February Annual Results February 13, 2008

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Transcription:

February 2008 1 Annual Results February 13, 2008

AGENDA AGENDA 2007 Highlights 2007 Financial Results x Competitiveness Sales and products dynamic International 2008 Outlook February 2008 2

2007: performance on track with CAP 2010 goals Back to significant sales and revenue growth: +7.1% Group operating margin at 2.9%, up 0.9 pts Strong year in restructuring and depreciation: 632 million Strong increase in net profit: 885 million ( 3.88/share) Strong free cash flow generation * : 1,602 million A new organization in place: leaner, more reactive, hands-on, results-oriented, decentralized in Business Units February 2008 3 * Manufacturing and sales companies

Group operating margin on track to CAP 2010 As a % of sales and revenue 4.5 4.4 4.4 2.4 2.4 2.7 3.1 1.6 H1-04 H2-04 H1-05 H2-05 H1-06 H2-06 H1-07 H2-07 4.4 6.0% 5.5% 3.4 2.0 2.9 2004 2005 2006 2007 2008 2009 2010 target February 2008 4

AGENDA AGENDA 2007 Highlights 2007 Financial Results x Competitiveness Sales and products dynamic International 2008 Outlook February 2008 5

2007: PSA back to profit and growth In million euros 2005 2006 2007 Change 06/05 Change 07/06 Sales and revenue 56,267 56,594 60,613 +0.6% +7.1% Recurring operating income 1,940 1,119 1,752-42.3% +56.6% % of sales 3.4% 2.0% 2.9% Non-recurring operating income and (expenses) (332) (808) (632) Net financial income (expenses) (78) (105) (40) Income taxes (485) (156) (302) Share in net earnings (losses) of companies at equity (47) 20 48 Consolidated profit for the year 998 70 826 % of sales 1.8% 0.1% 1.4% Profit attributable to equity holders of the parent 1,037 183 885 % of sales 1.8% 0.3% 1.5% Earnings per share (in euros) 4.50 0.80 3.88 February 2008 6

A strong restructuring year for Automotive Peugeot 207 CC In million euros 2005 2006 2007 Automotive Restructuring costs Impairment losses Faurecia Restructuring costs Impairment losses * Others Restructuring costs Impairment losses Sub-total Restructuring costs Impairment losses * (21) (439) (21) (245) - (194) (318) (403) (138) (169) (180) (234) (1) (56) (1) (15) - (41) (340) (898) (160) (429) (180) (469) (445) (229) (216) (226) (105) (121) (58) (46) (12) (729) (380) (349) Net gains on property disposals Others 6 2 93 (3) 95 2 Total (332) (808) (632) February 2008 7 * Including other liabilities

Strong free cash flow generation In million euros Manufacturing and sales companies Cash flow +3,011 Change in WCR Capitalized +424 R&D -882 Capex (excl. R&D) Cash flow +3,515 Change in WCR +920 Capitalized R&D -754 Capex (excl. R&D) Net dividends 381 2005 Net financial 2006position 2007 Net financial position (Dec. 31, 2005) Net dividends -154 Others -74-2,590 116 Others -2,079-163 -152 1,404 Net financial position -265 (Dec. 31, 2006) +1,288 (Dec. 31, 2007) Free cash flow: -37 Free cash flow: +1,602 February 2008 8

Recurring operating income In million euros As a % of sales and revenue 2005 2006 2007 Change 06/05 Change 07/06 Automotive 916 267 858-70.9% +221.3% In % 2.0% 0.6% 1.8% Faurecia 267 69 121-74.2% +75.4% In % 2.4% 0.6% 1.0% Gefco 145 151 155 +4.1% +2.6% In % 4.8% 4.7% 4.4% Banque PSA Finance 607 604 608-0.5% +0.7% Other businesses and eliminations 5 28 10 - PSA Peugeot Citroën 1,940 1,119 1,752-42.3% +56.6% In % 3.4% 2.0% 2.9% February 2008 9

Faurecia: first step to recovery In million euros 2005 2006 2007 Change 06/05 Change 07/06 Sales and revenue 10,978 11,649 12,661 +6.1% +8.7% Recurring operating income 267 69 121-74.2% +75.4% % of sales 2.4% 0.6% 1.0% Non-recurring operating income and (expenses) (315) (386) (226) Operating income (48) (317) (105) Net financial income (expenses) (78) (90) (115) Income Taxes (53) (35) (13) Share in net earnings (losses) of companies at equity 6 4 2 Consolidated profit (loss) for the year (173) (438) (231) % of sales -1.6% -3.8% -1.8% Free cash flow (54) (139) 28 Net financial position (1,737) (1,862) (1,844) February 2008 10

