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Peugeot Financial Results for the 1st half of 2008

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Peugeot Financial Results for the 1st half of 2008

Peugeot Financial Results for the 1st half of 2008

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  • 1. July 2008 1 Interim Results July 23, 2008
  • 2. This presentation may contain forward-looking statements. Such forward-looking statements do not constitute forecasts regarding the Company’s results or any other performance indicator, but rather trends or targets, as the case may be. These statements are by their nature subject to risks and uncertainties as described in the Company’s annual report available on its Internet website (www.psa-peugeot-citroen.com). These statements do not reflect future performance of the Company, which may materially differ. The Company does not undertake to provide updates of these statements. More comprehensive information about PSA Peugeot Citroën may be obtained on its Internet website (www.psa-peugeot-citroen.com), under Regulated Information. 8002 yluJ 2
  • 3. Christian Streiff First Half Highlights 8002 yluJ 3
  • 4. Key Highlights CAP 2010 plan: one year after its launch, a key competitive edge to face the difficult environment Priority growth regions showing strong momentum Successful launch of new models 8002 yluJ 4
  • 5. First half 2008 sales growth driven by international expansion 15% volume growth in our priority regions Mercosur: +32.2% Eastern Europe & Russia: +12.5% Vehicles adapted to local market needs Citroën C-Elysée & Peugeot 307 hatchback in China Citroën C3 in Mercosur eésylE-C nëortiC 3C nëortiC 703 toegueP anihC rusocreM anihC kcabhctah 8002 yluJ 5
  • 6. First half 2008 sales growth driven by product momentum & environmental leadership 5C nëortiC WS 803 toegueP Successful launch of 10 new models reppiB toegueP rentraP toegueP Leadership in light commercial vehicles: omeN nëortiC ognilreB nëortiC 253,400 units sold, up 13.6% Leadership in low emission vehicles: 568,000 vehicles sold emitting less than 140g CO2/km in Europe (47% of PSA unit sales in Europe) 8002 yluJ 6
  • 7. Major new steps in building future growth Russian development accelerated by new JV with Mitsubishi and new plant under construction Environmental leadership to be reinforced by: New family of 1-litre 3 cylinder petrol engines Cooperation project for electric powertrains with Mitsubishi Acceleration of product launch rhythm 8002 yluJ 7
  • 8. Competitiveness plan drives 58% growth in automotive recurring operating income In million euros CAP 2010 Competitiveness -461 +882 Inflation CAP 2010 and R&D Development 633 -188 2.6% 400 1.7% +58% June 30, 2007 June 30, 2008 8002 yluJ 8
  • 9. CAP 2010 drives improvement in quality Warranty expenses in constant decline (basis 100) 100.0 86.0 78.0 72.0 66.0 H1 2006 H2 2006 H1 2007 H2 2007 H1 2008 8002 yluJ 9
  • 10. CAP 2010: 5.3%* productivity gains in the automotive division Automotive division sales and revenue Automotive division workforce (in million euros) (end of period, in number of people) -3.4% 0 06 , 93 1 009,631 654 ,74 +1.4% 665 ,44 001,431 002,231 205 ,42 961 ,42 6002 7002 ,03 enuJ ,03 enuJ 6002 7002 ,03 enu J ,03 enuJ 7002 8002 7002 8002 Decrease in Western Europe: -7,823 people (-6.3%) e c ro f kro w eg are va fo sis ab e ht nO * 8002 yluJ 01
