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21/04/2010 | April 21, 2010

First-Quarter 2010 Revenue up 27.5% to €14.0 Billion

First-Quarter 2010 Highlights

  • Consolidated revenue up 27.5% compared  with Q1-2009 (22.8% like-for-like) Automotive Division revenue up 22.4% compared  with Q1-2009
  • Share of the European car and light commercial vehicle market increased  to 14.6% from 13.5% in Q1-2009
  • Successful performance by the new Citroën C3, Peugeot 3008 and Peugeot 5008
  • Signs of an upturn  in the European light commercial vehicle market (up 6%), where the Group strengthened its leadership with a 22.7% share
  • Sustained  recovery  at  Faurecia,  with  revenue  up  32.2% like-for-like and  59.5% including the acquisition of Emcon

 Outlook  for 2010

In Europe, the Group still expects automotive markets to contract by around 9% over the year. Its market share should continue to increase compared with 2009, led by the full-year impact of models introduced in recent months and those currently being launched, such as the Citroën DS3 and the Peugeot RCZ.

Outside Europe, the Group will maintain unit sales growth thanks to fast rising demand in local markets and the launches of the Citroën C5 and the Peugeot 408 in China and of the Peugeot Hoggar, the C3 Aircross and the

the Peugeot 408 in Latin America.

PSA Peugeot Citroën now expects to report significant recurring operating income for first-half 2010, including a positive contribution from the Automotive Division.

Philippe  Varin, Chairman of the PSA Peugeot Citroën Managing Board, said:

“I am very confident that our sales and marketing momentum and the deployment of the performance plan will enable the Group to limit the impact of a business environment that risks being difficult in Europe in the second half.”

AUTOMOTIVE DIVISION

Automotive Division sales rose by a sharp 22.4% to €10,619 million in the first three months of 2010, led by the growth in unit sales as demand held firm over the period and by market share gains in Europe. Group worldwide sales amount to 914 000 units up 28.2%.

Revenue from new vehicle sales climbed 26.6%. This increase was impacted by various factors: volumes, +25.9%, product mix +7%, price -2.5%,     currency +1.9%, country mix -0.2%, others -5.5%.

HIGHLIGHTS BY REGION (registrations):

 Europe*: European markets rose 9% overall in the first quarter, but growth varied by region. Western European markets grew by 11%. The most glaring exception was Germany, where demand fell 21.5% after scrappage incentives were eliminated. Such schemes remained in effect in France, Italy and United Kingdom, however, driving, respectively, 15.6%, 23.3% and 25.9% gains in passenger car and light commercial vehicle registrations during the period. In Spain, the market turned sharply up after two difficult years, increasing by 41.2%.

On the other hand, the trend in Central and Eastern Europe remained deeply negative, with registrations down 18% over the quarter. 

In this environment, PSA Peugeot Citroën increased its registrations by 17.1%, benefiting fully from its dominant position in fuel-efficient, low-carbon compacts and the success of its new models. Market share rose to 14.6% in the region, from 13.5% in first-quarter 2009, with particularly strong gains in Italy (up 1.8 points to 11.6%) and in the United Kingdom (up 0.3 points to 9.5%). Share remained almost unchanged in France (33.3%), Germany (5.9%) and Central and Eastern Europe (9.4%), and eased back slightly in Spain (to 19.1% from 19.4%).

 After two lacklustre years, the light commercial vehicle market rebounded during the quarter, gaining 6.1%. PSA Peugeot Citroën strengthened its leadership position by widening its market share to 22.7% from 22.2% in first- quarter 2009.

 Russia:  The Russian market remained very difficult, with a 25% drop in the first quarter. Group registrations fell by 39.7%, causing market share to decline to 2.7% (comparable to the full-year 2009 figure) after several years of growth. The Group will continue to expand in Russia, where the production start-up ceremony at its new plant in Kaluga is scheduled for 23 April. Local production should enable the Group to restore sale growth momentum and once again increase its market share.

Latin America  (Brazil, Argentina, Mexico, Chile) : In line with the final quarter of 2009, Latin American markets turned in another period of strong growth (up 15%), particularly in Brazil (up 16.7%) and Argentina (up 16.8%). Group registrations rose 6.7%, while market share stood at 5.3%.

China:  The  Chinese  market  remained  very  dynamic,  with  demand  rising  27%  in  the  first  quarter.  With registrations up 24.2%, the Group maintained its market share at 3.1%.

CKD Units: CKD sales increased 19.1% to 111,000 units during the period.

