Stellantis N.v. · EURONEXT:STLAP
Stellantis — PSA Peugeot Citroën — Q1 2014 Earnings Presentation
21 slides from Stellantis's earnings presentation, Apr 25, 2014
Slide 1: 2014 Q1 Revenues April 25th
Mi; ae = PSA PEUGEOT CITROEN { 2014 Q1 Revenues April 25%
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 performa
Slide 3: Q1 2014 Highlights
Q1 2014 Highlights Q1 Group revenues up 1.9% YoY, Automotive Division revenues up 2.0% Higher sales volumes (+7.7% vs. 2013), including China Good product momentum Restructuring plan enhancing competitiveness in Europe Success of the €3bn RCF (Revolving Credit Facility) 3 Q1 Revenues April 25th, 201
Slide 4: Q1 2014 Revenues: €13.3bn
Q1 2014 Revenues: €13.3bn In million euros Q1 2013* Q1 2014 Change Automotive 8,747 8,925 2.0% Faurecia 4,369 4,518 3.4% Banque PSA Finance 451 418 -7.4% Other businesses (524) (574) -9.5% and intra-company eliminations Total revenues 13,043 13,287 1.9% * IFRS11: 2013 restated €18m on Group revenues
Slide 5: Market trends
Market trends Cars and light commercial vehicles – Market evolution ∆ vs. previous year Q1 2014 Q1 2014 Europe 30 +8% China* +13% Italy +6% Latin America** -3% France +2% Russia -2% Spain +14% UK +14% Germany +6% * Passengers vehicles on invoices market w/o imports ** Brazil, Argentina, Chile, Mexic
Slide 6: Automotive: market share
Automotive: market share Cars and light commercial vehicles – Market share 12.3% 12.3% 5.3% 5.3% 3.9% 4.1% 2.3% 2.2% Q1 2013 Q1 2014 Q1 2013 Q1 2014 Q1 2013 Q1 2014 Q1 2013 Q1 2014 Europe China* Latin America Russia LCV: European leader with 22.2% market share +0.2 pt vs. Q1 2013 * Passengers vehicl
Slide 7: Automotive: worldwide unit sales in Q1 2014
Automotive: worldwide unit sales* in Q1 2014 Total sales increase by 7.7% European sales +16.0% International sales impacted by market evolution and Forex Worlwide unit sales* In thousands of units 726 674 443 382 143 169 65 56 70 45 14 13 Q1 2013 Total assembled Vehicles Europe China Latin America
Slide 8: Automotive: new car revenue analysis
Automotive: new car revenue analysis Favorable impact of increasing volumes, pricing policy and product mix Strong negative impact of exchange rate In million euros Volumes Country mix Price Product mix FX Others** 6,240 6,070* +0.2% +1.3% +1.7% -4.5% -0.7% +4.8% New car New car revenues +2.8% reven
Slide 9: Inventories
Inventories Total inventories 62 days* of sales Group inventories stable In thousands of new vehicles* 548 414 422 Group inventory 327 Independant dealership 226 222 inventory 221 188 200 31.03.2012 31.03.2013 31.03.2014 * World figures, based on forward 3 months delivery expectations, excluding Chi
Slide 10: Banque PSA Finance
Banque PSA Finance Penetration rate maintained at a high level at 27,9% Launch of a “term deposit account” in France in a context of a confirmed success of “Distingo” online retail savings after 12 months activity Exclusive negotiation with Santander in order to reach a competitive partnership withi
Slide 11: Faurecia
Faurecia Q1 Sales +3.4% or +7% like for like* Strong growth in Europe, Asia and South America In million euros Q1 2013 Q1 2014 Change Automotive Seating 1,206 1,209 +0.2% Interior Systems 968 996 +2.9% Emissions Control Technologies Systems 828 846 +2.2% Automotive Exteriors 416 437 +5.0 % Total Pro
Slide 12: Product momentum
Product momentum DS PEUGEOT CITROËN DS 5LS Peugeot 308 Citroën C4 Picasso confirms its Launched in China in March ‘14 with results beyond success with 91,000 units sold expectations, leading since the launch. 70% of mix are Acceleration of development C segment in France on upper versions in China w
Slide 13: Restructuring plan
Restructuring plan On track In line with target Restructuring : On going finalization of our commitments with employees Restructuring plan 7,730 signed end March 2014 vs. objective 8,000 New Social contract and Flexibility measures Bonuses and wage restraint New Social contract CICE Move t
Slide 14: Success of the €3bn RCF extension
Success of the €3bn RCF (Revolving Credit Facility) extension • Signature of a €3.0 billion syndicated credit facility €2.0 billion five-year tranche €1.0 billion three-year tranche with two optional one-year extensions • Operation subject to the completion of capital increase • Commitment of 23 ban
Slide 15: Strengthened balance sheet
Strengthened balance sheet A strategic €3.0bn capital increase Reserved To be equally subscribed by Dongfeng and the French State, on 29 April 2014, Capital Increase with subscription price at €7.5 €1.05bn Proforma ownership of 14% for each of Dongfeng and the French State Rights Issue €0.6bn: firm
Slide 16: Use of proceeds
Use of proceeds Transform PSA business model in Latin America and Russia to go back to profit Develop best-in-class CO2 and Advanced Driver Assistance System (ADAS) technologies Invest for a competitive European footprint Reduce net debt 16 Q1 Revenues April 25th, 2014
Slide 17: Outlook
Outlook • 2014 market assumptions: Europe: c.+3%, China: c.+10%, Latin America: -7%, Russia: -5% • Positive Group operational free cash flow* by 2016 at the latest. • €2bn cumulated Group operational free cash flow over 2016-2018 • Reach 2% operating margin** in 2018 for the automotive business, tar
Slide 18: Appendices
18 —— PSA PEUGEOT CITROEN { Appendices
Slide 19: Worldwide unit sales
Worldwide unit sales in thousand of units* Q1 2013 Q1 2014 Change Peugeot 202,479 239,161 18.1% Europe** Citroën 179,342 203,758 13.6% Total PSA 381,821 442,919 16.0% Peugeot 72,427 85,922 18.6% China Citroën 70,600 83,275 18.0% Total PSA 143,027 169,197 18.3% Peugeot 38,427 34,201 -11.0% Latin Amer
Slide 20: European utilization rate
European utilization rate 2009 2011 2012 2013 Q1 2014 Utilization rate* 80% 86% 75% 72% 83% o/w A&B 87% 76% 72% 65% 91% * 100% = 2 shifts working 8 hours / day, 235 days / year 20 Q1 Revenues April 25th, 2014
Slide 21: Reconciliation table
Reconciliation table 2013 In million euros 2013 IFRS11 impact Incl. IFRS11 Group revenues 13,025 0,018 13,043 Automotive revenues 8,722 0,025 8,747 21 Q1 Revenues April 25th, 2014