PSA Citroen Peugeot: First-Quarter 2013 Consolidated Revenues

PSA Citroen Renault: First-Quarter 2013 Consolidated Revenues – Strong increase in sales in China

Automotive Division revenues declined by 10.3% in the first quarter of 2013 to €8,722 million from €9,719 million in the year-earlier period.

Excluding CKDs, worldwide sales stood at 674,000 vehicles, down 2.5%, (total sales amounted to 675,000 vehicles, down 14.6%). This reflects volumes contractions of 16.9% in Europe and 26.7% in Russia, partially offset by a 31.1% growth in unit sales in China, Latin America and the rest of the world.

Revenues from new vehicle sales amounted to €6,022 million during the period compared with €6,978 million in first-quarter 2012, a 13.7% decrease

• €13 billion in consolidated revenues, down 6.5% compared with first-quarter 2012

The first quarter of 2013 saw demand decline by a steep 10% in Europe, with particularly sharp drops in the markets where PSA Peugeot Citroën is most present, notably France, Italy and Spain. Despite this challenging environment, the Group continues to focus on its recovery plan, with several achievements:

The restructuring plan for the French industrial activities is approaching the implementation phase, following the agreement by five unions on 18 March, and with the site revitalisation and support measures as announced.
• A robust level of financial security is maintained, with the successful bond issues for €1 billion for PSA Peugeot Citroën and for €1.2 billion for Banque PSA Finance, with the first tranche of the guarantee of the French State.
• Start of the execution phase of the alliance with General Motors. The initial joint procurement negotiations have been completed, the vehicle and platform projects are underway and new initiatives are under consideration.
• New model launches with the Citroën DS3 Cabrio and the Peugeot 2008, 208 GTI and XY, the new Citroën C4 Picasso and the new Peugeot 308 will come later in the year on the new EMP2 platform.
• A market share of 3.9% in China during the period, with unit sales up 31% and a dividend of c. €100 million from DPCA.

• Automotive Division revenues down 10.3% year-on-year, mirroring a 10% contraction in the European market

The European automotive markets contracted by a sharp 10% in the first quarter.

Demand in Western Europe ended the period down by 10%, with significant country variations. In Southern Europe, where the Group is heavily present with 55% of its European sales, demand fell sharply, with declines of 14% in France, 14% in Italy and 12% in Spain. The market shrank by 13% in Germany, but rose by 8% in the United Kingdom.

China & Latin America

In a market that rose substantially in the first quarter, based on invoices, PSA Peugeot Citroën outperformed the market, growing its share to 3.9%. Unit sales increased by 31.1%, led by the success of two major launches in the C segment, the Peugeot 3008 and the Citroën C4-L, and by the expansion of the dealership networks.

DPCA, the Group’s first joint-venture will further extend its model line-up by year-end, while CAPSA, the second joint-venture, will begin local production of the DS5 at its Shenzhen plant in the second half with a network of over 60 dealers.

Demand rose by a slight 2% overall in Latin America in the first quarter. The Group’s unit sales climbed 24.8% compared with first-quarter 2012, when technical issues delayed the restart of production at the Porto Real plant. As of 31 March, the Group’s market share stood at 5.3% compared with 5.1% a year earlier, with a 2.8pt gain in Argentina. The locally-produced Peugeot 208 will be launched during Q2 in Brazil and in H2 in Argentina, two further new models will contribute to refreshing the line-up in 2013, the Citroën C4-L and DS4.

Source PSA Citroen Peugeot.

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