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Group financing the recognition in the income statement of €95 million worth of actuarial differences related to benefit obligations towards employees less than 59 years of age under the French defined benefit plan, as well as by the €35 million amortization of deferred items at year-end 2001. External funds used to finance benefit payments contracted to €1,668 million as of December 31, 2002 from €2,108 million at end-2001. The decline was primarily attributable to the withdrawal of €228 million from these funds to finance part of the €384 million lump sum payment made to an insurance company in exchange for the transfer to this company of the Group’s entire obligation towards employees less than 59 years of age under the defined benefit plan. It also reflected a €160 million fall in the value of the external funds. Reserves carried on the balance sheet in respect of the portion of benefit obligations not covered by external funds amounted to €247 million as of December 31, 2002 and €244 million at end-2001. The Group has no obligation to pay additional contributions to external funds, other than in the United Kingdom, apart from the obligation to pay benefits when they fall due. In the United Kingdom, based on the present value of external funds, the Group may be required by local regulations to pay a maximum of €70 million in additional contributions in each of the next three years. The charge recorded in accordance with the standards described above amounted to €130 million, excluding the effect of the exceptional amortization of deferred items related to employees in France under 59 years of age. Charges for 2001 and 2000 stood at €90 million and €85 million respectively. The estimated charge for 2003 is €164 million. Return on capital employed 1. DEFINITION AND METHODS Return on capital employed (ROCE) has been selected as the standard indicator of the Group’s overall financial performance. Capital employed includes the value of all operating assets and liabilities used by the Group in its business operations. Return on capital employed is measured on the basis of income generated by capital employed, which corresponds mainly to operating margin plus or minus the other income and expense items included in the ROCE calculation. Pre-tax ROCE corresponds to the ratio of income generated by capital employed to total capital employed at December 31 of each year. The definition and the calculation of capital employed, income generated by capital employed and return on capital employed are presented in note 44 to the consolidated financial statements. After-tax ROCE is calculated on the basis of a standard income tax rate of 33 1/3%, corresponding to the average tax rate applied to the Group’s recurring results of operations. 2. CAPITAL EMPLOYED Capital employed stood at €15,407 million as of December 31, 2002, slightly down on the end-2001 figure. The accounting for DCAC had an impact of €259 million. Based on a comparable scope of consolidation, capital employed contracted by 3.2%, reflecting the Group’s success in containing capital expenditure, which is increasingly covered by depreciation of operating assets. The decrease also reflects tight control over inventories, which were virtually unchanged at December 31, 2002 compared with the previous year-end, and even slightly lower in the case of new vehicle inventories. Lastly, capital employed was favorably impacted by the increase in supplier credit to a more normal level. This item dropped sharply at the end of 2001, due to the scaling down of production in the fourth quarter (see Group Financing, 3.1 above). Capital employed amounted to €15,654 million as of December 31, 2001, up €2,666 million on the end-2000 figure. The increase stemmed from Faurecia’s acquisition of Sommer Allibert’s automobile business, which had capital employed of €1,986 million at the date of acquisition. Based on a comparable scope of consolidation, capital employed rose by 114 PSA PEUGEOT CITROËN - MANAGING BOARD REPORT
Growth Strategy Corporate Governance Business Review Corporate Policies Management’s Discussion and Analysis Statistics €680 million or 5.2% compared with end-2000. This increase, which was significantly below the rate of sales growth, was due to the same factors as in 2002, except for the late-2001 reduction in supplier credit (due to low production output in the final months of the year), which had the effect of increasing capital employed. Capital employed (in millions of euros) Dec. 31, 2002 Dec. 31, 2001 Dec. 31, 2000 Automobile 9,687 9,828 8,901 Finance companies 1,680 1,490 1,327 Transportation and Logistics 405 430 429 Automotive Equipment 3,943 4,071 2,168 Other businesses and consolidation adjustments (307) (165) 163 Total PSA Peugeot Citroën 15,407 15,654 12,988 3. RETURN ON CAPITAL EMPLOYED After-tax ROCE rose sharply to 12.4% in 2002 from 11.0% in 2001 and 11.1% in 2000, reflecting the combined benefits of higher operating margin and slightly lower capital employed. Automobile division after-tax return on capital employed improved to 16.0% from 14.4% in 2001. (in %) PSA PEUGEOT CITROËN - MANAGING BOARD REPORT 115
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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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Corporate Policies 62 Human Resourc
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Page 137 and 138: C onsolidated statements of income
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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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