PSA to target 50% of sales outside Europe in 2015 and 67% in 2020

GM acquires 7% stake in PSA, forming comprehensive business ties

2012/06/25

Summary

 PSA's unit sales in 2011 fell 1.5 % y/y to 3.549 million units, due to declined sales in Europe affected by its credit uncertainty. Although revenue grew by 6.9% y/y to 59.91 billion euros thanks to increased premium models, operating income fell by 26.8 % y/y to 1.32 billion euros. Automotive Division posted an operating loss of 90 million euros as a result of fiercer price competition, effects of the Great East Japan Earthquake and soaring material costs. (In 2010, operating income of 620 million euros posted.)

 PSA plans to improve its financial performances by expanding sales outside Europe, introducing premium cars and competitive compact cars, reducing procurement/fixed costs and collaborating with other companies.

 As for markets outside Europe, the Group is focusing on businesses in emerging countries. It aims to raise the ratio of sales outside Europe from 42 % in 2011 to 50 % in 2015 and to two-thirds in 2020. Especially in China, it is increasing production capacity at its two joint ventures, Dongfeng Peugeot-Citroen Automobile and Changan PSA. The OEMs are expected to establish operations to output a total of 950,000 units/year in 2015.

 In order to improve the product mix, PSA will introduce premium models to both Peugeot/Citroen brands. In 2012, it plans to launch the Peugeot 208, the fuel-efficient, much lighter successor of the most selling Peugeot 207, as well as four models of the world premier diesel HVs.

 In order to improve free cash flow that dropped to negative 1.6 billion euros in 2011, in 2012 PSA will implement a cash management program. Specifically, it will save 1 billion euros by reducing procurement/fixed costs and 1.5 billion euros by selling off assets. It will also rein in capital expenditure and R&D spending.

 In order to reduce development/procurement costs, PSA is promoting tie-ups. In February 2012, GM and the Group agreed to form a business alliance with capital involvement. GM has acquired a 7 % equity stake in PSA. The partners will share selected platforms, modules and components and jointly purchase parts on global basis. With the BMW Group, PSA established a joint venture in October 2011 to develop and manufacture HV/EV components.


Related Reports: PSA (Aug. 2011)



Emerging markets: Highlights in China, Latin America, Russia and India

 PSA plans to expand sales and production capacity in emerging markets so that markets outside Europe should account for 50% of its unit sales in 2015 and two-thirds in 2020, compared to 42 % in 2011.

 In China, Dongfeng Peugeot-Citroen Automobile (DPCA), PSA's joint venture with Dongfeng Motor Corp., is currently building the third plant. When the plant will be in full operation in 2015, the three DPCA plants' production capacity will total 750,000 units/year. At Changan PSA Automobiles Co., Ltd., its joint venture with Changan Automobile Group, a plant with an annual production capacity of 200,000 units is under construction. It is expected that the Group should have a total production capacity of 950,000 units in 2015 in China.

 In Brazil, PSA plans to double its vehicle production capacity to 300,000 units/year and its engine production capacity to 400,000 units/year by 2015. In Russia, it plans to launch a total of six models including the Peugeot 508 and the Citroen DS4 and to commence CKD assembly of the Peugeot 408 in 2012.

 In spite of its decision to re-enter the Indian market, announced in February 2011, and its plan to set up a new vehicle plant, PSA announced rescheduling of the project in January 2012. It is currently working to prioritize investments.

China: Fifty-fifty joint venture with Dongfeng Motor Corp. (Dongfeng Peugeot-Citroen Automobile: DPCA)

DPCA's unit sales in 2011 grew 7.4% y/y to 404,000 units. It aims to increase its market share to 5% by 2015 from 3.4% in 2011.
New car launches  C & D segment cars: New flagship Peugeot 508 and the medium sedan Peugeot 308 (monthly sales target: 6,000 units) launched in July and October 2011. Mid-size Citroen C4 sedan and its hatchback launched in March and May 2012. The first SUV to be released in 2012.
Engine
manufacturing
 DPCA commenced construction of a new plant in May 2012 at the site of a powertrain plant in Hubei Province. It will manufacture PSA's fuel-efficient EB engines (1.2L, three-cylinder, turbo-charged direct injection engine). It is scheduled to be fully operational in 2014 with the annual production capacity of 200,000 units.
 3 new engines to be launched in 2012.
The third plant  DPCA started construction of its third plant in Wuhan, Hubei Province in May 2011. The initial capacity at the phase I completion scheduled for September 2013 will be 150,000 units and the full capacity to be available in 2015 will be 300,000 units. By 2015 the overall capacity of DPCA's three plants should amount to 750,000 units/year.
Sales network  Dealers increased by 34% to 646 in 2011.

