因此，在 2021 年，您可能產生了類似於大眾汽車集團的調整後息稅前利潤。您的市值僅佔大眾汽車集團的 40%。因此，我們目前看到大眾汽車集團已經開始或可能開始進行金融工程並準備處置資產。我只是想了解您如何看待 Stellantis 的估值，您是否還會考慮金融工程措施，也許是為了提高公司的估值。

And the last question that I have or a second question that I said relates more again to the one from George Galliers on volumes, what would you do if transaction prices get worse in the U.S. if incentive is going to increase in the U.S., would you rather than cut back on volumes? Or would you say, no, it's still a great margin, volumes are more important, we need to keep market share. What is good for your preference?

我的最後一個問題或我所說的第二個問題與 George Galliers 關於交易量的問題更相關，如果美國的激勵措施會增加，如果美國的交易價格變得更糟，你會怎麼做？而不是削減數量？或者你會說，不，這仍然是一個很大的利潤，數量更重要，我們需要保持市場份額。什麼對你的喜好有好處？

Well, thank you. Those are really great questions. I would be pleased to answer them much more next week than this week, of course. But I would just comment that you are possibly right that right now, Stellantis is cheap. It is a good opportunity for the investors because I am absolutely convinced that what we have ahead of us is very exciting, and you will see it through our plan next week.

嗯，謝謝。這些真是很棒的問題。當然，下週我會很樂意回答他們，而不是本週。但我只想評論說，你現在可能是對的，Stellantis 很便宜。這對投資者來說是一個很好的機會，因為我絕對相信我們面前的事情非常令人興奮，你將在下週通過我們的計劃看到它。

So yes, Stellantis is quite cheap. Why is that? Possibly because we have not been good enough and I have not been good enough at communicating to you the exciting plans that we have for the company. We have tried to correct that with the electrification Capital Day with the software Capital Day. We will present to you the plan in an extensive manner next week. Hopefully, you will be convinced, but surely, Stellantis deserves a much better market cap. That's for clear. It's a very obvious opportunity for investors.

所以是的，Stellantis 相當便宜。這是為什麼？可能是因為我們做得不夠好，而我也沒有足夠好地向您傳達我們為公司製定的令人興奮的計劃。我們試圖通過軟件資本日的電氣化資本日來糾正這一點。我們將在下周向您詳細介紹該計劃。希望您會被說服，但可以肯定的是，Stellantis 值得擁有更好的市值。這是為了清楚。這對投資者來說是一個非常明顯的機會。

We have demonstrated that we are in our DNA, an all-weather company. We have demonstrated that we like change. And therefore, we are not afraid of steering the company towards a tech mobility company in any way. We have demonstrated that we are not afraid of new technologies. We have demonstrated that we are able to make partnerships with tech companies at a high pace. So all of this has been done for you, the investors to enjoy opportunities.

我們已經證明，我們的 DNA 是一家全天候公司。我們已經證明我們喜歡變化。因此，我們不怕以任何方式將公司轉向技術移動公司。我們已經證明我們不懼怕新技術。我們已經證明，我們能夠與科技公司高速建立合作夥伴關係。所以這一切都已經為你，投資者享受機會。

Now the decision is in your hands, not in mine. My job is to ensure that we are creating value and that we are ensuring the sustainability of our company through the different challenges that we have ahead. And I'm absolutely convinced that we have everything we need. I'm absolutely convinced that we have a fantastic team, and I'm absolutely convinced that with a very clear and rigorous governance that we have in our company, we can ensure the proper stability for the management to execute the plans.

現在決定權在你手中，而不是我。我的工作是確保我們正在創造價值，並通過我們面臨的不同挑戰確保我們公司的可持續性。我絕對相信我們擁有我們需要的一切。我絕對相信我們擁有一支出色的團隊，並且我絕對相信通過我們公司非常清晰和嚴格的治理，我們可以確保管理層執行計劃的適當穩定性。

You were asking if we had some specific financial operations that we could do. I don't expect that to happen in the first years of the plan, but it's still a possibility that we cannot disregard and that we should not disregard based on the great things that we are now building. And those great things in a few years may represent big opportunities to unleash additional value for our shareholders, and we should not, and I do not exclude that.

你問我們是否有一些我們可以做的特定金融業務。我不希望在計劃的頭幾年發生這種情況，但我們仍然不能忽視，我們不應該忽視基於我們現在正在建設的偉大事物的可能性。幾年後的那些偉大的事情可能代表著為我們的股東釋放額外價值的巨大機會，我們不應該，我也不排除這一點。

But so far, it's not the core of our plan. The core of our plan is to explain to you how we are steering the company towards a tech automotive company, how we are positioning ourselves to grasp more profitable opportunities. And I think we have, as you will see next week, tons of things that we can do. And hopefully, you will be convinced not only by the numbers but also by the clarity of what we want to do.

但到目前為止，這還不是我們計劃的核心。我們計劃的核心是向您解釋我們如何將公司轉向科技汽車公司，我們如何定位自己以抓住更多的盈利機會。而且我認為，正如您將在下週看到的那樣，我們可以做很多事情。希望您不僅會相信這些數字，還會相信我們想要做的事情的明確性。

So with this, I would like to thank you all for the very thoughtful questions that you are raising always. I would like to tell you that as the CEO of this company, I'm very confident. I don't generally speak without being grounded on realities that I can see inside of the company.

因此，我要感謝大家提出的非常周到的問題。我想告訴大家，作為這家公司的CEO，我很有信心。我通常不會在沒有基於我可以在公司內部看到的現實基礎上發言。

So I think that Stellantis was a great move. It's a winning move. Stellantis has a great potential. And I think it is fair to our people to say that we cannot do everything in one single year. And it is fair to tell them that what they have already achieved on the first year, through the accumulation of the 3 layers that I have described, is already quite immense.

所以我認為 Stellantis 是一個偉大的舉措。這是一個勝利的舉動。 Stellantis 具有巨大的潛力。我認為對我們的人民來說，說我們不能在一年內完成所有事情是公平的。並且公平地告訴他們，通過我描述的3層的積累，他們在第一年已經取得的成就已經非常巨大。

So I would like to thank you, the investors, for your trust, for your thoughtful questions, and I would like to convey to my people, my warm thanks and sincere congratulations for what they have achieved on the first year of Stellantis.

因此，我要感謝投資者們的信任和深思熟慮的問題，我想向我的員工轉達我的熱烈感謝和誠摯的祝賀，他們在 Stellantis 的第一年所取得的成就。

Thank you very much and see you, hopefully, next week. Bye-bye.

非常感謝，希望下週再見。再見。

Thank you for joining today's call. You may now disconnect.

感謝您加入今天的電話會議。您現在可以斷開連接。