FULL YEAR RESULTS 2014 February, 18 th 2015
• This presentation does not constitute an offer to sell, or a solicitation of an offer to buy, PEUGEOT SA (“Company”) shares. • 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 registration document filed with the French Autorité des Marchés Financiers (AMF). 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 group website (www.psa-peugeot-citroen.com), under Regulated Information. 2
Carlos Tavares Chairman of the Managing Board
Paving the way for a profitable growth PSA teams are back in the race to achieve a profitable growth with the support of our stakeholders 4
FINANCIAL RESULTS Jean-Baptiste de Chatillon CFO and Member of the Managing Board
Group Recurring Operating Income €1.3bn operating recovery FY 2013* FY 2014 Change In million euros Incl. 100% BPF Incl. 100% BPF Revenues 437 53,922 54,359 Recurring operating income (147) 1,116 1,263 % of revenues -0.3% 2.0% Non–recurring operating income and (expenses) 484 (1,165) (681) 1,747 Operating income (1,312) 435 5 * IFRS 10&11 and IFRIC 21 adjustments ,before IFRS 5, detailed in appendix,
Financial Results €1.3bn operating recovery FY 2013* FY 2014 Change In million euros IFRS 5 IFRS 5 Revenues 528 53,079 53,607 Recurring operating income (364) 905 1,269 % of revenues -0.7% 1.7% Non–recurring operating income 483 (1,165) (682) and (expenses) 1,752 Operating income (1,529) 223 Net financial income (expenses)** (99) (664) (763) Income taxes (7) (306) (313) Share in net earnings of companies at equity 109 173 282 Net result from operations to be continued in partnership ** (83) 99 16 Consolidated net income / (loss) (2,227) (555) 1,672 Net income, Group Share (2,327) (706) 1,621 * IFRS 11 and IFRIC 21 adjustments detailed in appendix 7 ** Detailed Appendices
Group Revenues Increase in automotive revenues including China +1.8% FY 2013* FY 2014 Change In million euros IFRS 5 IFRS 5 Automotive (330) 36,415 36,085 DPCA & CAPSA Revenues** 3,552 4,610 1,058 Pro forma Automotive Revenues incl. DPCA & CAPSA** 39,967 40,695 728 Faurecia 800 18,029 18,829 Other businesses and eliminations*** 58 (1,365) (1,307) 528 Group Revenues 53,079 53,607 o/w Automotive new car revenues, including China** 28,774 29,238 464 * Restated according to IFRS 10, IFRS 11 ** 50% of DPCA & CAPSA revenues 8 *** Including remaining activities of Banque PSA Finance
Automotive: new car revenue analysis New car revenues +1.6% (including China) In million euros + 1.6 % *** pro forma incl. DPCA & CAPSA 29,238 28,774* Incl. China Incl. China 3,064 Others** Volumes 4,003 Product mix Country mix FX Price -2.5% +3.0% -0.7% +0.0% -2.7% +1.2% 25,235 25,710* -1.8% 2013 2014 * PSA revenues restated according to IFRS10 & 11 ** CKD, accounting treatment of buy back commitment, short term rental 9 *** Including 50% of DPCA and CAPSA new car revenues
Group Recurring Operating Income Positive Automotive ROI main driver of the recovery FY 2013* FY 2014 Change In million euros IFRS 5 IFRS 5 Automotive 1,102 (1,039) 63 DPCA & CAPSA Recurring operating income** 159 303 144 Pro forma Automotive Recurring operating income incl. DPCA & CAPSA** (880) 366 1,246 Faurecia 135 538 673 Other businesses and eliminations*** 32 137 169 Group Recurring Operating Income (364) 905 1,269 * Restated according to IFRS 10, IFRS 11 ** 50% of DPCA & CAPSA revenues 10 *** Including remaining activities of Banque PSA Finance
Automotive: Recurring Operating Income (ROI) Strong improvement driven by ‘Back in the Race’ levers In million euros Others +63 R&D SG&A expenses + 138 Production & procurement +94** +128 Product Market share/ mix Country mix (48) +331** Market demand Price & product enrichment Input costs Forex (1,039) * & other +500 (97) (52)** (351) +458 2013 2014 Performance Operating environment +1,602 (500) * Vs (€ 1,042m ) published in 2013, restated with IFRS 10, IFRS 11 and IFRIC 21 - see Appendix 11 ** IAS 36 on Automotive division impact: +€ 122m on 2014, registered on Production & procurement and R&D and input costs