Source: PSA Q1 2012 Sales and Revenue (Presentation), Press Release 2011.10.20, DPCA Press Release 2012.5.11

China: Fifty-fifty joint venture with Changan Automobile Group (Changan PSA Automobiles Co., Ltd.: CAPSA)

 Changan PSA held a foundation ceremony in November 2011. With an initial investment of 8.4 billion RMB (1.03 billion euros) including the capital amount of 4 billion RMB, the JV is building a vehicle plant with an annual capacity of 200,000 units and an engine plant with a capacity of 200,000 units in Shenzhen, Guangdong Province.
 Changan PSA will focus on introducing light commercial vehicles and the Citroen DS line. It plans to start import and sales of the first Citroen DS in 2012 and local production of the first DS in mid 2013. At the end of 2014, it will manufacture three DS models locally and import and sell two DS models. The market share target is 3%.

Source: PSA Full Year Results 2011 (Presentation), Q1 2012 Sales and Revenue (Presentation)

 

Latin America: 6 new model launches in 2012

 The Group unit sales in 2011 in Latin America grew 10.9% y/y to 326,000 units, but in Q1 (first quarter/January-March) 2012, it fell 25.3% y/y. The reasons include the growth rate of local automobile market dropped to 2% (Brazil: 1%) and delayed resumption of production at the Porto Real plant in Brazil due to technical problems after production capacity expansion works. The market share target for 2015 is 7%, while the share was 5.1% in Q1 2012. Dealers increased to 590 at the end of 2011 from 568 in the previous year.
 Peugeot 308 launched in Q1 2012. 5 more models, Peugeot 508, Citroen C3, DS3, DS4 and DS5, will strengthen the lineup in 2012.
Brazil: By 2015 PSA will increase vehicle production capacity to 300,000 units/year and engine capacity to 400,000 units/year.
 The Group unit sales in Brazil grew 1.2% y/y to 168,000 units in 2011 but dropped 24.9% y/y in Q1 2012.
 PSA announced in October 2011 further investments in Brazil over the 2012-2015 period at 240 million euros a year as part of its growth strategies in the Brazilian market, after investing 530 million euros in 2010-2011. Its annual production capacity at the Porto Real plant will then be doubled to 300,000 vehicles and 400,000 engines in 2015.
 PSA will start manufacturing and sales of eight new Peugeot and Citroen brand models in Brazil from 2012 to 2015. It will also broaden its sales networks to 480 dealers in 2015 from 320 in 2012.

Source: PSA Q1 2012 Sales and Revenue (Presentation), Press Release 2011.10.26

 

Russia: 2011 sales grew 33.9% y/y to 75,000 units

 The Group sales in Russia in 2011 increased to 75,000 units, up 33.9% y/y. Sales in Q1 2012 also expanded, up 22.4% y/y. Q1 market share was 3%, while it was 2.8% the previous year.
 Peugeot 308 and Citroen C4 launched in 2011. Peugeot 508 and Citroen DS4 launched in March and April 2012. Four more models including Peugeot 408 in CKD will be launched in 2012. 141 dealers at the end of 2011 compared to 128 the previous year.

Source: PSA Q1 2012 Sales and Revenue (Presentation)

 

India: New plant construction project rescheduled

 PSA announced in January 2012 suspension of its new plant project in India. It is working on investments prioritization because its financial situation has been deteriorated by steep sales decline in Europe in 2011. It still exhibited Peugeot 508/3008 at the Delhi Auto Expo held in January 2012 and continues to put emphasis on the India market, according to PSA.
 In February 2011, PSA had announced its decision to re-enter the India market, held the groundbreaking ceremony in Sanand, Gujarat, West India in November 2011 and scheduled manufacturing of Peugeot models to start from 2014. With 40-billion rupee (650 million euros) investment, it had planned to build a vehicle plant to produce 170,000 units/year as well as a powertrain plant.

