Stellantis N.v. · EURONEXT:STLAP
Stellantis — PSA Peugeot Citroën — Q1 2013 Earnings Presentation
26 slides from Stellantis's earnings presentation, Apr 24, 2013
Slide 1: Résultats du 1er trimestre 2013
April 24th, 2013 Résultats du 1er trimestre 2013 – 24 avril 2013
Slide 2: Disclaimer
This presentation does not constitute an offer to sell, or a solicitation of an offer to buy, PEUGEOT SA (“Company”) shares. This presentation may contain forward-looking statements. Such forward-looking statements do not constitute forecasts regarding the Company’s results or any other performance
Slide 3: Q1 2013 Highlights
Q1 2013 Highlights ▐ Restructuring plan: on track for Q2 2013 ▐ Robust financial security: successful bond issues in Q1 for both PSA, and Banque PSA Finance with the State guarantee ▐ GM Alliance: first joint purchases undertaken, product & platform developments on going and new initiatives under re
Slide 4: 2013 First-Quarter Revenues
2013 FIRST-QUARTER REVENUES Jean-Baptiste de CHATILLON CFO and Member of the Managing Board 4
Slide 5: Q1 2013 Revenues: €13bn
Q1 2013 Revenues*: €13bn In million euros Q1 12 Q1 13 Change Automotive 9,719 8,722 -10.3% Faurecia 4,297 4,369 +1.7% Banque PSA Finance 496 451 -9.0% Other businesses (582) (517) - and intra-company eliminations Total revenues 13,930 13,025 -6.5% * Gefco revenues deconsolidated after the sale of 75
Slide 6: Market trends
Market trends ∆ vs. previous year Cars and light commercial vehicles – Market evolution Q1 2013 Q1 2013 Europe 30 -10% China* +19% Italy -14% Latin America** +2% France -14% Russia 0% Spain -12% UK +8% Germany -13% * Passengers vehicles on invoices market w/o imports ** Brazil, Argentina, Chile, Mex
Slide 7: Automotive: market share
Automotive: market share ► LCV: European leader with 22.1% market share +1.1pt vs. Q1 2012 ► China: reaping the benefits of successful range extension ► Latin America: +2.8pt market share in Argentina Cars and light commercial vehicles – market share 12.9% 12.3% 12.4% 5.3% 5.1% 3.9% 3.6% 3.0% 2.3% Q
Slide 8: Automotive: worldwide unit sales
Automotive: worldwide unit sales ► Europe: strong market contraction in Q1 2013 and disruption of Citroën C3 production at Aulnay ► 43% sales volume outside Europe (excluding CKD): +10pts vs. Q1 2012 In thousands units Q1 2012 Q1 2013 ∆ Europe 459 382 -16.9% Russia 19 14 -26.7% Latin America 52 65 +
Slide 9: Automotive: new car revenue analysis
Automotive: new car revenue analysis ► Unfavorable European context impact on volumes ► Price competition maintained ► Positive product mix contribution on top of a strong Q1 2012 In million euros 6,978 Volumes Country Product Price mix mix FX Others* 6,022 -9.4% -0.9% -1.1% +1.5% -2.1% -1.6% New ca
Slide 10: Inventories
Inventories ► Q1 2013 inventories down 134k vehicles vs. Q1 2012 ► Keeping an adequate level of inventories for 2013 In thousands of new vehicles* 70 days 548 -134 ku 58 days 414 327 226 221 188 31.03.12 31.03.13 Group inventory Independant dealership inventory * World figures, based on forward 3 mo
Slide 11: Banque PSA Finance
Banque PSA Finance ► €1.2bn bond issue successfully realized with French State guarantee ► Enhanced penetration rate ► Launch of Distingo on March 7th, first savings account for retail customers In million euros Q1 2012 Q1 2013 Change Revenues 496 451 -9.0% Total outstanding loans 24.2bn 22.4bn -7.6
Slide 12: Faurecia
Faurecia ► Sales +1.7%: Asia & North America compensate for decline in Europe In million euros Q1 2012 Q1 2013 Change Automotive Seating 1,273 1,206 -5.3% Interior Systems 845 968 +14.5% Emissions Control Technologies Systems 823 827 +0.5% Automotive Exteriors 412 416 +1.1% Total Product revenues 3,
Slide 13: 2013 Priorities Update
