PEUGEOT S.A. Incorporated in France with issued capital of €786,588,648 Governed by a Managing Board and a Supervisory Board Registered Offi ce: 75, avenue de la Grande-Armée DOCUMENT REGISTRATION 75116 Paris – France R.C.S. Paris B 552 100 554 – Siret 552 100 554 00021 Phone: + 33 (0)1 40 66 55 11 – Fax: + 33 (0)1 40 66 54 14 REGISTRATION DOCUMENT psa-peugeot-citroen.com 2014 2014 REGISTRATION2014 DOCUMENT The original French version of this Registration Document, which contains all of the information in the Management Report, was filed with the French securities regulator (Autorité des Marchés Financiers – AMF) on 27 March 2015, in accordance with the provisions of Article 212-13 of the AMF General Regulations. It may be used in connection with a financial transaction in conjunction with an Offering Memorandum approved by the AMF. 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 2014 Registration Document 1 CONTENTS CONSOLIDATED FINANCIAL 1 PSA PEUGEOT CITROËN 3 5 STATEMENTS AT 31 DECEMBER 2014 AFR 169 1.1. Key fi gures 4 1.2. History and highlights of the Company’s business 6 5.1. Consolidated statements of income 170 1.3. Organisational structure 7 5.2. Consolidated statements of income and expenses recognised in equity 172 1.4. Business activities and strategy 11 5.3. Consolidated balance sheets 174 1.5. Risk factors AFR 22 5.4. Consolidated statements of cash fl ows 176 5.5. Consolidated statements of changes in equity 178 CORPORATE RESPONSIBILITY: 5.6. Notes to the consolidated fi nancial statements at December 2014 179 2 SUSTAINABLE DEVELOPMENT 33 5.7. Statutory Auditors’ Report on the consolidated INITIATIVES fi nancial statements 263 2.1. Corporate social responsibility: an integral part of the Group’s strategy 34 2.2. Embracing environmental issues AFR 39 PEUGEOT S.A. FINANCIAL 2.3. Company sustainable development commitment AFR 66 6 STATEMENTS FOR THE YEAR 2.4. Human resources, driving change within ENDED 31 DECEMBER 2014 AFR 265 PSA Peugeot Citroën AFR 79 6.1 Income statement for the year ended 2.5. Extra-fi nancial performance of PSA Peugeot Citroën 102 31 December 2014 266 2.6. Independent verifi er’s report 104 6.2 Cash fl ow statements for the year ended 2.7. Reporting scope, methodology 31 December 2014 267 and cross-reference tables 106 6.3 Balance sheets at 31 December 2014 268 6.4 Notes to Peugeot S.A. Financial statements 270 6.5 Corporate fi nancial results over the past fi ve years 288 3 CORPORATE GOVERNANCE AFR 111 6.6 Statutory auditors’ report on the fi nancial statements 289 3.1 Management and Supervisory Bodies 112 6.7. Statutory Auditors’ special report on related party 3.2. Report of the Chairman of the Supervisory Board 124 agreements and commitments 290 3.3. Statutory Auditors’ Report on the report prepared by the Chairman of the Supervisory Board of Peugeot S.A. 137 INFORMATION ABOUT 3.4. Management Compensation 138 7 THE COMPANY AND ITS SHARE CAPITAL 295 GROUP EARNINGS IN 2014 AND 7.1. Information about the Company AFR 296 4 OUTLOOK 149 7.2. Information about share capital AFR 298 7.3. Ownership structure AFR 302 4.1. Analysis of Consolidated Operating Results AFR 150 7.4. Corporate fi nancial instrument markets 304 4.2. Financial Position and Cash AFR 154 4.3. Parent Company Results AFR 157 4.4. Major Contracts 159 COMBINED GENERAL 4.5. Capital Expenditure and research 8 MEETING OF 29 APRIL 2015 307 and Development AFR 160 8.1. Report of the Managing Board on the resolutions 4.6. Recent Events and Outlook AFR 168 submitted to the combined Shareholders’ Meeting on 29 April 2015 308 8.2. Agenda and text of the proposed resolutions 321 8.3. Auditors’ Reports 334 9 ADDITIONAL INFORMATION 341 9.1. Persons responsible for the Registration Document AFR 342 9.2. Historical fi nancial information 343 9.3. Documents available to the public 343 Annual Financial Report elements are clearly identifi ed 9.4. Persons responsible for auditing the accounts AFR 344 in this table of contents with the sign AFR 9.5. Cross-reference tables 345 2 PSA PEUGEOT CITROËN 2014 Registration Document 1PSA PEUGEOT CITROËN 1.1. KEY FIGURES 4 1.4. BUSINESS ACTIVITIES AND STRATEGY 11 Consolidated Income Statement 4 1.4.1. Main business activities of the group 11 Consolidated Balance Sheet 4 1.4.2. The Group’s strategic trends 21 Consolidated Statement of Cash Flows 5 1.5. RISK FACTORS 22 1.2. HISTORY AND HIGHLIGHTS 1.5.1. Operational risks 22 OF THE COMPANY’S BUSINESS 6 1.5.2. Financial market risks 26 1.5.3. Risks related to Banque PSA Finance (BPF) 27 1.3. ORGANISATIONAL STRUCTURE 7 1.5.4. Legal and contractual risks 29 1.5.5. Risk