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24/10/2008 | October 24, 2008

Q3 2008 sales & revenues total €13,301m
First nine month sales & revenues total €44,600m

Q3 sales & revenues negatively impacted by recent drop in automotive markets: 

  • Automotive markets decline in Q3 2008
    •  Western European market falls 10.7%
    • Slowdown in growth rates in developing regions
  • Q3 sales & revenues down 5.2% to €13,301m from €14,024m
    • Q3 Automotive sales fall 7.1% to €10,184m vs Q3 2007
    • Faurecia Q3 sales up 1.7% to €2,863m vs Q3 2007
    • Gefco Q3 sales up 4.6% to €873m vs Q3 2007
    • Banque PSA Finance Q3 sales up 7.0% to €534m vs Q3 2007
  • First nine month sales & revenues slightly down 0.5% to €44,600m from €44,842m

Exceptional action plan for Q4 2008

  • Massive production cuts
  • Continue roll out of price increases
  • Amplification of the CAP2010 programme


Outlook for 2008

The Group expects Western European automotive markets to fall significantly by around 17% in Q4 2008 and the year as a whole to be down by 8%. Growth rates in the Group’s priority development regions are also slowing significantly and growth is now expected at around 10% overall for the full year 2008.

With this dramatic decline in the macro economic environment in the second half of 2008, the Group expects vehicle sales volumes to be around 3.5% below 2007 levels.

The production cuts will be concentrated in Q4, representing all of the 2008 reduction compared to 2007 levels.

As a consequence, given the market scenario above, the Group expects a consolidated operating margin in 2008 of around 1.3%.


Christian Streiff, President of PSA Peugeot Citroen, commented:

“The solidity and breadth of the Group’s financial resources are major assets in the current financial crisis. We are therefore concentrating on cash management as a key priority.

Our recently launched models, particularly due to best ever levels of quality, our leadership in low fuel consumption vehicles and our leadership in light commercial vehicles are also of considerable support in this very difficult market.

We have reacted very swiftly to this market collapse with exceptional measures to cut production, even though this is obviously detrimental to our 2008 operating margin. Massive production cuts will be made in the fourth quarter as it is vital that we are correctly positioned to face 2009”.

Automotive: €10,184m down 7.1% vs 10,964m in Q3 2007

Key highlights:

  • A rapid acceleration in the decline of Western European markets in Q3 (-10.7%)
  • Assembled vehicle volumes sold fell -9.9% in Q3
  • CKD sales up 11.8% in Q3
  • Western European market share maintained at 13.8%
  • Russia and Mercosur volumes continued to grow in Q3, but at a slower pace than in the first half of the year
  • Weakness in China now confirmed
  • Successful new model volumes despite adverse market (308 SW, C5)
  • Leadership in light commercial vehicles strengthened with European market share at 19.5%
  • Further success of B segment cars & low CO2 emission vehicles

Geographical highlights (registrations):

Western Europe: After a relatively mixed environment in the first half, all markets recorded a sharp drop in registrations in Q3 (-10.7%). France and Germany which had remained positive experienced significant slowdown in Q3 with France recording flat registrations (+3.4% for first nine months) and Germany turning negative to -3% (+1.6% for first nine months) . The extent of the decline in the Spanish and UK markets accelerated significantly in Q3 to be down 34% (-23.6% for first nine months) and 19% (-7.5% for first nine months) respectively. Italy was down 12% (-10.8% for first nine months).
In this context, the Group’s registrations decreased by 5.8% for the first nine months, whilst market share was maintained at 13.8%.

Eastern Europe: The market started to slow in Q3 recording a decline of nearly 2% after a buoyant first half. Growth for the first nine months stood at 5.8%. The Group’s market share in the region stood at 11.1%.

Russia: The Russian market grew 24.9% for first nine months, but in this region also, a slower rate of grow (12%) was recorded in Q3. The development of the Group’s activity in the growing Russian market continued to increase strongly with registrations up 65% in Q3 and 63.2% for first nine months.

