peugeot q3 2008 financial results
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October 2008 11
Q3 & 9 months 2008Sales and Revenues
October 24, 2008
October 2008 2
Key highlights
Strong balance sheet: a key asset to face the crisis
An unleveraged Group
A recurring excess cash position between €4-6bn
A robust and prudent Banque PSA Finance
Automotive: top line contraction due to market drop in Q3 2008
Q3 Automotive sales -7.1% with volumes down 8.6%,Western Europe -12.8%
Market share maintained in Western Europe at 13.8%
CAP 2010 actions continue to deliver
Specific action plans launched
Significant production cuts across Europe
Non renewal of temporary employees
Acceleration of cost reduction initiatives
October 2008 3
Key brand highlights in first 9 months
PSA market position: underlying strengths confirmedMarket share maintained in Europe 18 countries at 13.8%Leadership in low emission vehicles: 23% market share in vehicles<130g CO2/kmLCV: leadership reinforced with market share up to 19.5% vs 18.5%,built on new model range notably Berlingo & PartnerGood momentum of new model announcements: Citroën C3 Picasso,Peugeot Prologue
Peugeot & Citroën: success of new models confirmedSuccessful launching of C5: worldwide sales up 51%C4 Picasso leader in the compact MPVs segment in Europe308 & 307 up 10% with record sales in September207 & 206 remains leader in its segment in Europe 107 & C1: worldwide sales up 6.7%
Emerging markets: contrasted situation China: registrations down 6%. Market decline in Q3Mercosur: 7.2% of market share. Strong growth in Brazil, registrations +33%Russia: PSA outperformed the market with registrations up 63%
October 2008 4
Q3 and 9 months sales and revenues
Q3-07 Q3-08 Change
Q3-08/Q3-079 month
079 month
08 Change
9m-08/9m-07
Automotive 10,964 10,184 -7.1% 35,134 34,687 -1.3%
Faurecia 2,815 2,863 1.7% 9,327 9,464 1.5%
Gefco 835 873 4.6% 2,632 2,778 5.5%
Banque PSA Finance 499 534 7.0% 1,473 1,594 8.2%
Other businessesand intra-company eliminations (1,089) (1,153) 6.0% (3,724) (3,923) 5.3%
Total sales and revenues 14,024 13,301 -5.2% 44,842 44,600 -0.5%
Rapid decline in Q3 markets leads to drop in Q3 Automotive sales
Faurecia: slightly up as growth in Latin America more than offsets decline in Europe, stable activity in depressed US market
Gefco: international development strategy delivering growth
Banque PSA Finance: sustained sales and successful pass through of increased financing costs
In €m
October 2008 5
Worldwide slowdown in 2008 market trendsQuarterly market trends 2008 / 2007
Europe 18
-3% -3%
-11%
38%
29%
12%
25%28%
18%19%
8%
-4%
Q1 Q2 Q3
Russia Mercosur China
October 2008 6
In €m
New car Q3 sales and revenues down 8.2%
Sharp decline in Western European volumes -12.8%
Mercosur volumes +11.2%, Russia +66.9%
Successful new models support sales in weak environment
Price increases continue
-8.2%
-9%
+1%
-0.3% -0.4%-0.7%
+1.2%
Q3 2008Q3 2007
8,055
7,398
Country mix Other(incl. CKDs)*
CurrencyProduct mixVolume Pricing
* Excluding Chinese DPCA JV
October 2008 7
In €m
9 months 2007
9 months 2008
-2.4%
+0.9%+1.1%
-0.2%
+1.3%
-1%
Country mix Other(incl. CKDs)*
CurrencyProduct mixVolume Pricing
New car 9 months sales and revenues down 0.3%
-0.3%
9 months sales flat following sharp decline in Q3:Western Europe volumes in first 9 months -5.1%
Mercosur +24.2%, Russia +60.4%
Positive pricing trends continue
