Supported by a rise in worldwide unit sales
of 7.7%
Positive product mixNegative impact
from exchange rates
Regulatory News :
In the First Quarter of 2014, PSA Peugeot Citroën (Paris:UG) saw
a rise in worldwide unit sales of 7.7%, supported by the recovery
of the European market and by the strong growth in China. The Group
was, however, impacted by a sharp deterioration in foreign exchange
rates.
The Group pursued its turnaround plans with:
- The unveiling of the « Back in the
race » plan by Carlos Tavares, Chairman of the Managing Board,
setting out the operational framework for a turnaround;
- The success of new launches, with the
Peugeot 308, crowned « Car of the Year», the Citroën C4
Picasso, as well as the announcement of the launches of the Peugeot
108, the Citroën C1 and C4 Cactus, and the Peugeot 408 in Second
Half and the DS 5LS in the Second Quarter in China;
- A strong rise in volumes in China,
while the Russian and Latin American markets remain tough for the
Group ;
- Progess in the restructuring plan,
leading to improved competitiveness in Europe and the reduction of
fixed costs ;
- The successful renewal of the revolving
credit facility, significantly oversubscribed and extended to
€3bn1.
First Quarter 2014 revenues
- Group consolidated revenues of €13.3
bn, up 1,9% compared with the previous year;
- Automotive Division revenues of €8.9bn
excluding China JVs revenues, up 2.0% vs Q1 2013, significantly
impacted by exchange rates ;
- Faurecia revenues of €4.5bn, up
3.4% ; Banque PSA Finance revenues down 7.4%.
Consolidated revenues(in € millions) Q1 2013* Q1 2014
% change
Automotive Division 8 747
8 925 2,0%
Faurecia 4 369 4
518 3,4%
Banque PSA Finance 451 418 (7,4%)
Other businesses andintersegment
eliminations
(524) (574) (9,5%)
_______ _______ ______
PSA Peugeot Citroën
13 043
13 287
1,9%
*2013 consolidated revenues adjusted by €18 million, of which
€25 million for the Automotive Division (IFRS 11).
OutlookIn 2014, PSA Peugeot Citroën expects to see
automotive demand increase by around 3% in Europe2 , by
approximately 10% in China, and a decline around 7% in Latin
America and around 5% in Russia.
The Group positive Group operational free cash flow3 by 2016 at
the latest, and €2 bn cumulated Group operational free cash flow
over 2016-2018. It is also targeting to reach a 2% operating
margin4 in 2018 for the Automotive Division, targeting 5% within
the timing of the next mid -term plan 2019-2023.
AUTOMOTIVE DIVISION
Automotive Division revenues rose by 2.0% in the first quarter
of 2014 to €8,925 million from €8,747 million in the year-earlier
period. Worldwide sales of assembled vehicles rose by 7.7% over the
period, to 726,000 units. This reflected a strong rise in volumes
in both Europe (+16.0%) and China (+18.3%), versus declines in
Latin America (-14.5%) and Russia (-7.9%).
Revenues from new vehicle sales amounted to €6,240 million
compared with €6,070 million in first-quarter 2013, up 2.8%, driven
by a 4.8% rise in unit sales ex-China, a positive 1.7% product mix
effect thanks to recent model launches, and a positive 1.3% price
effect, reflecting the consistency of the Group’s pricing policy in
a market where pricing remains stable at a high level, and a
slightly positive market mix of 0.2%.
These favourable elements partially offset the strong negative
currency effect of 4.5%.
New vehicle inventory stood at 422,000 units at 31 March 2014,
up 8,000 units compared with a year earlier, reflecting the growth
in volumes. The Group continues to tightly manage inventory, in
line with its objectives of operating free cash flow burn
reduction.
PRODUCT HIGHLIGHTS
At end-March, orders for the Peugeot 308 totalled 70,000 units
since launch, ahead of target, driven by the “Car of the Year”
award in March 2014, the launch of the 308 SW version and the Pure
Tech petrol and Blue HDi diesel engines, both of which offer
best-in-class carbon emissions performance. To support the strong
demand, an additional shift was introduced at the Sochaux
plant.
The Peugeot 2008 is going from strength to strength, with 40,000
units sold over the quarter. The Group initiated a second project
to increase production capacity at the Mulhouse plant.
The C4 Picasso and Citroën Grand C4 Picasso delivered another
strong performance with 60,000 orders for the 5-seat version at the
end of March and 35,000 orders for the seven-seater. High level
versions accounted for 70% of sales. The Citroën C3 also returned
to its very good sales performance. In addition, the quarter saw
the reveal of the C4 Cactus, which illustrates Citroën’s new
positioning.
The partnership with Changan for the DS brand in China is
developing, with new models planned in 2014, notably the DS 5LS in
March, and a new DS 6WR SUV, announced at the Beijing Auto
Show.
FAURECIA
Faurecia reported revenues of €4,518 million for the first
quarter of 2014, an increase of 3.4%, and 7% on a comparable
basis5. The Quarter saw strong growth in Europe, Asia and Latin
America, and revenues increased at all divisions.
BANQUE PSA FINANCE
Banque PSA Finance’s revenues declined by 7.4% to €418 million
in the First Quarter 2014, notably due to the effect of a lower
loan book.
