EXANE BNP PARIBAS 13th European Seminar June 8, 2011

Transcription

1 EXANE BNP PARIBAS 13th European Seminar June 8, 2011

2 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 Company s annual report available on its Internet website ( 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 its Internet website ( under Regulated Information. 2

3 Frédéric Saint-Geours Executive Vice-President, Finance and Strategic Development 3

4 Highlights 3,6 M vehicles sold worldwide in (+13%) Strong recovery: all entities contributing in Group recurring operating income: 1 796m versus loss of 689m in 2009 Turnaround in automotive profitability: recurring operating income of 621m versus loss of 1 257m in 2009 Solid generation of Free Cash Flow of 1 110m Net Debt reduction from 1 993m at the end on 2009 to 1 236m at the end of Full repayment of the French State loan anticipated Dividend of 1.1 per share Globalization on track: sales volume outside Europe at 39% in Success of distinctive products (Citroën DS3, Peugeot RCZ, Peugeot 3008, Peugeot 508) 4

5 Group results Strong recovery in In million euros Revenues Recurring operating income Non recurring operating income and (expenses) Operating income Net financial income (expenses) Income taxes Share in net income of equity affiliates % of revenues Consolidated Net Income/(loss) Net Income, Group share Earnings per share (in euros) (689) -1.4% (727) (1 416) (520) (1 274) (1 161) (5.12) % (60) (429) (255)

6 Results by division Significant increases in all divisions Recurring operating income In million euros 2009 % margin % margin Automotive (1 257) -3.3% % Faurecia (92) -1.0% % Gefco % % Banque PSA Finance Others businesses and eliminations PSA Peugeot Citroën (689) -1.4% % 6

7 Worldwide market share 14.2 % 13.8 % 3.3 % 3.4 % 13.5 % Europe China* 5.2 % 5.4 % 2.9 % 2.8 % * Cars only 2009 Latin America 2009 Russia 7

8 New car sales analysis In million euros Volumes Price effect Product mix Country mix -0.2% Currency Buyback adjustments +2.7% -2.2% Others -1.9% % +5.0% +6.8% +8.0%

9 Automotive recurring operating income Performance Plan delivers 1.5bn ahead of 1.1bn target Market share increase and positive net price effect In millions euros Production & procurement R&D +9 Others Market share volumes Warranty, SG&A, fixed costs, own network Market demand volume* Market mix Input costs Currency Net price effect (1 257) +331 (142) (168) +393 *Including stock variations Operating environment +414 Performance

10 Q revenues: +10.2% All divisions contributing to the increase In million euros Q1-10 Q1-11 Automotive % Faurecia* % Gefco % Banque PSA Finance % Other businesses and intra-company eliminations (1 135) (1 258) - Total revenues % * +15.1% like for like basis at constant exchange rates 10

11 Inventory Improved inventory rotation at 58 days In thousands of new vehicles 68 days 63 days 58 days Inventory rotation Total Group inventory Independent dealership inventory

12 Progress on our ambitions Globalization: On track for 50% of sales volumes outside Europe by 2015 Step ahead: Enhancing the PEUGEOT and CITROËN brand images and pricing power Operational excellence: Upgrading the automotive Performance Plan to 3.7bn ( 3.3bn) 12

13 Globalization on track Sales volumes outside Europe grew from 32% to 39% on track to 50% by % +39% +27% % China Latin America Russia 2009 CKD 13

14 Globalization on track China DPCA Record performance and first dividend payout 5% market share in 2015 First dividend by DPCA: MRMB589 paid on 28 April m* of investment Vehicle sales up 38% to in PEUGEOT 508 launch coincides with Europe Third plant to come on stream in 2013 Full capacity of units PEUGEOT 408 CITROËN C PEUGEOT 508 * 50% Group share of c.11bn RMB@8.5/euro 14

15 Globalization on track China Chang an Final approval expected shortly 3% market share targeted 500m* of investment DS by CITROËN brand to be launched in 2012 Development of LCVs Production capacity of 200k p.a. at Shenzhen DS by CITROËN LCV * 50% Group share of c.8.4bn RMB@8.5/euro 15

16 Globalization on track Latin America 700m* turnaround program launched 7% market share targeted in 2015 Break-even expected in new vehicles over next 4 years Platforms rationalised from 4 to 2 Threefold increase in volumes by model PEUGEOT HOGGAR CITROËN C3 AIRCROSS 2011 *100% Group owned PEUGEOT 408 CITROËN C3 PICASSO 16

17 Globalization on track Russia All Group activities present with Brands, Banque PSA Finance & Gefco 330m* investment 2 production start ups in : C segment cars in April, SUVs in September Full capacity of at Kaluga in 2012 PEUGEOT 308 CITROËN C PEUGEOT 4007 CITROËN C-CROSSER *70% Group share of 470m 17

18 Globalization on track India Entry to India now underway PEUGEOT brand to be launched Mid-sized sedan to be produced locally Plant location under review in 2011 : Andhra Pradesh or Tamil Nadu PEUGEOT Mid-sized sedan 18

19 Globalization on track Vehicles produced globally Developing markets Global products LCVs PEUGEOT 408 MID-SIZED SEDAN PEUGEOT 508 CITROËN C4 CITROËN C5 CITROËN DS LINE LCV range EUROPE RUSSIA LATIN AMERICA CHINA INDIA 19

20 New model momentum (1/2) PEUGEOT RCZ Leader in Europe on its segment units sold in, units in Q CITROËN DS3 40% new customers units sold in, units in Q Average price of vs for C3 CITROËN C4 C4 & new C4: +31% units vs Q PEUGEOT 508 PEUGEOT 508 SW CITROËN DS4 Objective: units sold in 2011, units sold in 2012, of which units in China c units end March, well above objectives Second model of the DS line Launched in Q CITROËN DS5 Third model of the DS line First world reveal in Shanghai motorshow on 18 April 20

