DOCSLIB.ORG

PSA to Boost Its FY18 Dividend 50%, Renault Dividend Yield at a Five-Year High Tuesday, October 2Nd 2018

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
PSA to Boost Its FY18 Dividend 50%, Renault Dividend Yield at a Five-Year High Tuesday, October 2Nd 2018 PSA to boost its FY18 dividend 50%, Renault dividend yield at a five-year high Tuesday, October 2nd 2018 PSA and Renault posted strong 1H18 results and confirmed their 2018 outlook unlike some other European carmakers • We expect PSA to boost its FY18 dividend by 50% • Renault forecast dividend yield is at a five-year high • We project dividends from French carmakers to grow CAGR 12% over next four years vs. 6% for the three German carmakers. European automobiles stocks have been under pressure over recent months against the backdrop of escalating international trade tensions. While the Stoxx Europe 600 is down 2% Year-To-Date (YTD), its automobiles sector sub-index is dropping 13% YTD. In France, Renault’s share price is down 12% YTD, but PSA is up 32%, after a sharp price increase following 1H18 results release. Despite challenges such as the global trade conflicts, the new emissions regulation known as WLTP, the currency volatility in emerging markets and the pulling-out of the Iranian market due to US sanctions, PSA and Renault confirmed their 2018 outlook at 1H18 amid strong results, while some other European carmakers revised their outlook downwards. Post 1H18 results, we have revised our dividend estimates upwards for PSA and now forecast the company to increase its dividend by 50% in FY18. While we expect a 7% dividend growth for Renault, our forecast dividend yield of 5.1% stands at a five-year high compared to 3.5% for PSA. Over the next four years, we forecast aggregate dividend estimates from the two French carmakers to increase CAGR 12% vs. 8% for France CAC 40 and 6% for German carmakers. 1.4 1.2 Payout 1 FY18e DPS Div Yield ratio 0.8 0.6 PSA €0.80 3.5% 25% 0.4 RNO €3.80 5.1% 25% Aggregate Aggregate 0.2 dividend€Bn 0 2016 2017 2018e 2019e 2020e 2021e Source: IHS Markit, FactSet. PSA RNO Confidential | Copyright © 2018 IHS Markit Ltd Dividend Forecasting Operating performance and margin Record operating margin in PCD, OV back to profit At 1H18, PSA posted an 8.5% recurring operating margin at Peugeot/Citroen/DS (PCD) after 7.3% in FY17 and ahead of its strategic plan targets − namely margin over 4.5% on average in 2016-18, and over 6% in 2021. The profitability was due to a positive product mix (SUV models) and cost reductions offsetting negative impact from forex and input costs. This was coupled with a 5% positive margin at Opel/Vauxhall (OV) after -2.5% in August-December 2017. OV’s turnaround was driven by cost reduction and better pricing. PSA targets for OV 2% recurring operating margin by 2020, 6% by 2026. 1H18 results triggered an upwards revision of earnings estimates from the consensus. FY18 EBIT are now forecast to increase 20% in PCD (margins above 8%) and to be positive in OV (margins of 5%). While forex and input costs could continue to have a negative impact in H2, operating profit should benefit from product mix (SUVs product offensive). SUVs’ sales are expected by IHS Markit to increase 36% and represent almost 30% of Group’ vehicle sales in 2018. Renault’s operating performance improves despite headwinds At 1H18, Renault reported a 5% increase in group operating profit with a 6.4% margin and confirmed its 2018 outlook, namely a margin above 6%. Cost savings (Monozukuri), volume, Avtovaz and prices increases in emerging markets more than offset forex and raw material negative impact. However, operating profit in the core automotive division (excluding Avtovaz) slipped 6% with margin of 4.5% compared to 4.8% in 1H17. Post 1H18 results, the consensus revised downwards automotive operating profit (excluding Avtovaz) but raised estimates for Avtovaz and sales financing. For FY18, the consensus expects Group EBIT to decrease 2% and margin to stand at 6.3% after 6.6% in FY17. While Renault is facing same headwinds as Peugeot (forex, raw material), the management expects cost savings to exceed €500m for the full year (€254m at H1) and to continue benefiting from prices increase in emerging markets. EBIT margin trend: PSA vs. Renault At 1H18, PSA’s automotive division (PCD + OV) posted a 7.4% operating margin vs. 4.7% for Renault (including Avotvaz). 