Stellantis N.v. · EURONEXT:STLAP
Stellantis — PSA Peugeot Citroën — Q3 2013 Earnings Presentation
28 slides from Stellantis's earnings presentation, Oct 23, 2013
Slide 1: Q3 Revenues 2013
PSA PEUGEOT CITROEN i Q3 REVENUES 2013 October 23", 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: Q3 2013 Highlights
Q3 2013 Highlights ▐ Group revenues down -3.7% o/w Automotive division revenues down -5.8% year on year, in a difficult operating environment with negative impact of Forex ▐ Pricing policy maintained, with strong product line-up but renewed price pressure in the market ▐ Sustained inventories discip
Slide 4: Q3 2013 Financial Revenues
Q3 2013 FINANCIAL REVENUES Jean-Baptiste de Chatillon CFO and Member of the Managing Board
Slide 5: Q3 2013 Revenues: €12.1bn
Q3 2013 Revenues: €12.1bn In million euros Q3 12* Q3 13 Change 9m 12* 9m 13 Change Automotive 8,523 8,030 -5.8% 28,726 26,726 -7.0% Faurecia 4,086 4,117 +0.8% 12,850 13,382 +4.1% Banque PSA Finance 471 447 -5.1% 1,450 1,336 -7.9% Other businesses and (504) (487) - (1,641) (1,627) - intra-company eli
Slide 6: Market trends
Market trends ► Unfavorable country mix in Europe ► Q3 trend improving but still under pressure Cars and light commercial vehicles – Market evolution ∆ vs. previous year 9m 2013 9m 2013 Europe 30 -4.0% China* +17.0% Italy -9.1% Latin America** +3.6% France -8.3% Russia -6.5% Germany -6.0% Spain -1.0
Slide 7: Automotive: market share
Automotive: market share ► Europe: 11.9% market share reflecting our pricing policy, Citroën C3 disruption and continued pressure from low cost and premium brands ► LCV: European leader with 20.8% market shares +0.6 pt vs. Q3 2012 ► China: 3.7% market share, outperforming market growth Cars and ligh
Slide 8: Automotive: worldwide unit sales
Automotive: worldwide unit sales ► 42% sales volume outside Europe, versus 36% end of Q3 2012 ► On track for 50% sales volumes outside Europe by 2015 In thousands units 9m 2012 Q1 Q2 Q3 9m 2013 ∆ Europe 1,340 -16.9% -9.1% -5.7% 1,194 -10.9% Russia 60 -26.6% -18.7% -24.4% 46 -23.1% Latin America 203
Slide 9: Automotive: new car revenue analysis
Automotive: new car revenue analysis ► Unfavorable European context weighing on volumes ► Forex strong negative impact (real, rouble, peso and pound essentially) ► Strict control on pricing policy In million euros Country Product 6,125 Volumes Price mix mix FX Others* 5,518 -7.3% 1.2% -0.3% -0.3% -5
Slide 10: Inventories
Inventories ► Q3 2013 inventories down 63k vehicles vs Q3 2012, representing 62 days of sales ► Inventories under control, in line with objectives In thousands of new vehicles * 491 471 408 275 262 229 216 209 179 30.09.11 30.09.12 30.09.13 Group inventory * World figures, based on forward 3 months
Slide 11: Financial security
Financial security ▐ Financial security at €11.8bn by the end of H1, with additional operations in H2 offsetting partially reimbursements €600M bond issue raised in September, representing €300M after buy back of outstanding lines, with a maturity to January 2019 EIB agreement signed on October
Slide 12: Faurecia
Faurecia ► Europe down -1.4% ► Sales +0.8% in Q3 reflecting negative impact of exchange rates In million euros Q3 2012 Q3 2013 Change 9m 2012 9m 2013 Change Automotive Seating 1,177 1,095 -6.9% 3,735 3,686 -1.3% Interior Systems 890 856 -3.8% 2,623 2,841 +8.3% Emissions Control Technologies 769 806
Slide 13: Banque PSA Finance
Banque PSA Finance ► New financed contracts impacted by PSA volumes, especially in Europe ► Penetration rate maintained at a very high level (29.5%) after an exceptional Q3 2012 In million euros Q3 2012 Q3 2013 ∆ 9m 2012 9m 2013 ∆ Revenues 471 447 -5.1% 1,450 1,336 -7.9% Total outstanding loans - -
Slide 14: Strategic Update
STRATEGIC UPDATE Jean-Baptiste de Chatillon CFO and Member of the Managing Board
Slide 15: Success of new launches and strong 2013 product momentum
