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Basis of preparation (Tables)
 12 Months Ended
Dec. 31, 2024
Corporate information and statement of IFRS compliance [abstract]  
Disclosure of principal exchange rates used to translate other currencies The principal exchange rates used to translate other currencies into Euro were as follows:
2024
2023
2022
Average
At December 31
Average
At December 31
Average
At December 31
U.S. Dollar (USD)
1.082
1.039
1.081
1.105
1.054
1.067
Canadian Dollar (CAD)
1.482
1.495
1.460
1.464
1.370
1.444
Mexican Peso (MXN)
19.806
21.550
19.193
18.723
21.203
20.856
Pound Sterling (GBP)
0.847
0.829
0.870
0.869
0.853
0.887
Polish Zloty (PLN)
4.306
4.273
4.544
4.348
4.686
4.690
Swiss Franc (CHF)
0.953
0.941
0.972
0.926
1.005
0.985
Turkish Lira (TRY)(1)
n.a.
36.769
n.a.
32.603
n.a.
19.953
Brazilian Real (BRL)
5.828
6.435
5.401
5.350
5.441
5.568
Argentine Peso (ARS)(2)
n.a.
1071.106
n.a.
893.404
n.a.
188.915
Chinese Renminbi (CNY)
7.786
7.583
7.657
7.851
7.079
7.358
Japanese Yen (JPY)
163.844
163.060
151.854
156.330
137.931
140.660
____________________________________________________________________________________________________
n.a. = not applicable
(1) From April 1, 2022, Turkey’s economy was considered to be hyperinflationary. Transactions after January 1, 2022 for entities with the Turkish Lira as the functional currency
were translated using the spot rate at the end of the period. The price indices used are published by the Turkish Statistical Institute
(2) From July 1, 2018, Argentina’s economy was considered to be hyperinflationary. Transactions after July 1, 2018 for entities with the Argentine Peso as the functional currency
were translated using the spot rate at the end of the period. The price indices used are published by the Insituto Nacional de Estadistica y Censos de la Republica Argentina
Disclosure of estimated useful lives for property, plant and equipment During the years ended December 31, 2024, 2023 and 2022, assets are depreciated on a straight-line basis over their
estimated useful lives as follows:
Years
Buildings
33 - 40
Plant, machinery and equipment
2 - 25
Other assets - Assets subject to operating leases
1 - 3
Other assets - Other assets
2 - 34
Land
Buildings
Plant, machinery
and equipment
Other
assets
Advances and
tangible assets
in progress
Total
(€ million)
Gross carrying amount at January 1, 2023
€1,549
€10,260
€49,691
€6,656
€3,663
€71,819
Additions
30
368
1,693
2,123
3,481
7,695
Divestitures and disposals
(65)
(505)
(1,496)
(292)
—
(2,358)
Change in the scope of consolidation
(6)
25
66
(5)
13
93
Translation differences
(16)
(120)
(521)
(67)
(75)
(799)
Transfer to Assets held for sale
(40)
(36)
(5)
—
—
(81)
Other changes
(4)
123
1,299
30
(1,540)
(92)
At December 31, 2023
1,448
10,115
50,727
8,445
5,542
76,277
Additions
7
730
3,052
5,805
2,884
12,478
Divestitures and disposals
(19)
(321)
(1,761)
(609)
—
(2,710)
Change in the scope of consolidation
5
42
(64)
207
29
219
Translation differences
3
142
596
382
175
1,298
Transfer to Assets held for sale
(22)
(75)
(11)
(2)
—
(110)
Other changes
(31)
190
2,307
(227)
(2,519)
(280)
At December 31, 2024
1,391
10,823
54,846
14,001
6,111
87,172
Accumulated depreciation and impairment
losses at January 1, 2023
32
4,490
29,352
1,713
27
35,614
Depreciation
4
543
3,989
601
—
5,137
Divestitures and disposal
(6)
(397)
(1,418)
(214)
—
(2,035)
Impairment losses and asset write-offs
4
(5)
58
1
—
58
Change in the scope of consolidation
1
—
35
—
—
36
Translation differences
(1)
(30)
(252)
(28)
(1)
(312)
Transfer to Assets held for sale
—
(4)
(5)
—
—
(9)
Other changes
(2)
46
49
9
(1)
101
At December 31, 2023
32
4,643
31,808
2,082
25
38,590
Depreciation
3
602
3,769
986
—
5,360
Divestitures and disposals
(1)
(244)
(1,624)
(305)
—
(2,174)
Impairment losses and asset write-offs
