Industrial net financial position
At June 30, 2023 At December 31, 2022
(€ million)
Stellantis
Industrial
activities
Financial
services Stellantis
Industrial
activities
Financial
services
Third parties debt (Principal) € (28,790) € (24,383) € (4,407) € (26,335) € (23,508) € (2,827)
Capital market
(1)
(19,856) (19,026) (830) (19,088) (18,488) (600)
Bank debt (3,288) (2,516) (772) (2,937) (2,264) (673)
Other debt
(2)
(3,471) (685) (2,786) (2,051) (517) (1,534)
Lease liabilities (2,175) (2,156) (19) (2,259) (2,239) (20)
Accrued interest and other adjustments
(3)
(677) (646) (31) (818) (793) (25)
Debt with third parties (excluding held for sale) (29,467) (25,029) (4,438) (27,153) (24,301) (2,852)
Debt classified as held for sale — — — (11) (11) —
Debt with third parties including held for sale (29,467) (25,029) (4,438) (27,164) (24,312) (2,852)
Intercompany, net
(4)
— 2,513 (2,513) — 918 (918)
Current financial receivables from jointly-controlled financial
services companies
(5)
985 985 — 321 321 —
Debt, net of intercompany, and current financial
receivables from jointly-controlled financial service
companies
(28,482) (21,531) (6,951) (26,843) (23,073) (3,770)
Derivative financial assets/(liabilities), net of collateral
deposits
(6)
14 26 (12) 52 52 —
Financial securities
(7)
3,940 3,560 380 3,527 3,326 201
Cash and cash equivalents 48,978 47,742 1,236 46,433 45,335 1,098
Cash and cash equivalents classified as held for sale — — — 65 65 —
Net financial position
€ 24,450 € 29,797 € (5,347) € 23,234 € 25,705 € (2,471)
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(1) Includes notes issued under the Medium Term Programme, or Medium Term Note (“MTN”) Programme, and other notes for €18,541 million at June 30, 2023 (€18,003 million
at December 31, 2022), Schuldschein for €485 million (€485 million at December 31, 2022) and other financial instruments issued in financial markets, mainly from South
America financial services companies for €830 million (€600 million at December 31, 2022)
(2) Includes asset-backed financing, i.e. sales of receivables for which de-recognition is not allowed under IFRS, for €197 million at June 30, 2023 (€128 million at December 31,
2022) and debt for securitizations programs, for €2,734 million at June 30, 2023 (€1,527 million at December 31, 2022)
(3) Includes adjustments for purchase accounting and net (accrued)/deferred interest and other amortizing cost adjustments
(4) Net amount between industrial activities entities' financial receivables due from financial services entities (€2,731 million at June 30, 2023 and €1,116 million at December 31,
2022) and industrial activities entities' financial payables due to financial services entities (€218 million at June 30, 2023 and €198 million at December 31, 2022)
(5) Financial receivables due from Stellantis Financial Services (at June 30,2023), FCA Bank and from the Banque PSA Finance joint ventures with Group Santander Consumer
Finance and with BNP Paribas Personal Finance (at December 31, 2022)
(6) Fair value of derivative financial instruments (net negative €6 million at June 30, 2023 and net positive €16 million at December 31, 2022) and collateral deposits (€20 million
at June 30, 2023 and €36 million at December 31, 2022)
(7) Excludes certain financial securities held pursuant to applicable regulations (€354 million at June 30, 2023 and €330 million at December 31, 2022) and non-liquid equity
investments (€536 million at June 30, 2023 and €321 million at December 31, 2022) and other non-liquid securities (€914 million at June 30, 2023 and €143 million at December
31, 2022)
The €4.1 billion improvement in Industrial net financial position at June 30, 2023, as compared to December 31,
2022, primarily reflects the €8.7 billion Industrial free cash flow of the period and the €1.5 billion net proceeds related to the
reorganization of financial services in Europe, partially offset by €4.2 billion dividends distribution, €1.0 billion impact of the
share buyback and a negative foreign exchange translation.
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