Success of new launches and strong 2013 product momentum PEUGEOT CITROËN ▐ New Peugeot 308 ▐ New Citroën C4 Picasso in Europe 2nd vehicle from EMP2 platform, upgraded Launch of Grand C4 Picasso (7 seats) after perceived quality and ambition to reach launch of the C4 Picasso (5 seats) top 3 of th
Slide 16: On the path to European turnaround
On the path to European turnaround Rebound 2015 on track Product costs Restructuring CAPEX including Total project GM Alliance + + = €1.5bn ca.€600M ca. €550M ca. €350M additional in 2015 Third Third quarter revenues 2013 quarter23revenues – October rd, 2013 2013 – October 23rd, 2013 16
Slide 17: Restructuring
Restructuring Execution of the Restructuring plan, concerning 8,000 positions ▐ Corporate Headcounts: 3,600 positions 3,100 files open, 1,800 departures estimated end of December ▐ Aulnay: 3,000 positions, confirmation of 2014 end of activity 2,400 solutions proposed, 1,000 internal solution, 1,
Slide 18: A New Social Contract for a sustainable industrial base
A New Social Contract to create conditions for sustainable industrial base in final stages ▐ Capacity utilisation rate target of 100% within 3 years (Harbour index) ▐ 4 types of measures under negotiation to optimize manufacturing resources and secure employment: Intergenerational contract Part-
Slide 19: Alliance with GM
Alliance with GM ▐ JPO in Europe implementation on track Progressive implementation of common policies and working standards First results of joint savings for PSA confirmed at c. €60M in 2013 ▐ Joint product developments & platforms First project with B-MPV’s from both companies will be built
Slide 20: Outlook
OUTLOOK Jean-Baptiste de Chatillon CFO and Member of the Managing Board
Slide 21: Outlook
Outlook ▐ 2013 Market assumptions: Europe: c. -4%, China: c. +14%, Latin America: c. +2%, Russia: c. -7% ▐ Operational free cash flow*: the Group is targeting to reduce its consumption at least by half in 2013 and confirms the announced trend of very significant reduction throughout 2014 * Free cash
Slide 22: Appendix
PSA PEUGEOT CITROEN | APPENDIX
Slide 23: Worldwide unit sales
Worldwide unit sales IN THOUSAND OF UNITS* Q3 Q3 9 MONTH 9 MONTH CHANGE CHANGE 2012 2013 2012 2013 Peugeot 195,186 178,857 -8.4% 720,542 638,888 -11.3% Europe** Citroën 164,291 160,125 -2.5% 619,656 555,612 -10.3% Total PSA 359,477 338,686 -5.7% 1,340,198 1,194,500 -10.9% Peugeot 11,389 7,724 -32.2%
Slide 24: Globalization – success in China
Globalization – success in China Sales above the market / On track to > 550 kunits sales in 2013 DPCA CAPSA ▐ Strong sales performance in 9 months ▐ Local DS5 production started 2013: 403kunits (+28.5%), 3.7% market in September 2013 in Shenzhen share ▐ Commercial launch of the locally ▐ Launches of
Slide 25: Globalization – emerging markets
Globalization – emerging markets Growing countries / Brazil and Russia under pressure Growth areas Brazil / Russia ▐ Consistent strategy in Mediterranean ▐ Sales remain at low levels in declining basin and Argentina markets Supported by launch of adapted models Brazil: 90,800 sales, -12% on a ma
Slide 26: Brand upscaling
Brand upscaling % of total sales 2010 2011 2012 9m 2011 9m 2012 9m 2013 C & D segments 40% 43% 45% 43% 45% 47% A & B segments 43% 38% 38% 39% 38% 36% Premium vehicles* 13% 18% 18% 17% 18% 19% * Premium vehicles: distinctive models from the A, B and C segments (Peugeot 207CC, 308CC, RCZ, 2008, 3008,
Slide 27: Decline in the European utilization rate
Decline in the European utilization rate Q3 2011 Q3 2012 Q3 2013 Utilization rate * 88% 79% 73% In France 80% 77% 64% o/w A&B 88% 79% 60% * Harbour rate: 100% = 2 shifts working 8 hours / day, 235 days / year Third Third quarter revenues 2013 quarter23revenues – October rd, 2013 2013 – October 23rd,
Slide 28: Reconciliation table
Reconciliation table Q3 2012 Q3 2013 9m 2012 9m 2013 Total revenues before restatment 12,931 42,484 Deconsolidation of Gefco (355) (1,098) revenues Total revenues 12,576 12,107 41,386 39,817 Third Third quarter revenues 2013 quarter23revenues – October rd, 2013 2013 – October 23rd, 2013 28