Source: PSA Press Release 2011.9.1/2011.11.3, Automotive News Europe 2012.1.31

 



Model plan: the Citroen DS5 and Peugeot 4008/ Citroen C4 Aircross, PSA premium models, to be launched

 The Group will introduce high-grade models, whose ratio has been low in its lineup, into both Peugeot and Citroen brands in order to improve the model mix. In 2012 it will release the Citroen DS5, the third model of Citroen's premium DS line, and the Peugeot 4008/ Citroen C4 Aircross, the OEM-supplied SUV based on the Mitsubishi RVR. In addition, it plans to launch in Europe the Peugeot 208, the fuel-efficient, lighter successor of the most selling Peugeot 207, in the highly competitive B-segment. To emerging markets, it will introduce the Peugeot 301 compact sedan suited for extreme temperatures and unfriendly road conditions. It will launch four diesel HVs as well.

New model launches in 2012 (Peugeot 208 explained in the separate chart below)

Model Launch Outline
*Citroen DS5 January
2012
 A medium crossover. Higher grade Citroen model. The third in the DS line. Based on the C4 platform, except it has a longer wheelbase. Available in 1.6-liter petrol engine and 1.6/2.0-liter diesel engines. Hybrid4 (diesel hybrid) is also available.
*Peugeot 4008/
*Citroen C4 Aircross
Q2 2012  An OEM-supplied SUV of the C-segment, based on Mitsubishi RVR (ASX in Europe). European models available in 1.6/1.8-liter turbo-diesel engines with 6-speed MT. Non-European models also available in 2.0-liter petrol engine with 5-speed MT or CVT.
Peugeot 301 November
2012
 A compact four-door sedan for emerging markets. With modern styling and advanced equipments, it is adaptable to extreme temperatures and unfriendly road conditions. 4.44m long. Wheelbase of 2.65m. The largest occupant space in the rear seats and the largest boot volume in its segment. Available in the 1.2-liter three-cylinder petrol engine and the 1.6-liter petrol/diesel engines. Manufactured at Vigo plant, Spain, it will be marketed fist in Turkey then in Central and Eastern Europe, Russia, Ukraine, Greece, Maghreb, Middle East, Africa and Latin America.
Source: PSA Press Release 2012.5.24, PSA Full Year Results 2011 (Presentation),
Q1 2012 Sales and Revenue (Presentation)
(Notes) 1. Asterisk (*) indicates models launched by PSA as premium models.
2. Premium models other than those listed above include Peugeot 206CC/207CC/308CC/3008/RCZ, Citroen DS3/DS4 in the A, B and C segments, and Peugeot 508/407/607/4007, Citroen C5/C6/DS5/C-Crosser in the D and E segments.

 

Peugeot 208, a core model in the B-segment, launched in March 2012

Outline  The successor of the most selling Peugeot 207 and a core model in the B-segment. Available in 3-door/5-door hatchbacks. 110 kg lighter and 7 cm shorter than Peugeot 207, yet offers 5 cm more legroom in the rear seat and 15 liters (VDA standard) larger trunk. Uses Peugeot's new design language adopted by the new 508 launched in autumn 2010, offering the simple and elegant style.
Engines and
environmental
features
 Newly developed 1.0/1.2-liter three-cylinder petrol engines made in Tremery, France. The 1.0-liter engine consumes only 4.3 L/100 km (NEDC combined cycle), for CO2 emissions of 99 g/km. The diesel engine equipped with the micro-hybrid technology e-HDi (start-stop system) emits only 87g of CO2 /km, equivalent to 3.4 L/100 km (NEDC combined cycle) consumption.
R&D  With an investment of 350 million euros, approx. 500 employees engaged full time during its four years of development.
Production  150 million euros invested in PSA's Poissy plant in France. Started production in January 2012 with initial employees of 700. Another 100 million euros invested at the Group's Mulhouse facility to start producing Peugeot 208 in the summer of 2012.
 Peugeot 208 will also be produced at Group plants in Trnava, Slovakia for the Central and East European markets and in Porto Real, Brazil for the Latin American market, starting in 2013.
Sales target  550,000 units in the world, including 420,000 units in Europe, in 2013.