9.0% 7.0% 5.0% 3.0% 1.0% -1.0% -3.0% -5.0% PCD + OV RNO + Avtovaz Source: Company, FactSet. | 2 Dividend Forecasting The geographic mix is a key factor in explaining the margin difference between the two French carmakers. At 1H18, Europe accounted for 52% of Renault’s total units sales vs. 77% for PSA. Source: Company. Whilst the margins are higher in Europe, Renault is also more exposed to currency volatility (emerging markets). At 1H18, Renault reported a negative effect of €347m on automotive operating profit (excluding Avtovaz) while PSA reported a €220m negative impact on PCD operating earnings. However, due to this country mix, Renault should benefit from a positive volume effect on its earnings. At 1H18, Renault posted a 5.3% increase in vehicle sales compared to +1.9% for PSA (excluding OV). Over the next 4 years, IHS Markit expects Renault’s total vehicle sales (including Avtovaz) to increase CAGR 3.5% while PSA’s sales (PCD + OV) are expected to remain nearly flat. PSA and Renault remain exposed to a downturn in the European auto cycle. IHS Markit forecast the West Europe region to represent 67% of PSA’s total vehicle sales in 2018, and 46% for Renault. In addition, PSA and Renault face regulatory uncertainties in Europe, in particular with the new emissions standards known as WLTP. In September, BMW revised downwards its 2018 outlook, blaming the significant supply distortions in several European markets and an unexpected intense competition due to this regulation. PSA’s management is confident that it should not be impacted by the switch to WLTP in Europe in H2 unlike some of its rivals, and Renault does not anticipate significant negative impacts on its business in H2, but highlighted potential risks regarding consumer reaction and competitors’ behaviour due to this new regulation. Dividend estimates PSA to boost its FY18 dividend 50% Following strong 1H18 results, we have raised our dividend estimates from €0.70 per share to €0.80 per share for FY18. It reflects a dividend increase of 50% and a payout ratio around 25% of earnings per share estimates in line with PSA’s dividend policy resumed in FY16. PSA is forecast to deliver the biggest dividend growth among France SBF120 for FY18 but also compared to other European carmakers. At 1H18, PSA group reported a net income, Group share of €1,481m, up €226m. Non- recurring operating expenses were significant at €750m (Iran impact, restructuring costs at OV division). Management expects less impact from exceptional items in the second half of 2018 on net profit. The consensus expects an increase of more than 60% in net profit in FY18 (+18% in 1H18). From FY18 to FY20, we forecast dividends to | 3 Dividend Forecasting increase in line with underlying EPS growth estimates from the consensus, i.e CAGR +20%. Renault’s dividend yield stand at a five-year high As per the new dividend policy announced in October 2017, Renault intends to distribute 100% of dividends received from listed companies (Nissan and Daimler) and targets an increased payout ratio on core net profit (Group Net Result – Associates) from 7% in 2016 to 15% in 2022. For FY18, we expect Renault to distribute a dividend of €3.8 per share, up 7%. Our forecast is based on the dividends from listed companies to be received in calendar 2018 (Renault reported €422m from listed companies at 1H18 and we expect Nissan to pay an interim FY19 dividend of JPY28.5 per share or €400m at the current exchange rate). Additionally, we factor a payout ratio around 12% to core net Profit: Group net result estimates minus Associates (€814m reported at 1H18 and composed mainly by Nissan). For FY18, the aggregate amount would thus be around €1.1bn or €3.8 per share. We also expect Renault to maintain a payout ratio in line with past years between 20%-25%. Our FY18 dividend estimates reflects a dividend yield at a five-year high for Renault FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018e RNO Yield 2.9% 3.1% 2.6% 3.7% 4.2% 5.1% PSA Yield 0.0% 0.0% 0.0% 3.1% 3.1% 3.5% CAC 40 Yield 3.1% 3.1% 3.4% 3.1% 2.9% 3.3% SBF 120 Yield 2.6% 2.6% 2.7% 2.7% 2.5% 2.9% Source: IHS Markit, FactSet. Month-end dividend yield at six-year high 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% Source: IHS Markit, FactSet. Renault trades with a 5.1% dividend yield based on our FY18 dividend estimates of €3.8 per share. The last time Renault returned this level of dividend yield was May 2012. Only Daimler currently trades at a higher dividend yield than Renault (6.7%). | 4 Dividend Forecasting In addition, Renault trades at 5.0x 2018 EPS estimates from the consensus of €15.15 which is below average of last 5 years of 7.2x EPS. In comparison, PSA trades at 6.8x 2018 EPS estimates with a share price now at a seven-year high. Valuation Metrics RNO 2013 2014 2015 2016 2017 5 yrs avg 2018e 2019e 2020e P/E na 8.7 8.9 6.7 4.4 7.2 4.9 4.6 4.7 EV/Sales 0.37 0.37 0.54 0.43 0.36 0.41 0.31 0.29 0.29 EV/EBITDA 4.0 3.6 4.9 3.6 3.2 3.9 2.7 2.6 2.5 EV/EBIT 12.3 9.4 10.5 6.7 5.5 8.9 4.8 4.5 4.4 Source: FactSet.