Banque PSA Finance Towards best-in-class refinancing conditions from 2015 Change FY 2013* FY 2014* In million euros Revenues 1,773 1,703 (70) Net banking revenue 891 851 (40) Cost of risk (in % of average loans) 0.61% 0.55% -0.06pt Recurring operating income 369 337 (32) Penetration rate 29.1% 28.7% -0.4pt Number of new contracts (lease and financing) 731,003 700,855 -30,148 12 * 100% basis, before IFRS5
Faurecia Solid results and prospects Change In million euros FY 2013 FY 2014 Revenues 18,029 18,829 800 Recurring operating income 538 673 135 % of revenues 3.0% 3.6% Non–recurring operating income and (expenses) (107) (86) 21 Operating income 431 587 156 Net financial income (expenses) (234) (244) (10) Consolidated net income for the period 143 229 86 % of revenues 0.8% 1.2% Free Cash Flow 99 186 87 Net Debt (1,629) (1,483) 146 13
Cash Flow analysis* Net debt free Operational free cash flow*** + €2,182m In million euros Net Financial Auto Position Change in working capital: +1,752 Net Faurecia Financial Other Capex Right Issue Auto Position Trade Trade change & Capitalized receivables payables in WCR R&D Inventories +548 Cash (27) +45 Auto Flow Restruct. 405 o/w Faurecia Net Net assets dividends (1,483) disposal received Other +1,329 (583) (58) +228 +2,995 Faurecia +193 (2,507) o/w Faurecia (858) +2,709 (4,181) ** o/w Faurecia (1,629 ) Free Cash Flow: +1,792 31.12.2013 31.12.2014 * Industrial: Automotive & Faurecia ** Vs (€ 4,148m ) published in 2013, restated with IFRS 10, IFRS 11 and IFRIC 21 - see Appendix 14 *** Excluding restructuring and net assets disposal
Working capital 2 years ahead of plan – now in line with best practice Automotive division inventory Actions on working capital In billion euros Reduction of Auto division inventory’s structural needs 4.5 Supply chain optimization 3.1 Action plans on all categories of inventories: Industrial parts -29% Spare parts -21% 2013 2014 New car inventory -36% Used car inventory -28% “Back in the Race” 2016 target was at €3.5bn 15
Inventories Structural improvement 416 384 339 184 Group inventory 169 107 Independent dealership inventory In thousands of new vehicles* 232 232 215 31.12.12 31.12.13 31.12.14 16 * World figures excluding China
R&D and Capex Right on target Automotive div.: Capex and R&D related to revenues Level in line with “Back in the Race” target at €2.7bn* 8.2% 7% to 8% 7.5% Implementation of the core model strategy EMP1, ADAS and connectivity Gasoline Hybrid Plug-in Engines (€6.2, €7…) 2013 2014 Back in the Race target 17 * 2014 total expenses
Debt Maturity Profile Priority to reduce financing costs Gross debt* in nominal value at 31.12.2014 In million euros Faurecia Others 655 278 365 1,780 77 11 0 1,144 846 16 668 600 738 600 210 2015 2016 2017 2018 2019 2020-26 2033 18 * Excluding BPF, undrawn credit-line, short term liabilities & other adjustments
Carlos Tavares Chairman of the Managing Board
Back in the Race: 4 business objectives Differentiate Brands and improve net pricing Implement a global core model strategy Ensure profitable growth worldwide Enhance core competitiveness Move Group culture to a fully profit-oriented global mindset 20
Further differentiate Brands Different Brands EXCELLENCE OPTIMISTIC AVANT-GARDE ALLURE HUMAN REFINEMENT EMOTION SMART TECHNOLOGY 21
Implement a global core model strategy Three different Brands to ensure PSA full market coverage • Worldwide market segmentation* PC Models 5 segments E/F 5 segments D PSA core model strategy is based on 26 models = 23 segments 6 segments C by 2022 6 segments B CUV SUV PLS Hatch Sedan 1 segment A Estate MPV 22 * Internal source
Implement a global core model strategy From a Regional to a Worldwide range of products • First global* model Peugeot 2008 Production Plant Sales Regions Mulhouse ( since April 2013) Wuhan (since April 2014) Porto Real (launch in 2015) Production since launch: 286,000 units 23 * Adapted , Industrialized & commercialized for all regions
Implement a global core model strategy Dynamic and levelized commercial activity Average number of commercial events worldwide 5 5 2 2 2 1 2 4 4 4 4 4 2 2 Average 2014 2015 2016 2017 2018 2019 2010-2013 Other major product events New car launches Average age of the range – worldwide* 3.5 3.4 3.3 3.2 3.1 2.9 2.8 Average 2014 2015 2016 2017 2018 2019 2010-2013 24 * PC Europe and China
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