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20/10/2010 | 20 October 2010

Third-Quarter 2010 Revenues up 10.3% to €13 billion

Third-Quarter 2010 Highlights

  • Consolidated revenues up 10.3% compared with Q3-2009
  • Automotive Division revenues up 2.3% compared with Q3-2009
  • Market share growth in Europe, Latin America and China
  • Faurecia’s revenues up 11.5% like for like, increase of 44.1% including the Emcon and Plastal acquisitions

Outlook for 2010

PSA Peugeot Citroën is upgrading its outlook in view of its recent performance and improved visibility.
The European market is now estimated to be down 5% in 2010 in a highly competitive environment. The Chinese market should grow by nearly 20% and growth in Latin America should be close to 10%. In all of these markets,
the Group expects to increase its market share over the full year.
The Automotive Division is now expected to break even in the second half and the Group should report recurring operating income for the year of more than €1.5 billion. The net debt of the manufacturing and sales companies
at 31 December 2010 should be at a similar level to the end of June 2010 representing a reduction compared to the end of December 2009.


Automotive Division sales rose by 2.3% to €9,465 million in the third quarter of 2010, taking the year-to-date increase to 9.8%. Growth was led by market share gains both in and outside Europe and by firm demand in
international markets.
The Group’s worldwide sales totalled 808,400 vehicles in the third quarter, up 2.6%, with sales of assembled vehicles 0.8% higher at 699,000 units. Worldwide sales in the first nine months came to 2,664,100 vehicles, an
increase of 12.2%.

Revenues from new vehicle sales were stable in the third quarter at +0.2%. Lower unit sales of assembled vehicles had a 1.8% negative impact (excluding China), changes in product mix had a positive effect of 5.8% and changes in net prices had a 1.5% negative effect giving an overall positive effect of 4.3%. The currency effect was a positive 3.5%, changes in country mix had a 0.3% negative effect and other effects represented a negative

HIGHLIGHTS BY REGION (registrations):

Europe: As expected, European automotive markets declined in the third quarter, contracting by 11.4% overall.
The Group delivered a resilient performance in this environment, with registrations down 10%.
Western European markets narrowed by 11.8%. The biggest falls were in Germany (down 23.4%), Italy (down 21.2%) and Spain (down 23.6%), due to the withdrawal of scrappage incentives in these countries. The market
was more resilient in France, where scrappage incentives were reduced, with car and light commercial vehicle registrations down 6%. In the United Kingdom, where scrappage incentives ceased last summer, the market
declined by 8.3%.
The trend in Central and Eastern Europe also remained negative, with registrations down 5.1% over the quarter.

In this environment, the Group’s successful new products helped to lift its market share in Europe to 13.7% in the third quarter from 13.5% in the same period of 2009. The strongest gains were in the United Kingdom (up 0.8
points to 10.2%), Italy (up 0.2 points to 11.5%) and Central and Eastern Europe (up 0.1 points to 9.6%). Market share remained almost unchanged in France (at 32.3%), but declined in Germany (to 5.5%) and in Spain (to 17.6%).

Group registrations in Europe over the first nine months were up 2% and its market share was 0.7 points higher at 14.3%.

After two gloomy years in 2008 and 2009, the light commercial vehicle market started to recover in early 2010 and the trend was confirmed in the third quarter with total registrations for the period up 8.7%. PSA Peugeot Citroën is solidly anchored in the No.1 position, with 21.1% of the market in the third quarter and 22.0% in the first nine months of the year.

Russia: After a very challenging 2009 and a weak first-quarter 2010, the market took off with growth reaching 52.3% in the third quarter. Group registrations in this market surged by 71.1% and its market share rose to 3.2%
in the third quarter (2.8% for the first nine months of 2010). PSA Peugeot Citroën is continuing to expand its Russian operations. Local production helped the Group to restore growth momentum and once again increase its
market share.

Latin America (Brazil, Argentina, Mexico and Chile): The Latin American markets have enjoyed a resounding return to growth since the fourth quarter of 2009. In the third quarter of 2010, overall market growth in the region came to
11.8%, led by increases of 32.7% in Argentina and 6.5% in Brazil. Group registrations for the quarter rose 26.2%,
while market share in the region was 0.6 points higher at 5.8%.