Load more

Recommended publications
  • Registration Document
    20 REGISTRATION DOCUMENT Including the annual financial report 17 GROUPE PSA - 2017 REGISTRATION DOCUMENT -1 ANALYSIS OF THE BUSINESS AND GROUP OPERATING RESULTS IN 2017 AND OUTLOOK Capital Expenditure in Research & Development 4.4.2. Banque PSA Finance, signature of a framework agreement with the BNP Paribas Group to form a car financing Partnership for Opel Vauxhall vehicles On 6 March 2017, when the Master Agreement was concluded with BNP Paribas Personal Finance, will from an accounting point of view General Motors, the Company simultaneously signed a Framework retain the current European platform and staff of GM Financial. The Agreement with BNP Paribas and BNP Paribas Personal Finance, to Opel Vauxhall finance companies will distribute financial and organise the joint purchase of Opel Vauxhall’s finance companies insurance products over a territory initially including the following and the setting up of a car financing partnership for Opel Vauxhall countries: Germany, United Kingdom, France, Italy, Sweden, Austria, vehicles. Ireland, Netherlands, Belgium, Greece and Switzerland. The The acquisition of Opel Vauxhall’s finance companies will be cooperation may potentially be extended thereafter to other completed through a holding company. This joint venture, owned in countries where Opel Vauxhall has a presence. equal shares and on the same terms by Banque PSA Finance and 4.5. CAPITAL EXPENDITURE IN RESEARCH & DEVELOPMENT Automotive Expertise to deliver useful technologies Innovation, research and development are powerful levers for Every year, Groupe PSA invests in research and development to developing competitive advantages by addressing the major stay ahead, technologically, of environmental and market changes. challenges faced in the automotive industry (environmental, safety, emerging mobility and networking needs, etc.).
    [Show full text]
  • The Comparative Competitiveness of PSA, Renault and VW, 1990-2015 Origins of Differences and Strategic Choices to Do
    The comparative competitiveness of PSA, Renault and VW, 1990-2015 Origins of differences and strategic choices to do Freyssenet Michel CNRS Paris, GERPISA Scientific symposium The competitiveness of automobile industry in France and Germany. Economical, political and cultural context Forschungsinstitut für Arbeit, Technik und Kulture (F.A.T.K.), Tübingen, Institut für Politikwissenschaft, Lehrstuhl für Policy Analyse und politische Wirtschaftslehre, Eberhard Karls Universität Tübingen, Hochschule Pforzheim, Deutsch-Französisches Institut (DFI), Ludwigsburg Tübingen, 23-24 of june 2016 According to managerial mainstream," the conditions for firms competitiveness" at globalization era are outsourcing labour costs reduction offshoring We now have a sufficient basis for judging the relevance of these recommendations 2 synopsis • Volkswagen is the most competitive European generalist carmaker since twelve years (2003-2015) in terms of profits, sales volume and market shares • Volkswagen is nevertheless the less outsourced, the higher labour costs carmaker and the less offshored, comparatively to PSA and Renault • the explanation of these counterintuitive facts is to find in the difference of relevancy and consistency of the profit strategies of the three carmakers 3 % (VA-DC/DC) x 100 Elaboration: Jetin B. 1998, Freyssenet M.updating Jetin B.1998,Freyssenet 2012and Elaboration: Sources: Annual reports ofcompanies. 100 120 -80 -60 -40 -20 20 40 60 80 0 1 945 1 947 Groups 1 949 Average margin rate above break even point, since 2009 point, even break above rate margin Average 1 951 Volkswagen Auto, PSA, Renault and even pointofFiat tobreak compared Margin 1 953 1 955 +49,4% VW +13,1% -2,5%Renault PSA : 1 957 1 959 1 961 1 963 1 965 1 967 1 969 1 971 1 973 1 975 1947-2015 Groups, 1 977 year 1 979 1 981 1 983 1 985 1 987 1 989 1 991 1 993 Fiat Auto Fiat 1 995 1 997 1 999 2 001 Renault PSA 2 003 VW 2 005 2 007 2009 2011 4 2013 2015 Elaboration: Jetin B.1998, Freyssenet M.2012and updating Jetin Elaboration: reports ofcompanies.
