“Back in the Race” Plan well on
track
Unit sales up in the Third Quarter
Regulatory News:
PSA Peugeot Citroën (Paris:UG):
- Worldwide unit sales up 5.4%, driven
by strong increases in China (+44.4%) and Europe (+7%).
- Automotive Division revenues of €8
billion, supported by successful launches and a young 3.4 year
average age of the range.
- Automotive Division pro forma
revenues1 including sales in China, up strongly by
2.7% to €9.1 billion.
- All Back in the Race plan levers in
action.
In the third quarter of 2014, sales of assembled vehicles
rose by 5.4% to 643,598 units from the prior-year period. Growth
was significant in Europe (+7%) and very strong in Asia (+44.4%).
Unit sales decreased in other regions, impacted in particular by a
sharp decline in demand.
The European market expanded by 5.8% over the period,
with certain countries experiencing strong growth (United Kingdom
+7.6%, Spain +16.9%, Italy +5.3% and Germany +4.5%) and the French
market that was almost stable (+0.5%).In this environment, PSA
Peugeot Citroën unit sales rose by 7% (o/w +8.7% in France) and
market share of the Group in Europe held steady at 11.8%2 (down 0.1
point) by the end of September compared to the prior-year period.
The Group pursued its pricing power policy for the three brands,
Peugeot, Citroën and DS.
In Asia, unit sales rose by a robust 44.4%, lifted by the
recent launches of the Peugeot 301, 2008 and 408, the Citroën
C-Elysée and C4L and the start-up of the DS brand with the DS 5, DS
5 LS and DS 6. The increase in unit sales greatly exceeded the
market’s growth of 8% in China, and the Group’s market share
widened by 0.7 point compared with the same period in 2013 to
4.4%2.
In Latin America and Eurasia, unit sales declined by
38.2% and 62.4%, respectively. The market in both regions
contracted noticeably, by 10.4% and 23.8%. The Group pursued its
Back in the Race action plans - in particular, these plans focus on
rationalising fixed costs and adjusting the line-up - with the goal
of returning to breakeven in 2017.
In the Middle East and Africa and the
India-Pacific region, the decline in PSA Peugeot Citroën’s
key markets pushed down unit sales by 11.3% and 10.5%,
respectively. These markets represent future opportunities for the
Group.
In the third quarter of 2014, Group revenues totalled
€12,296 million, a 1.6% rise over the prior-year period.
Automotive Division revenues, excluding Chinese joint
ventures contribution, edged back by 0.8% from third-quarter 2013
to €7,971 million, with revenues related to new car activity
declining by 1.3% as the positive product mix and price effects
only partially offset the negative volume and currency effects.
Pro forma Automotive Division revenues1 including our
share in Chinese JVs amounted to €9,085 million, reflecting the
very strong increase in revenues in China.
Faurecia reported revenues up 6.5%, to €4,386 million in
the third quarter.
Banque PSA Finance‘s revenues are down 2% to €438 million
in the third quarter.
At 30 September 2014, total inventory, including
independent dealers, stood at 393,000 vehicles, down 15,000 units
from the prior-year period. This performance confirms the
Automotive Division’s good inventory management.
During the third quarter, all Back in the Race action plan
levers are in action, with continued initiatives to reduce
inventories and optimise working capital requirement, maintain
Automotive Division CAPEX and R&D between 7 and 8% of revenues,
differentiate the positioning the brands and improve their price
positioning.
The Group is pursuing its global core model strategy, focusing
on profitable growth worldwide, its positioning in attractive
technologies. Competitiveness improves, notably in Europe, along
with increased savings and improved product costs. Lastly, the
partnership agreement between Banque PSA Finance and Santander is
moving forward, with regulatory approvals ongoing. This partnership
will help the Bank regain its competitiveness in Europe.
Commenting on the publication of the third-quarter
results, Carlos Tavares, Chairman of the Managing Board,
declared: “I would like to thank all our employees for their deep
commitment to the Back in the Race plan. All levers are now
activated and first results are visible. Nonetheless, the road back
to a full recovery is still long and we should remain collectively
focused on execution”.
Outlook
In 2014, PSA Peugeot Citroën expects to see automotive demand
increase by around 4 to 5 % in Europe and by approximately 10% in
China, but decline by some 10% in Latin America and around 15% in
Russia3.
It is aiming to deliver recurring positive Group operating free
cash flow4 by 2016 at the latest, and an aggregate €2 billion in
Group operating free cash flow over the 2016-2018 period. It is
also targeting an operating margin5 of 2% in 2018 in the Automotive
Division, with the objective of reaching 5% over the period of the
next medium-term plan, covering 2019-2023.
PSA Peugeot Citroën will organise a conference
call in English with Jean Baptiste de Chatillon, Chief Financial
Officer, on Wednesday, 22 October 2014 at 8:30 am (Paris) / 7:30 am
(London). To participate, please dial:
France: 01 70 77 09 42 UK: +44 (0) 203 367 94
54
You may also follow the conference call and
download the presentation of third-quarter 2014 revenues on our
website (www.psa-peugeot-citroen.com, in the “Analysts/Investors”
section)
Financial Calendar
- 18 February 2015: 2014 Annual
Results
- 29 April 2015: First-quarter 2015
revenues
Appendices
Worldwide Automobile Sales – Q3 2014 an YTD September 2014
(cars and light commercial vehicles)
Consolidated World Sales 2013 2013
2014 2014 Δ 14/13 Δ 14/13 in thousands
of units Q3 YTD Sept. Q3 YTD
Sept. Q3 YTD Sept.