Gefco: profitable growth while restructuring In million euros 2005 2006 2007 Change 06/05 Change 07/06 Sales and revenue 3,000 3,245 3,554 +8.2% +9.5% PSA Peugeot Citroën 1,843 1,973 2,151 +7.1% +9.0% Third Parties 1,157 1,272 1,403 +9.9% +10.3% Recurring operating income 145 151 155 +4.1% +2.6% % of sales 4.8% 4.7% 4.4% Non-recurring operating income and (expenses) 3 3 (42) Operating income 148 154 113 February 2008 11

Banque PSA Finance: back to growth in a challenging environment 2005 2006 2007 Change 06/05 Change 07/06 Net banking revenue 933 mn 962 mn 981 mn +3.1% +2.0% Sales and revenue 1,656 mn 1,761 mn 1,999 mn +6.3% +13.5% Total outstanding loans (end of period) 22.4 bn 22.9 bn 23.5 bn +2.4% +2.4% Number of new contracts (lease and financing) 848,300 819,100 851,000-3.4% +3.9% Penetration rate 27.1% 26.1% 26.1% - - Recurring operating income 607 mn 604 mn 608 mn -0.5% +0.7% February 2008 12

Automotive: return to growth and profitability In million euros 2005 2006 2007 Sales and revenue Recurring operating income % of sales Non-recurring operating income and (expenses) 45,071 916 2.0% (22) 44,566 267 0.6% (375) 47,456 858 1.8% (348) o/w restructuring costs & impairment losses (22) (439) (445) o/w others - 64 97 Change 06/05-1.1% -70.9% Citroën C4 Picasso Change 07/06 +6.5% +221.3% Operating income 894 (108) 510 H1-06 H2-06 H1-07 H2-07 Change H1-07/ H1-06 Change H2-07/ H2-06 Sales and revenue 22,987 21,579 24,169 23,287 +5.1% +7.9% Recurring operating income 227 40 400 458 +76.2% +1,045% % of sales 1.0% 0.2% 1.7% 2.0% February 2008 13

AGENDA AGENDA 2007 Highlights 2007 Financial Results x Competitiveness Sales and products dynamic International 2008 Outlook February 2008 14

AGENDA AGENDA 2007 Highlights 2007 Financial Results x Competitiveness Sales and products dynamic International 2008 Outlook February 2008 15

Improvement in product quality Number of touch-ups per vehicle Basis 100 (2007) 100 93 84 72 59 63 59 57 57 48 41 36 2010 target 20 January Feb. March April May June July August Sept. Oct. Nov. Dec. February 2008 16

Warranty expenses: down 20% in one year Warranty expenses trend Basis 100 95.9 96.6 100.0 80.8 CAP 2010 target 50.0 2004 2005 2006 2007 2008 2009 2010 target February 2008 17

Europe industrial layout: 13% of production in low-cost countries In units 391,000 255,000 203,000 Czech Republic 193,000 10,000 Turkey 82,000 178,000 Slovakia 16,000 69,000 16,000 13,000 9,000 5, 000 % of total European production 2004 2005 2006 2007 1% 3% 9% 13% February 2008 18

Raw materials significant impact Automotive division, YoY raw materials impact In million euros 0-50 -100-150 -200-250 -16-117 -300-350 -400-340 -285-450 -500-424 2003 2004 2005 2006 2007 February 2008 19

Automotive division productivity up 8.8% Automotive division sales and revenue * (in million euros) * IFRS from 2004 43,951 43,684 45,239 45,071 47,456 +6.5% 44,566 Automotive division workforce (end of period - in number of people) 133,300 134,700 139,000 139,500 139,600-4.0% 134,100 2002 2003 2004 2005 2006 2007 2002 2003 2004 2005 2006 2007 Sales and revenue per employee (average workforce) (Automotive division in thousand euros ) 347 334 325 331 323 319 2002 2003 2004 2005 2006 2007 February 2008 20

Productivity Group workforce change in France In number of people 121,940 Voluntary separation -4,292 Natural wastage -2,563-1,374 113,711 Automotive division Non Automotive division Dec. 31, 2006-8,229 people in France Dec. 31, 2007 Group workforce decrease in Western Europe: -10,258 people February 2008 21