Source: PSA Press Release 2012.1.27, Automotive News Europe 2012.5

 

Four diesel hybrids to be launched in the First half of 2012

 With the PSA's diesel hybrid system, Hybrid4, the 2.0-liter four-cylinder turbo diesel engine (163 hp maximum output/300 Nm maximum torque) drives the front axel, while the electric motor (37 hp maximum output/200 Nm maximum torque) drives the rear. It is equipped with 6-speed EGC (Electronically Controlled Gearbox = AMT: Automated Manual Transmission) and Sanyo Electric Co.'s nickel metal hydride batteries. The following four operating modes are available. 1) AUTO: automatic selection between diesel and electric driving to get maximum mileage, 2) ZEV: all electric driving up to 35-37 mph, 3) 4WD: full power four-wheel drive using both diesel engine and electric motor and 4) SPORT: combines engine and motor for higher responsiveness.
Peugeot 3008 Hybrid4  The world's first diesel hybrid. NEDC combined cycle fuel economy of 74.4mpg with CO2 emissions of 99g/km.
Peugeot 508 RXH Hybrid4  68.9mpg, 107g/km
Peugeot 508 Hybrid4  78.0mpg, 95g/km
Citroen DS5 Hybrid4  The first Citroen with Hybrid4. 74.3mpg, 99g/km

Source: Peugeot UK's website, Citroen UK's website
Note: "mpg" above stands for "miles per imperial gallon." 1 mile/imperial gallon = 0.8326 mile/US gallon

 

 



2012 Action Plan to improve free cash flow

 In order to improve free cash flow that dropped to negative 1.6 billion euros in 2011, in 2012 PSA will implement the Action Plan to save cash. Specifically, it plans to save 400 million euros by reducing the procurement cost, 600 million euros by cutting the fixed costs and 1.5 billion euros by selling off assets. It will also rein in capital expenditure and R&D spending by changing its investment plan as with the India plant construction project that has been postponed.

2012 Action Plan announced in February 2012

Cost reduction 2012 cost reduction target raised to 1billion euros from 800 million euros announced in November 2011
► 400 million euros in procurement
  - Target already secured at 80%
► 600 million euros in fixed costs compared to 400 million euros in November 2011
  - 300 million euros in SG&A, 100 million euros in R&D, 200 million euros in Manufacturing
Investments
prioritization
► Automotive capital expenditure and R&D to be reduced in 2012:
  - India project rescheduled
  - Selected capacities postponed
  - Less profitable projects stopped
Asset disposals Total asset disposals in 2012: 1.5 billion euros
► Rental car subsidiary CITER disposal: 448 million euros net debt reduction
► Paris headquarters building disposal: Agreed at 245 million euros
► Group logistics subsidiary GEFCO: Stock sale planned

Source: PSA Q1 2012 Sales and Revenue (Presentation)

 



Alliances for development/procurement cost reduction

PSA-GM capital & business alliance

 In February 2012, PSA agreed with GM to form a long-term, comprehensive business alliance with capital involvement. GM has acquired a 7 % equity stake in PSA. The partners will share selected platforms, modules and components and establish a company for joint parts procurement on a global basis. PSA and GM plan to market a new model using a common platform by 2016.

PSA & GM to form capital & business alliance

Business alliance  In February 2012, PSA & GM concluded an agreement on a long-term, global tie-up. Two major projects: 1) Sharing selected platforms, modules and parts, and 2) Establishing a joint venture for global parts procurement for combined USD 125 billion/year approximately. The joint projects to start by the end of 2012.
Capital alliance  Capital alliance has been formed by PSA increasing 1 billion euros in capital and GM undertaking a part of it. GM has acquired a 7% stake in PSA, which made itself the second largest shareholder after the Peugeot Family Group.
Joint project  The partners will release the first model using a common platform by 2016. In March 2012, five working groups were formed for joint development of the following products: 1) large-size sedan, 2) spacious compact car, 3) small cars targeting emerging markets, especially Latin America, 4) platforms for a low emission small car and other models and 5) DCT gear box.
 PSA subsidiary Gefco will provide GM with logistics services in Europe and Russia.
Synergies  Identified synergies estimated at USD 2 billion annually within five years on current projects, which will be split in half.

Source: PSA Press Release 2012.2.29/2012.3.23

 

PSA-BMW joint venture for HV/EV launched

 PSA and the BMW Group established a joint venture in October 2011 to develop and manufacture HV/EV components. First, the JV started operations at the R&D facility opened in Germany. Production in France will start in 2015.