  • 11. Group headcount reduction in Western Europe In number of people yratnuloV 172,247 n o it a r a p e s larutaN noitirtta 162,472 -6,304 -1,519 -1,952 Automotive division Non Automotive division -7,823 June 30, June 30, 2007 2008 Group workforce decrease in Western Europe: -9,775 people 8002 yluJ 11
  • 12. CAP 2010 delivers a boost to financial performance Group operating margin increases to 3.6% Competitiveness plan generates gross savings of €882 million Net profit climbs 49% to €733 million Free cash flow generation* positive at €134 million s einapmo c s elas dna gnirutc afunaM * 21 8002 yluJ
  • 13. Isabel Marey-Semper First Half Results 8002 yluJ 31
  • 14. Group results June 30, June 30, Change In million euros 2007 2008 Sales and revenue 30,818 31,299 +1.6% Recurring operating income 842 1,115 +32.4% % of sales 2.7% 3.6% Non-recurring operating income and (expenses) (287) (86) Operating income 555 1,029 Net financial income (expenses) (4) (70) Income taxes (91) (293) Share in net earnings (losses) of companies at equity 23 65 Consolidated profit for the period 483 731 % of sales 1.6% 2.3% Profit attributable to equity holders of the parent 492 733 % of sales 1.6% 2.3% 8002 yluJ 41
  • 15. All Group businesses contribute to recurring operating income growth June 30, June 30, % % Change In million euros 2007 2008 margin margin Automotive 400 1.7 633 2.6 +58.3% Faurecia 1.0 90 1.4 +42.9% 63 Gefco 4.2 79 4.1 +3.9% 76 Banque PSA Finance 301 nm 308 nm +2.3% Others businesses 2 - 5 - and eliminations PSA Peugeot Citroën 842 2.7 1,115 3.6 +32.4% 8002 yluJ 51
  • 16. 61 8002 yluJ Free cash flow: +134 )800 2 , 03 enuJ( ) 7 0 0 2 , 1 3 .ce D( n oitiso p l aicnan if teN n oitisop l aicnan if teN 7002 1,257 1,404 (102) (179) (1,143) s re htO sdnedivid t eN (464) )D &R .lcxe( xepaC (417) D&R dezilatipaC RCW ni +2,158 e gnahC wolf hsaC In million euros – Manufacturing and sales companies Positive cash flow generation
  • 17. Faurecia: recurring operating income up 43% June 30, June 30, In million euros 2007 2008 Sales and revenue 6,512 6,601 Recurring operating income 63 90 % of sales 1.0% 1.4% Turnaround Non-recurring operating income continues and (expenses) (39) (27) Operating income 24 63 Positive profitability in North America Net financial income (expenses) (43) (48) Consolidated profit (loss) for the period (40) (19) Encouraging outlook % of sales -0.6% -0.3% Free cash flow (10) (6) Net financial position (1,865) (1,856) 8002 yluJ 71
  • 18. Gefco: sales and revenue up 6% June 30, June 30, In million euros 2007 2008 Sales and revenue 1,797 1,904 PSA Peugeot Citroën 1,096 1,191 Third parties 701 713 International growth Recurring operating income 76 79 Customer base diversification % of sales 4.2% 4.1% Tight cost control Non-recurring operating income (1) (1) and (expenses) Operating income 75 78 8002 yluJ 81
  • 19. Banque PSA Finance: a solid performance June 30, June 30, 2007 2008 Net banking revenue €492 m €504 m International Sales and revenue €975 m €1,059 m growth Total outstanding loans €23.5 bn €24.4 bn (end of period) Cost of risk still benchmark Number of new contracts 443,700 444,598 (lease and financing) Solid profit performance Penetration rate 25.2% 25.5% Recurring operating income €301 m €308 m 8002 yluJ 91
