- €74.7 billion Group revenue up 1%
- 8.5% Group adjusted operating margin1 at €6.3
billion
- 8.5% Automotive division2 adjusted operating margin
up 0.9 pt at €5.0 billion
- Record net result Group share at €3.2 billion
- €3.3 billion Automotive division free cash flow
- PACE! plan target achieved with Opel Vauxhall 6.5% adjusted
operating margin
Regulatory News:
Carlos Tavares, Chairman of Groupe PSA (Paris:UG)
Managing Board said: “Our skilled and committed teams made
the difference once again and we have achieved record results in
2019, driven by our agile, customer focused and socially
responsible approach. We are ready for the energy transition and
all teams are focused to offer a clean, safe and affordable
mobility for customers. Based on our business model and fighting
spirit which has proved to be efficient, we are eager to enter a
new era with the projected merger with FCA.”
A dividend of €1.23 per share3 will be submitted for
approval at the next Shareholders’ Meeting.
Group revenue amounted to €74,731 million in 2019, up by
1.0% compared to 2018. Automotive division revenue amounted
to €58,943 million up by 0.7% versus 2018, mainly driven by product
mix (+4.3%) and price (+1.2%), which offset the decrease of sales
to partners (-1.7%), the negative impact of exchange rates (-0.5%),
volumes and country mix (-2.4%) as well as others (-0.2%).
Group adjusted operating income4 amounted to
€6,324 million, up 11.2% with Automotive adjusted operating
income up 12.8% at €5,037 million. This 8.5% strong
profitability level was reached thanks to a positive product mix
and further cost reductions despite exchange rate headwinds and raw
material costs increases.
Group adjusted operating margin reached 8.5%, up 0.8 pt
versus 2018.
Other operating income and expenses amounted to -€1,656
million, compared to -€1,289 million in 2018.
Group net financial expenses decreased to -€344 million
compared to -€446 million in 2018.
Consolidated net income reached €3,584 million, an
increase of €289 million compared to 2018. Net income, Group share,
reached €3,201 million, up €374 million compared to 2018.
Banque PSA Finance reported adjusted operating
income of €1,012 million5, up 7.8%.
Faurecia adjusted operating income was €1,227 million,
down 2.9%.
The free cash flow of manufacturing and sales companies
was €2,745 million of which €3,265 million for the Automotive
division.
Total inventory, including independent dealers and
importers6, stood at 606,000 vehicles at 31 December 2019, down
74,000 vehicles compared to 31 December 2018.
The net financial position of manufacturing and sales
companies was €7,914 million at 31 December 2019 after IFRS 16
effect and Clarion acquisition by Faurecia and including DFG share
repurchase debt.
A dividend of €1.23 per share7 will be submitted for approval at
the next Shareholders’ Meeting with an ex-dividend date considered
to be on 21 May 2020, and the payment date on 25 May 2020.
Market outlook: in 2020, the Group anticipates a decrease
by 3% of the automotive market in Europe and by 2% in Russia as
well as a stable automotive market in Latin America.
Operational outlook:
Groupe PSA has set the target to deliver over 4.5% Automotive
adjusted operating margin8 on average for the period 2019-2021.
Link to the presentation of 2019.
Financial Calendar
21 April 2020: First-quarter 2020 revenue
14 May 2020: Shareholders’ Meeting
28 July 2020: 2020 interim results
28 October 2020: Third-quarter 2020 revenue
Groupe PSA consolidated financial statements for the year ended
31 December 2019 were approved by the Managing Board on 25 February
2020 and reviewed by the Supervisory Board on 25 February 2020. The
audit procedures on the consolidated accounts were carried out by
the Group's Statutory Auditors. Their certification report is being
issued. The report on the annual results and the presentation of
the 2019 results can be consulted on the Group’s website
(www.groupe-psa.com), in the “Finance” section.
About Groupe PSA
Groupe PSA designs unique automotive experiences and delivers
mobility solutions to meet all customer expectations. The Group has
five car brands, Peugeot, Citroën, DS, Opel and Vauxhall and
provides a wide array of mobility and smart services under the
Free2Move brand. Its ‘Push to Pass’ strategic plan represents a
first step towards the achievement of the Group’s vision to be “a
global carmaker with cutting-edge efficiency and a leading mobility
provider sustaining lifetime customer relationships”. An early
innovator in the field of autonomous and connected cars, Groupe PSA
is also involved in financing activities through Banque PSA Finance
and in automotive equipment via Faurecia.
Media library: medialibrary.groupe-psa.com / @GroupePSA_EN
Appendix
Consolidated Income Statement
(en millions d’euros)
2018
2019
Revenue
74,027
74,731
Adjusted operating Income
5,689
6,324
Operating income
4,400
4,668
Net financial income
(expense)
(446)
(344)
Income taxes
(615)
(716)
Share in net earnings of
companies at equity
(44)
(24)
Consolidated profit
3,295
3,584
Attributable to owners of the
parent
2,827
3,201
attributable to non-controlling
interests
468
383
Basic earnings per €1 par value
share
attributable to equity holders of
the parent
3.16
3.58
Diluted earnings per €1 par value
share
– attributable to equity holders
of the parent
3.01
3.40
Consolidated balance sheet
Assets
(in million euros)
31 December 2018
31 December 2019
Total non-current assets
33,806
38,439
Total current assets
28,146
31,327
TOTAL ASSETS
61,952
69,766
Equity and liabilities
(in million euros)
31 December 2018
31 December 2019
Total equity
19,594
21,801
Total non-current liabilities
12,356
16,265
Total current liabilities
30,002
31,700
TOTAL EQUITY &
LIABILITIES
61,952
69,766
Consolidated statement of cash flows
(in million euros)
2018
2019
Consolidated profit from
continuing
operations
3,295
3,584
Funds from operations
6,734
7,573
Net cash from (used in) operating
activities
of continuing operations
8,395
8,705
Net cash from (used in) investing
activities
of continuing operations
(4,739)
(5,972)
Net cash from (used in) financing
activities
of continuing operations
(7)
(309)
Effect of changes in exchange
rates
(44)
(21)
Increase (decrease) in cash from
continuing
operations and from operations
held for sale
or to be continued in
partnership
3,605
2,403
Net cash and cash equivalents at
beginning
of period
11,797
15,402
Net cash and cash equivalents of
continuing
operations at end of period
15,402
17,805
1 Adjusted operating income related to revenue
2 Automotive Division (PCDOV)
3 Dividend per share calculated on the basis of the total number
of outstanding shares of the company minus the treasury shares of
the company as of 25 February 2020. The actual dividend per share
will depend on the number of treasury shares held at the
ex-dividend date and any shares issued or cancelled prior to this
date.
4 Adjusted operating income (loss) excludes from Operating
income certain adjustments comprising Restructuring costs,
Impairment of CGU’s and Other operating income (expense) considered
rare or discrete events and are infrequent in nature.
5 100% of the result of Banque PSA Finance. In the financial
statements of Groupe PSA, joint ventures are consolidated using the
equity method.
6 Including Peugeot importers outside Europe
7 Dividend per share calculated on the basis of the total number
of outstanding shares of the company minus the treasury shares of
the company as of 25 February 2020. The actual dividend per share
will depend on the number of treasury shares held at the
ex-dividend date and any shares issued or cancelled prior to this
date.
8tomotive Division (PCDOV) adjusted operating income related to
revenue
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version on businesswire.com: https://www.businesswire.com/news/home/20200225006158/en/
Media contact: Karine Douet – +33 6 61 64 03 83 –
karine.douet@mpsa.com