2010 Registration Document
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2010 Registration Document Registration Document 2010 The original French version of this Registration Document was filed with the Autorité des Marchés Financiers (AMF) on 22 April 2011, in accordance with the provisions of article 212–13 of the General Regulation of the AMF. It may be used in connection with a financial transaction in conjunction with an Information Memorandum approved by the Autorité des Marchés Financiers. It was prepared by the issuer and is the responsibility of the person whose Signature appears therein. It contains all of the information concerning the Annual Financial Report. PSA PEUGEOT CITROËN - 2010 Registration Document - 1 Contents 1 PERSONS RESPONSIBLE 5 8 PROPERTY, Person Responsible PLANTS AND EQUIPMENT 91 for the 2010 Registration Document 6 8.1. Signifi cant or Planned Tangible Assets 92 Statement by the Person Responsible 8.2. Environmental Restrictions that for the 2010 Registration Document 6 Could Infl uence Use of These Assets Person Responsible for Financial Information 6 by PSA Peugeot Citroën 94 2 STATUTORY AUDITORS 7 9 OPERATING Auditors 8 AND FINANCIAL REVIEW 95 9.1. Financial Position 96 9.2. Operating Results for the Years 3 SELECTED FINANCIAL Ended 31 December 2010 and 2009 97 INFORMATION 9 9.3. Other Income Statement Items 103 Consolidated Statements of Income 10 Consolidated Balance Sheets 10 Consolidated Statements of Cash Flows 11 10 CASH AND CAPITAL RESOURCES 105 10.1. Balance Sheet and Financial Resources 106 4 RISK FACTORS 13 10.2. Origin, Amount and Description of Consolidated Cash Flows 108 4.1. Business Risks 14 10.3. Liquidity and Funding 110 4.2. Banque PSA Finance Risk Exposure 19 10.4. Information About Restrictions on the Use 4.3. Financial Market Risks 21 of Capital that Have Had or May Have 4.4. Environmental Risks 23 in the Future a Material Impact 4.5. Legal and Contractual Risks 24 on Operations 112 4.6. Risk Coverage – Insurance 25 10.5. Information about Expected Funding Sources or Funding that Will Be Needed to Fulfi l Certain Commitments 112 5 INFORMATION ABOUT THE COMPANY 27 5.1. History and Development of the Company 28 11 CAPITAL EXPENDITURE AND 5.2. Capital Expenditure 29 RESEARCH & DEVELOPMENT 113 5.3. Sustainable Development 30 12 TREND INFORMATION 119 6 BUSINESS OVERVIEW 65 12.1. Trend Information 120 6.1. Automotive Division 66 12.2. First-Quarter 2011 Revenues 121 6.2. Faurecia 80 6.3. Gefco 82 13 FORECASTS OR ESTIMATES 6.4. Banque PSA Finance 83 OF PROFITS 123 6.5. Peugeot Motocycles (PMTC) 84 14 ADMINISTRATIVE, MANAGEMENT 7 ORGANISATIONAL STRUCTURE 85 AND SUPERVISORY BODIES 125 7.1. The Group 86 14.1. Information about the Administrative, 7.2. Subsidiaries and Equity Holdings Management or Supervisory Bodies 126 of the Company 88 14.2. Information on the Situation of Members of the Supervisory Board and Managing Board 134 2 - PSA PEUGEOT CITROËN - 2010 Registration Document 15 REMUNERATION AND BENEFITS 20.5. Auditing of Historical Annual OF CORPORATE OFFICERS 135 Financial Information 342 15.1. Managing Board Compensation 136 20.6. Date of Latest Financial Information 342 15.2. Supervisory Board Compensation 138 20.7. Interim and Other Financial Information 342 15.3. Compensation and Benefi ts Awarded 20.8. Dividend Policy 343 to Members of the Managing Board 20.9. Legal and Arbitration Proceedings 343 and Supervisory Board (in euros) 139 20.10. Signifi cant Change in the Company’s Financial or Trading Position 343 16 BOARD PRACTICES 147 16.1. Terms of Offi ce of Directors 21 ADDITIONAL INFORMATION 345 and Senior Executives 148 21.1. Share Capital 346 16.2. Service Contracts Providing for Benefi ts 21.2. Memorandum and Articles of Association 353 upon Termination of Employment 148 21.3. Fees Paid to the Statutory Auditors 16.3. Supervisory Board Committees 148 in 2010 and 2009 355 16.4. Compliance with Best Corporate Governance Practices 148 16.5. Other Signifi cant Corporate Governance 22 MATERIAL CONTRACTS 357 Practices and Internal Control Processes and Procedures (Report of the Chairman of the Supervisory Board) 149 23 THIRD PARTY INFORMATION, STATEMENTS BY EXPERTS AND DECLARATIONS OF INTEREST 359 17 EMPLOYEES 163 17.1. A Global Employee Relations Commitment 164 17.2. Stock-Option Plans and Free Allocation 24 PUBLICLY AVAILABLE of Shares 189 DOCUMENTS 361 17.3. Employee Shareholding 189 24.1. Documents Available on the Company’s Website 362 24.2. Annual Documents Created Pursuant to 18 MAJOR SHAREHOLDERS 191 article 222-7 of the General Regulations 18.1. Capital and Voting Rights Structure of the Autorité des Marchés Financiers 363 at 31 December 2010 192 18.2. Different Voting Rights 193 18.3. Ownership and Control of the Company’s 25 INFORMATION Share Capital 194 ON SHAREHOLDINGS 367 