25,692 25,604
* Excluding Chinese DPCA JV
October 2008 8
In thousand units
Total
Group inventory
Proprietary dealership inventory
Manufacturer inventory
Independent dealership inventory
677
391
71
320
30/092008
286
604
275
60
215
31/122007
329
619
329
62
267
30/062007
290
668
366
70
296
30/062008
302
620
287
59
228
31/122006
333
566
286
57
229
30/092007
280
Immediate actions launched from July to tackle inventory rise
Q3 vehicle production reduced by 60,000 vs 2008 plan
Independent dealership inventory reduced to Q3 2007 level
Limited Q3 inventories increase sinceJune 2008 despite market drop
October 2008 9
PSA Peugeot Citroën’s strong Balance Sheetis a key asset
A recurring excess cash position between €4-6bn€5.3bn at the end June 2008
No immediate bond maturities:
2010 €0.3bn, 2011 €1.6bn, 2033 €0.6bn
Undrawn credit facilities of €2.4bn
€14bn of equity, €6bn of debt
An unleveraged Group
October 2008 10
A robust & conservativeBanque PSA Finance
Successful €1bn securitization by Banque PSA Finance in July 2008
Solvability ratio >10.5% in 2008vs regulatory requirementof 8% (Cook ratio)
Extensive undrawn creditfacilities and liquidity reserves,with no immediate maturities
Diversified sources of refinancing
€2.0bn undrawn
creditfacilities
€2.0bn undrawn
creditfacilities
€2.0bn undrawn
creditfacilities
Undrawn credit facilities €6bn
3.8
10.19.3
22.9
Diversified sources of refinancing – in €bn
2010Maturities 2012 2014
Equity& debt
Otherliabilities
Bank facilities
Capital markets
Securitization
at June 30, 2008
An independent& prudent financing providing adequate
headroom
October 2008 11
A prudent credit activity
Instalment sales accountfor majority of credit business
Leasing activity with limited residual value riskBPF has no buyback obligations(Held at PSA Group level €2.9bn*)
By product* (new + used vehicles)
LeasingInstalment sales
A selective approach in risk selection and product development: cost of risk benchmark of the industry
Conservative approach to client financingCentralized and experiencedcredit evaluationEfficient & reactive credit collection minimises defaults
Specific action plans in the UK & Spain to control and minimise credit risk
Long-termrental
62%
24%
14%
* (as at June 30, 2008)
Ability to sustain the commercial activity at the same pace
October 2008 12
Q4 2008 market outlook: significant slowdown in emerging countries with a further sharp drop in EuropeQuarterly market trends 2008 / 2007
Full Year 2008 PSA volumes* expected around -3.5%
Europe 18
-3% -3%-11%
23%18%
6%
Q1 Q2 Q3
Growth regions
Estimated Q4
c.-17%
flat
* Assembled vehicles & CKDs
+10%
-8%
October 2008 13
Pricing Continue price increase roll out
Exceptional action plan in Q4 2008 to preparefor 2009
CAP 2010 Amplify programme & initiatives
Production Massive cuts concentrated in Q4
Full Year 2008 Group Recurring Operating Margin expected at around 1.3%*
* with current market estimates
October 2008 14
Appendices
October 2008 15
Automotive: worldwide unit sales up 0.5%
* Croatia, Hungary, Poland, Czech Republic, Slovakia, Slovenia, Lithuania, Latvia, Estonia, Cyprus, Malta** Brazil, Argentina
(assembled vehicles and CKD units)
Q3-07 Q3-08 ChangeQ3-08 / Q3-07 9m-07 9m-08 Change
9m-08 / 9m-07
Western Europe (18) 506 442 -12.8% 1,741 1,652 -5.1%Eastern Europe* 30 29 -5.2% 99 99 -0.2%Russia 11 19 66.9% 28 45 +60.4%Mercosur** 57 64 11.2% 151 188 +24.2%China 49 38 -22.2% 152 142 -6.3%Rest of the World 82 70 -14.6% 236 216 -8.4%