1
24
343
—
1
369
Change in the scope of consolidation
—
—
(119)
49
—
(70)
Translation differences
1
21
214
70
(2)
304
Transfer to Assets held for sale
—
(34)
(4)
(1)
—
(39)
Other changes
(5)
12
(138)
(43)
(5)
(179)
At December 31, 2024
31
5,024
34,249
2,838
19
42,161
Carrying amount at December 31, 2023
€1,416
€5,472
€18,919
€6,363
€5,517
€37,687
Carrying amount at December 31, 2024
€1,360
€5,799
€20,597
€11,163
€6,092
€45,011
Disclosure of initial measurement and measurement category of financial instruments
Financial asset cash flow business model
Initial measurement(1)
Measurement category(3)
Solely to collect the contractual cash flows (Held to
Collect)
Fair Value including transaction costs
Amortized Cost(2)
Collect both the contractual cash flows and generate
cash flows arising from the sale of assets (Held to
Collect and Sell)
Fair Value including transaction costs
Fair value through other comprehensive
income (“FVOCI”)
Generate cash flows primarily from the sale of
assets (Held to Sell)
Fair Value
FVPL
______________________________________________________________________________________________________________________________
(1) Trade receivables without a significant financing component, as defined by IFRS 15 - Revenue from contracts with customers, are initially measured at the transaction price
(2) Receivables with maturities of over one year, which bear no interest or have an interest rate significantly lower than market rates were discounted using market rates
(3) On initial recognition, the Company could irrevocably designate a financial asset at FVPL that otherwise met the requirements to be measured at amortized cost or at FVOCI
if doing so eliminated or significantly reduced an accounting mismatch that would otherwise arise
Disclosure of impairment models used for financial assets categories The table below indicates the impairment model used for each of the Company’s financial asset
categories. Impairment losses on financial assets are recognized in the Consolidated Income Statement within the
corresponding line items, based on the classification of the counterparty.
Financial asset
IFRS 9 impairment model
Trade receivables
Simplified approach
Receivables from financing activities
General approach
Other receivables
General approach
Disclosure of three-stages method for determining and measuring impairment The “three-stages” for determining and measuring the impairment based on changes in credit quality since initial
recognition are summarized below:
Stage
Description
Time period for
measurement of ECL
Stage 1
A financial instrument that is not credit-impaired on initial recognition
12-month ECL
Stage 2
A financial instrument with a significant increase in credit risk since initial
recognition
Lifetime ECL
Stage 3
A financial instrument that is credit-impaired or has defaulted
Lifetime ECL
Disclosure of sensitivity analysis for actuarial assumptions At December 31, 2024, the effect on the defined benefit obligation of a decrease or increase in the discount rate,
holding all other assumptions constant, is as follows:
Effect on
pension
benefit
obligation
increase/
(decrease) in
Net liability
Germany and
France
UK
U.S. and
Canada
Other
(€ million)
25 basis point decrease in discount rate
573
106
45
415
7
25 basis point increase in discount rate
(549)
(100)
(43)
(399)
(7)
At December 31, 2024, the effect of a decrease or increase in the key assumptions affecting the health care and life
insurance plans, holding all other assumptions constant, is shown below:
Effect on health
care, life insurance and OPEB
obligation
(€ million)
25 basis point decrease in discount rate
68
25 basis point increase in discount rate
(66)
100 basis point decrease in health care cost trend rate
(13)
100 basis point increase in health care cost trend rate
15