 

PRODUCT HIGHLIGHTS

Despite the deep recession, PSA Peugeot Citroën continued to build the future by holding R&D expenditure steady at prior-year levels. In this way, the Group successfully maintained the steady pace of new model launches and capitalised on its competitive strengths, notably in low-carbon vehicles. The latest introductions helped to drive market share gains in Europe. The new brand images – Citroën’s “Créative Technologie” unveiled in 2009 and Peugeot’s “Motion & Emotion” presented last January – were very favourably received and have impelled a new dynamic at both brands.

The vehicles launched in 2009 remained as popular as ever in first-quarter 2010, with the Citroën C3 Picasso selling 23,600 units, versus 13,000 in the year-earlier period, and the Peugeot 3008, Peugeot’s first crossover that was introduced in spring 2009, totalling 30,700 units.

The new models brought to market in late 2009 and early 2010 have also got off to a very promising start. With 20,400 units sold, the Peugeot 5008 has strengthened the brand’s positioning the C segment and represents large additional volumes.

Thanks to the sustained success of the Peugeot 206+, 207 and 107, which sold a total of 242,100 units, Peugeot reported a 14.2% increase in sales in the compact segment.

Also in the compact segment, the new C3 marketed since January also enabled Citroën to strengthen its position, with 81,500 C3 and C3 Classic units sold in the first quarter, up 52%. The brand’s segment position should also be enhanced by the very positive launch in March of the Citroën DS3, which has already sold 11,100 units.

The Citroën C4 sold 57,600 units, up 58%, with the C4 Picasso version confirming the brand’s success in the compact MPV segment, with sales gaining 10.1% to 38,200 units. The Citroën C5 has proven highly successful, with sales soaring 81.2% to 33,300 units for the quarter.

Inventories After the sharp reduction in 2009, inventories were maintined at 62 days sales or 487,000 vehicles at 31 March 2010.

PRODUCT HIGHLIGHTS

 Despite the deep recession, PSA Peugeot Citroën continued to build the future by holding R&D expenditure steady at prior-year levels. In this way, the Group successfully maintained the steady pace of new model launches and capitalised on its competitive strengths, notably in low-carbon vehicles. The latest introductions helped to drive market share gains in Europe. The new brand images – Citroën’s “Créative Technologie” unveiled in 2009 and Peugeot’s “Motion & Emotion” presented last January – were very favourably received and have impelled a new dynamic at both brands. The vehicles launched in 2009 remained as popular as ever in first-quarter 2010, with the Citroën C3 Picasso selling 23,600 units, versus 13,000 in the year-earlier period, and the Peugeot 3008, Peugeot’s first crossover that was introduced in spring 2009, totalling 30,700 units.The new models brought to market in late 2009 and early 2010 have also got off to a very promising start. With20,400 units sold, the Peugeot 5008 has strengthened the brand’s positioning the C segment and represents large additional volume Thanks to the sustained success of the Peugeot 206+, 207 and 107, which sold a total of 242,100 units, Peugeot reported a 14.2% increase in sales in the compact segment. Also in the compact segment, the new C3 marketed since January also enabled Citroën to strengthen its position, with 81,500 C3 and C3 Classic units sold in the first quarter, up 52%. The brand’s segment position should also be enhanced by the very positive launch in March of the Citroën DS3, which has already sold 11,100 units.The Citroën C4 sold 57,600 units, up 58%, with the C4 Picasso version confirming the brand’s success in the compact MPV segment, with sales gaining 10.1% to 38,200 units. The Citroën C5 has proven highly successful, with sales soaring 81.2% to 33,300 units for the quarter. Inventories After the sharp reduction in 2009, inventories were maintined at 62 days

FAURECIA

Faurecia maintained its turnaround momentum in the first quarter, with a 59.5% increase in revenue to €3,202 million. This reported growth included the €533 million contribution from newly acquired Emcon, which has been consolidated since 1 January. Like-for-like growth was 32.2% for the period. Revenue from product sales was up 40.7% to €2,534 million. Growth was fairly evenly distributed among the business units, with automotive seats gaining 36.7%, interior systems 46.3%, emissions control technologies 46.1% and automotive exteriors 32.9%.

 

GEFCO

Gefco revenue totalled €842 million for the quarter, a 26.7% increase led by the growth in business with Group companies (up 38.3%) and automotive equipment manufacturers (up 28%). Diversification of the customer portfolio also enabled the company to capitalise fully on the recovery in other manufacturing sectors.

BANQUE PSA FINANCE

Banque PSA Finance’s revenue edged back 1.1% to €457 million in the first quarter. The loan book rose by 3.2% to €22.9 billion, while a total of 218,000 new loans were originated, up 0.9%

 

 


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