MILAN (Reuters), Stellantis reported that the adjusted operating margin climbed to 11.8% in its first year. This was higher than its goal of 10%. It is credited to strong execution in synergies which resulted in around 3.2 billion euro ($3.6 billion in net cash benefits).

Stellantis has the record-setting results to prove its ability to perform well in even uncertain markets, said Chief Executive Carlos Tavares in a statement Wednesday.

Next week, Tavares will present the business plan of the group. This is just over one year since Stellantis was formed through the merger between Fiat Chrysler (OTC:), maker PSA.

Stellantis commanded a margin of double-digits this year. For 2020, the pro-forma number was 6.9%.

Richard Palmer, Chief Financial Officer, stated that raw material inflation will continue to be a concern for the entire industry in this year. However, the semiconductors problem, which cost around 20% of the planned 2021 production, reached its peak in the third quarter last year.

Stellantis was not exposed to Russia. He also said that the international economic sanctions against Ukraine are being applied against Stellantis.

Palmer declared, “We’re confident that we can deal with the Russia crisis”.

According to the proposal, the company, with an annual industrial free cash flow exceeding 6 billion euros, would pay 3.3 billion euros in regular dividends equal to 1.05 euro per share. ($1 = 0.8829 euros)