  • 20. Banque PSA Finance: instalment sales continue to account for the bulk of the business (at June 30, 2008 - average net outstandings) By product )se lc ihe v de su + wen( Long-term rental 24% Instalment sales 62% Leasing 14% 8002 yluJ 02
  • 21. Banque PSA Finance: increase in Tier 1 capital, while the risk-weighting of assets remains low European capital adequacy ratio )1( 10.54%* 10.36% * 9.90% 9.62% December 2005 December 2006 December 2007 June 2008 Regulatory capital (in million euros) 2,063 2,321 2,543 2,649 e rus o pxe ksir tide r c e tagergga/ ytiuqE )1( 12 :oitar e no reiT * %64.01 :70 02 %06 .01 :8002 8002 yluJ 12
  • 22. 22 8002 yluJ 80 enuJ 70 .ceD 70 enuJ t b e d d e t a ni d r o b u s s tekraM seitilicaf seitilibail + ytiuqe snoitaziruceS latipaC knaB re htO s ’re dlo hkco tS s no itaziruc e s nao L %71 %51 %61 7.1 0.2 0.2 7.2 9. 2 9.2 6.3 8.3 1.4 st e k r a m l a t i p a C %25 %65 %54 8.6 5.7 s e itilic af knabr e tnI %13 %92 %93 3.9 6.01 8002 7002 7002 ,0 3 enuJ ,13 . ce D ,03 enuJ 6.21 1.31 In billion euros Excluding undrawn confirmed lines of credit component of the financing strategy Banque PSA Finance: diversification, a core
  • 23. Automotive: strong profit growth o ssa ciP 4C nëortiC June 30, June 30, Change In million euros 2007 2008 Sales and revenue 24,169 24,502 +1.4%* Recurring operating income 400 633 +58.3% % of sales 1.7% 2.6% Non-recurring operating income (247) (58) and (expenses) (339) (61) o/w restructing costs & impairment losses 92 3 o/w others Operating income 153 575 % of sales 0.6% 2.3% e po c s tnat sn o c t a %6.2+ * 8002 yluJ 32
  • 24. New car sales growth driven by volume, product mix and price In million euros *)DKC .cni( s re htO ecirP +2.1% +1.1% yc ne rruC xim t cud orP +1.0% e muloV xim yrtn uoC +0.4% -1.2% -0.2% 18,207 17,638 +3.2% New car sales New car sales June 30, 2007 June 30, 2008 ACPD gnidulc xE * 42 8002 yluJ
  • 25. Competitiveness plan drives 58% growth in automotive recurring operating income Major fixed costs and SG&A reduction now flowing Substantial savings delivered by production & purchasing performance Currency impact due to decline in GBP versus € In million euros noit cud orP tne m e ruc o rp & waR slaire tam 893+ ,yt narraW lloryaP , se s ne pxe lar e neg yc ne rruC s ts o c dexif )341( 484+ )09( D&R s re htO e po r uE )971( rus o c reM dna )3( )64( dna s ae s re vo s U B r e hto 633 2.6% 98+ 400 )772( 1.7% +58% June 30, June 30, H1 H1 2007 2008 2007 2008 -188 +882 -461 Development Competitiveness Inflation 52 8002 yluJ
  • 26. Christian Streiff Second Half Key Priorities and Outlook 8002 yluJ 62
  • 27. Key priorities for second half: momentum of vehicle sales to continue Reap full benefits of successful new models launched in first half Build on positive trends and New demand for low consumption vehicle & CO2 emission vehicles sales Launch 9 new models: Europe: passenger versions of the Peugeot Bipper and Citroën Nemo Mercosur: Peugeot 207 Hatchback, SW and Passion and Citroën C4 Hatchback China: Citroën C-Quatre and 2 new models for Peugeot 8002 yluJ 72