coverage – insurance 31 1.3.1. Group organisational structure – functions 7 1.3.2. Group organisation 7 1.3.3. Parent-subsidiary relationships 7 1.3.4. Main subsidiaries and equity holdings of the company 8 PSA PEUGEOT CITROËN 2014 Registration Document 3 1 PSA PEUGEOT CITROËN 1.1. Key fi gures 1.1. KEY FIGURES This document gives the PSA Peugeot Citroën Group’s consolidated The Group’s consolidated financial statements have been prepared in financial statements for the years 2014 and 2013. The 2012 consolidated accordance with International Financial Reporting Standards (IFRS) financial statements are included in the Registration Document that as adopted for use in the European Union as at 31 December 2014, the was filed with the French securities regulator (Autorité des Marchés balance sheet date. Financiers – AMF) on 28 March 2013 under no. D. 13-0239. Please also Comparative information has been restated to reflect the application of see paragraph 5.1 below. IFRS 5, 10 and 11 and IFRIC 21. CONSOLIDATED INCOME STATEMENT 2014 2013 Manufacturing Manufacturing and Sales Finance and Sales Finance (in millions of euros) Companies Companies Eliminations TOTAL Companies Companies Eliminations TOTAL Revenues 53,019 628 (40) 53,607 52,459 668 (48) 53,079 Recurring operating income/(loss) 779 126 - 905 (516) 152 - (364) Operating Income/(loss) 100 123 - 223 (1,681) 152 - (1,529) Net financial expense (755) (8) - (763) (664) - - (664) Income taxes (226) (87) (313) (266) (40) - (306) Share in net earnings of companies at equity 270 12 - 282 165 8 - 173 Net income/(loss) from operations intended to be transferred to new joint ventures (34) 50 - 16 (19) 118 - 99 Consolidated profit/(loss) (645) 90 - (555) (2,465) 238 - (2,227) Group share (787) 86 (5) (706) (2,556) 223 6 (2,327) Attributable to minority interests (in euros) 142 4 5 151 91 15 (6) 100 Basic earnings per €1 par value share – Group share (1,15) (6,80) CONSOLIDATED BALANCE SHEET 31 December 2014 31 December 2013 ASSETS Manufacturing Manufacturing and Sales Finance and Sales Finance (in millions of euros) Companies Companies Eliminations TOTAL Companies Companies Eliminations TOTAL Total non-current assets 20,331 279 (5) 20,605 19,709 389 (1) 20,097 Total current assets 16,526 6,209 (704) 22,031 15,524 24,668 (568) 39,624 Total assets intended to be transferred to new joint ventures 167 18,529 (120) 18,576 43 - - 43 TOTAL ASSETS 37,024 25, 017 (829) 61,212 35,276 25,057 (569) 59,764 4 PSA PEUGEOT CITROËN 2014 Registration Document PSA PEUGEOT CITROËN 1 1.1. Key fi gures 31 December 2014 31 December 2013 EQUITY AND LIABILITIES Manufacturing Manufacturing and Sales Finance and Sales Finance (in millions of euros) Companies Companies Eliminations TOTAL Companies Companies Eliminations TOTAL Total equity 10,418 7,837 Total non-current liabilities 11,637 2 (1) 11,638 12,622 364 (1) 12,985 Total current liabilities 18,071 13,368 (537) 30,903 18,109 21,401 (568) 38,942 Liabilities intended to be transferred to new joint ventures 37 8,508 (292) 8,253 - - - - TOTAL EQUITY & LIABILITIES 61,212 59,764 CONSOLIDATED STATEMENT OF CASH FLOWS 2014 2013 Manufacturing Manufacturing and Sales Finance and Sales Finance (in millions of euros) Companies Companies Eliminations TOTAL Companies Companies Eliminations TOTAL Consolidated profit/(loss) from continuing operations (611) (211) - (822) (2,446) (128) - (2,574 ) Funds from operations 2,126 13 - 2,139 804 (21) - 783 Net cash from/(used in) operating activities 3,878 448 (262) 4,064 1,244 (478) (9) 757 Net cash used in investing activities of continuing operations (2,314) (22) - (2,336) (2,474) (33) - (2,507) Net cash from/(used in) financing activities of continuing operations 675 3 334 1,012 2,058 (153) - 1,905 Net cash used by new borrowings and repayments of borrowings of finance operations not transferred to new joint ventures - (1,448) - (1,448) - (2,294) - (2,294) Net cash from/(used by) changes in assets and liabilities of finance operations intended to be transferred to new joint ventures (20) 1,817 10 1,807 (72) 3,099 74 3,101 Effect of changes in exchange rates 47 1 - 48 (91) (6) 4 (93) Increase/(decrease) in cash and cash equivalents of continuing operations and operations intended to be transferred to new joint ventures 2,266 799 82 3,147 665 135 69 869 Net cash and cash equivalents at beginning of period 6,161 1,804 (210) 7,755 5,496 1,669 (279) 6,886 NET CASH AND CASH EQUIVALENTS AT END OF PERIOD – CONTINUING OPERATIONS 8,427 2,603 (128) 10,902 6,161 1,804 (210) 7,755 PSA PEUGEOT CITROËN 2014 Registration Document 5 1 PSA PEUGEOT CITROËN 1.2.