    [Show full text]
  • FCA-PSA Merger
    Alert FCA-PSA Merger 1 November 2019 Executive Summary • Fiat Chrysler Automobiles (FCA) and Groupe PSA have announced that they are working together towards creating one of the world’s largest automotive groups, with the aim of reaching a binding agreement in coming weeks. • The new entity would see global scale and resources owned 50% by Groupe PSA shareholders and 50% by FCA shareholders, with Carlos Tavares the merged group’s CEO. • This news follows on from the breakdown in merger discussions between FCA and Renault earlier this year. • LMC Automotive believes that there is a strong business case for such a consolidation; this latest merger announcement once again highlighting the cost pressures faced by the industry. • The high R&D expenditure relating to platform development, electrification, and other technologies, is expected to remain a drag on industry profitability over the course of the next decade, and further consolidation is likely. • A combined FCA-PSA group would become the fourth-largest OEM globally, with an annual production volume exceeding 8 million Light Vehicles per year. On that basis, it would surpass Hyundai Group, General Motors, Ford and Honda. • In Europe, the new group would challenge Volkswagen Group as the region’s number one OEM in sales volumes terms; however, in the world’s single largest vehicle market, China, FCA and PSA have both struggled to gain a footing, which this tie-up would not readily resolve. • Assuming a binding agreement is reached to create a new automotive giant, there remain significant execution risks associated with combining two sizeable entities. © 2019 LMC Automotive Limited, All Rights Reserved.
    [Show full text]
  • GM Sells European Brands to France's Peugeot 6 March 2017, by Angela Charlton and Tom Krisher
    GM sells European brands to France's Peugeot 6 March 2017, by Angela Charlton And Tom Krisher reshaped its own business, the acquisition will turn it into Europe's No. 2 automaker after Volkswagen. Carlos Tavares, the CEO of PSA, said the deal was "a game-changer for PSA." GM Chairman and CEO Mary Barra said it was a "win" for both sides. "This was a difficult decision for General Motors but we are united in belief that it is the right one," she told reporters in Paris. Britain's vote to leave the European Union, which caused a plunge in the pound, weighed on the decision. "Without Brexit, we would have reached the breakeven goal" at last in 2016 for the European business, Barra said. In this Feb.14, 2017 file photo, nn Opel car, in front, is PSA will join with French bank BNP Paribas in the offered for sale by a Peugeot dealer in Gelsenkirchen, Germany. General Motors Co. is selling its loss-making purchase, which foresees taking over 12 European car business—including Germany's Opel and manufacturing facilities that employ about 40,000 British brand Vauxhall—to French automaker PSA group. people, according to a joint statement by the The 2.2 billion euro ($2.33 billion) deal announced companies. Monday March 6, 2017 in Paris by GM and PSA—maker of Peugeot and Citroen cars.(AP Photo/Martin Meissner, Executives insisted that no job cuts are currently File) foreseen, and that PSA will respect all existing agreements with workers. General Motors Co. will keep its manufacturing General Motors is selling its unprofitable European center in Turin, Italy.
