Regulatory News:
PSA Group (Paris:UG):
For the third year in a row, the Group achieved growth on
three fronts:
- Growth of the Automotive division
operating margin to 6%1 versus 5% in 2015
- Growth of sales : 3.15 million
vehicles sold2, up 5.8%
- Growth of the net financial position
thanks to a positive €2.7 billion Free Cash Flow3 in
2016
The Group is improving its medium-term operational
outlook.
For the first time since 20114, a dividend of
€0.48 per share will be submitted for approval at the next
Shareholders’ Meeting.
Carlos Tavares, Chairman of PSA Group Managing Board, comments:
“These results demonstrate our ability to consistently deliver an
excellent performance in an adverse environment. They are the
outcome of the Group’s operating efficiency improvement and our
competitive teams’ focus on the execution of the Push to Pass plan.
Day after day, the Group is building the conditions for profitable
and sustainable growth, reinforced by the success of the first
launches in its product offensive.”
In 2016, Group revenues were €54,030 million compared to
€54,676 million in 2015 and Automotive revenues were €37,066
million, compared to €37,514 million in 2015 which represent
respectively a growth of 2.1% and 2.7%, at constant exchange rates,
driven notably by the success of recently launched models and the
Group’s pricing power strategy. Net of adverse change in exchange
rates, both Group and Automotive revenues were down 1.2%.
The Group recurring operating income was €3,235
million, up 18% compared to 2015. The Automotive recurring
operating income was €2,225 million, up 19% compared to 2015.
In an environment characterised by adverse exchange rates, this
growth was driven by higher volumes, positive price and mix
effects, and lower fixed and production costs.
The Group non-recurring operating income and expense was
a charge of €624 million, compared to a charge of €757 million in
2015.
Net financial income and expense was a charge of €268
million versus a charge of €642 million in 2015.
Net income reached €2,149 million, an increase of €947
million compared to 2015. Net income, Group share, reached €1,730
million compared to €899 million in 2015.
Banque PSA Finance reported recurring operating
income of €571 million5, up 11% versus 2015.
Faurecia recurring operating income was €970 million, up
17%.
The free cash flow of manufacturing and sales companies
was €2,698 million.
Total inventory, including independent dealers, stood at 406,000
vehicles at 31 December 2016, an increase of 56,000 units year on
year.
The net financial position of manufacturing and sales
companies was €6,813 million at 31 December 2016, compared to
€4,560 million at 31 December 2015.
A dividend of €0.48 per share will be submitted for approval at
the next Shareholders’ Meeting with an ex-dividend date considered
to be on 15 May 2017, and the payment date on 17 May 2017.
Market outlook
In 2017, the Group anticipates a stable automotive market in
Europe, Latin America and Russia, and growth of 5% in China.
Operational outlook improved
The new objectives of the Push to Pass plan are to:
- deliver over 4.5% Automotive recurring
operating margin6 on average in 2016-2018, and target 6% by
2021;
- deliver 10% Group revenue growth by
20187 vs 2015, and target additional 15% by 20217.
Financial Calendar26 April 2017: First-quarter 2017
revenue10 May 2017: 2016 Shareholders’ Meeting26 July 2017: 2017
Interim results25 October 2017: Third-quarter 2017 revenue
The PSA Group's consolidated financial statements for the year
ended 31 December 2016 were approved by the Managing Board on 16
February 2017 and reviewed by the Supervisory Board on 22 February
2017. The Group's Statutory Auditors have completed their audit and
are currently issuing their report on the consolidated financial
statements.
The report on the annual results and the presentation of the
2016 results can be consulted on the Group’s
website(www.groupe-psa.com), in the “Finance” section.
About PSA Group
With sales and revenue of €54 billion in 2016, the PSA
Group designs unique automotive experiences and delivers mobility
solutions that provide freedom and enjoyment to customers around
the world. The Group leverages the models from its three brands,
Peugeot, Citroën and DS, as well as a wide array of mobility and
smart services from its Free2Move brand, to meet the evolving needs
and expectations of automobile users. The French automobile
manufacturer PSA is the European leader in terms of CO2 emissions,
with average emissions of 102.4 grams of CO2 per
kilometer in 2016, and an early innovator in the field of
autonomous and connected cars, with 1.8 million such vehicles
worldwide. It is also involved in financing activities through
Banque PSA Finance and in automotive equipment via Faurecia. Find
out more at groupe-psa.com/en.