AGENDA AGENDA 2007 Highlights 2007 Financial Results x Competitiveness Sales and products dynamic International 2008 Outlook February 2008 22

Automotive: back to growth in Western Europe, strong growth in priority regions Assembled vehicles and CKD units 2005 2006 2007 In thousand units Change 05/04 Change 06/05 Change 07/06 Goals 2006-2010 Western Europe (18) Eastern Europe* 2,360-2.7% 2,296-2.7% 2,324 +1.2% 111-12.8% 115 +3.6% 132 +15.6% up 300,000 units Russia 17 +12.7% 29 +75.5% 37 +26.3% Mercosur** 134 +34.3% 166 +23.2% 216 +29.8% up 400,000 units China 141 +57.2% 203 +44.0% 209 +3.1% Rest of the World 311-0.1% 306-1.6% 315 +2.9% Total assembled vehicles 3,075 +0.2% 3,115 +1.3% 3,233 +3.8% Total CKD 315 +2.6% 251-20.3% 195-22.5% TOTAL AV + CKD units 3,390 +0.4% 3,366-0.7% 3,428 +1.9% + 118 * Croatia, Hungary, Poland, Czech Republic, Slovakia, Slovenia, Lithuania, Latvia, Estonia, Cyprus, Malta ** Brazil, Argentina February 2008 23

A 6.1% new car sales growth driven by volume, product mix and price In million euros Product mix +2.9% Country mix Price +1.2% Others (inc. CKD)* +6.1% Volume -0.7% Product mix Country mix Price Others +1.2% (inc. CKD) -2.7% Volume +3.8% -0.8% -1.0% -1.5% -0.5% -1.2% 33,903 35,003 32,978 2005 2006 2007 New car sales New car sales New car sales February 2008 24 * Excluding DPCA

207 + 206 leader in the B segment in Europe 206 + 207 market share in its segment Europe 18 countries Peugeot 207 CC In % 11.3 9.5 Worldwide sales In thousand units 2006 2007 776 +6.8% 828 Peugeot 207 SW 475 Peugeot 206 308 301 Peugeot 207 520 2006 2007 February 2008 25

Picasso leader in the compact MPVs segment in Europe Xsara Picasso + C4 Picasso market share in its segment Europe 18 countries In % 20.0 12.9 Citroën Grand C4 Picasso In thousand units Worldwide sales 2006 2007 207 +55.4% Citroën Xsara Picasso 322 119 183 203 Citroën 24 C4 Picasso Citroën C4 Picasso 2006 2007 February 2008 26

PSA leader in light commercial vehicles in Europe Market share Europe 18 countries Light commercial vehicles (in %) 18.8 18.7 Worldwide sales (PC + LCVs) In thousand units Peugeot Expert Tepee 2006 2007 Citroën Jumpy 499 89 67 +8.8% Boxer/Jumper Expert/Jumpy 543 113 82 343 Partner/Berlingo 348 2006 2007 February 2008 27

AGENDA AGENDA 2007 Highlights 2007 Financial Results x Competitiveness Sales and products dynamic International 2008 Outlook February 2008 28

Mercosur: first year of profitability in the Automotive division Citroën C4 Pallas 240,000 200,000 160,000 120,000 80,000 40,000 0 Unit sales +29.8% 216,000 166,500 134,700 2005 2006 2007 In % 120 100 80 60 40 20 0 Capacity utilization Peugeot 307 Sedan 16h/day x 235 days/year = 3,760h/year 105 90 80 57 58 37 2002 2003 2004 2005 2006 2007 20 0-20 -40-60 -80-100 -120 Automobile division recurring operating income In million euros - 19 20-110 2005 2006 2007 February 2008 29

China: a difficult year Unit sales 250,000 200,000 150,000 100,000 50,000 0 202,500 141,000 +3.1% 208,900 2005 2006 2007 DPCA recurring operating income In million euros 120 80 40 0-40 -80 84 45-54 2005 2006 2007 Peugeot 307 Sedan February 2008 30

Russia Peugeot 207 Citroën C4 Decree 166 signed in June 2007 allows lower tax rates on imported components 37,200 units sold in 2007 (+26.3%) New plant in the city of Kaluga to come on stream in 2010 Production capacity: 150,000 units in 2010, 300,000 eventually Models produced: vehicles in the midsize segment, mainly dedicated to the Russian market Total investment: 300 million February 2008 31

