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Group financing Working capital provided by operations and gross capital expenditure – manufacturing and sales companies Working capital provided by operations of the manufacturing and sales companies rose 18% to €4,059 million in 2002, representing 7.7% of sales. In 2001 and 2000, respectively, working capital provided by operations totaled €3,440 million and €3,221 million, representing 6.8% and 7.5% of sales. Working capital of the manufacturing and sales companies was reduced by €330 million. Comparable working capital increased by €422 million in 2001and by €238 million in 2000. Changes in working capital by business were as follows: Automobile Division working capital was reduced by €372 million, after rising by €367 million in 2001 and €474 million in 2000. The decrease in 2002 stemmed primarily from an increase in supplier credit, due to normal production levels in the last quarter of 2002 as opposed to below-average production in the same period of 2001. In the three months from October to December 2002, a total of 835,800 vehicles rolled off the production line. In the same period of 2001, production was scaled back to 764,800 units, due to the uncertain outlook following the events of September 2001. (in millions of euros) 2002 2001 2000 Automobile 372 (367) (474) Transportation and Logistics 27 17 (220) Automotive Equipment 84 (127) (37) Other businesses (153) 55 493 Total manufacturing and sales companies 330 (422) (238) New vehicle inventories at end-2002 were 1% down on their year-earlier level, despite the sharp rise in sales to markets outside Western Europe. Delivery times to these markets are longer than in Western Europe, with the result that average inventories are larger. The low inventories of the last three years are the direct result of strong demand for Peugeot and Citroën vehicles and improved Automobile Division supply chain management: (in units) New vehicles inventories Manufacturer Dealer network Total December 31, 2000 217,300 48,400 266,300 June 30, 2001 271,000 55,200 326,400 December 31, 2001 222,200 49,400 272,300 June 30, 2002 229,000 51,000 280,000 December 31, 2002 216,500 53,000 269,500 110 PSA PEUGEOT CITROËN - MANAGING BOARD REPORT
Growth Strategy Corporate Governance Business Review Corporate Policies Management’s Discussion and Analysis Statistics Automotive Equipment working capital declined by €84 million in 2002, after increasing by €127 million in 2001 (on a comparable basis) and €37 million in 2000. 3.2. Cash flows from operating activities – finance companies Net cash provided by operating activities of the finance companies totaled €796 million in 2002 versus €1,820 million in 2001. Working capital provided by operations – corresponding more or less to net income – amounted to €239 million in 2002, €160 million in 2001 and €222 million in 2000. Changes in operating assets and liabilities had a positive impact of €557 million in 2002 and €1,660 million in 2001. These figures correspond to the combined effect of changes in outstanding loans and the related refinancing, and to a lesser extent, to changes in other operating receivables and payables. As such, they primarily reflect Banque PSA Finance’s drive to build up cash reserves, in accordance with its financing strategy (see section 1 above). 3.3. Cash flows from investing activities In 2002, gross capital expenditure amounted to €2,802 million. This was slightly below the 2001 amount of €2,947 million, which in turn was close to the 2000 figure of €2,932 million. Capital expenditure over the last three years is in line with the Group’s medium-term target of capping capital budgets at €3,000 million per year. The main programs concern new product launches and the extension of the Group’s international presence. Capital expenditure, like R&D spending, has been contained thanks to the effectiveness of the platform strategy, which allows plant and tooling dedicated to a platform to be reused for all vehicles developed on the platform concerned. Capital expenditure breaks down as follows by business: Gross capital expenditure (in millions of euros) 2002 2001 2000 Automobile 2,357 2,398 2,497 Transportation and Logistics 51 85 74 Automotive Equipment 351 436 290 Other businesses 31 19 37 Total manufacturing and sales companies 2,790 2,938 2,898 Finance companies 12 9 34 Total PSA Peugeot Citroën 2,802 2,947 2,932 At €177 million, proceeds from disposals of fixed assets returned to their recurring level in 2002, after peaking at €450 million in 2001. In 2000, fixed asset disposals generated a cash inflow of €103 million. The 2001 figure included the €271 million proceeds from the sale of a real estate complex in the Paris area, which had become surplus to requirements. Cash outlays for acquisitions of shares in consolidated and non-consolidated companies represented a low €81 million. Most of this amount consisted of the Group’s contribution to the initial capital of Toyota Peugeot Citroën Automobiles (TPCA). Cash outlays in 2001, totaling €1,608 million, included the €1,495 million acquisition of Sommer Allibert’s automobile business and €63 million used to buy out the Rio de Janeiro state government’s stake in Peugeot Citroën do Brasil. The 2000 total of €182 million primarily corresponded to the Group’s €137 million contribution to a share issue by Dong Feng Citroën Automotive Company (DCAC). 3.4. Cash flows from financing activities Including the finance companies, financing activities generated a net cash outflow of €2,474 million. In 2001 and 2000, these activities generated net cash inflows of €3,416 million and €696 million respectively. Cash outflows include dividend payments by Peugeot S.A., in the amount of €294 million in 2002, versus €217 million in 2001 and €118 million in 2000. Net cash outflows related to share buybacks totaled €556 million, corresponding to the buyback of 12,231,422 shares at an average price of €45.42. Of the total, €517 million are included in stockholders’ equity, under “Treasury stock” and €39 million – corresponding to shares acquired for allocation on exercise of stock PSA PEUGEOT CITROËN - MANAGING BOARD REPORT 111
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2002 ANNUAL REPORT
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K ey figures Worldwide sales Automo
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Contents 2 A Tribute to Pierre Peug
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A Tribute to Pierre Peugeot Our Gro
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M essage from the Chairmen is alrea
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plan defined by the Managing Board.
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10 Growth Strategy 16 Corporate Gov
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Growth Strategy 12 • One Group, t
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Growth Strategy Corporate Governanc
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Corporate Governance 18 21 22 • T
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Business Review 30 34 44 48 52 56 O
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Page 63 and 64: Growth Strategy Corporate Governanc
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g) Capital in excess of par value o
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➔ Note 34 - Other long-term borro
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2. Short-term portion (in millions
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➔ Note 42 - Net financial positio
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1. Automobile division An early-ter
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- Changes during the year (in milli
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The entire debt is converted to flo
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2. Maturities of hedging instrument
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➔ Note 50 - Commitments and conti
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2. Effect of debenture conversions
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F ive-year consolited statement of
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F ive-year consolidated balance she
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C onsolidated companies as at Decem
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Company Percent Percent F/E control
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Recruitments (1) 2 4 Disabled emplo
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7 Paid leave other than vacations E
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Consumption Peugeot 607 Fuel Displa
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E nvironmental Indicators Productio
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Waste production PEUGEOT CITROËN A
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M anagement and Administration Main
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I nformation about the company’s
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S tatutory Auditors’ Report on th
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➔ Stockholders’ Meetings (Artic
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PEUGEOT S.A. 100% AUTOMOBILES CITRO
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S tockholder Information (Euronext
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F inancial authorizations in effect
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216 PSA PEUGEOT CITROËN - INFORMAT
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R esolutions Eighth resolution Auth
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T he Vice Presidents Committee Thie
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12,000 copies of this report were p
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