 PSA and BMW have been working together as partners since 2002. They have jointly developed a 4-cylinder petrol engines and over 1.8 million units have already been produced for MINI, Peugeot and Citroen brand models. In February 2010, they also agreed to develop jointly the next-generation 4-cyclinder engines.

PSA-BMW: HV/EV joint venture launched

Establishment
of joint venture
 PSA and BMW established BMW Peugeot Citroen Electrification GmbH, a JV to develop and manufacture HV and EV components and started operations in October 2011. The partners are investing a total of 100 million euros. It will develop and produce high-voltage batteries, electric motors, generators, power electronics and energy management software. The JV will sell the hybrid systems to third parties as well.
R&D Centre  The new R&D Centre in Munich will hire about 400 employees, mainly engineers, by the end of 2011 and develop and design HV/EV components.
Production
facilities
 The plant will be located in Mulhouse, France, which is scheduled to start manufacturing in 2015. Approx. 250 employees will be working when the plant is launched.

Source: PSA Press Release 2011.10.25

 



Global sales: Down 1.5% y/y to 3.55 million units in 2011; down 14.3% y/y to 790,000 units in the first quarter 2012

 PSA's 2011 global sales fell 1.5% y/y to 3.549 million units (including CKD kits). While sales in Europe dropped 6.2% y/y to 2.060 million units due to concern over credit risk, sales in Latin America, China and Russia increased 10.9% y/y, 7.4% y/y and 33.9% y/y, respectively. Sales outside Europe made up 42.0% of PSA's total sales in 2011.

 The global sales in the first quarter 2012 decreased 14.3% y/y to 790,000 units. Sales in Europe fell by 20.2% y/y since the markets in Southern Europe (areas south of France), which account for 60% of PSA's European sales, contracted. Although sales expanded in Russia and China, sales in Latin America declined by 25.3% due to softened demand and suspended production at the plant in Brazil.

 By model, sales of the higher-grade Peugeot 508 and Citroen DS4 launched in 2011 have been successful, which helped raise the proportion of premium vehicle sales to 18% of the total in 2011 from 13% in 2010. The Citroen DS5, another premium car released in January 2012, is also selling well.

PSA's global vehicle sales by region

(1,000 units)
2007 2008 2009 2010 2011 Jan.-Mar.
2011
Jan.-Mar.
2012
Europe 2,542 2,231 2,159 2,195 2,060 575.5 459.4
Russia 37 59 42 56 75 15.6 19.1
Latin America 266 263 232 294 326 69.6 52.0
China 209 179 272 376 404 102.6 109.1
Others 181 219 141 204 226 50.8 51.9
Total assembled vehicles 3,234 2,952 2,846 3,125 3,091 814.1 691.5
Total CKD 195 308 342 477 458 107.3 98.6
Global sales 3,428 3,260 3,188 3,602 3,549 921.4 790.1

Source: PSA Full Year Results 2011 (Presentation), Q1 2012 Sales and Revenue (Presentation)

 

PSA: Vehicle sales in Europe by model

Peugeot brand

(unit)
2010 2011 Jan.-Mar.
2011
Jan.-Mar.
2012
107 106,749 85,893 26,876 21,842
206 121,695 84,057 34,807 13,274
207 310,098 245,649 74,115 58,106
208 4,673
308 180,575 155,227 44,376 37,626
3008 117,422 115,896 31,674 27,339
4008 52
5008 71,672 69,954 19,141 14,722
407 29,044 4,886 3,635 104
508 727 85,699 10,951 24,179
807 5,562 6,198 1,707 1,302
4007 5,455 3,566 992 578
RCZ 11,909 15,742 4,795 3,264
iOn 33 1,926 262 393
Bipper 10,827 7,661 2,627 1,373
Partner 40,108 35,496 10,734 8,830
Expert 4,335 5,283 1,330 1,107
Others 2,919 1,772 498 316
Total 1,019,130 924,905 268,520 219,080