Mercosur: Growth continued throughout the first nine months in the Brazilian and Argentine markets (+23.8%), albeit at a slower pace in Q3 (19%).
Registrations of Peugeot and Citroën in the region grew 22.4%, but slowed to +14% in Q3. The Group’s market share stood at 7.2 %.
In Brazil signs of slower market growth were witnessed in Q3 which rose 22% compared to more than 30% in the first half. The Group recorded strong growth with 117 300 registrations in the first nine months representing an increase of 33%.
In Argentina, group registrations rose 7.9% for the first nine months but showed a marked slowdown of 3.3% in Q3. Market share for the first nine months stood at 14.4%.

China: The Group’s registrations were down 6% for first nine months in a market that showed a marked decline in Q3, down 4%.

CKD: Units sold totalled 54 000 in Q3 growing by 11.8% compared to Q3 2007. The rise for the first nine months totals 54.8%.


Key product highlights:

New product launches in 2008 have continued to show notable success in spite of the adverse market conditions. The most recent new launches of passenger cars, for Peugeot the 308 SW and for Citroen the C5 have progressed well.
The sales of the Peugeot 207 have held up well at 379,800 for the first nine months and the combined Peugeot 307/308 models have increased 10.1% to 351,900 vehicles. For Citroen, the C4 Picasso continues to deliver strong sales growth of 6% confirming Citroen’s leadership in the compact MPV segment in Western Europe. Sales of the C5 are up 51.7%.
The Group’s leadership position in low emission vehicles continues to deliver solid growth in these segments as illustrated by the strong volumes of the Citroen C1 and Peugeot 107 +6.7%. The Group’s solid leadership position in light commercial vehicles was further strengthened with increasing sales across the range, notably the Peugeot Boxer and Citroen Jumpy.

Faurecia: €2,863m up 1.7% from €2,815m in Q3 2007

Sales at Faurecia rose slightly overall in Q3 2007 as weaker European sales, particularly for exhaust systems, were more than offset by strong growth for all products in Latin America.

Gefco: €873m up 4.6% from €835m in Q3 2007

The Group’s transport and logistic activity has increased its sales by 4.6% in Q3 and 5.5% in the first nine months as it benefits from its strategy to increase its geographical coverage. Flat Western European activity was more than offset by growth from recent Eastern European operations and Mercosur.

Banque PSA Finance: €534m up 7.0% from €499m in Q3 2007

Sales were up 7% with sustained levels of activity and with increased funding costs being successfully passed on through higher prices. Banque PSA Finance’s long standing prudent and conservative approach to credit financing is a key factor in its solidity during the financial crisis. The bank’s financial headroom is sufficient for normal operations to continue for several months. Banque PSA Finance has €6 billion of undrawn syndicated credit facilities.



Hugues Dufour
+33 (0) 1 40 66 53 81
James Palmer
+33 (0) 1 40 66 54 59
Pierre-Olivier Salmon
+33 (0) 1 40 66 49 94
Jean Hugues Duban
+33 (0) 1 40 66 40 28
Laurent Cicolella
+33 (0) 1 40 66 52 04
Yasmine Casvigny Vernikovski




(in millions euros) Q1 07 Q2 08 Q2 07 Q2 08 H1 07 H1 08 Q3 07 Q3 08 Change Q3-08 Q3-07 in % 9 months 07 9 months 08 Change 9m-08 9m-07 in %
Automotive 11 595 11 869 12 574 12 633 24 169 24 502 10 964 10 184 -7,1% 35 134 34 687 -1,3%
Faurecia 3 243 3 245 3 269 3 356 6 512 6 601 2 815 2 863 1,7% 9 327 9 464 1,5%
Gefco 888 925 909 979 1 797 1 904 835 873 4,6% 2 632 2 778 5,5%
Banque PSA finance 475 524 500 535 975 1 059 499 534 7,0% 1 473 1 594 8,2%
Other Businesses and intra-company eliminations (1,327) (1,351) (1,308) (1,416) (2,635) (2,767) (1,089) (1,153) 6,0% (3,724) (3,923) 5,3%
Total PSA Peugeot Citroën 14 874 15 212 15 944 16 087 30 818 31 299 14 024 13 301 -5,2% 44 842 44 600 -0,5%










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