  • 28. Key priorities for second half: driving costs down Downward trends in production & fixed costs and SG&A to continue Continuously Quality improvement to continue driving and warranty expenses to be reduced costs down Extend benefits from PSA production system 8002 yluJ 82
  • 29. Key priorities for second half: new actions Pass through of raw materials cost Prices increases Media cost reductions Commercial costs New internal efficiency initiatives Lean Roll out lean process to all areas everywhere 8002 yluJ 92
  • 30. Outlook for full year 2008 Western Europe expected -4% Full year market Growth regions expected volume trends around +15% Total Group unit sales objective of around 5% confirmed Raw materials cost inflation expected Full year raw in range of €300-350 million materials Negative currency impact of GBP & currency at 80 pence/€ headwinds Group operating margin target of 3.5% confirmed 8002 yluJ 03
  • 31. 13 8002 yluJ Appendices
  • 32. Sales and revenue June 30, June 30, Change In million euros 2007 2008 Automotive 24,169 24,502 +1.4% Faurecia 6,512 6,601 +1.4% Gefco 1,797 1,904 +6.0% Banque PSA Finance 975 1,059 +8.6% Other businesses and (2,635) (2,767) - intra-company eliminations +1.6% 31,299 PSA Peugeot Citroën 30,818 8002 yluJ 23
  • 33. Sales and revenue (net of intra-company sales) June 30, June 30, In million euros 2007 2008 Automotive 24,146 24,480 Faurecia 5,090 5,168 Gefco 701 713 Banque PSA Finance 762 829 Other businesses 119 109 PSA Peugeot Citroën 30,818 31,299 8002 yluJ 33
  • 34. 43 8002 yluJ 80-1H 70-2H 70-1H 60-2H 60-1H 50-2H 50-1H 40-2H 40-1H 2.0 7.0 0.1 6.1 7.1 0.2 4.2 4.2 6.2 7.2 Automotive 1.3 3.3 3.3 4.3 6.3 PSA Peugeot Citroën 4.4 4.4 5.4 As a % of sales and revenue Operating margin expansion continues
  • 35. 53 8002 yluJ 5002 ,13 rebmeceD morf detadpu neeb evah serugiF .sraey suoiverp ni dedulcni ton seirtnuoc saesrevo morf seirotnevni pihsrelaed tnednepedni fo noitidda ,7002 fo gninnigeb eht morf :retemirep ni egnahC * 000,866 000,406 000,665 000,916 000,026 000,875 000,146 000,446 latoT *yrotnevni 000,203 000,923 000,082 000,092 000,333 000,962 000,623 000,933 pihsrelaed tnadnepednI yrotnevni 000,663 000,572 000,682 000,923 000,782 000,903 000,513 000,503 puorG yrotnevni 000,07 000,06 000,75 000,26 000,95 000,85 000,16 000,55 pihsrelaed yrateirporP yrotnevni 000,692 000,512 000,922 000,762 000,822 000,152 000,452 000,052 rerutcafunaM 8002 7002 7002 7002 6002 6002 6002 5002 ,03 enuJ ,13 .ceD ,03 .tpeS ,03 enuJ ,13 .ceD ,03 .tpeS ,03 enuJ ,13 .ceD (in units) Inventories
  • 36. 63 8002 yluJ anitnegrA ,lizarB ** atlaM ,surpyC ,ainotsE ,aivtaL ,ainauhtiL ,ainevolS ,aikavolS ,cilbupeR hcezC ,dnaloP ,yragnuH ,aitaorC * 7.448,1 1.467,1 stinu DKC + VA LATOT %6.4+ +81 4.561 4.39 stinu DKC latoT %0.77+ 3.976,1 7.076,1 selcihev delbmessa latoT %5.0+ +9 7.441 3.451 dlrow eht fo tseR %3.6- 8.301 6.201 anihC %2.1+ 1.421 9.39 **rusocreM %2.23+ +15% 0.62 7.61 aissuR %0.65+ *eporuE nretsaE 0.07 7.86 %9.1+ )81( eporuE nretseW 7.012,1 5.432,1 %9.1- egnahC In thousand units H1 2008 H1 2007 (assembled vehicles and CKD units) in worldwide unit sales Automotive: a 4.6% growth