Citroen brand

(unit)
2010 2011 Jan.-Mar.
2011
Jan.-Mar.
2012
C1 102,023 82,965 24,468 19,063
C3 230,093 181,868 56,247 43,873
DS3 53,223 72,870 20,075 18,060
C3 Picasso 76,501 65,095 20,804 15,534
Xsara 25,639 5,026 3,161 16
C4 71,519 113,379 33,546 28,725
DS4 113 22,989 290 8,861
C4 Picasso 119,141 104,628 30,825 23,280
C4 Aircross 349
C5 74,679 61,686 17,703 12,048
DS5 5,029
C8 5,435 5,437 1,482 991
C-Crosser 6,972 4,322 1,092 572
C-ZERO 35 1,830 356 312
Nemo 11,949 7,739 2,627 1,111
Berlingo 53,847 46,735 13,459 12,631
Others 12,429 8,062 1,845 1,559
Total 843,598 784,631 227,980 192,014
PSA Total
PSA Total 1,862,730 1,709,540 496,501 411,094
Source: Automotive News Europe 2012.3/2012.5
(Notes) 1. The figures are taken from 29 countries in Europe. Vehicles registered as commercial vehicles are excluded.
2. The PSA total includes several models that are not included in any of the brands shown.

 

 



Automotive Division: An operating loss of 90 million euros in 2011; first quarter 2012 revenues down 13.7% y/y

 The Group revenue in 2011 increased to 59.91 billion euros, up 6.9% y/y. Operating income, however, dropped 26.8% to 1.32 billion euros. In the first half, PSA posted an operating income of 1.16 billion euros, up 1.8%, which sharply fell to 0.16 billion euros affected by the debt crisis in Europe. Automotive Division revenue rose 3.2% due to the expanded proportion of premium vehicles. Its operating income, however, fell into the red of 90 million euros from 0.62 billion euros surplus in 2010, affected by fiercer cost competition in the A/B segments, the Group's market mix, suspended parts supply due to the Great East Japan Earthquake, escalating material prices and other factors.

 The first quarter 2012 Group revenues declined 7.3% y/y to 14.29 billion euros. Automotive Division revenues were 9.72 billion euros, down 13.7% y/y, due to decreased demand, the Group's market mix, cost competition in Europe and other reasons.

 As for the market size in 2012, PSA expects the Europe 30 market to contract by 5% and by 10% in France. Outside Europe, it anticipates growth of 7% in China, 6% in Latin America and 5% in Russia. Although it has not revealed the financial outlook for 2012, it expects that the Group net debt should be reduced significantly, supported by asset disposals and other efforts.

PSA's consolidated results

(Millions of Euro)
2007 2008 2009 2010 2011 Jan.-Mar.
2011
Jan.-Mar.
2012
Sales and
Revenues
Manufacturing div.
(thereof) Automotive
61,734
45,519
57,190
41,643
50,445
38,265
58,552
41,405
62,682
42,710
16,202
11,262
14,951
9,719
Financing div. 1,999 2,088 1,823 1,852 1,902 470 496
Other div./eliminations (5,057) (4,922) (3,851) (4,343) (4,672) (1,258) (1,158)
Total 58,676 54,356 48,417 56,061 59,912 15,414 14,289
Recurring
operating
income
Manufacturing div.
(thereof) Automotive
1,144
858
(7)
(225)
(1,187)
(1,257)
1,289
621
783
(92)
Financing div. 608 557 498 507 532
Total 1,752 550 (689) 1,796 1,315
Net profit 885 (343) (1,161) 1,134 588
Operating
margin
Consolidated 3.0% 1.0% -1.4% 3.2% 2.2%
Automobile 1.9% -0.5% -3.3% 1.5% -0.2%
Source: PSA Full Year Results 2011 (Presentation), Q1 2012 Sales and Revenue (Presentation)
(Notes) 1. The manufacturing divisions other than Automotive Division include Gefco, a Transportation and Logistics division with 3.782 billion euros in revenues, and Faurecia, an Automotive Equipment division with 16.190 billion euros of revenues in 2011.
2. Recurring operating income is PSA's management index in use since 2007 and equals to operating income less non-recurring operating income.

 

PSA's automotive division: Factors behind the operating income and loss in 2011

(millions of Euro)
Income increase/decrease
Operating environment Market demand volume (1,044) 37
Fukushima impact (250)
Input cost (743)
Forex 88
Performance Product mix 331 678
Pricing & product enrichment (506)
Market share & volumes (204)
Production & procurement 557
SG & A (50)
R&D (165)
Other 21
Total (713)

Source: PSA Full Year Results 2011 (Presentation)
(Note) PSA reported a recurring operating income of 621 million euros in 2010 and a recurring operating loss of 92 million euros in 2011, resulting in an income decrease of 713 million euros for its automotive division.

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