Automotive recurring operating income driven by CAP 2010 actions In million euros Production & procurement +657 Raw materials Europe and overseas Warranty, general expenses, fixed costs Mercosur and other BUs +158 +275-285 Payroll -250 R&D -93 Currency and others -68 +197 858 267 2006 Recurring operating income +355 +932-696 Growth Competitiveness Inflation 2007 Recurring operating income February 2008 32

Automotive recurring operating income driven by CAP 2010 actions In million euros September 4, 2007 reminder CAP 2010 Cost reductions, 1 800, 1 600, 1 400, 1 200, 1 000 CAP 2010 Competitiveness +160%= +932-120%= -696-120% +170% 100 % CAP 2010 Inflation Development +50% 858 800 600 400 267 CAP 2010 Growth +60%= +355 Inflation and R&D 100%= +591 200 0 2006 Recurring operating income 2007 Recurring operating income February 2008 33

AGENDA AGENDA 2007 Highlights 2007 Financial Results x Competitiveness Sales and products dynamic International 2008 Outlook February 2008 34

CAP 2010 road-map 2007 2008 2009-2010 Price and mix management Warranty costs Convergence/lean manufacturing Overhead/Headcount reduction LCVs market offensive Lean everywhere Entry level models in Mercosur and China Global sourcing Environmental leadership Corporate market offensive Logistics Technical economies in purchasing All the future vehicles under the new scheme of development Competitive premium models February 2008 35

Peugeot 308 Golden Steering Wheel in Germany 2008 target: 350,000 units sold Worldwide sales (hatchback version) In thousand units +21.1% Peugeot 308 281 Peugeot 307 341 258 281 Peugeot 308 83 2006 2007 February 2008 36

2008 product range enriched with C&D segment new models New Citroën C5 (hatchback & station wagon) Production: Rennes (France) Full-year target: 150,000 units Market launch: First half 2008 Peugeot 308 SW Production: Sochaux (France) Unveiled on February 18, 2008 Market launch: Spring 2008 February 2008 37

The largest light commercial vehicles product range New Berlingo/Partner 3.3 m³ 625/850 kg Market launch: first quarter 2008 Jumper/Boxer Jumpy/Expert Berlingo First/ Partner Origin 8-17 m³ 1,000/2,000kg Market launch: June 2006 5-7 m³ 1,000/1,200 kg Market launch: January 2007 3 m³ 600/800 kg Market launch: 1996 Nemo/Bipper 2.5 m³ 610 kg Market launch: first quarter 2008 February 2008 38

International: 10 launches scheduled in 2008 5 launches in Mercosur 5 launches in China February 2008 39

Sharp reduction in the average age of passenger cars line-up Age in years (weighted by sales volumes) 5.0 5,0 4.5 4,5 4.0 4,0 3.7 4.0 4.3 4.6 4.5 4.0 3.5 3,5 3.2 3.0 3,0 2.5 2,5 2002 2003 2004 2005 2006 2007 2008 target 2010 target February 2008 40

Strong improvement in residual values (for a comparable version) Trend (in %) 207 vs 206 308 vs 307 C4 Picasso vs Xsara Picasso New C5 vs C5 Residual value +4.0pts +3.5pts +10.0pts +10.0pts (in % of selling price) February 2008 41

Environmental leadership in Europe 1 million vehicles sold < 140g CO 2 /km for the second year in a row Of which 750,000 emitting < 130g CO 2 /km 130 >26% PSA market share in Europe Available vehicles emitting less than 130g CO 2 in each A, B and C segments February 2008 42

Environmental competitive advantage in France A major advantage in light of French incentives 60 100 120 130 160 165 200 250 g CO 2 /km - 1,000-700 - 200 0 + 200 + 750 + 1,600 +2,600 bonus/tax in (-)/(+) PSA market share in the segment (in %) % of PSA registrations 42 44 45 30 28 6 21 10 15 1 10 1 100-120 120-130 130-160 160-165 165-200 200-250 g CO 2 /km 100-120 120-130 130-160 160-165 165-200 200-250 g CO 2 /km February 2008 43

2008 guidelines Group operating margin (as a % of sales and revenue) 6.0% 5.5% 4.4 3.5 2.9 3.5% 2.0 2004 2005 2006 2007 2008 target 2009 2010 target February 2008 44

February 2008 45 Annual Results February 13, 2008