Total assembled vehicles 735 662 -9.9% 2,406 2,342 -2.7%
Total CKD 48 54 11.8% 142 219 +54.8%
TOTAL AV + CKD units 783 716 -8.6% 2,548 2,561 +0.5%
In thousand units
October 2008 16
The Group maintains its market share in Western Europe
Others
Italy
United Kingdom
Spain
France
Germany
Western Europe
Registrations
341,000
185,900
200,800
214,000
607,800
143,600
1,692,100
12.5%
9.9%
10.5%
19.5%
31.2%
5.6%
13.9%
-4.0
2.7
-11.2
-13.8
-22.7
4.4
-5.8
-1.9
1.6
-10.8
-7.5
-23.6
3.4
-5.2 13.8%
31.5%
19.7%
9.8%
9.9%
5.6%
12.2%
PSAMarket
9m-08/9m-07 change in %
(cars and light commercial vehicles)
9m-07 9m-08
Market Share
October 2008 17
Around 10% growth in our priority regions
Registrations Market Share
140,900
185,600
43,300
97,100
4.1%
7.3%
1.5%
11.6%
-6.2
22.4
63.2
1.4
7.6
23.8
24.9
5.8 11.1%
1.9%
7.2%
3.5%
9 month-08/9 month-07 change in %
PSAMarket
China
Mercosur
Russia
Eastern Europe
9m-07 9m-08
(cars and light commercial vehicles)
October 2008 18
Western Europe
Others
Italy
United Kingdom
Spain
France
Germany
Western Europe
Registrations Market Share
94,000
44,000
61,000
54,000
169,000
43,000
466,000
12.3%
9.3%
10.6%
18.2%
30.2%
5.6%
13.3%
-5.2
-6.4
-13.8
-24.8
-29.6
2.4
-10.4
-5.1
-3.0
-11.8
-19.0
-34.4
0.5
-10.7 13.3%
30.8%
19.5%
9.8%
9.0%
5.4%
12.3%
PSAMarket
Q3-08/Q3-07 change in %
(cars and light commercial vehicles)
Q3-07 Q3-08
October 2008 19
91.3
124.0
9 months 2007 9 months 2008
63.859.8
9 months 2007 9 months 2008
In thousand of units sold
+35.8%Market:+26.9% +6.6%
Market:+11.6%
Brazil Argentina
Mercosur
New Citroën C3 launched
Upcoming launch of Peugeot 207 SW and Passionand Citroën C4 Hatchback
October 2008 20
Russia China
Russia & China
44.9
28.0
9 months 2007 9 months 2008
+60.4%
Market:+24.9%
In thousand of units sold
141.9151.5
9 months 2007 9 months 2008
-6.3%
Market:+7.6%
Launch of Citroën C-Quatreand 2 new models for Peugeot
October 2008 21
(cars and light commercial vehicles)
14.4
13.613.5
13.8
14.214.0
13.3
13.6
14.0 14.0
13.3
Q1-06 Q2-06 Q3-06 Q4-06 Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 Q2-08 Q3-08
Market share in Western Europe per quarter
In %
October 2008 22
Banque PSA Finance:Q3 & 9 months sales and revenues
26.1%25.5%Penetration rate
640,623638,810Number of new contracts(lease and financing)
€23.8bn€23.2bnTotal outstanding loans(end of period)
€1,594m€1,473mRevenues
9m-089m-07
+0.3%
+2.6%
+8.2%
Change9m-08/9m-07
+0.6%27.7%26.2%
196,025195,129
€534m€499m
Q3-08Q3-07
+0.5%
+7.0%
ChangeQ3-08/Q3-07
+1.5%
€23.8bn€23.2bn +2.6%
October 2008 23
Faurecia: Q3 & 9 months sales and revenues
In €m
1.9%1,9941,956PSA Peugeot Citroën
Excluding monolithsand at constant scopeand exchange rate
9,4649,327Total revenues
2,2112,235Exhaust Systems
2,5652,554Vehicle Interiors
3,9583,843Automotive Seating
9m-089m-07
1.5%
-1.1%
0.4%
3.0%
Change9m-08/9m-07
2.4%
730695Front Ends 5.0%
1.3%7,4707,371Third parties
-1.0%560534
2,8632,815
670687
769754
1,1971,161
Q3-08Q3-07
1.7%
-2.5%
2.1%
3.0%
ChangeQ3-08/Q3-07
1.6%
227213 6.4%
4.9%2,3032,281
October 2008 24
Gefco: Q3 & 9 months sales and revenues
In €m
1,0501,043Third parties
1,7281,589PSA Peugeot Citroën
9m-089m-07
0.7%
8.7%
Change9m-08/9m-07
2,7782,632Total revenues 5.5%
337342
536493
Q3-08Q3-07
-1.5%
8.7%
ChangeQ3-08/Q3-07
873835 4.6%
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