    [Show full text]
  • [Encode Sans 47 Pt Light] on Several Lines LOREM
    CHIEF EXECUTIVE OFFICER Carlos TAVARES Carlos Tavares held various positions within the Renault Group between 1981 and 2004, before joining the Nissan Group. Carlos Tavares was appointed Executive Vice President, Chairman of the Management Committee Americas and President of Nissan North America in 2009, before being appointed as Chief Operating Officer of Renault, a position he held until 2013. Carlos Tavares served as Chairman of the PSA Managing Board from March 31, 2014, having joined the PSA Managing Board on January 1, 2014. He also serves as a director of Airbus Holding S.A., and is a member of the board of directors of the European Automobile Manufacturers’ Association (ACEA). Carlos Tavares was appointed Executive Director of Stellantis with effect from January 17, 2021 and Chief Executive Officer on January 17, 2021. Born in Portugal, Carlos Tavares graduated from École Centrale de Paris. 2021/01/19 Communication Department HEAD OF AMERICAS Mike MANLEY Michael Manley has a deep background in all aspects of global business operations including strategy, business development, commercial, brand, product planning and operational activities. Bringing extensive experience in the international automobile business, Manley joined DaimlerChrysler in 2000 as Director - Network Development (United Kingdom). He was responsible for product planning and all sales activities outside North America, appointed to this position in December 2008. He later served as Executive Vice President - International Sales and Global Product Planning Operations. Manley was the lead executive for the international activities of Chrysler Group outside of North America, where he was responsible for implementing the co-operation agreements for distribution of Chrysler Group products through Fiat’s international distribution network.
    [Show full text]
  • Modern Slavery Statement
    SLAVERY AND HUMAN TRAFFICKING STATEMENT FOR PEUGEOT MOTOR COMPANY PLC, CITROËN UK LIMITED AND PEUGEOT CITROËN AUTOMOBILES UK LIMITED FOR THE FINANCIAL YEAR ENDING ON 31 DECEMBER 2020 OPENING STATEMENT FROM SENIOR MANAGEMENT Peugeot S.A. (“Groupe PSA”) merged with Fiat Chrysler Automobiles N.V. (“FCA”) to form Stellantis N.V. on 16 January 2021. As this statement relates to the activities in the year 2020, reference is made only to Groupe PSA and covers only the entities within the Groupe as at 31 December 2020. Peugeot Motor Company PLC, Citroen UK Limited and Peugeot Citroen Automobiles UK Limited are part of the Peugeot SA group of companies (Groupe PSA), a global company, in the automotive sector. Groupe PSA is committed to preventing acts of modern slavery and human trafficking from occurring within its business and supply chain, and impose the same high standards on its suppliers. By signing, at the highest level, the Global Framework Agreement on the PSA Group’s Social Responsibility (March 2017 - https://www.groupe-psa.com/en/document/accord-cadre-mondial- responsabilite-sociale-fr/ ), Groupe PSA has committed itself to stand against the violation of human rights and promotes the elimination of all forms of forced or compulsory labor. In signing the Global Framework Agreement, Groupe PSA undertakes to require the same respect from the value chain and to make it a determining criterion in the selection of its suppliers. STRUCTURE OF THE ORGANISATION Groupe PSA employs 110,000 people worldwide and has business operations in 160 countries. Groupe PSA has a global annual turnover of €74,000 million.
    [Show full text]
  • Finance Project October 2017
    MASTER OF SCIENCE IN FINANCE MASTERS FINAL WORK PROJECT EQUITY RESEARCH: PEUGEOT SA VITOR MIGUEL DOS SANTOS GERALDES OCTOBER 2017 1 MASTER OF SCIENCE IN FINANCE MASTERS FINAL WORK PROJECT EQUITY RESEARCH: PEUGEOT SA VITOR MIGUEL DOS SANTOS GERALDES SUPERVISOR: VICTOR MAURÍLIO SILVA BARROS OCTOBER 2017 Abstract This project represents an extensive evaluation of Peugeot SA, according to ISEG’s Master in Finance final work project. This equity report was written in accordance with recommendations of the CFA Institute. The reason for choosing the company was the interest in automotive industry and the curiosity to evaluate how the company react to daily threats. This report was written in accordance with the public information available on July 20th, 2017, any information or event subsequent to this date has not been considered. The target price was obtained using an average of valuation methods, more specifically the method of Discounted Cash Flow and Relative valuation method, more known as method of Comparable Multiples. The target price was € 20.67 at 20th July of 2017, representing an upside potential of 3.75%. My recommendation is to Reduce, given the high risk of the company capacity to enter e-cars market and the high dependence of European market. Our risk assessment estimates a high risk for the company. JEL classification: G10; G32; G34; Keywords: Equity Research; Valuation; Mergers & Acquisitions; Peugeot SA; Automotive Industry i Resumo Este projeto representa uma análise extensiva da Peugeot SA, consistindo no projeto de trabalho final do programa de Master in Finance do ISEG. Este relatório foi elaborado de acordo com as recomendações do CFA Institute.