PSA PEUGEOT CITROEN f 2013 PRIORITIES UPDATE
Slide 14: Robust level of financial security
Robust level of financial security New financing successfully realized in Q1 2013 ▐ PSA: €1bn bond issue with 5 year maturity successfully realized on February 28th ▐ Banque PSA Finance: financing secured, good visibility in amount & duration ► €1.2bn bond issue with French state guarantee successfu
Slide 15: Restructuring plan
Restructuring plan On track for Q2 2013 ▐ First plan announced on November 2011 now achieved ▐ Second plan announced on July 2012: agenda on track for Q2 2013 ► Agreement signed by 5 unions on March 18th ► Restructuring plan: final extraordinary committee scheduled on April 29th ► Already 3,750 empl
Slide 16: Global Alliance with GM
Global Alliance with GM ▐ Joint Purchasing Organization in Europe launched: ► Common organization since February 25th ► 1st joint purchases undertaken ▐ Joint product developments & platforms ongoing: ► C-MPV and B-MPV developed on PSA platforms ► B-MPV development led by GM ► New B segment platform
Slide 17: Record product cycle & innovations
Record product cycle & innovations to support European market share ▐ Successful launches: ► Peugeot 208: 27,000 orders in March, 30% of the mix > level 3 ► Citroën DS3 Cabrio: already 4,000 orders since launch ► Peugeot 301 & Citroën C-Elysée: 22.000 orders on Q1 2013 ► Hybrid4: #2 in Europe ▐ Stro
Slide 18: Globalization: Focus on China
Globalization Focus on China ▐ Market share at 3.9%: 5% objective by 2015 confirmed ▐ Volumes up +31% & market share up 0.3pt versus Q1 2012 ▐ Successful launches of the Peugeot 3008 & Citroën C4-L ▐ DPCA dividend up 19% to c. €100m ▐ CAPSA: start of production in H2 with the DS5, 26 stores open Fir
Slide 19: Outlook
PSA PEUGEOT CITROEN f OUTLOOK
Slide 20: On the path to European turnaround
On the path to European turnaround Rebound 2015*: restore automotive profitability in Europe Product costs Restructuring CAPEX including Total project GM Alliance + + = €1.5bn ca.€600m ca. €550m ca. €350m additional in 2015 * Underlying assumptions 2012-2015: European market & pricing stabilized at
Slide 21: Outlook
Outlook ▐ 2013 Group objective: ► Operational cash consumption rate reduced by half ► Market assumptions: Europe: c. -5%, China: c. +8%, Latin America: c. +2%, Russia: c. 0% ▐ 2014 Group objective: ► 2014 European market environment could be worse than previously expected. Operational initiatives to
Slide 22: Appendix
PSA PEUGEOT CITROEN f APPENDIX
Slide 23: Worldwide unit sales
Worldwide unit sales Q1 Q1 IN THOUSAND OF UNITS* 2012 2013 CHANGE AP 240,300 202,500 -15.7% Europe** AC 219,100 179,300 -18.2% Total PSA 459,400 381,800 -16.9% AP 11,100 8,300 -25.2% Russia AC 8,000 5,700 -28.8% Total PSA 19,100 14,000 -26.7% AP 32,500 38,400 18.2% LatAm AC 19,500 26,500 35.9% Total
Slide 24: Delivering on globalization
Delivering on globalization Globalization on track to 50% of sales volume outside Europe in 2015 ►>0.5 million units in 2013 ►DPCA’s 3rd plant (Wuhan III) to operate in H2 2013 ►New launches in 2013: Peugeot 3008, 301, Citroën C4-L, C-Elysée China ►Dividend up 19% at c. €100m ►2nd JV in China on tra
Slide 25: Brand upscaling
Brand upscaling % of total sales 2009 2010 2011 2012 Q1 2013 C & D segments 38% 40% 43% 45% 48% A & B segments 46% 43% 38% 38% 35% Premium vehicles* 9% 13% 18% 18% 18% * Premium vehicles: distinctive models from the A, B and C segments (Peugeot 207CC, 2008, 308CC, RCZ, 3008 , 4008 and Citroën DS3, D
Slide 26: Decline in the European utilization rate
Decline in the European utilization rate 2009 2011 2012 Q1 2013 Utilization rate* 80% 86% 75% 67% o/w A&B 87% 76% 72% 59% * 100% = 2 shifts working 8 hours / day, 235 days / year First-quarter revenues 2013 – April 24th, 2013 26