China: The Chinese market remained very dynamic, with demand rising 17.7% in the third quarter. The Group’s market share improved to 3.4%, reflecting 30.9% growth in registrations. The Group has expanded its efforts in
China to develop its market share. A contract was signed July 9th 2010 for a second automotive Joint Venture in China that will produce complementary line-ups to DPCA. It also strengthened its partnership with Dongfeng Motors that will enable DPCA to achieve its goal of a 5% share of the Chinese market by 2015.

CKD UNITS: CKD sales increased 16.1% in the third quarter of 2010, to 109,000 units.

PRODUCT HIGHLIGHTS (first nine months of 2010)

The Group has maintained the steady pace of new model launches, notably low-carbon vehicles. During the first nine months of 2010, a total of 640,000 Peugeots and Citroëns emitting no more than 120g of CO2 /km were sold. In the coming weeks, the Group will continue to provide efficient answers to environmental issues with the launch of two electric vehicles – the Citroën C-Zero and the Peugeot iOn – and market wide deployment of the e-HDI micro-hybrid technology.

Both brands are thus maintaining their momentum in 2010 and the latest launches have delivered market share gains in Europe.

The new C3 marketed since January and the DS3 introduced in March have enabled Citroën to strengthen its position in the compact segment. A total of 235,600 Citroën C3 and C3 Classic units were sold in the first nine
months of the year, an increase of 46% over the year-earlier period. With 43,000 units sold, the DS3 has been an outstanding marketing success and the Group has increased production to keep pace with demand. Sales of the
Citroën C3 Picasso held firm at 60,800 units (an increase of 1%). In all, Citroën consolidated its position in the compact segment with sales up 22% to 433,000 units.

Peugeot-brand unit sales in the compact segment grew 3.6%, with a total of 697,300 units in the 206+, 207 and 107 ranges sold during the first nine months of the year.

In the C segment, sales of the Peugeot 308 amounted to 168,800 units, a decline of 12%.
Thanks to the Citroën C4’s success in international markets, sales of this model totalled 162,900 units, an increase of 10.2%. This model is due to be replaced in Europe starting in October.

In the compact MPV segment, sales of the Citroën C4 Picasso contracted by 9.7% to 99,400 units, while sales of the Peugeot 5008 launched in October 2009 came to 54,600 units. These additional sales helped the Group to
report strong growth in this segment.
Peugeot’s first crossover model, the 3008, has gone from strength to strength since its launch in spring 2009, with 93,500 units sold during the first nine months of 2010, up 173%.

Lastly, sales of the Citroën C5 continued to grow, rising 37% to 87,000 units.

Inventories: After the sharp reduction in 2009, inventories were increased slightly at the end of the first-half to meet the seasonal upturn in demand. At end-September, they were brought back down to the target level 61
days’ sales, corresponding to 468,000 vehicles.



Faurecia maintained its turnaround momentum in the third quarter, with a 44.1% increase in revenues to €3,267 million. The increase included contributions of €610 million from Emcon, consolidated from 1 January 2010, and
€110 million from Plastal Germany, consolidated from 1 April. Based on a comparable scope of consolidation and at constant exchange rates, like-for-like growth was 11.5% for the period. Revenues from product sales were up
32.4% at €2,524 million, reflecting increases of 7.4% for automotive seats, 16.3% for interior systems, 147.4% for emissions control technologies and 55.5% for automotive exteriors.


Gefco’s revenues totalled €794 million for the quarter, a 13.3% increase that was attributable to a 10.2% rise in revenue from business with Group companies and an 18.9% surge in external revenue. Growth in external revenue was driven by diversification of the customer portfolio, as well as by market share gains in various segments of the industrial market (such as electronics manufacturers) and in expanding geographic markets such as Russia and Central & Eastern Europe.


Banque PSA Finance’s revenues inched up 1.3% to €464 million in the third quarter. The loan book rose by 1.6% to €22.8 billion, while a total of 207,000 new loans were originated during the quarter, up 2.7%.

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