Worldwide Automobile Sales – First Quarter
2014(cars and light commercial vehicles)
in units
Jan-Mar 2013
Jan-Mar 2014 % change
EUROPE* Peugeot 202 479 239 161 18,1% Citroën
179 342 203 758 13,6%
PSA 381 821 442
919 16,0% CHINAA
Peugeot 72 427 85 922 18,6% Citroën 70 600 83 275 18,0%
PSA 143 027 169 197 18,3%
LATIN AMERICA Peugeot 38 427 34 201 -11,0%
Citroën 26 480 21 306 -19,5%
PSA 64 907 55
507 -14,5% RUSSIA
Peugeot 8 286 7 133 -13,9% Citroën 5 709 5 754 0,8%
PSA 13 995 12 887 -7,9%
REST OF THE WORLD Peugeot 50 579 33 220 -34,3%
Citroën 19 823 12 115 -38,9%
PSA 70 402 45
335 -35,6%
TOTAL Peugeot 372 198 399 637 7,4%
Assembled Vehicles
Citroën 301 954 326 208 8,0%
PSA 674 152
725 845 7,7%
CKD Peugeot 432 72 - Citroën
PSA 432
72 TOTAL
Assemble vehicle + CKD Peugeot 372 630 399 709 7,3% Citroën 301
954 326 208 8,0%
PSA 674 584 725 917
7,6%
* Europe = EU + EFTA + Albania + Bosnia +
Croatia + Kosovo+Macedonia + Montenegro + Serbia
GROUP HIGHLIGHTS
- On 26 March 2014, the final agreements
were signed between PSA Peugeot Citroën, Dongfeng Motor Group, the
French State and Etablissement Peugeot Frères and FFP. They provide
for the strengthening and deepening the existing manufacturing and
sales partnership with Dongfeng Motor Group and manufacturing
synergies estimated at around €400 million a year for PSA Peugeot
Citroën by 2020, a €3-billion capital increase and free attribution
of equity warrants to existing shareholders. They also provide for
a balanced ownership structure with DFG, the French State and
Etablissements Peugeot Fères / FFP each holding a 14% stake in
Peugeot SA.
- At today’s Annual General Meeting of
25th April 2014, shareholders will be asked to vote on resolutions
concerning, among other things, the capital increases, the free
attribution of warrants to current Peugeot SA shareholders and the
change in the Supervisory Board structure.
- In the first quarter, PSA Peugeot
Citroën also announced that it has entered in exclusive
negotiations with the Santander Group to form a European
partnership. The project would accelerate the end of the use of the
French guarantee; improve Banque PSA Finance’s cost of financing
and competitiveness; a strengthened commercial tool for the Peugeot
and Citroën brands; and potential cash upstream up to €1,5 billion
by 2018 for the Group.
- During the first quarter, the Group
continued to deploy its plan to restructure manufacturing and sales
operations in France; 7,730 files for mobility agreements were
signed at March 31, 2014.
- In April 2014, the Group signed new
€3-billion syndicated credit facility comprising a €2.0-billion
tranche expiring in five years and a €1.0-billion tranche expiring
in three years with two optional one year extensions. The line of
credit is contingent on the completion of the share and rights
issues announced last 19 February.
A conference call hosted by Jean Baptiste de
Chatillon, Chief Financial Officer, will take place on Friday, 25th
April 2014 at 8h30 (Paris) / 7h30 (London). To participate please
dial France : +33 1 70 77 09 40 , UK/ International : +44
(0) 203 367 94 53
You may also follow the conference call and
download the presentation of first-quarter 2014 revenues on our
website (www.psa-peugeot-citroen.com, in the “Analysts/Investors”
section)
Financial Calendar:
- 25 April 2014: Annual Shareholders'
Meeting at 2:00 pm (Paris time)
- 30 July 2014: First-half 2014 results
(before trading hours)
- 22 October 2014: Third-quarter 2014
revenue
1 Contingent on the completion of the capital increases
announced last 19 February2 Vs a market estimated by the Group to
be slightly positive at around 2% in Europe and around 10% in
China, with a 2% decline in Latin America, and a stable market in
Russia on February 19, 20143 Free cash flow of the Manufacturing
and sales companies without restructuring and exceptional4 ROI
relating to revenues5 Same perimeter and exchange rates
PSA Peugeot Citroën - 75 av. de la Grande Armée
- 75116 Pariswww.psa-peugeot-citroen.com
PSA Peugeot CitroënMedia relationsJean-Baptiste
Thomas, +33 (0) 1 40 66 47
59jean-baptiste.thomas@mpsa.comorPierre-Olivier Salmon, +33 (0) 1
40 66 49 94pierreolivier.salmon@mpsa.comorAntonia Krpina, +33 (0) 1
40 66 48 02antonia.krpina@mpsa.comorInvestor RelationsCarole
Dupont-Pietri, +33 (0) 1 40 66 42
59carole.dupont-pietri@mpsa.comorAnne-Laure Desclèves, +33 (0) 1 40
66 43 65annelaure.descleves@mpsa.comorKarine Douet, +33 (0) 1 40 66
57 45karine.douet@mpsa.com
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