    [Show full text]
  • ACEA Automobile Industry Pocket Guide 2016-2017
    WWW.ACEA.BE THE AUTOMOBILE INDUSTRY POCKET GUIDE 2016 / 2017 3 Foreword It is with great pleasure that I present to you the Automobile Industry Pocket Guide for 2016-2017. Updated with the latest data, it provides a clear overview of one of Europe’s key industries, making the Pocket Guide a demanded and valued tool for all those interested in automotive industry issues and policies. 2016 is a special year for ACEA, as it was exactly 25 years ago that our association was founded. Looking back at what Europe’s auto industry has achieved over these two and a half decades, it becomes clear that our industry has made a significant contribution to powering economic growth, spurring innovation, and driving safe and sustainable mobility for Europe and its citizens. The latest employment data show that 12.2 million Europeans now work directly or indirectly in the automotive sector, producing 18.4 million cars, vans, trucks and buses a year. A fleet of 291 million motor vehicles provides efficient mobility and transport solutions across the EU. In 2015, 15.8 million new motor vehicles were sold in the EU, with automobile trade generating a healthy trade surplus of more than €100 billion. Representing one of Europe’s most vital strategic industries, ACEA continues to contribute constructively to discussions with policy makers and other stakeholders in order to strengthen the global competitiveness of the automobile sector. At the same time, we are committed to meeting tomorrow’s challenges. In order to make mobility cleaner, smarter and safer in the future, the automobile industry will continue to play its role as a driving force for innovation in Europe.
    [Show full text]
  • DCM Case Study
    PSA GROUP Awards Season Sponsorship - 2019 Background - Historically, tHe first quarter of tHe year is very important and competitive for brands in tHe motor sector witH tHe majority running advertising and looking to capitalise during tHis key sales period. Brands face a cHallenge to ensure messaging cuts through and resonates with audiences at a very cluttered time of year. - PSA Group (Citroen, DS and Peugeot) was looking for opportunities tHat would deliver positive impact amongst its target audience of affluent adults and provide tHe opportunity for longer brand storytelling compared to otHer AV cHannels – witH tHe ultimate aim of increasing model awareness and consideration. Plan Campaign Details - ‘Awards Season’ was tHe perfect fit for PSA, running from January to MarcH it provided tHe opportunity for PSA to engage with upmarket audiences and align its three key brands with the higHest quality content on the big Sector Motors screen in tHe lead up to tHe Oscars and BAFTAs. Target Audience ABC1 35+ - PSA Group bougHt tHe Gold Spot (tHe most prestigious spot in tHe reel) in a selection of Oscar and BAFTA contenders including Stan & Ollie, Green Book, The Favourite and Vice. Package Awards Season Gold Spot Media Agency MediaCom - Utilising tHe full selection of films bougHt across tHe period PSA Group decided to rotate copy and advertise a series of different models – the new Citroen C5 Aircross SUV, the DS 7 CROSSBACK and the all-new Duration 60” PEUGEOT 508 FASTBACK. Source: DCM / PSA Group. Conducted by: Differentology, January 2019. Base: ABC1 35+. PSA GROUP Awards Season - 2019 Control Cinemagoers +55% Uplift +83% Uplift +50% Uplift 39% 34% 33% Model Model 26% 1 2 22% Awareness Consideration 18% +95% uplift +112% uplift 'Citroen is a modern brand'* 'DS makes cars with high 'Peugeot make cars with an quality materials'* attractive design'* Significant uplift in brand positivity: Summary Cinema exposed respondents are on average 17% more likely (vs.