New media library:
https://medialibrary.groupe-psa.com/
Attachements
Consolidated Income Statement
2015
2016 Manufacturing Finance
Manufacturing Finance
(in million euros)
and sales companies
Eliminations
TOTAL and sales companies
Eliminations
TOTAL companies
companies
Revenue 54,426 267
(17)
54,676 53,884 161
(15)
54,030 Recurring operating income (loss)
2,729 4
2,733 3,234
1
3,235 Operating income
1,970 6
1,976 2,610
1
2,611 Net financial income
(expense) (642)
(642) (272) 4
(268) Income taxes (687) (19)
(706) (498) (19)
(517) Share in net earnings of companies at equity
314 123
437 (67)
195
128 Profit (loss) from operations
held for sale or to be continued in partnership 72 65
137 174 21
195 Consolidated profit 1,027 175
1,202 1,947 202
2,149 Attributable to owners of the parent
737 162
899 1,532
198
1,730 attributable to
non-controlling interests 290 13
303 415 4
419
Basic earnings per €1 par value share attributable to equity
holders of the parent
1.14
2.16 Diluted earnings per €1 par value share – attributable
to equity holders of the parent
0.96
1.93
Consolidated balance sheet
Assets
31 December
2015 31 December 2016 Manufacturing
Finance Manufacturing
Finance (in million euros)
and
sales companies Eliminations
TOTAL and
sales companies Eliminations
TOTAL
companies
companies Total
non-current assets 20,926 1,131 (2)
22,055 22,311 1,654
23,965 Total current assets 18,839 1,193
(608)
19,424 20,133 1,087
(32)
21,188 Total assets of operations held for sale
or to be continued in partnership 616 7,048
(33)
7,631 - - -
-
TOTAL ASSETS
40,381 9,372
(643) 49,110 42,444
2,741 (32) 45,153
Equity and liabilities
31 December 2015 31 December 2016
Manufacturing Finance
Manufacturing Finance (in
million euros)
and sales companies Eliminations
TOTAL and sales companies Eliminations
TOTAL companies
companies
Total equity
12,219
14,618 Total non-current liabilities
9,984 17
10,001
10,123 15
10,138 Total current
liabilities 20,104 3,405 (551)
22,958 19,797 632 (32)
20,397 Total transferred liabilities of operations held for
sale or to be continued in partnership 401 3,623
(92)
3,932 - - -
- TOTAL EQUITY & LIABILITIES
49,110
45,153
Consolidated statement of cash flows
2015
2016 Manufacturing Finance
Manufacturing Finance
(in million euros)
and sales companies
Eliminations
TOTAL and sales companies
Eliminations
TOTAL companies
companies
Consolidated profit from
continuing operations 955 (4)
951 1,773 171 1,944 Funds from
operations 4,490 22 1 4,513
4,466 69 4,535
Net cash from (used
in) operating activities of continuing operations
5,432 6,560 41
12,033 4,937 1,356
177 6,470 Net cash from (used in) investing
activities of continuing operations (2,692)
(125) 111 (2,706)
(2,673) 113 10
(2,550) Net cash from (used in) financing activities of
continuing operations (644) (830)
142 (1,332) (905)
(330) (447) (1,682) Net cash
related to the non-transferred debt of finance companies to be
continued in partnership (8,234)
(5) (8,239)
(2,615) 305 (2,310) Net cash
from the transferred assets and liabilities of operations held for
sale or to be continued in partnership 42
938 (218) 762
(255) 1,097 1 843
Effect of changes in exchange rates (112) (19)
3 (128) (93) 16 (77)
Increase (decrease) in cash from continuing operations and from
operations held for sale or to be continued in partnership
2,026 (1,710) 74
390 1,011 (363) 46
694 Net cash and cash equivalents at beginning of
period 8,427 2,603 (128) 10,902
10,453 893 (54) 11,292
Net cash and cash
equivalents of continuing operations at end of period
10,453 893 (54)
11,292 11,464 530
(8) 11,986
1 Recurring operating income related to revenue
2 Of which 233,000 vehicles produced in Iran under Peugeot
license in 2016, following the final JV agreement signed with Iran
Khodro on 21 June 2016
3 Sales and Manufacturing companies
4 Dividend in respect of 2010, paid on 7 June 2011.
5 100% of the result of Banque PSA Finance. In the financial
statements of the PSA Group, joint ventures are consolidated using
the equity method and other activities covered by the agreement
with Santander are reclassified as “Operations held for sale or to
be continued in partnership.”
6 Recurring operating income as a proportion of revenue
7 At constant (2015) exchange rates
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PSA GroupCommunications Division, +33 1 40 66 42
00www.groupe-psa.com
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