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21/10/2009 | Paris, October 21, 2009

Key highlights

  • Decline in Q3 revenues limited to 7.7%, compared to – 24.9% in Q1 and – 18.9% in Q2
  • Revenues down 17.6% for the first 9 months of 2009
  • Increase in Q3 market share to 13.4% in Europe* from 12.9%
  • Increase in Q3 LCV market share to 22.1% in Europe* from 19.2%
  • Q3 total assembled vehicle unit sales rise 4.7%
AUTOMOTIVE

Consolidated automotive revenues declined 4.1% overall to €9 256 million in Q3 09, a decline of 15.2% for the first nine months. Consolidated revenues for new passenger cars and light commercial vehicles declined by 4.5% in Q3 09. This decline is explained by a negative foreign exchange impact of 2.6% and a negative impact of product mix of 2.5%, being partially offset by a positive country mix of 0.6%.
The impact of volumes, excluding China, on consolidated revenues was flat compared to the third quarter of 2008. In Q3, the Group’s revenues from used cars rose 8.4%.


GEOGRAPHICAL HIGHLIGHTS (registrations):

Europe *: The European car markets were mixed in the third quarter, with positive trends in Western Europe being offset by the negative impact of Central and Eastern Europe. Consequently, markets slightly decreased by 0.3% overall. Many European countries have put in place scrappage incentive schemes to help generate improved trends in automotive markets, but the most favourable impact was in Germany where the incentive scheme led to a sharp increase of 22.7% in demand. France, Italy and the UK all benefited also from the favourable impact of incentive schemes with market trends turning positive in Q3. In Spain the market continued to decline, but at a greatly reduced pace of 3.8%.


*Europe = EU + EFTA + Croatia

Central and Eastern European markets declined by 35.7% in Q3 overall, however the rate of decline slowed in Poland to 0.8%.

The Group benefited fully from its strong, leading position in low consumption and low emission smaller cars, and from sales of successful new models. Group registrations were up 3.2%, with market share increases in the majority of countries. In Germany, the Group’s market share rose from 5.4% to 6.7%, in France from 30.8% to 31.8%, in Italy from 9.0% to 11.4% and in Spain from 19.5% to 19.8%. In the UK, the market share was slightly down. The Group’s market share across Central and Eastern Europe decreased slightly to 9.5% from 9.6%.

The Group’s market share in Europe overall grew to 13.4% in the third quarter compared to 12.9% in the same period of 2008.

The light commercial vehicles market remained very weak in Q3, down by 28.7%. Despite this adverse environment, PSA Peugeot Citroën consolidated its leadership by increasing its market share to 22.1% from 19.2% in Q3 2008.

Russia: The market collapsed by 55.8% in Q3. In this context, Group’s registrations were down 45.6% but the market share increased to 2.9%.

Latin America: The region as a whole continued to experience declining markets (7.6%), albeit generally at a slower pace than in the first half of 2009. Brazil continues to be the exception in Latin America, with continued improvement in market trends leading to an increase of 7.7%. Elsewhere the situation remained negative with Argentina down 17.3% and Mexico down 30.1%. In this context, the Group’s registrations declined by 9.9% and the market share was down at 5.1% from 5.3% in Q3 2008.

China: Chinese car registrations soared to new record levels in recent months boosted by government incentives. The market grew by 75.1% in Q3. The group’s registrations outperformed the market increasing by 82%.

CKD: Units sold in the third quarter rose by 74.7% to 94 000.


KEY PRODUCT HIGHLIGHTS:

In addition to PSA Peugeot Citroen’s existing range of vehicles, which are already well positioned to meet the changing trends of consumers towards smaller, lower consumption and emission cars, the Group is now benefiting from the new models launches in 2009.

The Peugeot 206+ and the Citroën C3 Picasso and the Peugeot 3008 continue to be extremely popular since their launch, all exceeding target sales levels. The Citroën C3 Picasso has had sales of 59,000 cars and the Peugeot 3008 of 34,000 cars. A new version of the Peugeot 207 was also launched in September with a diesel engine emitting 99gCO2 per km.

The success of the Group’s range of Light Commercial Vehicles has continued with good sales of the compact Peugeot Bipper and the Citroën Nemo as well as the New Peugeot Partner and the New Citroën Berlingo.

The rhythm of new launches will continue. November will see the launch of the Peugeot 5008 and the new Citroën C3.
 

*Europe = EU + EFTA + Croatia

Inventories: Inventory was reduced by 36% to 400,000 vehicles compared to 628,000 vehicles in stock at the start of the year.

FAURECIA

Faurecia revenues fell 20.8% in Q3 to €2 268 million compared to the same period in 2008.

GEFCO

Gefco revenues fell 19.8% to €701 million as the economic slowdown reduced the logistics needs
across its customer network.

BANQUE PSA FINANCE

Banque PSA Finance revenues declined by 14.3% to €458 million, mainly due to the decline in wholesale loans.

Banque PSA Finance continued to benefit from the recovery in financial markets during the third quarter permitting a number of funding operations to be placed successfully. A new 2 year syndicated credit facility of €1.5 billion was signed with a pool of 12 international banks, two bond issues were placed for €500million and €750 million and Banque PSA Finance also benefited from a £420m loan from the Société de Financement de l’Economie Française (SFEF).

 

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