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Interim Report Incorporated in France with issued capital of 234,280,298 euros Governed by a Managing Board and a Supervisory Board Interim report Head Offi ce at 75, avenue de la Grande-Armée - 75116 Paris Registered in Paris B 552 100 554 - Siret 552 100 554 00021 Telephone: 33 (1) 40 66 55 11 - Fax: 33 (1) 40 66 54 14 2008 Internet: www.psa-peugeot-citroen.com 300059_COUV_PSA_UK.indd 1 16/07/08 18:13:01 Supervisory Board Managing Board Thierry Peugeot Christian Streiff Chairman Chairman of the Managing Board Jean-Philippe Peugeot Jean-Louis Silvant Grégoire Olivier Jean-Philippe Collin Gilles Michel Roland Vardanega Vice-Chairmen Programs Automobiles Peugeot Automobiles Citroën Manufacturing and Components Marc Friedel Jean-Louis Masurel Executive Committee Jean-Paul Parayre Robert Peugeot Henri Philippe Reichstul Frédéric Saint-Geours Isabel Marey-Semper Jean-Luc Vergne Jean-Claude Hanus Liliane Lacourt Advisor to Finance Human Resources Legal Affairs, Corporate Marie-Hélène Roncoroni the Chairman Institutional Relations Communications Geoffroy Roux de Bézieux and Internal Audit Ernest-Antoine Seillière Joseph F. Toot Jr. Extended Executive Committee Bertrand Peugeot Claude Vajsman Vincent Jean-Christophe Daniel Marteau Alain Sartoris Pascal Henault Roland Peugeot Rambaud Quémard François Michelin China Mercosur Purchasing Replacement Executive Automobile Business Unit Business Unit Parts Development and Research Advisors to the Supervisory Board Information and Innovation Technology Statutory Auditors PricewaterhouseCoopers Audit Mazars & Guérard Auxiliary Auditors Yves Nicolas Patrick de Cambourg As of July 1, 2008 270 copies of this document were printed. A copy of this document may be requested at the following address: PSA PEUGEOT CITROËN - Investor Relations Department 75, avenue de la Grande-Armée - 75116 Paris, France - Tel.: + 33 (0)1 40 66 37 60 - Fax: + 33 (0)1 40 66 51 99 Crédit photos : PSA Peugeot Citroën Covers design and production: Printed in France 300059_COUV_PSA_UK.indd 2 16/07/08 18:13:11 PSA Peugeot Citroën is a world-class European automobile manufacturer, supported by two broadline marques, Peugeot and Citroën. With marketing operations in 150 countries, the Group generates one third of its unit sales outside Western Europe and is actively expanding its business in such fast growing markets as China, the Mercosur region and Russia. PSA Peugeot Citroën is building its growth on a powerful concept—two marques, each with its own brand identity and core values but sharing the same manufacturing, technological and management expertise and capabilities. This synergy between Peugeot and Citroën enhances the efficiency of a manufacturing base aligned around a unified production system. Already Europe’s leading manufacturer of low-emission cars, the Group is constantly innovating to offer customers cars that are both environmentally friendly and a pleasure to drive. In addition, a large proportion of its R&D budget is allocated to improving safety for everyone on the road. The Group also takes an innovative approach to employee relations, whose policies, based on social dialogue and mutual responsibility, are applied to all of its 207,800 team members in every host country around the world. PSA Peugeot Citroën is involved in three other major businesses: automotive finance with Banque PSA Finance, automotive equipment manufacturing with Faurecia, and transportation and logistics with Gefco. Contents • Key Figures 2 • Message from the Chairman of the Managing Board 3 • Management Report 5 • Statistics 12 • Consolidated Financial Statements 18 • Notes to the Consolidated Financial Statements 25 • Statement by the Person Responsible for the 2008 Interim Financial Report 37 • Auditor’s Report 38 PSA Peugeot Citroën - 2008 Interim Report 1 Key Figures Worldwide sales Sales and revenue Recurring operating income (in units) (in million euros) (in million euros) June 30, 2008 June 30, 2007 Worldwide sales (in units) 1,115 1,844,700 1,764,100 Total 31,299 1,844,700 1,764,100 30,818 Western Europe 1,210,700 1,234,500 Rest of the world6,649 634,000 529,600 6,797 634,000 529,600 842 Sales and revenue (in € millions) 482 Total 31,299 30,818 Automobile Division 24,502 442 24,169 Other businesses 6,797 6,649 24,502 24,169 Recurring operating1,210,700 income (in1,234,500 € millions) Total 1,115 842 633 400 June 30, 2008 June 30, 2007 June 30, 2008 June 30, 2007 June 30, 2008 June 30, 2007 Other businesses Rest of the world Other businesses Automobile Division Western Europe Automobile Division Net financial position Net income Working capital provided of the manufacturing (in million euros) from operations and capital expenditure and sales companies (manufacturing and sales companies) (in million euros) (in million euros) 733 Automobile Division 633 400 1,404 Other2,158 businesses 482 442 Net income (in € millions) 1,830 733 492 492 June 30, 2008 Dec 31, 2007 Working capital provided from operations 1,257 and capital expenditure (manufacturing and sales companies) (in € millions) Working capital1,022 provided from operations 2,158 1,830 Capital expenditure 953 1,022 953 June 30, 2008 Dec 31, 2007 Net financial position of the manufacturing and sales companies (in € millions) 1,257 1,404 June 30, 2008 June 30, 2007 June 30,30, 2008 2008 June 30,30, 2007 2007 June 30, 2008 Dec 31, 2007 Working capital provided from operations Capital expenditure PSA Peugeot Citroën - 2008 Interim Report 2 Message from the Chairman of the Managing Board After a watershed year in 2007, the Group's have been feeding through rapidly, with lower restored competitiveness was confirmed in the fixed costs and warranty costs representing first half of 2008, which saw further progress in aggregate savings for the period of €484 improving quality, reducing costs, refreshing the million. At the same time, ongoing deployment model line-up and accelerating the pace of of the PSA Peugeot Citroën production system international expansion. The CAP 2010 shaved €398 million from production costs. program to drive growth and improve The program to cut overheads by 30% between competitiveness, which was launched in 2007 and 2010 is also being pursued, while February 2007, has created a very positive natural attrition and the voluntary separation dynamic that is of considerable value to the plan led to a 9,800-person reduction in Group in a challenging environment. headcount in Western Europe over the twelve months to June 2008. Consolidated recurring operating income In all, competitiveness initiatives lifted recurring increased to €1,115 million from €842 million in operating income by €882 million, offsetting the first-half 2007, representing 3.6% of sales and €461 million negative impact of cost inflation revenue versus 2.7%. The 32.4% gain was (raw materials, wages and salaries), changes in achieved despite an environment shaped by a exchange rates and higher R&D spending. 3% decline in the European automobile market, the euro's appreciation against the British The pace of quality improvement was also pound and the rise in raw material prices. As in stepped up during the period. The results are 2007, the bulk of the improvement came from already visible, with launch quality at a record the Automobile Division, which posted a 58.3% high for new models, with the Citroën C5 and increase in recurring operating income. Peugeot 308. To enhance the impact of these Faurecia, Gefco and Banque PSA Finance also improvements, a plan has been introduced to improved their contributions to recurring increase the number, reliability and operating income. In addition, unlike in 2007, performance of pre-launch road tests. profits were not dampened by significant impairment losses and restructuring costs, The new Peugeot and Citroën models have helping to drive a sharp 49% rise in net profit to built a strong franchise. The Peugeot 308 €733 million. sedan and SW and the Citroën C5 sedan and tourer are perfectly aligned with the The Automobile Division's market share in expectations of their target markets, which is Western Europe stabilized at 14.0%, compared promising for the second half of this year and with 14.1% in first-half 2007 and 13.5% in the for 2009. The Peugeot 206 and 207 maintained second half. Outside Western Europe, the their leadership of the compact segment in Group continued to enjoy double-digit growth, Western Europe for the second year in a row, while strengthening its presence in Russia, while the Citroën C4 Picasso went from where the cornerstone of the new plant in strength to strength and, along with the Xsara Kaluga was laid in June. Sales were up 14.5% Picasso, enabled Citroën to remain Europe's in the priority markets of China, Latin America, biggest-selling brand in the compact MPV Russia and Eastern Europe, as prior-year segment. investments began to deliver their full benefits. The Group confirmed its leadership of Europe's light commercial vehicle market, with the first- The first half also saw a further reduction in half 2008 launch of two compact models, the costs. The results of the CAP 2010 program Citroën Nemo and Peugeot Bipper, along with PSA Peugeot Citroën - 2008 Interim Report 3 new versions of the Citroën Berlingo and The implementation and deployment of CAP Peugeot Partner. 2010 projects is being pursued with The Group also continued to invest heavily to determination. Some 180 action plans have maintain its environmental leadership in been defined and are being executed on Western Europe. After selling over one million schedule, under the close supervision of senior vehicles with emissions of less than 140g/km management. CO2 in 2006 and 2007, this year the Group sold 568,000 vehicles in this category in Europe in The business environment remains challenging, the first half alone. Its strength in the low CO2 with the European market expected to contract segment represents an increasingly decisive by around 4% over the year, higher raw competitive advantage.
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