18.4. Change of Ownership 194 TC CROSS-REFERENCE TABLES 369 19 TRANSACTIONS Cross-References to the Report WITH RELATED PARTIES 195 of the Managing Board 370 Statutory Auditors’ Special Report on Related Cross-references to the Annual Financial Report 371 Party Agreements and Commitments 196 20 FINANCIAL INFORMATION CONCERNING THE COMPANY’S ASSETS AND LIABILITIES, FINANCIAL POSITION AND PROFITS AND LOSSES 199 20.1. Historical Financial Information 200 20.2. Pro Forma Financial Information 201 20.3. Consolidated Financial Statements for the Year ended 31 December 2010 202 20.4. Financial Statements of Peugeot S.A. for the Year ended 31 December 2010 311 PSA PEUGEOT CITROËN - 2010 Registration Document - 3 4 - PSA PEUGEOT CITROËN - 2010 Registration Document 1 PERSONS RESPONSIBLE Person Responsible for the Person Responsible 2010 Registration Document 6 for Financial Information 6 Statement by the Person Responsible for the 2010 Registration Document 6 PSA PEUGEOT CITROËN - 2010 Registration Document - 5 PERSONS RESPONSIBLE 1 Person Responsible for the 2010 Registration Document Person Responsible for the 2010 Registration Document Philippe Varin Chairman of the Peugeot S.A. Managing Board Statement by the Person Responsible for the 2010 Registration Document I hereby declare that, having taken all reasonable care to ensure The Statutory Auditors’ Report on the consolidated financial statements that such is the case, the information contained in the Registration for the year ended 31 December 2010 presented in section 20.3.1, Document is, to the best of my knowledge, in accordance with the includes an emphasis of matter. facts and contains no omission likely to affect its import. The Statutory Auditors’ Report on the consolidated financial statements I hereby declare that, to the best of my knowledge, i) the financial for the year ended 31 December 2009 includes an emphasis of matter. statements have been prepared in accordance with applicable The report may be found on pages 201 and 202 of the Registration accounting standards and give a true and fair view of the assets and Document filed with the French securities regulator (Autorité des liabilities, financial position and results of Peugeot S.A. and of the Marchés Financiers) on 22 April 2010 under no. D.10-0301. companies in the consolidated group, and ii) the Report of the Managing The Statutory Auditors’ Report on the consolidated financial statements Board, whose contents are described on page 370, presents a true and for the year ended 31 December 2008 includes an emphasis of matter. fair view of the business development, results and financial position of The report may be found on pages 187 and 188 of the Registration Peugeot S.A. and the companies in the consolidated group, together Document filed with the French securities regulator (Autorité des with a description of the main risks and uncertainties they face. Marchés Financiers) on 24 April 2009 under no. D.09-0309. I have obtained a statement from the Statutory Auditors at the end Philippe Varin of their engagement affirming that they have read the whole of the Chairman of the Peugeot S.A. Managing Board Registration Document and examined the information about the financial position and the historical accounts contained therein. Person Responsible for Financial Information Carole Dupont-Pietri Head of Financial Communication Phone: +33 (0)1 40 66 42 59 6 - PSA PEUGEOT CITROËN - 2010 Registration Document 2 STATUTORY AUDITORS Auditors 8 Statutory Auditors 8 Substitute Auditors 8 PSA PEUGEOT CITROËN - 2010 Registration Document - 7 STATUTORY AUDITORS 2 Auditors Auditors Statutory Auditors PricewaterhouseCoopers Audit Mazars (Member of the Compagnie régionale des Commissaires aux Comptes (Member of the Compagnie régionale des Commissaires aux Comptes de Versailles) de Versailles) Pierre Riou Loïc Wallaert 63, rue de Villiers 61, rue Henri Regnault 92200 Neuilly-sur-Seine 92400 Courbevoie First appointed: at the Annual Shareholders’ Meeting of 28 May 2003. First appointed: at the Annual Shareholders’ Meeting of 25 May 2005. Appointment ends: at Annual Shareholders’ Meeting called to approve Appointment ends: at Annual Shareholders’ Meeting called to approve the 2010 financial statements. the 2010 financial statements. Substitute Auditors Yves Nicolas Patrick de Cambourg 63, rue de Villiers 61, rue Henri Regnault 92200 Neuilly-sur-Seine 92400 Courbevoie First appointed: at the Annual Shareholders’ Meeting of 28 May 2003. First appointed: at the Annual Shareholders’ Meeting of 25 May 2005. Appointment ends: at Annual Shareholders’ Meeting called to approve Appointment ends: at Annual Shareholders’ Meeting called to approve the 2010 financial statements. the 2010 financial statements. 8 - PSA PEUGEOT CITROËN - 2010 Registration Document 3 SELECTED FINANCIAL