China - South East Asia Peugeot
64.0 207.0 99.2 288.3 55.0% 39.3% Citroën 61.7 199.5 78.4 238.7
27.1% 19.6% DS 0.7 1.7 4.9 15.4 ++
++
PSA 126.4
408.2 182.6
542.5 44.4%
32.9% Eurasia Peugeot 10.3
30.5 3.7 18.9 -64.0% -38.0% Citroën 8.1 23.9 3.2 14.6 -60.1% -38.9%
DS 0.4 1.3 0.1 0.7 -68.3% -47.3%
PSA
18.9
55.7 7.1
34.2 -62.4%
-38.6% Europe Peugeot 178.9 638.9 197.9 719.8 10.6%
12.7% Citroën 137.9 470.0 145.8 529.6 5.8% 12.7% DS 22.2 85.6 18.9
69.0 -14.9% -19.4%
PSA 339.0
1,194.5 362.6 1,318.5 7.0%
10.4% India - Pacific Peugeot 4.1 11.1 3.9
10.9 -5.2% -2.0% Citroën 0.8 2.3 0.8 2.6 3.4% 11.6% DS 0.7 2.2 0.3
1.1 -58.8% -47.2%
PSA 5.6
15.5 5.0
14.6 -10.5%
-6.2%
Latin America Peugeot 48.5 135.8 28.9 93.4 -40.4% -31.2%
Citroën 27.5 83.6 18.3 59.8 -33.3% -28.5% DS 0.7 3.0 0.1 1.0 -82.1%
-67.8%
PSA 76.6
222.4 47.4
154.2 -38.2%
-30.7%
Middle East - Africa Peugeot 29.0 119.0 25.4 81.0 -12.7%
-32.0% Citroën 14.4 53.0 13.1 38.2 -8.6% -27.9% DS 0.5 2.0 0.5 1.5
-7.0% -26.7%
PSA 44.0
174.0 39.0
120.6 -11.3%
-30.7%
Total Assembled Vehicles
Peugeot 334.7 1,142.3 358.9
1,212.3 7.2% 6.1% Citroën 250.4
832.3 259.8 883.5 3.8% 6.2%
DS 25.3 95.8 24.9 88.7
-1.5% -7.5% PSA
610.4 2,070.5 643.6
2,184.5 5.4% 5.5%
Estimated data.
Assembled vehicles, exc. CKD units
Europe = EU + EFTA + Albania + Bosnia + Croatia + Kosovo +
Macedonia + Montenegro + Serbia
GROUP HIGHLIGHTS SINCE H1 2014
- July, 2nd 2014 - Dongfeng Peugeot
Citroën Automobile (DPCA) Announces Plans to Build Fourth Car
Plant
- July 3rd 2014 - Press release of the
Supervisory Board
- July 10th, 2014 - Banque PSA Finance
announces the Signing of a Framework Agreement with Santander
- July 16th, 2014 - PSA Peugeot Citroen
and PAN Nigeria Limited sign an assembly and sale of cars agreement
in Nigeria
- July 30th 2014 - “Back in the Race”,
the PSA Peugeot Citroën strategic plan, delivers its first
results
- October 7th, 2014 – Peugeot Scooters
presents its plan to revive the business and strengthen brand and
products
1 Automotive Division revenues including the contribution (50%)
of Chinese joint ventures DPCA and CAPSA. Automotive Division
revenues totalled €7,971 million at 30 September 2014, down 0.8% on
the prior-year period.
2 Market share for the nine months to 30 September 2014.
3 This compares with an estimated increase of 3% in Europe at 31
July 2014 and estimated declines of 5% at 31 March 2014 and 10% at
30 June 2014 in Russia, and of 7% in Latin America at end-June.
4 Free cash flow excluding exceptional and restructuring
items.
5 Recurring operating income/(loss) as a percentage of
revenues
PSA Peugeot CitroënMedia RelationsJean-Baptiste
Thomas, +33 (0) 1 40 66 47
59jean-baptiste.thomas@mpsa.comPierre-Olivier Salmon, +33 (0) 1 40
66 49 94pierreolivier.salmon@mpsa.comCaroline Brugier-Corbière, +33
(0) 1 40 66 58 54caroline.brugier-corbiere@mpsa.comorInvestor
RelationsCarole Dupont-Pietri, +33 (0) 1 40 66 42
59carole.dupont-pietri@mpsa.comAnne-Laure Desclèves, +33 (0) 1 40
66 43 65annelaure.descleves@mpsa.comKarine Douet, +33 (0) 1 40 66
57 45karine.douet@mpsa.com
United Guardian (NASDAQ:UG)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
United Guardian (NASDAQ:UG)
Historical Stock Chart
Von Jul 2023 bis Jul 2024