  • 37. Registrations (cars and light commercial vehicles) Registrations Market share H1-08/H1-07 change in % H1-07 H1-08 14.0% 0.3- Western Europe 1,225,800 14.1% 9.3- 11.2% 3.8 Eastern Europe 67,800 11.7% 4.3 1.7% 9.23 Russia 25,200 1.4% 7.16 7.5% 5.62 Mercosur 124,000 7.5% 8.62 3.5% 3.41 China 103,100 4.0% 3.1 Market PSA 73 8002 yluJ 73
  • 38. Western Europe (cars and light commercial vehicles) Registrations Market share H1-08/H1-07 change in % H1-07 H1-08 14.0% Europe 1,225,800 14.1% 0. 3- 9. 3- 31.8% France 438,700 31.6% 6. 4 2. 5 19.8% Spain 159,700 20.0% 0. 9 1- 1. 0 2- 9.8% United Kingdom 139,800 10.5% 4. 1- 9, 7- 10.2% Italy 140,700 10.2% 2. 1 1- 8. 0 1- 5.7% Germany 100,500 5.6% 9. 3 2. 7 12.2% Others 246,400 12.5% 6. 0- 4. 3- Market PSA 8002 yluJ 83
  • 39. 207 + 206 leader in the B segment in Europe for the second year in a row CC 702 toegueP 206 + 207 market share in its segment – Europe 18 countries In % 11.5 11.1 Worldwide sales In thousand units +1.0% 431 H1 2007 H1 2008 427 155 602 toegueP 159 WS 702 toegueP 276 268 702 toegueP H1 2007 H1 2008 93 8002 yluJ 93
  • 40. Picasso leader in the compact MPVs segment in Europe for the second year in a row Xsara Picasso + C4 Picasso market share in its segment – Europe 18 countries In % 22.7 19.0 ossaciP 4C dnarG nëortiC Worldwide sales In thousand units +0.6% 164 163 H1 2007 H1 2008 54 17 nëortiC ossaciP arasX 911 29 nëortiC ossaciP 4C H1 2007 H1 2008 ossaciP 4C nëortiC 04 8002 yluJ 04
  • 41. Peugeot 308: on track with its 2008 target 307 + 308 market share in its segment – Europe 18 countries 2008 Target In % 6.3 350,000 units sold 5.5 Worldwide sales In thousand units +13.0% S1 2007 H1 2008 S1 250 H1 220 99 703 toegueP WS 803 toegueP 151 803 toegueP H1 2007 H1 2008 14 8002 yluJ 14
  • 42. New Citroën C5 5C nëortiC Launched in April 2008 Orders since launch: 52,000 orders Full year target: reruoT 5C nëortiC 150,000 units sold 8002 yluJ 24
  • 43. PSA: reinforced leadership in light commercial vehicles in Europe Market share Europe 18 countries Light commercial vehicles (in %) 19.6 18.8 reppiB toegueP eepeT trepxE toegueP Worldwide sales (LCVs) In thousand units +13.6% 253 H1 2007 H1 2008 223 113 srehtO 13 omeN/reppiB 82 92 43 repmuJ/rexoB 36 55 ypmuJ/trepxE 04 348 44 ognilreB/rentraP 49 68 H1 2007 H1 2008 omeN nëortiC 8002 yluJ 34
  • 44. China In thousand of units sold Market: +14.3% +1.2% 8.301 6.201 DPCA recurring operating income In million euros 39.5 H1 2007 H1 2008 12.0 H1 2007 H1 2008 8002 yluJ 44
  • 45. Mercosur In thousand of units sold Brazil Argentina Market: Market: +43.7% +15.7% +30.2% +12.9% 7.97 44.5 38.4 4.55 H1 2007 H1 2008 H1 2007 H1 2008 Automotive division recurring operating income In million euros 61.0 -14.0 H1 2007 H1 2008 8002 yluJ 54
  • 46. 7 02 toegueP 6C nëortiC Russia Peugeot: 58 sales points at June 30, 2008 (40 at end-2007) Citroën: 31 sales points at June 30, 2008 (37 at end-2007) In thousand of units sold Market: +56.0% 26.0 +32.9% 3.7 16.7 Citroën 5.2 22.3 Peugeot 11.5 H1 2007 H1 2008 8002 yluJ 64
  • 47. Russia: to capture part of the market in value 2,580,000 vehicles Market value (in €) 7.1% 9.1% 15.1% 28.2% 3.9% 2.7% 5.7% 3.8% 9.1% 17.6% 9.5% 19.1% 36.2% 19.4% 9.7% 3.7% 2007 units 2007 A B C D E MPVs SUVs LCVs 8002 yluJ 74