    [Show full text]
  • INVESTOR UPDATE December, 2010
    INVESTOR UPDATE December, 2010 Investor Relations James Palmer + 33 1 40 66 54 59 [email protected] Investor update – November 2010 1 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 (www.psa-peugeot-citroen.com). 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 (www.psa-peugeot-Citroën.com), under Regulated Information. Investor update – November 2010 2 Key highlights YTD 2010 • Operating and financial performance restored ► Market trends better than expected ► Market share growth in Europe, China, Latin America and Russia ► Profitability restored in H1, Expectations raised for H2 & 2010 ► Solid financial structure and active optimisation of debt • Progressing on our ambitions ► Building blocks in place in high growth markets to reach 50% sales by 2015 ► Products to support market share and pricing power ► Pioneering technologies to reduce CO 2 emissions ► New co-operations to support growth and generate development synergies ► Performance plan delivering operational excellence Investor update
    [Show full text]
  • Npacific Citroën News
    ISSN 1542-8303 Pacific Citroën News PCN Autumn 2019 81 Electronic Edition The Publication Of: Northwest Citroën Owner’s Club - Citroën Autoclub Canada - 2CVBC - Citroën Car Club Events Calendar . Page 02 Farewell - Donna Beemer . Page 03 Book Review . Page 03 Club Mailbag . Page 04 Citroën Ami 1 Concept . .Page 05 Concours de Maryhill . Page 06 Mullin Museum V . .Page 10 Ivan Frank Part III . Page 13 PSA-FCA Merger . .Page 14 NWCOC Winter Dinners . .Page 16 Adverts . Page 17 Parts & Suppliers . Page 19 Dates(s) Location 2020 Event Information Mar 15 Sat CA Thousand Oaks CCC Malamut Museum Tour. 10 AM 1121 Lawrence Dr, Thousand Oaks, CA. 91320 $10 per person, includes soft drinks and light refreshments, please RSVP to: [email protected] Mar 21 Sat* CA Weimar Dennis & Kathy Duesing BBQ. SVCC provides food, please BYOB. www.sfrccc.org Mar 22 Sun WA Newcastle NWCOC Spring Drive Tour. 9 AM Meet at Starbucks 6977 Coal Creek Pkwy SE, Newcastle, WA. Drive tour begins 10 AM. Drive concludes in Auburn at Oddfellas Pub. Please RSVP to [email protected], more info: 425 306 8525. Apr 26 Sun CA Monrovia CCC AGM and DIY Tech Day. 10 AM - 4 PM, 417 E. El Sur St, Monrovia CA 91016. Get your Citroën ready for summer driving with a little help from your friends. Tune up, oil & filter change, sphere charging, LOTS of free advice. Bring your car and necessary parts or just come watch the fun Potluck BBQ, Annual meeting, short and sweet, Steve McCarthy’s garage, hoist and dual Webbers. May 3 Sun* CA Benicia Artist Open Studio tour, possibly meal afterwards at a restaurant.
    [Show full text]
  • Consolidated FS and MD and a Groupe PSA December 31
    Stellantis N.V. Consolidated Financial Statements and Management’s Discussion and Analysis of Groupe PSA for the year ended December 31, 2020 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OF PSA The following information should be read in conjunction with the audited consolidated financial statements of PSA as of and for the financial years ended December 31, 2020, 2019 and 2018, which have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”), and in accordance with IFRS as adopted by the European Union. The audited consolidated financial statements of PSA and the notes to the audited consolidated financial statements of PSA are collectively referred to as the “PSA Consolidated Financial Statements”. Unless otherwise stated, the annual information included herein is based on the PSA Consolidated Financial Statements. The following discussion contains forward-looking statements that reflect PSA’s plans, estimates and beliefs. Refer to the section entitled “Cautionary Statements Concerning Forward Looking Statements” Overview In 2020, Peugeot S.A. (“PSA”) was the second largest car manufacturer in Europe based on the volume of sold vehicles and operated 18 production sites across the world. As of December 31, 2020, PSA employed approximately 204,000 employees. PSA’s business is organized into three divisions: automotive, automotive equipment and finance. PSA generated revenue of €60,734 million and operating income of €3,054 million in the fiscal year ended December 31, 2020. The automotive division covers the design, manufacture and sale of passenger vehicles and light commercial vehicles (“LCVs”), as well as after-sales, maintenance, repair and spare parts operations under PSA’s five brands, Peugeot, Citroën, DS, Opel and Vauxhall.
    [Show full text]