21 New model momentum (2/2) Q1-09 Q1-10 Q1-11 C&D segments 36% 39% 41% A&B segments 48% 44% 41% of which distinctive models (DS4 & DS5 to come in 2011 after Q1) 2% 7% 9% Average age: LCV: 3.0 years PSA range average age (private cars) Upturn in the European light commercial vehicle market confirmed with 10% growth in Q1 11 PSA Peugeot Citroën: European leader on the LCV market with a 21.5% share 21

22 Step Ahead CO 2 emissions 1 million vehicles 120g CO 2 /km sold in 2012 vs in Q4 Diesel 207, C3 & DS3 99g CO 2 /km Stop & Start up to -15% CO 2 /km Gasoline 1l. 3 cyl 99g CO 2 /km 85% Gasoline and diesel CITROËN C-Zero 2009 Electric vehicle Full hybrid diesel «HYbrid4 diesel» Hybrid Plug-in < 50g CO 2 /km 15% Electric and hybrid Q PEUGEOT i0n PEUGEOT 3008 hy4 22

23 Step Ahead Hybrid technologies Joint venture to lead the way on new generation of hybrid components 50/50 joint venture 1 st joint venture covering R&D, Procurement, Production for hybrid components Ramp up in Q Battery Packs Generators Power Electronics Electric Machines Chargers 23

24 Performance Plan delivery & upgrade Performance Plan target raised to 3.7bn Performance Plan announced in 2009 New target 2.6bn 3.3bn 3.7bn Main cost savings Target 1.1bn 1.5bn 2.2bn Capacity utilisation in Europe 80% 90% 105% Development productivity (2009 base 100) Repeat components - 30% -11% 38% -20% 50% Procurement by key suppliers 25% 35% 50%

25 Impact of events in Japan PSA is carefully tracking the evolving situation Disruptions controlled and prospects clarified Working closely with auto equipment OEMs to minimize consequences on our clients Events in Japan will reduce Automotive recurring operating income by an estimated 150m in H Plants making diesel-powered vehicles partially impacted in weeks 12 and 13 Product range and production adjustments Extra-delays on some products lines 25

26 2011 Outlook 2011 Outlook * (as of FY results) Automotive recurring operating income in 2011 is expected to be above the level of, with a 1.1 billion contribution from the Performance Plan, which should more than offset significant increases in raw material and other input costs Faurecia, Gefco and Banque PSA Finance to deliver increased recurring operating income Free Cash Flow, after higher capitalised R&D and capital expenditure of 3 billion, is expected to be positive Progress with our globalization projects in China, Latin America, Russia and India 2011 Outlook 2011 outlook confirmed Automotive H ROI comparable with H1 ROI excluding impact of Japan * Based on market assumptions as of Feb. 9 th 2011 (Europe stable, China +c. 10%, Latin America +c. 4%, Russia +c. 15%) 26

27 APPENDIX

28 Automotive Record 3.6 million units sold in Turnaround in Automotive recurring operating income In thousands units Vehicles sold In million euros Revenues Recurring operating income Non recurring operating income and (expenses) Operating income % of revenues % of revenues (1 257) -3.3% (563) (1 820) -4.8% % (58) % 28

29 Faurecia Turnaround confirmed with margin of 3.3% in Strategic development with Emcon & Plastal acquisitions In million euros Revenues Recurring operating income Non recurring operating income and (expenses) Operating income Net financial income (expenses) Consolidated income for the period Free Cash Flow % of revenues % of revenues Net financial position* (92) -1.0% (134) (226) (166) (417) -4.5% (222) (1 401) % (36) 420 (117) % 343 (1 197) * End of period 29

30 Gefco Strong pick-up in revenues : +16% Solid margin of 5.9% In million euros Revenues PSA Peugeot Citroën Third parties Recurring operating income % of revenues Non-recurring operating income and (expenses) Operating income 3.5% (27) %

31 Banque PSA Finance Net banking revenue +5.9% and rise in new contracts cost of risk maintained at benchmark level Additional risk provision for Spain taken in H2 In million euros Net banking revenue Cost of risk (in % of average loans) % % Recurring operating income Number of new contracts (lease and financing) Total outstanding loans (31.12.) bn bn 31

32 Q1 2011: New car revenues analysis Strong product mix in Q In million euros Volumes % Price -2.0% Product mix Country mix +6.3% +0.1% FX +1.3% Others +0.5% % New car revenues New car revenues Q1-10 Q

33 Q1 2011: Sustained recovery at Faurecia, with revenues up 24% Increase driven by growth in North America and Asia Strong growth for the four business groups In million euros Q1-10 Q1-11 Automotive Seating % Interior Systems % Emissions Control Technologies Systems % Automotive Exteriors % Total Product revenues % Monolith revenues % Development, Tooling & Prototype revenues % Total revenues* % * +15.1% like for like basis at constant exchange rates 33

34 Q1 2011: Solid performance by Gefco Revenues up 16.1% at 977m Acquisition of Mercurio: portfolio diversification and extension of international footprint In million euros Q1-10 Q1-11 PSA Peugeot Citroën % Third parties % Total revenues % 34

35 Q1 2011: Banque PSA Finance Revenues up +2.8% in Q Sustained rise in new contracts up +4.1% In million euros Q1-10 Q1-11 Revenues % Total outstanding loans (end of period) Number of new contracts (lease and financing) 23.1bn * 23.9bn +3.5% % * 23.1bn end of period Q1 (vs 22.9bn on average Q1 ) 35